Member Info for Rickylfc5

Listened to Betts talking to Zak Mir (last week) 4 times now and (unless he's outright lying) Hummingbird are way undervalued. He reiterates that we are on the cusp of a heavy increase in output and that there is great value in today's share price. He also talks about de leveraging in Q4. We need patience of only a few months for the output gains to wash through to cash generation but every fall in the share price really does test that patience

I share your caution BB2 (particularly over the next few months) but they did forecast zero net debt at the end of 2024 in their presentation in June - either way the cash should start to flow next year if they can hit production numbers

Bushy - there is no chance of 30m FCFin Q3 - Yan will probably do around 18000 and may make 3 or 4m Kor probably around 6000 with a loss. Q4 could see around 44000 (for both) and in excess of 20 m FCF. Next year should be exciting if production goes to plan (plus a decent gold price)

David - they have never managed to produce enough gold to pay down Debt. The additional mine should allow that to happen - hopefully circumstances have changed

Kkk - what are they going to do with £100m ish per year (for several years) once they have paid down the debt at the end of 2024?? Also, why are other miners (with similar assets) valuations many times higher than ours - we will rerate if management can achieve production goals and thus gain the markets confidence

Gold Investor - did you see the Companies reply re the Wagner issue -

For your information security for the Yanfolila mine has nothing to do with the Wagner Group. There is no question of sanctions against Hummingbird.

Yanfolila is located close to the Guinea border, well south of Bamako - some distance from where the current challenges are happening in the eastern part of Mali.

It was from Buchanan their PR firm

Sent a query re Mali and Wagner - this is the reply

For your information security for the Yanfolila mine has nothing to do with the Wagner Group. There is no question of sanctions against Hummingbird.

Yanfolila is located close to the Guinea border, well south of Bamako - some distance from where the current challenges are happening in the eastern part of Mali.

I hope that helps.

There have been quite a few large trades that have been classified as unknown (whether buy or sell) but I’m sure a 1.5 million trade would have been at a low price if it had been a sell (bearing in mind how nervous the MM seem to be) It would be great if CIG are buying but with no RNS it seems not to be them. With 26% you would think CIG would want a presence on the board

I share your optimism Miner (but cautious due to many previous let downs)

I see 5 risks

Political - stability of West Africa - ok atm but always risky

Cash - have they got enough to get Kou to nameplate - they say they have

Gold Price - still looking good

Execution - can they get Kou to nameplate - at least they have experience from Yan - so hopefully yes

Gold deposit - is Kou as good as predicted - it’s on a renowned gold belt and the test amounts looked decent

If all goes to plan (have I missed anything?) then cash flows of £100m should surely demand a significant rerate??

Change of subject - just looking at DB’s presentation in New York earlier this month - he had Yan around 95k for this year and Kouroussa at 55k which would be fantastic. Assuming Q3 is around 25k and Q4 would be about 30k - Kouroussa could easily generate $20m+ in Q4 alone

Thanks BB2 - did Dan talk about the Wagner risks?

Agree BB2 - we should be OK cash wise but not as flush as Bushy thinks. Did Dan and Tom offer any other opinions on cash position or share price expectations???

Fully agree Billy - the development costs will keep rolling in and we will hopefully squeak it from cash flows. Towards the end of the year we should be in the clear and if Kouroussa performs well in Q4 cash balance should recover

It probably won’t be that good Bushy - isn’t there bills to pay for the Kouroussa construction??

Our you part of a shareholder group Wraith ? (You mentioned ‘We’) - do you hold many shares??

I'm not sure drice - volumes have been very low and the type of trades don't look like institutions. More likely its PI's who are either taking a profit from the 6p days or they are panicking and selling as others sell.

It does seem crazy when we are targeting an EBITDA of more than the MC. They need to make sure that the positive news flow continues - maybe starting with a positive AGM statement next Thursday and then into July with production numbers and full 200k ramp up projection.

Agreed Bushy - most portfolio theory points to between 10 and 20 stocks ((Mr Buffet doesn’t spread too much either) Under Miner’s 1% advice (being too much) you would need in excess of 100 stocks - you may as well buy a tracker

Why 9th June Magoo? You’ve already got the divi even if you sell now