Hummingbird Resources Share Discussion Threads

[borderterrier1] 04/11/2022 20:52

zhockey Exactly, my sentiments entirely, you just can't trust these guys anymore. I know people who invested here 10 years ago and it has deteriorated steadily over that time from 80p to where it is today. Common sense should tell you that it doesn't make sense to put someone in charge here with zero experience in the first place. After six years at the helm it is abundantly clear that he hasn't got a clue. He's practicing at the expense of the shareholders, steadily making a complete balls of things.....and getting well paid into the bargain. He's had his chance he should be removed immediately. Not just my opinion.

[zhockey] 04/11/2022 19:27

Looking back over the past couple of years, new mine management and improvements seem a recurring theme. I would be sceptical of the claims until you see the actuals come in.

[plat hunter] 04/11/2022 17:56

I'm actually wondering if the Corica appointment was more of a Barrick instruction rather than HUM's.

Geography already suits them.

[borderterrier1] 04/11/2022 16:19

temujiin I agree. But then, wouldn't it have made more sense to bring the professionals in several years ago when it became apparent that these clowns can't hack it rather than wait until things deteriorate to where they are today? I think anyone with more than two brain cells would think that is the more logical answer?

[temujiin] 04/11/2022 15:46

Hi LLB, as we all know HUM have over promised and under delivered for a long time, which is why debt has increased and we are at 5p, but Corica on paper are the best available ore mining solution in West Africa and to repeat myself, Komana East is also our best grade ore, 2.99 g/t. Add the two together and this in theory is the turnaround point and the low for the share price

Edit. POG going up $50 in 24 hours wont do any harm either especially if HUM can get anywhere near their hoped for AISC of $1400 for Q4 and 27,000 oz poured.

[laurence llewelyn binliner] 04/11/2022 14:57

#Temujiin, in a nutshell, Corica adds confidence for exactly that reason.., they are now lead contractor and consultants to Junction to get them up to speed on their maintenance schedules, and help to source parts if/as/when needed in addition to bringing in some of their own fleet.. Time will tell.. :o)

[temujiin] 04/11/2022 14:00

Well I made the very bold and far reaching assumption that one of the biggest gold miners in the world, Barrick, wouldn't choose a cowboy outfit for two of their mines. Time will tell.

[borderterrier1] 04/11/2022 12:36

zhockey There is no conclusive evidence. As many others have pointed out on here, what you have is a Ceo with absolutely zero previous mining experience trying to make a name for himself.....at the expense of the shareholders as he staggers from crisis to crisis.

[zhockey] 04/11/2022 12:23

On what evidence do you see they have a credible team onboard now? It seems as though things are getting worse?

[borderterrier1] 04/11/2022 12:20

Charlieeee What you describe here is some of the early B/S that the investors were expected to swallow. There is a large section in Frank Campbells 73 page report about how the mining engineers "with 40 years experience mining in W Africa" took exhaustive (and expensive) measures to "plug the area" and prevent the pit wall collapse from the seasonal rainfall. The warnings were apparently ignored........ by someone who knew better.

[charlieeee] 04/11/2022 07:50

It was altering the slope of the pit design which made Yanfolila more profitable on paper and led to the first disaster, the pit wall collapse. That also affected subsequent grades

That was specific to Yanfolila and in any event, Kouroussa is nearer surface.

[borderterrier1] 04/11/2022 00:11

CreditCrunchies I have been investing for over 40 years. I honestly don't mind losing money with any stock, that's just the name of the game. But it looks as though with this one we have all had our pants well and truly pulled down.

[creditcrunchies] 03/11/2022 23:50

I don't mind being wrong on this one they could pull it off it's just the pattern I've seen is one I've seen before over years of investing on AIM stocks those others went belly up. Somebody said on here with that Q3 report they should have given a trading statement before. I agree with that but this is AIM this type of stuff doesn't get enforced. That Q3 report was shocking all of a sudden on Stocko the TTM was showing a lot of red the one I do keep an eye on a lot when buying deep value stocks is the Bankruptcy risk (Z2 Score) I don't mind it being in the cautious zone but when it's in extreme red it's a real worry. Besides money is tied up just depreciating month on month where I have to manage money in my portfolio to try and cover it, now I don't need to it was giving me more hassle than it's worth.

[borderterrier1] 03/11/2022 20:47

Fat Grunter Always someone else's fault.........?

[plat hunter] 03/11/2022 20:26

I don't think a military coup and proxy war between Russia and France was built into the dfs though. 😀

[zhockey] 03/11/2022 17:28

Have they have used the same methods in the DFS for Kourourssa as they did for Yanofilla? If so, considering the latter has been much more costly to operate than earlier forecast, there could be a fair chance the economics will be challenging.

Also with the Dugbe asset unviable at these gold prices, it’s a pretty challenging story all round.

I guess it’s a leveraged bet on the gold price, but has to discounted on the operational record so far.

[borderterrier1] 03/11/2022 14:35

With any investment, if we do our research based on the information to hand I think we all cling to a glimmer of hope when possible. If that information turns out to be deliberately misleading and even worse, if it later becomes apparent that failure is due to gross management incompetence, most investors initial disappointment turns to anger. Lots of investors are understandably very pi$$ed off here now.

[trader465] 03/11/2022 14:20

“if what we are told”

😆😂🤣


Some people can’t see the wood for the trees

[laurence llewelyn binliner] 03/11/2022 14:08

#Polaris, +1, the EV will reduce as the debt winds off, 393M shares / USD100M debt, 25 cents a share value to come back our way..

Yanfolila has already repaid USD100M of debt, and will continue to pay down more if what we are told on mining volumes is accurate and translates into ounces poured in Q4..

A bumpy ride through to mid Jan reporting, but it can be done, and now they are back against the wall with the recovery steps taken bringing Corica in as lead contractor, I expect positive results to follow, it is all there for the taking if they can get their processes together for us all..

[polaris] 03/11/2022 12:55

It is £100 M+ already. Enterprise value is the metric, not market cap. Market cap will continue to fall as money is borrowed, until the mine is completed, at constant EV. As debt is paid back then market cap rises, assuming at constant EV. It is not rocket science.

[tigerbythetail] 03/11/2022 12:16

HUM market cap now roughly £20m.
Which would be crazy for a "normal" gold miner of Hummingbird's scale. In "normal" business circumstances you'd expect the market cap of a similar-scale goldie to be £100m+.
So, if you like, the market is pricing in an 80% risk of HUM's shares turning out to be worthless or nearly so (via either bankruptcy or a massive equity dilution). I think this is "about right", but others will disagree - that's what makes a market. For sure, HUM right now is a long-shot gamble.
In other news, Russia / Wagner is withdrawing its mercenaries from Mali to serve in Ukraine, which may well lead to another military coup in Mali in due course, since Wagner were very much the power behind the throne. And gold is having a bad day after the Fed yesterday.

[plat hunter] 03/11/2022 10:53

116k added today, liking the look of one of West Africa's largest aggregated gold projects who can borrow at blue chip rates with no guarantees or dilution, along with the massive contrarian indicator that is stupid git.

Check out his posts on Poly from November onwards, or SRB at over a pound or even pubilicly calling a top at Glencore at around £1.25.

He probably needs this to go to a penny to make the most of his last 500 quid.

[creditcrunchies] 03/11/2022 09:16

They need to do something they've burnt all of their cash, they have -28.9 million in working capital and they're losing roughly $400 on every ounce they sell. So how are they funding operations with gold spot dropping until the Fed pivots. I can't see private investors getting anything. The 'stakeholders' will be DB, his family, institutional investors and the business partners. That's the way I see it