The problem I have with Medusa'a numbers, is they don't seem to...

The problem I have with Medusa'a numbers, is they don't seem to include everything they should in AISC.

Even though they had a vastly improved half year and made $24.7m in profit, the net cash position with repayment of only $1.2m in loans was only $600k above the previous period.

They are consistently spending $23m/HY on mine development, so they are not actually making much at all.

The mine itself is so complex, that reduced spending on mine development will affect output very smartly.

The mine, Co-O might be nearer end of life than many think. They have 1.92mt of probable reserves left. At 2000t/d that is 2.63 years and a theoretical 7.22g/t, 446,000 oz of gold.
They have nothing realistic to go on to past this. The other resources do not have the grade to go through the small plant (Bananghilig 1.44g/t).

Already management are preparing shareholders for more expensive costs, like $10m for a new shaft etc.
At $200m MC this is already fully priced, because there is just not a return for shareholders, all the money is spent on the mine and exploration.