Member Info for Punter64

Production could easily have been less than you imagine. With the rainfall accumulating throughout Q3 (worst in four years) the pit will have become wetter and wetter, meaning that July's 4800 oz might have been the best month. also there was a mill relining. It really isn't rocket science even for a guy wearing rose tinted specs.

We should have found all this out over a week ago but HUM seem to be delaying publishing the figures. I wonder why?

Yawn.............

And we are still waiting for you to explain why this isn't even at 60% of name plate production after 16 months!! How about you finally getting around to answering a question?

This was supposed to be over 4g/t when it was commissioned. Seems like a pipe dream!

BPat it will probably never hit 120k oz pa! I ask you again - what do you think the issue is with this mine? It was supposed to be at 120k oz pa in H2 2023!! Nearly one year later and it isn't even at 72k oz. Something is clearly wrong here.

So, the current plan is to borrow from Peter to pay back Paul?!

Jammin, I agree. The longer this goes on for the less likely it is that they will ever mine Kou at the anticipated levels. There does seem to be something wrong. What that is I don't know. Meanwhile Yan doesn't appear to be doing too well either and the best days are over for that mine IMO.

Can you imagine what the situation would be like here if gold wasn't at a record high - I am pretty sure this would be in administration by now.

It is clear things are not going well with this 'ramp up'. So at the end of last year net debt was $134m. Today's news shows that it now stands at $135m and the company has had to take on a further $20m of unsecured debt to help keep the lights on. So much for all the $millions this company was supposed to be making according to the rampers!

'The Company is in advanced discussions with Coris to partially restructure its outstanding debt and to reschedule payments due under its agreements with Coris. Following progress made in these discussions to date, Coris has agreed to defer payments totalling approximately US$30 million (including accrued interest) due on 31 October 2024, pending agreement on the wider restructuring being concluded on or before 6 November 2024. '

Wow - things are not going well by the look of it.

An RNS out today but still no mention of commercial production or any mention of the Q3 results. What is going on?

I suspect it will be next Friday Bushy. IR said that an RNS will come out stating when the Q3 results will land. So, probably that RNS tomorrow announcing next Friday will be the big day. Let's see.

Absolutely incredible - still nothing. November tomorrow. Oh well perhaps sometime before Xmas!

BPat, don't forget that virtually every day saw rain during the season, so that will probably have caused a cumulative effect as the season progressed and the pit was in all likelihood more and more sodden with each passing day. So, it could be that July was the best month. All speculation I know, but a distinct possibility IMO.

BPat full production was supposed to happen in H2 2023. The excuses about Corica and also the oil refinery fire happened in 2024 and only for a couple of months. They don't IMO adequately explain the massive miss here (ten months). Furthermore, you say they have' ramped up quickly' since Corica returned but you are simply guessing until we see the Q3 results. Judging by the fact that commercial still hasn't been announced I would argue that the ramp up has been very slow, but we can agree to differ on that point until we see the results.

In addition to the wettest rainy season for at least four years and the recent mill relining the recent strategic review RNS contained a number of clues suggesting that the performance of the two mines continues to disappoint and it is no surprise that commercial production (only 60% of nameplate) has yet to be announced. Below are the salient points from the RNS:

1. Hummingbird is currently formalising the engagement of a leading industry expert to conduct an independent review of the Company's management structures and operational performance. The scope of work is aimed at restructuring the business to maximise operational performance and efficiencies across the Group.

2. The review will include corporate restructuring initiatives aimed at cost efficiencies, improved governance, and enhanced accountability, ensuring overall improved performance. A Chief Transformation Officer will be appointed by the board.

3. The Company is conducting a comprehensive evaluation of the Company's assets, which may involve divesting non-core assets

4. While the ramp-up at Kouroussa has continued during Q3-2024, lower-than-forecast mining volumes, delayed pit staging, and processing plant optimisation have delayed the achievement of commercial production, which the Company now anticipates reaching in Q4-2024.

5. Dan Betts will formally transition from his current role as CEO and Interim Executive Chairman to the position of Executive Chairman. In this role, he will focus on overseeing the strategic review and guiding the long-term development of the Company

6. The ongoing poor performance has forced Hummingbird to secure a loan facility of US$30 million from CIG SA

7. The Company is also progressing with several other non-equity financing options to further strengthen its balance sheet as it reaches full operational capacity over the coming quarters.

Not long now until we find out what the above all mean for the Q3 results.

It is. I am expressing my opinions about what is going on and they offer much needed balance to you rampers. The Q3 results will show who has been misleading others on here. Not long now until we see what is going on here. The fact they have been delayed by two weeks or more doesn't auger well IMO.

One of the explanations might be that the training for local staff seems to involve pushing toy trucks around in the mud, but you might have some other thoughts on the matter?!

I'm here to add some much needed balance to the mad rampers on here who are trying to suck in the unwary. Talking about dodging questions, what is it in your opinion that has caused the massive delay at Kou? Full commercial was supposed to happen in H2 2023 and yet a year on they haven't even hit 60% of that target. Grateful for your insights!

Yawn! You just can't deal with anyone having a different opinion so you run off to admin. Much better to look at both points of view for balance. This company's track record proves that point if nothing else.

Rest assured that if HUM had hit commercial production they would have announced it. After all they are desperate for any bit of positive news. My forecast is an RNS on Friday announcing that the Q3 results will be out a week Friday.