Medusa Mining MLL.to/MML.ax C$3.50
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Posted: Thursday Apr 15 7:53:09AM 2010
Medusa, MLL.to/MML.ax +.07 to C$4.15
Medusa moving up in London to senior exchange, Medusa is not terribly cheap but has significant upside from exploration and expanding their low cost production. 90,000 oz forecast for 2010 but discovering more reserves during current drill program could easily lead to a doubling of production by 2012.
Posted: Wednesday Apr 14 7:22:25AM 2010
Medusa MLL.to/MML.ax/MDSMF.pk +.21 to C$4.12
Posted a positive qtrly production report last night
Qtrly gold production over 25,000 oz at $180/oz cash costs. They caution that they have hit particularly high grade ore that is not likely to continue for a long period of time but progressing nicely towards annual goal of 90,000 oz.
Next qtrly P&L will be interesting. They did not SELL any of the gold. Mgmt must be speculating on higher gold prices. Medusa is unhedged with no debt.
Posted: Monday Apr 5 7:50:04AM 2010
MLL.to/mml.ax +.12 to C$3.62
Posted: Sunday Apr 4 7:09:54PM 2010
Medusa is a profitable, low cost Australian miner operating in the Philippines. They operate the Co-O mine and are on pace to produce 89,000 oz in fye 6/30/10. They are guiding for 100,000 oz in fye 6/11.
They are drilling with 6 drills and hope to publish an updated resource report showing greater than 2 million oz of gold. Upon receipt of an increase to that level, they will likely move forward on a plan to build a new mill on the Co-O site and up capacity to 200,000 oz by 2012.
They are currently profitable, with .16eps for the 6 months ending 12/09. They have no debt, 35 million in cash and cash costs of $190/oz due to the high grade ore they are mining. This is one of the lowest cost gold mines on earth.
In addition to Co-O, they are proceeding with a feasibility study on building a low grade, open pit gold mine on one of their prospects.
Medusa thinks they have 3 to 7 million potential oz at Co-O and several other viable prospects on their land holdings. Some are gold, some are copper/gold.
I think this is an excellent, longer term hold due to the low costs, high grade ore, cash and no debt balance sheet. Lots of upside and seemingly undervalued for the potential. I hold a few of both the Canadian and Australian stock.