Member Info for Guvvi

Yes they will. I had a period where we were into the bank for quite a bit and had to keep extending and re-financing things to make ends meet. We were waiting for business to pick up etc which we were sure would come. Every time our overdraft got extended or we organised payment holidays or whatever they charged us for the ' new ' facility. This is how banks make their money - they're a bank.

They never once suggested taking over our capital intensive business that they don't understand, can't run and wouldn't want to sell in a hurry to the lowest bidder which would take ages and result in huge problems.

Id guess that Coris will be flexible if the base case is still very strong and progress is being made. 77m dollars is due in 2024 and 9m has been paid already. What if they get 50m back this year and roll the remainder into next year? Sounds perfectly reasonable to me and risk-free for both parties ( as long as progress is made going forward now ).

Sounds far more reasonable than ' Coris will take the business they already own and wipe out shareholders ' or ' another equity raise at 5p is coming '. Why on earth would the bank want a huge controlling stake in a multi jurisdictional mining company!?

This is all dependant on Hummingbird continuing to deliver more at Yan and little by little at Kouroussa too. I agree if their production goes backwards now they could be in big trouble. Regarding CIG stake i'd say its more likely half of it gets sold at a profit to whoever wants to help fund Dugbe later in the year or 2025.

I think really importantly too and i've heard this many many times either from them direct or in this presentation Coris are being genuinely supportive. That's absolutely key here and should give us enough time to just get that bit further and crack on.

Dugbe is a monster and gets me very excited if we can survive long enough to see it !

I was thinking of asking something similar. A long time ago now ( 18 months or so i think ) DB said there was a strategic review of Dugbe underway but we've not heard anything about why that did or didn't lead to anything. And yes i agree it is worth a huge amount of money atm.

I doubt you'll get a straight answer on the matter because we don't ever get straight answers to questions raised on the calls but im going to submit a similar question as well as one about the cash burn.

So...

q4 2023

0.2m dollars adjusted ebitda and net bank of 134m dollars including gold.

q1 2024

7.1m dollars adjusted ebitda with net bank 135m dollars including gold. Between q4 2023 and these figures though around 25m dollars of the placing has been used to ' strengthen the balance sheet '. Given that the burn is probably worse at the start of the quarter than the end given their improvements i'd very roughly estimate that the cash burn monthly is less than 1/3 of the part of the ebitda that was cashflow and the 25m from the raise. So maybe it's 5m cash burn per month and getting better all the time? Hard to say and i'd welcome any other constructive views from people on this. If it is getting better though and Coris are understanding, gold is flying and Yan q2 should be better as planned and Kouroussa gets better too then this could very well be the beginning of a non-dilutive period where we get back on track bit by bit.

Same it's not on the list at all yet. keep trying!

Wish we had a proper cashflow but q1 ebitda 7.1m dollars, 9m dollars debt repair but 6.3m dollars debt drawn down. Kouroussa should get better little by little now even if Corica dont come back to work. I am surprised and whilst the debt might need to get put back or reworked slightly this looks promising.

I don't think the hedge is the source of all our trouble lol. Remember in 2020 Hummingbird looked like a great business, gold was high at the time and they just had Yan and no debt. Sadly since then almost everything has gone wrong and most of it could have been avoided by really experienced businessman with experience in mining. Even one of the analysts notes quite rightly pointed out that other operators in Mali haven't had the issues Humm had that year, it was self inflicted.

We really need to find out how bad the cash burn is at the moment and what the plan is to manage any cash situation and also what operational plans tie into that. If this picture looks doable and well thought out this business is probably incredibly cheap. Unfortunately its been on problem after another for 2/3 years now so you'd be a brave person to bet either way.

I just feel there is enough incentive for everyone to find ways to support each other in this somehow for it to fall apart suddenly. Dugbe must be worth a small fortune with gold near here too !

Yeah sorry i was kinda writing shorthand. I meant 1m of shares. I'd really like not to hear loads of bad news tomorrow !

I'm gonna take a very hopeful view here. I think that between the NED having his 1m shares at 11p or whatever and the gold price being what it is you've got a very motivated team to work through this problem. We know Yanfolila is on track and is not affected by the walkout and maybe - just maybe - the cash burn isn't so bad.

Exactly how they are working through the problem i don't think we all fully understand yet but i can see a situation where it isn't so bad. I also will say i can't see why the bank would want to take over a company that's already struggling. It makes no sense to me so i'd say they might be happy to either postpone a bunch of payments or stagger them for the time being. Don't forget banks charge big fees just to re-negotiate things or enable new facilities which is why they exist - they don't want to take over multi jurisdictional struggling gold mining companies ( in my view ).

A raise is very possible too i guess but again i sort of doubt it for a few reasons.

Find out tomorrow - fingers very crossed.

Shaz i think the NAV now includes a valuation of the put option. JV has mentioned this as one of the reasons for the uplift in NAV previously. The NAV is an assessment - one way or another of our ownership of things. Most are fairly illiquid right now and the put option ( even if JV wanted to exercise it ) might not be paid by Ascendant ( they don't have that sort of cash lying around ). How you think that affects the value currently as a discount to the NAV is your call. Maybe the situation is much clearer and different this time next year or maybe it isn't hence what Florence says.

But as Florence says if we could exercise the put option and sell the Luca mining stake as an exercise you've got a lot more than the market cap in cash.

Yes i see all the references to a linkedin post etc but i couldn't find anyone with the actual link to it? I was reading it last night but i still couldn't find anything on Zimalco's website, nor any twitter bits or linkedin articles or posts. Have you got an actual link to what people on the ADVFN board are talking about?

I still cant find any link to anything. People have quoted things i can't find anywhere!?

The link to the linked in article is there? i couldnt find it at all! let me have a look.

Has anyone actually been able to find this Linked in article? I had a look last night and couldn't find anything anywhere.

Yeah it's tough but Dan makes it sound impossible. If i was Humm i would have stated whether Yan mining is affected at all and also given shareholders a summary or view of the current financial position. We own the company and we don't know if a major issue with a major supplier at our new large mine is actually dangerous for the company and over what time frame.

Every RNS is so vague and hopeful or full of pointless legalese type prose. Just talk to us about the risks in plain english as though your mother is a shareholder and has asked how things are going !

Id like to say they won't go bust. I mean the RNS makes no mention of serious financial issues specific to this new development... However i've heard Dan speak at least 3 times in the last years and within weeks found his rosy picture isn't quite so rosy. The fact he always sounds bewildered about the markets pricing but always shoots himself in the foot is pretty ironic.

That said i bought 5k more at 5.45p this morning as surely it is in everyone's interest to get this issue sorted somehow included the debt holders. I know everyone here loves a conspiracy but i can't see how Coris want to inherit their own debt with no working miners/management. If the reply is they can sell Humm in a debt ridden state to a few people then you clearly believe Humm is worth a fortune today as well. I'd guess if push comes to shove Coris will delay some debt on different terms or something and allow Humm to do a deal with Corica.

I think he's right hence if i was Corica i could ruin the company now if i was so inclined.

Yeah this is what worries me, Corica won't back down easily now and they could be as difficult as they like i guess. It really could be a serious issue. If i was Corica CEO or whatever i could be a total nightmare to Humm now.

Only 4 years here thank god - i feel wrecked already!

This is an excellent question and if you ever find an answer please let us all know. The level of bewilderment this company are responsible for amongst us is truly mind blowing. we've got a NED who committed to buy around £1m of shares not 2 months ago and now they've got a very public request for 27m dollars from a key supplier without whom we won't mine very much.

Vague RNS from Hummingbird, detailed response from Corica, nothing from Hummingbird yet. I can't think of a situation that requires an RNS more than this asap. Hopefully time zones aside we will get one asap. We got one at 9:30am tuesday so i can't see why timing should be an issue today.