Hummingbird Resources Share Discussion Threads

[plat hunter] 03/2/2023 10:23

Could be, tis the season to be thinking about B&B's

[temujiin] 03/2/2023 10:12

4 x 100,000 "buys" just gone in.
Isa B and Bs?

[laurence llewelyn binliner] 03/2/2023 09:41

It is all to play for #DB, KE is 3g/t KEUG is 4g/t, and once we get into that the blending could get us back into the 30,000 ounce quarters, the last blended average was 1.9g/t for Q3-2022.., all we need is for the contracted mined volumes to be back to where they are supposed to be..

Big update this one coming on so many fronts, Yanfolila/Kouroussa, financing, ounces poured, KEUG progress and fleet for underground ores coming out..

[dickbush] 03/2/2023 09:23

LLB, I know we get sweet FA shareholder communication from HUM, but I would have thought that getting the final tranche of $20 mil "..expected to be confirmed during the current (4th) qtr" was so important that it should have been communicated to us before December 31st. Whether or not it has been confirmed yet, it should not be the end of the world. If the current exploitation of the high grade reserves at Yanfolila is going to plan I can see 30,000 oz/qtr through the 1st half, at least, assuming no SNAFUs. Still a wide-eyed optimist despite everything.

[laurence llewelyn binliner] 03/2/2023 09:07

The latest images on the website of Kouroussa show the mining camp now has 9 units all built with their roofs on, so there has been progress on the ground (29.11.2022), ball/sag mill was delivered and evidenced same day on Twitter..

Some photos of December/January progress would be welcome though..

[temujiin] 03/2/2023 09:01

True DB, Betts is good at somethings imo, and also was good a running Yani initially, but dropped the ball many times the last 2 years, some were out of his control, but mining fleet deficiencies was where the damage was done, that's HUM.

Betts family did dip their trough noses in for 2million shares back in Aug tho.

[dickbush] 03/2/2023 08:54

Agreed, Temujiin. Unfortunately, on the most important part of his job, getting the gold produced to meet his own annual forecasts, has been an abject failure. The last 9 months, in particular, have been a disaster. Just when Yanfolila was supposed to provide free cash flow to reduce the borrowing needs of HUM's two high grade developments, it has done the exact opposite. My comment above was, I hope, a worst case scenario. Having said that, Betts has treated HUM like his private fiefdom, and I can well imagine that he will be doing everything that can be done to keep HUM going. A delay in either or both of the key projects would not be the end of the world as long as Yanfolila is going to produce 100,000+ oz this year and net debt is run down meaningfully.

[tigerbythetail] 03/2/2023 08:42

No RNS again.
Of course, HUM has known for some time now how many ounces they produced in Q4. So it's fair to assume there is some reason for the delay in releasing the quarterly figures.
It could be that the output figures for Q4 are poor, and they're hoping to include the January monthly total to show an improving trend. It could be - potentially worse for shareholders - that they are waiting on emergency finance news, having basically run out of cash.
Anyway, time will tell...

[laurence llewelyn binliner] 03/2/2023 08:38

21.10.2022 - HUM has agreed in principle with its partner Coris Bank additional financing facilities of up to USD35M to support liquidity whilst it brings the Kouroussa Project into production. This includes a one year loan facility of cUSD15M which has already been made available on similar terms to existing facilities.

The structure and terms of the balance of USD20M are expected to be confirmed during the current quarter. This additional liquidity is expected to see the Company through to the commencement of production at Kouroussa..

Coris could quite likely want to see Q4 cashflow positive possibly the Jan run rate too before unlocking the balance this week, but as they are -90M into us already I do not think it is likely they would pull the rug on our second mine build progress and handicap our ability to repay the debt..?

News from Monday it is then..

[temujiin] 03/2/2023 08:13

Betts does have a decent track record of getting debt finance and Coris have been very supportive. Hopefully that's still the case and at any rate in theory, Q4 was cash generative.

135k of buys so far. Not much but better than sells.

[dickbush] 03/2/2023 07:58

If lenders are balking at requests for even more finance, then either Kouroussa or KE underground will have to be delayed...or both. But with gold at $1,900 it would be pretty unimpressive if Betts can't persuade lenders that both projects can produce very positive cash flows before year end. Of course, if HUM has missed the guidance on the 4th qtr that might be the last straw. I don't see why lenders would give him any more credibility than we do. Our remaining fig leaf would then be that the gold is there, which IMO is pretty much what the share price has been saying recently: good reserves, deteriorating financial position, p-poor management.

[sleveen] 03/2/2023 07:05

I've checked the LSE Newswire service nothing there.

[laurence llewelyn binliner] 03/2/2023 07:03

No Friday RNS (so far) .. :o)

[creditcrunchies] 03/2/2023 00:29

I think the cash burn is the issue the Q1 to Qn doesn't mean that much when there's such a high negative in working capital and zero cash left. In the past they could weather the storm because they had cash, net debt was small relative to large net assets. I'm convinced it's a cash issue the risk is they don't have enough capital to continue operations well certainly not at full capacity.

[thejonah] 03/2/2023 00:21

Signs of concern creeping in here. Put me down for 19,000 for Q4 (hope I'm wrong)...

[creditcrunchies] 02/2/2023 18:36

Yeah interesting I wonder who this third party is. It's the auditor's that have raised it as a concern. Not only that every year the accounts get filed well ahead of time this is the only year they've gone overdue.

[temujiin] 02/2/2023 15:04

Lowtrawler, I don't think anyone can take any real conclusions from share price action. Volume hasn't been particularly high. Think its more a frustration drift on no news.

Q4 could easily surprise to the high side, or just be another dud with talk of remedial action. Corica are no dud outfit tho, even if our directors often are.

[1knocker] 02/2/2023 13:41

I think that's right. The big institutional investors will have pretty well written off their investments in Hum. Selling would not rase enough cash to move the dial, but the crystallised losses would look nasty percentage wise as entries in their dealing records which their own investors look at. And how much of their holdings could thy dump without moving the market against them? The more instructive question is: when were they last buying Hum?

[borderterrier1] 02/2/2023 13:34

Trader465 Regardless of what you, me and TBTT put on here these idiot punters just don't want to get it. This is a obviously a scam.

[plat hunter] 02/2/2023 13:24

7.3 support