Medusa Share Discussion Threads

[deka1] 29/10/2015 18:11

How many tons of non existent paper gold naked short sells has this fall taken
I wonder

[tightfist] 29/10/2015 11:43

rrr,

Thanks. I hope Rob Gregory disregards that piece of Morgan Stanley wisdom. Demonstrating "steady state performance" is the last thing on my mind after 6 quarters of sequential production increases. The only way is UP!

Cheers, tightfist

[stevea171] 29/10/2015 10:29

Dek. The game is the same but the underlying situation is not.
India has been importing massive record amounts of silver but now it seems there is no silver. What to do? Unlike gold CB's hold no silver that can be loaned out or sold. How are they going to print physical silver?!

What to do?

[deka1] 29/10/2015 10:18

Steve hi, I don't believe there are any other players in the crimex pm futures other than the bullion banks and their proxies , I mean its common knowledge now the world over that its a rigged criminal game of massive naked shorting with one aim in mind. the piles of paper metal just go round and round through the same players ad infinitum , the money just goes back to where it came from on every play,why would anyone else play in a game they cant ever win.

[stevea171] 29/10/2015 09:58

Here we go again yesterday with silver and gold breaking out for the umpteenth time through the 'thou shalt not pass' 200 DMA and the CB's and their Bullion Bank agents dumping a pile of paper on the CRIMEX to put them back in their place ....

For silver this is the 4th time in a few weeks so there must be some prospect that the 5th or 25th attempt will finally be successful!

[atlantic57] 29/10/2015 07:21

The fed have been promising to raise interest rates but no e can't but why bother constantly saying they will.
Presumably in the uk the position is similar.

[nielsc] 28/10/2015 23:21

Is that boy shouting wolf again!The Fed will go bust if interest rates are raised, but they have to pretend to keep a lid on the gold price.Looking at the US$ gold price it looks like gold has bottomed and slowly climbing with a bit of volatility on the way. Can't stop the tide coming in for ever.Cheers,Niels

[deka1] 28/10/2015 21:11

Gold smashed down again, 25$$$ in a flash

[bluelynx] 28/10/2015 19:56

Hi Chip

I understand what you're saying but surely, eventually the market will realise that the Fed cannot raise interest rates and then gold will take off. In time I am confident the Fed will totally loose their powers to con people and the markets.

[bluelynx] 28/10/2015 18:49

For goodness sake how can the Fed not raising interest rates make gold fall and the US$ fly up, surely interest rates remaining unchanged is gold poisituve USDollar negative.

[tightfist] 28/10/2015 15:00

O/T: Silver up 2.2% in last 5 hours. Gold is rising but lagging somewhat.

[stevea171] 28/10/2015 12:32

Medusa HO Email: [e-mail]

Yes, Rob Gregory is not a Board member and as Ops Manager it is not for him to say.

[tightfist] 28/10/2015 12:09

Goldminer

Just a thought: It seems you could readily construct Andrew Teo's BGC email address using his colleagues' email address format on the BGC website.

Cheers, tightfist

[goldminer70] 28/10/2015 11:54

I agree that we need to contact the Chairman and Board of Ditectors. I think Rob Gregory is hands on rather on the Board.
Do we have any posters in Australia? I noticed Eintracht was the first poster to mention the Quarterly report when he said "Quarterly Activities out here in Oz" Do we know anyone attending the AGM?
Do we know Andrew Teo's EMail address?

Goldminer70

[cp42kx07] 28/10/2015 11:26

stevea171

I agree with your suggestion that as many shareholders as possible contact the company regarding the listing issue. I intend to do so.

At the very least an independent assessment would surely be worthwhile. The reaction to yesterday's report was bizarre.

[stevea171] 28/10/2015 10:18

Annual General Meeting will be held on Thursday 12 November 2015.

Independent Non-Executive Chairman (appointed 22 November 2013)
Mr Andrew Boon San Teo B.Com, UWA, (CPA)

Mr Teo is an accountant with 36 years of extensive and diversified experience in accounting, treasury, corporate, legal and business administration across several industries, including the mining industry. He is currently the Chief Financial Officer/Executive Director of BGC (Australia) Pty Ltd, one of Australia’s largest privately owned companies, with annual turnover in excess of $2 billion and 7,000 plus staff (including sub-contractors).

Mr Teo is a member of the Audit Committee, Remuneration Committee, Nomination Committee and the Safety, Health & Environment Committee.

[stevea171] 28/10/2015 09:27

CP42K. It seems there is now an alternative exchange for share trading in Auz called CHI-X that is becoming popular. Today for the first time HC is showing volume and open, high, low, close prices for CHI-X as well as ASX for MML trading yesterday.

MML volume ASX: 603,000
MML volume CHI-X: 73,000

So CHI-X trading of MML shares took a bit more than 10% of the volume but in future it may increase market share.

About CHI-X: hxxp://cmsau.chi-x.com/Portals/15/Docs/CXA%203%20New%20Participants%2028%20Sept%202015.pdf

I expect this will have no impact on the very silly valuation currently for Medusa and the trading antics of the participants in Auz. Large players play all the same games that we see on LSE to suppress price rises and to get the share price back down eg by putting large blocking trades on the order book to kill off buying interest.

Imo the Medusa chairman is the key player (along with PHB) in the axing of the LSE listing and any future reinstatement. We could all write to him direct before the AGM suggesting that he appoint a listing expert to look into what has happened to the share price since the LSE listing was cancelled and advise on the likely effect on the share price of a renewed second listing on LSE.

[goldminer70] 27/10/2015 22:42

The results announced today makes an opportune time to list the production over the last 10 years. Also listed is the gold price at the end of the quarter and the lowest and highest share price over the quarter ~ these are only shown since November 2006 (when Medusa was admitted to the LSE AIM listing)
The production in the last quarter 31,594 ounces is a record production. The previous was 26,123 ounces in Oct-Dec 2010, 26,859 ounces in Oct-Dec 2014 and 26,542 in the last quarter..

This list highlights the ridiculous low price of Medusa Mining.
When the production was 26,123 in Oct-Dec 2010 the gold price was 1,413.10$/oz and the share price was £4.26p.
This compares with 31,594 in the last quarter when the gold price ended 1114.30$/oz and the share price ranged from 17p to 41p.

Medusa’s 10 year Production Record, Gold Price and Share Price
Quarter................Date Announced........Ounces Prod...........Gold Price.........Low share price ..High SP
Oct ~ Dec 2005........ 30 Jan 2006.............2,323ozs................514.10$
Jan ~ Mar 2006........ 27 Apr 2006............1,813ozs................584.20$
April ~ June 2006..... 26 Jul 2006.............2,503ozs................613.50$
July ~ Sept 2006....... 27 Oct 2006...........3,522ozs ................596.80$
Oct ~ Dec 2006........ 27 Jan 2007.............3,647ozs.................623.50$..........30.0p......33.0p
Jan ~ Mar 2007... ....30 Apr 2007............1,315ozs.................661.50$...........32.0p......46.5p
April ~ June 2007.... 31 Jul 2007..............8,132ozs.................651.30$...........40.5p......54.5p
July ~ Sept 2007.......31 Oct 2007............5,050ozs.................743.10$...........41.0p.......68.5p
Oct ~ Dec 2007.........30 Jan 2008............3,686ozs.................833.50$...........59.5p......69.0p
Jan ~ Mar 2008.........16 Apr 2008............5,086ozs.................919.90$...........53.5p......64.5p
April ~ June 2008......23 Jul 2008.............6,187ozs.................923.50$...........53.5p......67.5p
July ~ Sept 2008...... .31 Oct 2008............6,986ozs.................880.40$...........39.0p......54.0p
Oct ~ Dec 2008.........28 Jan 2009...........12,158ozs.................863.20$...........23.5p.....39.5p
Jan ~ Mar 2009........15 Apr 2009...........12,716ozs................919.50$............35.0p.....84.5p
April ~ June 2009......22 Jul 2009.............16,009ozs................927.60$............74.0p....113.5p
July ~ Sept 2009.......28 Oct 2009...........18,054ozs................1,003.40$........115.0p.....191.5
Oct ~ Dec 2009........25 Jan 2010............21,108ozs................1,104.70$........175.5p.....238.0p
Jan ~ Mar 2010........14 Apr 2010...........25,505ozs................1,114.20$........165.0p......238.0p
April ~ June 2010.....29 Jul 2010.............25,012ozs................1,245.10$.........230.2p.....288.5p
July ~ Sept 2010.......28 Oct 2010...........25,004ozs................1,302.60$.........216.5p.....299.5p
Oct ~ Dec 2010........25 Jan 2011............26,123ozs................1,413.10$........298.5p......426.5p
Jan ~ Mar 2011.......27 Apr 2011............25,114ozs................1,436.30$.........379.5p.....462.5p
April ~ June 2011.....28 Jul 2011.............25,233ozs................1,507.40$.........400.0p......560.0p
July ~ Sept 2011.......24 Oct 2011............10,510ozs................1,624.10$..........414.0p.....546.0p
Oct ~ Dec 2011........30 Jan 2012.............16,270ozs................1,566.90$.........294.7p.....471.0p
Jan ~ Mar 2012........24 Apr 2012............18,258ozs................1,663.60$..........314.0p.....430.0p
April ~ June 2012.....31 Jul 2012..............14,502ozs................1,598.40$..........295.0p.....375.0p
July ~ Sept 2012......30 Oct 2012.............14,402ozs................1,773.70$...........291.0p.....409.7p
Oct ~ Dec 2012.......30 Jan 2013.............18,177ozs................1,660.30$...........350.0p.....414.0p
Jan ~ Mar 2013........30 Apr 2013............14,021ozs................1,596.20$...........269.0p.....368.0p
April ~ June 2013.....31 Jul 2013..............15,642ozs................1,212.40$...........79.5p.....308.0p
July ~ Sept 2013.......29 Oct 2013.............14,502ozs................1,331.20$...........87.5p.....166.0p
Oct ~ Dec 2013.........30 Jan 2014............11,587ozs................1,200.70$...........90.0p.....134.0p
Jan ~ Mar 2014.........29 Apr 2014...........16,200ozs................1,288.70$...........101.0p.....138.0p
April ~ June 2014......31 Jul 2014.............17,615ozs................1,316.80$...........91.5p.....114.0p
July ~ Sept 2014........22 Oct 2014...........21,018ozs................1,212.50$...........37.0p.....87.0p
Oct ~ Dec 2014.........29 Jan 2015............26,859ozs................1,198.30$...........22.0p.....37.0p
Jan ~ Mar 2015........28 Apr 2015.............23,940ozs................1,187.80$...........35.1p.....50.5p
April ~ June 2015......27 Jul 2015.............26,542ozs............... 1,167.70$...........37.5p.....52.0p
July ~ Sept 2015........27Oct 2015............31,594ozs................1,114.30$...........17.2p.....41.0p

Goldminer70

[stevea171] 27/10/2015 21:30

Excellent overall results.

Q1 production: 31,495 ounces at a head grade 6.8 g/t gold. x4 = 126k oz/yr
Gives confidence that all the work which is ongoing in the mine is paying off and is setting the stage for a minimum 50% increase in output. 125,000 oz this year, 150,000 oz next?

Financials.
"AISC US$953 per ounce (June 2015 quarter of AISC US$1,076 per ounce)". So a $120 per oz fall in ASIC in Q1 cf Q4.

"As at 30 September 2015, the Company had total cash and cash equivalent in gold on metal account of approximately US$11.6 million (30 June 2015: US$14.6 million). This reduction in cash and cash equivalent is primarily attributable to net cash movements in the creditor/receivable accounts of approximately US$8 million."

Net cash fell by $3 million but would have risen by $5 million if an $8 million movement in the creditor/receivable accounts is ignored. Probably this will be smoothed out in reporting the Interim results in the New Year. So underlying cash generation is starting to improve as the company has forecast.

[stevea171] 27/10/2015 15:10

From Q1 production report:

"During the quarter, the Board of Directors, CEO and Company Secretary voluntarily and unconditionally agreed to reduce their fees/salaries by 15% for the current financial year."

Last year the BoD's, CEO, plus Company Secretary, (minus Rob Gregory) paid themselves approx $1.82 million in salaries and fees. So a 15% reduction announced today should result in a saving of approx $270k over the full year. Probably more than enough to restore an LSE listing on AIM.

Maybe writing to the company is not a complete waste of time and even the BoD's do occasionally respond to shareholders concerns!

From my email to GD on 8/10 about restoration of an LSE listing who passed it on to the Board:

>>>> "Medusa's Board has made a series of fundamental mistakes over a number of years. The company is back on track production, management and exploration wise under your expert guidance but market valuation issues remain unsatisfactory and unaddressed.

For too long Company Board of Directors have been running gold miners for largely their sole benefit during the past 4 years of reducing gold prices and reducing profits and in many cases losses giving rise to more capital raising and dilution for existing shareholders. During this time shareholders have suffered loss of dividends and losses of capital valuations of 90% and more.

If the issue is 'Medusa can't afford a dual listing' then the question arises "are the Directors being paid too much and could a second listing be paid for by a reduction in their salary/benefit packages to feel some of the pain suffered by shareholders"?"

Tightfist also wrote to the company about restoration of an LSE listing and passed it to Rob Gregory at the Mayfair presentation 3 weeks ago. Now all we need is our LSE listing back with reduced cost of AIM rather than a full listing to get recognition that a single listing on the ASX has been an unmitigated disaster and cost the company hundreds of millions in institutional funds sell offs and reduced capitalization cf with the paltry $400k for the full LSE listing ...

[chipperfrd] 27/10/2015 12:12

Good to see all the mine management initiatives are showing through in regular performance improvements. Rob Gregory has certainly made a big difference.

Ore hauled and milled is still constrained due to the mixed personnel/ore usage of the L8 shaft and the continued large proportion of waste that is displacing ore. However, we do at least know that there is a finite time left for these restricting factors and that (all being well) mine ore haulage should be at near maximum of 204Kt/qtr by the next September quarterly.

The evidence of the above is clear from the large (and increasing) ore inventory held within worked stopes underground and plant utilisation still at c. 74% for the quarter.

A really marked improvement in diluted head grade to 6.8 g/t was a bit above my estimate and is another testament to RG's influence in altering the payment terms for stope draw-down.

We are seeing a steady improvement in AISC qtr-on-qtr. It has fallen from US$1,238/oz a year ago to the current US$953/oz. All other things being equal it looks (according to my estimates) as though it could fall to below US$800/oz over the next 12 months as a number of positive factors all contribute to it's decline. Namely:

(a) Grade up to the reserve level of c. 7.2 g/t
(b) Ore milled reaching the optimum rate of c. 204kt/qtr
(c) Completion of Capital Works and consequent reduction of total outflows by c. US$3m/qtr

No one can predict where the gold price will be in 12 months time but with MML's costs falling within the lowest quartile of global producers they will have a good margin in all but the most bearish PM environments.

Cash accumulation still looks relatively tight over the next few quarters as they finish all the underground improvements, but (IMO) FY17 should look far more positive and may even lead to a resumption of their dividend in the second half of 2017 - although, perhaps that's wishful thinking!

Well done MML!
Chip

[tightfist] 27/10/2015 07:44

Good Q1 results from MML, especially the rise in Head Grade that is more rapid than I had anticipated, page 8 gives some more insight regarding the improving quality of the stope inventories.

Interesting that the CEO and BoD have volunteered a 15% salary cut; one wonders why this was not volunteered in the depths of 2014?

Onwards and Upwards, tightfist