Member Info for fsjamescampbell

Hi all,

I spoke to Brian this afternoon and i asked him why the 1st casing was approx 100m different to the drill plan (450m v 352 on the RNS) - He stated everything was fine and on course, they just wanted to make sure that they have maximum integrity around the shoe.

Apologies if this has already been answered somewhere within the discussions today, just thought i would relay this direct information to holders.

Afternoon all.......

Mini update for those interested. I posed some questions to HUM to help understand more about this current situation, below are the questions and answers.

1. Is the bridge something HUM could get in there and fix or is it a government issue?

HUM are trying to assist where they can. There are alternative options such as barges to move items across, it is just heavy fleet that is the issue for the bridge right now.

2. What % of the pit has to be left alone until this stabilisation work is done?

HUM don't have a exact %. They are mining from KW and from parts of KE at the moment.

3. $20m cash looks like a big cash burn since Q2 update, is that down to invoices now being caught up?

Its all based around the big increase of Gold inventory, reduction in debt, trade payables and spending on exploration and the second ball mill.

4. Does bridge slow down gold sales / trucks carrying the gold?

No impact at all!

5. Is the drilling campaign still continuing?

Yes drilling on track and should have further results out next month.

6. Does this incident affect the 2nd ball mill procurement / delivery / use?

No, not at this time.

7. Do you plan on releasing a more detailed summary with cash projections to fix the issues reported?

Yes of course, we will do this once the remediation plan has been agreed and we will give guidance and cost impact of remediation.

Thank you Hawkspear, i only ever report the truth and the facts and add a bullish opinion based on said truths and facts, force majeure cannot be factored in in life sadly. I love being a HUM shareholder and i do have faith this will be a stonking investment over time as they gather momentum.

I reckon they will have generated around $93m during 2018 so far and $35 - $37m of that being free cash, net debt probably sub $10m now. Anyway, we shall see when the full Q3 update lands!

BF - Great post, thanks for sharing!

No nothing like that, it was just more colour around the reported facts. My concern was that production would cease or not be viable, but that isn't the case. It was a material event that impacted the projected production figures and therefor warranted an RNS.

Hopefully there will be another CC when they eventually release the Q3 update, it might clear the air a bit more?

Olderandwiser...............sounds like you took a big hit and are now crying in to your hands......grow a pair or cut your losses you muppet!

slavetothetrade - don't be such a prick! This was a "Force Majeure" or "casus fortuitus" event (unforeseeable circumstances that prevent someone from fulfilling a contract). Otherwise known as an "Act of God"

I stand by this still being the best gold play on AIM, even more so now that you can by sub 20p

I'm still here long and strong! Spoke to Bert and the main element was can we keep the lights on! Yes of course we can, still producing and still making cash and profit, just not as much while this issue is resolved. Due to the fact that this scenario has had an impact on the projected production for 2018 they had to release an rns to the market as any difference in production is material news. We are still due the full Q3 update so hopefully that will land soon after the dust settles on this. The bridge restricts to a degree how quickly the issue can be stabilised as the rns stated that certain loaded vehicles cant cross the bridge.

That's about it, it is unfortunate as the rainy season was worst in 10 years so this could have had an impact on this stabilisation issue but at least they are still producing. We may see a slow Q4 like we did with Q3 but i personally expect the issue to be resolved by december / jan (this is my thinking and not hum).

I personally think it was an over reaction today but we could see an overhang tomorrow, i cant see that everyone who wanted to sell some or all managed to do so, we could see a further drop tomorrow. Its set the time lines back a bit now but fundamentally the game is still the same. They will resolve the mine pit wall issue and hum would be best placed to pay for the bridge works. Ive crossed that very bridge and it is no golden gate bridge, veey simple and probably cost very little to repair, hum have the expertise and engineers and it would be in their interest to offer to sort it out.

15p tomorrow! Its gonna be 6 months before this sees any green shoots now :( - such a shame!

With 51.88oz poured to end of Q2 - assuming 25koz during Q3 and then say 35koz during Q4 that would give us approx 111koz for 2018 calendar year. Probably at an average POG of around $1235 would be a revenue generation of $137m during 2018, assuming $800 AISC could put FCF for 2018 at around $48m.

We shall see, it might be lower it might be higher, it's probably not a bad assumption though?

No no Blackfisk21.............purely my thoughts pal. We will have had pretty close to a full year of commercial production under our belts and the FCF will be a lot clearer, they are maticulous and cautious as we know so i would assume that by end of Q1 2019 we will have a pretty clear path on FCF generation and spend etc. We know Q3 has been lower due to rainy season, we are now around 30% in to Q4 so it would be safe to assume that they will have a much better annual picture of where they are financially and how to use FCF when they have a more detailed track record.

To me Q4 will be a big one given the fact that the sun is shining and the rains have stopped, they expect to still hit production target during 2018 of between 105 - 115koz (i reckon close to 108koz personally) - i reckon they can do 35koz during Q4 and with Gold rising we could well see a monumental Q4 and early 2019 good news when they issue Q4 update in Jan 2019.

1234567mz - Let's just put it in to context, they started commercial production on 1st April 2018 - they reported figures to the end of Q2 2018 which was 30th June 2018 that is 3 months, they made a pre tax profit of $3.5m (IN JUST 3 MONTHS) They are still in their infancy in terms of cash generation, it wont be until end of Q1 2019 that we get a more clearer picture of FCF and then no doubt how that FCF is to be used.

It is totally unfair to say that "Hummingbird don't live up to expectation in terms of free cash flow generation so far". So far has literally only been 3 months!!!

Offer on the table, merger talks and big drilling updates. Q4 nearly pretty much 30% complete so i expect they will be up to around 11koz produced in October since the rain stopped.......GOLD UP!!! Q4 with the potential to finally shift this forward! Gold should be sitting around $1250 - $1260 by end Q4 and oil coming back a bit should reduce AISC and increase revenue......watch this space......its all to play for!

on a bit of a charge this morning.............. :)

Q & A with Dan Betts Page 5.

file:///J:/New%20folder%20(2)/Gold%20-%20A%20Turnaround%20Story%20In%20The%20making%20-%20FINAL.pdf

Hi Swindon - If you are not clear what HUM's business strategy is take a look at this corporate presentation (page 5) has a clear strategic path :)

http://hummingbirdresources.co.uk/_downloads/Hummingbird_Resources_Plc_Corporate_Presentation_Q3_2018.pdf

M & A - Shareholders will be the last to know, what we do know is they get inundated with opportunities each week. AGG deal was not great because there was thousands of artisanal miners over the licence and the grades weren't up to scratch once HUM got further into the DD exercise. It wasn't a deal that was clear cut and HUM can afford to choose the very best deals that create the fastest growth and revenue.

BH - has been done to death and although looks like a dog at the moment because PI's have a very limited amount of knowledge on the deal structure and why HUM were initially interested. I am sure over the coming weeks we will be in a more informed position where we can truly see what HUM have been investigating and why. Let's be clear HUM are looking for the right deals to get the best returns for shareholders and in the quickest time (as it stated in the document link above - page 5).

We likely don't know anything more on the BH deal because it is completely confidential at this moment in time and as Dan stated, he was forced into making the announcement by the NOMAD. We are where we are and we will know the ins and outs of the deal when the time is right.

You went to the AGM. Well you should be one of the most informed posters on here then, did you not speak with HUM management in this perfect opportunistic moment, this would put to bed some of your unrest surely??

I unequivocally agree with your comment that Dan Betts should not resign, the very mention of it is completely ridiculous and unjustified.

Dan has actually done an interview on IG around 8 weeks ago and at least 2 or maybe 3 magaxine interviews since commercial production was announced, which was 1st April 2018, thats fair for a CEO, personally i would like to see more of him and maybe do the odd VOX interview after we have the quarterly updates, Bert is brilliant and probably time he was promoted to the BOD but hearing Dan occasionally or presenting at some events would be superb. He did present and host the coin launch but that wasn't in any media format. So he hasnt been hiding but equally he could be more visible and heard i agree.

I think the info below speaks volumes and should be the focus of every shareholder - bear in mind this is HUM's maiden year in production and that production has only been at a commercial rate since 1st April 2018, the info below covers the initial ramp up phase from 1st Jan - 31st March 2018 and then one full quarter of production from 1st April - June 30th 2018..........3 Months and they generated a positive EBITDA and made a profit after tax!!!!!!

BH pales into complete insignificance when you digest the information below!!!!!!

Hummingbird Resources (AIM:HUM), the African gold producer, is pleased to announce its Q2 2018 production results for the quarter ended 30 June 2018, which represents its first full quarter of commercial production since the end of the ramp-up period at the Yanfolila Gold Mine.

Yanfolila highlights at 30 June 2018

33,101 ounces of gold poured at an AISC of US$790/oz

Average grade of 3.43 g/t

38,726 ounces of gold sold at an average price of US$1,307 per ounce

500,000 Lost Time Incident ('LTI') free hours achieved during the quarter

Exploration drilling campaign targeting conversion of Resources to Reserves commenced at the end of Q2

Corporate highlights at 30 June 2018

Cash of US$46.2m

Net debt of US$15.6m

Successful on schedule transition from construction, through ramp up, to full scale operations at Yanfolila with mine and plant operating at name plate capacity by end Q1 with commercial production declared from 1 April 2018

51,304 ounces of gold poured at an average mill feed grade of 3.22 g/t

50,667 ounces of gold sold at an average price of US$1,312/oz

577kt of ore mined and plant recovery of 95.64%

US$66.6m of revenue in period with total all in sustaining costs ('AISC') of US$884/oz (includes cost from Q1 while in ramp-up to commercial production), with Q2 AISC on gold sold US$790/oz(1).

EBITDA of US$21.9m for the Period

Pre-tax profit US$3.5m for the Period

Hi TBTT - Are you now our resident deramper........if so...........wow!

Of course it is survivable, we don't have a conclusion to the deal yet, until such time i am standing firmly behind Dan Betts as our CEO. $2m in the grand scheme of things is an arms length investment / loan, we don't know its conclusion as of yet so all this is unnecessary noise!

Look TBTT - i dont like all this negativity when we have spent month on a decline when we know the value in yanfo and what HUM has achieved. I think we are all focusing on the wrong elements of the grand scheme. If this costs us $2m then i would still hold my hand in the air and vote Dan Betts, his past credentials far outweigh any potential bad deal. But like i said i will reserve full judgement until we are told for certain it was a bum deal.

I still think there is a conclusion to this that will be interesting!

CD - List of those II's adding to their holding https://www.morningstar.com/stocks/pinx/humrf/quote.html

CD you are so out of touch mate.............II's are mopping up weak pi sells, this is apparent when you hear Bert answer a question at the recent proactive event where one bloke in the audience asked "why is the share price falling" Bert explained that the share register had increased from 65% II holding to 75% with the resulting 10% coming from the reduction in the retail investor.

TBTT - Just read back your last message and then give yourself a head wobble..........seriously man, what a juvenile comment to make!