he deserves our respect and benefit of the doubt Earthling :)
I agree with that too Otho but we dont know the full facts of the deal and whether it is a dead duck.....it looks likely but until we have the facts at hand and we understand why it looked attractive we need to stop the negative speculation.
I for one want Dan to find the right deals for us, take a risk if there is a big prize, of course! He took a risk when he acquired yanfo, they all said "he was mad" the naysayers were out in droves.......but he pulled it off!
I spoke at great length with his brother Charlie at the coin launch, he said to me that Dan was an out and out "winner" he has huge drive and determination and when someone says it can't be done he finds a way and uses the determination he was gifted with to make it happen! These are the qualities of a young CEO that will elevate HUM over the years and decades into a lucrative mid tier / top tier mining company.
The story about the gold pour when he was up to his elbows with the site workers shoveling material into the hopper to make sure that the gold was poured on time and before the end of the year is one image i have that makes me feel comfortable that we have one hell of a CEO at the helm. He deserves our respect and he deserves to be given the benefit of the doubt, this BH deal could turn to dust, but there was something that he saw that made a minute element of risk worth taking!
Get a grip people you have ridiculously short memories...........did we or did we not report a maiden profit in H1 results, with a healthy EBITDA and bottomo line profit based on just 3 months of gold sales as a commercial producer. We do not know the ins and outs of the BH deal and what it was that attracted HUM to it. I have faith that Dan and his team were operating with a view to securing a lucrative deal of some sort for the future. We have had no news from HUM which means that there is nothing material that HUM need to report at this stage. It was a small arms length investment that for all we know is still under some kind of review.
Focusing on a small detail at the moment without the full knowledge is both futile and pointless. Wait until the whole episode unfolds and then let us see what Dan was or maybe ends up achieving.
A lot of people on here have very short memories and a fixation, in relative terms, on a small item that amounts to a loan to the equivalent of around 1650 oz of gold which approx 1/19th of an average quarter of production. Dan and his team have not put a foot wrong in this journey through funding, construction, commissioning and now production.
No one mentions the 2nd ball mill that will increase production, or the maiden Q of production where 33100 oz gold was produced, the net debt that is likely around $5 - $7m as of today if not lower. Its beyond tedious!
Besides if you actually take time to understand the reason and on paper the potential revenue that BH could produce without the enviro issues (much more advanced processing techniques now available) you would come to realise that BH could have been another yanfo in the making.........i would post the full researched pros and cons on here but seen as it is likely a deal that HUM have cooled down on and will recover the $2m loan back anyway.......i really don't see any point!
CD - Such an ill informed and ridiculous post!
9th largest gold producer in the UK listed gold producing companies by the end of 2018!
And that is only after its maiden 2018 year of production!
I was doing some research on the listed UK gold producers and with around 105 - 110koz production in year 1 (bear in mind also that this includes a 3 month ramp up phase) HUM are up there knocking on the door at mid table! The golden journey really has only just begun. The sentiment towards gold took a big step forward this week and the continued mopping up of smaller sells by what appears to be more sticky hands, is a major encouragement in the last 9 months of decline that we have seen.
Lets get Q3 results, more drill results, a more detailed plan around FCF spend and an update on the legalities of buying back shares. A rich vein of poignant news and we can hopefully begin to see a gentle and sustained ascent!
Trading has been suspended you plum..............
Afternoon folks, it has been a while but i managed to pencil in a chat with the guru Brian Mitchener. Obviously i am a tad rusty so i may be going over old ground with him but i reckon we can discuss elements that he is comfortable with and how he feels the asset has evolved over the months in particular with the plethora of new information that has recently been acquired! Of course, it goes without saying i will gladly cobble together some notes and pop them on here for investors to read.
I wouldn't worry, it was written by a PI Joel Deakin on twitter. They represent his own personal views and they are mainly focused on shorter term issues that affect him personally. Sadly though us PI's are like sheep and lemmings rolled into one, we listen to others and then jump off the cliff with them!
He is a good guy, i met him at the recent proactive investor event, i was planning on chatting and having a drink with him but i go there and we ended up in different circles, i have chatted on twitter many times. He has taken a big position recently in RRE. For me his long term eye is not with HUM and he was in for a shorter period and has decided that his short term plan is more lucrative in other stocks.
I was doing some digging last night for some HUM gold nuggets and i came across this thread on the ii bulletin board. If you scroll down someone has posted a link to a comprehensive broker note that was released in May of this year. Very interesting read albeit a few months back!
https://www.ii.co.uk/discussion/t/hummingbird-enterprise-value-figure-based-on-reserves/1143071/2
The CEO was at the coin launch and snapped up the 1st ever produced SMO Hummingbird Gold Coin! He whispered to his colleague saying........"that's the coin in the bag, now to snap up Yanfolila" I then heard a distinct whisper of "56p should do it" ;)
Still holding above $1200 for now!
Pocket change....who cares hum generated $66m in H1 - cash positive and already churning out profit....BH was an arms length investment that on paper had huge monetary potential......all deals are a gamble bit that's the commercial world for you!
If you study the potential with BH it had potential to turn into a huge windfall....but that's life! If it's not to be then we move on and carry on generating 30koz of gold each quarter!
180k buy after hours!
"They saw serious value"
I wouldn't worry KaMei you can't knock HUM management after the monumental achievements they have made in the last 2 year's.....BH not ideal on face value but they as a serious value in it and had to secure exclusivity.....HUM know what they are doing and BH obviously not panning out to be very good. Let's focus on management and how they are performing fundamentally.
Yes TBTT - Been a strangely positive surge! Hopefully it can hold above $1200
Accounts in the mining sector, particularly at the end of the ramp up phase and beginning of the commercial production phase, are very complex. What we all need to appreciate is that at the end of 2017, which was the construction phase of the project, HUM's cash position was very healthy around $40m as they drew down the remainder of the loan facility and they were still paying for various elements but not the full capex invoices would have been issued to HUM.
The trade payables at $33m is more than likely capex from the construction phase not yet cleared at the end of 2017. They were projected to be around $10 - $12m if i recall but they never got that low in their cash reserves as was reported at the end of 2017, Obviously cash then started to be generated whilst still paying for invoices. I recall one of the presentations out at Yanfolila where one of the analysts was asking about cash position and capex outstanding and the above was the general / loose explanation (obviously they couldn't go in to great depth on the matter), also the TSF (Tailings Storage Facility) was still under construction in March of this year, so a lot of capex to be cleared from that and boy is that some facility......simply astounding the size of the man made lake and dam that they managed to build within the $88.5m!
HUM knew full well they had built and commissioned the mine and plant on time and on budget as Shaun Bunn colourfully outlined to the analysts he also reiterated that they had not finished paying for it all. Hence the reason for the high "trade and other receivables" as shown on the interims as $33m, this should be considerably lower on the year end results and we will see a more clearer financially robust set of results!
Skip to Wednesday on the web page and you will see Hummingbird Resources.