Hummingbird Resources Share Discussion Threads

[temujiin] 08/2/2023 15:06

That was always the end goal and a good plan. Regrettably the continued 2 year screw ups of the mining fleet which directors tinkered with but didn't solve, left HUM stretched with the finish line in sight. It's still a good plan, but returns will be tempered a bit and delayed another year.

[borderterrier1] 08/2/2023 14:52

CreditCrunches, Of course they are, it was a serious mistake hiring a Ceo with absolutely ZERO PREVIOUS EXPERIENCE. But as many are now saying, he's Teflon man. Regardless of his abysmal track record, he won't move...... and the shareholders are paying the price.

But there still are some on here that despite the absolutely abysmal mess this now is, present myriads of facts, figures, absolute pure unadulterated B/S and loving refer to the company as "ours". It isn't. There isn't an unlimited timeline with this. Long time investors hang on for a glimmer of hope, a faint light at the end of a very disturbing tunnel, but there isn't one. This is Del Boys private fiefdom...... and I did say this many, many years ago when my eyes were opened by someone who knows all the facts. Why should he worry?

[laurence llewelyn binliner] 08/2/2023 14:39

Seems nuts to give away so much for so little, the tranche1 and the Cassidy shares I can swallow, but let us keep an eye on the prize from 2 mines..

2023 - 125,000 ounces at a 650 margin | 80M EBITDA
2024 - 200,000 ounces at a 650-750 margin | 135-150M EBITDA

Enough to wipe out the Coris loans in a little over a year... ;o)

[trader465] 08/2/2023 13:52

If the directors weren’t pulling out $2,000,000 a year they wouldn’t have needed to dilute shareholders. It’s plain to see why they were reluctant to buy a significant shareholding.

I see the same thing happening SHG, another one to stand clear of

[plat hunter] 08/2/2023 13:39

LLB don't forget we have circa 4 million on gold sitting on thr balance sheet.

The CIG proposal imo is a first bid only..It's a line in the sand for others to look at and decide if they can or want to beat it.

[creditcrunchies] 08/2/2023 13:24

I get the feeling the management are laughing at the shareholders they'll keep chipping away lining their pockets. I did like the performance bonus bit they just need to turn up at the office lol

[temujiin] 08/2/2023 13:24

I'm not ruling out the possibility the 2nd tranche doesn't happen, I just feel that's management's current plan and they will know what the income expenditure is likely to be more than we do. Also they said General Meeting, not sure that meant specifically the AGM?

[laurence llewelyn binliner] 08/2/2023 12:54

#Temujiin, we will have to wait and see how the finance landscape looks around AGM time end of June early July, major shareholders are as I see it unlikely to vote for another 30% dilution unless absolutely necessary, Kouroussa cannot be dependant on it because we are told it is OT, and should be producing before June..?

1,900-1,250 = 650 margin and 9,500 ounces a month results in USD6M+ positive casflows..

The extra USD11M consideration is less than 2 months of cash inflows from Yanfolila operations..?

Cost over runs at Kouroussa are going to be +10% above the 7.5M contingency and Q4 would have covered that with the 11M EBITDA made..?

[temujiin] 08/2/2023 12:43

I appreciate those arguments LLB but I am of the opinion that it is more likely than not, that the CIG deal will get approval and our second rate management will take their money.

[laurence llewelyn binliner] 08/2/2023 12:04

#Temujiin, it is only the 1st tranche and 10% that is a done deal, and the Cassidy c5% equity consideration in lieu of cash for the resource uplift..

Tranche2 is subject to shareholder approval at the AGM, and I see this either not getting voted through, or not required as cash flows roll in from Yanfolila, as cash builds perhaps it will unlock a debt tranche option instead..?, but with a bit of a tailwind from POG it may not be needed either way..

[charlieeee] 08/2/2023 11:05

I had also come to that conclusion, PH.

What now rides on Q1 is dilution not going bust: this is the backstop if Yanfolila cash flow does not plug the gap, to make sure Kouroussa does get into production.

POG may very well help us out.

[dickbush] 08/2/2023 10:16

TBT, Thanks for the two names, PAF and CMCL.

[wskill] 08/2/2023 10:15

Well put Temujiin we are still in the game and thats what matters at the end of the day.

[temujiin] 08/2/2023 09:45

So to sum up this week, what we know

Good bits.
1. Yani mining fleet working ok now and grades much improved
2. Yani making profits again and Q1 predicted to be similar to Q4
3. Kouroussa still on time and predicted to pour 1st gold before July
4. Coris see the value in Yani/Kouroussa and want a large piece of the HUM pie

The bad bits
1. Coris appear to not want to lend any more and manoeuvred to get a large piece of the HUM pie
2. HUM maxed out their credit card
3. Result is we are likely going to be diluted by approx a 32%


The dilution isn't ideal but HUM are still in the game despite prediction we would 'go to the wall very soon' and wouldn't 'survive as is for more than 3 months or so'

We all hate dilution, and we can blame the snouts in trough bad management for the situation HUM are in, but it appears with Corica, HUM have turned Yani around and we will see Kouroussa to production. It's not as good as it could have been, but not as bad as it feels either.

[trader465] 08/2/2023 09:43

Of course they’ll get their bonuses. Bonuses are up to 125% of salary and 50% of the bonus is bases on “personal targets” presumably set by themselves lol

If Dans personal target is to be at the office at least 5 days a year then he gets 50% of his bonus, easy money.

[tigerbythetail] 08/2/2023 09:41

Hi BT!
They sure are. I'd guess there is more nastiness in store here if (as it seems) they've high-graded Yanfolila and they're going over budget with Kouroussa construction.
TBH, I'm just rubbernecking here. It's a car crash - a freeway pile-up.
And Mali is falling into the hands of Wagner / the Russians, which hardly bodes well, either.
I'm beginning to think gold may be the play for 2023. But I'm not sure even a rising tide will lift this particular gold miner's boat. Too many holes in its hull.

[creditcrunchies] 08/2/2023 09:34

Less stress watching on the sidelines this company is unbelievable

[aim999] 08/2/2023 09:31

Glad to be out of this dog. There is always a sting in the tail. Production in line one day and the next borrowing from a payday lender. I'm sure betts and co will award themselves a fat bonus

[sleveen] 08/2/2023 07:55

So that conspiracy is now dead and buried.

Next...

[trader465] 08/2/2023 03:50

Why Desperate Dan thinks he’s worth over 5 times more than the UK prime minister for running a small cap loss making company is absurd.

[borderterrier1] 07/2/2023 23:48

CreditCrunchies Don't you get it yet? These clowns are taking the pi$$ big time now.

[plat hunter] 07/2/2023 21:28

Could be LLB I've only just checked but 38 days in and the average is 1870 which is also current pog.

[temujiin] 07/2/2023 20:56

Just noticed it could have been a lot worse if HUM had issued equity to CIG at the end of Dec.

therefore results in the issue of 22,688,844 Shares to Cassidy, when a VWAP of 6.47 pence is applied (being the 5 business day trailing VWAP to 31 December 2022).