mml london presentation

Hi All,

I met the MML management when they were in London last week. I really cannot speak highly enough of this company and it's clear there is substantial growth to come. I posted my thoughts following on MML thread on advfn.com....

I also attended the MML presentation yesterday and can only echo Plasybryn’s comments. Hearing Peter and Geoff talk just reinforced how much we have to look forward to as long term investors in MML. Regardless of what the share price does in the short term, I’m confident that they will be producing 400k/oz pa by 2016. Anoling will provide a useful source of ore to the Co-O mill and should ensure consistent production of 200k/oz pa. It was encouraging to hear that the dividend will be reviewed as soon as they have $250m cash in the bank (which will be mid 2014 as Plas said based on $1500/oz gold). Re Bananghilig they are confident there is a lot more than 1m oz but want to get this into production and can then focus on expanding.

The government is reviewing the mining code and talk of increased taxes/royalties are overblown. It is more likely that the gov are trying to clamp down on illegal miners who are causing environmental damage.

70% of shareholders are institutions (35% are in US).

It’s well worth going to the presentation next Thursday to hear from the management if you can

Jim

Here are Plasbyrn's comments posted on advfn....

I attended the Fairfax do yesterday with Geoff Davis (Chairman) & Peter Hepburn-Brown (MD). I have been an investor for at least 4 years so I know the story pretty well and am a die in wool fan of this great small mining company. If I went into yesterday's meeting feeling a little deflated by recent events, I came out even more bullish than usual on the prospects over the next 4 years. Without going into great detail, as some of you will join the Coy. next Thursday and Fairfax note has already been published, what I would say is that you have to keep reminding yourself what is coming.
By Q3 we will have the upgraded Bananghilig reserve announcement (c. 1m ozs). That triggers completion of the BFS which goes to the Govt by end of year. They grant permits 6/9 months later. But going back to Co-O the first critical milestone is completion of the Saga shaft by year end, which will enable them to extract higher quality ore, thereby reducing costs and upping production.
The "upgraded environmental clearance cert." for the enlarged mill should be announced in Q3/Q4. What is also important is that they hope to start production at Anoling by late next year (licence mid 2013). This will fed another 50,000 ozs into the Co-O mill and give them more flexibility. If they need to carry out repairs or upgrades they will be able to do so without jeopardising the 200,000 oz per year target. Everything remains on track to be self funded. Once the capex is accumulated for Bananghilig, then they will review the dividend policy (c. mid 2014). They also still intend to monetise the Copper reserve which they continue to drill out over the next 18 months. Some will fed into the Capex needs, but the rest will flow to shareholders. Two larger players have already shown interest, but Medusa will drill it out themselves to maximise returns. They have 9 copper targets!
Gold production costs remain around $250 failing to $210 after completion of Saga Shaft and then av. around $400 once the lower grade open pit mine (Bananghilig) is up and running mid 2015. Reading between the lines, there is so much mineralisation on their acreage that the future looks very bright for this well run, disciplined company. Summary: Low costs, 3 mines, 65000 ozs to 400,000ozs, exploration & copper, self funding, no debt, Fidelity a major holder, increasing dividend policy etc etc. No brainer IMO but DYOR.