Ann: September 2018 Quarterly Report, page-11

I agree with Loki - the sweet spot to be selling MML will be when it finishes its E15 shaft (and begins to experience attractive FCF) and begins capex on its L16...

Who would own Medusa through anymore major infrastructure builds once the E15 is finished. Their effort on this shaft makes their debacle with the  mill acceptable.

As for investors waiting for a pop in the PoG, I'm not sure that's the best reason to own MML. Loads of gold miners on the ASX have higher cash costs (ie more leveraged to gold) and bigger resource ounces than MML so theoretically would benefit substantially more on a PoG increase than MML...

MML is an operational turnaround and/or value play.