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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 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 ~$273.97M which is a rise of roughly 101% over the last twelve months. As of 10/10/2024 they have no debt and ~$55M 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 12/15/2023
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $136.44M $273.97M 12/15/2023
Total Assets: $330.00M $330.00M 12/15/2023
Total Liabilities: $140.00M $140.00M 12/15/2023
Current Assets: $120.00M $120.00M 12/15/2023
Current Liabilities: $88.00M $88.00M 12/15/2023
Total Debt: $23.00M $0.00M 10/10/2024
Cash: $22.00M $55.00M 10/10/2024
Enterprise Value: $137.44M $218.97M 12/09/1976
Cash Flow: $38.76M $97.04M never
Cash Flow Multiple: 3.52 2.82 never
Net Debt to
Cash Flow Ratio:		 0.03 n/a never
Finance within 1 year: 12/15/2023
Misc 12/15/2023
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 93,000,000 93,000,000 12/15/2023
Shares (FD): 95,000,000 95,000,000 12/15/2023
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 12/15/2023
Production (Gold Eq Oz.): (guess) 
100,000		 (guess) 
100,000		 12/15/2023
Production (Silver Eq Oz.): (guess) 
8,444,260		 (guess) 
8,906,866		 12/15/2023
Initial CapEx (Outstanding): n/a n/a 12/15/2023
Funding Option: n/a n/a 12/15/2023
Documentation: none PRODUCER 11/15/2024
Future MCap Modifier: 0.2
Producer: Growth Potential
 0.2
Producer: Growth Potential
 04/24/2023
Cash Flow Multiplier: 8 8 04/17/2023

Resource Data

GOLD 12/15/2023
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 0.80M 0.80M 12/15/2023
Measured & Indicated: 2.00M 2.00M 12/15/2023
Inferred: 0.50M 0.50M 12/15/2023
Reserves & Resources: 2.50M 2.50M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 0.72M 0.72M 12/15/2023
Measured & Indicated: 1.58M 1.58M 12/15/2023
Inferred: 0.23M 0.23M 12/15/2023
Reserves & Resources: 1.81M 1.81M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
100,000oz.		 (guess) 
100,000oz.		 12/15/2023
Cash Cost: $1,100 $1,100 12/15/2023
Extra Operating Cost: $550 $550 12/15/2023
Total: $1,650 $1,650 12/15/2023
Margin (Free Cash Flow): $388 (19%) $970 (37%)
G
R
A
D
E		 Underground (Avg): 2.00 g/t 8.00 g/t 03/23/2024
Open Pit (Avg): n/a 1.50 g/t 03/23/2024
Recovery Rate: (CG)  90.00% (CG)  90.00% 11/15/2024
F
U
T
U
R
E		 Proven & Probable: 2.00M 2.00M 12/15/2023
Annual Production: 100,000oz. 100,000oz. 12/15/2023
Cash Cost: $1,100 $1,100 12/15/2023
Extra Operating Cost: $550 $550 12/15/2023
SILVER 12/15/2023
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 12/15/2023
Measured & Indicated: n/a n/a 12/15/2023
Inferred: n/a n/a 12/15/2023
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 12/15/2023
Measured & Indicated: n/a n/a 12/15/2023
Inferred: n/a n/a 12/15/2023
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 12/15/2023
Extra Operating Cost: n/a n/a 12/15/2023
Total: n/a n/a 12/15/2023
Margin (Free Cash Flow): n/a
G
R
A
D
E		 Underground (Avg): n/a n/a 12/15/2023
Open Pit (Avg): n/a n/a 12/15/2023
Recovery Rate: n/a n/a 12/15/2023
F
U
T
U
R
E		 Proven & Probable: n/a n/a 12/15/2023
Annual Production: n/a n/a 12/15/2023
Cash Cost: n/a n/a 12/15/2023
Extra Operating Cost: n/a n/a 12/15/2023

Property

Last Analysis Data  (12/15/2023)
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		 12/15/2023
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.): 0.80M 0.80M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.72M 0.72M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $279.07M $698.69M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $279.07M $698.69M n/a
Max Profit / Current MCap: 2.045 2.550 n/a
Max Profit Per Share (Gold): $2.94 $7.35 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $2.94 $7.35 n/a
Total Free Profit Per Share: $1.01 $3.20 n/a
FD MCap / Gold Eq.: $189.50 $380.51 n/a
FD MCap / Silver Eq.: $2.24 $4.27 n/a
FD MCap / Per Metal
as % Spot Price:		 9.30% 14.52% n/a
Measured &
Indicated		 12/15/2023
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.): 2.00M 2.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 1.58M 1.58M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $613.96M $1,537.11M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $613.96M $1,537.11M n/a
Max Profit / Current MCap: 4.500 5.611 n/a
Max Profit Per Share (Gold): $6.46 $16.18 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $6.46 $16.18 n/a
Total Free Profit Per Share: $4.53 $12.03 n/a
FD MCap / Gold Eq.: $86.13 $172.96 n/a
FD MCap / Silver Eq.: $1.02 $1.94 n/a
FD MCap / Per Metal
as % Spot Price:		 4.23% 6.60% n/a

Reserves &
Resources		 12/15/2023
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.): 2.50M 2.50M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 1.81M 1.81M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $701.17M $1,755.45M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $701.17M $1,755.45M n/a
Max Profit / Current MCap: 5.139 6.407 n/a
Max Profit Per Share (Gold): $7.38 $18.48 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $7.38 $18.48 n/a
Total Free Profit Per Share: $5.45 $14.33 n/a
FD MCap / Gold Eq.: $75.42 $151.45 n/a
FD MCap / Silver Eq.: $0.89 $1.70 n/a
FD MCap / Per Metal
as % Spot Price:		 3.70% 5.78% n/a

Future Valuation (Cash Flow & Totals)

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