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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Medusa Mining | LSE:MML | London | Ordinary Share | AU000000MML0 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
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|---|---|---|---|---|---|
| 0.00 | 0.00% | 97.50 | 0.00 | 01:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 97.50 | GBX |
Medusa (MML) Share Charts1 Year Medusa Chart |
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1 Month Medusa Chart |
Intraday Medusa Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 02/4/2024 | 20:51 | Medusa 2009 - a developing growth story | 38,858 |
| 25/8/2020 | 16:36 | Medusa Mining, Gold Producer new to AIM | 5,118 |
| 18/7/2002 | 16:25 | Muzzle Market Leader 2002 | 2 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
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| Top Posts |
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Posted at 10/8/2023 20:42 by boadicea 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. |
Posted at 12/6/2023 14:56 by polaris I can understand your feelings. If x64 was operating normally with current pog and mineral reserves then you would expect a share price well above A$1. There is some serious explanations required and, from my side, the potential for criminal proceedings against MML/X64 as a shareholder if it ends up that assets were misappropriated. Someone hasn't done their job by us, the shareholders! |
Posted at 10/5/2023 08:43 by killing_time This is an email i received yesterday which might be useful to someone.Info | Melbourne Detective Info | Melbourne Detective Dear Fellow Ten Sixty Four Limited Shareholder, My name is Dr. Simon Cichello Ph.D. Like you, I am a Shareholder of Ten Sixty-Four Ltd (herein known as “the company”). You are receiving this email/communication because I requested and received a copy of the Share Register under S173(3) of the Corporations Act 2001 (Commonwealth) from the company secretary of Ten Sixty Limited (Ms. Deborah HO). My stated purpose for which I requested accessing to the register is to communicate to other shareholders (especially other minority shareholders in particular) and arrange for a general meeting as per S249D. For further details see; hxxp://www5.austlii. I believe there is a S249D that has been served on the company seeking to replace the board of directors. I am not connected to, or advocating this motion. My request is separate and independent. However, I believe that before a motion for directors to be replaced as per the current S249D has announced, the current directors should be able to engage in dialogue with shareholders. My request is different and asks the board to explain certain aspects surrounding the current suspension from trading. This would require 5% of company shares to request in writing a meeting to be convened. As you might be aware, the company’s shares are currently suspended from trading on the Australian Stock Exchange (ASX). Do you have any submissions for discussion and thus resolution at a proposed general meeting? I am happy for you to email me or alternatively please email the company secretary directly requesting a meeting as per S249D of the Corporations Act 2001 (Commonwealth). Firstly, I seek further clarification about the suspension I allude to below, and or request a general meeting to have a full and frank discussion. There are media reports from the Philippines alluding to the alleged nonpayment of mining royalties to traditional landowners. It is paramount for the mines continued operation that any agreement for royalties with landowners are paid in full unless there is legal action on foot between the parties. There is no announcement to the later and thus I seek transparency if the allegations have substance. One report is from the official news agency of The Republic of the Philippines. Any allegations appear to be “alleged” Read more here; hxxps://www.pna.gov. “BUNAWAN, Agusan del Sur – Major tribal groups in this town have declared an Australian mining firm and its trading arm as persona non grata for allegedly failing to remit payments for gold and silver dore bars shipped to Hong Kong that were produced and processed by its Philippine partner, Philsaga Mining Corp (PMC).” Next Story Here; hxxps://www.mindanew A more efficient use of company funds would be for the board to just release an ASX announcement in response to these media reports, via the ASX, addressing the questions I pose below. This would cost nothing and bring shareholders into the light, so to speak. Further questions surround announcement(s) by the company dated 7 Mar 2023 10:02am & 11th March 2023, after the company placed trading of the shares of the company into a trading holt on 24th Feb 2023 at 9:52am, and then on 28th Feb 2023 at 9:27am into suspension. The announcement on 7 Mar 2023 10:02am entitled; “Update on the Co-O Operation and Voluntary Suspension informs shareholders of long-standing safety concerns and underperformanceR There is no further elaboration as to the specific events and or reasons for the audit. Further announcements included a section 249D notification was received on 24th April 2023, and a non-executive Board Director resignation on 1st May 2023. There have been several media announcements in the Republic of the Philippines concerning the subsidiary company “Philsaga Mining Corporation” who manage and mine gold at the CoO mine. It is my belief and opinion that the particulars of the mine incident(s) which prompted the audit should be made known to myself and all shareholders. Also, the audit appears at present to be “open ended”, with no definitive date of conclusion with almost 3 months already lapsing from the commencement of the suspension and then audit. Next, any litigation in the Republic of the Philippines, which would affect the operation of the CoO mine should be made known to shareholders or at least we have a right to know if this is the case. That at this proposed meeting S249D, the executive director/ chairperson of Ten Sixty-Four Limited to explain details of the progress of the CoA mine audit. What caused the audit, a serious incident? That an executive director/ chairperson of Ten Sixty-Four Limited explains in detail the long-standing ‘safety’ and ‘underperforma Status of the relationship between Ten Sixty-Four Limited and Vitrinite Pty Ltd and or drilling contractors (including previous board members) and any details of out-of-court correspondence between the companies? Any other out-of-court litigation/ negotiations pertaining to previous directors, employees, and or current major shareholders. To save time and money, I hope that the board of Ten Sixty-Four just release a statement(s) to the ASX instead of the cost that would be incurred by a general meeting. I hope that as shareholders we can all enjoy transparency of information pertaining to our investments. Your Sincerely Dr. Simon Cichello Ph.D. info@melbournedetect |
Posted at 23/12/2022 08:44 by polaris Looks like X64 will run a more consistent buyback this time. I like the fact that ASX require full disclosure and that announcement shows maximum price allowed for a buyback. share price now a few cents above that VWAP so no more buyback unless share price drops back or rolling period brings window back to current share price Almost no volume last night but share price steady. Keep buying the shares coupled with a good update in January and I foresee further gains |
Posted at 21/12/2022 08:32 by jfishy55 Indeed, relisting on AIM will open up the company to a lot of potential investors, funds, etc. I think that is probably the best way to lift the share price due to the increased demand for shares.I suspect X64 won't do that though, unless the company needs to use such a listing to raise cash. |
Posted at 18/7/2022 07:13 by ilostthelot Post from Seller on hotcopper- Topped up @58.5c.At these prices, we are 90% cash backed (around 80 Mio USD cash as of 30/06 (my estimate) which is around 118 Mio AUD @0.677 AUD/USD).Current market cap is 132 Mio AUD, therefore the Enterprise Value is only 14 Mio AUD !! at the current share price. On top of that, you get around 18 Mio USD that has already been spent on the Tigerway Decline (my estimate), the Queensland Gold Exploration portfolio and all the mining equipment and infrastructure at the Co-O mine....and they are still making around 400 USD/oz profit at current gold prices.Give it a couple more quarters and the share price will be fully cash backed and you get the remaining company assets for free.With the current cash war chest, it might be a good time to go hunting for some cheap gold/copper assets. Definitely an enviable position in the current market. Cash is king again, who would've thought.... |
Posted at 06/7/2022 18:42 by polaris The board announcement from the 5th terminating the services agreement with Welker means he is out, no 6-month notice. I find that an interesting flag that maybe there is more to this than a simple breach of the board of directors code.The fast move from Welker becoming a non-exec to managing director to then change the name of MML to X64 is all the more intriguing given what has now happened. I doubt that this story has ended. I have all kinds of ideas going through my mind...start a buyback to sell out the non-escrowed shares as fast as possible to pocket cash from worthless assets. Change the company name to provide some support to other similar named companies that are not part of MML but related to Welker. Oust existing management to siphon off cash to a related party. Trash company name to allow a low-ball takeout offer to succeed. Yes, i have a very devious mind! ;-) Then X64 (MML) come out today with the announcement that Co-O meets production target, actually right at the top end of the revised forecast. That means well over 23 k production for Q4 FY 2022. Even with inflationary pressure, the AISCs are likely to come in at bottom end of forecast and maybe even below. That is great news, as it means EPS is likely to be in the range of $0.17-0.20, US not AUD. Unless there has been a very large spend on the Tiger Way in Q4 then cash pile will be larger than that reported at end of Q3. US dollar is stronger against the Aussie dollar than last Q. share price and EV suggest a basket-case producer with serious issues. Just the producing asset more than justifies the current SP, ignoring the cash on the books. Roll on the Q4 AISC report at the end of the month, the audited figures and forward statement in August/September and, hopefully, a decent dividend declaration and some further progress within the buyback mandate. |
Posted at 23/3/2022 10:15 by polaris To highlight the too much cash / cash not really taken into account in the market cap and some other options.A tier I company, such as Barrick, has a P/E around 20. While difficult to compare directly, as Barrick is a multi-metal and multi-jurisdiction producer, they also have a net cash position of close to zero. That is current cash position minus current debt. So i will compare at the top level. For MML, the H1 FY23 results give NPAT of $0.074, or around AUD$0.10. That is on a H1 average pog of $1784. I'd say that worst case scenario is FY23 NPAT of double this value, or AUD$0.20. At current SP, that gives a forward P/E of a little under 5, a large discount on the 20 for Barrick, reflecting the level of risk of a small miner...and then some! This takes no account of the net cash position in MML, which is close to zero for Barrick...they do have $5 Bn in cash but also similar levels of debt, looking at most recent results. MML has no debt gearing as it has no debt. Instead, it has $74 M in cash at end of H1 FY22, or close to AUD$100 M. With the 227 M shares, post 1064 acquisition, equivalent to AUD$0.44 per share. Two options, strip out the cash to get actual P/E or that should be added onto the P/E expectation for a 'typical' small producing miner. Option 1 leads to the effective share price for comparing with NPAT of AUD$0.495 at close of business last night, yielding a P/E of 2.5 in conservative case for FY22 results. Surely i am not alone in classing this as madness! Option 2 is that P/E of 5 is about right and you add the cash back, yielding a 'reasonable' share price in the conservative case of AUD$1.44 - a 54% increase wrt current share price Options 1 and 2 are two ways of looking at the same disparity. My conclusion is that the cash on the books is ignored by the majority of basic analysis. MML have two options: return majority of cash to shareholders or fast-track other assets to production to make the cash work at a multiple to nominal value. I'd like to see combination of the two that leads to a sustainable dividend policy and progressing new assets to become a multi-asset producer. I'm not a great fan of one-off cash returns. I also see the basic analysis as the conservative case. Why? pog is well up on average received for H1 FY23 and the production expectation is higher for H2 with likely reduced AISCs related to the higher gold production. NPAT could be above AUD$0.25, lower than last year, but still very respectable for a small producer. That would lower the rating even further. While AUS is OK for miners i would prefer a dual listing for MML moving forward. They've tried AIM and that had its moments...i was here in the last mining boom and the share price reached multiple £s per share with same production, albeit with plans to expand production which never materialised. My preference is TSX and average P/Es for small producing miners is above 20 over there! Repeating my other long term flag from previous posts. The mill is running at 50% nameplate. Once Tiger Way is complete, MML can move more ore, always the bottle-neck over last 10 years of production. If they can fill the mill then production can rise by at least 70%. That possibility is completely discounted in current SP, IMO. If a knowledgeable board pushes this option then share price can receive a boost. MML has options that can easily lead to multi-bag from current share price I hope that new MD can progress these and realise the share price potential for shareholders...i.e. me! ;-) |
Posted at 29/10/2021 11:01 by polaris Hi tightfist (and others),The dividend wasn't pulled but there was an expectation in the market that there would be a FY dividend on top of the HY dividend announced. MML decided not to declare a dividend but now a rethink. Excellent!! A$0.07 in 2021, looking at the share price average, the yield close to 10 %. share price opened 2021 at A$0.773 and is heading to end the year around the same price. You can argue that gold has taken a tumble since January, 200DMA on 3rd Jan was near $1860 and stands at $1790 today, but MML have happily met production targets and AISCs. MML are maintaining the cash pile in the high $70s M, despite returning $8 M in dividends to investors and spending $8.3 M (to date in 2021) on Tiger Way. Going forward, the AISCs are expected to be about $50 higher for FY22 and pog $70 less than FY21. This will impact FCF, note that cash increase in FY21 from $47.1 M to $72.2 M. Combining the increases in AISCs with lower pog, dividends and expenditure on Tiger Way, the expectation is that cash pile will remain broadly steady in FY22. Some may see that as a negative, to go from $25 M FCF to zero. I do not because the cash is being used to secure the long-term future of the mine (Tiger Way access) and to give returns to (long suffering) investors. With the second dividend in 2021, that's near $10 M in cash returns, effectively spread over two FYs, as MML run July-June. Show me another miner today that runs near 10 % yield. Pure Gold was pointed out to me again recently as an opportunity. They are a narrow vein underground miner based in Canada. They reported 9.6 k oz of production for Q3, have $24 M in cash but also a debt facility drawn down to $85 M and have not reported clear AISCs. Market cap? EV? ... ... MC is C$450 M EV is near £280 M MML have more than double the production, zero debt, a huge cash pile and well defined AISCs. They also have a more than 10 year production profile of converting indicated and inferred resource into reserves and then mining them. MC? EV? ... ... MC is A$160 M EV is under £40M Even more bizarrely, Pure Gold were capitalised at near C$1 Bn earlier in the year. It's like MML live in a parallel universe. Last point in this post - MML plant operates at around 50 % of nameplate capacity. It always has due to the bottleneck of hoistage. Tiger Way has the chance to give much better access to the mine and to greatly increase hoistage. It'll be more economical to access certain ore from L2-L10 that is not deemed economical now. Plus there is the fact that the deposit is open at depth and there is now a satellite deposit taking shape with drilling. If MML get that ore to plant then cash flow can increase markedly. |
Posted at 25/9/2021 10:26 by polaris Why would a major buy it? It's a near 100 k oz producer in a specialised part of the extraction methodology. It isn't a good fit for a Tier I player.AUS$0.74 is a market cap of AUS$154 M. Net tangible asset value is $0.83 per share, US not AUS. MML has $51.1 M in cash and around $72 M if you include the value of inventory, though i'm not a fan of including non-metal inventory in the total. $51.1 M is around AUS$70 M and the published value near AUS$100 M. FY21 came in at $97.7 M EBITDA, $47.3 M NPAT and $0.23 per share (US$)...or $496 per production oz and AUS$0.31 for NPAT. Leave out the cash entirely and the FY21 results have MML on a P/E of 2.4 or so, for a steady 90-95 k oz producer. Yes, FY22 will come in lower on pure production (pre Tiger Way costs) as a result of a small increase in AISCs and the likely lower pog cf. FY21. I predict the NPAT will fall to $325-350 on pure production at an average gold price of $1750 and $200 per production oz in Tiger Way build costs. Taking into account the cash pile then that P/E falls to the 1-1.5 range. That does not add up in anyone's world, even with the cap-ex project. I suggest people read the annual report and look at the production stats since MML first starting producing at Co-O, page 24, graph 3. Never really much of a reserve, due to the narrow vein mine type and the way you firm up reserves as you mine, but now over 1 M oz produced. MML isn't some punt explorer play. Teo is a drag on the share price and probably always will be. However, i see absolutely no reason for MML to trade at a significant discount to NAV (tangible). That is in the region of AUS$1.14 today. MMl should be trading at P/E of 4-5 plus cash pile (only the cash and extracted metal inventory part). On FY21 that comes in at $250-300 M, something in the range AUD$1.60-1.95. Look at the terms of the performance rights that the board gave to themselves and what they need to firm up to get them in 3-years time. If they meet the full vesting criteria then MML will be set for at least another 10 years of production...plus the 3 to get to vest point. They will have a long term access tunnel to Level 10+ for extra haulage, which will make some previously uneconomic resource reclassifiable. I think MML is ripe for an offer in the AUD$1.20-1.25 range, entirely down to the perceived weakness of the board. Right now, i'd take that, such is my disillusionment with the share price performance. |
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