Hummingbird Resources Share Discussion Threads

[laurence llewelyn binliner] 19/4/2023 18:23

Not at all surprised to read this, JCM comprehensively failed to right size their fleet over 2 years, and organise themselves, their maintenance operations, almost all of our under performance was down to not meeting the contracted tonnages they were supposed to deliver..

The Company terminated Yanfolila’s contract with contract miner JCM on
31 March 2023.

Ongoing support being provided from Corica Mining Services (Kouroussa’s contract miner), for continued mining at Yanfolila without disruptions.

Yanfolila cost control and reduction programmes remain ongoing and starting to come through at site, yes it is.. -11% AISC QonQ, and well done here too..

[dickbush] 19/4/2023 15:50

No information given on costs to get KE underground up and running. The 3rd qtr rainy season affects both Yanfolila and Kouroussa. So, production/cash flow for the 3rd qtr is in the lap of the rain gods. However, assuming Kouroussa is producing flat out in the 4th qtr, I can't see how HUM can fail to show positive cash flow even with the costs of getting KE underground to its first pour.

KE underground is reported as 3.94 g/t, with an annual output of 40-50,000 oz. Further drilling to expand Resource/Reserves.

[zhockey] 19/4/2023 15:44

I guess that’s the S in AISC

[northern4] 19/4/2023 15:13

Have anyone seen a cost estimate for developing KEUG? Are costs included in sustained costs? Based on this and mining of a new and lower grade pit, I am struggling to see any positive cashflow from Yanofolia 2nd half.

[laurence llewelyn binliner] 19/4/2023 15:04

#Polaris, always interesting to read other holders expectations, opinions, valuations and logic, debt should have peaked now with cashflows covering the balance of costs..

Q1-2023 - 26,380 ounces sold | POG 1,878 | AISC 1,109 | margin 769 | EBITDA 20.2M less external non core costs giving net of 17.5M..

Q2 costs USD12M
Q3 costs USD20M
USD32M from both quarters should be covered from internal cashflows
200,000 ounces | 750 margin | 150M EBITDA
We should be debt free again by the back end of 2024..

600M shares, debt free, USD75M net profit per year..?
EPS 12.5 cents | 10 pence | PE10 | GBP1.00 per share..?
Hard to apply a PE for a relatively junior company with any confidence but does give an idea..

I would view 33 pence summer 2024 as pretty light, on the basis we had an share price of 40p+ debt free last time in 2020 just from Yanfolila with half the production, we will have to see how it unfolds of course but I am holding out for a much larger slice of the pie..

Dividends are an unknown currently, and I sense from DB commentary on VOX that he is open to a potential 3rd project at Dugbe with a possible JV with CIG/ESAN/VEIN..?

[borderterrier1] 19/4/2023 13:46

Will do but probably later, working today....which is rare!

[farrugia] 19/4/2023 13:42

I'm into AAZ myself and would add further if they were to go down more. I spend a lot of time looking into miners but am not currently adding because I expect that the wider stock market (especially the US) needs to come down more.

Do you care sending me a private msg here?

[borderterrier1] 19/4/2023 13:33

I invested in Dynacore several years ago. I have others but reluctant to share on here. I was also the guy that tipped AAZ several years ago. It's easy to check that out.

[polaris] 19/4/2023 13:29

Still a lot to come here. Kouroussa direct cap ex will complete in this Q, with $20 M remaining in cash and shares options once commercial production reached. It is fully funded. You can't argue about that in any way now. Once cap ex complete then debt will fall rapidly on current ops, never mind the added ops! At constant EV, it is over 5p per Q once Kouroussa reaches commercial production, though I fully expect a rerate in H2. Will continue to add here as news comes through.

[farrugia] 19/4/2023 13:16

so which miners are you currently upbeat on borderterrier? I think the market will need a number of quarters of such performance before it convinced itself on Hummingbird I'm afraid. The performance last year was too bad.

[borderterrier1] 19/4/2023 13:04

ACT Of course, good to see and let's all hope it continues. But please, let's not forget that this was 40p almost seven years ago BEFORE PRODUCTION so perhaps not as euphoric as we think at this stage?

[arlington chetwynd talbott] 19/4/2023 13:00

Are you sure? There still seems to be fun to be had here, even if PoG goes sideways for a bit.

[blackhorse23] 19/4/2023 11:54

Switched to GATC , excellent timing

[laurence llewelyn binliner] 19/4/2023 11:24

#Robbie4130, listen to the Vox markets interview/update this morning, and look at the Q1 presentation, you will find all the answers are there..All the upside to come yet as the debt winds off... :o)

[sos100] 19/4/2023 11:22

Vox markets interview

[robbie3140] 19/4/2023 11:18

Given the two strong quarters do we have any updated forecasts as to what the current outstanding debt is. Also any idea where it will likely peak pre Kouroussa production. Very helpful for enterprise marketcap and so share price evolution as we pay it off from H2.

[plat hunter] 19/4/2023 10:52

Early in the day still but trend continuation signal on the cards...

[dickbush] 19/4/2023 10:51

Perhaps the most surprising number today was the AISC. How did they manage to get down to $1,109?

Gold selling off today. The only reason I've read is worry about the next Fed meeting. Seems a bit odd. I thought it was going to be 25bp max.

All seems well set for the 2nd qtr. 3rd qtr in the lap of the rain gods.

[laurence llewelyn binliner] 19/4/2023 10:17

19.04.2023 - The KE deposit will be largely mined by early Q3 2023, with the mine plan increasingly shifting to other open pit deposits, including Sanioumale East which is currently being prepared for mining in H2-2023.

Further, initial development of the Komana East underground mine (KEUG) began in Q1 2023 with first underground production scheduled by year end for a full underground production year in 2024 with more details below.

A more detailed update will be given in our Q2 2023 operational update on the KEUG mining progress and economics. With a +278,000 oz Reserve, at 3.94 g/t, and increased mine life potential with further drilling, the KEUG will be a key deposit to underpin Yanfolila's future production profile.

From Q3 we will not be as dependant on Yanfolilia with Kouroussa up and running averaging everything out for production and AISC..

3 years of painful holding coming together nicely, just as expected, the de-rampers, naysayers and doomsters seem a bit quiet today.. :o)

[plat hunter] 19/4/2023 09:51

2.4% out of a 4% average at current run wait suggest that current mined deposit will last 5 quarters, so another 3 quarters at 27k ounces is on the cards

[jedi k] 19/4/2023 09:31

If Q2 2023 quarterly production of +27koz & improved AISC profile of US$1,109 per oz and POG about 2000 dollars means EBITDA can be over 20M to 25M for Q2 2023

[laurence llewelyn binliner] 19/4/2023 09:30

#DB, no need, you raise a fair point there, I was basing my expectations around 4 quarters, which seems to tally with the output dropping off from Q3..

We will have to see how it plays out as we move to the UG, grade is never consistent throughout a deposit, so perhaps it will run on for longer.. :o)

Lets enjoy the ride from here on in..

[farrugia] 19/4/2023 09:16

The Company currently has two core gold projects, the operational Yanfolila Gold Mine in Mali, and the Kouroussa Gold Mine in Guinea, which will more than double current gold production when in production, scheduled for first gold pour the end of Q2 2023.

End of Q2 is not really far away. Really look forward to this.



Further, the Company has a controlling interest in the Dugbe Gold Project in Liberia that is being developed by Pasofino Gold Limited through an earn-in agreement. The final feasibility results on Dugbe showcase 2.76Moz in Reserves and strong economic

And the Dugbe resource is huge if only it can be developed. Is Liberia stable enough?