Hummingbird Resources Share Discussion Threads

[temujiin] 29/6/2022 13:41

Thanks BB2 for the write up. Sounds like they are moving in the right direction but not there yet. HUM do have a habit of saying the next quarter will be better, or H2 will be the better months, but then fail to deliver. Hopefully this time it's true but once, twice, 8 times bitten and all that....

[billyboy2fromiii] 29/6/2022 13:24

Hi, I have just posted this on the other site..
Adam.

Good summary that of the Operational side at Yan.

My notes that I made stated...

that "utilisation rate" was now 88/89% compared to 50% previous (target 85%). In addition, I noted that we were losing a total of 100 hours a day due to breakdown/repairing and that is now down to 6 hours a day.

I also noted,
"volumes were up over last 8-10 weeks"
"volumes back on track" however "spacial compliance" taking longer
"seeing improvements last 6 weeks"
DB stated "seeing significant progress"

AK back in Mali today, meeting tomorrow re UG with team of mining engineers and geologists arriving Monday,.
AK back on site over coming weeks.

In summary, Yan was in a right mess (failure of equipment and the time taken to repair), much more than you could imagine . AK (who I must say gave a VERY technical analysis) seems to be turning things around. We should certainly see some benefits of this in Q2 production. However, I believe it will be Q3/4 before we see the full benefits (free cash flow to pay towards KOU) of the remedial action taken.

I also notes..

Yan currently on target to meet 2022 guidance (as guidance was skewed more towards H2 than H1).
Kou currently still officially on schedule & budget (however some of the Kou loan funds have been used to support Yan in H1 which will need to be "replaced". How they are "replaced" is the golden question.... cash flow in H2, defer creditors, additional lending, placing.....
Currently drawn $77m of the $100m total loan....

More on the liquidity issue later....

BB2

[lowtrawler] 29/6/2022 11:58

LLB - to quote your post 8501 "the real situation on the ground was worse than reported late 2020 into 2021.". In other words, they didn't report what they found and maintained guidance through 2021 knowing it was not going to happen.

[lowtrawler] 29/6/2022 11:51

Oh dear BT. Have you ever seen a mining junior attempting to fund their first producing mine who haven't done everything to present in the best possible light? The DFS / BFS are must-reads and very few people have the skills to analyse them for inconsistencies / risks. Anything else is an advertising brochure and a salesman's pitch.

Your consistent whining about OTC trades in the USA indicates you have little to no understanding of how absolutely nothing can be gleaned from those trades.

I thought your prediction of single digit pricing leading to possible company failure was based on firm knowledge obtained from your contact. Now you are saying it is a prophecy.

You keep calling for Dan to be fired but you have also posted many times about how this is never going to happen. The only constructive way to respond to this is to plug gaps in Dan's ability and yet you criticise appointments intended to achieve it.

Your constant stream of comments can be boiled down to the rantings of a bitter individual who invested in HUM based on the sales pitch rather than the hard evidence and who blames Dan for every failure along the way. You are blinded to the potential of Kor / Dugbe through your hatred of Dan and the experience of your past failure. You are buoyed by the consistent issues at Yanny causing share price weakness and believe this validates your view. It does not. It confirms Yanny forecasts were wildly inaccurate, exacerbated by poor operational control which has now been addressed through appointment of a COO.

Whether HUM turns itself around remains to be seen. What has happened over the past 6 years is no guidance for what will happen over the next 6 years. IMV, Kor is everything Yanny was not. Easy to mine, higher grade, lower cost, local infrastructure..... I invested for Kor / Dugbe and an expectation they would turn Yanny around. Whether or not they achieve the potential of those assets cannot be prophesied from past failures. I have invested expecting the assets to deliver a multiple of the current share price and am willing to remain invested while the assets are developed. Mining takes time and I will only know if they succeed in 2024 or possibly even later.

[plat hunter] 29/6/2022 11:16

“If you're the smartest person in the room, you're in the wrong room.”


Filter anyone you can't learn from.

[laurence llewelyn binliner] 29/6/2022 10:52

#Lowtrawler, they did 02.12.2020 after the review end of November, the changes made were a direct result of these events, COO appointed in Q1-2021..

Yes it does take at least a year for changes made to be converted into progress and results.. :o)

[lowtrawler] 29/6/2022 10:31

So, when did they realise things were worse than reported and why did they not then report their findings? Why did they not immediately downgrade guidance for the year? These are requirements under the listing rules.

It's clear that the larger investor's were aware of the position and hence the share price fall. Not a very level playing field and another example of communication failure by HUM.

[laurence llewelyn binliner] 29/6/2022 09:58

#billyboyfromiii, many thanks for your feedback here, and as we had long suspected the real situation on the ground was worse than reported late 2020 into 2021..

Changes do take a year or more to convert into proven results so some progress over Q1 for Q2 is fine, 20,000 ounces would not disappoint but any more would be welcome with Q3 being a bigger step up exactly what I am expecting to see..

#Charlieeee, any comment from your AGM visit..?

[sleveen] 29/6/2022 09:03

BB2 thanks for the above and I look forward to your summary later.


PH 8497 agreed.

[billyboy2fromiii] 29/6/2022 08:58

Hi, I attended the AGM yesterday. I will
try and do a summary later but got a family issue to deal with. The comments earlier today , in my opinion, are pretty much “on the money”. We were in a dire situation last year, much more so than I thought. AK give a very detailed explanation of the problems and what has been done (and currently being done) to try and resolve. AK certainly talked very open and honestly yesterday. In my opinion, based upon his comments and providing we do not experience any new problems, I believe he will turn Yanfolila around but it will be Q3 rather than Q2 that we will see the real evidence of this. Without AK, in my opinion, ………; BB2

[laurence llewelyn binliner] 29/6/2022 08:35

#PH, the mine GM was also replaced around the same time or just before, on 1 April 2021 Junction Contract Mining were appointed as mining contractor at the Yanfolila mine. JCM took over the mining fleet and approximately 90% of the existing employees of AMS allowing a seamless hand over process.

New mine GM
New mining contractor
New COO

IMO the last minute production downgrade winter 2020 was a direct result of the GM not reporting accurately back to HQ what was really happening on the ground, and very likely the BOD were in the dark until DB went there to see for himself, the above change events happened afterwards to address the problems..

End of Q2 tomorrow and the run into results.. :o)

[plat hunter] 29/6/2022 08:21

Sleeven... I'm of the opinion that until Anthony showed up, not even Dan knew the extent of the trouble yanfolila was in.You don't appoint an insitu coo and sack the existing contractors if everything is going fine

[sleveen] 29/6/2022 08:17

A realistic explanation is that HUM was in an even worse position than we were told, but we are now on the road to recovery .

[plat hunter] 29/6/2022 08:15

You say he's had no impact on production but we've produced less ;-P

[farrugia] 29/6/2022 06:51

there's no liquidity borderterrier on the NYSE

[borderterrier1] 29/6/2022 01:35

Lowtrawler I'm observing, I really am! I'm patiently waiting for Yanfofailure to "turn into the cash cow" that you very confidently predict. However, here in the US on the NYSE today Hum dropped like a rock......... to an all time 10 year low. That was....... to an ALL TIME LOW. Oh, dear me! I think you will find that my recent prophecy about this will come true in the next few days. And I did try to warn you............

[temujiin] 28/6/2022 21:57

LLB, Plat, well he's been there over a year so far and had no impact on production so far, and appears to me to be more reactive than proactive.

That said and as I've said, I'll await the Q2 numbers which may reinforce, or hopefully dispel my view of his abilities.

[lowtrawler] 28/6/2022 17:32

BT, you really need to move on. You bought into a junior miner on AIM looking to fund it's first producing mine. Of course they're going to hype it to oblivion and only the gullible would fall for it. Yanny was never going to meet expectations. It was far worse than a reasonable individual might have expected but at least pog bailed them out. You made a rookie mistake and need to own it.

Dan is not a mining engineer and needs to take responsibility for not appointing a COO earlier. He has made a catalogue of other errors and should not be the CEO. However, you and I both know he is going nowhere and so it is pointless dwelling on something that is not going to happen. Instead, HUM need to plug the gaps in Dan's skillset and focus Dan on those areas where he has shown competence: strategy, deals and financing. The appointment of a COO is a significant move and the main remaining gap is corporate communications.

You need to stop acting like a petulant child. Own your mistake. Acknowledge the changes being made to HUM management. Recognise the potential of Kor / Dugbe. Observe whether the COO has managed to turn Yanny into the cash cow it is capable of being.

[borderterrier1] 28/6/2022 14:49

Plat Hunter "I suspect Dan has also learned a lot from Anthony" Really? Shouldn't the man in charge here actually be the CHIEF executive officer? Not an inexperienced, learning as he goes beginner? Perhaps that's what the problem is here....................?
Definition:- Chief executive officer:- "The topmost person in the organizational hierarchy who is responsible for the overall vision, strategy and financial soundness of the organization.

[plat hunter] 28/6/2022 14:18

Tbf, the new coo, seems to know what he's doing, his explanations of the issues and undertaken measures appears at this stage to be top notch.I can't speak for everyone but my own understanding of mine operation has improved vastly and retrospectively at least, any perception i may have had of too little information was more from a position of not actually understanding what's involved in the first place. I suspect Dan has also learned a lot from Anthony.

[laurence llewelyn binliner] 28/6/2022 08:40

#Temujiin, so far our new COO has not had the opportunity to show us what he has bought to the table, he has been handicapped by the NFG mining fleet he inherited, grade control, ROM pad optimisation, mine sequencing all count for squat unless you can get it out of the ground and move it into a mill that is going round, then measure the results..

21.04.2021 - Appointment of Anthony Kocken as Chief Operating Officer ('COO') during the quarter. Anthony has over 23 years operational and senior management expertise, predominately working on African projects. Anthony's initial focus will be to support the site in driving operational performance improvements at Yanfolila and oversee the Kouroussa Guinea project development..

1st quarter with his new diggers coming up.. :o)

[plat hunter] 28/6/2022 06:31

It's become the easiest way to deal with it tbh... I've considered Yan as a zero share price contributor for months now.Look at RSG too, absolutely battered..