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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
TSE:MND CAD
OTCMKTS:MNDJF USD

Description

Mandalay Resources Corp are a gold focused mid-tier producer with two producing mines in Australia and Sweden and one exploration property. Currently they produce roughly 90koz. of gold per year. They have approximately 1.8Moz. of gold in the reserves and resources category of which 1.5Moz. are in the measured and indicated category. They have a market capitalisation of ~$344.35M which is a rise of roughly 22% over the last six months. As of 12/23/2024 they have no debt and ~$76M cash. They have 93M shares outstanding and trade on the Toronto Stock Exchange and the over-the-counter markets.

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General Details

Financial 12/23/2024
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $281.99M $344.35M 12/23/2024
Total Assets: $330.00M $330.00M 12/23/2024
Total Liabilities: $140.00M $140.00M 12/23/2024
Current Assets: $120.00M $120.00M 12/23/2024
Current Liabilities: $88.00M $88.00M 12/23/2024
Total Debt: $0.00M $0.00M 12/23/2024
Cash: $55.00M $76.00M 01/13/2025
Enterprise Value: $226.99M $268.35M 07/03/1978
Cash Flow: $81.61M $99.60M never
Cash Flow Multiple: 3.46 3.46 never
Net Debt to
Cash Flow Ratio:		 n/a n/a never
Finance within 1 year: 12/23/2024
Misc 12/23/2024
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 93,103,993 93,103,993 12/23/2024
Shares (FD): 98,000,000 98,000,000 12/23/2024
Insider Ownership: n/a n/a never
Dividend (Annual): n/a n/a never
Company Type: Mostly Gold Mostly Gold never
Production ETA: n/a n/a 12/23/2024
Production (Gold Eq Oz.): (guess) 
100,000		 (guess) 
90,000		 02/20/2025
Production (Silver Eq Oz.): (guess) 
8,805,453		 (guess) 
8,234,651		 02/20/2025
Initial CapEx (Outstanding): n/a n/a 12/23/2024
Funding Option: n/a n/a 12/23/2024
Documentation: none PRODUCER 02/20/2025
Future MCap Modifier: 0.15
Producer: Average
 0.15
Producer: Average
 12/23/2024
Cash Flow Multiplier: 8 10 02/20/2025

Resource Data

GOLD 12/23/2024
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 0.70M 0.70M 12/23/2024
Measured & Indicated: 1.50M 1.50M 12/23/2024
Inferred: 0.30M 0.30M 12/23/2024
Reserves & Resources: 1.80M 1.80M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 0.63M 0.63M 12/23/2024
Measured & Indicated: 1.21M 1.21M 12/23/2024
Inferred: 0.14M 0.14M 12/23/2024
Reserves & Resources: 1.34M 1.34M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
100,000oz.		 (guess) 
90,000oz.		 02/20/2025
Cash Cost: $1,100 $1,450 02/20/2025
Extra Operating Cost: $700 $750 02/20/2025
Total: $1,800 $2,200 02/20/2025
Margin (Free Cash Flow): $816 (31%) $1,107 (33%)
G
R
A
D
E		 Underground (Avg): 8.00 g/t 8.00 g/t 12/23/2024
Open Pit (Avg): n/a 1.50 g/t 03/23/2024
Recovery Rate: (CG)  90.00% (CG)  90.00% 02/20/2025
F
U
T
U
R
E		 Proven & Probable: 1.50M 1.50M 12/23/2024
Annual Production: 100,000oz. 100,000oz. 12/23/2024
Cash Cost: $1,150 $1,500 02/20/2025
Extra Operating Cost: $700 $750 02/20/2025
SILVER 12/23/2024
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 12/23/2024
Measured & Indicated: n/a n/a 12/23/2024
Inferred: n/a n/a 12/23/2024
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 12/23/2024
Measured & Indicated: n/a n/a 12/23/2024
Inferred: n/a n/a 12/23/2024
Reserves & Resources: n/a n/a never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 12/23/2024
Extra Operating Cost: n/a n/a 12/23/2024
Total: n/a n/a 12/23/2024
Margin (Free Cash Flow): n/a
G
R
A
D
E		 Underground (Avg): n/a n/a 12/23/2024
Open Pit (Avg): n/a n/a 12/15/2023
Recovery Rate: n/a n/a 12/23/2024
F
U
T
U
R
E		 Proven & Probable: n/a n/a 12/23/2024
Annual Production: n/a n/a 12/23/2024
Cash Cost: n/a n/a 12/23/2024
Extra Operating Cost: n/a n/a 12/23/2024

Property

Last Analysis Data  (12/23/2024)
Stage Name Owned Au Ag Cu Notes
Prod Costerfield / Cuffley 100% show
Low cash costs.

PEA to expand production to Cuffley. 500,000 oz deposit.

Update -
12/21: P&P 312 Koz gold

2022 AISC: $925 - $1025 AuEq
Exp La Quebrada 100% show
11 million oz silver deposit.

Becoming an advanced project.

2023 Update: Care & Maintenance spending of $100K and options being evaluated.
Prod Bjorkdal 100% show
45,000 oz production at very high cash costs. They plan to double production by 2016.

2022 Update: AISC $1325 - $1475; P&P 542Koz gold
Total Land Package Size (ha): 1,300  
Current Data
Stage Name Owned Au Ag Cu Notes
Prod Costerfield / Cuffley 100% show
Low cash costs.

PEA to expand production to Cuffley. 500,000 oz deposit.

Update -
12/21: P&P 312 Koz gold

2022 AISC: $925 - $1025 AuEq
Exp La Quebrada 100% show
11 million oz silver deposit.

Becoming an advanced project.

2023 Update: Care & Maintenance spending of $100K and options being evaluated.
Prod Bjorkdal 100% show
45,000 oz production at very high cash costs. They plan to double production by 2016.

2022 Update: AISC $1325 - $1475; P&P 542Koz gold
Total Land Package Size (ha): 1,300  

Profitability (by resource)

Proven &
Probable		 12/23/2024
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 0.70M 0.70M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.63M 0.63M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $514.14M $697.20M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $514.14M $697.20M n/a
Max Profit / Current MCap: 1.823 2.025 n/a
Max Profit Per Share (Gold): $5.25 $7.11 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $5.25 $7.11 n/a
Total Free Profit Per Share: $1.11 $2.31 n/a
FD MCap / Gold Eq.: $447.60 $546.59 n/a
FD MCap / Silver Eq.: $5.08 $5.97 n/a
FD MCap / Per Metal
as % Spot Price:		 17.11% 16.53% n/a
Measured &
Indicated		 12/23/2024
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 1.50M 1.50M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 1.21M 1.21M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $984.22M $1,334.64M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $984.22M $1,334.64M n/a
Max Profit / Current MCap: 3.490 3.876 n/a
Max Profit Per Share (Gold): $10.04 $13.62 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $10.04 $13.62 n/a
Total Free Profit Per Share: $5.90 $8.82 n/a
FD MCap / Gold Eq.: $233.82 $285.53 n/a
FD MCap / Silver Eq.: $2.66 $3.12 n/a
FD MCap / Per Metal
as % Spot Price:		 8.94% 8.64% n/a

Reserves &
Resources		 12/23/2024
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 1.80M 1.80M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 1.34M 1.34M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $1,094.39M $1,484.04M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $1,094.39M $1,484.04M n/a
Max Profit / Current MCap: 3.881 4.310 n/a
Max Profit Per Share (Gold): $11.17 $15.14 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $11.17 $15.14 n/a
Total Free Profit Per Share: $7.03 $10.34 n/a
FD MCap / Gold Eq.: $210.28 $256.79 n/a
FD MCap / Silver Eq.: $2.39 $2.81 n/a
FD MCap / Per Metal
as % Spot Price:		 8.04% 7.77% n/a

Future Valuation (Cash Flow & Totals)

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