Member Info for Guvvi

For what it's worth it also felt pretty comprehensive actually and detailed. I've complained in the past they just arn't transparent enough whether the new is good or bad and i like the fact that there was so much information here.

Not because i understand every word of it but i assume the next one will take a similar format and then you can start to trust management given the disclosures around so much of the operation.

Financial this is a good release in that it gets us closer to q2 2023 but I just really like the layout and tone of it.

Fingers firmly crossed.

This is a step in the right direction, I'm grateful it's positive which is unusual!

Bonkers I love you man but you'll see me get excited when this management team actually produce results that assure me we will get to middle next year solvent and well run even if with a fair bit of debt.

Anything can move 5% for no reason at the moment especially on small volume we've only had 200k shares traded today.

Fingers crossed we get q2 figures soon and can comfort ourselves with something there.

I’m only quoting the board they said an outright sale would be a much more lengthy process vs other outcomes.

But yeah maybe hummingbird has either already been sold or the market makers are manipulating everything and Dugbe is worth 200m easy.

ESAN do have good visibility of it and could be further ahead than others who knows we should find out before Christmas if what IS said is roughly true.

I can't imagine it was you Swampy, lots of us have been critical of the board. In fact the board have now been critical of the board, so have the brokers who cited Humm as the only Mali outfit to have such operational issues which were directly the result of their own failings with suppliers back in early 2021.

We are now in a probably year long wait to see how much cash/debt we are gonna end up with or without by the time Kouroussa starts selling gold.

By the sounds of it an outright sale of Dugbe isn't likely ( DB and IS both mention the DD needed for something like that ), as it would take a lot of time.

So lets see shall we...

Don't forget they lend and get returns defined by time not a fixed amount. So a longer case means greater returns. It does not mean you've got to wait 4 years for a return previously had in 2.7 years.

It just means the longer and more complex cases are likely going to be lumpy cashflow wise.

I don't think the returns on our lending over the long run change at all.

Thoughts everyone?

Sorry meant to write q2 2023*

AK did a fair bit of it and so did another chap whose name i can't remember. AK seems keen to use the word steady a lot with regards the yanfolila recovery. I don't think we should expect fireworks here at all.

What i really want to know is how confident the board are that they have enough money to get to q2 2023. Like honestly how confident are they are what do they really see that picture looking like.

AK was asked about the weather and he basically said ' so far, so good '.

If the company makes it to gold pours q1 2023 and at that point has a nice blended aisc somewhere a whole lot lower than where we are now and gold is still 1750 ish then hummingbird at 175k ounces a year ( being a bit conservative ) is surely a huge cash machine.

Even if it has say 130m debt ? it would be making around 21m dollars a quarter with a 500 dollar margin on 175k ounces a year.

I submitted a question regarding the boards confidence on what level of solvency in the run up to q2 2023 but it didn’t get asked.

IMO all our concerns are round debt and actually reaching this stage now.

Here are my notes… sorry if they lack a bit of context but I’m not a legal secretary!

Exploration budget going forward is only 2 millions dollars. 2023 has no budget for now. 2022 has been about joining up huge amounts of data collected from various projects before the next phase. I got the impression there was definitely scope not to spend much going forward if needed.

They are still processing sample results from assays at kourousssa.

Q2 has shown steady improvement over q1. The team are still making steady improvements. He used the word steady an awful lot !

Yanfolila is aiming for 100k a year again maybe from next year. He didn’t clarify whether this was connected to the long story about the underground mine plan. There is now a proper plan for an underground mine at yanfolila which would take about 6 months to make through an existing pit. He viewed this as a positive as any capex has cash flows against it quite quickly. I.e after 6 months. It was said costs for this ‘ will not be too high ‘. No indication whether this would be done soon mind you they have a lot on their plate already.

Dugbe is subject to weekly strategic review meetings. They gave nothing away on this front.

Kouroussa first area for mining is pit 4 which has good grades at shallow depth.

I'll 100% be on this one, leaving early for it.

i'll post everything i can remember, notate!

I just think this is a board who even now arn't able to put themselves in our shoes and try and give appropriate updates, perhaps more regularly.

You need updates of the right nature even more when you're going through a tricky period.

Tonight's investor webinar is going to be interesting.

I accept there is the Vox markets seminar of course coming up too but even still...

I don't see why they don't attach an operational update too.

Just for comparison i'm looking at Hunting this morning who have provided a full operational update to investors. Given how much there was to say at the AGM i find it odd they don't do the same.

If it wasn't for the very generous posters here who attended and shared their notes we wouldn't be any the wiser.

I dread to ask but.... VAT issue?

One final question... they explicitly stated funds secured for kouroussa had been used on yanfolila?

thanks again, very informative.

Could you not have left the last bit out?

It was pretty positive until then!

Maybe bonkers but this talk of liquidity risk is worrying when they talk about improving the operation. Yanfolila can lose us bucket loads of cash or not.

The board appear to be saying that the worst case scenario is possible.