Member Info for Strider4

AISC - absolutely disagree that CAPEX to extend the life of mine should be excluded from the AISC. How else are you going to sustain production beyond 7 years?! For that matter, maybe the explo costs should come under AISC too, since it is needed to extend the mine life...

Ref the receivables balance - the last set of figures showed that the payables dwarfed it. Interested in the net here of course.

FJS - If 130k oz is the nameplate, why are they targetting less than that for 2019 and giving themselves a healthy dose of free shares if they exceed it? Especially since the second ball mill is due to come online in Q3, so it should give a 4-5 month boost. Yes, it's clear that HUM can produce at least 100k oz, but it is FAR from clear whether or not they can do it profitably. Whatever you might say, the jury is still out on that, and it won't be clear for quite a while yet. The shre price ain't going to rise on trust now. I imagine the market will want proof and proper proof is going to take 6 months or so. Then they have to show they can weather the wet season.

Ah Visitor, so you are aware of that other quality share then! Yes, you are right, they will have spent probably about $10mil of the $104 now, so I should update it. I wouldn't go so far as saying it's "incredibly hypocritical" though! Lol. Here, the situation could be verging on another cash call from the shareholders. There they did a $45mil placement at a 30% premium to the then market price, to the biggest miner in the world. The story makes sense there and the chart is beautiful. Here, neither the story nor the chart are yet telling a story that I'm interested in.

Discodave - one thing that confused me in NT's latest post was that he said he sold FFX for a £75 loss...now if memory serves, he not only bought at 119p and 138p, but also a further top up in the 140s? Anyhow, how did he manage to come away with only a £75 loss. Did he only invest about £500? I don't think so. I am skeptical about his loss reporting.

Can't see how this is not a bargain. The market for this is HUGE and FFX are making the right noises.

Northman - it includes the operational and capital costs required to sustain production at nameplate (I believe). Isn't nameplate around 130k oz/yr? It can't be to sustain production at guidance, as that is a moving feast.

The second ball mill is supposed to increase production, so would not be included within the AISC. However, if, with the addition of the second ball mill, annual po-rata production is still sub 130k oz, then I don't see how it would be justified to exclude it from the AISC...

Visitor - you think you understand the accounts. Well that's great. I'll wait for the FY report and confirmation of profitability first thanks.

Yes, I'm fully aware that they don't put trade payables in the trading update - that's one of the beauties of it, from their point of view. The budget was $9 million - how much have they actually spent? The ball mill was $13 million - how much of that is sat in trade payables? A fair bit I think. So, it is FAR from clear whether or not the operation is even profitable yet, or when it will be. Having to take out an additional loan in the first year suggests things are going close to the wire, and it certainly does not speak profit.

Ref the PEA, it's been Q1 delivery for over 2 months now (since the webcast in November). I was hoping for a January delivery, but on second thoughts I think I prefer a late Feb/early March delivery.

Hopefully, that allows them to integrate some more drilling into it, as has been said many a time on here. Plus, it keeps the carrot dangling a bit longer, frustrating the traders. If the PEA were released now, we might see the usual rise and then drift back. But, give it a bit more time to stew and to get those drilling permits seems better to me now. A PEA released into a backdrop of excitement about drilling BN, La H and PV will be the perfect scenario.

BBG - good for you that he has delivered that. He has, so far, delivered nothing to shareholders with an average of 36p and above however. And any new money will want to see returns on it from here, not back patting and dipping hands into the till for achievements gone by. No doubt NM sees this as his baby. Although I can understand the point of view, it is wrong. It is wrong because he does not own the company (apart from 90 million shares' worth - many of them sourced from options). He is competitively salaried and being paid to do a good job. Anything less lacks integrity. If he could have done this on his own as a private company maybe he would have. But he took it public so that he could tap shareholders for money. Now that is of course fine, but at that point you give up the ownership.

NM has done well at managing SOLG in the move into Ecuador and the moves since - clearly that's great and it's one of the reasons I'm invested here. However, he also seems "expert", as testiment from shareholders in his other companies shows in addition to what we've seen here, at helping himself to a large portion of the pie at the shareholders' expense. It smacks of entitlement and greed.

"(a) Production Tranche: 1/3 of the options will vest if 120,000 (or more) ounces of gold are poured between 1 January 2019 and 31 December 2019." Reasonably fair, part from the quantity of free shares and it should be tied to profitability, not separate - i.e. if they deliver 120k oz at an AISC of say $1100/oz then that is turd and should get no reward.

(b) Cost Tranche: 1/3 of the options will vest if the Yanfolila AISC (as announced by the Company) as normalised for a US$0.86 / litre fuel price and a US$1,200 per ounce gold price is equal to or lower than US$800 per ounce sold.

Seems fair enough apart from the caveat "(as announced by the Company)". Good one - we've seen what that meant last year.

(c) Performance Tranche: 1/3 of the options will vest based on the individual performance of the participant and the Company's safety performance, which is at the Board's discretion."

This one is just a complete joke. Define "individual performance"! 1/3 of the shares based on the safety performance! LOLOLO. So they could have a shambles of a year, bring the company close to bankruptcy but have a good H&S record, thereby awarding themselves a load of free shares?!

Visitor - what is pretty clear is that you have your rosy specs on.

I know that AISC does not include non-sustaining CAPEX and exploration. How much did they spend on explo? Not a lot I think. And how much on the new ball mill? Quite a lot. But in those numbers just reported, guess what - we only see the long term debt. One of their favourite tricks seems to be to hide items in the short-term trade debt...Like I said, full P&L statement please. If there's nothing to hide why not make it nice and transparent.

If AISC was anywhere near $800 in Q2 and some of Q3 the I would expect their position would be MUCH stronger now. It isn't though.

Sands - I think what you are missing was the whole conversation a couple of months ago in which it became clear that the Q2 AISC was in fact nowhere near $790/oz...

The AISC for 2018 was terrible - the FULL balance sheet and P/L statement will tell no lies. Either they are profitable or they are not. I don't believe they are at the moment and I won't until I see said balance sheet and profit/loss statement. Guidance for 2018 was around $800/oz wasn't it? What's changed now? How are they going to achieve it this year? Given the shocker last year, this is certainly not something that shareholders should take on trust - it is something that the RNS should have addressed in detail - not a throw-away one-liner.

Amateurs FSJ? I sold at 36p. What's the share price now? Am I tempted to re-enter yet? Not in the least.

Had to laugh. Their guidance AISC for 2019 is $800-900 - so they're going to magic that down from the terrible performance last year. Using a wand or something more substantial?

Bobmuckie, "MATHER gouging cheap or free shares. "

Yes, that's exactly what he's doing here too. Sadly greedy and lacking integrity, but other than that he's doing a good job at ensuring that he gets value for his 90 million shares, and mine along with them.

For those who are new to the share:

1) Alpala - Tier 1 copper-gold porphyry.
2) Exploration upside - 11 other primary targets with 5 priority. All show surface potential to be significant resources. Latest news - PV15 surface expression better than Alpala (03/01/19)
3) Cashed up ($104 million in the bank)
4) CEO has plenty of skin in the game (90m shares).
5) 2 Majors on the share register (Newcrest and BHP) and recently active:
a) BHP unveiled new investment strategy - projects that could turn into the next tier 1s...well we have that confirmed already here. BHP's recent (Sept 18) "aggressive" purchase of Guyana's 6% stake, followed up by an "efficient" purchase of a further 5% at a 30% premium to the then market price (Oct 18).
b) Newcrest upped it's stake by 2% to 15% (Dec 18) in an off-market transaction at a 15% premium (40p) to then share price (36p).
6) Strong upcoming newsflow (PEA - ANYTIME, drill permits - PV RNS implied Q1, assays for Alpala, regional news - 6 month backlog due anytime, resource updates, potential conditional funding packages, PFS at end 2019).
And the biggie - Takeover Offer (this is a very real possibility given the tier 1 Cu resource and two Majors on board).
7) Ecuador making the right moves to become a mining friendly jurisdiction. It needs revenue to replace depleting oil supplies and it doesn't have to look far to see how rewarding good mining policies can be (Chile), if you've got the natural resources.

Imminent sounds good. Final sign off from the Environment Ministry - is that something they reported in an RNS/presentation or a personal comms?

Imminent sounds good. Final sign off from the Environment Ministry - is that something they reported in an RNS/presentation or a personal comms?

"Drilling is scheduled to commence on regional projects in Q1 2019, subject to FINALIZATION of relevant permits".

Crossing the Ts and dotting the Is here's hoping.

"Drill testing and ground magnetics planned at Porvenir Target 15 in Q1 2019."

BU, how's Condor Gold doing? Not a lot of gold and it's still buried isn't it? With a fundraise to get it through the BFS and drilling programme on the cards...

Strong set of results. Usual Brexit caveat - most of them do. Discounted 33% now from the fairly recent high. Business has grown fantastically in the last year and management expect further growth next year, in spite of Brexit.

Once the Brexit debacle is over and I am hopeful it's either going to be very soft or no exit at all, then this should fly. Seems cheap and I have added more here.