Hummingbird Resources Share Discussion Threads

[plat hunter] 27/4/2024 08:42

LLB two Grams is the most important part of the update imo... If that can be maintained for the quarter or even improved upon then that is commercial production and very very profitable.

[laurence llewelyn binliner] 27/4/2024 08:01

#Jaspoland, true, but Coris are charging us 10% a year on USD138M right now, banks make their money from interest charges, they would be happy to continue to charge it too, our battle is to hammer it down (and fast)

Q1 - we know we did c5,868 ounces
16.04.2024 - Since 18 March 2024 several weekly 700 ounce gold pours
25.04.2024 - 1.97 g/t grade in March and now rising
Q2 - April nearly done, 2 months to go..

Q2 Yanfolila - 2,350 POG | 1,500 AISC | 850 margin | EBITDA 12.5M to support Kouroussa ramp up, soooo close to pulling it off, come on HUM.. :o)

[jaspoland] 27/4/2024 06:57

Backmarker,Coris hold all the cards here. I know DB said they are supportive but that could change very quickly. Q2 has to deliver or we are toast. Simple as that IMHO

[backmarker] 27/4/2024 06:29

So leave aside HUM as a long term investment and consider it as a short term punt. Buy at 8p and sell at 11p once Kouroussa is in commercial production.

[backmarker] 27/4/2024 06:21

One aspect that doesn't seem to have been discussed much is Coris's position in this current problem. Coris owns over 40% of HUM acquired at 11p. While HUM remains a viable proposition long term - and with the rise in PoG it must look better than it did 5 months ago - they will not jeopardise their investment but will certainly cover a short term cash squeeze. And especially while the share price remains below 11p.

[backmarker] 27/4/2024 05:54

Presumably this is what Corica failed to do. It was indicated that they had subcontracted the blasting to another company. My assumption would be that their contract covered the whole of the mining activity up to delivering ore to the production plant and stockpiles. Their failure to deliver against plan led to ETASI being brought in to bolster the mining output to plant.

[plat hunter] 26/4/2024 22:25

The fleets just move the ore... You need mining engineers, drills, drill and blast engineers and loads of other ancillary roles.

If they don't staff up properly and secure supply chain management then the fleets end up with having nothing to move

[zhockey] 26/4/2024 16:30

Backmarker, what bothers me is that after 6 months they could still not get to contracted rates at the mine, with 4/5 fleets onsite. So how long is that going to take to ramp up and and at what cost?

[laurence llewelyn binliner] 26/4/2024 16:29

#Backmarker, you are spot on with regard to stockpiles, the 20,000 tonnes we have is hardly a weeks worth, the plant can run at 1.2MTPA..We need to build reserve stockpiles up dramatically ahead of rainy season, as per the IMC presentation QnA, the big fleet can do the stripping and hauling, the small fleet can do the ore transfers to the ROM pad..

[backmarker] 26/4/2024 16:22

I hear you by.

[borderterrier1] 26/4/2024 16:19

backmarker. Sorry, but I don't buy it. Heard it all many, many times over six years and it ALWAYS fizzles out. What more can I say?

[arlington chetwynd talbott] 26/4/2024 16:17

Hello, hello

[backmarker] 26/4/2024 15:34

What I can say is the bleeding obvious. They simply need to mine mine mine at Kouroussa. Build up the stockpile as high as possible before they hit the rainy season. The plant appears to be running well, it just needs the better grade ore, and enough of it.

[backmarker] 26/4/2024 15:22

At the end of the day HUM is doing the right things in the circumstances. They executed the step in, they are bringing in extra mining capacity, and trying to resolve matters with Corica. They are manifestly on the verge of making Kouroussa commercial, unless you don't believe the gold is actually there. So unless Coris somehow pulls the plug on the short term cash squeeze it is simply a matter of time and forging ahead. The plan hasn't changed it has simply been delayed. And I buy that story..Yesterday was a better performance than I was expecting. What more can I say?

[zhockey] 26/4/2024 14:19

Backmarker - out of interest what from the call yesterday made you more confident to buy?

[lowtrawler] 26/4/2024 14:05

BT1, at the current SP, HUM is already not worth much. The question is whether there is any prospect for it to be worth a little more or if it has further to fall?

Nobody should be in any doubt that Dan has no place running a mining operation. He proved that at Yanny and allowing the current situation with Corica at Kouroussa adds further proof, if any were needed. However, persuading Coris to fund the build at Kouroussa does deserve praise.

At current pog, even a poorly run Yanny mine will be profitable and Kouroussa looks like it could be highly profitable. Whether those profits will ever find their way to HUM shareholders is debateable. IMV, Dan needs to be removed as CEO but I doubt anyone with the necessary skills and experience would be interested in replacing him. I suspect Coris will look after their own interests to the detriment of shareholders.

[temujiin] 26/4/2024 13:11

Credits to Goliath.

Q1-2024 Operational and Trading Update for those who missed it. I haven't watched it yet so wont comment.

[tigerbythetail] 26/4/2024 11:22

Yes, Lowtrawler, I'm speculating (aka fantasising).
But I've enough experience in business to know how things often roll. Corica + Coris Bank and HUM out of the picture makes a lot of sense, and Coris can easily make it happen if that's what they wish.
Anyway, time will tell this story...

[lowtrawler] 26/4/2024 10:58

TBTT, anyone can create fantasy scenarios. Until an RNS appears regarding how Coris are providing support, nobody can be certain what these shares are worth.

[tigerbythetail] 26/4/2024 10:48

Hi BT!
I'm glad your advisor and I are now in alignment!
It's extraordinary that HUM have let the dispute with Corica get so poisonous. I assume there is a lot more to this than we can see from the outside. E.g.: What if Corica are talking with Coris directly? Together they would be in a position to "cut out the (useless) middleman" (i.e HUM) fairly painlessly.
Any road, my money is on the next RNS being a nasty one. Either another discounted equity raise or something decidedly worse.

[backmarker] 26/4/2024 10:25

Bit of a slow burn this morning. I added a few yesterday after the presentation. In for a penny....It's all about whether you believe they can get through the current cash squeeze or not.