TORONTO, Oct. 10, 2024 /PRNewswire/ - Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX:MND) (OTCQB:MNDJF) announces third quarter production results, highlighted by continued cash generation. All currency references in this press release are in U.S. dollars except as otherwise indicated.
Third Quarter Highlights:
Quarter-end cash balance was $55 million;
Consolidated gold equivalent production of 20,323 ounces;
Consolidated gold equivalent sold was 21,551 ounces; and
Outstanding balance of revolving credit facility repaid in full.
Frazer Bourchier, President and CEO, commented:
"Mandalay's combined operations produced 20,323 gold equivalent ounces in the third quarter of 2024. Q3 was always planned to be the lowest ounce production quarter of the year, and production of gold equivalent ounces is expected to rebound in Q4. This positions Mandalay to meet its full-year production guidance of 90,000 – 100,000 gold equivalent ounces.
"The Company continued to maintain its strong balance sheet, ending the quarter with $55 million in cash. This includes the full repayment during the quarter of the $20 million that was outstanding under the revolving credit facility, leaving Mandalay with $35 million in undrawn availability under the facility."
Ryan Austerberry, COO, commented:
"At Costerfield, we produced 10,697 gold equivalent ounces during Q3 2024, comparable with the same period last year. However, as compared with the previous quarter, production was down primarily due to both the expected impact of our mining cycle in the third quarter, and mining additional not-in-reserve profitable ore at the extremities of Youle and Shepherd due to elevated metal prices. For the quarter, average processed grades were 8.1 g/t and 1.3% for antimony. For Q4, we anticipate returning our focus to mining higher-grade areas of the orebodies.
"At Björkdal, we produced 9,626 ounces of gold, which was slightly less than anticipated due to incremental weather causing flooding in the Eastern Zone thereby temporarily restricting access to this area. Consequently, the site had to pivot to lower-grade stope material underground and also rely on increased low grade surface stockpile to maximize plant feed, leading to lower than expected production. In the last quarter of 2024, Björkdal is expected to return to production levels achieved in the first half of the year."
Mr. Bourchier concluded, "To close out the year, our primary focus remains continuing to deliver operating cashflow and advancing our strategy to become a mid-tier gold producer."
Production for the Quarter Ended September 30, 2024:
The Company produced a total of 17,844 ounces of gold and 252 tonnes of antimony representing a total of 20,323 gold equivalent ounces produced, compared to 19,601 ounces of gold and 395 tonnes of antimony in the third quarter of 2023, representing a total of 22,032 gold equivalent ounces produced.
Production at Björkdal was 9,626 ounces of gold compared to 11,224 ounces of gold in the third quarter of 2023.
Production at Costerfield was 8,218 ounces of gold and 252 tonnes of antimony versus 8,377 ounces gold and 395 tonnes antimony in the third quarter of 2023.
Production for the Nine Months Ended September 30, 2024:
The Company produced a total of 63,816 ounces of gold and 1,015 tonnes of antimony representing a total of 71,631 gold equivalent ounces, versus 53,631 ounces of gold and 1,456 tonnes of antimony in corresponding first nine months of 2023, which represented a total of 62,868 gold equivalent ounces.
Production at Björkdal was 32,595 ounces of gold.
Production at Costerfield was 31,221 ounces of gold and 1,015 tonnes of antimony.
Table 1 – Third Quarter and Nine Months Production for 2024 and 2023
Metal
Source
Three months ended
September 30, 2024
Three months ended
September 30, 2023
Nine months ended
