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Contrary to the deramping by GoldInvestor7 and Punter over the past few months this update confirms Kouroussa ramp up has continued through the quarter. Commercial production slipping to Q4 is less of a concern. Q3 production of 30koz still looks a reasonably conservative forecast therefore and cashflow positive.

I suspect they have sought and been granted a short term loan to cover a portion of the outstanding $25-30 million of loan repayments that were due before end of year. The fact they can borrow more shows the lender must be confident in Hummingbird’s operations achieving targeted production in the near term.

Long overdue board room changes and hiring of specialist management is indicative of the direction the company is heading and made possible by the continuing growth of group production.

That’s 400k into a rising bid today, must be buyers mopping up your shares behind the scenes.

Hummingbird achieving at least a 50% increase on Q2 production of 20koz this quarter is a high probability regardless of where they are up to with the commercial production target. The group will be be building cash on the balance sheet, reducing the perceived risk of illiquidity at the end of last quarter.

Eh is this your attempt at humour Punter?

Bid this morning was 8p, bid at close of play 8.4p. Small volumes but mostly buying throughout the day.

Q3 results can’t come soon enough. Get ready for the pie on your face 🥧👋

It will be interesting to hear the detailed plan to bring Gilar to fruition. At this stage it’s somewhat vague, considering they are 3 months from first production the advertising of exactly what we can expect in terms of guidance could be better.

“Our medium-term growth strategy remains intact, with the Gilar mine expected to enter first production in December. The start-up of Gilar will be a significant milestone in the Company becoming a mid-tier copper producer, as it is the first new mine the Company will open since the Gedabek underground mine in 2020. Gilar will enable the Company to start reversing the declining production of the last few years from its existing mines which are all starting to approach the end of their lives.”

@GoldInvestor7 - “ you don’t really understand that was not a refinance”

Lol still in denial. Take it on the chin sport, you called it wrong. The company deferred $25 million due this year for repayment beginning H2 2025 and in 2026.

19 August 2024

Hummingbird Resources plc

("Hummingbird", the "Group" or the "Company")

Coris Refinancing Package

Hummingbird (HUM: AIM) is pleased to announce the completion of the strategic refinancing of a portion of its existing loan facilities with the Company's principal financing partner Coris Bank International ("Coris Bank").

The Group has secured a refinancing package amounting to approximately US$25 million at an annual interest rate of 12%. This new financing will be utilised to meet the Company's existing loan obligations due in Q2 2024, providing a two-year deferment of specific facilities currently held with Coris Bank.

The new facility has a 24-month term with repayments, following a 12-month pause on capital and interest, scheduled across three tranches beginning in H2-2025. Importantly, the Company's net debt position will not change because full quantum of the facility is being used to repay existing obligations owed to Coris Bank.

Dan Betts, CEO of Hummingbird, commented:

"The refinancing with Coris Bank is a significant step in enhancing Hummingbird's financial resilience. This move not only reduces near-term balance sheet constraints but also helps position us to navigate the current operating environment as we finalise the ramp-up at Kouroussa and target commercial production later this quarter."

@Punter - aah it’s almost like you’re walking back your earlier statement there will be “No improvement in Q3” .. you’re saying the ramp up is happening, just at a “snails pace” and you’re acknowledging the increasing monthly run rate at Kouroussa during July of 4.8koz, higher than at any point in the first half of the year.

In terms of commercial production there isn’t a one size fits all standard but rather a variety of factors including operating at an average of 60% of nameplate throughput. Commercial production in most cases I’ve seen is announced after achieving a MINIMUM of 30 days operating at this level. Nameplate being 120koz per annum meaning we may already be producing at or above 6koz sporadically or even steadily, the company won’t announce commercial production achieved until there has been at least 30 consecutive days of above 6koz AND all other targets being met.

What you have shown Punter is that you’re desperately clutching at straws. Hummingbird could announce commercial production any day now. Thanks for your best efforts though 😆

@Bobsknees - be specific mate, what would you call a bad q3 and what has changed causing you to sell?

Kouroussa production has only really started ramping up since Corica returned to site end of May, the mine was on care and maintenance through March and April. The production figures from July show they are not too far off commercial production, 4.8koz in July vs the apparent commercial number of 6koz ..

Anyone can say meeting lower end guidance is in its own right is an underperformance. I’d point out the share price and lack of interest already reflects this. Operational performance last quarter was sub par which is why you can buy at this level.

If you don’t think the group operations will yield 30-34koz please explain and if you agree they likely will

achieve that then why do you think this will be received negatively by the market?

Punter: “No improvement in Q3 is happening”

Certainly not to the quality of your insipid posts..

Textbook deramping tells holders we can’t believe anything the company say and then cherry picks the parts you apparently can.

No admission from our resident troll that Kouroussa ramp up had reached a monthly rate of 4,800 ounces in July, a sizeable improvement on last quarter.

Most shareholders here have realistic expectations of lower end guidance and that expected group production of 30-34koz in Q3 is an improvement on the 20k produced in Q2.

This 60% commercial production comment is a rather baseless statement and only inferred rather than verified but even if true and Kouroussa production reaches a monthly rate of 6koz post-end of September that is still an improvement on July’s 4.8koz and the Q2 monthly average of 2.6koz 😆

And just to add undoubtedly profitable. So beginning Q4 Kouroussa is producing at a quarterly run rate of 18koz and expected to continue rising through the quarter. Q4 was always going to be the best quarter in terms of production and cash generation.

@Flojack - GoldInvestor7 hasn’t got a clue. He said refinancing wouldn’t happen but it did. He said Hummingbird would run out of cash months ago, yet it hasn’t. It’s evident from the company’s Q2 cash position (based on last day of quarter) that the company WOULD have come to the market weeks ago IF they were still operating at a loss. Monthly cash burn in Q2 averaged $4 million but this was heavily weighted in the first two months. The ramping up in June would have had to be nearer break even or cashflow positive to finish the quarter with just $400k and for the company to state they did not need to raise funds but rather would explore non dilutionary financing. Group production in July would have been cashflow positive also and the improving performance will have helped cement the company’s liquidity.

The perma bears won’t acknowledge Kouroussa are at a 15koz quarterly run rate based on the most up to date figures (July production 4.8koz) and still ramping up.

Cashflow positive production is adding cash to the balance sheet now and once we have an idea how quickly cash is being added we will better understand how capable the company are in covering their group costs and the scheduled loan repayments.

Punter keep crying about your placing prediction waaaaghh

* based on conservative AISC of $1,750 and average realised gold price below $2,200 (with hedges)

In Q4, they should benefit from higher production at both mines, a reduced AISC and fewer ounces affected by hedges and therefore exposed to thesurging gold price of more than $2,600/oz.

43koz with AISC below $1,600/oz and a gold sales price of $2,300 generates pre-tax earnings of $30 million.

Going forward into 2025 the hedges come off adding hundreds of dollars of revenue to every ounce produced at todays price, quarterly production of around 40koz generates $40-50 million every quarter.

Couple of recent winners like Metals MtL and Thor ThR and Adriatic AdT have all rerated following successful ramping up of operations. In each case there was barely any buying in expectation, the share price only shot up after the updates were announced confirming guidance met / in line with forecasts.

@Iwantthatone - Well said! The operational performance at Yanfolila in Q2 was an anomaly, Kouroussa impacted by two months of our main contractor downing tools.

Q3 is almost over and there has been no material change to guidance. The market doesn’t know what to expect in terms of actual performance but we know group production was at a 27koz quarterly run rate from July taking bottom of the pile Q2 figures for Yan and factoring in the July figures at Kouroussa (4.8koz) per month. H2 production at Yanfolila was always forecast to be higher and Kouroussa continued its ramp up post July so 30koz group production is a fair base case to work from. I’ve estimated this should generate approx $13m this quarter reversing the loss made in the previous.

@bobsknees would love to know if it truly is their inflated egos bringing them back here to vent everyday, weekends included.

But what I suspect is more likely they are using these multi-IDs in an attempt to drive the price down at certain periods for trading purposes, buy low and flip. Low volumes and a persistent campaign of negativity following Q2 results. Only reduced briefly after refinancing was completed when the share price rebounded! I’m guessing they traded that wave and are looking for a level to buy again before the highly anticipated Q3 results next month.

Self proclaimed messiah GoldInvestor7 who was dumb enough to admit they want shareholders in to lose it all and HUM to go under hasn’t been right for a long time..

Punter the clown talking about predictions, after failing to call the refinancing correctly and shouting about a placing coming on Friday.. every Friday 🤣

Another David Brent corker berating a holder from “encouraging” others to buy when the share price was at lows. Now up 60%+ .. so who got it right and who got it wrong?

“You can say what you want, we have been at this for weeks, comes down to who got it about right, and who got it miles wrong. Well the wrong that's you. How is your rocket doing. Meanwhile do the decent thing and stop encouraging people to waste money here. Not at any price is this a good investment”

Quoting you mouthing off at another poster for their 10p expectations and you’re still in denial lol, we all know you have nothing positive to say and regularly commend resident sh*t posters GoldInvestor7 tans Punter who both want the company to go under and have said wanted investors to lose everything as a lesson to avoid gambling. That is the company you keep. So keep spinning tales David Brent, we are up 60%+ from the recent lows and will soon be much higher.

I’ll predict 12p on Q3 results all other things being equal (Dugbe sale doesn’t advance before then) so you’ve got about 4-5 weeks to berate me now while we wait.

No David Brent, the bore is you.

On the 10p challenge though you repeatedly berated another poster for their expectations of the price achieving 10p short term.

10p / 4 Sep 2024 12:26

“Thought this was going to reach 10p this week Same old rampers make the same old predictions they make every month and every quarter, only to be met with the same old disappointment”

While the non holding trolls moan and complain after claiming 10p would never come and Dugbe wouldn’t attract a buyer… they have been proven wrong again.

10p ask and heading higher in the coming weeks!

And if you listened to the deranged deramper on here you would have expected a placing last Friday.. and the Friday before last.. oh and the Friday before that lol