Hummingbird Resources Share Discussion Threads

[ukgeorge] 21/9/2020 06:39

It normally works that the government doesn't get the free carry interest of 10% until the company has regained the capital cost, this may also include previous exploration costs. Do hopefully will be a while.

[casual47] 20/9/2020 22:03

The ownership presumably doesn't really matter until there are dividends.

[andrewsr] 20/9/2020 21:56

Thanks for the correction, it was a while ago. I was referring to the discrepancy between UKG and HUM's AISC figures. IMO HUM should state the ownership % and buy-in rights in their presentations.

[redtrend] 20/9/2020 20:18

HUM's ownership of Yanfolila is 90%, however Government were due to increase their holding to 20% but still require to pay circa $10M to HUM.

This is completely separate matter to AISC and what discrepancy in AISC are you referring to?

The AISC is linked directly to Yanfolila and does not include Interest, Tax, non-sustaining Capex (if you're looking at cashflow) and Exploration, and General & Admin costs not linked to Yanfolila.

For some reason UKG likes to make an assumption all G&A costs are excluded which would not be the case or if it was, would be an incredibly poor method of cost recovery/ tax efficiency. Every major company I've worked for which is multi-regional and multi-asset forces you to "timewrite" to specific projects/ sites even when in "head office". If you work across assets, you make a ballpark % figure for each.

[andrewsr] 20/9/2020 19:33

It was mentioned in a presentation by Bert Munro a while ago that HUM's ownership of Yanfolila was 85% (15% owned by the government with a right to buy a further 10%)- does this account for some of the discrepancies in AISC? Their ownership % doesn't seem to be mentioned anywhere in presentations/reports etc.

[temujiin] 20/9/2020 19:26

LLB, ah I see, so it's AISC + G & A. Cheers.

[laurence llewelyn binliner] 20/9/2020 19:05

#UKG..., sale price returns will vary constantly from each shipment of Dore due to slightly different levels of impurities, and Silver credits/spot value..

We are also building a field runway for flying our Dore out and supplies in, so transport/insurance costs to Bamako for air freight will be erased when this is completed..

H1-2020 EPS was USD 0.064 per share
H2-2020 EPS should be cUSD 0.095

FY2020 EPS cUSD 0.16 means we are trading on a forward multiple of just 3, or significantly undervalued where a reasonable PE would be 12 less some jurisdiction risk so call it 10 or 120p

#Temujiin, the AISC is a little confusing as it does not include some admin functions, if you go to the H1 accounts the real cost of sales + administrative expenses comes in at 1215/oz..., but what matters most is H2 profits will be +50% over H1.. :o)

[temujiin] 20/9/2020 18:35

The company AISC is more like 1200-1400
==========

UKG,

HUM say AISC is in the $900's /oz. How do you get to it being between $200-400 per oz more expensive than their figure?

[ukgeorge] 20/9/2020 14:57

The discount to spot is quite a lot higher than the industry average which is about 15 per oz. Could be explained by higher transport and insurance costs given it is a relatively small mine and doesn't have an airstrip.Hopefully that discount is reduced going forward.The company AISC is more like 1200-1400. So the margin is more likely about 700-500 an oz and production will likely be sub 30koz (imo), time will tell. So conservatively we could get 25koz and margin 500, which would be 12.5M. Which is still pretty good.Obviously 30koz and lower AISC would be preferable. Somewhere in the midfle is most likely.

[laurence llewelyn binliner] 19/9/2020 13:39

Reference 12 month average Dore sale price was -35/oz below spot, payable after refining costs / impurity penalties / Ag credits..

Q3-2019 POG 1473 / sale price 1422 (-51/oz)
Q4-2019 POG 1480 / sale price 1452 (-28/oz)
Q1-2020 POG 1582 / sale price 1568 (-14/oz)
Q2-2020 POG 1710 / sale price 1663 (-47/oz)

Q3-2020 POG c1930 / sale price c1895 / AISC c970 / c925 margin
30,000 ounces / USD27.75M EBITDA

Call it USD10M a month for ease of calculations.. :o)

[kennyp52] 18/9/2020 21:46

Yep you are a 100% idiot because you brag about Kodiak , slag HUM but reckon you have left a substantial amount in it ... so if you were such a great investor then you would have sold out of Hum and put it all in Kodiak . If you can’t see that then you are a mook . 🤣

[kennyp52] 18/9/2020 15:02

Plenty of opportunities to sell since ... you IDIOT

[kennyp52] 18/9/2020 08:23

You are an idiot . Should have sold all of your HUM and put it into Kodiak . What an idiot to miss that opportunity 😂

[borderterrier1] 17/9/2020 22:37

UKGeorge. Just in case you missed this I tipped Kodiak Copper on here (Post 9017) back in July to Avesome when it was 0.34c and I said I took a "large position". Today it is up 500% to $1.95 and IMO more upside. For all the guys that like to call me an idiot on here, you might want to reconsider? Especially you, NB.

[borderterrier1] 17/9/2020 15:37

UKGeorge I hope they do too. But the performance of Hum over the last five years hardly instills confidence in Del Boy as it's Ceo does it? As you say, the excuses are lining up yet again and we've heard them all before. And the same guys that slag me on here have been predicting a re-rate for three years now, but it never does.. How can you justify a gold price that is lower than other miners? The answer is you can't. Keep it in the family and treat the shareholders like mushrooms. Most of them will swallow it. Except me.

[ukgeorge] 17/9/2020 15:07

I thought last quarter was going to be the catalyst for a decent re rating, then of course the production target was missed by a mile, the gold price received was considerably lower than other gold miners.The explanation one sentence saying mine sequencing and no explanation for the gold price. No doubt next quarter will be different. Although the excuses are all in place, coup, covid and rainy season.I hope they prove me wrong and smash the production target.

[borderterrier1] 17/9/2020 14:32

UKGeorge I agree. Compared to my other gold miners, this has behaved very poorly. It is, in fact, the worst performer in my portfolio. But this site is full of knowlegable ostriches that continually predict better times are ahead because the management throw them an occasional bone to to keep them interested. The share price then makes a very brief (but unsustainable) move North. 5 years is long enough for this to come good. I hope I'm wrong but I don't think this ever will.