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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 ~$193.82M which is a rise of roughly 69% over the last eleven months. As of 12/07/2020 they have ~$62M debt and ~$33M cash. They have 91M shares outstanding and trade on the Toronto Stock Exchange and the over-the-counter markets.

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General Details

Financial 12/07/2020
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (FD): $114.92M $193.82M 12/07/2020 $78.90M
Total Assets: $330.00M $330.00M 12/07/2020 $0.00M
Total Liabilities: $140.00M $140.00M 12/07/2020 $0.00M
Current Assets: $120.00M $120.00M 12/07/2020 $0.00M
Current Liabilities: $88.00M $88.00M 12/07/2020 $0.00M
Total Debt: $62.00M $62.00M 12/07/2020 $0.00M
Cash: $33.00M $33.00M 12/07/2020 $0.00M
Enterprise Value: $143.92M $222.82M 01/22/1977 $78.90M
Cash Flow: $46.45M $41.46M never $-4.98M
Cash Flow Multiple: 2.47 4.67 never 2.20
Net Debt to
Cash Flow Ratio:
0.62 0.70 never 0.08
Finance within 1 year: 12/07/2020 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 12/07/2020 0.00%
Misc 12/07/2020
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Shares Outstanding: 91,226,000 91,226,000 12/07/2020 0
Shares (FD): 93,800,000 93,800,000 12/07/2020 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 12/07/2020 n/a
Production (Gold Eq Oz.): (guess) 
100,000
(guess) 
100,000
12/07/2020 0
Production (Silver Eq Oz.): (guess) 
7,599,918
(guess) 
7,381,796
12/07/2020 -218,123
Initial CapEx (Outstanding): n/a n/a 12/07/2020 n/a
Funding Option: n/a n/a 12/07/2020 n/a
Documentation: none PRODUCER 05/01/2021 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 12/07/2020
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 12/07/2020 0.00M
Measured & Indicated: 2.00M 2.00M 12/07/2020 0.00M
Inferred: 0.50M 0.50M 12/07/2020 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 12/07/2020 0.00M
Measured & Indicated: 1.58M 1.58M 12/07/2020 0.00M
Inferred: 0.23M 0.23M 12/07/2020 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.
12/07/2020 0oz.
Cash Cost: $800 $800 12/07/2020 $0.00
Extra Operating Cost: $400 $400 12/07/2020 $0.00
Average Grade: 2.00 g/t 2.00 g/t 12/07/2020 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 05/01/2021 0.00%
F
U
T
U
R
E
Proven & Probable: 2.00M 2.00M 12/07/2020 0.00M
Annual Production: 100,000oz. 100,000oz. 12/07/2020 0oz.
Cash Cost: $800 $800 12/07/2020 $0
Extra Operating Cost: $400 $400 12/07/2020 $0
SILVER 12/07/2020
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 12/07/2020 0.00M
Measured & Indicated: n/a n/a 12/07/2020 0.00M
Inferred: n/a n/a 12/07/2020 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 12/07/2020 0.00M
Measured & Indicated: n/a n/a 12/07/2020 0.00M
Inferred: n/a n/a 12/07/2020 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 12/07/2020 $0.00
Extra Operating Cost: n/a n/a 12/07/2020 $0.00
Average Grade: n/a n/a 12/07/2020 n/a
Recovery Rate: n/a n/a 12/07/2020 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 12/07/2020 0.00M
Annual Production: n/a n/a 12/07/2020 n/a
Cash Cost: n/a n/a 12/07/2020 n/a
Extra Operating Cost: n/a n/a 12/07/2020 n/a

Property

Last Analysis Data  (12/07/2020)
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
12/07/2020
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 -1.74M
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 -1.57M
Maximum Profit (Gold): $334.40M $298.52M n/a $-35.88M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $334.40M $298.52M n/a $-35.88M
Max Profit / Current MCap: 2.910 1.540 n/a -1.370
Max Profit Per Share (Gold): $3.57 $3.18 n/a $-0.38
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $3.57 $3.18 n/a $-0.38
Total Free Profit Per Share: $2.00 $0.63 n/a $-1.36
FD Mkt. Cap / Gold Eq.: $159.61 $269.19 n/a $109.59
FD Mkt. Cap / Silver Eq.: $2.10 $3.65 n/a $1.55
FD Mkt. Cap / Per Metal
as % Spot Price:
8.56% 15.02% n/a 6.45%
Measured &
Indicated
12/07/2020
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 -4.36M
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 -3.46M
Maximum Profit (Gold): $735.69M $656.74M n/a $-78.95M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $735.69M $656.74M n/a $-78.95M
Max Profit / Current MCap: 6.402 3.388 n/a -3.013
Max Profit Per Share (Gold): $7.84 $7.00 n/a $-0.84
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $7.84 $7.00 n/a $-0.84
Total Free Profit Per Share: $6.27 $4.45 n/a $-1.82
FD Mkt. Cap / Gold Eq.: $72.55 $122.36 n/a $49.81
FD Mkt. Cap / Silver Eq.: $0.95 $1.66 n/a $0.70
FD Mkt. Cap / Per Metal
as % Spot Price:
3.89% 6.83% n/a 2.93%

Reserves &
Resources
12/07/2020
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 -5.45M
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 -3.95M
Maximum Profit (Gold): $840.19M $750.03M n/a $-90.16M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $840.19M $750.03M n/a $-90.16M
Max Profit / Current MCap: 7.311 3.870 n/a -3.442
Max Profit Per Share (Gold): $8.96 $8.00 n/a $-0.96
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $8.96 $8.00 n/a $-0.96
Total Free Profit Per Share: $7.39 $5.45 n/a $-1.94
FD Mkt. Cap / Gold Eq.: $63.53 $107.14 n/a $43.62
FD Mkt. Cap / Silver Eq.: $0.84 $1.45 n/a $0.62
FD Mkt. Cap / Per Metal
as % Spot Price:
3.41% 5.98% n/a 2.57%

Future Valuation (Cash Flow & Totals)

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