Member Info for Guvvi

thank you.

Can you just clarify this so i'm certain i understand what they're implying/you're saying? Whilst i got my holding verified and was planning to attend i couldnt make it in the end so the lovely Tracey got some questions from me which she said will be answered.

They are saying that the COO is making improvements? Their forecasts for production this year are still roughly accurate even halfway through it then?

The risk is that despite this 'liquidity risk ' exists i.e Yanfolila and Kouroussa might create too much debt in the short term/medium term?

This seems tough to take out of context maybe you can help @adamsmithfreethi ?

FD bought at 10.7p feb 2022 too.

Exactly what billyboy says.

Yeah exactly and for us to end up with a bad deal with Pasofino currently valued and invested in by ESAN at supporting levels plus ( if you put much reliance on this ) Humm director buys around 12p i've got to think the odds are in our favour on dugbe from here.

I remain very concerned about Yanfolila though. As a friend of mine said recently ' if they can't sort it out then the damage Yanfolila could do to the business is almost unlimited '.

AGM time next week!

I'm going too. i'll feedback the same just like the webinar last night.

Fingers crossed there is some more good news here, the pasofino webinar last night did have some insightful bits.

The present value of those future monies at 5% is just daft either way. If you had to put up the capital amount needed for those future cashflows what would you pay for it? i'd be wanting a 15% return at least frankly.
Now that could come from accepted cost savings too or other variables but i'm not getting too excited about the NPV figure at all.
I am ( without any expertise in this area ) becoming quietly confident that it can't reasonably be worth less than Hum's market cap today and i accept i could be way off and you're closer to being right.
But i think if the valuation difference here was that obvious and large then a few mining buffs would be invested by this stage.
If somehow the sale of Dugbe was worth 100m sterling to us then we would be roughly debt free cash free but with Kouroussa paid for. Then maybe you have a 200k ounce gold mining operation on 2 jurisdictions this time next year.

We might have 100m of debt by then too don’t forget.

Yes the costs look very conservative and if the price of gold falls below 1500 the fuel levy benefit steps in. Looks a good project with at least a few interested parties…

Sorry for the typos I’m on the iPad and it’s old.

Dos = dfs

pasofino have just said the following on their webinar interview…
Strategic objectives timeline 6 months ish.
The reshuffle was around keeping costs low during this period as they don’t need high costs now that the dos has been done - this had already been agreed for a long time.
They have had more contact than just ESAN regarding dugbe.

He maintains dugbe be will get built and it very attractive for all sorts of operational reason. Also they focused only on a few areas where up to 66 ( 66! ) are actually within the permitted zone. Their cash only stretched to a dfs on a relatively small part of the dugbe permit.

This isn’t a ramp I’m just passing on the info for us all.

It looks like they have no intention of developing the mine themselves so what's the point of ****ging Dan Betts off endlessly in this context?

If its a great mine then it'll sell to good operators as such, you're right and Dugbe is worth more.

Your message makes no sense.

:)

Im just saying i could only find already sensibly discounted NPVs bought at about a third of the NPV. I present no further evidence on the matter.

Can't wait to find out though!

But if you do turn out to be right i will apologise in person with a very nice bottle of wine. :)

Id adjust that discount rate too and for what it's worth the only other examples i could find ( where the npv was already lower due to a higher discount rate ) were about a third.

So id conservatively halve your 28p ish maybe more given we are at 5%

i still think its undervalued somehow hence my silly shareholding.

I agree something must be close ish for sure. Also agree some sort of ownership change is planned, they've said it twice with the DFS and re-iterated it strongly today too.

Not sure on your 28p.

Watch this space...

Also AGM time next week my 1.2m shares are voting against all resolutions and i'm attending.

If this has anything to do with their very firmly asserting strategic objective of realising value though it's certainly happening quickly isn't it. DFS was only last week and now a board reshuffle... hmm.

I'm not intending to disagree with you about everything i promise. But why consolidate the assets and ownership in Pasofino only to conduct an asset sale rather than a share sale? I'm not an expert on structuring these things but it seems weird.

What i will say is Mr Stalker still has 3.3% of the shares of Pasofino ( pre consolidation i believe ) so i'm pretty sure this will be being done with his blessing and must make some sort of sense. In fact thinking about it he must be looking at a share sale on that basis right?

I mean anything is possible but I can't see why if that was true it would be dealt with like this out of the blue.

When a company gets bought he just has to resign at that time rather than re-organise the roles now. Bit weird.

So Ian's role and COO will not be performed by one man ( sadly called Dan , ha ) .
The COO has resigned.

Ian will continue as a consultant working with Dan to achieve the strategic objectives.

This seems a bit odd tbh i can't see why this would benefit the business and its aims more?

Ian Stalker has stepped down as CEO of pasofino... interesting. Didn't see that coming.

" the company is aggresively pursuing strategic options with the sole purpose of providing value for all stakeholders "