Medusa Share Discussion Threads

[polaris] 02/4/2024 20:51

Another update but not much that we don't know. Think this will be a drawn out process but any agreement and relisting will be great given the current pog. Every cloud...

[polaris] 20/3/2024 18:39

While it will take some time to ensure that all agreements are fully documented, there is now a reasonable chance that X64 will eventually return to an ASX listing with a workable agreement in place on operation and further development of the Co-O mine. Let's see how this develops.

[polaris] 20/3/2024 18:23

Progress!!

[bushtuckaman] 12/3/2024 05:25

C9AJL, interesting indeed. I screen grabbed a few interesting sections from the recent half year report. Recent production figures, which I hadn't seen before...

[ilostthelot] 11/3/2024 19:29

Me to. We wait in hope. Still got a few.

[polaris] 07/3/2024 13:57

Baby steps. There is a lot to resolve in the intracompany disagreements, ownership and so forth. At this stage, I just want a resolution that'll lead to a viable relisting.

[c9ajl] 07/3/2024 13:17

You would hope, but all the commentary on the events up to now, and 2023 gold production are included. Quite an eye opening read.

[geckotheglorious] 07/3/2024 11:27

Half Year Report
For the 6 months ended 31 December 2022

Should we be expecting a half year report ending December 2023???

We are now March 2024!

[c9ajl] 06/3/2024 22:30

HALF-YEAR FINANCIAL REPORT31 DECEMBER 2022Https://assets-global.website-files.com/625624dea6f87c59c23b175d/65e28beaa5908d3aa4b26a4b_Half-Year_Dec_2022_Financial_Report.pdf

[polaris] 03/2/2024 09:07

That's a revealing update. I think they are working towards resolution with PMC. However, I think that resolution will be that Villanueva is the 60% owner of PMC, not beholden to hold it on behalf of X64. The inter company arrangements will then follow and X64 return to listing in a manner that reflects relative ownership. It'll lead to action against previous leadership but at least return some value to shareholders.

[c9ajl] 02/2/2024 23:32

Progress UpdateHttps://assets-global.website-files.com/625624dea6f87c59c23b175d/65bc672f7ab26f5b0f3ff9bb_2024.02.02-ASX_Announcement-Progress_Update.pdf

[c9ajl] 24/1/2024 22:05

Legal Settlement Reached with Ryan WelkerHttps://assets-global.website-files.com/625624dea6f87c59c23b175d/65b0e0664bebc663bd5e3f2f_2024.01.24-ASX_Announcement-Settlement_with_Ryan_Welker.pdf

[naughtynicky72] 24/1/2024 15:51

We will all wait and see has been a long road so far but hopefully near the end has the mine been operating as normal over this time ? With GOLD GOING up into the $2000 !

[polaris] 24/1/2024 12:03

A couple more steps on the road to relisting today. Still need the resolution of ownership of the 60% of subsidiary before that can happen and end DOCA.

[polaris] 23/12/2023 01:37

Surely that is alleged 60% control of PMC, as it is still under consideration by courts as to whether it happened or not. I will not believe anything, unless it is backed by court mandate and the DOCA interim team.

[c9ajl] 22/12/2023 23:38

Copied from a HotCopper: Letter to shareholders UPDATE AND SEASON GREETINGS FROMPHILSAGA PRESIDENT JOSEPH P. MAHUSAYDear Esteemed Ten Sixty Four Shareholders,As we approach the close of what has been a challenging year, I feel it is important to address you directly. Whilst my last correspondence to you was some five months ago in July, I want to assure you that this period of silence cannot be considered as inaction. My team and I have been working tirelessly behind the scenes to navigate and rectify the complex situation we are currently in. The absence of updates until now has been a necessary measure, as we must respect the timeframes and processes inherent to the legal and governmental systems in the Philippines.It is with a sense of renewed purpose and progress that I now reach out to provide you with an update on our journey and the developments that have been achieved thus far. This letter is not just an update but an earnest discourse on our current challenges and the path forward. Additionally, I extend my heartfelt holiday greetings to you and your families. Our journey this past year has been fraught with challenges, significantly impacting our operations and shareholder confidence. Key figures have played pivotal roles in creating the current situation. We know that there are people who are driven by personal vendettas which have had far-reaching impacts. Their campaign to unseat the previous Board was marked by aggressive and ethically questionable tactics. Their intent was very clear - to place allies in positions of power within X64. However, this move has led to instability and uncertainty, diverting us from our growth path and strategic objectives. This situation was further aggravated by the misappropriation of the Co-O Mine in the Philippines committed by certain personalities. Their actions, post-termination, have not only been illegal but have also jeopardized our operational integrity and shareholder value. The collusion between pertinent persons within PMC to destabilize and, we assume, attempt to take control of X64, has been detrimental to the Company and yourselves both personally and financially. Their tactics, fueled by personal motives, have not only been unethical but have also threatened the very fabric of your Company's integrity and value. We are dedicated to taking all necessary legal measures to ensure they and their enablers are held accountable for their actions.A defining moment in our recent journey will be the recognition by the Securities and Exchange Commission (SEC) here in the Philippines as we are already working on it closely with our new connections and legal luminaries who are helping us get there. This will definitely mark our claim and full control over PMC as soon as possible and we will take necessary legal action along the way. In the current tumultuous landscape of X64, the actions and decision-making of the current Board have raised significant concerns, particularly when viewed against the backdrop of substantial directors fees. Most notably, the involvement of two directors who undertook an unauthorized visit to the Co-O mine, blatantly disregarding local sensitivities and preferences. This incident, prior to their directorship, casts a long shadow on their judgement and commitment to the Company's welfare. Adding to this, the roles of several shareholders on Board have not aligned with X64's strategic and financial objectives. Their focus seems to be more on the benefits of their positions rather than contributing substantially to the Company's progress. This is particularly concerning, especially with the publicly available information which further invites scrutiny. Most critically, the decision by the current Board to place X64 under voluntary administration was not due to insolvency but stemmed from their own inability to secure insurance - a clear indicator that this was not a decision made in the best interests of the Company or its shareholders, but rather one of self-preservation. Such actions question the efficacy of their governance since taking over on June 20, 2023, and whether their leadership has translated into any concrete benefits for X64 and its shareholders. This lack of alignment with the Company's welfare and growth underlines the pressing need for a change in the Board, towards a leadership that prioritizes the Company's and Shareholders' interests over personal gains. As Shareholders, you have the right to scrutinize and question:? What tangible actions has the current Board taken to rectify the operational and financial challenges the Company faces?? How have their decisions since taking over in June 2023 translated into concrete benefits for X64 and its Shareholders?? Is the compensation they draw justified by their contributions to the Company's welfare and growth?In response to these challenges, I propose a strategic restructuring of the X64 Board - an interim Board whose sole purpose is to get X64 relisted on the ASX as soon as humanly possible so that you the Shareholders can trade your shares as and when you choose. This proposed interim Board would include myself, a highly respected legal professional from the Philippines and two other Australian professionals. This is not just a structural change but a strategic move towards unifying X64 and Philsaga. As the legitimate 60% shareholder in Philsaga, my presence on the Board, along with a fellow Filipino, ensures a unified vision and operation towards our common goal. This proposal has garnered the support of some of the major Shareholders, reflecting a collective desire for recovery, change and progress. This new board structure is aimed at fostering a more cohesive and efficient approach, uniting X64 and Philsaga to focus on recovery, growth and ethical governance.On another note, I would like to express sincere gratitude to Mr. Jeff McGlinn, who despite no longer being an officer of X64, has been instrumental in our journey. His commitment as a shareholder and his personal contributions both in time and finances, have significantly helped steer us towards where we are today. His support has been invaluable, and for that, we are deeply thankful.As we enter the holiday season, a period for reflection and renewed hope, I am grateful for your continued resilience and patience. The challenges we have faced together have only strengthened our resolve to emerge stronger and more focused.May this festive season bring peace, joy, and moments to cherish with your loved ones. As we look forward to the new year, let us unite in our resolve to turn challenges into opportunities for growth and prosperity. Let us do so with optimism and a renewed commitment to our shared goals and the bright future of X64 and Philsaga.Together, we will strive towards a future where X64 and Philsaga, as one, achieve their full potential, delivering the rewards that you, the Shareholders, rightfully deserve. Yours very truly,Joseph P. Mahusay President Philsaga Mining Corporation

[bushtuckaman] 01/11/2023 16:23

The saga continues





'Operational Update
Throughout the course of the Administration, mining activity has continued at the Company’s
subsidiaries. Total gold produced for Financial Year ended 30 June 2023 was 78,081 ounces. Total
gold produced for the three months ended 30 September 2023 was 17,749 ounces.
The disputes in respect of the alleged transfer of ownership of PMHI are ongoing and are currently
before the Filipino Courts. The Company is not currently a party to any such disputes.
As noted in the Report, the Administrators’ position is to await the decision of the Filipino Courts to
determine the legal owner of the 60% shareholding.
The outcome of the disputes may impact the ownership and control over PMHI and accordingly are
expected to be relevant to the future operations of the Co-O mine. While such disputes are underway,
certain corporate limitations have been imposed on PMHI which have impacted the financial
restructuring of the group.'

[polaris] 22/8/2023 22:50

Better pay those listings fees X64. You do not want to be officially suspended from ASX. An update might be nice too...

[boadicea] 10/8/2023 20:42

For those that couldn't access the link above (the site might not meet certain security standards), below is a copy of the more relevant part -

"Now, the Australian company over which Mr Welker and Mr McGlinn were fighting, X64, appears to have lost control of the Co-O mine, which produced almost 90,000 ounces of gold last year, worth about US$162m (A$245m).
Two opposing Filipino camps, one of which has links with Mr McGlinn, claim to be its rightful owners and tensions on the ground are high.
According to local media reports, in May former cop Joseph Mahusay, who has reportedly previously acted as Mr McGlinn’s security guard, was among 21 men temporarily detained by Philippines police after leading a convoy of 11 cars that sneaked into the Co-O mine site by tailgating dump trucks through the gate.
Cops allegedly found three Glock handguns and dozens of rounds of ammo hidden in one of the cars.

Last month, directors put in place by Mr Welker appointed administrators Martin Ford and Simon Theobald of PwC to sort out the mess.
X64 owns 40 per cent of the Co-O mine directly but the remaining 60 per cent has been held for it through what the company has described as “various agreements” that it said entitled it to all the returns from the venture.
This arrangement was necessary because Philippines law requires at least 60 per cent of a company that holds a mining licence to be owned by locals.
Until recently Philippines lawyer Raul Villanueva was recorded as the owner of the 60 per cent stake, which he agreed to hold on trust for X64.
But in May last year the shares were allegedly transferred to two other Filipinos, Mr Mahusay and Ramon Austria.
Federal Court documents filed by the administrators show that the transfer was allegedly executed by Mr McGlinn, who was at the time executive chairman of X64 and held a power of attorney from Mr Villanueva giving him the ability to dispose of the shares.
However Mr Villanueva has cancelled the power of attorney and in February told X64 that as a result the share transfer “will be considered null and void”.
He said he had also cancelled the trust arrangement between him and X64, making him personally the owner of 60 per cent of the mine.
The battle between Mr Villanueva and Mr Mahusay and Mr Austria over ownership of the shares is currently before the courts in the Philippines.
Mr Ford told the Australian Federal Court that he and Mr Theobald needed more time to investigate and asked for permission to put off a second meeting of the company’s creditors.
Last week, Justice Mark Moshinsky allowed them an extra six months...."

So no hurry then ... and as polaris says, it will take some time.

[geckotheglorious] 10/8/2023 11:23

I don't seem to be able to access the site.
Just times out.

This site can’t be reachedarchive.ph unexpectedly closed the connection.
Try:

Checking the connection
Checking the proxy and the firewall
ERR_CONNECTION_CLOSED

[glavey] 03/7/2023 12:48

Telegraph.au reporting, July 3, 2023:

National Indigenous Times, June 19, 2023:

The West Australian, 18 June 2023:

[c9ajl] 03/7/2023 09:14

Appointment of Voluntary AdministratorsHttps://uploads-ssl.webflow.com/625624dea6f87c59c23b175d/64a277bb612c9db05d6e7abd_2023.07.03-ASX_Announcement-Appointment_of_Voluntary_Administrators.pdf