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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 ~$102.11M which is a fall of roughly 25% over the last two months. As of 12/15/2023 they have ~$23M debt and ~$22M 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

Change
Item Value Value Updated Value
MCap (FD): $136.44M $102.11M 12/15/2023 $-34.33M
Total Assets: $330.00M $330.00M 12/15/2023 $0.00M
Total Liabilities: $140.00M $140.00M 12/15/2023 $0.00M
Current Assets: $120.00M $120.00M 12/15/2023 $0.00M
Current Liabilities: $88.00M $88.00M 12/15/2023 $0.00M
Total Debt: $23.00M $23.00M 12/15/2023 $0.00M
Cash: $22.00M $22.00M 12/15/2023 $0.00M
Enterprise Value: $137.44M $103.11M 04/08/1973 $-34.33M
Cash Flow: $38.76M $37.47M never $-1.29M
Cash Flow Multiple: 3.52 2.73 never -0.79
Net Debt to
Cash Flow Ratio:
0.03 0.03 never 0.00
Finance within 1 year: 12/15/2023 n/a
Misc 12/15/2023
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Shares Outstanding: 93,000,000 93,000,000 12/15/2023 0
Shares (FD): 95,000,000 95,000,000 12/15/2023 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 12/15/2023 n/a
Production (Gold Eq Oz.): (guess) 
100,000
(guess) 
100,000
12/15/2023 0
Production (Silver Eq Oz.): (guess) 
8,444,260
(guess) 
8,868,594
12/15/2023 424,334
Initial CapEx (Outstanding): n/a n/a 12/15/2023 n/a
Funding Option: n/a n/a 12/15/2023 n/a
Documentation: none PRODUCER 12/15/2023 n/a
Future MCap Modifier: 0.2
Producer: Growth Potential
0.2
Producer: Growth Potential
04/24/2023 0
Cash Flow Multiplier: 8 8 04/17/2023 0.00

Resource Data

GOLD 12/15/2023
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 12/15/2023 0.00M
Measured & Indicated: 2.00M 2.00M 12/15/2023 0.00M
Inferred: 0.50M 0.50M 12/15/2023 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 12/15/2023 0.00M
Measured & Indicated: 1.58M 1.58M 12/15/2023 0.00M
Inferred: 0.23M 0.23M 12/15/2023 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.
12/15/2023 0oz.
Cash Cost: $1,100 $1,100 12/15/2023 $0.00
Extra Operating Cost: $550 $550 12/15/2023 $0.00
Average Grade: 2.00 g/t 2.00 g/t 12/15/2023 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 12/15/2023 0.00%
F
U
T
U
R
E
Proven & Probable: 2.00M 2.00M 12/15/2023 0.00M
Annual Production: 100,000oz. 100,000oz. 12/15/2023 0oz.
Cash Cost: $1,100 $1,100 12/15/2023 $0
Extra Operating Cost: $550 $550 12/15/2023 $0
SILVER 12/15/2023
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 12/15/2023 0.00M
Measured & Indicated: n/a n/a 12/15/2023 0.00M
Inferred: n/a n/a 12/15/2023 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 12/15/2023 0.00M
Measured & Indicated: n/a n/a 12/15/2023 0.00M
Inferred: n/a n/a 12/15/2023 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 12/15/2023 $0.00
Extra Operating Cost: n/a n/a 12/15/2023 $0.00
Average Grade: n/a n/a 12/15/2023 n/a
Recovery Rate: n/a n/a 12/15/2023 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 12/15/2023 0.00M
Annual Production: n/a n/a 12/15/2023 n/a
Cash Cost: n/a n/a 12/15/2023 n/a
Extra Operating Cost: n/a n/a 12/15/2023 n/a

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

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 3.39M
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 3.06M
Maximum Profit (Gold): $279.07M $269.78M n/a $-9.29M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $279.07M $269.78M n/a $-9.29M
Max Profit / Current MCap: 2.045 2.642 n/a 0.597
Max Profit Per Share (Gold): $2.94 $2.84 n/a $-0.10
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.94 $2.84 n/a $-0.10
Total Free Profit Per Share: $1.01 $1.39 n/a $0.38
FD MCap / Gold Eq.: $189.50 $141.82 n/a $-47.67
FD MCap / Silver Eq.: $2.24 $1.60 n/a $-0.64
FD MCap / Per Metal
as % Spot Price:
9.30% 7.00% n/a -2.30%
Measured &
Indicated
12/15/2023
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 8.49M
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 6.72M
Maximum Profit (Gold): $613.96M $593.52M n/a $-20.43M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $613.96M $593.52M n/a $-20.43M
Max Profit / Current MCap: 4.500 5.812 n/a 1.313
Max Profit Per Share (Gold): $6.46 $6.25 n/a $-0.22
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $6.46 $6.25 n/a $-0.22
Total Free Profit Per Share: $4.53 $4.80 n/a $0.26
FD MCap / Gold Eq.: $86.13 $64.46 n/a $-21.67
FD MCap / Silver Eq.: $1.02 $0.73 n/a $-0.29
FD MCap / Per Metal
as % Spot Price:
4.23% 3.18% n/a -1.04%

Reserves &
Resources
12/15/2023
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 10.61M
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 7.68M
Maximum Profit (Gold): $701.17M $677.83M n/a $-23.34M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $701.17M $677.83M n/a $-23.34M
Max Profit / Current MCap: 5.139 6.638 n/a 1.499
Max Profit Per Share (Gold): $7.38 $7.14 n/a $-0.25
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $7.38 $7.14 n/a $-0.25
Total Free Profit Per Share: $5.45 $5.69 n/a $0.23
FD MCap / Gold Eq.: $75.42 $56.45 n/a $-18.97
FD MCap / Silver Eq.: $0.89 $0.64 n/a $-0.26
FD MCap / Per Metal
as % Spot Price:
3.70% 2.79% n/a -0.91%

Future Valuation (Cash Flow & Totals)

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