Hummingbird Resources Share Discussion Threads

[bookwormrobert] 25/10/2018 16:35

If the pit wall design is wrong, and all the gradients need to be reduced, then this fall isn't overdone.

[qs99] 25/10/2018 16:27

It had 40m cash on the balance sheet and is still producing out of 2 of its 3 areas from what I can see. So this fall may look overdone depending on the timing for bridge, and underground remedial action and cost. DYOR, but I thought this was cheap at 26p so at 19p with a little (hopefully) delay? Let's see.

[bookwormrobert] 25/10/2018 16:11

Hi Backmarker!
Under normal circumstances I'd agree with you. This is a production problem that can be overcome - even if that means a lot of extra costs and missing production guidance for this year.
However, these aren't normal circumstances. Management just managed to lose $2m of company money to some Canadian scam artists (Bunker Hill). I think it will take a change of CEO, at least, before any confidence returns to this share.

[borderterrier1] 25/10/2018 16:09

backmarker. Don't be a fool. We only know what we are being told. Why would you buy more? This is going under unless they fire the Bod, Ceo and employ someone with experience to take the reins. Enough is enough. They had their chance, squandered investors money and obviously don't know what they are doing. Doesn't the WET SEASON come every year? "Oh my, we forgot about that, didn't really think it was that important, I was shoveling dirt at the time to get more Brownie points from Fsj the Hum Pied Piper." They've blown it big time and I wouldn't pay them in FK ing beer bottle tops.

[bigglesbingham] 25/10/2018 16:06

Don't think the timing of this was very clever mass panic half hour to go and a load of sells tomorrow first thing. Probably hit low about 11 am then bounce to today's price. Bit like taking new ball in cricket and having two bit at the cherry. Just don't understand the timing !!!

[zeberdie] 25/10/2018 16:06

backmarker , i wouldnt hold your breath. The market is still waiting for the update on the security incident that never came. The gaffers at HUM simply dont give a toss about the small investors. Good at releasing bad news and unable to promote the good. Not worth investing in.

They still get paid regardless.

[borderterrier1] 25/10/2018 16:06

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 16:05

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 15:56

Management are simply incompetent.

[backmarker] 25/10/2018 15:54

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 15:52

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 15:52

None of them saw that coming though.

Left field events,investors can do without 'em.

[oohrogerpalmer] 25/10/2018 15:39

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 15:39

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

[philby1] 25/10/2018 15:33

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

[qs99] 25/10/2018 15:31

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 15:30

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

[casual47] 25/10/2018 15:29

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 15:28

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 15:28

Please line up to offer your apologies.

Huge downside still.

Fair value now about 8p