Hummingbird Resources Share Discussion Threads

[temujiin] 03/4/2024 22:03

I stand corrected, safety net is not the right term to use, but despite POGs rise above the £2,150 level recently, I think at the time it was the right call.

Other opinions are obviously available, and in hindsight, correct.

[dickbush] 03/4/2024 22:02

Plat, I don't believe for one moment that Betts is influenced by the opinions of shareholders unless it is his 42% shareholder. I doubt he is influenced by anyone on the BoD. For DB to take that route was a recognition that with all that debt round his neck and $2,000 gold, hedging was de-risking. Swinging for the fences, which DB has done on a continuous basis from the start of HUM's existence, has provided shareholders with three sharp share price declines in the last 18 months against a background of its very existence being questioned. It has taken a major increase in its bank debt and a doubling of its equity (none bought by DB) to steady the ship. Except that, right now, even that hasn't been enough. One of his own BoD suggested to me at a previous AGM that DB was in a hurry to get rich quickly. There's been sweet FA of his buying shares over the years of share issues to suggest that it is via the share price. What we shareholders need is a genuine emphasis on de-risking via getting the debt down and if that means little is available for adding to Resources this year, so be it.

Present a sustainable 200,000 oz potential output by the 4th qtr with half the debt repaid and we'll be looking at a much higher share price and the ability to do all the drilling to add to Resources/Reserves that DB could possibly want.

As I've said before, I made the mistake of choosing HUM as my way to play a gold bull market some 5 years ago. BUT if anyone had said to me 6 months ago - gold price $1,825 - that the Fed would not be cutting rates in June 2024 (after last week's data) AND the gold price would be $2,300 I would have thought they knew nothing about what is important to the gold price. Mea Culpa.

[plat hunter] 03/4/2024 21:52

Very true Tem and that's my point. I'm guessing and gambling on a short term basis. A producer should just be focusing on costs. In fact Dan has previously said that it's "not his place to guess the price gold"

It's a floating collar, 2150 is the cap, not the safety net. Thankfully the 90 day average thus far is still only 2k so it's not really making any material difference yet but it will in 6 months if pog holds on to these prices and Kor somehow still isn't at commercial production.

[borderterrier1] 03/4/2024 21:38

Quote:- "For the first time in a long time, I believe things sound as though they are coming under control here. Don't be surprised if this makes a move."

I have permission to say that and I will post more when I hear it.

[plat hunter] 03/4/2024 21:13

Take your pick of any that are actually producing but I like FRES, CEY and SHG

[gilotron] 03/4/2024 21:06

What other goldies do you rate?

[plat hunter] 03/4/2024 20:25

Gnats knacker of 2300 now... 800 AISC margin going forward.

Yanfolila is as good as two mines producing at 1900 pog now.

[borderterrier1] 03/4/2024 19:23

Hi TBTT I "think" this will move N now but, who knows really? The market doesn't have much confidence here anymore. Not surprising really is it?

[tigerbythetail] 03/4/2024 18:27

Hi BT!
"Under control" as in good for PIs?
Or "under control" as in, everything is being arranged for Coris Bank to take the majority of the company for a song (via equity raise), thus stiffing PIs once and for all?

[laurence llewelyn binliner] 03/4/2024 17:41

In Q3-2023, Kouroussa produced 1,047 oz of gold,
Through H2-2023 Kouroussa produced a total of 6,068 ounces
Q4-2023 comes in at 5,021 ounces

My expectations for Q1-2024 are about the same as Q4-2023

#PH, we know we are still grinding our way through reserve stockpiles of marginal ore of 0.50 g/t, scaling up to the 4g/t ore at say 90% recovery rate would result in 29,000 ounces for the quarter, we just need to access it, and fast..

19.04.2023 for the Q1 update last year..

[jedi k] 03/4/2024 16:05

– BOFA RESEARCH:Commits To Previously Proposed $2,400/oz Gold PriceEstimate ForThe Year Even If Rate Cuts Come After

[borderterrier1] 03/4/2024 14:22

TBTT Something tells me everything is under control here now.

[temujiin] 03/4/2024 14:12

One RNS might change the situation at the mine operation, but how long before Kouroussa becomes profitable, and will HUM need to issue more equity to cover the late delivery of commercial production are my biggest concerns. Once those issues have more clarity, then I'll be happy to get back in.

[plat hunter] 03/4/2024 13:59

It's a big jump from this price back to the placing price and very unlikely that HUM will just pack up Kor at this stage now, one RNS will change everything in instant.

[temujiin] 03/4/2024 13:50

Thanks for posting your trades. When HUM got a bit too uncertain for me I tucked that money into CNR which has gained a couple of £ grand since. In an ideal world CNR will sell their mine so I can sell those shares, then assuming HUM have demonstrated they have their act together at Kouroussa, I can look to get back in here.

It rarely goes they way we would like....

[plat hunter] 03/4/2024 13:10

Sold out my latest buys from last week. We might find we drift now into the weekend with no update.

Might have increased my average a little but I took some shares out of the market at least, all in all not bad for a weeks effort. Fingers crossed it goes like a rocket but ready to go again if it doesn't.

50p would be preferred but 5p will be bitter sweet

[plat hunter] 03/4/2024 11:05

Good luck knocker

[1knocker] 03/4/2024 10:46

I have today bought a modest holding in Metals Exploration. Another AIM miner (I hope that is not a case of 'Some people never learn') mining in the Philippines. Its 2023 free cash flow was about 75% of its market cap and it should be debt free within a few months. A bit of a punt, but it seems (fingers crossed) a better punt than HUM.

[laurence llewelyn binliner] 03/4/2024 10:45

IF Corica are gone and out of the frame, their recruited digger and dump truck drivers would probably be happy to change contractors for local employment, this is where Corica failed to train up enough people (so far), as well as not having enough plant on site to deliver..

[backmarker] 03/4/2024 10:29

If I recall correctly HUM took some additional loan to cover possible problems impacting the loan repayment schedule. So maybe this is a crunch point they anticipated might happen.

[temujiin] 03/4/2024 10:24

Regardless of the ownership it's the perception that Zima are ready and willing to help that's important. Ideally Corica get back to work, but HUM will be looking at Plan B C and D if they don't. Zima probably have contacts regarding blast engineers.

[backmarker] 03/4/2024 10:23

Without facts everything is a guess. So here's my scenario.Corica have been undelivering for some time (as reported), and have been deemed in breach of contract.HUM mgt have got fed up with Corica and have been looking at options to replace them. HUM now has suitable options available and possibly anticipated Corica's down-tools which now provides context to sack Corica and bring in new mining teams. Better a short delay (say a month) than continuing underperformance by Corica.