Hummingbird Resources Share Discussion Threads

[borderterrier1] 25/10/2018 17:06

dianecarberry I agree. We have both been saying that for months but the "savvy investors" on here are idiots. "Dan Betts is a fabulous Ceo, built a mine on time and on budget." What a complete waste of time that was. No way this can be resurrected now trying to run this with bunch of incompetent idiots. Mistake after mistake and Another African miner goes belly up.

[backmarker] 25/10/2018 17:05

so do you believe that production was actually falling and mgt have grasped this situation to blame it on ?

the fall seems overdone. 10-15% would be reasonable imho, but 28%....?

I'd buy a few more if I had any free funds.

[dianecarberry] 25/10/2018 16:56

Management are simply incompetent.

[backmarker] 25/10/2018 16:54

it was inevitable that HUM would take a hit on this news. However, until we have more detail on how long and at what cost the remedial work will take the fall does look a bit overdone.

most mines generally have some ore stocks they can turn to to maintain production levels, and it's not the whole mining operation that's had to stop.

I would view this as a buying opportunity - except I have no cash at present.

[charles clore] 25/10/2018 16:52

ooh - I wonder if they knew the rains would waterlog the subsoil causing unsafe conditions which would lead to a shurdown of part of the production, thereby causing fy target failure. I could have told them the risk was there - you only have to look at the massive landslips on you tube.

[sleveen] 25/10/2018 16:52

None of them saw that coming though.

Left field events,investors can do without 'em.

[oohrogerpalmer] 25/10/2018 16:39

Hate to say it but all those doomsday predictions of 20p that we all dismissed & slagged off have come true.
Maybe they did know after all!!!!!!

[ukgeorge] 25/10/2018 16:39

A gold miner, a liar standing next to a hole........

[philby1] 25/10/2018 16:33

I wonder what the cost of this remediation work will be?

[qs99] 25/10/2018 16:31

I wonder if this is an over reaction? Mining is still happening at Komana E & W pits and once bridge is up and operating, they can get the equipment in to do the remedial action. Will they end up producing 90,000 for the FY vs 105-115k for instance? in which case not a disaster, GP moving North? All comes down to length of time and cost of remedial action I suppose...?DYOR

[zeberdie] 25/10/2018 16:30

Never mind lads the management will still pick up their pay packets.

[casual47] 25/10/2018 16:29

The lack of transparency, the unfortunate associations with colourful people and bizarre decisions will not help in stemming a sell-off now.

A trusted and transparent BOD could probably have weathered news like this much better.

[ukgeorge] 25/10/2018 16:28

Hummingbird Resources (AIM:HUM) announces that, following an inspection of the Komana East pit at its Yanfolila mining operation, stability issues were identified which present an unacceptable risk to the continued safe mining below the western wall of the pit. As a result the decision has been taken to prohibit mining beneath these 'risk zones' until further notice and some remediation work will be required. This issue has been further compounded by the unusually heavy wet season which has resulted in a public bridge on the only access road to site being damaged by the floods. The bridge has been issued with a restrictive weight limit eliminating the option for the company to mobilise additional mining equipment to site to assist with any remediation work meaning some of the existing fleet will need to be utilised for the remediation work.

The production profile will be impacted whilst the remediation work is undertaken and the Company is advising that it is no longer possible to achieve guidance for the year which was previously forecast to be 105,000 to 115,000 oz. The impact is currently being assessed and the Company will give an update to guidance once the remediation plan has been developed. The mining of ore is still ongoing from both the Komana East and West pits.

As previously guided during Q3 both mining and processing rates were impacted by the wet season. The Company poured 22,206 oz of gold in the quarter taking the total annual production to 74,092 oz at the end of the quarter. A full Q3 update will be released to the market shortly.

[dianecarberry] 25/10/2018 16:28

Please line up to offer your apologies.

Huge downside still.

Fair value now about 8p

[polaris] 25/10/2018 16:28

RNS on necessary remedial work on pit wall. 22k oz for Q3 - will miss FY production figures. Its going to take a significant hit until further details emerge.

[ukgeorge] 25/10/2018 16:25

have these just crashed wtf

[qs99] 25/10/2018 16:23

well wasn't expecting it to hit my low this evening! Blimey,

[qs99] 25/10/2018 16:22

Sellers may take this to 16-17p IMO, hope not, but with production to Q3 at c.74k, cash on balance sheet, let's see where the MMs take it...£50-60m market cap? Where do people think this will level off?

[wassapper] 25/10/2018 16:20

I never went away NewBuyer - just don't bother posting much these days. I have held HUM for a long time now and I too have 100p in mind one day.

[qs99] 25/10/2018 16:20

Not great, not sure where the floor will be....but decent cash balance at Ints IMO, wonder what the capex will be to resolve.....managed to sell a load on the RNS, but still holding a load as well. DYOR

[dickie90] 25/10/2018 16:19

How on earth could you predict something like this! Just no need of an 'I told you so' pathetic person! This is a total unpredictable event! Jog on BT!