Ann: S&P DJI Announces March 2021 Quarterly Rebalance, page-7

At a share price of 89c today Medusa has a total valuation of $185M A. According to the balance sheet as at 31 December 2020 Medusa has over $100M Aus in the bank. In my opinion given that our share registry is only just over 207million shares it doesn't leave much room to move given that the share price is heavily backed by cash. The daily volumes are not yet huge so i am thinking that there are only a small number of traders. The bulk of the insider transactions in recent times were around the 87c per share mark so it doesn't really bode well for traders. I cant see insiders selling off for less than what they brought their shares for. After all - they are involved with the company in a business capacity and I believe that they are the ones that are aware of the companies potential.

I am of the opinion that at the very least the dividend payment will be covered by the profits of the March quarter. The decline will not be paid for in one lump sum. I believe it will be paid for in time / instalments as the mine progresses.

As for the size of any resource I am in the same boat as you. I can only glean information from the publicly available information.I prefer to operate on objective information - not guesswork. So I cant give you an opinion - other than to say - we have a company with no real debt - substantial excess production capacity - one producing mine - 4 under exploration (including Co-O) with a further 12 tenements with exploration approvals - tenements covering 410 sq kms - the construction of the decline being prepared - where gold is reaching a point of Peak Gold. Medusa is a narrow vein miner so of course reserves are going to be hard to identify when drilling from the surface. The decline in my opinion will be a substantial game changer as it will allow drilling at depth. DYOR