Member Info for Playboy007

It looks like HUM are incapable of running a gold mine at a profit. I know it rained a lot, but there should be margins of safety in the engineering. Now the gold has already been mined and there are some other poorly defined issues. Once upon a time a thought this would be a multi-mine company, but AGG and Bunker Hill poured cold water on that. It looks like a blessing now, as there would just have been more mines to lose money on! The 1p options showed complete contempt for long term share holders. Add it all up and you have poor, self-serving management that do nothing but lose money.

It's $20M plus about $9M in inventory. How things pan out will depend on at what capacity they can keep running at and what expense the remediation comes in at. Frank said that Bert stated they are still profitable at the current run rate. If that is true, then there is no problem at all. If it isn't I hope they have paid the bulk of exploration and ball mill costs already (who knows), then the burn rate would be a lot lower. Bottom line is they need to lower the gradient on KE at least, it will cost, but moving dirt isn't exactly rocket science. I can't them raising more funds, unless something else goes wrong, and there is no way the remediation is going to cost what has already been knocked off MCAP. The only concern is Bunker Hill and Dan behaving like a lunatic again.

Thanks Frank, did you get an indication of timescale and if other areas will also need remediation? What about the tailing pile? Are you back in?

Looks like someone is accumulating to me. Always hard to know, but a lot of large round trades going through which appear to be buys. Time will tell.

I bought a few more this morning. Maybe stupid, but I know the company well and the risk/reward is just about acceptable at this level. Will continue to add if it falls further. I do think Dan needs to go now though and he can take Thomas Hill with him.

If FSJ has gone, you know there is a serious problem. He will have been straight on the phone to Dan/Bert...

I am sure they will find another way to get the free shares. That 500k salary will never be enough. I have held HUM for 2 years, but I am really fed up right now! Wish I’d seen the RNS drop as I’d have sold out. Looks like I am in for a long wait now. See you in a few years...

"Under the terms of the loan agreement, the lender may, at any time prior to maturity, convert any or all of the principal amount of the loan and accrued interest thereon, into common shares of Bunker at a price per share equal to $0.85.

In the event that a notice of conversion would result in the lender holding 10% or more of the Company’s issued and outstanding shares, then, in the alternative, and under certain circumstances, the Company would be required to pay cash to the lender in an amount equal $0.85 multiplied by the number of shares intended to be issued upon conversion."

This seems to imply that HUM can demand cash back now before the BNKR balance sheet is completely depleted. Has anyone contacted HUM on this issue? I think I might have to tomorrow if not. Have a substantial investment here!

I am still a bit confused with what has happened here. Now it is over 15 days after initial default, does that mean Bunker cannot now purchase the mine from Placer Mining? I thought that BNKR still had a couple of million on the balance sheet and the lease payment was only $400,000. So why would they default on the lease? Also, if they have cash on balance, can't HUM get their $ back? I guess that will depend on details of the loan agreement. why is there no comment from BNKR or HUM on this? I would be very grateful if someone could shed some light on this, or just their thoughts. I have/had a lot of faith in the integrity of Dan Betts, but I am left a little stunned right now.

Even if it turns out to be a delay the cash burn will mean more dilution. Personally 8p and I'll take a gamble on it with a few spare £.

Is Bunker Hill definitely off the cards? I haven't had the time to keep track here for a while. Thinking about topping up. Can someone explain what happened with Bunker Hill? Are there problems with development? Have they gone under? Will we get our $ back? Thanks!

How come this fell so much recently? Is there a problem with the build or financing?

It needs to go a lot lower with no news on permitting out before I would take a punt. Complete gambling at this point. We know at best there are delays and dilution and at worst you lose everything. Hardly a compelling investment case!

Thanks aw2414, I really kneaded that.

Is up a lot today... news tomorrow?

We both know at some point rising interest rates will trigger a recession. Then the printing press will start up again and gold should go ballistic i.e. 5000. HUM have low enough cash costs that they will still be there when the good times roll again. Who knows when that will be, but definitely looks like more pain coming our way. I'll stay focused on the end game rather than try to trade.

The simple way to see hoe PoG is affecting HUM is to look at it in £. It has fallen from £1000 an ounce to about £930. Not pretty!

Hmm Dan Betts says "people think of us as a West African gold miner, when we are actually an ambitious mining company". Ummmm check your corporate video Dan http://hummingbirdresources.co.uk/corporatevideo2018.

This is becoming really depressing. What have I missed? Why falling again now?!

Looks like maintaining the status quo in Mali, which surely is a good thing. Relatively good anyway!