Member Info for Bismarck

JRDC

Over the course of 2 attempts at investing in Hum, once about 2 1/2 years ago then this time, I too have lost the thick end of £50K. Sure I made plenty on the likes of Amazon, Scottish Mortgage etc earlier on.

The main morel to this, stay well away from AIM!

Not sure Bushy

Reading the following, does this not mean they owe $300m and they're basically bankrupt?

Or have I misunderstood the last paragraph?

· As of the end of Q3-2024, the Group reported a net bank debt position of approximately US$154.2 million. At the period end:

o Hummingbird's net bank debt stands at approximately US$135 million with Coris, of which around US$90 million is secured against the Company's assets. Additionally, the Company holds approximately US$20 million in unsecured debt with CIG, which is scheduled to mature on 31 December 2024, as announced on 27 September 2024.

o Cash position was approximately US$3.9 million drawn of the Company's existing overdraft facility of c.US$11.6 million.

o The value of gold inventory was approximately US$4.3 million at the end of the quarter.

· Additionally, with the continued operational and liquidity challenges, the Group's trade and other payables increased from the end of Q2-2024 (US$134 million) to US$152 million as at the end of the quarter.

They won't apologise. BPrat especially is incapable of accepting any view contrary to his. A horse with blinkers. I'll bet he's convinced the company was doing just fine and this whole thing is just a conspiracy to defraud shareholders.

I'm sorry for those who lost money here. However, this is a better outcome than I had expected, I was convinced that the plug would be pulled and the company put into administration in the coming weeks or months.

I've lost money here too but I had the foresight to exit with most of my investment intact. Like several others here I tried my hardest to warn shareholders of the incredibly high risks and dubious actions of the management .

Unfortunately there were a few here (I say were, as I'm not sure they'll ever post here again under those identities) like Lew and P Prat who thought they knew better and ramped up this share like it was nailed on to succeed . I wonder how much cash naive investors parted with due to their ill conceived ramping?

Oh Dear.

Bpat, you've been rather quiet today?

Yeah, a 7% SP increase in 1 day must really hurt!

"The Company is in advanced discussions with Coris to partially restructure its outstanding debt and to reschedule payments due under its agreements with Coris. Following progress made in these discussions to date, Coris has agreed to defer payments totalling approximately US$30 million (including accrued interest) due on 31 October 2024, pending agreement on the wider restructuring being concluded on or before 6 November 2024."

So, it should now be concluded. Brace for an RNS in the morning...??

Or will it be late, like commercial production and the Q3 trading update?

We don't know whether they've broken even or not. Short term liabilities such as payments owed to suppliers and contractors may be higher (or lower) than they were previously.

Q3 trading update should help shed light on the situation. If things are looking rosy they'll be keen to release the update promptly to allay any concerns.

Raise's are at a discount to current SP, so a £10M raise at 5p would equate to ~20% dilution, would it not?

Er no, sorry to disappoint but was not awaiting your reply. Funny that you made such a remark having waited only 7 minutes to reply to mine.

Also a bit strange that you're digging up my old posts to find something you find interesting. Nowt better to do?

let's look at the stats again shall we? The market gives this a 1 in 6, right or wrong? Can you answer that directly please?

Under public ownership I give this 50/50 to make it into the new year, 25% to make it into Q225, . If it can manage to stay public and afloat beyond that it has a fair chance of success, albeit with significantly increased dilution I suspect.

Once we see Q3 trading update we'll all have a better idea where this is going. When is that normally issued by the way? Not late is it? Why might that be?

I think it's about 50/50 that there will be any public ownership in hum come the new year.......

The market has certainly priced this in. It's 6p now, it it succeeds it will be worth at least 30p, maybe a lot more?

30/6 = 20% chance of success, right?

"Boiler room gangs have come a long way since cold calling unwary investors into buying cheap stock.

Now they operate to manipulate the share price up and down through various forms of market abuse including spreading fear, spoofing, waging an orchestrated campaign of misinformation all to short stock and buy low before their team ramps the stock."

Thank-you for explaining that to private investor's like me. I only realised there was another meaning to the term (other than for a plantroom) when you started using it in relation to hum sceptics. It appears you know a lot more about boiler rooms than most heating engineers!

Interesting that BPat calls the main sceptics here the "Boiler Room Gang"

"What is a boiler room scam?

Boiler room operations are share scams. The operator of a boiler room scam will con an investor into buying worthless shares at inflated prices that are impossible to sell. Such scams can be very convincing, which is why boiler room fraud in the UK is on the rise."

I don't think the likes of myself, Goldinvestor, DB or Punter are encouraging people to invest in this highly speculative and risky share?

“I'd be delighted to be proven wrong but I don't take any predictions about POG hitting numbers much above $2100 within the short to mid term seriously. In all honesty anything in the $1900 to $2100 range should do very nicely.”

This is because when I evaluate a potential speculative investment I base my analysis on conservative outcomes that I consider to be likely and realistic, rather than a best case scenario, such as commodity price reaching an all time high. At the time I invested in Hum I wrongly believed that they could make a commercial success of Kor with POG in the range I suggested. They have now demonstrated, some 12 months later that they cannot, and were it not for the record POG I'm sure they'd be long gone, at least as far as public ownership is concerned.

There is quite a difference between using conservative numbers to evaluate the likely outcome of an investment and sticking your neck out, telling people what the future POG will be, which is what you seem to be implying!

It matters not that they cannot reach commercial production. When the loan to Coris is due to be paid and they don't have the funds to pay it they can just borrow it from elsewhere.

A bit like someone using their credit card to make mortgage repayments.

Where would they be now were it not for record gold prices?

Oh and Bpat says I predicted that gold price would fall to $1300 in 3 years. I said no such thing. Would you like to paste what I actually said Bpat? It was a discussion about the risks of investing in highly leveraged mining companies and what the likely outcome might be if the commodity price falls. This outfit don't need a low commodity price to mess up their operation!

The SP will only be relevant if they need to do another "placement" or "raise"

But yes, they need to be making hay while the sun is shining and pay off the lion's share of their crippling debt, before the POG drops and/or they've mined out the easier to access higher grade ore.

This is something they have proven to be inept at thus far, although a small minority here will argue otherwise until they're blue in the face.

.......so much so that the SP dropped 5%!

"The RNS is a BULLISH sentamment"

Bpat,

All is rosy at Hummingbird then?

Investors have nothing to worry about. Q3 results will be near the top end of guidance and commercial production achieved?

There is nothing for us to read into the delay in publishing the results, probably something as simple as the CFO losing his abacus?

If they did scrimp on the drilling I can see many parallels between this and Scotgold. They said they knew where the gold was without the usual level of drilling. It turned out that they didn't and at one point they spent weeks just drilling rock, in completely the wrong direction. In the end the money ran out and they went into administration without ever reaching commercial production.