Medusa Share Discussion Threads

[goldminer70] 09/10/2015 08:04

Announced today.
AGM 12th November

[chipperfrd] 09/10/2015 03:50

This year it is on the 12th November.

Medusa Mining Limited advises that its Annual General Meeting will be held on Thursday 12 November 2015, commencing at 9.00am (Perth time) at The Pagoda Resort & Spa, Esplanade River Suites (Pagoda Room A), 112 Melville Parade, Como, Perth, Western Australia.
The Notice of Annual General Meeting and Explanatory Memorandum will be dispatched to shareholders of the Company today.

[stevea171] 08/10/2015 16:31

Goldminer. Can you get the cruise liner to stop off for a few days in Mindanao as well?

AGM last year was 20th November which was a Thursday. So if they keep to the same schedule you should be able to attend on Thursday 19th whilst in Perth and represent ADVFN UK investors .... !! :-)

[goldminer70] 08/10/2015 15:58

Good posts from Steve and Tightfist.
The question of an AGM is interesting.
Do we know when the AGM is ~ I have looked and sent an EMail but no avail.
My wife and I are going on a cruise next month and we will be in Perth 17th to 19th Nov, although the missies wouldn't be too chuffed if I told her I was going to an AGM.
Does one have to be present to put forward a question?
Could we use an agent?
I would chip in £50-£100 towards someones airfare to attend, would we get another 10 contributions.
Goldminer70

[stevea171] 08/10/2015 14:39

Very quick response from GD. Very good of him to pass it on to 'The Board'. Hopefully someone like the Chairman will respond in due course on behalf of this group.

There is an AGM coming up so what is to be done about the share price may be raised from the floor at the meeting by an institution or PI?

Dear Steve,

Thanks for your email which I shall pass onto to the Board. I was retired from the Company when it delisted.

The percentages below were before delisting.

Regards

[stevea171] 08/10/2015 13:28

Tightfist. Well done.

[atlantic57] 08/10/2015 12:13

That is a good email i wonder what response you will get.

[stevea171] 08/10/2015 08:50

Goldminer. Thanks. I have other holdings but don't post on other boards these days as I don't have the time and there's too much negativity.

A lot of PM investors are either out of the market or out of their target stocks trying to get the share price down another 50% before they will consider investing or reinvesting .....

Re a London listing I will write to GD for clarification.

[goldminer70] 08/10/2015 00:23

Steve
Another excellent post. Why not send it directly to Rob Gregory? When we mett him he seemed very receptive. If not could Tightfist print it off and give it ti Rob.
You seem solely to write excellent post on Medusa. It is good that you haven't become disillusioned and moved to pastures new.
Goldminer70

[stevea171] 07/10/2015 22:15

Medusa Mining (ASX:MML) A$0.42, A$87.3m – Building production towards target levels

• Medusa Mining suffered a run of around 14 missed targets / profit warnings in a row.

• They can not blame lower gold prices but they can blame a former management for a lack of investment and lack of forward mine planning.

• Medusa’s move to raise gold production from 65,000ozpa towards a target of 200,000ozpa was never going to be easy but the team are at last closing in on a new target of 150-170,000ozpa.

• In all the chaos, the company committed the greatest of offences and delisted from the London Stock Exchange.

• Raising production required the instillation of a new larger mill and associated plant along with a massive expansion of the mine including new shafts and development of around 100 working underground stopes

• One of the main problems they had once the mill was up and running was getting enough ore in to fill it.

• The solution was a new shaft which is currently being built at a cost of $10m or an extra $80/oz to the AISC.

• Once this is up and running it means the total hoisting capacity will increase from 2.4kktpd to 2.7ktpd.

• In the meantime mill utilisation (design capacity 2,500 tpd) has improved and is now at 75% while the recovery for Q2 remains at 94% (this has been fairly steady).

• Another big issue was dilution however by changing the way they pay their contractors from a per tonne mined basis to a m3 blasted basis this has improved stope grades by 50%.

• The installation of tramming loops allowing continuous one way traffic to the Level 8 shaft hoppers, new fans to increase ventilation, dewatering and new internal shafts are all helping to lower costs and improve efficiencies.

• Looking forward Medusa plan to do further resource drilling from Level 8 and have recently bought 2 underground rigs allowing them to retire their underground drilling contractor – further cost savings.

• The results of the resource drilling will allow the board to make a decision as to whether or not to push ahead with the L16 shaft, a 4 year project which will be funded through cash flow.

• Production guidance for 2015-2016 remains 120k – 130koz at an AISC of $900-1,000/oz. Expect the AISC to remain high in the medium term while they complete key infrastructure projects.

• While fixing the problems at Co-O remain key they are not ignoring their other projects. Though there is no word on the copper porphyry exploration expect an updated resource estimate on the Bananghilig Deposit by December and a scoping study will follow. At the Giunhalinan Prospect they will start scout drilling shortly.

• Without wanting to tempt fate it appears that the problems at Co-O are at the very least under control if not almost behind them. They remain unhedged and have no debt so as the cost savings come through we should see them drop to the bottom line allowing the company to rebuild their cash position (currently c. $14m).

www.proactiveinvestors.co.uk/columns/sp-angel/23315/today-s-market-view-including-berkeley-energy-gemfields-medusa-mining-noricum-gold-and-others

[stevea171] 07/10/2015 16:23

Technicals. Cartel trying to prevent breakouts.
Gold chart (left side) at 100 day MA.
Silver at 200 dma.

[stevea171] 07/10/2015 15:56

Tightfist/Goldminer.
From my notes of the April presentation:

Relisting on LSE.
When pressed as to why this is ruled out Geoff stressed it was not his decision but the Boards. Main consideration:
93% of shareholders on the shareholders list are in Auz. Cost of ASX listing $140k/yr.
7% are in the UK. Cost of LSE listing $400k/yr.

New Service shaft.
Completion approx 15 months from now. Then production increase to 2,700 t/d from 2,400 t/d now ie

68,000 ton/mth x 3 mths/qtr x 7.2 gm/ton / 31.1 gm/oz x 95% recovery = 44.9k oz/qtr = 179k oz/yr

This will be the theoretical maximum for the mine/mill at Co-O, so the 200k oz/yr figure is no longer used.

Mine should be operating at 7.2 gm/t, not 5 gm/t. Rob expects progress towards this 7.2 figure as a result of a new payment system for the miners that is becoming effective now and will be complete in 10 mths time.

94% or 95% recovery is seen as the likely upper limit for recovery (93% now).

[roguetreader] 07/10/2015 13:40

Nice to see gold move up but can't believe the shorters are going to give up that easily. I suspect there will be Lots of spikes and drops to come yet, before a clear trend emerges.

[tightfist] 07/10/2015 13:06

Steve,

Yes, nice price/volume action for MML today. It seems as though when the US wakes up at around 2pm UK time, the PM market makes a Surge (recently) or a Lurch (for the past six months, at least).

Maybe the renewed prospects of ongoing low interest rates (cf low cost-of-capital) and foreseeably weak economically-driven stock markets are working for us?

[stevea171] 07/10/2015 11:00

At close: MML $0.510 +$0.055 (12.09%)

Spread .50 - .515

79 buyers for 1,352,878 units 15 sellers for 154,976 units

So 9x as many buyers as sellers at the close. The most I have ever seen.
Investors caught out of the market antipicating a global financial collapse are being wrong footed by this (minor so far) surge in the PM's.

[deka1] 07/10/2015 09:47

hi TF , yes you could be right about 2nd half qtrs being a bit higher than the first two qtrs,i hope by the end of the co year next June they are producing 35kozs a qtr and heading for 150kozs + for 2017 year,by then the new haulage arrangements for the shafts will be in full swing,and higher grades that will make a big difference to the production .

[tightfist] 07/10/2015 09:14

Hi deka,

Agreed, there has been a notable improvement in understanding of the geology and clarity of drilling strategy over the last 11 months. I was intrigued when Gary Powell stepped down from his NED/Board position to become a full time regular employee as Manager, Geology and Resorces. My guess is that his appointment was associated with establishing strong leadership, and putting the original L16 shaft proposal on-hold whilst Co-O geological understanding & interpretation improved (and the new Service Shaft provided a short-term uplift). We have also seen the release of some tenements and proposals to scout drill other properties.

I would like to see 30,000 Oz for Q1 but I am not quite that bullish. They have notably backed-off mill utilisation in July and August. As L8 shaft availability and head grade rises during the year, IMHO there is plenty of scope to make the full year guidance, but maybe somewhat backend loaded.

Cheers, tightfist

[deka1] 07/10/2015 08:33

HI Eintracht how ya doin,the bump up in gold price is helping mml along with the new understanding of the mine geology , thanks i think to the efforts of Rob Gregory and his team, is this the turnaround ? I think it might be,we will get the first qtr report in a couple weeks , and as they say in the latest presentation the 120k130k prod targets are on track, that points to around 30kozs for the first qtr, good luck old pal , you been here a long time , hang in there lol.

[eintracht] 07/10/2015 07:33

I must be bloody stupid. I bought some more today at 49c. Where are the men in white coats ?!!!!

[aim_trader] 06/10/2015 14:58

Robert Gregory of Medusa Mining will be presenting with Proactive Investors at the Chesterfield Hotel in Mayfair on Thursday 8th October from 6pm. To register, please click here:

[stevea171] 06/10/2015 14:57

Tightfist. Good that you can go to the presentation on Thursday. Chip, Goldminer, Swallowsflysouth and I were at the April one but it's a fair slog from NW England and less than 6 months ago.

I agree with Goldminer that the question of a second listing in London should be raised at every opportunity.

The Aussie PI's who post on HC are mostly traders with little knowledge of or interest in Medusa. It's just a way of making a quick buck for many. With Van Eck's stake now sold off the significant institutional support is down to just two with 5% each. Imo the share price urgently needs to be relisted in London probably at a fraction of the cost of 1 director's salary!

It seems Medusa has little shareholder support in Auz. This has been tested and proven in the past 18 months since the London listing was cancelled. So a rethink has to urgently be undertaken.

If necessary Medusa should cancel the ASX listing and put the saving towards an LSE listing. CEY has a huge following on the LSE and TSX but is an Australian based gold miner operating in Egypt with no listing as far as I'm aware on the ASX.