Hummingbird Resources Share Discussion Threads

[qs99] 21/10/2019 14:23

big old volume, was up 2p at one point, now only up 0.5p, did I miss a negative in there?!

[plasybryn] 21/10/2019 14:15

Dan Betts interviewed by Justin Waite on Vox Markets today

[borderterrier1] 21/10/2019 14:06

You are extracting the U right? So this is the news we have been waiting for and the share price responds by going up 0.50p? Who's the fool now NB? At this rate the share price will be 30p in another two years and you guys believe these are "great results" Wake-up. This is a disaster.

[rickyhatton] 21/10/2019 12:37

Nice graph on Hummingbird Resources Twitter

[rickyhatton] 21/10/2019 12:35

The macro RNS context is worth noting in terms of potential to add value,and revised LOM can develop significantly as more ore becomes economical to mine at high gold prices,and with a large exploration footprint.

"Yanfolila held pre-production Probable Reserves of 710,535 ozs @ 3.14g/t, total Resources of 1.8M ozs of gold and an additional 390,700 ozs of non-compliant exploration potential. The Dugbe Gold Project has Resources currently totalling 4.2M ozs of gold and a completed NI 43-101 compliant PEA on the project showing a 29% IRR and US$186m NPV at a US$1,300 gold price.

In addition to Hummingbird's production and development assets, the Company also has an exploration footprint of 4,000km2 and is a shareholder in AIM listed Cora Gold, which is advancing a portfolio of prospects in Mali and Senegal"

[new_buyer] 21/10/2019 11:05

VH, some people just look for the negatives!!

[dickbush] 21/10/2019 10:18

Great results!

AISC down to $849/Oz, the first time they have been in their target range since the second quarter of last year. Net of gold price achieved and AISC is $573, a record. Taking into account the volume of gold poured, gives a net of circa $17.5mil versus $8.5mil in the 2nd qtr. Rounded out by a decline in net debt (including gold reserve) from $38mil to $25mil. If, big if, they can keep this net gold price v AISC, it should be debt free by the end of the first qtr.

I don't think we could ask for anything more - except for the gold price to be $1,500 plus.

[redtrend] 21/10/2019 10:16

VH - the accounts do spell out that D Betts received $486k of remuneration for FYE Dec 2018. It's explicitly stated on page 32 where all directors are listed with their remuneration.

D E Betts and the Betts Family already own about 2% of HUM, management as a whole 3%.

If a fund manager breaches his own corporate governance and doesn't make the required declarations internally within Capital Group in this case, of a personal holding, that is his issue, not HUM's. One could argue many things and of course HUM knew about Capital's investment in HUM as it was over 3% (they once owned 8% - they divested all their holdings in companies less than £100m few months back). Even if Betts did know the fund manager had a 2nd personal holding (big if), he can't 2nd guess to know whether or not said fund manager correctly declared this within Capital Group itself. The CEO has better and more important things to do than deep dive and investigate issues not in his remit, responsibility nor liability.

It's been an incredibly long, frustrating process following the Force Majeure events to get company back on track. But it does feel like things are finally heading in right direction and falling into place, both with the company and externally with gold price.

[value hound] 21/10/2019 09:50

You could – at a stretch – argue that LLB. But you could also argue that the merest whiff of any kind of financial scandal at any listed company is so often a death knell.

You could also argue that the founder-director in question had to know about these two transactions.

Is that Mr. Daniel Betts, Executive Director and CEO by the way?

For 2018, according to the AR; “The total remuneration of the highest paid director is $486,000”. Even that is worrying as they don’t spell out who that is, exactly, unlike almost every other company ever! Again, it must be the above, but given that the company is so cheap etc., why doesn’t he spend any of his c.£375k p.a. buying shares in any significant qty?

[laurence llewelyn binliner] 21/10/2019 09:31

#VH... he was a fund manager who set up his own shadow fund, tried to keep it secret, and got caught, he knew well the regulations against it..

You could argue that he thought it was such a compelling investment case that he wanted a piece of the cake for himself..!

[value hound] 21/10/2019 09:07

So is our company dodgily run?

"In the case of Hummingbird Resources, Mr Denning appeared to have another potential conflict of interest as the company was set up and run by his son-in-law."

hxxps://www.bbc.co.uk/news/business-50089887

[parsons4] 21/10/2019 08:49

Just bought in once again, looks a good proposition from here GLA

[new_buyer] 21/10/2019 08:42

Great performance, long may it continue!!

[new_buyer] 21/10/2019 08:41

Darola, is that a rhetorical question?

Great set of numbers, hope the share price reacts but still think LOM extension and a second mining operations is whats needed to really push this forward in a BIG way.

[substp] 21/10/2019 08:29

Hummingbird mentioned

[wskill] 21/10/2019 08:21

Now with the gold price steady we may see something happening with Liberia it would be the icing on the cake.

[aim999] 21/10/2019 08:17

Spot on.....this is Q3..... wait until we have an amazing Q4 with 2nd ball mill in operation all quarter with hopefully a better gold price ...

[darola] 21/10/2019 08:15

Abstract lesson in investor patience. How many have sold here that would - and will be - much better off had they held?

[kennyp52] 21/10/2019 08:08

Impressive figures

[aim999] 21/10/2019 08:05

Also good unhedged to benefit from increase in gold price ..... quids in

[qs99] 21/10/2019 08:04

Should be through 30p IMO. DYOR, but if POG holds up around the $1,500 then this should be throwing off very material EBITDA. Throw in the debt free position in the near term, possible acquisitions, new resource to LOM extension and why not get this through 50p once market wakes up to it? DYOR

[rickyhatton] 21/10/2019 08:00

As redtrend highlights
In 3 months they now have $8m more cash and $6m less debt
So $14m rebalancing in just one quarter! Huge cash generation

[avsome1968] 21/10/2019 07:47

Costs are well down really happy with that should dept to 45m good chunk paid, expect 10-15% gain today

[avsome1968] 21/10/2019 07:46

Hummingbird Resources PLC Q3 2019 Update
21/10/2019 7:00am
UK Regulatory (RNS & others)

Hummingbird Resources (LSE:HUM)
Intraday Stock Chart
Today : Monday 21 October 2019

TIDMHUM
RNS Number : 4590Q
Hummingbird Resources PLC
21 October 2019
Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector: Mining
Hummingbird Resources plc
("Hummingbird" or the "Company")
Q3 2019 Update
Hummingbird Resources (AIM:HUM), is pleased to announce its results for the quarter ended 30 September 2019. Strong operational progress has continued for the fourth consecutive quarter. Production has increased to 30,484 ounces ('ozs') of gold poured in Q3, and costs have decreased at the Company's Yanfolila Gold Mine ("Yanfolila").
Yanfolila Q3 2019 Operational Highlights
-- 30,484 ozs of gold poured, (27,466 ozs in Q2 2019)
-- 81,757 ozs of gold poured year to date
-- US$849/oz AISC, (US$998/oz AISC in Q2 2019)
-- Average grade of 3.23 g/t, (2.86g/t in Q2 2019)
-- 30,373 ozs of gold sold at an average price of US$1,422/oz
-- Second ball mill fully commissioned and operational during the quarter increasing plant throughput by 20%
-- 1,000,000 injury free hours recorded at site
Corporate highlights at 30 September 2019
-- Cash of US$16m (US$8m at end of Q2 2019)
-- 2,800 ozs of gold inventory on hand worth approx. US$4m
-- Bank Debt of US$45m down US$6m in the quarter (US$51m at end of Q2 2019)
Outlook
-- 110-125,000 ozs production guidance for 2019 maintained
-- Due to be debt free by end H1 2021
Dan Betts, CEO of Hummingbird, commented:
"We are pleased to report that for the fourth quarter in a row production has increased and costs have decreased. The Company continues to improve both from an operational and balance sheet perspective. Hummingbird remains an unhedged gold producer offering our shareholders full exposure to the current strong gold price and a strengthening financial outlook as we forecast to become debt free by the end of H1 2021.
The commissioning and operational performance of the second ball mill was also pleasing to see over the quarter following its successful construction on time and budget. We will begin to see the full benefits over the coming quarters as we are able to manage a higher throughput of fresh ore.
Q3 2019 is the wettest quarter of the year and we are particularly pleased with how the team has managed this period during the quarter, especially when compared to the corresponding period last year. We anticipate Q4 to be another good quarter and we are maintaining our production guidance of 110-125,000 ozs of gold production for 2019."