Medusa Share Discussion Threads

[chipperfrd] 05/1/2019 12:29

Yes - sorry I'm a bit late, but a very happy and prosperous new year everyone :-)

Surely MML can finally put in some improving quarters in 2019!

Chip

[tightfist] 02/1/2019 21:21

Yes, I had a good run in December with my minnow Goldies of which MML is the largest holding.

This reflects PoG which had a good run too; maybe there is now sufficient doom and sabre-rattling to get some money flowing in this direction?

We SHOULD get some helpful underlying trends specifically reported by MML

Happy New Year! tight-fist

[haughtonhoney] 02/1/2019 19:01

MML having a good run of late

[tightfist] 20/12/2018 17:02

Thanks RT for the Patrick Chang link, underlines that there is now a possibility to increasingly promote the company?


Rhuvaal,

Just seen you note; thanks for your thoughts too. I think it’s far too comfortable for the current BoD but just maybe the wind is changing. I noted a few weeks ago the rejection of the Remuneration Report at the AGM and deduced that Arbiter voted Against and likely Ruffer too.

That presumably puts some pressure on AT to sort things out and become more progressive? What is typical salaries bill of an ASX Miner of MC A$100m? Meanwhile we have total silence on CEO recruitment progress, unlike two years ago.....

I can understand and support investment outside the Philippines but flip-flopping between frontier potential in Cambodia versus established Oz? Seems strange to me and I read it (rightly or wrongly) as BT vs AT.......

Personally I am in the swashbuckling camp of RG and BT rather than the boring non-committal AT-driven mantra.

Maybe, just maybe, in the last few days there is now some new life in Goldies and MML.


Cheers, tightfist

[roguetreader] 20/12/2018 08:11

Nothing new but fairly recent interview with Patrick Chang



RT

[rhuvaal2] 13/12/2018 21:17

tightfist: my post is better portrayed your way, thank you. I guess this is a comfortable ship for those currently in command. Big options needed and away up in
the scale of things

[tightfist] 13/12/2018 15:50

Hi rhuvaal,

Agreed - but disagree. Start at the top with a new and useful Chairman who understands the uncertainties of narrow vein mining! Then appoint a permanent(!)CEO he/she can work with in a mutually constructive relationship........ We would need an Interim CEO; BT could make a come-back, there are some precedents.......

Cheers, tightfist

[rhuvaal2] 13/12/2018 15:34

I don't know why II's don't call an egm to force a buy out, or at least demand/organise a new ceo to make the company perform.
Secondly, is there any news of drilling in Queensland: was promised for this autumn??

[tightfist] 29/11/2018 11:42

Hi C9AJL,

Many thanks for the link to the Seeking Alpha article. Very well written and most of the salient points concisely covered. In my mind exceptionally kind to the Chairman and BoD but maybe SA wants/needs to remain cosy!

BTW E15 is supposed to be re-designed to also haul ORE - IIRC 300tpd was mentioned in the days of RG?

Cheers, tightfist

[deka1] 29/11/2018 06:55

Thanks for the link C9AJL,the paragraph below is taken from the report and is interesting.

Source: Medusa Mining Financial Report 2018, page 20
Mining Capacity
The Medusa website states that the Co-O mill can operate at 2,500t/day. Out of the whole year, the mill is out of operation for around 20 days for scheduled and unscheduled maintenance. This means it is possible that the annual run rate of the mill could reach 862,500t/year. The below graph demonstrates the reduced hoisting of materials during December and January in FY 2018.

[c9ajl] 28/11/2018 20:38

You need to register to read the article in full https://seekingalpha.com/article/4225050-bright-future-medusa-mining

[chipperfrd] 28/11/2018 08:40

Thanks SFS. Good news indeed. Now let's see what tonnage and production growth can be achieved over the next full quarter.

[swallowsflysouth] 27/11/2018 18:16

Has the turning point been reached for AAU ?

[...]

14% increase to-day. Look forward to see what rest of week brings.

[tightfist] 23/11/2018 18:04

Agreed, it's all too cosy!

[deka1] 23/11/2018 12:59

that's what we need mate , for MML , more aggression lol
good luck to all.

[tightfist] 23/11/2018 11:11

deka, agree with all you say too, though your share price aspirations are pretty aggressive - A$2 by end 2019 would make me smile!

With the completion of E15 and other one-off projects, Capex will substantially reduce (and assuming PoG doesn't tank) there is no reasonable reason not to resume a meaningful dividend or share buy-backs, that would signal publically that the BoD believe that dark days are finally over.

IMO enthusiasm for drilling even more underground holes from different places and wider exploration needs to be tempered back a little!

Cheers, tightfist

[deka1] 23/11/2018 10:56

TF hi I agree with all you say imo I think that with max prod finally achieved and with gold between around 1250/ 1300 oz,and costs around 950,-----$5-$6 aussie / share price is possible.

By max prod I mean over 130kozs PA

[tightfist] 23/11/2018 08:41

Hi deka,

Thanks for your comments. I's such a shame there is so little remaining interest/liquidity in MML. I look at all those algo. trades each morning and wonder what the world has come to.....

IMO our time will come. IMO MML looks vastly undervalued (but I have thought that for quite a while); maybe the completion of E15 commissioning will be the turning point? Maybe a new CEO appointment with a relevant track-record? Or maybe the departure of AT leading to a better use of OUR cash?

Cheers, tightfist

[deka1] 23/11/2018 06:58

Thanks guys for sharing your views , appreciated .

[tightfist] 22/11/2018 18:08

Hi RT,

Thanks for your comments; logically results should improve radically during next year but I have thought that for at least the last four years. The BoD seem unable to express themselves the same way - forward-looking.

IMO AT is commitment-phobic (there has to be a better phrase!) - some would kindly say "under commit, over deliver" but he doesn't seem to be able to motivate or work with anyone and lead to performance?

IMO he is an accountant used to looking at cast-iron certainty - in a mining world encircled by uncertainty - but with probabilities of several different parameters which enable you to forecast meaningfully. I well remember Geoff Davis' video'ed forthright views on extensive drilling in narrow vein deposits - fool-hardy and expensive.

Now that AT has retired from the day-job he has time to act as Interim CEO - far less passion and information about the recruitment process than when searching for the last CEO. He has the time to appear more hands-on - and expensive. I'll spare you my cynical thoughts about his self-interest.......

For me Arbiter have semi-publically bared their teeth and I will be very surprised (and disappointed) if AT is still in post at the end of 2019.


All IMHO. Cheers, tightfist

[roguetreader] 22/11/2018 17:27

TF
Agreed, it's good to see some belated pressure being applied on AT at last. It's also heartening to see that Ruffer are still buying despite the weakness in the share price 2019 is crunch time IMO, if MML are still muddling along and management procrastinating over mediocre results this time next year theN I think AT will be gone.

However, With the E15 finally finished I don't think that will play out, I am optimistic that results will improve radically next year (subject to gold as a minimum not averaging less than $1200). That being the case and assuming they also hire a CEO they can keep, then AT will probably disappear upstairs out of harms way for a while.
RT

[tightfist] 22/11/2018 14:02

Interesting developments at Medusa – at long last!

The Remuneration report was not passed on a poll (although it is non-binding, I mentioned in post #37625 that I had seen no justification for AT’s substantial 58% rise during the last FY).

IMO it looks as though Arbiter and Ruffer both voted against the Remuneration Report; a total of 56.5m were against - Arbiter (27.8m before the 20th November declaration) and Ruffer (28.9m at 4th September declaration) account for 56.8m at their last respective declarations. The timing of the Arbiter acquisition/declaration may also be significant.

It is interesting that in this week’s Arbiter declaration the “Holder of relevant interest” is also named as Paul J Isaac the President and Founder of Arbiter. Since the acquisitions restarted on behalf of Isaac Brothers on 17th August, “Arbiter”; have gently acquired a further 1.4m shares (daily overall average volume is about 90k Buys assuming balanced Buys/Sells so their buying is estimated at about 20% of the total buys). In the meantime the share price fell by almost 20%.

His three children? now appear as related parties after buying at around A$0.48 at the end of 2017; they are currently showing a paper loss of around 35%.

Although it appears that neither Arbiter or Ruffer voted this time against AT’s re-election there are 12m who did – yet those same shareholders seem not to have voted against the Remuneration Report – other interpretations anyone? When AT was seemingly last re-elected in November 2014 there was very little dissent.

So as the ii’s holdings gradually increase IMO the pressure is mounting on AT; IMO it’s several years late!

Cheers, tightfist
PS: The slide deck reports on slide 10 that E15 will finish commissioning this week.....