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See you later Harchris..Wrong again it seems, better luck next time 🤡🤡
Well - I have now listened to the presentation and have committed some more funds!! Now my average is around 10p as I see that even if we get 1500ozs a week from kourroussa this gives us 63,500 a year and with 80000oz from yanfolia we should produce over 140000oz this year. Say a total cost of $1800 (aisc is not the total cost) then at $2250 for rest of year average we still make $63m which we can pay off debt. Aware that just like all banks being slightly adrift is fine as long as a plan is in place and if it all works out, LOM gets increased for both and aisc and total costs come down then I see a rosy future!! DYOR but these targets are not overly stretching and we would be fine imo
I’ve a few green boxes, no doubt the biggest clown
DB is out in force
It’s always a good sign that things are about to take off, One last gasp of putting doubt into shareholders
Best these clowns are ignored 🤡🤣
Have a great weekend
Woosh!!!!
On my brother's phone, trying to make peace not war!
HarChis / Grandalusia have you just outed yourself as a multi-ID time waster?
Based on the current production has anyone been able to work out when the gold hedge will be met and we switch to market prices?
Gold price short? I'm heavily invested in gold miners and positioned for it at the back end of 2023 so i'm alright! Just not HUM as of this time.
As it happens my posts tend to be intentionally a tad baiting and it's led to some very useful posts from yourself and especially Guvvi on this occasion. I see the SP is moving up nicely here, all the best and good luck - i'll likely be invested myself once there's more clarity re Kou and the funding situation even if that means I miss out on a sizeable move in the meantime.
HarChris - I was referencing slide 4 of the presentation released yesterday which states Yanfolila guidance 80-90koz, likely a company error as I can see 75-85koz is referenced in the written update and in the end of year forecasts. Still taking a middle of the road estimate of 80koz that's a difference of $4m.
I was wondering how you might deflect but didn't expect you to score an own goal with the gold price estimates lol. Many seasoned investors and market analysts today would disagree with you about where the price of gold is heading. Today the gold price trades at $2,340/oz and you are suggesting my Q2 estimate of $2,100/oz and H2 estimate of $2,200/oz (with hedging factored in) is "opportunistic". We will have to agree to disagree on that. Rates are due to start falling in H2 and the global economy is flatlining. I sincerely hope you're covering your gold price short.
As for Coris being supportive they may choose to defer a portion of the debt at a higher rate or perhaps negotiate a new term loan with which Hummingbird may drawdown and repay existing loans. Either way Coris will benefit from increased repayments over the course of the repayments and Hummingbird will receive the additional time required. Given the project economics have improved markedly over the past few months with gross margins per ounce jumping $300+ there shouldn't be an issue improving credit lines.
I do tend to assume the worst and am not aware of the issues that the contractor has encountered,Dan was careful not to comment on why they have not kept to the mine plan despite Hummingbird management having overseen mining activities for 12 months or more
Jwhitw - who else is responsible for the mining then? What are these posts where people just mention something then suggest nothing then assume the worst.
As Dan said you'd have to ask Corica why they are not sticking to the mining plan, moving the dirt and getting us to where we hoped to be under the contract which they signed.
The graphic showing our actual position against planned mining in yesterday's presentation was quite alarming. It appears we have barely scratched the surface against what was planned. Are we to assume this is solely down to corica and this is indeed a $1000 aisc project.
Fill in the typos yourself
Chris... There is no one quite as odd as someone who posts the amount of absolute garbage as what you do and can't even read I'll use a calculator to establish the output using grade profile
You've literally been told by the company that the processing plan is operating at 110% capacity and no yesterday they have confirmed to you that the grade they're no processing is 2 grams Per tonne.
Yes they will. I had a period where we were into the bank for quite a bit and had to keep extending and re-financing things to make ends meet. We were waiting for business to pick up etc which we were sure would come. Every time our overdraft got extended or we organised payment holidays or whatever they charged us for the ' new ' facility. This is how banks make their money - they're a bank.
They never once suggested taking over our capital intensive business that they don't understand, can't run and wouldn't want to sell in a hurry to the lowest bidder which would take ages and result in huge problems.
Id guess that Coris will be flexible if the base case is still very strong and progress is being made. 77m dollars is due in 2024 and 9m has been paid already. What if they get 50m back this year and roll the remainder into next year? Sounds perfectly reasonable to me and risk-free for both parties ( as long as progress is made going forward now ).
Sounds far more reasonable than ' Coris will take the business they already own and wipe out shareholders ' or ' another equity raise at 5p is coming '. Why on earth would the bank want a huge controlling stake in a multi jurisdictional mining company!?
This is all dependant on Hummingbird continuing to deliver more at Yan and little by little at Kouroussa too. I agree if their production goes backwards now they could be in big trouble. Regarding CIG stake i'd say its more likely half of it gets sold at a profit to whoever wants to help fund Dugbe later in the year or 2025.
'Are you really saying that after last week you was defending 2 billion valuation for SRB based on guidance for a production profile that isn't even funded and not even guided for until atleast 2026?🤡🤡🤡🤡'
No, you've got the wrong person, that was someone else. I have a £1 target for SRB.
'The amount he cried last week because I said SRB would test 55p was unreal.'
You're an odd one. (i) I didn't get wound up because you just came on the SRB board spamming with no interest in debating and (ii) I was right that it wouldn't pull back that far.
Anyway I won't reply to you again however abusive and slanderous your posts as it's tedious for the rest.
Are you really saying that after last week you was defending 2 billion valuation for SRB based on guidance for a production profile that isn't even funded and not even guided for until atleast 2026?🤡🤡🤡🤡
Reading through your post again essentially what you're doing is assuming a fairly optimistic base case that involves POG remaining this high and Coris being supportive regarding the debt maturity that's looming as with your figures they still aren't going to meet the short term liabilities they have this year. Certainly could work out but the risk is much bigger than you want to believe.
HUM keep repeating that Coris is supportive but they are a bank not a charity, they will want their pound of flesh in return for this support.
Regarding DB never doing anything right, they did meet guidance for last year 2023, guidance for high grade in q1 and q2 2023, contractor replacement for yan resulted in sucessfully meeting 2023 guidance.
Hard for DB or any ceo to stop fire at fuel depot or underperformance of a contractor. Step-In Notice gives them control now, with third party contractors who maybe did not want to stop work. Anyone know how much more of that $6.3 million they can draw down? The last debt restructuring refinanced 55 million to longer term and added $20 million more debt available so is that the $20 m that is being drawn down?
If Coris bank really wanted 100% of hum, they could have just refused to restructure the debt the last time. Banks do not have the manpower and knowhow to run mines.
The_shareminator that's a really detailed post thank you. A great starting point although from almost line 1 you got something wrong (Yanfolila guidance has been lowered to 75k-85k hence my 75k remark). Still, I'll start from the basis that the rest of the post is more or less accurate as a jumping off point for my own research. Thanks again.
5m deep sounds small but over 1km long and hundred m wide of pit is a lot of tons to remove. Digging a small 5m by 5m does not give the volume.
The last financing said it was used for Dugbe, underground yan, exploration drilling of both yan and kou, so not all was used for kou.
playboy
you’re like a broken record, ffs
you’ve told us many times it’s not for
yet you!
yet you are desperate to come on here to constantly
**** the company off.
very strange behaviour, maybe stick to shares that you are interested in?
i’ve never gone into other boards gloating
how knowledgeable i am about the company if not invested, i wouldn’t waste hours of my time doing so?
Just to add in Q1 Hummingbird repaid $9 million debt due in 2024 and have drawn down a $6 million which almost certainly isn't due for repayment until 2025 at the earliest. I'd assume interest accrued at $4-5 million this quarter and Korroussa being loss-making contributed to a debt position unchanged. Welcome to correct if I've misremembered anything there
I missed the presentation, but I've just looked at the slide deck. I might remember this incorrectly, but didn't Dan say the high grade was 5m away ages ago?! What they have achieved vs the plan is actually laughable. I hope for the holders that they find a way through to commercial production and manage to renegotiate with Coris and be lucky enough that regional instability or rainy season doesn't derail things. It would seem to me that even if everything went perfectly that they are still at the mercy of Coris to defer. Even then I expect a raise would be required. But when has anything ever gone to plan for HUM. It's not for me!