Mandalay Res Corp Stock Price, News & Analysis

Mandalay Resources Corporation announced that Equus Mining Limited has exercised its option to purchase the Cerro Bayo mine in Southern Chile. This transaction, set for completion on December 1, 2021, involves Equus acquiring 100% of the mine in exchange for 19% of its share capital and a 2.25% net smelter royalty on future production above 50,000 ounces of gold equivalent. Equus will also assume half of the approved site closure costs. The deal awaits specific conditions, including Equus shareholder approval.

Mandalay Resources Corporation (MNDJF) announced significant progress in its Costerfield operation, Victoria, with the southern extension of the Shepherd Zone now totaling 500 meters. Recent drilling reveals five distinct veins, including high-grade intercepts of gold and antimony. Notable results include 399 g/t gold over 0.11 m and 155 g/t gold with 10.5% antimony over 0.11 m. The Costerfield Deeps project has also shown visible gold at depths of 998 m and 1,169 m. This mineralization indicates a broader system with promising growth potential in one of the world's highest-grade gold mines.

Mandalay Resources Corporation (MNDJF) announced strong financial results for Q2 2021, reporting revenue of $51.4 million and adjusted EBITDA of $23.1 million. This is a 21% revenue increase compared to Q2 2020, driven by higher gold equivalent sales and improved prices. Adjusted net income reached $11.5 million, marking the sixth consecutive quarter of profitability. The company ended the quarter with a cash balance of $39.1 million and a significant reduction of debt, enhancing its capacity for growth opportunities.

Mandalay Resources Corporation (MNDJF) announced its Q2 2021 financial results release scheduled for August 11, 2021, followed by a conference call on August 12, 2021, at 8:00 AM Toronto time. The conference will be led by President and CEO Dominic Duffy. Participants can access the call via provided toll-free numbers. The company focuses on enhancing production at its Costerfield and Björkdal mines, aiming to create shareholder value through profitable operations and ongoing exploration efforts.

Mandalay Resources Corporation (MNDJF) announced its second quarter 2021 production results, achieving a total of 28,843 ounces of gold equivalent, marking a fourth consecutive quarterly increase. Sales also rose to 28,115 ounces of gold equivalent, the second highest in three years. The company is on track to meet its 2021 production guidance of 105,000 – 117,000 ounces. Notably, Costerfield produced 14,818 ounces, and Björkdal's production remained stable at 10,941 ounces. The CEO acknowledged a solid quarter but also announced the resignation of Chief Development Officer Belinda Labatte.

Mandalay Resources Corporation announced successful drilling results from its Björkdal Operation in Sweden, indicating significant gold grades and extensions in the Main and Lake Zones. Highlights include:

• 174.0 g/t gold over 0.49 m in MU21-010 (Main Zone)
• 226.0 g/t gold over 0.21 m in MU21-003 (Lake Zone)
• 63 significant intercepts over 2,720 m of drilling in the Main Zone

The results demonstrate the potential for production enhancement and support ongoing exploration efforts.

Mandalay Resources Corporation (MNDJF) announced promising developments at its Costerfield Operation in Victoria, Australia, specifically in the newly discovered Shepherd Zone.

The Eastern vein shows a strike length of 300 meters with high grades, including 172.3 g/t gold over 0.27 m. The Western vein extends 400 meters, with significant grades such as 712.8 g/t gold over 0.10 m. Continued drilling aims to optimize mine planning and explore further depths, enhancing the long-term potential for high-grade mineralization.

Mandalay Resources Corporation (MNDJF) held its Annual General Meeting on May 26, 2021, where shareholders approved all resolutions, with 88.04% of shares voting by proxy.

CEO Dominic Duffy acknowledged the contributions of departing director Peter Jones and welcomed new board member Julie Galloway. During the meeting, the board of directors was confirmed with seven members, including the re-election of Bradford A. Mills as Chair. Ernst & Young LLP was re-appointed as the Company’s auditor, receiving 99.98% approval.

Mandalay Resources Corporation (MNDJF) reported strong financial results for Q1 2021, achieving revenue of $52.6 million, the highest since Q2 2016, and an adjusted EBITDA of $26.1 million, the third highest in its history. The consolidated net income reached $25.5 million, compared to a loss of $3.6 million in the same quarter last year. The company ended the quarter with a cash balance of $29.9 million, down from $34.2 million due to changes in payment terms and other one-time costs. Costerfield and Björkdal mines showed significant operational performance, contributing to the solid financial results.