Member Info for Playboy007

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...

It looks to me like the cash burn has been around $30m. The Kouroussa CAPEX was $90m and they had a $100m loan from Coris. There will of course be premining and ramp up costs, which if I remember correctly are around the $20m mark. There is a $20m overdraft and I notice they were already $5m into that. They also have the Bunker Hill shares and I am sure soon the Pasafino shares. I can't see a sale of Dugbe before the Kouroussa ramp up. As we all know the performance at Yanfolila is crucial here and I am nervously awaiting Q3 numbers. Based on their production guidance for the year, it is hard to envisage an AISC above $1500 if they are in target. That would mean around 25,000 ounces for the quarter. It would seem a huge turn around. The recoveries are good and the excavators seem to be running effectively from what we have been told. So I am hopefully there are processing higher grade ore, as per the mine plan, and we get a bumper Q3 and Q4. If they manage this then free cash should be $200 per ounce at present prices, which means $5,000,000 per quarter at $1700 gold. If they maintain that for the next 4 quarters you have an extra $20m, but G&A looks to be about $13m per annum at present (which needs to come down!). My summary, if everything goes according to plan (lmao), it is still very tight, but there is a chance of getting through without additional funding. The trouble is, if they mess anything up in the next year we will get annihilated. A raise at the current MCAP would decimate any future value we perceive. It would be great to see additional lending put in place as a much needed buffer! Fingers crossed, butt clenched.

Could well be pumping prior to attempting a raise. Almost certainly would have been better to wait.

Just took 100k and 2x 50k. I must be an idiot.

Now if I know Danny boy we'll see another RNS tomorrow stating they have run out of money.

N

How depressing. I really hope this isn't going to zero and can recover at least some of the lost ground over the medium term. Bracing myself for 0.

There are plenty of miners with AISC around $1000

They still haven't drawn down the last tranche of the loan and first pour at Kouroussa moves ever closer. Will they need to raise, that is the question. We will have a much better idea after Q3 numbers. Touch wood, no horrific RNS this quarter. Hopefully, that means 25k ounces and sub $1500 AISC. One can dream. Come on HUM, please don't continue to mess it up!!