Mandalay Resources Corp
TSX:MND

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Mandalay Resources Corp
TSX:MND
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Price: 5.4 CAD Market Closed
Market Cap: 511.2m CAD

Mandalay Resources Corp
Investor Relations

Mandalay Resources Corp. engages in the exploration, development, and mining of natural resource properties. The company is headquartered in Toronto, Ontario. The company went IPO on 2001-08-20. The Company’s operations include the Costerfield mine, Bjorkdal gold mine and La Quebrada. The Costerfield mine operation is located in Victoria, Australia, within the Costerfield mining district, approximately 10 kilometers northeast of the town of Heathcote, Victoria. The Bjorkdal gold mine operation is located within the Boliden mining district, approximately 28 kilometers northwest of the municipality of Skelleftea and approximately 750 kilometers north of Stockholm. The firm's La Quebrada is a copper-silver development property located in the Coquimbo Region of Chile, neighboring the Minera San Geronimo owned Tugal open pit.

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Last Earnings Call
Fiscal Period
Q1 2025
Call Date
May 8, 2025
AI Summary
Q1 2025

Revenue Growth: Mandalay reported Q1 2025 revenue of $78 million, up 41% year-over-year, driven by strong metal prices.

Profit Surge: Net income rose 152% to $15 million compared to last year, reflecting price leverage despite lower production.

Production Decline: Gold equivalent production fell 10% year-over-year, in line with guidance, due to lower grades especially at Costerfield.

Cost Increases: Cash operating cost per ounce rose 30% to $1,348, and all-in sustaining costs increased 40% to $2,004 per ounce.

Strong Balance Sheet: The company ended the quarter with $88.3 million in cash and no debt.

Merger Announcement: Mandalay announced a merger of equals with Alkane Resources, aiming for greater scale, liquidity, and market visibility.

Exploration Progress: Exploration success at True Blue and resource growth extended mine life to over 10 years.

Guidance: Management expects higher capital and tax spending in Q2, with stronger production in the second half of the year.

Key Financials
Revenue
$78 million
Net Income
$15 million
Gold Equivalent Production
22,342 ounces
Costerfield Gold Production
just over 9,500 ounces
Costerfield Antimony Production
161 tonnes
Björkdal Gold Production
10,827 ounces
Cash Operating Cost per Ounce
$1,348
All-in Sustaining Cost per Ounce
$2,004
Capital Expenditures
$16.7 million
Free Cash Flow
$11.2 million
Cash Balance
$88.3 million
Undrawn Credit Facility
$35 million
Reserves
815,000 gold equivalent ounces
Measured and Indicated Resources
almost 2 million ounces
True Blue Inferred Resource
96,000 ounces at 22.6 grams per tonne
Earnings Call Recording
Other Earnings Calls

Management

Mr. Frazer William Bourchier BASc, MASc, P.Eng
President, CEO & Director
No Bio Available
Mr. Ryan Kane Austerberry
Chief Operating Officer
No Bio Available
Mr. Scott A. Trebilcock B.Sc., M.B.A.
Executive VP & Chief Development Officer
No Bio Available
Mr. Chris Davis
Vice President of Operational Geology & Exploration
No Bio Available
Mr. Hashim Ahmed C.A., CPA
CFO & Executive VP
No Bio Available
Ms. Jasmine Virk
Senior Director of Corporate Affairs & Corporate Secretary
No Bio Available

Contacts

Address
ONTARIO
TORONTO
76 Richmond Street East, Suite 330
Contacts