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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
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Your Data

Price Data

Symbol Date Price
OTCMKTS:MNDJF 01/22/2018 USD 0.2268
TSE:MND 01/19/2018 CAD 0.2750
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Description

Mandalay Resources Corp. are a gold and silver 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 1.7Moz. of gold and 50Moz. of silver in the reserves and resources category of which 1.3Moz. of gold and 40Moz. of silver are in the measured and indicated category. They have a market capitalisation of ~$103.59M which is a fall of roughly 5% over the last two months. As of 11/26/2017 they have ~$45M debt and ~$24.85M 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 11/26/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (Fully Diluted): $109.09M $103.59M 11/26/2017 $-5.50M
Total Assets: $331.24M $331.24M 11/26/2017 $0.00M
Total Liabilities: $141.86M $141.86M 11/26/2017 $0.00M
Current Assets: $123.78M $123.78M 11/26/2017 $0.00M
Current Liabilities: $88.82M $88.82M 11/26/2017 $0.00M
Total Debt: $44.98M $44.98M 11/26/2017 $0.00M
Cash: $24.85M $24.85M 11/26/2017 $0.00M
Enterprise Value: $129.22M $123.72M 12/02/1973 $-5.50M
Cash Flow: $13.15M $16.53M never $3.37M
Cash Flow Multiple: 8.29 6.27 never -2.03
Net Debt to Cash Flow Ratio: 1.53 1.22 never -0.31
Finance within 1 year: 11/26/2017 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 11/26/2017 0.00%
Misc 11/26/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Share Price: $0.232 $0.220 15:01 on 01/19/2018 $-0.01
Shares Outstanding: 451,280,000 451,280,000 11/26/2017 0
Shares Fully Diluted: 470,000,000 470,000,000 11/26/2017 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 11/26/2017 n/a
Production (Gold Eq Oz.): (guess) 
100,000
(guess) 
100,000
11/26/2017 0
Production (Silver Eq Oz.): (guess) 
7,571,429
(guess) 
7,887,249
11/26/2017 315,821
Initial CapEx (Outstanding): n/a n/a 11/26/2017 n/a
Funding Option: n/a n/a 11/26/2017 n/a
Documentation: none PRODUCER 11/26/2017 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 11/26/2017
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 11/26/2017 0.00M
Measured & Indicated: 1.30M 1.30M 11/26/2017 0.00M
Inferred: 0.40M 0.40M 11/26/2017 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 11/26/2017 0.00M
Measured & Indicated: 1.07M 1.07M 11/26/2017 0.00M
Inferred: 0.18M 0.18M 11/26/2017 0.00M
Reserves & Resources: 1.25M 1.25M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
100,000oz.
(guess) 
100,000oz.
11/26/2017 0oz.
Cash Cost: $750 $750 11/26/2017 $0.00
Extra Operating Cost: $350 $350 11/26/2017 $0.00
Average Grade: 2.00 g/t 2.00 g/t 11/26/2017 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 11/26/2017 0.00%
F
U
T
U
R
E
Proven & Probable: 1.50M 1.50M 11/26/2017 0.00M
Annual Production: 100,000oz. 100,000oz. 11/26/2017 0oz.
Cash Cost: $750 $750 11/26/2017 $0
Extra Operating Cost: $400 $400 11/26/2017 $0
SILVER 11/26/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 9.00M 9.00M 11/26/2017 0.00M
Measured & Indicated: 40.00M 40.00M 11/26/2017 0.00M
Inferred: 10.00M 10.00M 11/26/2017 0.00M
Reserves & Resources: 50.00M 50.00M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 8.10M 8.10M 11/26/2017 0.00M
Measured & Indicated: 30.42M 30.42M 11/26/2017 0.00M
Inferred: 4.50M 4.50M 11/26/2017 0.00M
Reserves & Resources: 34.92M 34.92M never 0.00M
C
U
R
R
E
N
T
Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 11/26/2017 $0.00
Extra Operating Cost: n/a n/a 11/26/2017 $0.00
Average Grade: 200.00 g/t 200.00 g/t 11/26/2017 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 11/26/2017 0.00%
F
U
T
U
R
E
Proven & Probable: 40.00M 40.00M 11/26/2017 0.00M
Annual Production: 3,000,000oz. 3,000,000oz. 11/26/2017 0oz.
Cash Cost: $10 $10 11/26/2017 $0
Extra Operating Cost: $7 $7 11/26/2017 $0

Property

Last Analysis Data  (11/26/2017)
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
11/26/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 86.32% 86.79% n/a 0.47%
Percentage Silver: 13.68% 13.21% n/a -0.47%
Total (Gold Eq. Oz.): 0.87M 0.86M n/a 0.00M
Total (Silver Eq. Oz.): 65.79M 68.15M n/a 2.37M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 0.78M 0.78M n/a 0.00M
Silver Eq. Oz.: 59.21M 61.34M n/a 2.13M
Maximum Profit (Gold): $88.78M $111.56M n/a $22.77M
Maximum Profit (Silver): $0.06M $-0.34M n/a $-0.40M
Total Maximum Profit: $88.84M $111.22M n/a $22.38M
Max Profit / Current MCap: 0.814 1.074 n/a 0.259
Max Profit Per Share (Gold): $0.19 $0.24 n/a $0.05
Max Profit Per Share (Silver): $0.00 $0.00 n/a $0.00
Total Max Profit Per Share: $0.19 $0.24 n/a $0.05
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $139.51 $133.20 n/a $-6.30
FD Mkt. Cap / Silver Eq.: $1.84 $1.69 n/a $-0.15
FD Mkt. Cap / Per Metal
as % Spot Price:
10.83% 9.97% n/a -0.86%
Measured &
Indicated
11/26/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 71.10% 71.94% n/a 0.84%
Percentage Silver: 28.90% 28.06% n/a -0.84%
Total (Gold Eq. Oz.): 1.83M 1.81M n/a -0.02M
Total (Silver Eq. Oz.): 138.43M 142.53M n/a 4.11M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 1.47M 1.46M n/a -0.02M
Silver Eq. Oz.: 111.51M 114.89M n/a 3.38M
Maximum Profit (Gold): $140.87M $177.00M n/a $36.14M
Maximum Profit (Silver): $0.21M $-1.28M n/a $-1.49M
Total Maximum Profit: $141.08M $175.73M n/a $34.64M
Max Profit / Current MCap: 1.293 1.696 n/a 0.403
Max Profit Per Share (Gold): $0.30 $0.38 n/a $0.08
Max Profit Per Share (Silver): $0.00 $0.00 n/a $0.00
Total Max Profit Per Share: $0.30 $0.37 n/a $0.07
Total Free Profit Per Share: $0.01 $0.10 n/a $0.09
FD Mkt. Cap / Gold Eq.: $74.07 $71.12 n/a $-2.96
FD Mkt. Cap / Silver Eq.: $0.98 $0.90 n/a $-0.08
FD Mkt. Cap / Per Metal
as % Spot Price:
5.75% 5.32% n/a -0.43%

Reserves &
Resources
11/26/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 72.02% 72.84% n/a 0.82%
Percentage Silver: 27.98% 27.16% n/a -0.82%
Total (Gold Eq. Oz.): 2.36M 2.33M n/a -0.03M
Total (Silver Eq. Oz.): 178.71M 184.08M n/a 5.37M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 1.71M 1.69M n/a -0.02M
Silver Eq. Oz.: 129.64M 133.59M n/a 3.95M
Maximum Profit (Gold): $164.54M $206.75M n/a $42.21M
Maximum Profit (Silver): $0.24M $-1.47M n/a $-1.71M
Total Maximum Profit: $164.79M $205.29M n/a $40.50M
Max Profit / Current MCap: 1.511 1.982 n/a 0.471
Max Profit Per Share (Gold): $0.35 $0.44 n/a $0.09
Max Profit Per Share (Silver): $0.00 $0.00 n/a $0.00
Total Max Profit Per Share: $0.35 $0.44 n/a $0.09
Total Free Profit Per Share: $0.06 $0.16 n/a $0.11
FD Mkt. Cap / Gold Eq.: $63.71 $61.16 n/a $-2.55
FD Mkt. Cap / Silver Eq.: $0.84 $0.78 n/a $-0.07
FD Mkt. Cap / Per Metal
as % Spot Price:
4.95% 4.58% n/a -0.37%

Future Valuation (Cash Flow & Totals)

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