Member Info for Darola

This has already been raised. HUM believe that their current production volumes put them outside of the size that majors would be interested in - but Dalradian just goes to show that you don’t even need to be producing. I’m of the opinion we need to extend the LOM before we become a real target, if the SP hasn’t moved to protect HUM at that point, then a takeover becomes a very real scenario. In either case the SP ends up north of here.

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Just to perform online with its peers, who have also underperformed, HUM needs to 2x to 3x from here, and that’s without any growth, just “as is”. Add the growth potential and the expectation that gold is due a rerate (well that’s what clever gold analysts are saying anyway) and it becomes even more attractive. That’s why aim here, and that’s why most are here - but if you think you’ve invested in the “wrong thing” then I guess you judge your investments differently. Each to their own.

https://youtu.be/Mot14GPZex4

Yep. AMS gave us an update on the security incident in Komana, Liberian press is updating us on the passage of the MDA through parliament, public posts on facebook have added some local context to both of these. And Capital drilling have updated us on the status of the drilling campaign. But nothing from HUM, these are all positive catalysts to restore confidence and arrest the SP decline, but despite having new board members, a new PR company and a new broker HUM have chosen not to keep its share holders informed. Nothing here makes me want to sell as “behind the scenes” it’s all still incredibly positive - but next time Dan starts saying I don’t understand why the SP isn’t responding to our great work - we’ll the answer to that might just be hidding in plain site - and so easy to fix.

Dunno. Maybe they’ve just got ahead of themselves. Hopefully they are clever enough to address it. Whilst comms has gone crap (even with rose coloured specs on I can see that) there are still enough big milestones ahead to rerate this. The Q2 update is only weeks away and might be the one that wakes the market up - on fundamentals this is still a cracking investment.

Although AMS (HUMs contractor) updated the Oz market that they had returned to work and all was well - can’t for the life of me understand why HUM didn’t do the same.

The suggestion in one of the articles that I read - was that the revenue from mining would pay the loan for the roads. The planned road build actually connects the four areas/counties that HUM has licences for, with a 7 year deferred repayment on the loan, so plenty of time to build them and get Dugbe up and running, but alas might be more long term than some of us hope. Also not sure if it’s just a coincidence, the road loan and consolidated MDA were both pushed through parlment in the same sessions, perhaps being used to justify each other?

I’d expect it to be RNS’d when it’s signed (admin formality) as it’s pretty material. Although HUM have taken their foot off the gas lately for comms (which is a shame) so you never know - Liberian press maybe the best source.

I’d rather they invested the cash - but if they have no concrete plans and they choose to buy back then I’d support mgmt in that decision. They have to pass the resolution at the AGM first, which is two weeks away. Let’s see what happens after that - and in any case the Q2 update is probably the next biggest milestone. Personally I’d like to see Director buys before any buy back. They are well paid by HUM so how about showing their confidence with their own cash.

True! Bit like they never reach their broker forecasts!!

I guess it’s just a matter of timescales. I’m giving them until end of Q1 next year. Will gauge where we are from 2018 full year results. The LOM will have been officially extended, plans for Dugbe should be clear, production capability will be proven, some M&A should have been announced. All 4 need to have some headlines. Plus an added bonus if gold goes on a run - which many analysts are predicting.

1. Dilution. 2. Gold was at an all time high 3. Strong support of mining sector.

Fair enough. You don’t believe the story, so I assume you’ll move on to an investment you do believe in. Good luck.

We are in month three of full production on a 10 year+ journey and you think we’ve arrived at “tomorrow”. Really? Anybody with any business acumen would know that you invest to grow. Only weeks ago the board outlined there plans, policies and strategy. You either accept they know what they are doing, and in the execution of their delivery value will follow, or find some where else to invest your money - there are 1000s of listed companies, if HUM doesn’t make you feel positive then move on. But I’d hardly call HUM a jam tomorrow company, they’ve delivered on everything they’ve committed to, and they are as perplexed as the rest of us as to why the SP hasn’t followed. Go and follow a none profitable, regularly diluting oil explorer if you want to know what jam tomorrow investments are based on.

https://youtu.be/SJUhlRoBL8M

Good post Playboy. Just a matter of patience - we all wish the SP was higher, but despite the history it still has the potential to be significantly north of here.

I think you’ll find the holders of 350m shares share his view (including 70% iis) otherwise they would sell - deep inside, and as much as you challenge the fact BT, you also believe in HUM otherwise you would have also sold up.

Sell then. As I said I’m fully supportive and aligned with HUMs strategy - so Im investing. If your perception is that this is manipulated and “somethings not right”, yet you still hold then your gambling. We all make s decisions based on our interpretation. I’ll reevaluate if the “latent value” hasn’t been realised after they’ve had chance to build up some cash and they’ve not demonstrated wise use of it. I’m invested in a high risk AIM share, I’m not naive, but on balance the risk reward makes this STILL a cracking investment.

What Dan said in the results RNS. Can’t believe people are still claiming we have no clear plans for free cash. “Our share price may have risen by over 50% from the placing price of 22p, but we don't see this as the achievement that others might. We see our value as more than just a price on a screen, whilst we recognise that that is the ultimate arbitor of value at any point in time. Our challenge now is to release that latent value for all to see and we will do this in three ways: firstly, we will continue to develop Yanfolila into a well operated, low cost, best in class gold producer and we will build on the reputation that Hummingbird is rightfully earning as a company that delivers on its commitments. Secondly, we will aggressively seek to develop the Reserves and Resources around the Yanfolila mine to extend the mine life and prove longer-term value in this business, but in a responsible and financially disciplined manner. Thirdly, we will pursue other opportunities, including those within our own projects, where we can bring the skills of our project team to bare by unlocking value in project execution, but again in a strict and highly disciplined environment. Crucially though, if we do not find projects that meet our strict return criteria, then we will not seek growth for growth's sake and we will examine all options to best use our cash flow from Yanfolila, including the possibilities of dividends or share buybacks. Our aim is to create shareholder 'value'. Value is a complicated word, but I firmly believe that we have the skills, ambition and now the platform to create considerable value for our business and all its stakeholders. We have the ability to remain flexible in our capacity to unlock this value for the long term, although it may present itself in a complicated world with an increasingly short-term horizon.”