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All - thanks for comments back. I would like to disagree with myself too as Galantas has all the hallmarks of a nice little future operation and I feel some affinity to it being only 45mins from my wife's family home. Make's a change thinking about investing in a gold mine in UK when all the ones I've ever invested in are in politically unstable jurisdictions.

With gold going throw the roof and GBP at rock bottom reducing GAL's eventual AISC costs, it's the perfect scenario for GAL.

So in this context the placings are incredibly frustrating, particularly in the sense that most operations this far in advance, with proven business plan, assets as collateral and revenue stream with agreement in place with a refiner, could easily negotiate a loan with a bank - the remaining Capex can't be that much this far advanced. Gone are the absurd days where GAL agreed a loan at LIBOR +8.75%! There would be Irish and UK banks biting their hand off, offering a reasonable interest rate. The last 2 placings could have easily been avoided, with a bank loan instead.

They could have framed the need for a placing/ bridging loan so much better:
1) Extension of veins in development phase positively impacting long-term Life of mine.
2) Optimisation of machinery - sounds a bit business speak to me, but at least flesh it out a bit more to confirm how it will improve Opex/ AISC.
3) Provide update on development ore shipments. Where has all this revenue gone? In Q1 2019, they had $4.3m of finished goods in inventory - it was zero in prior quarter so I assume these are the concentrates ready for shipment. Whilst they "recognise" the revenue upon shipment, I assume they may not actually get paid said revenue until it arrives and is refined in News Brunswick. With other companies I've invested in that ship concentrates to refiners, sometimes delay from shipping to refiner to finally getting paid once concentrate is processed can be 4-5 months. At least this would provide confidence there is a lot of delayed revenue to hit the books.
4) Provide update on timeline to commercial production, with remaining milestones.

Just my 2 cents for this evening, apologies for rambling post.

Just when I was thinking of turning my small punt into a more sizeable holding, GAL do another significantly discounted dilutive placing. Becoming a bit mickey mouse after they were confident there would be no such need for further placings after the last one.

The lack of any updated information on estimated commercial production (as nebulous as "late 2019", which is already delayed from earlier estimates) or any idea on the revenue from the concentrate shipments means until there is more transparency and clarity, investors will stay clear even with gold at $1,450+.

Could end up being the punt of the year after this news, if this truly is the last last placing, but there is just too much uncertainty. I hope they sort out the this uncertainty in the next update - the Q2 2019 should be due in Mid August?

1) Stockpiles for wet season in 1st year: some revisionist history there in consideration commercial production was only achieved April 2018 therefore very little time to stockpile, coupled with the worst wet season in decades and all that went with it. With remedial works required and a collapsed bridge, HUM reacted extremely quickly to source a barge at very short notice and all the other remedial works required.

2) Capex: I fear you are getting confused between sustaining capital included in AISC and non-sustaining capital such as 2nd ball mill not included in AISC. I'm not saying the latter capex is done and dusted, but the bulk for now is out the way (until they restart non-sustaining exploration in future), albeit residual amounts to be worked through in payables considering Ball Mill only just completed.

Based on Terry's optimism, anyone hazard a guess on potential dividend yield we may find out about the end of this month when Accounts released?

Someone on ADVFN mentioned Liberum House Brokers estimates of dividend yields were 1.34 (3.9%) for this year and 1.8p (5.3%) for next. From memory I seem to think the Liberum estimates were made some time ago, unless these are updated ones? I would hope with the basket price and progress where it is, dividend yields would be higher - perhaps 5% for this year and 10%+ for next. Particularly as next year Capex reduces significantly.

Not only is there the $5m in gold inventory, but a lot of the cashflow would have been used this quarter for Capex, to pay down the elevated trade payables from said Capex for 2nd ball mill. So this of course won't show up in the Net Debt figure.

Going forward with Capex works behind us (albeit will still have payments from this in Q3), the EBITDA of circa $8.6m this quarter should start to more resemble positive changes in Net Debt position.

In fact with an increased gold price, if they can achieve 29K oz per Qtr, we could be looking at EBITDA of $13m+ (assume $1,400 gold price, AISC of $950 and 29k Oz production).

Agreed - good mitigation indeed in event any slowdown during wet season. 200,000 tonnes at lets say 2.86 g/t (avg. grade in Q2), looking at 18,400 Oz of gold in the stockpiled ore (if I've done my troy oz conversion correctly).

Edit: *now back up to steady state in May & June

Robust set of results and AISC per Oz should continue to come down with increased through-put and production. Clear that April they were still working through issues and they're not back up to steady state 9-10k Oz per quarter, even before 2nd ball mill.

If HUM were delivering as per DFS the sp would be many multiples higher, so not really a relevant comment in the context of the current share price and market cap. Show me a company that has delivered within their DFS in any case, I haven't found a single one. In any event the depressed sp and likelihood of increasing shareholder value needs to be analysed based on current conditions and results.

This quarter report shows how laughable it was when some were coming on here talking about placings/ equity raisings, seemingly completely ignorant HUM had an untouched loan facility of $9.6m (and still undrawn to date).

HUM appear relatively confident to meet guidance, 1 month into rainy season behind them. To meet the lower guidance they need at least 29K Oz per Quarter.

Taking it one step further to try and estimate revenue for this July-Sept 2019 quarter:

- Sales of 21,789 Oz (i.e. this quarter production gone due to lag in SLP receiving monies from refiners)
- Basket price $1,370 less 18% refiners fee = $1,123
- 21,789 x $1,123 = $24.5m Revenue 4E (add in by-products and Net Revenue could be $28m)

Next quarter we will not have a $5m tax bill nor will trade receivables increase ($3.8m - which increased due to the huge production number). Capex may be similar this quarter ($2m mark), however Project Echo must nearly be coming to completion, with less than $2m to go.

I could honestly see a huge cash build increase next quarter of $7-8m because of all of the above and I think the wider market doesn't quite realise the 4-month lag in payments, so may mis-understand the cash change going from $23.7m to $21.8m (due to $5.3m tax bill, $3.8m increase in receivables which will show up in cash next quarter and the fact revenue for this quarter is a product of production from last quarter).

I should add my below numbers for reverse engineering Revenue was for 4E only. You add the by-products in you get to the $20.2m figure.

Ragnar - due to the 4 month payment delay by refiners, to work out/ reverse engineer revenue for the quarter you effectively have to take last quarter's production (as that is the production oz being realised in revenue from refiners due to 4 month delay) and apply this quarters basket price (minus refiner's fee).

So as example:
- Last Q production ending March 2019: 16,256 Oz
- Basket price $1,328 less 18% refiners fee = $1,090
- 16,256 x $1,090 = $17.7m Revenue.

It is quite confusing so it would really held if they add a sales oz line in their table, as well as production oz. Most producers do this and even more important for SLP with the 4 month delay of refiner's paying out to SLP.

So just imagine how huge revenue will be for this quarter (Jul-Sept 19) when you take the elevated basket price we're experiencing multiply by the huge production numbers of 21,789 Oz that will be realised in the sales/ revenue figures.

If "steady state" production for SLP is now over 20k+ Oz per quarter and they can maintain that, we're in a world of 80-86k Oz per annum.

Looking very positive at present, maybe Investor Chronicle target of 50p and Liberum's revised target of 68p aren't too far off! My own target was around the 50p mark over next 12-16 months (of course dependant on PGM basket + production on guidance), although who knows if PGM basket keeps increasing like this.

If the quarterly production report can meet or exceed the market's expectations tomorrow, lets hope this momentum continues. We are now above £100m market cap so maybe that will also feed into a positive loop of more exposure.

We have Accounts end of August and hope for a more far meaty dividend announcement this year. The PGM baskets as you allude to Ragnar are very strong and Rhodium appears on the march again today. Perhaps it can start pushing near to $4,000 by end of year.

Edit - after platinum in 1st sentence I meant (diesel)

Rax - my limited understanding of Rhodium is that it's that it is used in both palladium (unleaded/ gasoline) and platinum (gasoline) based catalytic converters.

It performs a different function to the other 2 PGMs and cannot be substituted. Platinum and palladium were incorporated into the first catalytic converters when regulations mandated reductions in hydrocarbon and carbon monoxide emissions. Later, when NOx standards were added to the regulations, rhodium was incorporated into the catalyst mix. Despite its high price, there is no acceptable substitute for rhodium when it comes to NOx reduction.

Whilst the autos market appears pretty bleak right now, with new emission regulations in China and developing countries and tight supply for both palladium and rhodium, this should provide a strong base for prices. If China, India et al took a leaf out of USA's books and did a "cash for clunkers" campaign (boost demand and get rid of old polluting cars in place of never models with lower emissions), it could provide a further positive headwind for PGM prices.

Fingers crossed for promising July of positive reporting. I actually hope they stagger good news and if they need more time on the LoM update, so be it and issue that later in July.

I was one of only a handful of investors who went to the AGM. After the usual AGM resolutions, many questions were asked. The board and HUM team as a whole were very open and willing to answer all questions. I was incredibly surprised that with all the activity on these types of boards and the accessibility of the London location, there were no investors in attendance.

In terms of cashflow, they confirmed that the 2nd $9.6M loan which is a back-up for working capital is completely untouched and still undrawn. So that bodes incredibly well, considering there was so much doom mongering about "equity" raisings a month or so back. If they hit guidance, I doubt they will ever need this loan and it will simply expire. This loan facility is completely separate from the $9.6M loan for ball mill which has of course been fully utilised. Month of May was confirmed to be within guidance (my own shortcoming I did not ask about April) and it was of course too early to ask about June.

The SLP PGM basket is now at circa $1,360 (Plat $830, Pall $1,600 & Rhodium whopping $3,560)

Surprising SLP has been so muted to this rise. ZAR has strengthened somewhat from 14.8 to 14, which moving forward pushes up AISC in USD terms, however this is more than offset by the increasing Basket Price. Additionally, with so much money in the bank and with a sizeable portion in ZAR, the ZAR strengthening also increases SLP cash position in USD terms.

Fingers crossed for a strong last quarter production.

Can't keep up with Rhodium. Now in London market pricing, it's $3,170!

The Johnson Matthey Price Tables are pretty good for PGM Spot Prices, as it provides 4 data points per day for Rhodium (HK x2, London & New York):

http://www.platinum.matthey.com/prices/price-tables

Edit: on Rhodium I meant to say this is incredibly positive bearing in mind how bearish the auto-market is at present (with Rhodium predominantly used for both diesel and gasoline catalytic converters, to remove Nox and cannot be substituted by either Platinum or Palladium). Despite this lack of demand in autos, some how Rhodium is pushing up, which means supply must be incredibly tight.

One would hope with lower chrome ore prices (Chrome recently down from a low $165 to even lower $150), Samancor would be forced to increase production to offset lower sales price. That's of course if they can increase production.

- SLP's PGM basket price is still over $1,200 Oz

- ZAR now 14.8, this will reduce SLP's AISC in USD terms.

- Rhodium also appears to be making another stab at $3,000. In Asian trade it reached $2,960-2,995 area. This is incredibly positive in consideration of how

- Have not seen any news on Eskom load-shedding since mid-March which is positive, so would expect an un-interrupted calendar Q2 2019 and beyond for production, with Eskom stating they don't expect load-shedding for SA winter season.

- Slowly getting closer to period of news (FY Q4 2019 results end of July, followed by Accounts late August, 2019 Dividends announced either with Accounts or later in October prior to AGM in November). I would hope for a dividend of at least 5%, which would only equate to $5m pay-out and mean SLP still having a cash position of over $20m.

- With last known cash position of $24m and trade balance of $20m in its favour (trade receivables minus trade payables), this covers half the market cap when SLP starts to get to levels of only £75m market cap.

Fingers crossed for a 20K+ PGM Oz production quarter

Don't get me wrong I have some considerable gripes and I will be making them clear at the AGM, but some issues are being taken completely out of context and misrepresented.

I do urge all investors to try and attend AGM on 26 June in London and make your voice heard (indeed for other companies you are invested in too).

Whilst there are legitimate reasons for such a low sp, the market cap of £45m in my opinion is becoming absurd, unless there has been some inside information leaking that there is some Q2 production issues that we are unaware of.

You believe they need a placing in addition to the $9.6M undrawn Coris facility for working capital? And on basis of gold at $1,315+? People need to realise HUM have an undrawn facility of $9.6M completely separate from the $9.6M facility for the ball mill.

HUM have high trade payables + debt. The undrawn facility could cover trade payables/ working capital requirements if needed. The cash position, cashflow from operations + gold inventory could then cover the continuing debt payment requirements.

It would be unfortunate if HUM have another below expectations quarter of production, which may then need a placing. But it feels like people are making these placings statements without understanding HUM have a $9.6M undrawn debt facility.