Announcement • Feb 04
Ten Sixty Four Limited Auditor Raises 'Going Concern' Doubt Ten Sixty Four Limited filed its Annual on Feb 02, 2025 for the period ending Jun 30, 2024. In this report its auditor, BDO LLP, gave a qualified opinion expressing doubt that the company can continue as a going concern. Announcement • Jan 15
Ten Sixty Four Limited Appoints Simon Theobald as Chief Executive Officer Ten Sixty Four Limited (Subject to Deed of Company Arrangement) announced that Mr. Simon Theobald has been appointed as the Company's Chief Executive Officer, pursuant to a Consultancy Agreement for Executive Services, executed this morning. Mr. Theobald is a Chartered Accountant with 25 years' experience, most recently as a Managing Director in PricewaterhouseCoopers' Deals team. He has a proven track record in business restructuring and turnaround with extensive experience in the resources industry. Mr. Theobald resigned as Deed Administrator of the Company effective 2 January 2024. Announcement • Dec 21
Ten Sixty Four Limited Announces Resignation of Robert Milbourne as Director Ten Sixty Four Limited announced that Mr. Robert Milbourne has now resigned as a Director of the Company, effective immediately. Announcement • Nov 11
Ten Sixty Four Limited Announces Resignation of Mr. Andrew Brown as Non-Executive Director Ten Sixty Four Limited announced that Non-Executive Director, Mr. Andrew Brown, has stepped down from the Board of Directors of the Company with immediate effect. Announcement • Jun 19
Ten Sixty Four Limited Announces Resignation of Kate George as Non-Executive Chair Ten Sixty Four Limited announced that its Board has accepted the resignation of its Non-Executive Chair, Dr. Kate George, with immediate effect. Date that director ceased to be director is 16 June 2023. Announcement • May 12
Ten Sixty Four Limited Announces Board Resignations Ten Sixty Four Limited announced that at its EGM to be held on 20 June 2023, to consider removal of Mr. Jeffery William McGlinn, Mr. Simon Jon Mottram, Mr. Andrew Charles Hunt and Dr. Kate Lowese George as directors of the company. Announcement • Dec 09
Ten Sixty Four Limited Provides an Update of the Progress of Phase 1 Diamond Core Drilling at the Scotties Creek Prospect at Monteagle in Queensland Ten Sixty Four Limited provided an update of the progress of Phase 1 diamond core drilling at the Scotties Creek prospect at Monteagle in Queensland. The first diamond drill hole (MDH003) is designed to test geochemical and IP resistivity low geophysical anomalies at Scotties Creek within the Monteagle tenement (EPM 27074). As of this report, the drill hole is ongoing at 498.6m. Drilling will continue until hole reaches barren rock or the 800m maximum drilling capacity. The single hole program is being completed by Eagle Drilling NQ Pty Ltd. A significant intercept at a depth of 244.1m - 245.0m, an interpreted massive sulphide zone was intercepted. Core has been logged and prepared for assay, with results expected in the March quarter of 2023. The Monteagle tenement covers the north-south trending boundary between the Anakie Metamorphic Group in the east and the basal sequences of the Drummond Basin in the west. Basement rock outcrops are sparsely developed, with most of the tenement area consisting of Tertiary and Quaternary alluvium and colluvium. The contact between the Anakie rocks and the Drummond Basin is mainly inferred from aeromagnetic data. Some isolated outcrops of foliated quartzite and mica schist, assigned to the Monteagle Quartzite of the Anakie Metamorphic Group, occur in a corridor from Vanguard Creek in the south to Days Hill in the centre of the tenement. Outcrops of flow-banded rhyolite to the north of Days Hill, assigned to the Silver Hill Volcanics of the basal Drummond. The alteration is dominated by regional propylitic (chlorite epidote + sericite + pyrite), with a strong overprint of sericite + potassium feldspar in places. At the same time, mineralisation is predominantly massive pyrite + marcasite along the vein and vein stockwork, as well as hydrothermal breccia zones near rhyolite or dacitic porphyry dykes. The MDH003 drill hole collar coordinates 527999.5E/7516405.9N (UTM) with an orientation 262O azimuth and -60O dip. The objective is to target a combination of soil geochemical sampling and Induced Polarization (IP) geophysical survey anomalies around outcropping metasediments of the Anakie Metamorphic with crosscutting massive quartz veins and veinlets in micaceous metasediments. The drillhole went through mainly weak to strongly foliated metasediments with crosscutting pyritic veinlets (1mm to 10mm) displaying narrow alteration selveges. The metasediments are intruded in places by felsic dykes, mostly rhyolite, and some dacitic porphyry, which appear to be associated with the mineralisation. The drill cores are being logged in detail and prepared for sampling to be sent to an independent certified laboratory, ALS, in Townsville. Assay results are expected in the March quarter 2023. Announcement • Dec 01
Ten Sixty Four Limited Through Its Philippines Affiliate Philsaga Mining Corporation Announces A JORC Code 2012 Compliant Mineral Resource Estimate Update for the Royal Crowne Vein Gold Deposit Ten Sixty Four Limited through its Philippines affiliate Philsaga Mining Corporation announced a JORC Code 2012 compliant Mineral Resource estimate update for the Royal Crowne Vein Gold Deposit. An Inferred Resource is estimated at 96,000 ounces at a grade of 6.77 g/t gold contained in 441,000 tonnes of ore using a cut-off grade of 2.0 g/t gold. The updated Mineral Resource is based on an additional 18 drill holes completed in Phase 4 and Phase 5 resource drilling in late 2021 and the first half of 2022. The overall Royal Crowne Vein deposit comprises steep dipping interconnected veins within a 100m by 500m area. Mineralisation extends from surface to ~200m below the surface. The deposit remains open along strike and at depth. The Royal Crowne Vein ("RCV") Gold Deposit is located approximately 3km from the Co-O mill and within the Company's Mineral Production Sharing Agreement ("MPSA") permit designated as MPSA 262-2008-XIII covering an area of 2,539 hectares within the Co-O Mineral District. The prospect area is an active artisanal mining site and was the focus of exploration and drilling activities by Banahaw Mining and Development Corporation ("BMDC") in the late 1980s to early 1990's. From 2006 to 2007 Philsaga explored and drilled 11 holes for 1,680 metres in the RCV prospect before the Company's exploration focus shifted to other prospects within Co-O Mine when production commenced in 2007. The Company resumed exploration and drilling activities in the area on August 2018 up to January 2022, completing 59 drill holes aggregating 16,499 metres. Currently, a vertical surface shaft is being developed to provide access for further drilling underground. The detailed discussions and interpretations of the Royal Crowne Vein ("RCV") geology and mineralisation were initially reported on 15 April 2019 and are also contained in 2019, 2020, 2021 and 2022 Annual Reports, with plans and sections. The prospect area is underlain predominantly by andesite porphyry, as mapped in surface outcrops, underground workings, and drill intercepts. The andesite porphyry is interpreted as a series of shallow intrusions into porphyritic andesite volcanics. porphyritic andesites were occasionally intercepted in some drill holes, and these have been interpreted as remnant xenolith bodies within the andesite porphyry stock. The andesite porphyry is the main host rock of vein-related mineralisation in the RCV prospect area. The geological interpretation confidence remains moderate to high in areas where drilling occurs, and there is sufficient underground geologic information. The geologic model wireframes were constructed using a combination of information from drill hole logs, assay grade data, and surface and underground mapping. The overall Royal Crowne Vein deposit comprises steep dipping interconnected veins within a 100m by 500m area. Mineralisation extends from surface to ~200m below the surface. The deposit remains open along strike and at depth. Drilling was carried out using wire-line diamond coring techniques, with the core retrieved using a triple tube barrel assembly. Due to the considerable depth of the weathered horizon, most of the drill holes were collared by a complement of dry coring down to competent bedrock, and wet coring using PQ drill bits (core Ø 83mm) drilled to an average depth of approximately 100m. Drill holes were then completed using HQ drill bits (core Ø 61mm) to target depths or pre-terminated due to difficult ground conditions or projected discontinuity of mineralisation. All completed drill holes were drilled and terminated to their projected or extended target depths during the 2018 and subsequent drilling campaigns. Core recovery (i.e. measured by dividing the total core length by the drilled length) ranges from 90% to 100% and averages 98% for all completed drilling campaigns since 2018. By comparison, core recoveries during the 2022 drilling campaign averaged 97%. The overall core recovery of 98% is well above acceptable industry standards. Sampling and Sub-Sampling Techniques: Drill cores were sampled for both gold assaying and bulk density measurements. The geologist determines sampling intervals based on significant lithologic, structural and mineralogical contacts identified during detailed geologic logging. Mineralised intervals such as veins, stockwork and mineralised fault zones, are prioritised in the sampling activity. The minimum sampling width is 20cm, while the maximum sampling width is 100cm. Representative samples are taken separately for vein and potentially mineralised wall rock based on the minimum sampling width. Where mineralised structures do not meet the minimum sampling width of 20cm, portions of the mineralised wall rock adjacent to the top and bottom contacts were incorporated to meet the required minimum sampling width. Trained and experienced field assistants cut cores longitudinally in half along the core axis using a circular diamond core saw. Cutting planes were oriented perpendicular to the orientation of the mineralised structure. Half of the core were sent for analysis while remaining half is retained for future reference. Based on all available drilling data, a global Inferred Resource estimation for the Royal Crowne Vein Deposit was undertaken in-house by Philsaga' Mine Resource Group. Total JORC 2012 Indicated and Inferred Mineral Resources for the RCV Deposit is estimated at 441,000 tonnes at a grade of 6.77 g/t gold for a total of 96,000 ounces of gold as summarised in the table below. A 2.0 g/t Au grade cut-off was used in estimating the Inferred resources. Announcement • Nov 23
Ten Sixty Four Limited Announces JORC Code 2012 Compliant Mineral Resource Estimate Update for the Royal Crowne Vein Gold Deposit Ten Sixty Four Limited, through its Philippines affiliate Philsaga Mining Corporation announced a JORC Code 2012 compliant Mineral Resource estimate update for the Royal Crowne Vein Gold Deposit. An Inferred Resource is estimated at 96,000 ounces at a grade of 6.77 g/t gold contained in 441,000 tonnes of ore using a cut-off grade of 2.0 g/t gold. The updated Mineral Resource is based on an additional 18 drill holes completed in Phase 4 and Phase 5 resource drilling in late 2021 and the first half of 2022. The overall Royal Crowne Vein deposit comprises steep dipping interconnected veins within a 100m by 500m area. Mineralisation extends from surface to ~200m below the surface. The deposit remains open along strike and at depth. The Royal Crowne Vein ("RCV") Gold Deposit is located approximately 3km from the Co-O mill and within the Company's Mineral Production Sharing Agreement ("MPSA") permit designated as MPSA 262-2008-XIII covering an area of 2,539 hectares within the Co-O Mineral District. The prospect area is an active artisanal mining site and was the focus of exploration and drilling activities by Banahaw Mining and Development Corporation ("BMDC") in the late 1980s to early 1990's. From 2006 to 2007 Philsaga explored and drilled 11 holes for 1,680 metres in the RCV prospect before the Company's exploration focus shifted to other prospects within Co-O Mine when production commcned in 2007. The Company resumed exploration and drilling activities in the area on August 2018 up to January 2022, completing 59 drill holes aggregating 16,499 metres. Currently, a vertical surface shaft is being developed to provide access for further drilling underground. Board Change • Nov 16
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Simon Mottram is the most experienced director on the board, commencing their role in 2020. Independent Non-Executive Director Aaron Treyvaud was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Nov 11
Ten Sixty Four Limited Announces Changes to Management Team Ten Sixty Four Limited announced that Dr. Kate George has accepted an invitation to join the Company's Board as Non-Executive Chair. Dr. George will commence following the Company's Annual General Meeting on 25 November 2022. Dr. George is a distinguished Australian business leader who has a unique background of experience in the public, corporate and community sectors. Her areas of specialty include law, governance, community development and planning in key areas including health, economic development and training. Dr. George is a Putejur a woman from the Murchison-Gascoyne region in Western Australia. She was the first Aboriginal student to graduate in law from the Australian National University ("ANU") in Canberra and the first Aboriginal woman to be admitted to practice law in WA. Dr. George Is now the first Aboriginal woman to chair an ASX-listed company. Dr. George has held senior public service positions, including as a Ministerial Advisor at both the State and Federal level, and as a consultant in the resources sector. Prior to her appointment to the Board, she was a Managing Director with PwC's Indigenous Consulting. Dr. George is a Board member of the Australian federal government's Northern Australian Infrastructure Fund and a Director of Indigenous Business Australia Asset Management Pty Ltd. and a Graduate of the Australian Institute of Company Directors. Dr. George joins the Board as Chair on 25 November, 2022. Mr. McGlinn will move from Executive Chair to Managing Director with the key terms of his Executive Services Agreement which was announced to the ASX on 3 May 2022 remaining unchanged. Announcement • Oct 22
Ten Sixty Four Limited, Annual General Meeting, Nov 24, 2022 Ten Sixty Four Limited, Annual General Meeting, Nov 24, 2022, at 13:00 W. Australia Standard Time. Location: at Celtic Club, 48 Ord Street West Perth Western Australia Australia Agenda: To consider the Financial Report of the Company, the Directors' Report and the Auditor's Report for the year ended 30 June 2022; to consider reelection of director Mr Simon Mottram and Mr Andrew Hunt and Mr Aaron Treyvaud; and to consider other matter also. Recent Insider Transactions • Oct 04
Independent Non-Executive Director recently bought AU$128k worth of stock On the 30th of September, Simon Mottram bought around 200k shares on-market at roughly AU$0.64 per share. This transaction increased Simon's direct individual holding by 2x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$329k more in shares than they have sold in the last 12 months. Reported Earnings • Oct 01
Full year 2022 earnings released: EPS: US$0.012 (vs US$0.23 in FY 2021) Full year 2022 results: EPS: US$0.012 (down from US$0.23 in FY 2021). Revenue: US$140.0m (down 22% from FY 2021). Net income: US$2.82m (down 94% from FY 2021). Profit margin: 2.0% (down from 26% in FY 2021). Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Sep 28
Upcoming dividend of AU$0.05 per share Eligible shareholders must have bought the stock before 05 October 2022. Payment date: 20 October 2022. The company is paying out more than 100% of its profits and is paying out 94% of its cash flow. Trailing yield: 8.3%. Within top quartile of Australian dividend payers (7.2%). Lower than average of industry peers (11%). Announcement • Sep 05
Ten Sixty Four Limited Declares Dividend for the Fiscal Year 2022, Payable on October 20, 2022 Ten Sixty Four Limited announced that its Board has resolved to pay an unfranked dividend of AUD 0.05 per share for fiscal year 2022 to all eligible shareholders. Ex-dividend date is October 5, 2022. Record date is October 6, 2022. Payment date is October 20, 2022. Reported Earnings • Sep 01
Full year 2022 earnings released: EPS: US$0.012 (vs US$0.23 in FY 2021) Full year 2022 results: EPS: US$0.012 (down from US$0.23 in FY 2021). Revenue: US$140.0m (down 22% from FY 2021). Net income: US$2.82m (down 94% from FY 2021). Profit margin: 2.0% (down from 26% in FY 2021). Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Announcement • Aug 31
Ten Sixty Four Limited Provides Operating Guidance for the Fiscal Year 2022 Ten Sixty Four Limited provided operating guidance for the fiscal year 2022. For the year, the company expected Production of 84,000 ounces - 89,000 ounces. Announcement • Aug 27
Vitrinite Holdings Pty Ltd Solicits Proxies from the Shareholders On August 26, 2022, Vitrinite Holdings Pty Ltd and Arbiter Partners Capital Management LLC announced that it has sent a notice that a general meeting of Ten Sixty-Four Limited will be held on 28 September 2022 for appointment of Ms Debra Anne Bakker as a Director, Mr Edward (Ned) Arnold Collery as a Director, Mr Lazaros Nikeas as a Director, removal of Mr Jeffery William McGlinn as a Director and removal of Directors appointed after the notice to convene the meeting. Announcement • Aug 17
Ten Sixty Four Limited Provides Production Guidance for the Fiscal Year 2023 Ten Sixty Four Limited provides production guidance for the fiscal year 2023. For the year, the company expects production guidance for its Co-O Gold Mine between 84,000 ounces to 89,000 ounces. Announcement • Aug 12
Ten Sixty Four Limited Advises of the Completion of Phase 1 Drilling At the Nivram Prospect in Queensland Ten Sixty Four Limited advised of the completion of Phase 1 drilling at the Nivram prospect in Queensland. The program has achieved the objective of confirming the hydrothermal alteration halo of the low sulphidation deposit. Nivram features a 2km long gold in soil anomaly identified within a 15km-wide eroded caldera. The area is prospective for a low sulphidation, epithermal gold deposit similar to the Pajingo system to the north. The drilling showed a well-defined contact between Tertiary and the altered clay horizon, with anomalous pathfinder geochemistry (Te-As-Sb-Bi-Mo) typical of a hydrothermal halo. The hydrothermal alteration was present in all drill holes and was intensifying to the east. Assay results indicated limited gold anomalism (<0.23g/t) due to the shallow level of the system which was in line with expectations. Announcement • Jul 23
Ten Sixty Four Limited Receive Notice from Vitrinite Holdings Pty Ltd On July 22,2022, Ten Sixty Four Limited announced that it has received a notice from Vitrinite Holdings Pty Ltd and Arbiter Partners Capital Management LLC to call a general meeting of the Company for the removal of Mr Jeffrey William McGlinn and Mr Andrew Charles Hunt as directors of the Company; the removal of any other person who is appointed as a director of the Company between the date of the Notice and the date of the general meeting as a director of the Company and appointment of Mr Debra Anne Bakker, Mr Edward Arnold Collery and Mr Lazaros Nikeas as a directors of the Company. Announcement • Jul 06
Ten Sixty Four Limited Updates Its Fy22 Guidance from the Co-O Gold Mine The Board of Directors of Ten Sixty Four Limited advised production from the Co-O Gold Mine in FY22 was 89,789 ounces, at the top end of the guidance range. The Company updated its FY22 guidance to 87,000 - 90,000 ounces at an average All-In- Sustaining-Cost of USD 1,350 - USD 1,400 per ounce in April 2022. Reconciliation of FY22 AISC is currently underway and will be released in the Company's June Quarterly Activities Report later this month. Announcement • Jun 30
Ten Sixty Four Limited Announces Management Changes The Board of Directors of Ten Sixty Four Limited announced that the Managing Director of the Company, Mr. Paul Ryan Welker, has given the Company 6 months notice of his resignation in accordance with the terms of his executive services agreement. Until a replacement is appointed, Executive Chairman, Mr. Jeffery McGlinn will continue to lead the delivery of the Company's strategic objectives. Announcement • May 04
Medusa Mining Limited Appoints Aaron Treyvaud as Independent Non-Executive Director The Directors of Medusa Mining Limited advised that Mr. Aaron Treyvaud has been appointed as an independent Non-Executive Director of the Company. Mr. Treyvaud has more than 20 years of experience in the mining, finance and private equity sectors. His work for global investment banks and high-profile investment groups has included corporate strategy, mergers and acquisitions (MA), debt and equity capital markets transactions, valuation and technical due diligence. Aaron is currently a Partner at Vision Blue Resources (VBR), a company investing in clean energy related metal and mineral resource companies essential to the clean energy transition. Prior to joining VBR he was Head of Corporate Development for I-Pulse Group (part of the Ivanhoe Group). Aaron was also previously Head of Business Development for QKR Corp, a former Director of Investec Resources' MA team and worked at both Gresham Partners and UBS in Australia. Announcement • May 03
Medusa Mining Limited Appoints Jeffery McGlinn as Executive Chairman Medusa Mining Limited announced that Mr. Jeffery McGlinn has been appointed as Executive Chairman of the Company. Mr. McGlinn joined the Board of Medusa in February 2021 as a Non-Executive Director and was appointed asNon-Executive Chairman in March 2021. Board Change • Apr 27
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Director Simon Mottram is the most experienced director on the board, commencing their role in 2020. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 12
Medusa Mining Limited Announces Drummond Basin Drill Program Medusa Mining Limited is to be mobilizing a multipurpose drill rig to carry out its first drilling in the southern Drummond Basin region of Central Queensland following the acquisition of Australian unlisted public company Ten Sixty Four Limited (1064). The company continues to accelerate 1064's exploration plans to assess the highly prospective portfolio over the next 12 months. This is the first drill program conducted with Medusa, starting with two of the priority large-scale project areas identified by 1064: Mount Wilkin: a system with a >10ppb gold in soil anomaly extending over a 550m x 550m area within a 5.5km² alteration footprint. Shallow RC drilling has previously intersected broad Ag-Zn-Ag mineralization with sporadic gold intercepts up to 3m at 2.16 g/t Au from 42m; Nivram: a 2km long gold in soil anomaly identified within a 15km-wide eroded caldera. Targeting a low sulphidation, high grade epithermal discovery similar to the Pajingo deposit. Mount Wilkin: Mount Wilkin consists of a large 5.5km2 alteration footprint which hosts a well defined 550m x 550m gold in soil anomaly. It features outcropping silica-sericite altered volcanic rocks of the Drummond Basin. Initial scout drilling by 1064 tested IP anomalies and geochemical soil anomalies. This work has defined a target, at depth, beneath a wide zone of zinc-arsenic±silver±lead anomalism that may represent the upper part of a sub-volcanic gold deposit associated with an intrusive related gold system similar to the Mt Rawdon gold deposit. The company plans to test this target zone with an initial scout program of deep reverse circulation drill holes. Nivram: The Nivram prospect area is centred on a large, 15km wide outcropping volcanic caldera in the Drummond Basin sequence. Previous explorers identified and drill tested outcrops of cherts and clay-altered volcanic rocks interpreted as evidence of fossil thermal hot springs and hydrothermal alteration typical of the distal part of epithermal gold mineralization. 1064's ultra-trace geochemical soil sampling program delineated a coherent gold anomaly ready to be tested by RC drilling fences. Board Change • Apr 01
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Director Simon Mottram is the most experienced director on the board, commencing their role in 2020. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Mar 11
Independent Non-Executive Chairman recently bought AU$98k worth of stock On the 9th of March, Jeffery McGlinn bought around 116k shares on-market at roughly AU$0.84 per share. This was the largest purchase by an insider in the last 3 months. This was Jeffery's only on-market trade for the last 12 months. Buying Opportunity • Mar 08
Now 23% undervalued Over the last 90 days, the stock is up 9.6%. The fair value is estimated to be US$1.04, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% per annum over the last 3 years. The company has become profitable over the last 3 years. Announcement • Mar 04
Medusa Mining Limited Announces Appointment of Paul Ryan Welker as Non Executive Director Medusa Mining Limited announced that Paul Ryan Welker has joined the Board as a Non-Executive Director. Mr. Welker was a Co-Founded Ten Sixty Four Limited which was recently acquired by Medusa. He is currently the Co-Founder and Chairman of private company Vitrinite Pty Ltd. which operates the Vulcan Coal Complex in Queensland's Bowen Basin, adjacent to the 1064 Drummond Basin gold exploration projects. Reported Earnings • Feb 28
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: EPS: US$0.074 (down from US$0.19 in 1H 2021). Revenue: US$81.8m (down 28% from 1H 2021). Net income: US$15.3m (down 62% from 1H 2021). Profit margin: 19% (down from 35% in 1H 2021). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Announcement • Feb 04
Medusa Mining Limited (ASX:MML) has entered into definitive documentation to acquire Ten Sixty Four Limited for AUD 13.2 million. Medusa Mining Limited (ASX:MML) has entered into definitive documentation to acquire Ten Sixty Four Limited for AUD 13.2 million on February 3, 2022. Medusa Mining Limited will issue 20 million shares as a part of consideration. The majority of the Shares to be issued are escrowed for a period of 24 months. As part of the Acquisition, Ten Sixty Four Limited's exploration team will continue to support the exploration program in partnership with Medusa. Completion of the Acquisition is subject to the satisfaction of customary conditions precedent (including there being no material adverse change in respect of Ten Sixty Four Limited). The Acquisition is not subject to any regulatory approvals. Transaction is expected to complete in the coming weeks. Announcement • Jan 19
Medusa Mining Limited Provides Tigerway Project Update 2022 Medusa Mining Limited announced that the Tigerway (Decline) project is making significant progress with a total advance of ~161m with no health and safety issues registered. The establishment of the decline is the best option to access ore below Level 12 to underpin the longevity and enhance operational flexibility at Co-O. The Tigerway construction is on track as originally scheduled. The current heading-face is now past the expected shallow surface poor ground and now on fairground that is expected to ramp up the development meterage. Reported Earnings • Aug 27
Full year 2021 earnings released: EPS US$0.23 (vs US$0.17 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: US$179.0m (up 21% from FY 2020). Net income: US$47.3m (up 34% from FY 2020). Profit margin: 26% (up from 24% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Announcement • Aug 26
Medusa Mining Limited Provides Production Guidance for the Fiscal Year 2022 Medusa Mining Limited provided production guidance for the fiscal year 2022. For the period, the company's guidance is for 90,000 to 95,000 ounces of gold production at an AISC of between USD 1,250 to USD 1,300 per ounce. Announcement • Mar 20
Medusa Mining Limited Announces the Appointment of Jeffery Mcglinn as Non-Executive Chairman, Effective 19 March 2021 Medusa Mining Limited announced the appointment of Jeffery McGlinn as Non-Executive Chairman, effective 19 March 2021. Mr. McGlinn was appointed as a Non-Executive Director of Medusa in February 2021 and will now take the role of Non-Executive Chairman, following Mr. Teo's appointment as Managing Director. Mr. McGlinn, a highly credentialed Australian businessman with extensive international experience, was appointed to the Medusa Board in February 2021 and the Board is strongly supportive of his move into the position of Non-Executive Chairman. Announcement • Mar 19
Medusa Mining Limited Announces the Appointment of Andrew Teo as Managing Director, Effective 19 March 2021 Medusa Mining Limited announced the appointment of Andrew Teo as Managing Director, effective 19 March 2021. Mr. Teo has been the Chairman of Medusa since November 2013 and a Board member since February 2010. Mr. Teo has served as the Interim CEO since June 2020 after the resignation of Medusa's previous CEO in mid-2020. Following the resignation of the former CEO, Medusa undertook a search to identify a suitable, high quality replacement lead executive. International travel restrictions caused by the COVID-19 pandemic made this process more challenging and, after eight months in the interim CEO role, the Board believes Mr. Teo is the best suited candidate for the position of Managing Director. Mr. Teo has developed a deep understanding of the business over the past decade and has strong local relationships within the Co-O workforce, the surrounding community and Philippine regulators, which together make him ideally suited for the role. He is an accountant with 40 years' of experience in accounting, treasury, corporate, legal and business administration across several industries, including the mining industry. Reported Earnings • Mar 02
First half 2021 earnings released: EPS US$0.19 (vs US$0.12 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: US$113.7m (up 51% from 1H 2020). Net income: US$40.1m (up 65% from 1H 2020). Profit margin: 35% (up from 32% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 26
New 90-day high: AU$0.94 The company is up 28% from its price of AU$0.73 on 27 November 2020. The Australian market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 21% over the same period. Announcement • Feb 16
Medusa Mining Limited Appoints Jeffery McGlinn as Non-Executive Director Medusa Mining Limited advised that Jeffery McGlinn has joined the company’s Board as a Non-Executive Director. McGlinn is a founder of NRW Holdings Limited and has been involved in the creation of a diverse array of successful international businesses including in the industries of construction, industrial lighting and horse breeding. Is New 90 Day High Low • Jan 27
New 90-day high: AU$0.84 The company is up 3.0% from its price of AU$0.81 on 29 October 2020. The Australian market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 27% over the same period. Is New 90 Day High Low • Nov 24
New 90-day low: AU$0.74 The company is down 17% from its price of AU$0.90 on 26 August 2020. The Australian market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is down 1.0% over the same period. Announcement • Nov 16
Medusa Mining Limited and Philsaga Mining Corporation Provide Update on Operations at the Co-O Gold Mine in the Philippines Medusa Mining Limited and Philsaga Mining Corporation provide the following update on operations at the Co-O Gold Mine in the Philippines. Following the identification of several members of the workforce who tested positive to COVID-19 in late October, the Company took the decision to suspend operations and place the site on care and maintenance for a period of seven days. This decision was taken in order to ensure the welfare of the wider Co-O workforce and surrounding community. A program of disinfection of communal sites was undertaken and all members of the workforce were tested for COVID-19 with the requirement to return a negative test before being allowed to return to site. Operations resumed as planned on 3 November 2020 and gold production has resumed in line with plan. As previously indicated, the temporary suspension has not impacted Medusa's 2021 production guidance of between 90,000 to 95,000 ounces of gold at an All-In-Sustaining-Cost of between USD 1,200 to USD 1,250 an ounce. Measures to reduce the risk of COVID-19 infection at the Co-O site remain in place, including increased site hygiene, operating with a reduced workforce and conducting weekly regular testing of employees and contractors. The employees who returned positive tests remain away from site and in isolation either at quarantine facilities or home. Recent Insider Transactions • Sep 22
Independent Non-Executive Director recently bought AU$162k worth of stock On the 21st of September, Roy Daniel bought around 184k shares on-market at roughly AU$0.88 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$276k more in shares than they have sold in the last 12 months.