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how can a company lost so much value without changing the management team at the operational or top level is beyond me.
management still runs it like his private business, without conference call, or update on future plans or anything.
questions being asked was good, in fact, a lot of major questions already being the answered. really no need for the shareholder to micromanage anything on the business.
it was helpful having someone more technical on the call instead of a promotional CEO/PR, and his answer was honest I believe. we were only moving about 2-3 mt waste in plans, even you throw in KW in the similar cutback, it was nothing comparing whole mine plans. really just a lot production deferred into next year.
you can talk if you want to, but shareholder no need focus things like bunker hill stuff anymore, in fact, i believed we will get money the back by the end, will see, time to move forward.
for HUM, a bit too early, not sure how much accuracy build in those guidance numbers, a large part is this year mine plans, in fact, and hopefully, more detail will come by early Jan next year.
they gonna give out detail this time, instead just throw some wide-range numbers in like this year. hope management learning. anybody deserved a second chance.
Othodelagery
yes, they just did this kind of thing again, update without any a lot of detail.
however, hopefuelly somebody will call in and ask in conference call. there are some postitive.
however, on negative side, we had one of strong balance sheet in industry by q2, now it is complete destory .
equtity holder just much more risky in this case.
FSJ
all you do it states past news, believe in what management saying and pass positive notes.
u don't think market knows what you know or we all know already. you have to make certain assumption or possibilities what priced in the market.
I never trust any management or try to make friends with them, I trust numbers, I just want them to disclose what mining companies should so to anybody, not just me, that I can make a proper judgement. it is difficult for me so far for HUM.
“What gets us into trouble is not what we don't know. It's what we know for sure that just ain't so." -Mark Twain
we all have our own research process, let's just stop here. ok?
FSJ
all you do it states past news, believe in what management saying and pass positive notes.
u don't think market knows what you know or we all know already. you have to make certain assumption or possibilities what priced in the market.
I never trust any management or try to make friends with them, I trust numbers, I just want them to disclose what mining companies should so to anybody, not just me, that I can make a proper judgement. it is difficult for me so far for HUM.
“What gets us into trouble is not what we don't know. It's what we know for sure that just ain't so." -Mark Twain
we all have our own research process, let's just stop here. ok?
one last point, when I was asking them to publish detail new mine plans a while ago, they refused to do, their explanation was they don't want to other company doing DD on them, I didn't think about too much because things going well, I think about it now, I think what they were doing was to they don't want to be taken over by cheap.
if that is really the reason they don't want to publish mine plans or anything, I think it is selfish for management to do.so. keep their own good salary and jobs.
who cares what other investors are doing.
facts are still HUM management not very well execution first-year mine plan, and discourse process makes this visibility of business difficult both financially and operationally. talking to PR is useless, we all know what he is going to say right?
can they turn around I hope so, however, if they will have to change whole mine plans like some here think, up strip ratio, reserve down, the margin of error of grade becomes much smaller, that is a fundamental mistake for Dan and team, yanfolilia would be a high-cost mine. we will all pay this mistake, markets seem priced in this situation, though.
if it is a one-off, then we would be a great turn around story in 19, if HUM start to generate free cash flow. the market is right, they don't care AISC, all they care about free cash flow at this point of the cycle.
If that is case, market maybe right we down 60 percent in dollar.
And we can all hope is higher gold price then and Dan or team was making serious mistakes at the beginning.
I am more in the camp just some cut back in top and we can carry on same mine plans or not changing much.
However they refused to give out any detail what was really problems, this can mean many things. All we can do is wait and see.
lack of insider buying at cheap says it all, things may not be good. HUM management has a history talked a good picture.
the asset is good, management appears not.
hope our CEO at least can show a little bit respect and show up this time to face investor questions.
also hope some large investors can demand a change, after current issue, maybe bring in someone more experienced in the industry instead someone still learning how to build a mining company at shareholder's expense.
visitor
in the boardrooms, not public, it is time to start planning next year. but we still working out the guidance of 2018. will see what HUM coming out, if they planning next year now
sands
no, they said they will give more update when plans are developed. again will see, I send them an example of Atlantic gold in Canada, and they also the first year of production, hey, if they can reach this level of transparency with a conference call, then i will be 100% ok with their disclosure.
http://www.atlanticgoldcorporation.com/_resources/news/nr_2018_11_15.pdf
for anybody interested in. btw, our dugbe actually similar type project, mid-grade very low strip, with very low mining cost first few years, just in Liberia. so value at 0 now.
for me, mali asset, strip 13:1 3g/t open pit should work just fine in West Africa, I believe in the asset, otherwise, i would not be wasting time, hope management to improve, as a shareholder, really time to focus on next year.
debt in euros, with euro coming down, so will be total debt.
there is a lot of discretionary spending in the first year. and market put zero value on that capex throw into business.
without their detail guidance, really difficult to understand what is really FCF should be. sadly for us all shareholder, some missteps, for certain we not be able to deliver all cash we hoped for by year-end.
however, let's put all those aside, move forward.
next year, Capex should really drop. in fact, they have to bring capex down, show what selling point of mine, it is free cash flow generation, if they can's show market increase cash or decreased net debt. then they will lose all remaining credibility.
Ricky those are welcome news , will see what update look like, however let us not forget past facts
1: In term of creating shareholder value, on 1 year, 3 years, 5 years in dollar term, hum ranking among lowest in term of share performance.
2 in term of operating, they are not be able to deliver all those cash we supposed to have by year end. They talked about 0 net debt, Somebody now worried about cash call.
3 in term of commitment, even though Managment talking about cheap, last 2 years, non of insider bought even tinny bit of share, In fact both cfo and dan’s father sitting on board, I am not sure how bod can remain independent in this case. They already issued some of 1p options. Btw.
I wish hum done well, but we have to take what managment saying at discount.
I am not bearish for HUM, a lot bad news already priced in.
But I think current team are not a excellent managment some people suggest, far from it.
Besides a lot things could happen from here. Take over, managment change, or behaviour change for current managment to run more like public company also possible.
Useless to argue about past. Most important where goes from here.
FSJ
how is that good when you generate very little free cash flow or nowhere near their projection?
open pit gold mine capex should drop to very little when mine completion. Free cash flow is our selling point all the time.
I was surprised how can you screw up an oxidised, open pit, CIL project. such relative a technical simple project.
pit wall problem is engineering design failures, someone should take the blame.
Dan has little technical background, btw. again, I judge his action, not his words.
anyway, it was past now, see where HUM goes.