Ann: March 2014 Quarterly Activities Report , page-17

"....the hedge will be equivalent to approximately 70% of forecast production through to June 2016, specifically 116,571 ounces with an average price of A$1,513
per ounce."

so..for more than two years the banks will suffocate this company.

Well done, bravo. 70% is pegged at $1500.

If POG goes up $600, then its the equivalent of all production going up about $180.

How do fellow s/holders feel if the POG is more than $2000 and MOY is getting the equiv of $1690?

The future has been sold. There was just the bare minimum 30% left on the table. Only 30% is exposed to upside for more than 2 years. No matter anyone's brilliance, or dedication or late nights, not a penny more, well perhaps a third of a penny (before tax).

Fortunately, the future is no worries and secure for some, though not sure what anyone will be thinking about for the next 2+ years - except to worry if the "way above" design mill production can stand-up. The roads are all done...is MOY a sleepy-hollow for two years?

Did you notice this.

NOT ONE WORD about shareholders or share price. ABSOLUTELY nothing. Nothing in the BRR, or 15 April announcement, nor anywhere on the MOY website. I am not joking - unless we are lumped into stakeholders (with the community and environment). Nothing about benefits to or for the shareholders, or anything even remotely reflecting an implied association between shareholders and money, or capital growth,..nothing..

I think its pretty clear s/holders don't rate in this company. More on this later.


This is a teeny mine with a trashed sp, an unnecessary sp, (without the consolidation sp would be 0.005 per share, down from 0.03+...how does that sound?? That's how bad MOY performed and continues to perform.)

The sp will probably float slowly up, but it has been truly gelded.

Gelded for what reason one may ask, where does the benefit show up? Follow the money people say, I didn't see any come my way. All opaque to me.

For some reading this post, they may console themselves with the concept of safe hands. Giving away 70% of our upside should never have been allowed. Its a gold mine not a sinecure. With zero training and expertise in mining, I could have given 70% of future income away. Almost no skill is required. In fact, millions of Australians do it every year when they take out 90% mortgages on their houses.

Wouldn't it have been a nice touch if the letter to "Manager Company Announcements" started - not with:

Dear Sir/Madam

but

"Dear Sir/Madam and MOY Shareholders,"

After all, it is an announcement, I am sure as hell sure the "Manager Company Announcements" doesn't give a rats, and is probably perplexed why the letter is addressed to him/her...like he/she cares. Not as if he/she will treat it as spam mail if it just said:

"Dear MOY Shareholders".

Would have been nice, and even nicer if sincere.

How well are we doing...we had EBITDA of $7M and raised $6M. Should I bookmark this as a reference standard for "doing well"? No $6m and EBITDA to $1m??

Grow the business focus? Pray tell how? Forecast production is 116,571 oz and the mill is well above design already, and no looking over the fence. All that is left is some drilling, but not too much because most pennies are going to the bank. The future has been mortgaged. With only 30% left, there won't be much chance of asking anyone for more...

He he..except for the stupid shareholders. Geld them next.


AS a last bit of homework..read this about the plan..one word at a time slowly, and see if you can make sense of "..and re-invest surplus funds in future dividends with organic and inorganic growth ..." Dividends are mentioned but not in context of s/holders but in whatever gobbledy-gook this means .."future dividends with organic and inorganic growth..(?)"

Here is the offending passage.

"Millennium Minerals business plan is to move to revenue generation with the development of the gold project, repay any debt promptly and re-invest surplus funds in future dividends with organic and inorganic growth to achieve mid tier status within the Australian resource industry over the next five years."

Note July 2011 was the start date. Five years means June 2016. Hedged until Jun 2016. Kiss that possibility of mid-tier status away unless you value ounces given to the banks rather than money to shareholders.

The only remote possibility of sp growth (forget any dividends) is if the sp makes some half-hearted recovery of some of the 80%+ it collapsed in the last 2 years.

Disappointed?