Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
If I recall correctly the funding for Kouroussa was a few million short, so premining was going to be funded be Yanfolila cash flows. It seems they have used some of the build money to keep Yanfolila afloat during Q1. Therefore, if they are not hitting guidance right Now, it seems likely that a raise will be required. The thing is, I just don't think I could justify participating in any raise. Time to clench those sphincters.
I wish they didn't spend so much money on the PR company supporting them. Shouldn't be needed.
What's going on over here then? Talk of no spades in the ground. Last I heard finding was complete, construction starting and secured some cheap second hand gear.
Well, they got one thing right. It's definitely one for the brave. If you look at the mine plan it's pretty clear the grade should improve.
Tbh, I don't care at this point. I've sling these in the metaphorical 'bottom draw'. They will either go brankcrupt/dilute to oblivion, or they will turn it around and it will be worth multiples. We shouldn't need to wait long to find out either. A year or two and I'd be surprised if HUM was here. 50p+ or 0 imo.
I agree with January. They are losing money and unless things improve dramatically a raise will be required before Kouroussa is completed. Add a falling gold price and its tin hats time. I am overweight here, but unfortunately sub 10p would not surprise me. I won't participate in a raise if its required, which makes this very much an all or nothing play now aka gambling. I should have learnt my lesson with Dan Betts already. How many millions has he extracted from HUM now? I've found the new COO very uninspiring and the Yanfolila improvement plan just reads as fluff. The only thing if any substance was additional excavators and that doesn't seem to have helped much seen as some have been there throughout Q1. After the recent bout of unrest they said there was no damage to the plant and then, out of nowhere, a complete shutdown was required. It would seem they were shut down for a while, so the works/damage repair must have been substantial. I wonder how much the maintenance added to an increase in AISC, surely a little at least in terms of wages and materials. The recovery rates have improved, they have stockpiled some ore, and identified where they intend to source higher grade ore from going forward i.e. SW oxide. They have also said they will increase throughout, so we can see several variables which should increase production and reduce AISC. The worry, as ever, is instability in Mali, poor management, and here comes rainy season... Just thinking out loud.
Bonker has gone or heavily reduced then...
I suggested this recently, but there didn't seem to be any support.
Drown in debt and get taken over by a private group headed by Dan? It would be funny if I didn't own so many shares.
I am not sure where they are with Gonka, but that coming online should reduce costs. It's relatively high grade and near the processing plant.
But where would they park the lambo? It's not incompetence that worries me most here. If you look at the directors they are all doing very nicely out of HUM. Not that silly are they. Why is Betts Senior still on the board?! Last time I looked (2016) he was on over £50k per annum. For what? He's basically being paid back for all the money he sank into shares. Here's an idea, why not focus on growing shareholder value instead. Easier to just keep milking I guess and PIs don't even complain. Unreal.
Can anyone recommend any other Helium names?
Well, if that's the mood then I won't bother trying. with the low II ownership PI support would be essential. I've been here a long time guys, so let's see how you feel as things progress. Bonker your concern is touching, but don't worry yourself on my behalf.
All the bickering aside, the only thing I really want to know is would you support the removal of Dan? It would be good to get an idea of sentiment to avoid wasting any time. I thought the disappointment was unanimous, but I am sensing perhaps not.
Also, elucidate is a pompous substitute for explain. I should know, I use it all the time.
The deduction was based on past experience. If I recall correctly Dan and Co took some shares in Pasafino when the earn in deal was announced. Funny that they can't buy more than a few hundred quids worth of HUM. So, Dan will extract the value of Dugbe from HUM to Pasafino.
There wasn't really a strategy in the early days. It was, grab some money from daddy and go on an adventurous gap year. Dugbe was discovered and the market turned negative for goldies. Dan realised it was do something else or go bust. Picked up Yan on the cheap because it was an unwanted asset. Then disposed of non core tenaments into Cora and set up Bert. Dugbe should be sold, but Dan will probably either try to take it on or sell it back to himself and mates for a song.
I'll write to the institutional holders and see if I can make a compelling enough case for Dan's removal.
I think now is the time to take a shot at removing Dan.
So as soon as the DFS is complete Pasafino are going to take 100% and HUM will get 51% of Pasafino. Pasafino then do a load of very low equity raises, which Dan B and Co participate in. Then HUM sell their stake in Pasafino for peanuts, just like Cora. Got it. Crooks.