Australia's largest stock trading and investment forum Australia's #1 stock forum

MOY

Click for more information

0.00%

5.1¢ millennium minerals limited

Thanks for your Answer. Yes, first it got everything fine, but...

First 44 Last

Share
Profile

Follow
Auge

421 Posts.

15

25/11/19

20:57

Post #: 41623967
Share

Originally posted by speculator101: ↑

Hi Auge,
its a story of woe I won't lie.... although, technically, there is still a heartbeat even after 5 months of being in Admin (they are still producing, but... not making any money, even though not being hedged).

The reasons for Admin were largely related to grade and not being able to feed a 2.5mtpa plant. I could write a whole essay on it, but in the end, infill drilling was not done properly, management over-promised and ignored that the grades kept decreasing.

At one point, their market cap was $300m, now... they have around $100m in debt.
I am confident I will never see $1.

MOY is almost in a worst position, if that can be possible, because IMC have the rights to everything. Because of the debt.

Its a very frustrating outcome, because for quite a while, MOY was actually making money, but... then management got gold in their eyes and decided they needed do everything at once. Plant upgrade and go U/G simultaneously. Obviously, they could not handle it... plus all the other issues like high costs for contractors etc. GCY had similar issues with costs. But they have less excuses, they were running a normal open cut pit operation, nothing more.

I take no solace in having run from the company when it clearly was in trouble (easy to say now I know). I have held many gold stocks and lost much of my capital. Only taken me 20 years to be able to start dodging a few. sigh.
Anything is possible of course, but... at best, perhaps MOY shareholders (not IMC) might be able to claw back 10% of their capital if somehow they are able to salvage things (just a guess really though).

I will still watch on, in the hope that I learn a little more and remember that capital preservation is key.

Expand

Originally posted by speculator101: ↑

Hi Auge,
its a story of woe I won't lie.... although, technically, there is still a heartbeat even after 5 months of being in Admin (they are still producing, but... not making any money, even though not being hedged).

The reasons for Admin were largely related to grade and not being able to feed a 2.5mtpa plant. I could write a whole essay on it, but in the end, infill drilling was not done properly, management over-promised and ignored that the grades kept decreasing.

At one point, their market cap was $300m, now... they have around $100m in debt.
I am confident I will never see $1.

MOY is almost in a worst position, if that can be possible, because IMC have the rights to everything. Because of the debt.

Its a very frustrating outcome, because for quite a while, MOY was actually making money, but... then management got gold in their eyes and decided they needed do everything at once. Plant upgrade and go U/G simultaneously. Obviously, they could not handle it... plus all the other issues like high costs for contractors etc. GCY had similar issues with costs. But they have less excuses, they were running a normal open cut pit operation, nothing more.

I take no solace in having run from the company when it clearly was in trouble (easy to say now I know). I have held many gold stocks and lost much of my capital. Only taken me 20 years to be able to start dodging a few. sigh.
Anything is possible of course, but... at best, perhaps MOY shareholders (not IMC) might be able to claw back 10% of their capital if somehow they are able to salvage things (just a guess really though).

I will still watch on, in the hope that I learn a little more and remember that capital preservation is key.

Expand

Thanks for your Answer. Yes, first it got everything fine, but the "next chapter:growth" was too early and fast.

I am really shocked. 15k invested. Already lost 75 % on value. And now? I am shocked. But don`t want to act in that emotion. Right now, i don`t know what will happen. I am really overchallenged now. The big Problem is, we just know, they got financial advisory. But not more Information to that.

Any seroius answer welcome.

MOY Price at posting: 5.1¢ Sentiment: Hold Disclosure: Held
5 Upvote

0 Great analysis

Reply

There are more pages in this discussion • 98 more messages in this thread...

First 44 Last

Add MOY (ASX) to my watchlist