Ann: Application for quotation of securities - MML, page-3

In their Sept 21 quarterly report - Medusa Ltd stated that they had 75.5M US dollars on account in both cash and cash equivalents. The company has continued to trade and no adverse incidents have been reported. The Gold price for this quarter has hovered around 1800 US an ounce and Medusa has already stated that ASIC will be in the vicinity of 1250 to 1300 per ounce. Quite clearly even when taking into account the monies being spent on the decline and operational costs - and paying for the dividend Medusa will still be adding to the cash pile in my opinion.

The exchange rate as at the close of business Friday was .7076 - valuing the cash and cash equivalents at least at 106Million Australian dollars. As at the close of business on Friday 3rd Dec 2021 the share price of Medusa was 73.5c valuing the total Medusa business at 152.8M. Given that Medusa has already stated that the decline will serve their purposes for the next 10 years one needs to question why the business - including all their infrastructure all their employees etc are valued so poorly. The share volumes have been very light and the share price fell approx 10c per share in two weeks flat, DYOR.