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Mandalay Resources Corporation - MNDJF STOCK NEWS

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Mandalay Resources Corporation (Mandalay) is a Canadian-based resource company with producing assets in Australia and Sweden. The company focuses on growing production, reducing costs, and generating positive cash flow. Mandalay is committed to safe operations, environmental responsibility, and community engagement. The company aims to maximize shareholder value through profitable operations, regional exploration, and extending mineral reserves at its Costerfield and Björkdal mines. Current objectives include mining high-grade veins, bringing new deposits online, and maximizing profit margins.

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Mandalay Resources reported a strong second quarter 2024, showing significant improvements in production and cash generation. The quarter-end cash balance rose to $63 million, a $16 million increase from the previous quarter. Consolidated gold equivalent production reached 26,372 ounces, a 32% increase from Q2 2023. Björkdal and Costerfield mines produced 12,599 and 13,773 gold equivalent ounces, respectively.

The company sold 26,759 gold equivalent ounces, a 32% rise from Q2 2023. Production at Björkdal was the highest since Q2 2019, while Costerfield saw a 32% production increase. Mandalay repaid the outstanding $20 million Revolving Credit Facility in July 2024.

For the first half of 2024, Mandalay produced 51,308 gold equivalent ounces, a 26% increase compared to H1 2023, and sold 52,036 gold equivalent ounces, a 24% rise. The company aims to maintain high production levels and optimize operations at both sites for the remainder of the year.

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Mandalay Resources has announced promising results from its recent drilling campaigns near the Björkdal Mine in Sweden. Over 6,295 meters of diamond drilling across 26 holes targeted high-priority zones, yielding significant gold intercepts at Lapptjärn and Granholm. Lapptjärn recorded 5.3 g/t gold over 7.05 meters and 8.6 g/t gold over 0.70 meters, while Granholm showed 14.9 g/t gold over 0.5 meters. The exploration also identified semi-massive sulphide with elevated zinc and copper at Tarsnäs. Future efforts will include targeted geophysical surveys to further explore these promising areas.

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Mandalay Resources announced the outcomes of its Annual General Meeting held on May 28, 2024. The shareholders approved all the resolutions presented, with proxy votes representing 39.14% of outstanding shares. Seven directors were re-elected, including Bradford Mills as Chair and Abraham Jonker as lead independent director. KPMG LLP was reappointed as the company's auditor. Mandalay Resources is focused on increasing production and reducing costs at its Australian and Swedish mines, aiming for high-grade exploration and maximizing profit margins.

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Mandalay Resources announced significant progress in its regional exploration program at the Björkdal Norrberget gold deposit, extending the deposit by approximately 120 meters or 80%. Notable assay results include 13.3 g/t gold over 5.55 meters and 17.5 g/t gold over 1.50 meters at Norrberget, and 17.2 g/t gold over 1.30 meters and 12.1 g/t gold over 1.40 meters at the Vidmyran target located nearby. The company aims to further investigate the strong growth potential in the Norrberget deposit with more drilling planned from spring to summer 2024. This program highlights the potential for resource growth within Mandalay's tenement holdings.

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Mandalay Resources reported strong first-quarter financial results for 2024, with significant revenue growth, improved cash position, and enhanced cost efficiency. The company saw a 32% increase in consolidated revenue, reaching $55.5 million, along with a consolidated net income of $5.9 million. Costs per gold equivalent ounce produced decreased, contributing to a healthy balance sheet and increased cash flow. Both Björkdal and Costerfield mines performed well, achieving record quarterly revenues. The company remains committed to disciplined capital allocation and exploration spending to drive future growth.

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Mandalay Resources announced the release date for its first quarter 2024 financial results and a conference call with the CEO. The financial results will be released on May 08, 2024, with the conference call on May 09, 2024. Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia and Sweden, focusing on growing production and reducing costs to generate positive cashflow.

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Mandalay Resources announced the expansion of the Storheden gold deposit near the Björkdal mine with high-grade gold intercepts. The company doubled the known system depth and secured a mining concession in 2018.
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Mandalay Resources reports strong first quarter production results with a significant increase in cash balance. Key highlights include a $20.2 million rise in cash balance, consolidated gold equivalent production of 24,936 ounces, and a positive outlook for meeting annual production targets. The company's Costerfield and Björkdal operations both showed notable production increases compared to the previous year, despite operational challenges. The quarter also saw a steady ramp-up in mill throughput rates at Björkdal.
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Mandalay Resources announces the filing of its Annual Information Form for 2023 and an updated NI 43-101 Technical Report for the Costerfield mine. The reports were prepared by reputable experts and can be accessed on the company's website and SEDAR.
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Mandalay Resources Corporation has received approval from the Toronto Stock Exchange to initiate a normal course issuer bid for a portion of its common shares. The NCIB will be conducted in compliance with TSX regulations.
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FAQ

What is Mandalay Resources Corporation focused on?

Mandalay is focused on growing production, reducing costs, and generating positive cash flow.

Where are Mandalay's producing assets located?

Mandalay's producing assets are located in Australia (Costerfield gold-antimony mine) and Sweden (Björkdal gold mine).

What are Mandalay's current objectives?

Mandalay's current objectives include mining high-grade veins, bringing new deposits online, and extending Mineral Reserves at Costerfield and Björkdal mines.

What is Mandalay's mission?

Mandalay's mission is to create shareholder value through profitable operations and regional exploration.

How does Mandalay ensure environmental responsibility?

Mandalay is committed to operating safely and in an environmentally responsible manner while engaging with the community.

Where can I find Mandalay's Annual Information Form and Technical Report?

The Annual Information Form and Technical Report can be accessed on Mandalay's website.

What are Mandalay's key achievements in the latest quarter?

In the latest quarter, Mandalay achieved solid production results, increased cash reserves, and significant positive cash flow.

What are Mandalay's plans for future exploration?

Mandalay plans to continue exploration efforts at both Costerfield and Björkdal mines with expected full-year spending of $12 – $15 million.

How does Mandalay aim to create shareholder value?

Mandalay aims to create shareholder value through profitable operations, regional exploration, and extending Mineral Reserves.

What is Mandalay's approach to capital expenditure?

Mandalay maintains a disciplined approach towards capital expenditure, prioritizing projects that offer significant returns aligned with long-term growth objectives.

Mandalay Resources Corporation

OTC:MNDJF

MNDJF Rankings

MNDJF Stock Data

149.80M
50.52M
1.17%
77.18%
Crushed and Broken Limestone Mining and Quarrying
Mining, Quarrying, and Oil and Gas Extraction
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United States of America
Toronto