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Mandalay Resources Corp

www: www.mandalayresources.com   email: g.ditomaso@mandalayresources.com
Category: Mid-tier Producer
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Symbol Data

Symbol Currency
OTCMKTS:MNDJF USD
TSE:MND CAD

Description

Mandalay Resources Corp are a gold focused mid-tier producer with three producing mines in Australia, Chile and Sweden and exploration properties. Currently they produce roughly 100koz. of gold per year. They have approximately 2.5Moz. of gold in the reserves and resources category of which 2Moz. are in the measured and indicated category. They have a market capitalisation of ~$218.24M which is a rise of roughly 23% over the last five months. As of 12/17/2021 they have ~$48M debt and ~$30M cash. They have 92M shares outstanding and trade on the Toronto Stock Exchange and the over-the-counter markets.

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General Details

Financial 12/17/2021
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (FD): $177.36M $218.24M 12/17/2021 $40.88M
Total Assets: $330.00M $330.00M 12/17/2021 $0.00M
Total Liabilities: $140.00M $140.00M 12/17/2021 $0.00M
Current Assets: $120.00M $120.00M 12/17/2021 $0.00M
Current Liabilities: $88.00M $88.00M 12/17/2021 $0.00M
Total Debt: $48.00M $48.00M 12/17/2021 $0.00M
Cash: $30.00M $30.00M 12/17/2021 $0.00M
Enterprise Value: $195.36M $236.24M 06/27/1977 $40.88M
Cash Flow: $27.83M $28.97M never $1.15M
Cash Flow Multiple: 6.37 7.53 never 1.16
Net Debt to
Cash Flow Ratio:
0.65 0.62 never -0.03
Finance within 1 year: 12/17/2021 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 12/17/2021 0.00%
Misc 12/17/2021
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Shares Outstanding: 91,717,000 91,717,000 12/17/2021 0
Shares (FD): 94,500,000 94,500,000 12/17/2021 0
Insider Ownership: n/a n/a never n/a
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a n/a 12/17/2021 n/a
Production (Gold Eq Oz.): (guess) 
100,000
(guess) 
100,000
12/17/2021 0
Production (Silver Eq Oz.): (guess) 
8,046,106
(guess) 
8,397,685
12/17/2021 351,580
Initial CapEx (Outstanding): n/a n/a 12/17/2021 n/a
Funding Option: n/a n/a 12/17/2021 n/a
Documentation: none PRODUCER 12/17/2021 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 12/17/2021
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 0.80M 0.80M 12/17/2021 0.00M
Measured & Indicated: 2.00M 2.00M 12/17/2021 0.00M
Inferred: 0.50M 0.50M 12/17/2021 0.00M
Reserves & Resources: 2.50M 2.50M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 0.72M 0.72M 12/17/2021 0.00M
Measured & Indicated: 1.58M 1.58M 12/17/2021 0.00M
Inferred: 0.23M 0.23M 12/17/2021 0.00M
Reserves & Resources: 1.81M 1.81M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
100,000oz.
(guess) 
100,000oz.
12/17/2021 0oz.
Cash Cost: $850 $850 12/17/2021 $0.00
Extra Operating Cost: $550 $550 12/17/2021 $0.00
Average Grade: 2.00 g/t 2.00 g/t 12/17/2021 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 12/17/2021 0.00%
F
U
T
U
R
E
Proven & Probable: 2.00M 2.00M 12/17/2021 0.00M
Annual Production: 100,000oz. 100,000oz. 12/17/2021 0oz.
Cash Cost: $900 $900 12/17/2021 $0
Extra Operating Cost: $500 $500 12/17/2021 $0
SILVER 12/17/2021
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: n/a n/a 12/17/2021 0.00M
Measured & Indicated: n/a n/a 12/17/2021 0.00M
Inferred: n/a n/a 12/17/2021 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: n/a n/a 12/17/2021 0.00M
Measured & Indicated: n/a n/a 12/17/2021 0.00M
Inferred: n/a n/a 12/17/2021 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T
Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 12/17/2021 $0.00
Extra Operating Cost: n/a n/a 12/17/2021 $0.00
Average Grade: n/a n/a 12/17/2021 n/a
Recovery Rate: n/a n/a 12/17/2021 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 12/17/2021 0.00M
Annual Production: n/a n/a 12/17/2021 n/a
Cash Cost: n/a n/a 12/17/2021 n/a
Extra Operating Cost: n/a n/a 12/17/2021 n/a

Property

Last Analysis Data  (12/17/2021)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Production Costerfield, Victoria, Australia Costerfield / Cuffley 100% 1,300 n/a show
Low cash costs.

PEA to expand production to Cuffley. 500,000 oz deposit.
Exploration Nunavut, Canada Ulu 100% n/a n/a n/a
Production Coyhaique, Chile Cerro Bayo 100% n/a n/a show
3 million oz of silver production at low cash costs.
Exploration La Serena, Chile La Quebrada 100% n/a n/a show
11 million oz silver deposit.

Becoming an advanced project.
Exploration Chihuahua, Mexico La Bufa 0% n/a n/a n/a
Production Skelleftea, Sweden Bjorkdal 100% n/a n/a show
45,000 oz production at very high cash costs. They plan to double production by 2016.
Exploration Skelleftea, Sweden Bjorkdal Exploration 100% n/a n/a n/a
Exploration Sweden Bjorkdale 100% (guess) n/a n/a show
Merger with Elgin Mining in 2014,

1.5 million oz deposit.

50,000 oz per year.
Exploration Skelleftea, Sweden Norrliden 90% n/a n/a n/a
Exploration Imperial Co, Ca, USA Oro Cruz 0% n/a n/a n/a
Total Land Package Size (ha): 1,300  
Current Data
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Production Costerfield, Victoria, Australia Costerfield / Cuffley 100% 1,300 n/a show
Low cash costs.

PEA to expand production to Cuffley. 500,000 oz deposit.
Exploration Nunavut, Canada Ulu 100% n/a n/a n/a
Production Coyhaique, Chile Cerro Bayo 100% n/a n/a show
3 million oz of silver production at low cash costs.
Exploration La Serena, Chile La Quebrada 100% n/a n/a show
11 million oz silver deposit.

Becoming an advanced project.
Exploration Chihuahua, Mexico La Bufa 0% n/a n/a n/a
Production Skelleftea, Sweden Bjorkdal 100% n/a n/a show
45,000 oz production at very high cash costs. They plan to double production by 2016.
Exploration Skelleftea, Sweden Bjorkdal Exploration 100% n/a n/a n/a
Exploration Sweden Bjorkdale 100% (guess) n/a n/a show
Merger with Elgin Mining in 2014,

1.5 million oz deposit.

50,000 oz per year.
Exploration Skelleftea, Sweden Norrliden 90% n/a n/a n/a
Exploration Imperial Co, Ca, USA Oro Cruz 0% n/a n/a n/a
Total Land Package Size (ha): 1,300  

Profitability (by resource)

Proven &
Probable
12/17/2021
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 0.80M 0.80M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 2.81M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 0.72M 0.72M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 2.53M
Maximum Profit (Gold): $200.34M $208.61M n/a $8.27M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $200.34M $208.61M n/a $8.27M
Max Profit / Current MCap: 1.130 0.956 n/a -0.174
Max Profit Per Share (Gold): $2.12 $2.21 n/a $0.09
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.12 $2.21 n/a $0.09
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $246.33 $303.11 n/a $56.78
FD Mkt. Cap / Silver Eq.: $3.06 $3.61 n/a $0.55
FD Mkt. Cap / Per Metal
as % Spot Price:
13.70% 16.71% n/a 3.01%
Measured &
Indicated
12/17/2021
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 2.00M 2.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 7.03M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 1.58M 1.58M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 5.57M
Maximum Profit (Gold): $440.75M $458.93M n/a $18.18M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $440.75M $458.93M n/a $18.18M
Max Profit / Current MCap: 2.485 2.103 n/a -0.382
Max Profit Per Share (Gold): $4.66 $4.86 n/a $0.19
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $4.66 $4.86 n/a $0.19
Total Free Profit Per Share: $2.26 $1.90 n/a $-0.37
FD Mkt. Cap / Gold Eq.: $111.97 $137.78 n/a $25.81
FD Mkt. Cap / Silver Eq.: $1.39 $1.64 n/a $0.25
FD Mkt. Cap / Per Metal
as % Spot Price:
6.23% 7.60% n/a 1.37%

Reserves &
Resources
12/17/2021
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 2.50M 2.50M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 8.79M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 1.81M 1.81M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 6.36M
Maximum Profit (Gold): $503.35M $524.12M n/a $20.77M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $503.35M $524.12M n/a $20.77M
Max Profit / Current MCap: 2.838 2.402 n/a -0.437
Max Profit Per Share (Gold): $5.33 $5.55 n/a $0.22
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $5.33 $5.55 n/a $0.22
Total Free Profit Per Share: $2.93 $2.59 n/a $-0.34
FD Mkt. Cap / Gold Eq.: $98.04 $120.64 n/a $22.60
FD Mkt. Cap / Silver Eq.: $1.22 $1.44 n/a $0.22
FD Mkt. Cap / Per Metal
as % Spot Price:
5.45% 6.65% n/a 1.20%

Future Valuation (Cash Flow & Totals)

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