Hummingbird Resources Share Discussion Threads

[plasybryn] 01/11/2024 07:32

Corporate and Financing update but nothing about generated cash and mine commissioning - seems strange but clearly those in charge are now just focused on getting the debt into a sustainable and recoverable position. Took the lenders to the edge of acceptability but now seems the reins are back in their control and an acceptable controlled and managed outcome is on the brink on announcement. The juggernaut is being turned. Why it took them so long to grash control is anyones guess.

[infinity888] 01/11/2024 07:32

we got a loan +20$M comitment from CIG in Q3. We paid off already components of Coris laon what is 45M$ in October. As 30M$ what is exact the number we get from Pasofino deal will be moved to a later stage means we go 45M$ debt down we owe to Coris. Thats good! Also show that we made ebidta in Q3. Also clear stated is another 20M to be paid by end of 2024. It looks like that debt will go below 100M$ end of 2024

[dangersimpson2] 01/11/2024 07:31

On second-reading, they may be excluding the CIG loan, despite these being effectively the same party (but legally different) so not sure we are actually any clearer. I assume the Q3 update that will make it all clear won’t arrive until after the refinancing is completed next week.

[infinity888] 01/11/2024 07:27

That's perfect as it's about the shorterm commitment.
Any company needs string cash amount for working capital.
As an operations increases, so the working capital for such operations.

When you read it proper ... we are reducing debt at the moment. CIG provided money in Q3 and we pay Coris off in October. Back to remember that Coris get 45M$ in Q4. So we reducing debt by end of 2024 nicely. For sure a good element with the Money we get from the Pasofino sale next week

On 27 September 2024, the Company announced the securing of a US$30 million loan facility from CIG, which included a new US$20 million loan to be provided in tranches, alongside the consolidation of a previously announced US$10 million short-term loan with CIG into the facility. Approximately US$10 million of the new US$20 million loan was received in September 2024, with a second tranche expected by the end of October 2024 to help facilitate repayments to Coris. This second tranche is expected to be received in the coming days. As of the end of Q3-2024, Hummingbird held a net bank debt of approximately US$135 million with Coris (including approximately US$90 million of which is secured against the Company's assets). In addition, the Company has approximately US$20 million of unsecured debt to CIG, which initially matures on 31 December 2024, per the announcement on 27 September 2024.

[dangersimpson2] 01/11/2024 07:21

Financing discussions continue…

However, the most interesting part of the update is that net debt has fallen from $153.5m at 30th June to $135m at 30th September. Suggests the company has generated $18.5m in FCF for the quarter. Assuming this is now the normal FCF from ongoing production and they get say $50m for their Pasafino stake, then they will pay off all the debt in just over a year. Perhaps faster as gold hedges roll off. Meaning they may be finally out of the woods. This should help refinancing discussions.

[farrugia] 01/11/2024 07:18

but at least its not curtains!

[borderterrier1] 30/10/2024 20:24

Hi Tiger. I agree. I wonder where Infinity gets his info. from? As you know, "pump and dump" is ILLEGAL. Pumpers routinely post on here from time to time, another one was Bushytailed, remember him? I ended up calling him BushyBetts because I suspected his involvement here was absolute pump and dump, then he vanished. ALL the info. I have on this has been sent to the FCA and several others have now done the same. I must stress that ALL the information is backed up with documentary evidence/screenshots from others, it is not doubtful "insider information."

[tigerbythetail] 30/10/2024 19:40

There's a point at which ramping like Infinity's - deliberately misleading as it is and claiming inside information - must become criminal conduct. Surely?

[borderterrier1] 30/10/2024 13:23

Infinity888 Yes of course it is, everything good here now. What a comedian you are!

[infinity888] 30/10/2024 12:46

HUM news incoming - hear will be amazing … WE ARE NOW ON TRACK

[farrugia] 30/10/2024 07:18

Hochschild has just exercised its option to acquire the Cerrado Gold Brazilian development project This means Cerrado will receive another US$30 million (USD Dollars). Cerrado have a solid producing mine in Argentina.

Market cap of Cerrado Gold is just $42.92 M canadian!! I expect this to double or triple in due course from here. 42.92 million canadian is just 30.84 million USD

[borderterrier1] 29/10/2024 22:41

Tiger. I agree, but even before the Russian influence, Yanfolila appeared to be a management shambles. It should never have been pumped up like it was and there needs to be an investigation into some of the information and documentary evidence that was provided by others at that time. If we can believe some of that evidence, it would appear that there were some that prospered here at the expense of the shareholders and share price Hopefully the FCA will do that now.

[tigerbythetail] 29/10/2024 21:52

Infinity - Mali has fallen decisively into the Russian sphere of influence. And this is how the Russians (especially Wagner) do business.
No Western assets are safe there now. It's only a matter of time before Yanfolila is also shaken down as well. Honestly, abandonment might be the right decision; it's almost mined out anyway.

[borderterrier1] 29/10/2024 21:15

Gentlemen. I just had a very interesting private conversation with a long time Hum investor in the UK. We both agreed that for many years, as many others have now said, something doesn't "seem to be right" here. As a result he has also agreed to contact the FCA. We are both of the opinion that the more the merrier would have a better chance of "something" being done? So, why don't more of you do exactly that? At this stage, what have you got to lose?

[borderterrier1] 29/10/2024 13:52

Plat. Tom was always the "fall guy" and several years ago and I spent an hour on the phone with him from here in the S USA. My questions were genuine concerns that had been brought to my attention by others, they were not answered then and his answers were "evasive."

I agree with what you say and more and more are saying it, someone should be held accountable for this complete and utter financial mess, it is absolutely outrageous and heads should roll here. I am hoping the ongoing FCA investigation will provide some answers.

[laurence llewelyn binliner] 29/10/2024 09:03

#PH, a lot hangs on this Q3 update, I am expecting some progress, but we can clearly see the volumes are coming out of the mine now, so some will be poured and sold, some stockpiled, how much of each we will have to wait and see, hopefully this week..

I can see a few BOD changes coming over this quarter, CIG approved and competent leadership you could say, they want their debt interest and principal back, and we really need to get on top of repeated operational set backs..

Kouroussa is built and running, it needs ironing out operationally, the hard work is done..

[plat hunter] 29/10/2024 08:58

Stockpiling on the rom pad isn't good enough LLB they need to pour it's as simple as that.

Dan has gone sideways, still getting paid but has washed his hands of it, he may as well have sat back and put his feet up on the desk at the last update.

It looks like Tom's the new fall guy for the foreseeable and he should have already had his hands chopped off for preceding over this complete and utter financial mess.

One wonders if care and maintenance for a few weeks whilst CIG strip out the board and evaluate what can be done might be the best route out of this mess now.

[laurence llewelyn binliner] 29/10/2024 07:31

#DB, crossed posts but, RSG reporting slightly lower poured ounces due to a worse than normal rainy season, see what we get in news this week, but the rain will be the same.. :o)

#PH, I made it 8 benches down at Kouroussa, but am on my phone, the other way to look at that is what great progress Corica are making moving the volumes, so the gold will be either stockpiled on the ROM pad, and hopefully some of it will be through the mill, poured and sold..

[dickbush] 29/10/2024 07:31

Confirming that the wet season in Mali and, presumably, Guinea was really bad this year. From RSG's report today.

"It has been a mixed quarter for Resolute. Despite unprecedented rains affecting mining operations at both Mako and the oxide operation in Syama,

[borderterrier1] 28/10/2024 22:19

Plat. NOOOooooooooooo!!! You don't say? Perhaps that's why there is an old saying:- "A goldmine is a hole in the ground with a LIAR at the top?"

And perhaps the add-on should be:- " and there are always lots of gullible idiots who fall for it?"

Annual salary of $742,000? Considering the track record of the Ceo here and where the share price is today, I believe most would consider that to be outrageous?

[plat hunter] 28/10/2024 21:44

Not HUm related but just flashed up in my feed and at initial glance it looks spookily familiar story

[plat hunter] 28/10/2024 20:37

I saw that earlier too Jedi. Absolutely shocking to be 10 benches down and have no gold to show for it.

[jedi k] 28/10/2024 20:23

https://www.linkedin.com/posts/nouhan-toure-902188183_seul-le-travail-paie-lhomme-corica-mining-activity-7256740078360629248-zUPb?utm_source=share&utm_medium=member_ios

[borderterrier1] 28/10/2024 18:19

Infinity888 The main trouble is YOU because punters only believe what they want to believe and Plat Hunter was a prime example. Despite me and others telling you repeatedly how risky this is you choose to ignore us.