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X64 ten sixty four limited

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Couldn't agree more. There needs to be some major shareholders...

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Aye_yoU

80 Posts.

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19/09/19

23:57

Post #: 40487461
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Originally posted by stevea171: ↑

Annual Report - initial observations:

1. No dividend policy and no dividend as others have pointed out despite the transformation of the company's operations and finances with completion of the Services shaft and huge surge in the gold price to $1500.

2. Q'ld copper prospect is a dud after 4 drills and withholding the drill results from the market until now (in the hope this will be lost in the rest of the report?). I have predicted this outcome a number of times. Medusa has no near term viable projects to develop going forward so company development prospects are nil with this management.

"The assays from the 4 drill holes returned low values for copper and gold. The Company is now reviewing its options on the way forward with respect to this Project."

3. Ql'd gold prospect was to be drilled in Sept quarter but now put back to 2020 which will be 18 months after acquisition of 'drill ready' targets. This is typical of the stalling and prevarication we see all the time with this company.

4. Tailings project TSF#1. Recovery of the $40 million gold from here is no further forward after 4 years. No concrete plans have yet been made, just more wasted time and prevarication.

"A more detailed study is underway into the feasibility of mining and processing this material."

5. Royal Crowne Vein project. This project has gone into deep slumber like all the rest of them. No date for more drilling to prove up more resource to determine if this is a commercial project. It can be assumed follow on drilling will be at least a year after the last campaign.

"A follow-up (Phase 3) resource infill drilling program is proposed to increase and upgrade the current mineral resource."

6. L16 shaft. It seems this may be back in planning. It was estimated to cost $50 million years ago so will not be less today. With the botched planning and implementation of the Services Shaft to L8 then finally L10 it looks like we could have a rerun starting as soon as next year. At this stage they are reluctant to mention 'L16' but with the winzes all terminating at L12 or above how else could they be expecting to get the ore below this level to surface? It is a fair bet that all free cash will yet again be thrown at the mine whilst shareholder get nothing.

As we have seen with the services shaft, a L16 shaft will not result in an increase in production just more standing still of mine output and with the directors, managers, workers and contractors all benefiting at the expense of shareholders who are the owners of the company but have had their income terminated years ago and huge capital losses under these directors.

"Commenced a study to determine the best option for accessing and extracting the resources below Level 12. This study is expected to be completed in the first half of FY2020."

7. Recovery of $32 million VAT. No mention.

There has been a catalogue of slow and non delivery of projects and incompetence that these directors have presided over for many years. How much longer can this be allowed to continue?

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Couldn't agree more. There needs to be some major shareholders to shake things up. It'll be more of the same otherwise. I don't want to go through another 5 years of this pain. It seems like the Phillipino management and people have too much say with this mine, which is why it's not being run as efficient as possible. I think they should aim to build the cash pile for the next year and try to buy or fund a couple of gold explorers back in Australia. There's a lot of companies which cannot access funds to build their projects. Then they can flog this mine off to a Chinese owner who will be able to make something of it. I don't want to go through the pain of waiting for the L16 shaft to be built. If the service shaft is anything to go by, it'll take 6 years!

MML Price at posting: 81.0¢ Sentiment: Hold Disclosure: Held
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