Hummingbird Resources Share Discussion Threads

[plat hunter] 27/10/2022 15:41

If you haven't yet worked out what the game is here yet then this is going to be one hell of a lesson for you.

[laurence llewelyn binliner] 27/10/2022 14:17

#TBTT, no, I am not overlooking the fact the the company chose to appoint Junction, and remove AMS, but you are assuming there was a choice available at the time..?

Of course management have to take responsibility for the decision and the results, and it was/is very disappointing but if a contract goes out to tender, they tick all the boxes and win the contract, it is only after that you find out if they can actually deliver on it, and Junction have failed, in our position we have to work with what we have and help out, there is nothing to be gained from falling out with your contractor and having no shovels moving at all, so we now have to go the extra mile and phase in Corica which is the right thing to do and over the next 6-12 months the fleet will demonstrate less hours of breakdowns due to proper managed maintenance schedules and some of their newer machines..

Volumes did go up Q4/Q1/Q2-2022 so they were going the right direction, what went wrong in Q3 we do not know, but it must have been bad to drop volumes 44%..

[borderterrier1] 27/10/2022 14:06

Creditcrunchies. Yes. Since the last RNS, no response........but I speculate that could be because they have received an overwhelming number of questions from worried "investors"?

[creditcrunchies] 27/10/2022 13:53

Has anybody here contacted investor relations? It's always worth voicing any concerns from my experience they always come back. It's just I notice some rumour they don't with this company.

[borderterrier1] 27/10/2022 13:31

Gentlemen. Hum do not respond to either e mails or phone calls now. We can all blow as hard as we like on here but it changes nothing. The hard facts are that after 10 years this is at an all time low. With any other company, this absolutely would NOT be tolerated. The Ceo should go immediately. If not, why not?

[temujiin] 27/10/2022 13:21

HUM management have made mistakes, but Covid, coup, sanctions, local disturbance, increase material costs etc wasn't their fault. Pitwall collapse is partly their fault, inability to fix mining operation defo their fault....which is why we are 5p.

The b8ggest issue is the mining operation, and they now have a big outfit that also the likes of Resolute and Barrick use, so it should be fixed.

Sometimes there is a turning point. Imo HUM have reached that turning point with a credible mining outfit, albeit their website isn't up to Traders top tier standards:)

Management have also acquired what looks like a great mine at Kouroussa for peanuts, and fostered a good relationship with the bank, so credit where credit is due.

[creditcrunchies] 27/10/2022 12:06

It'll be a miracle for sure

[whitehunter] 27/10/2022 11:37

You need to be very gullible to believe this management can sort anything in the future given what they have said and delivered in the past

[temujiin] 27/10/2022 10:50

LLB, a rare occasion but I agree with non shareholder TBTT, Management were aware of all you say but didn't solve the root issue. This one is Management fault.
I now think they have solved it tho.

[tigerbythetail] 27/10/2022 10:34

LLB - you are conveniently ignoring the fact that HUM's management CHOSE the new contractor in full knowledge of all the facts.
In any normal company this awful decision would be a sacking offence for the CEO. But, as so many times before, not here. Here (thanks to a completely useless board) management incompetence is tolerated. And generously rewarded.
I don't know what kind of credulous optimist you need to be to think that this leopard will magically change its spots after all this time. As an old cynic, I actually envy shareholders here. After all, there's nobody happier than a fool in a fool's paradise. That is, until reality busts down the gates of that paradise...

[laurence llewelyn binliner] 27/10/2022 09:58

#Temujiin, the original contractor AMS left all their old fleet of equipment behind which Junction inherited, so although they were responsible for the contract mining they were handicapped from the start with a tired old fleet which they did not have parts or maintenance history with, neither party had to move anything on/off site, but expecting different results from the same equipment was a big ask from the off..

Junction mined volumes did increase for 3 quarters in a row, but our latest Q3 was a step backwards, possibly the new diggers they bought in broke down too, who knows, but with Corica on site with some of their fleet, and their fleet maintenance expertise/guidance we should be getting on top of it finally.. :o)

[temujiin] 27/10/2022 09:09

Hindsight a wonderful thing Imatsu.

Could be Yani was too small an operation for Corica, or Corica didn't at the time have rigs, men available but by far most likely is that Corica weren't the cheapest.

[trader465] 27/10/2022 08:24

“Genuine question - why did they not simply appoint Corica in the first place, or when they changed contractor?”

Perhaps a bigger kick-back for Betts from the cheaper outfit?

[imastu pidgitaswell] 27/10/2022 08:20

Genuine question - why did they not simply appoint Corica in the first place, or when they changed contractor?

I can only imagine it was on costs grounds - they will be more expensive than the failed ones they did appoint. Far better to pay twice, huh? More stellar management from Danny boy....

[temujiin] 27/10/2022 08:04

The headline shiite production numbers rightly got the most attention, but this was the most important part of the last update for me, and the only reason I thought it's probably ok to 'top up'.


Yanfolila Production:
The Company has taken decisive action to stabilise ongoing production and return Yanfolila to being cashflow positive by addressing the poor mining performance of the Yanfolila mine both in the immediate and longer term. This includes:

- The REPLACEMENT of the mining contractor's production and grade control rigs by third party contractors. These rigs are NOW ON SITE, commissioned and in production in the Komana East deposit which has historically been our HIGHEST GRADE and best performing source of ore giving confidence in an immediate improvement in output

- Ongoing external support in the form of equipment, management expertise and funding for the contract miner

- Assisting in the restructure of the contract miner through an expansion of the group's relationship with Corica Mining Services ("Corica") and the INJECTION OF CAPACITY to ensure it can perform its contractual obligations

Then again....Corica's website....

[sclper] 27/10/2022 07:34

In Q2 they processed 358k tonnes so with the recent addition of new equipment a 'base case of 385k' looks achievable. Also Q4 is usually the strongest quarter at Yanfolila

[temujiin] 27/10/2022 07:21

Trader, a totally fair point about shiite past performance, but perhaps you haven't seen that the company now have

1. West Africa's biggest mining company Corica on site with new equipment thats being maintained by Corica
2. HUM said 385k was a base case with possibly 15% upside
3. Corica also work at Resolutes Syama mine which has today reported 'Gold poured of 90,387 ounces reflects the fourth consecutive quarter of increased production'. Seems the cowboy outfit are doing the business there.

Not that you should care being a non shareholder.

BTW Rambler Metals have a Lovely website ;)

LLB, I'd expect the recovery rate to be in line with most months, that's not where the main issue has been.

[trader465] 27/10/2022 07:13

RMM suspended. HUM next?

Accordingly, the Company's ordinary shares will be suspended from trading at 7.30a.m today, pending clarification of the Company's financial position.

[trader465] 27/10/2022 07:09

‘nobody would throw good money after bad’

Is’t that what buyers are doing here?

The directors here can easily afford to throw away £100k between them to keep the gravy train rolling and bag millions from grade skimming

[laurence llewelyn binliner] 27/10/2022 07:03

#Temujiin, it is possible to get close to those numbers, but the final part is the recovery rate which is 92-94%..Long way to go to find out, but some director buys although not huge, were supportive and nobody would throw good money after bad if they did not believe results can be achieved..

[trader465] 27/10/2022 06:23

Temujiin ‘Assuming HUM hit Q4 target of 385k’

Why would you assume they will hit the production target? Did you not notice 2 years of missed targets despite reassurance from the board before hand.



Perhaps we will soon see this RNS…..

NOTICE OF TEMPORARY SUSPENSION OF LISTING FROM THE OFFICIAL LIST

TEMPORARY SUSPENSION
Hummingbird Resources Plc
The Financial Conduct Authority ("the FCA") temporarily suspends the securities set out below from the Official List effective from 03/April/2023, in order to protect investors pending clarification of the arrest and subsequent fraud charges brought against members of the board of directors