Medusa Share Discussion Threads

[cockerhoop] 16/3/2021 21:57

Polaris,

Yes, prior to the delisting. I wasn't able to continue holding electronically so my holding is now certified.

Glavey,

Exactly, my bank would take a A$ payment and convert to £ for £8.

[glavey] 16/3/2021 20:51

They must have sent the same letter to all shareholders on the register without bothering to think about the address they were sending it to. One would think MML might have remembered shareholders left from the UK listing days, but it looks like they couldn't be bothered. Don't understand why they can't just make an international bank payment but I guess they didn't want to deal with the ML regs. Pathetic really as Computershare are active in UK (UK's No.1 Registrar). Whatever, the matter could have been easily sorted by allowing a scrip election.

[polaris] 16/3/2021 13:50

Better to ask them. How long have you held? There were a whole lot of issues when MML de-listed from LSE.

I hold my position entirely through SBs now - means i don't have to worry about the tax issues. I also hold position in GBP and not AUD, through IG. I'm happy to pay the Qly charges to keep things simpler from tax perspective.

[tightfist] 16/3/2021 10:23

Hi, my MML shares are all held in a U.K. (within an ISA) nominee Jarvis IM account. I trust the dividend admin will all be looked after for me......tightfist

[cockerhoop] 16/3/2021 10:10

Just received a letter from MML encouraging me to register for electronic payment of dividends. Followed the link to the computershare.com site armed with my IBAN number etc to find that it appears to require an Australian bank account.

Anybody got a workaround?

[geckotheglorious] 04/3/2021 12:14

Polaris.
Yep gutted I didn't buy more too back when it was A$0.45/sh...still can't complain.

[polaris] 03/3/2021 20:08

Just a shame i didn't buy more. If there is a similar H2 performance then i see no reason why there can't be a share price approaching AUD$2, even with any further weakness in pog. MML has costs under control and, despite the Teo effect...which does remain a legacy negative, the results are now shining through. At $1700 pog, it is not inconceivable that MML can have 100 % of current market cap in cash in 12 months time. Been a decade+ since i've been so positive on MML.

[geckotheglorious] 03/3/2021 18:10

Suppose the TEO and Philippines discount is the reason for the valuation.

[chipperfrd] 03/3/2021 16:50

Hi Polaris,

Yes, rather regretting I did not follow your lead and adding to my holding!

[polaris] 03/3/2021 16:39

@chip - yes, it is crazy. You can also add in the dividend yield of 5 % based just on H1 production. Might be as high as 12 % for the FY2021 at this rate. On the day before the results were out the share price was AUD$0.78!

[chipperfrd] 03/3/2021 16:23

Just got round to working through the interim report. Reads pretty good!

MML now has an Ev of just US$72.5m with cash of US$78.9m.

Current share price puts them on a PER of just 1.9!

PBV is 0.77.

PSR is 0.66.

Ev/EBITDA of just 0.53 !!

Surely the market must get round to putting a better valuation on this stock at long last.
Chip

[geckotheglorious] 26/2/2021 12:05

Just going to buy more MEdusa with my dividend cheque having doubled my stake close to the lows.(To average down a stake with high 100 handle!)

:)

[glavey] 26/2/2021 05:41

I suppose that means a A$ cheque payment for UK certificated holders. A scrip option might be useful.

[deka1] 25/2/2021 09:16

Cheers polaris i look forward to your informative posts, thanks

[polaris] 25/2/2021 09:14

For deka: Ex divi 17th March and paid 31st March.

See:

[polaris] 25/2/2021 08:52

Another of the little tick boxes taken care of today. That's AUD$0.05 for the half year and likely to be something around AUD$0.12 for the FY if H2 is similar to H1. Even then, it will not be all that challenging for their cash pile. I'd hope for some statement on the FY in 6 months that specifies a target of a %age of FCF generation for shareholders, while keeping some powder dry for acquisitions and development projects.

Other than the dividend, there was nothing new in the announcement, yet the share price closed up over 10 %. Knew i should have bought more around AUD$0.78 but i was angling for a little lower. Doubt we will see that level again now, even when MML goes ex-divi.

[deka1] 25/2/2021 07:37

When are the dividends paid to holders .

[tightfist] 25/2/2021 07:32

Eureka! At least we finally have a dividend restart, although at a dividend cash-cost of ~A$10m it’s hardly going to break the bank..... Cheers, tightfist

[deka1] 25/2/2021 07:09

Interim Financial Results and Dividends

Medusa Mining Limited (“Medusa”; or the “Company”;), presents its audit reviewed financial results for the six months ended 31 December 2020 (“H1 FY2021”), with a statutory after-tax profit of US$40.1 million.

Following the strong financial performance of the Company, the Board has resolved to pay an unfranked interim dividend for the Half Year of A$0.05 per fully paid ordinary share.

Financials
Revenues of US$113.7 million compared to US$75.5 million for H1 FY2021, an increase of 51%;
Medusa is an unhedged gold producer and received an average gold price of US$1,896 per ounce from the sale of 55,471 ounces for H1 FY2021 from the Co-O Gold Mine in the Philippines (H1 FY2020: 47,449 ounces at US$1,484 per ounce);
Earnings before interest, tax, depreciation and amortisation (“EBITDA”;) of US$69.0 million (H1 FY2020: EBITDA US$34.8M);
Net profit after tax (“NPAT”) of US$40.1 million (H1 FY2020: NPAT US$24.4M);
Basic earnings per share (“EPS”) of US$0.193 based on NPAT of US$40.1 million (H1 FY2020: EPS of US$0.117);
The Company had total cash and cash equivalent of US$78.9 million as at 31 Dec 2020 (31 Dec 2019: US$24.6M).



This announcement has been authorised for release by the Board of Medusa Mining.

[tightfist] 10/2/2021 11:16

Hi bushtuckaman,
.
Interesting reflections back to former times! The emphasis went into the troubled introduction of the high-capacity SAG mill, only to realise that the mine could could not then up their game....
.
I was also thinking about accessing the RCV, drilling results look interesting - depth? In your view could it be visble that RCV veins could be accessed from a (long!) lateral branch off the to-be decline?
.
It could become a low-cost reliable haulage path to an alternative source of ore? Cheers, tightfist (reduced, but far from out)

[polaris] 10/2/2021 09:43

Added a few more here sub 90 cents last night. Now a matter of waiting for the next Qly report and news on the FY production and works plans for the decline.

[polaris] 04/2/2021 10:40

@johnhemming - might be wise to look through a few older reports (from 2009-2012 period) to see what happened and the posts on this board and others on ADVFN for MML. There is a lot to take in.

MML did pay a dividend for a while after building a very large cash pile but then blew the majority of it on upgrading the worn out plant that they had neglected over the years. Production suffered due to the bottle-neck of haulage, the remedial works meaning that the refurbished plant wasn't getting the head grades and volumes it needed.

Most of that seems to be in the past now. Haulage is still the bottleneck and the plant is only operating at 55-60 % of expanded nameplate. There is scope for a much better production. Back in the day, we talked about 200 k oz p.a., which never materialised.

MML have flagged decline works for $50 M or so to access the lower levels with higher haulage capacity. As bushtuckman says, the Royal Crowne veins might mean the delays to that from Covid are a non-issue. That'll prove up further reserves which means the projected 36 month full decline works will still be fine for existing production from known reserves, even if they don't firm up anything else in the meantime.

I'd say that on known news, i would be valuing this company as a 100 k oz producer with AISCs in the $1050-1150 range, with no debt and a cash pile of $40 M+. Less cash as i know some of that is earmarked for the works so not truly 'free'. It's throwing off $10-15 M per Q in cash post admin and tax costs.

LoM isn't an issue. If you read back the reports then you'll quickly see that this type of operation never firms up much more than they mine. The vein system will continue at depth, just a matter of when it becomes uneconomical to mine. That won't be for some time yet, longer if they find more veins at shallow depths.

At close last night the company is capitalised about US$140 M. I'd say a minimum realistic target is the AUD$1.50 level cf. AUD$0.89 today. I'd like AUD$2 but i think that requires the company to reinstate the dividend and become a little more investor-friendly!

[ilostthelot] 04/2/2021 09:41

They did pay a dividend way back in 2010 or 2011.

Price isn't far off a breakout from the current chart now.
Over a dollar would look alot more bullish.