It's true, I do think Dugbe is the jewel in the crown. That said I by no way think that Kor isn't massive also.
I personally find this whole scenario difficult to comprehend. HUM is worth less now than when it was halfway through the yan build, all the debt for it and no revenue, plus Dugbe which had just halved in ownership and no DFS.
Now dugbe has a DFS, Yani is debt free and KOR build is flying. 4 bad quarters and a coup for Yani. HUM imo is being priced as if Yani is its only asset, plus the risk of a Mali collapse. This alone is why I think Kor first pour will be a major derisking milestone and a wake up call to the rest of the market.
Let's be honest it's pretty much all down to Mali and the markets reluctance to recognise any value inHUM's other jurisdictions. Unless Goita is somehow assassinated before the elections then the only way up here, is coming from Kor's first pour.
Funny thing about dugbe is that anyone looking at the market hasn't a scooby what it's worth or how to value it (yet)
Without a DFS it's useless, with a DFS HUM give it away, so quite rightly there's no value attributed to it or has ever been... And on the other hand, Pasofino doesn't own anything without a DFS and earn in agreement.
The actual value of dugbe is essentially MIA, contracual no mans land or purgatory.
14 years at 1.3% and 1k LOM aisc is massive though
Everyone crying over the spilled milk Yanfolila are missing the trick. If you haven't yet, i'd recommend buying a few VIEN shares.
I don't think they'll be waiting around for the 119th day somehow... EOW perhaps?
"Further to the Company's announcement on 13 June 2022, now that the option exercise conditions have been satisfied, Pasofino may, within 120 days from the date of its press release dated 1 August 2022, deliver the option satisfaction notice (the "Notice") to Hummingbird. Upon delivery of the Notice, Pasofino would, pursuant to the earn in agreement, acquire its 49% interest in the Project (prior to the issuance of the Government of Liberia's 10% carried interest)."
14p is a cracking price... we would have all hoped for a few nice spikes on news along the path to being a multi asset and jurisdiction producer but it just didn't happen. That said and away from the lack of positive volatility, HUM has made great progress on the bigger picture.
The sum of it's parts are easy worth 3 times your 14p average. Thr market is very rarely right, only when it's already happened does the market usually wake up.
For the record 16p average over here and have a few price targets come 2025 all depending on which scenario plays out and the worst of them is 60p
They also stated H2 guidance is weighted to the second half and that coris was an 'understanding and supportive partner' Coris also apparently see Mali as a lower risk jursidiction than Burkino Faso, which surprised me
Oi bird brain... All gold mining is marginal, you ding bat. You clearly don't understand what Dugbe is...Of the 3 assets , dugbe is by far the best, followed by Kor and then finally yanfolila.
1.7 grams based on 80% recovery is out of this world when you have over a million ounces and only 70 clicks from a port. Even at 1% grade it would be comparable to Sukari if they doubled the plant the size. Because wait for it...IT'S MARGINAL.
SRB £130 down to 39p, one bit marginal producer taking 40k ounces a year out of a brazilian rainforest. Thefts accounting scandals, false promises and consistently under delivering. Do yourself a favour Adam.
"Dugbe with the current price of gold is marginal at best. No one will buy it otherwise why has Pasofino's price crashed and IS left."
But it demonstrates a yard stick that can be extrapolated none the less and it's recent. The fact that it's a 3rd of the size of Dugbe and in a land locked country facing significant political chanllenges then you coud do worse with a fag packet than trebling the aquisition price to apply to dugbe.
The sp here for me is already fully discounting yanfolila as a lost cause. Kor first pour is the next significant derisking event imo with a potential dugbe windfall to come.
100% Agri.... In these tough times I like to draw om the wisdom of Peter Lynch, "Know why you bought"
The book value, here makes it a risk free bet.
Good old Peter explains this in his 1997 speach about Kaiser Industries. He was buying in the single figures knowing full well that the sum of ALL it's parts was worth an aggregated 50 dollars a share.