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Category: Mid-tier Producer
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Mandalay Resources Corp.
www: www.mandalayresources.com     email: g.ditomaso@mandalayresources.com

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Notes
Forum
Your Data

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 80koz. of gold per year. They have approximately 1.7Moz. of gold in the reserves and resources category of which 1.3Moz. are in the measured and indicated category. They have a market capitalisation of ~$25.85M which hasn't changed over the last days. As of 12/12/2018 they have ~$62M debt and ~$25M cash. They have 451M shares outstanding and trade on the Toronto Stock Exchange and the over-the-counter markets.

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General Details

Financial 12/12/2018
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (FD): $25.85M $25.85M 12/12/2018 $0.00M
Total Assets: $331.24M $331.24M 12/12/2018 $0.00M
Total Liabilities: $141.86M $141.86M 12/12/2018 $0.00M
Current Assets: $123.78M $123.78M 12/12/2018 $0.00M
Current Liabilities: $88.82M $88.82M 12/12/2018 $0.00M
Total Debt: $62.00M $62.00M 12/12/2018 $0.00M
Cash: $25.00M $25.00M 12/12/2018 $0.00M
Enterprise Value: $62.85M $62.85M 12/29/1971 $0.00M
Cash Flow: $-3.16M $-3.47M never $-0.31M
Cash Flow Multiple: 0.00 0.00 never 0.00
Net Debt to
Cash Flow Ratio:
n/a n/a never 0.00
Finance within 1 year: 12/12/2018 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 12/12/2018 0.00%
Misc 12/12/2018
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Shares Outstanding: 451,000,000 451,000,000 12/12/2018 0
Shares (FD): 474,000,000 474,000,000 12/12/2018 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 12/12/2018 n/a
Production (Gold Eq Oz.): (guess) 
80,000
(guess) 
80,000
12/12/2018 0
Production (Silver Eq Oz.): (guess) 
6,763,290
(guess) 
6,812,105
12/12/2018 48,814
Initial CapEx (Outstanding): n/a n/a 12/12/2018 n/a
Funding Option: n/a n/a 12/12/2018 n/a
Documentation: none PRODUCER 12/12/2018 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 12/12/2018
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 0.75M 0.75M 12/12/2018 0.00M
Measured & Indicated: 1.30M 1.30M 12/12/2018 0.00M
Inferred: 0.40M 0.40M 12/12/2018 0.00M
Reserves & Resources: 1.70M 1.70M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 0.68M 0.68M 12/12/2018 0.00M
Measured & Indicated: 1.07M 1.07M 12/12/2018 0.00M
Inferred: 0.18M 0.18M 12/12/2018 0.00M
Reserves & Resources: 1.25M 1.25M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
80,000oz.
(guess) 
80,000oz.
12/12/2018 0oz.
Cash Cost: $900 $900 12/12/2018 $0.00
Extra Operating Cost: $400 $400 12/12/2018 $0.00
Average Grade: 2.00 g/t 2.00 g/t 12/12/2018 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 12/12/2018 0.00%
F
U
T
U
R
E
Proven & Probable: 1.50M 1.50M 12/12/2018 0.00M
Annual Production: 100,000oz. 100,000oz. 12/12/2018 0oz.
Cash Cost: $800 $800 12/12/2018 $0
Extra Operating Cost: $400 $400 12/12/2018 $0
SILVER 12/12/2018
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 12/12/2018 0.00M
Measured & Indicated: n/a n/a 12/12/2018 0.00M
Inferred: n/a n/a 12/12/2018 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 12/12/2018 0.00M
Measured & Indicated: n/a n/a 12/12/2018 0.00M
Inferred: n/a n/a 12/12/2018 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 12/12/2018 $0.00
Extra Operating Cost: n/a n/a 12/12/2018 $0.00
Average Grade: n/a n/a 12/12/2018 n/a
Recovery Rate: n/a n/a 12/12/2018 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 12/12/2018 0.00M
Annual Production: n/a n/a 12/12/2018 n/a
Cash Cost: n/a n/a 12/12/2018 n/a
Extra Operating Cost: n/a n/a 12/12/2018 n/a

Property

Last Analysis Data  (12/12/2018)
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.
Production Coyhaique, Chile Cerro Bayo 100% n/a n/a show
3 million oz of silver production at low cash costs.
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 Nunavut, Canada Ulu 100% n/a n/a n/a
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
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.
Production Coyhaique, Chile Cerro Bayo 100% n/a n/a show
3 million oz of silver production at low cash costs.
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 Nunavut, Canada Ulu 100% n/a n/a n/a
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
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
12/12/2018
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.): 0.75M 0.75M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 0.46M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 0.68M 0.68M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 0.41M
Maximum Profit (Gold): $-26.65M $-29.25M n/a $-2.60M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $-26.65M $-29.25M n/a $-2.60M
Max Profit / Current MCap: n/a n/a n/a -0.101
Max Profit Per Share (Gold): $-0.06 $-0.06 n/a $-0.01
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $-0.06 $-0.06 n/a $-0.01
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $38.30 $38.30 n/a $0.00
FD Mkt. Cap / Silver Eq.: $0.45 $0.45 n/a $0.00
FD Mkt. Cap / Per Metal
as % Spot Price:
3.08% 3.09% n/a 0.01%
Measured &
Indicated
12/12/2018
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.): 1.30M 1.30M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 0.79M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 1.07M 1.07M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 0.65M
Maximum Profit (Gold): $-42.28M $-46.41M n/a $-4.12M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $-42.28M $-46.41M n/a $-4.12M
Max Profit / Current MCap: n/a n/a n/a -0.159
Max Profit Per Share (Gold): $-0.09 $-0.10 n/a $-0.01
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $-0.09 $-0.10 n/a $-0.01
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $24.14 $24.14 n/a $0.00
FD Mkt. Cap / Silver Eq.: $0.29 $0.28 n/a $0.00
FD Mkt. Cap / Per Metal
as % Spot Price:
1.94% 1.95% n/a 0.01%

Reserves &
Resources
12/12/2018
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.): 1.70M 1.70M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 1.04M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 1.25M 1.25M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 0.76M
Maximum Profit (Gold): $-49.39M $-54.21M n/a $-4.82M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $-49.39M $-54.21M n/a $-4.82M
Max Profit / Current MCap: n/a n/a n/a -0.186
Max Profit Per Share (Gold): $-0.10 $-0.11 n/a $-0.01
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $-0.10 $-0.11 n/a $-0.01
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $20.67 $20.67 n/a $0.00
FD Mkt. Cap / Silver Eq.: $0.24 $0.24 n/a $0.00
FD Mkt. Cap / Per Metal
as % Spot Price:
1.66% 1.67% n/a 0.01%

Future Valuation (Cash Flow & Totals)

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