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[plat hunter] 24/6/2021 18:45

corrientes21 Jun '21 - 19:48 - 226 of 231
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HUM's possible demise isn't helping CORA one little bit.


noun: 'demise' The end or failure of an enterprise or institution.


You really are a clown, 'demise' ha ha ha hahaha what a tool. Also why would HUM's share price performance affect Cora's SP?

[borderterrier1] 24/6/2021 18:43

corrientes. I agree with your observations re. Plat Hunter and his hilarious outbursts. His wife told me the same thing.

[corrientes] 24/6/2021 18:18

Plat will say just about anything so long as he can remain the centre of attention. Psychologists have a technical expression for this, and it's very prevalent in the entertainment industry, which is where he might prosper, given his hilarious outbursts

[plat hunter] 24/6/2021 18:04

Lol corrientes, "demise" ffs you clown, do you even know what that word means?

[corrientes] 24/6/2021 18:01

Plat made a comment on the CORA thread, which makes me realise that when he intimates up, he really means down and of course vice versa. I don't think he's malevolent, but an interesting case for a psychologist I would have thought,

[plat hunter] 24/6/2021 18:00

Centamin is in Africa though

[deme1] 24/6/2021 17:34

Plat Hunter has no clue about investing although he tries to talk the talk.

This has 13p all over it now.

And if that does not hold then bye bye

[pireric] 24/6/2021 17:17

Of course, but banks will make a financing decision off where gold is at the time of the financing decision and what looks likely for gold.

It seems likely that the IRR at a 10% discount rate post tax is potentially around 25% at spot gold. Thats OK but it is certainly not exciting and there will be a queue of higher IRR gold projects out there in the market like Kouroussa, as an example. Sub-20% is dire, 30%+ on clean assumptions is solid. In between is OK but you start to get into discussions of whether the project is worthwhile or not on a scarce capital base. A 5% discount rate is not a clean assumption. Id just about tolerate that if the project was in Canada/Australia

The cynical view as is often the case with gold companies is that they use ridiculous discount rates when the project economics are not that good. Centamin did that a few weeks back too (used a lowball discount rate). Banks would laugh at miners trying to use 5% discount rates for Africa in actual financing decisions

Eric

[goodgrief] 24/6/2021 17:13

Apologies for the repeating what was posted before...

[goodgrief] 24/6/2021 17:12

Pasofino seem happy enough...hTTps://static1.squarespace.com/static/5898d2fdd1758e28995d7453/t/60d47d381b2124212bbb42ec/1624538441509/Vein-June24.pdf

[sleveen] 24/6/2021 17:06

IRR of 31% due to circa $400m capital costs nothing more.

Repayment 3 years and probably throwing off $100m/year thereafter at current POG.

[replicas1967] 24/6/2021 16:21

All good here 👍

[charlie9038] 24/6/2021 16:20

Im in!
seems a good opportunity at 19p
GLA

[golden prospect] 24/6/2021 16:20

The project is not a near term aspect so calcs based on $1600oz may look so different in the coming months and years ahead. Plus we are fortunate that Pasofino are doing all the running at the moment.

[pireric] 24/6/2021 16:10

Dugbe economics not great. 5% discount rate (absurd) and post-tax IRR is only 31% at $1600 gold so one would presume a more realistic 10% discount rate is not particularly exciting and closer to 20-25% which is marginally attractive

[plat hunter] 24/6/2021 14:32

Someone's desperate then and someone is more than happy to exploit it

[sleveen] 24/6/2021 14:20

Oops wrong board

[plat hunter] 24/6/2021 12:45

Lowtraler "You don't need eyes to see, you need vision"

[lowtrawler] 24/6/2021 11:58

PH, we can all read and we were all fully aware of the deal for Kouroussa. This was properly communicated and documented. An event has happened to delay completion of the deal. None of us know what that event is.

You argue that we can gain a competitive advantage by reading between the lines and speculating on the event. In your view, the event is likely to be neutral or even positive to HUM and so current pricing represents a buying opportunity.

Personally, I don't have enough information to take an informed view on whether the event will be positive, neutral or negative. I know that we have moved from a position of knowing what we had bought with Kouroussa to being uncertain on the deal completing or on what terms. Hopefully, you are correct and the delay has allowed HUM to vary conditions to our advantage.

[golden prospect] 24/6/2021 11:45

From the accounts it is clear HUM have the upper-hand. They have the Kouroussa asset and mining licence. Only things that can change will be driven by HUM imo. Given the deal is now over 1 year on, HUM have generated sufficient cash to clear debt and positioned themselves in a stronger form. Perhaps HUM are after the 2% NSR, or perhaps they can offer Cassidy Cash and reduced share qty. Time will tell.

[plat hunter] 24/6/2021 11:06

See post 5149


All you have to do is read

[plat hunter] 24/6/2021 11:05

Lowtrawler24 Jun '21 - 10:45 - 5150 of 5150
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PH - the depressed price is a measure of market sentiment.


Well yeah, that's exactly my point Lowtraler, therein lies the opportunity to profit by sensibly reading between the lines and making reasonable conclusions. The bod not holding your hand to help you with your irrational fears and insecurities is not a failure.

[lowtrawler] 24/6/2021 10:45

PH - the depressed price is a measure of market sentiment. If the market thought delaying Kouroussa was positive, the price would have strengthened. The initial announcement had little impact on the price, suggesting the market was happy to let HUM resolve the issue. We are almost a month on and, with no news, speculation has become adverse and will only get worse until an announcement is made.

[golden prospect] 24/6/2021 10:37

On balance LLB, we have Kouroussa for FREE at the moment until 35m shares issued.




The accounts make some most useful references

* Following the acquisition of the Kouroussa project in Guinea, Hummingbird paid US$200,000 to the Government of Guinea, comprising taxes and duties.

* Following the acquisition of Cassidy, the Group made the following purchases goods and services from Guinean suppliers equating to 31% of all purchases. The split of purchases still reflects the initial development phase of the project and it is expected over time local procurement will increase. The below is from 1 September to 31 December 2020.

VENDORS 2020
US$ ‘000
Local Vendors (Kouroussa area) 459
National Vendors 421
International Vendors 1,921
Total 2,801

* As at 31 December 2020, the Group’s assets totalled $292.5 million, an increase of $31.4 million on the prior year. The increase was impacted by a total of $30.7 million assets acquired as part of the Kouroussa Project



See Kouroussa Asset Purchase, page 59

See Acquisition of Kouroussa Gold Project, Audit Matter, page 75

See Fair value of the Cassidy Smelter Royalty, page 93

See Note 23 KOUROUSSA GUINEA ASSET PURCHASE, page 109

See Granting of Mining Licences in Guinea, page 121