Member Info for Cheerfuldoor

Wilko shared this link over on advfn:

https://farafinainfo.com/kouroussa-guinee-des-employes-de-kgm-montent-au-creneau-et-copie

Press report of a strike

I hope they will do a town hall, they owe us that much.

https://www.mining-journal.com/gold-and-silver-news/news/1436963/hummingbird-seen-needing-funding-for-guinea-gold

Credit to Bishan in ADVFN for spotting this

‘30 days after Pasofino provides the Notice it will be responsible for sole funding the first US$4.71 million of Joint Venture Expenditures and shall remain as operator during such sole funding period.’

I couldn’t remember how the JV expenses would work post DFS, good to see there’s a little further breathing space before Hum needs to fund further

Yes - thank you to those that generously shared updates and their insights from the AGM. It’s appreciated.

I‘m looking forward to the investor meeting. What I can’t quite follow is that Yan SE deposit has not grown since the Nov21 update. I’d expected some increase given drill results were described as stellar etc. I also remember the talk of 10 year life of mine. We didn’t get that far yet. Maybe there’s more to the story that we’ll hear on the call

AGM tomorrow then. Sadly I can’t make it as I’m overseas, will be grateful to any that do attend for a little update. I wonder if there will be an RNS tomorrow morning to lift the mood. The promised life of mine update perhaps or Kouroussa drill results. Hoping the Hum team put on a good show and indicate things are improving, we need it

Hum have announced their AGM in the website under circulars:

https://wp-hummingbirdresources-2020.s3.eu-west-2.amazonaws.com/media/2022/05/Notice-of-AGM_CL.pdf

I plan to go if I can manage the logistics

I wonder what happened to the 5th excavator which I think was expected to be operational in Q1. Last we heard was No4 turned up end of March.

Back in Feb 2022, Cannacord took a look at Dugbe and Hum:

https://www.sharecast.com/amp/news/broker-recommendations/canaccord-genuity-takes-another-look-at-hummingbird-resources-ahead-of-feasibility-study--9178458.html

They point out Hum is in a tight (now tighter) cash position and so a sale of the resulting interest in Pasofino is likely. They point out Hum’s NPV interest in Dugbe is 50p per share on an unfunded basis.

Dan always said there’s value in Dugbe not reflected in the share price. He also said he did not have a plan during the Q&A I think, but would await events. What is your preference as a shareholder as the DFS draws near? Some possible options:

Cash out - sell stake in Pasofino and distribute as dividend
Cash out - sell Pasofino and take on a new project in existing geographies
Cash out - take over Bunker Hill (speculative!)
Cash out - buy Cora permits close to Yan or similar (or Cora)

Hold - see through to Dug first pour and beyond, likely requiring an equity raise from Hum holders
Hold - but stall development until Kouroussa is up and running and Hum net cash

Buy out Pasofino - it’s possible the project is not that attractive (big up front costs) and the option to buy the project back from Pasofino emerges

Personally, if we could hang in there and get Dugbe built that would be cool. I think the license has potential for several mines (at least that’s what Dan said I think). However I am not sure I’d have the stomach for investing more in any equity raise. Time for Dan to earn those big bucks

Thanks Darren123.

I’ve not seen it mentioned by RNS (nor was it last year) nor on the website events nor on the website circulars. I’m pretty disappointed I can’t go, will be grateful for any crumbs of insight from those that do!

Here’s the article Bushy. One point I’m not too clear on is whether Hum holders have a stake in SMO.

https://www.ft.com/content/67b4a5b4-bd2b-4766-9557-626abb368257

I’d seen the news about Endeavour signing up to SMO Bushy. It think it was publicised, for example in the FT article back in July 21.

I was surprised to read, according to Investors Chronicle, that Hum’s AGM takes place tomorrow - must be a mistake?

https://www.investorschronicle.co.uk/news/2022/05/19/week-ahead-23-27-may/

You’re right January & Bushy we’ve got the Chairman’s statement to come.

Another item for the cheerful list are the final 3500m of Kouroussa drilling results.

Reasons to be cheerful in next few weeks:

1. We should get the new reserves update giving us a 10 year life of mine at 2 mines in Q2
2. We should get a DFS which will quantify the value of Dugbe and put it on a path the build (perhaps)
3. We should get sight of the KE underground technical study (maybe)
4. the Kouroussa build is quietly continuing
5. We should (and I‘m really hoping this is the case) see a return to 1400ish ASIC and a profit at Yan for Q2

All based on what we’ve been told…

Reasons not to be cheerful:

1. Rainy season on its way as per
2. We were never told what the community relations problem was all about that shut the plant (I think). Creates bit of uncertainty in my mind
2. No news on 5th excavator
3. Gold price trend + mining sector generally
4. Mali sanctions

Lots of risk, but reward could be here too

Article on B2 Gold update talking a bit about operating in Mali

https://www.miningmx.com/news/gold/49492-b2gold-aims-to-double-fekola-output-even-as-mali-struggles-with-new-democratic-order/

ps not a perfect transpose of Anthony’s answer

Don’t think I’ve seen this article on Kouroussa here from a couple of weeks back, including an interview with Dan:

https://www.miningreview.com/gold/kouroussa-a-key-contributor-to-hummingbirds-portfolio/?amp=1

Bushy - thanks for sharing your thoughts. I agree, although I’m not so sure they have had much higher grade material available. In response to a question on grade profile the COO responds to Vox that ‘our grade profile is not where it should be and this remains a high focus area for us. So during the quarter although our mining volumes have improved, essentially in the latter end of the quarter, we are still accessing lower grade sections of the ore body in general. This is impacting the volume of higher grade ore being put on the ROM pad then to be processed. So in effect processing more marginal materials in the quarter and our ROM pad is not fully optimised with the inclusion of this marginal ore as we are planning a more consistent grade feed into the mill. However having said all of that our mining volumes have improved our ROM pad in terms of quantity and quality of ore is improving so we expect the grade profile to improve in line with those initiatives’. From this I was uncertain if there’s been any improvement in grade as of end April.

Doing some googling also found this article which discusses Hum’s Q1 concluding grade is the problem and this is ‘one for the brave’. If they do turn it around it’s great value today of course

https://smallcapslife.substack.com/p/small-caps-live-weekly-summary-5da?s=r

According to Hum’s event calendar they will attend INDABA event in SA next week. I couldn’t see them down as presenting. Then they’re off to the Canaccord Global Mining Conference in the US on 15th May.

CTW2014 - I’m not sure we’ve been told all 5 excavators are at site and operational. There was a company tweet on 30th March sharing the news that Excavator 4 had arrived and was being assembled.

Argh. No upside surprise then, we’re in the standard Hum cycle. Hope and sunny optimism gone, management promises that tomorrow things will be better at Yan are in, guidance is unchanged, holder frustration and anxiety palpable (mine anyway!)

If true to form we can expect some drill results in next few days to remind us there is some gold in the ground in an effort to try and take the edge off the bad sentiment.