Member Info for BPat890

@Punter - do you want to quote what I said? Production is likely in the ballpark 30-34koz I mentioned months ago.

@Mostyn - holding until the company provide more information is my strategy too. I’m not banking on Yanfolila achieving 18koz or Dugbe sale short term. Kouroussa’s ramp up over the coming months is why I remain invested. Long term shareholders of which I’m not should be encouraged that Betts is being replaced in favour of more experienced individuals taking on specialised roles to turn this company around.

That and the details of amending short term high interest loans into a longer term gold linked loan to better leverage the company’s liquidity in the coming months and further out.

Signs of long term strategic decision making to better position the company as it closes in on 40koz quarterly gold production

There is so much uncertainty now surrounding exactly where Kouroussa and Yanfolila are in relation to forecast projections. Guidance was a wide open range understandably given the period of ramp up but it would have been welcome if the company had revealed August numbers in the last update.

My feeling from the last update is they have missed the lower end company guidance (was that 36koz?) which brings us closer to the below guidance expectations I mentioned a couple months ago of 30-34koz.

Base case estimate being 16koz Kouroussa and 14koz Yanfolila isn’t particularly encouraging in light of the $25-30 million loan repayment due by year end but it should be cashflow positive.

The last update concerning $20 million short term (3 month) financing is almost certainly to cover the loan repayments due in the coming quarter in the likelihood guidance slips.

30koz group production in Q3 is the highest number for at least 4 years (possibly a record!?) and represents a 50% increase on Q2 production.

Kouroussa achieving 16koz in Q3 is a 100% increase on last quarter and 20% higher than Q1 and Q2 production combined.

Market expectations are on the floor judging by the share price, uncertainty deterring buyers but even a miss in company guidance 20% below lower end guidance of 36koz would be a reasonable result and a new record in the company’s transition.

@anon - the initial maturity date of December 31, 2024 suggests this is simply a short term solution to cover Q4 loan repayments in the event group production doesn’t reach the levels required to cover the $25-30 million due. These are at unfavourable terms of 14% interest however it is for one quarter only. Beyond that they are expecting to roll this into a longer term fixed-rate, gold-linked loan note which serves our largest shareholder better if the gold price continues to rise. In any event Hummingbird is coming off the $2,100 hedges over the next two quarters so will unlock $500/oz more than they are with the hedged portion. You can understand why our largest shareholder has indicated their desire to offer finance to Hummingbird on a gold linked rate.

Punter you either can’t read the results or are intentionally misleading with false numbers.

Firstly the number you quoted is the half year loss not the Q2 number.

Secondly the loss reported includes non-cash depreciation ‘costs’ totalling $17.5 million .. in other words, value written off as a tax deduction.

The actual Half Year loss from operations was $6.89m which or more less pairs up with cash deletion during the period.

This while Kouroussa achieved just 13,657 ounces in the whole of the first half and Yanfolila’s second quarter was the worst on record.

Kouroussa Q3 numbers are already higher than the whole of H1 production combined, throwing off positive cash.

@Punter you were so close today in turning yourself around. We will keep rooting for your rehabilitation.

Yanfolila’s AISC was $1,701/oz in Q4 last year on production of 14,419 ounces..

Do you still believe our lower cost Kouroussa mine producing more than 15,000 ounces will somehow have AISC above $2,200/oz (hedges factored in to realised sales price).

I’ll be generous here and assume you mean the overall group costs (Yanfolila operational costs + sustaining capital costs + Q2 legacy costs from third party contractor hires) are impacting cash build.

Kouroussa is turning positive cashflow and has been since July. Kouroussa is lower cost than Yanfolila and we know Yanfolila throws off cash with production of 14.4koz in this gold price environment..

We are aware $25-30m is due to be repaid this quarter (if they haven’t already started in Q3) and this is most likely going to be serviced using the $20m capital borrowed today plus Kouroussa gold sales

@mimbrit - the 30-34koz is an estimate of what was likely to happen based on the August update (with July production) and the company not achieving their low end guidance. Most shareholders understand not to take company guidance as gospel and to be cautious with the outlook hence the below guidance estimates.

Achieving more than 15koz at Kouroussa in Q3 will be reported as near 100% increase on Q2 production.

And the likelihood of 30koz group production in Q3 is still a 50% increase on Q2.

Actually you have said many times there will be no progress made in Q3 but I’ll let that go as now you’re on board with Kouroussa having doubled production over the last quarter 😆 now we just need you to acknowledge group production coming in around 30koz this quarter (the majority being Kouroussa as I’ll explain below).

As explained previously commercial production is not reported until a mine has achieved consistent daily run rates for 30 days minimum so you can’t say categorically they aren’t at a 6,000 ounce per month run rate right now. They could have hit that level and not sustained it or be moving through that level but have yet to register a full month at that run rate. This is the reality. More than 15koz quarterly run rate based on July weekly average of 1,200 ounces assumes no progress since July and even a resident deramper Punter admits there will have been some improvement on the numbers. You see we are not that far away Punter.

Your bigger issue and were we completely disagree is you continue to claim Kouroussa AISC will be higher than the average gold price received yet you have not provided a shred of evidence to back up your claim. Kouroussa is lower cost than Yanfolila and we know Yanfolila makes money at 15koz in this gold price environment with the hedges factored in, so how are presuming Kouroussa makes a loss this quarter?

Will you admit Kouroussa is cashflow positive at quarterly rate of 15koz?

And will you admit the size of the new loan announced today is less than the total amount due for repayment by year end ($25-30m)?

How do you suppose the company is making up the shortfall between the $20m capital borrowed today and the $25-30m due shortly? Or is that an oversight from our largest holder and Coris?

Which bit are you struggling with?

“the ramp-up at Kouroussa has continued during Q3-2024…” … so you agree monthly production was more than 4.8koz in August and September.

“ With the now completed mill relining, a more consistent ramp-up of mining performance expected and the end of the wet season, production rates are projected to significantly increase, with a strong performance expected through the final quarter.”

😆 talking nonsense again, wrong about the placing week after week and you can’t grasp the mines are generating positive cashflow.

They just aren’t generating enough to cover the $25-30 million loan repayments due before year end.

Hence why they have agreed a new $20 million loan and will redefine terms to be longer term debt shortly.

The cash position was $0.4m end of last quarter and it’s been 12 weeks since then operating profitability. I suspect you already know this to be correct but are trying to capitalise on share price weakness today to load up. I’ve bought some more today too, even with your daily misinformation I doubt it will go lower from here..

Especially now we know the company can meet the $25-30 million in loan repayments due by year end and Kouroussa ramp up has continued through the quarter.

@Alibi aha well at least one of the three mentioned has been warned about posting libellous comments and promptly stopped posting for a period earlier this quarter.

I agree with your assessment and it’s a shame most holders are being drowned out by bottom feeders looking for low entry, the ramp up has been slower than Hummingbird forecast and I don’t think this is surprising given they tend to miss their own forecast. This is why I’ve stated 30-34koz since July’s Kouroussa production of 4.8koz was announced and I’ve stuck by this despite lower end company guidance being higher.

I stand by 30koz production in Q3 as we have heard today the ramp up has continued through the quarter, a 50% increase in production on Q2 which means we are cashflow positive (pre-tax) at group level.

Once the dust settles and we know how much of the $20 million loan will go towards the $25-30 million loan repayments due before year end we will have a better idea of just how much cash is being thrown off with circa 30koz group production. We will probably have to wait 3 weeks before finding out though.

Like you I’m eagerly awaiting news on Kouroussa weekly run rate, how far it has come since 1,200 ounces per week in July. We could well be at 1,500+ ounces per week but haven’t been operating at that level for a full month consistently or at whatever the company deem ‘the commercial rate’.

It would have definitely been better received had they included August numbers for Kouroussa as this mine will ultimately be the source of positive cash flow in the coming months.

Yeah yeah you keep telling us.. and the company keep proving you wrong.

Our largest shareholder is obviously confident if they are happy lend HUM $20 million more knowing it will mostly go towards the outstanding $25-30 million loan repayments due this quarter. Short term loans due to be rolled into longer term gold linked debt shortly, ensuring the HUM meet the loan repayment requirements this quarter while building upon the expected 30-34koz Q3 production.

@Lew - he’s not had a toilet break yet. They really want that 4p buy in

Punter yeah I remember well how you said production at Kouroussa isn’t improving and gave us all a load of hogwash numbers that July was peak production, complete nonsense as today’s update shows.

The ramp up has continued through the quarter which means we are near to the 30k myself and others predicated.

Just to reiterate again in case you’re struggling the ramp up has continued during the quarter.

Punter and his one track record “Friday placing”… how many weeks has he called it wrong now? Four or five that I can remember

GoldInvestor7 has it all figured out, well with your business acumen it surely is a waste of your time posting here all day 😆

Don’t be ridiculous of course they could raise money via a placing if they wanted. You think the likes of Kefi and Red Rock Resources with their exploration portfolios can regularly raise tens of millions cash but an established producer turning more than $200 million revenue couldn’t?

A lot of bottom feeders looking for entry here today

“Well said this latest loan is coris trying to prepare HUM for sale as they will want to extract maximum value”

More insane ramblings and libellous ones at that from the resident bottom feeder.. keep pushing that button GoldInvestor7

Okay sport calm down. Nobody here is trying to compete with your self inflated ego.

While you’re busy spreading misinformation why don’t you finally answer the point raised many times how Hummingbird have come through the past 12 weeks despite only having $400k on the balance sheet (end of Q2).

GoldInvestor7 - “It’s clear the 30 million extended in tranches by the way is because of dugbe and other asset sales.”

Odd deflection but no, Dugbe and other asset sales are not short term liabilities.

Delusional would be daily sh*tposting on a forum for stock I don’t hold and making up stories about how I could have been a millionaire haha

Everything I’ve warned about is in progress and the remaining assets are so hamstrung with debt that shareholder returns and value are impossible.

This facility consists of a new US$20 million loan, which will be provided in tranches, and the consolidation of a previously announced US$10 million short-term loan from CIG SA. The loan is unsecured, carries an interest rate of 14% per annum, with an initial maturity date of December 31, 2024.

The Company anticipates transitioning this loan into a longer term fixed-rate, gold-linked loan note (the "Gold Loan"), which is currently being finalised.

So no placing necessary and CIG SA keen to lend a further $20 million while rolling the previous $10 million loan into longer term debt - to be announced..

@jammin - consistently wrong about what exactly? Go on try to be specific at least if you’re having a go..