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Hey BB2,
Wise words indeed. I would love to attend, but can't make it unfortunately. I would really appreciate it if you could feedback and perhaps raise the idea of management taking a pay cut based on prior performance. Or maybe question why G&A has risen so much. Do you know the deadline for voting after the GM? As in would there be time to consider feedback, or is the GM the last opportunity to vote.
*waiting for ore
The Kouroussa update is a video showing the site. The takeaway is that it isn't finished. If memory serves, at this point Yanfolila was completely constructed and it was just a case of waiting g for ire to complete the circuit, with CIl tank time being the longest wait. This is clearly going to the wire and it does seem very unlikely they will complete without the additional funding. I am wondering if I should change my vote to avoid wipe out here. Then try and organise you people to pressure/remove management afterwards...
Thomas Hill buys £5 worth of share in an attempt to instill confidence... Unimpressed. Dig deeper boys.
I know the sensible thing to do is vote through the resolutions because otherwise this risks going under. However, I've just voted no to everything. I've already lost so much on this and I am completely fed up with the inept management. They could save some money by removing daddy from the board and getting rid of their investor relations for a start. Then Dan and Co can take a pay cut and opt to be paid in shares. Stop taking the mick!
I know the sensible thing to do is vote through the resolutions because otherwise this risks going under. However, I've just voted no to everything. I've already lost so much on this and I am completely fed up with the inept management. They could save some money by removing daddy from the board and getting rid of their investor relations for a start. Then Dan and Co can take a pay cut and opt to be paid in shares. Stop taking the mick!
Can anyone share any precedent for the Malian government move?
Can anyone let me know which email address they are using to contact management. I've tried to get hold of them this week to no avail.
Dan needs to go. I did try and organise this a while back, but nobody wanted to here it.
Q3 update, highlights:
1) Mining volumes were below forecast, mainly due to the fact that I can only get so much ore in my lambo. Also, I haven't actually been there this quarter.
2) All in sustaining costs were higher than anticipated (A boy's got to eat!)
3) We did find some gold. I just whipped around the back of the sofa with a hoover now and again.
4) We have taken all possible steps to mitigate any further underperformance. I met this bloke down the pub and he said his dog was very good at digging holes. The dog has joined the board on £200k a year and we expect to see a dramatic improvement in Q4, honest.
What nonsense. The directors have no interest in buying shares and they never have. They get paid lovely salaries, which they are happy to keep taking. There is absolutely no justification for keeping Stephen Betts on the board, or Dan for that matter. Haha
Ages ago at Yanfolila.
Cluck cluck, I hope they still have their heads attached.
The directors bought a poultry amount on a bad news release. It didn't and doesn't instill confidence, unfortunately.
At some point global financial system will buckle and I expect gold will go to the moon. If HUM don't go bankrupt before then we can all buy new lambos.
ecoverability of VAT
In line with our mining convention in Mali, the value added tax (“VAT”) exemption period of 3 years came to end on 5th April 2021. VAT is
now paid at 18% on qualifying purchases and reclaimed from the Government of Mali. The time to receive VAT from the Government of
Mali is unpredictable. Although all VAT submissions related to 2021, have been submitted to the Government, due to sanctions we have
only been able to offset approximately $1.9 million of VAT against other taxes at the end 31 December 2021 in Mali. At 31 December 2021,
we had $11.2 million in VAT recoverable in Mali which is expected to be received via offset of future taxes or cash. Indications are once
sanctions are lifted; recovery is expected to resume. The timing of recoverability of these amounts is unpredictable and are subject to foreign
currency risk as the amounts are recoverable in West Africa Francs (“CFA”).
If Kouroussa comes online with an AISC anywhere near planned then still very profitable at this POG. Only 5 and a bit months to go now. Fingers crossed that Q3 at least isn't loss making. If gold drops much further I'll buy physical. We all know the higher rates will cripple a world full of debt sooner or later and there will be a policy reversal. Then my bet is on helicopter money, hyper inflation and the death of fiat.
So hotter than expected = more rate hikes expected = gold annihilated
It's up over 30% today. Perhaps Dugbe news is on the way.
I also note that their sold gold price is about 5% loser than Shanta's. Bumper profits on gold coins anyone...