Mandalay Resources Announces Resignation of Board Member

Rhea-AI Summary

Mandalay Resources (TSX: MND, OTCQB: MNDJF) has announced the resignation of Braam Jonker from its Board of Directors, effective August 30, 2024. Amy Freedman will take over as Lead Independent Director, and the company will begin searching for a new Independent Director. Mandalay, a Canadian-based natural resource company, operates gold mines in Australia (Costerfield) and Sweden (Björkdal). The company focuses on increasing production, reducing costs, and generating positive cash flow while maintaining safe and environmentally responsible operations. Mandalay's main objectives include mining high-grade veins at Costerfield, extending Mineral Reserves, and increasing production from higher-grade areas at Björkdal to maximize profit margins.

Positive

• Amy Freedman appointed as Lead Independent Director, ensuring continuity in board leadership
• Company maintains focus on increasing production and reducing costs to generate positive cash flow
• Ongoing mining of high-grade Youle and Shepherd veins at Costerfield mine
• Plans to increase production from higher-grade areas at Björkdal mine

Negative

• Resignation of experienced board member Braam Jonker
• Potential temporary gap in board composition until a new Independent Director is appointed

News Market Reaction

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On the day this news was published, MNDJF declined NaN%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

TORONTO, Aug. 30, 2024 /PRNewswire/ - Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND) (OTCQB: MNDJF) announces that Braam Jonker has resigned (effective August 30, 2024), as a member of the Board of Directors (the "Board") to focus on other endeavors. Amy Freedman will assume the role of Lead Independent Director and the Board will commence a search for a new Independent Director.

Bradford Mills, Executive Chair, commented:

"On behalf of Mandalay's Board, I want to express our appreciation to Braam for his years of dedicated service and significant contributions to the Company and we wish him continued success in the future."

About Mandalay Resources Corporation

Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia (Costerfield gold-antimony mine) and Sweden (Björkdal gold mine). The Company is focused on growing its production and reducing costs to generate significant positive cashflow. Mandalay is committed to operating safely and in an environmentally responsible manner, while developing a high level of community and employee engagement.

Mandalay's mission is to create shareholder value through the profitable operation and regional exploration programs, at both its Costerfield and Björkdal mines. Currently, the Company's main objectives are to continue mining the high-grade Youle and Shepherd veins at Costerfield, and to extend Mineral Reserves. At Björkdal, the Company will aim to increase production from the Eastern Extension area and other higher-grade areas in the coming years, in order to maximize profit margins from the mine.

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SOURCE Mandalay Resources Corporation

FAQ

Who resigned from Mandalay Resources' Board of Directors?

Braam Jonker resigned from Mandalay Resources' Board of Directors, effective August 30, 2024.

Who will replace Braam Jonker as Lead Independent Director of Mandalay Resources (MNDJF)?

Amy Freedman will assume the role of Lead Independent Director following Braam Jonker's resignation.

What are Mandalay Resources' (MNDJF) main operational objectives?

Mandalay Resources aims to mine high-grade Youle and Shepherd veins at Costerfield, extend Mineral Reserves, and increase production from higher-grade areas at Björkdal to maximize profit margins.

Where are Mandalay Resources' (MNDJF) producing assets located?

Mandalay Resources has producing assets in Australia (Costerfield gold-antimony mine) and Sweden (Björkdal gold mine).