Member Info for Billyboy2fromiii

Summit,

I would personally suggest a rise from approx 2.5p in 2019/20 to over 20p in 2021 was a good reaction of the sp ??

I would also suggest it could possibly be argued that at over 20p in 2021 the share was possibly a bit "over bought" at that particular time ??

Personally, I am very happy here and quite excited about the short, medium and long term future. Yes, patience is required at this time. However, I strongly feel that my patience (originally bought in 2015) will be further rewarded.

Should you personally have concerns, I suggest you attend the AGM later in the year and raise these concerns directly. Are you planning on attending the AGM ?

BB2

Swatton,

You will need a Letter of Representation from your broker (you probably need to sort this today as most want approx 5 days to sort).

Also email tracey@hummingbirdresources.co.uk to confirm you are attending.

BB2

Hi,

I am going to AGM. Anyone else attending?

If anyone has any genuine questions to ask, then I am happy to ask at AGM and report back here.

BB2

RP,

I gave read through the 2022 RNSs. My understanding is that 2022 drill programme was expected to be completed in Q2 the same Q that DFS was due. However, drilling completed is not the same as getting the results and these results subsequently being included within an updated MRE. On that basis, my understanding is that the timescales for updated MRE was originally after Q2 and thus after DFS.
On that basis, it does seem sensible to delay DFS into Q3 if that provides sufficient time for an updated MRE to be included within the DFS.
Personally I don’t think this is a major issue. The DFS was set for Q2 before a decision on 2022 drilling programme was made. Once they decided to drill in 2022 either the DFS if issued in Q2 would not included updated MRE or the DFS if issued in Q3 will (hopefully) included updated MRE.
That is my understanding but if you want to check this why not email BM. I have found him very responsive to shareholder approaches previously.
BB2

Stocktow,

The initial part was just the voting of resolutions.

After this, questions were invited. However, no questions had been submitted in advance by other shareholders. There was only eleven people on the Zoom call and I do not think there was any other shareholders. No others spoke up when asked and the only questions asked were from me.

I asked about the conditions of the Term Sheet as the RNS clearly states DFS completing before 30th June 22 as a condition. BM & EB were relaxed about this and basically said they did not see this causing an issue bearing in mind the previous support provided by Lionhead/Quirks etc. Q3 for DFS again stated. I asked about recent inflationary pressure on costs. They stated that DFS should account for that and probably good to issue DFS post inflation rather than just prior to inflation.

I asked whether it could deemed a possible conflict of interest regarding Lionhead and the Quirk family connection providing the Term Sheet. They stated that great care is taken to ensure "at arms length" is met etc...

I asked about the terms of this Term Sheet being not quite as good as the previous one. They accepted some minor differences but mainly due to the new one being for more $(25m).

I asked about timescales post DFS. Basically, permitting & financing follow DFS and then a 12-18 month construction and commissioning period.

I asked about current political situation. They were quire relaxed and said they would expect that the Gov't would be keen to get another Mali gold mine into production. Also stated the unrest is typically in the North, a long way from mine build.

I asked about how CORA can learn from HUM's problems since their first gold pour. They emphasised CORA' s shallow depths as a major positive but didn't want to compare HUM and CORA.

So obviously nothing new but Management did seem confident and relaxed as regards CORA's future.

On what I heard, I am happy to hold here and have the patience to wait for hopefully good returns over next 24 months or so.....

BB2

Hi,

Just attended the AGM.

No questions had been submitted by shareholders which I find quite surprising !!!

BB2

https://www.lse.co.uk/rns/JSE/montara-operations-update-64zg0f8orwmv0x6.html

BB2

https://www.news.com.au/finance/business/mining/copper-prices-tipped-to-go-ballistic-as-ev-revolution-causes-supplies-to-run-out/news-story/a96b3f0f2f55453cab9f03dcf286af4c

BB2

TDT,

No worries.
I’ve got a couple of more things to add which I will tomorrow as it’s been a long day.
BB2.

Just a thought…

This may have already been stated by others but just in case…..
It WAS made VERY clear to RY that it was the terms
of the offer rather than the amount of the offer that shareholders were unhappy with.
Not sure if this has been specifically stated so just wanted to clarify.
BB2

EIDR,

Good to see you at the GM. Although your suggestion would be great, we do have to take account of Kinross. I believe they have been offered 100m up front then 580m spread equally over 6 years. That is for a producing asset.
So hoping for 7p up front may well be unrealistic??

BB2

Reggie,

To be honest, that was my concert too. However, after attending the GM, personally I am content that it is not the case. I may be wrong, but RY did come a cross as genuine. Perhaps others can find their view on this.

BB2

Blu,

I did not specifically ask “what happened to AH”.
However, I did say that (imo) AMC had made “false promises, missed deadlines and generally had very poor (can’t remember exact word used) shareholder communications” and that is why I would find it difficult to trust them with a new project. I used the AH RNS as a example and said we are still awaiting the promised update after AMC seeking legal advice.
The response was along the lines (can’t remember exactly) that if legal matters were still ongoing then no comment could yet be made.
I am certainly NOT suggesting that this is the current position re AH, just that that is what was said in reply to my AH example of false promises and missed deadlines by AMC.

BB2

Cont...

To conclude...

I attended the GM intending to vote NO but wanting to ask questions to see if I actually should be voting YES.

After the q&a,

a YES vote does not give me confidence that;
1) we will actually see all (or even any) of the $ (Sviblov being sanctioned). The risk is greater (imo) due to the terms of the offer.
2) do I really trust AMC over the future 5/10/15 year's after buying a new asset? No.

a NO vote is equally risky (imo);
1) Sviblov may not come back with improved terms
2) no other offer may be received.
3)further sanctions could leave us being unable to meet the licence terms and ultimately we lose it.

So, backs against the wall. Yes. However, in the hope of improved terms being offered (or another offer received) I decided to vote NO.

I must stated that RY seemed very genuine today. I certainly do NOT back the calls for him to be removed. I personally believe he is the best person to try and get us a better deal in the short term.

Regards, BB2.

Cont.

While I remember.....

Ordinary resolution as per AIM Rule 15
14 day notice period as per AMC M&A.

TEO
Report Done.
Not accepted until physical copies provided to Gov't Agencies. 3 sets needed (?)
1,700 A1 size drawings.
2,000 page report.
My own private thoughts on this......... are we really going to see the 2,000 page report.... I personally think no. But having re-read the RNS dated 20/08/21, are we not just expecting (once the mandatory review process complete) a comparative analysis of TEO v 2019 PFS ?????

Back to the offer....
If a Yes vote. AMC need to shown it is a going concern with 12m plus overheads in place and complete a RTO within timescales stated to avoid delisting.
If No vote. Continue to compile mine plan. Last obligation due more than 12 months from now. anticipated cost $250k to $1m. RY stated he thought at last count AMC has approx $6m funds available (the finance girl/lady do not know this answer when asked). Continue advancing licence. Stated still good relationship with Amur/Khar local Govt. current Head Office staff count 17, currently lost none. Not seen any negative staff situations despite a mix of Russian and Ukraine staff. However RY not personally positive on future.
RY stated multiple interested parties previously (6?) but suggested 5(?) pulled out after sanctions. I believe it was stated that the current offer was the best received.
However, RY did state that this was NOT "a take it" or "do one" offer. He did state that a No vote wold mean he could go back to the buyer to negotiate and also said he could approach previously interested parties (this seemed at odds with the fact that the other 5(?) had pulled out due to sanctions). Unless he meant other previously interested parties to the 5(?) that had pulled out?????

Again, this is based upon my notes, open to correction by others if needed...

I will continue in a bit

BB2

Hi,

Just got home so here are my initial thoughts. Please note that these are based upon my understanding from personal notes. Please can any other attendees add to this and please correct any misunderstanding on my part...

RY stated been in negotiations with multiple parties for more than a year.
In detailed negotiations before Feb 22 (Russia/Ukraine).
Things now radically changed...Order 81 etc.
Prior to this, KM being a Strategic Asset. Usually this meant no WESTERN Co can hold more than 25% of asset, however, AMC was the anomaly (100%) basically due to the early timescales etc.
Since 24th Feb, Geopolitical Chaos. Showed a table of both UK and "All" Current Western Business Activities in Russia (source; Yale School of Management) . As at 23rd May, 775 of 1291 (All Companies) Co had either suspended or withdrawn (79 out of 88 UK Companies).
The current payment offer was set after negotiations with Buyer and Russian Reg Controls.
AMC do not know the future so important to get info out to shareholders to vote on offer.
AMC NOT aware of having any "large" shareholders.
The Buyer "Sviblov" checked daily for sanctions.
Currently no sanctions BUT obviously this could potentially change ANY day.
Shareholders present expressed their concern that a Yes vote could be followed by sanctions and then no $ or little $ actually received from buyer. RY/Legal Rep agreed that AMC could not give guarantees as regards future $ (despite a legal sale and purchase agreement in place).

Again, this is based upon my notes, open to correction by others if needed...

I will continue in a bit....

BB2

Hi,

On train back, dodgy Wi-Fi. I, and hopefully other, will
Provide a full summary later.
Please note that the following comments are based upon my notes and are my understanding only. PDYOR!
As an outline. RY and PG (sat there chewing gum) were at the meeting along with UK legal rep, RM from SP Angel, two or three from Blythweigh PR and an accounting/finance person for AMC (who couldn’t answer the question kid how much money currently in the bank). Also approx 11 shareholders in attendance.
Robin opened the meeting by thanking shareholders and stating that for the first time more than 25% votes cast (as opposed to the normal approx 5% cast).
Immediately following this, he asked us to complete our voting cards so that votes could be added to the existing poll and then there would be a chance for q&a!!!!
I stated that I had not travelled just to cast my vote and stated I (and no doubt others) questions that I would to ask before casting my vote. PG immediately chipped in (whilst sat there smugly and arrogantly chewing gum) that we had been provided all the info in the Circular! RY and his legal adviser however then did agree to take questions before asking for votes to be cast.
That then allowing approx 90 (?) mins of q&a before completing out vote card and waiting for the result to be announced.
During the q&a, in my opinion, RY seemed very genuine and as open as possible (in difficult circumstances) with his answers. PG however continued to chew his gum….arrogantly.
I will update later as regards my q&a notes and general thoughts but hopefully others will add detail as well.
BB2

73% no. 27% yes

Result due at 12.00 by RNS.

CBS,

My train gets into KX at 8.30 so will be at Cannon St about 9. See you tomorrow about 9.15.

BB2