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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 90koz. of gold per year. They have approximately 1.8Moz. of gold in the reserves and resources category of which 1.5Moz. are in the measured and indicated category. They have a market capitalisation of ~$358.15M which is a rise of roughly 27% over the last four months. As of 12/23/2024 they have no debt and ~$76M 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 12/23/2024
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
MCap (FD): $281.99M $358.15M 12/23/2024 $76.16M
Total Assets: $330.00M $330.00M 12/23/2024 $0.00M
Total Liabilities: $140.00M $140.00M 12/23/2024 $0.00M
Current Assets: $120.00M $120.00M 12/23/2024 $0.00M
Current Liabilities: $88.00M $88.00M 12/23/2024 $0.00M
Total Debt: $0.00M $0.00M 12/23/2024 $0.00M
Cash: $55.00M $76.00M 01/13/2025 $21.00M
Enterprise Value: $226.99M $282.15M 12/10/1978 $55.16M
Cash Flow: $81.61M $93.94M never $12.33M
Cash Flow Multiple: 3.46 3.81 never 0.36
Net Debt to
Cash Flow Ratio:		 n/a n/a never 0.00
Finance within 1 year: 12/23/2024 n/a
Misc 12/23/2024
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 93,103,993 93,103,993 12/23/2024 0
Shares (FD): 98,000,000 98,000,000 12/23/2024 0
Insider Ownership: n/a n/a never n/a
Dividend (Annual): n/a n/a never n/a
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a n/a 12/23/2024 n/a
Production (Gold Eq Oz.): (guess) 
100,000		 (guess) 
90,000		 02/20/2025 -10,000
Production (Silver Eq Oz.): (guess) 
8,805,453		 (guess) 
8,949,785		 02/20/2025 144,333
Initial CapEx (Outstanding): n/a n/a 12/23/2024 n/a
Funding Option: n/a n/a 12/23/2024 n/a
Documentation: none PRODUCER 02/20/2025 n/a
Future MCap Modifier: 0.15
Producer: Average
 0.15
Producer: Average
 12/23/2024 0
Cash Flow Multiplier: 8 10 02/20/2025 2.00

Resource Data

GOLD 12/23/2024
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 0.70M 0.70M 12/23/2024 0.00M
Measured & Indicated: 1.50M 1.50M 12/23/2024 0.00M
Inferred: 0.30M 0.30M 12/23/2024 0.00M
Reserves & Resources: 1.80M 1.80M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 0.63M 0.63M 12/23/2024 0.00M
Measured & Indicated: 1.21M 1.21M 12/23/2024 0.00M
Inferred: 0.14M 0.14M 12/23/2024 0.00M
Reserves & Resources: 1.34M 1.34M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
100,000oz.		 (guess) 
90,000oz.		 02/20/2025 -10,000oz.
Cash Cost: $1,100 $1,450 02/20/2025 $350.00
Extra Operating Cost: $700 $750 02/20/2025 $50.00
Total: $1,800 $2,200 02/20/2025 $400.00
Margin (Free Cash Flow): $816 (31%) $1,044 (32%) $227.70
G
R
A
D
E		 Underground (Avg): 8.00 g/t 8.00 g/t 12/23/2024 n/a
Open Pit (Avg): n/a 1.50 g/t 03/23/2024 1.50 g/t
Recovery Rate: (CG)  90.00% (CG)  90.00% 02/20/2025 0.00%
F
U
T
U
R
E		 Proven & Probable: 1.50M 1.50M 12/23/2024 0.00M
Annual Production: 100,000oz. 100,000oz. 12/23/2024 0oz.
Cash Cost: $1,150 $1,500 02/20/2025 $350
Extra Operating Cost: $700 $750 02/20/2025 $50
SILVER 12/23/2024
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 12/23/2024 0.00M
Measured & Indicated: n/a n/a 12/23/2024 0.00M
Inferred: n/a n/a 12/23/2024 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 12/23/2024 0.00M
Measured & Indicated: n/a n/a 12/23/2024 0.00M
Inferred: n/a n/a 12/23/2024 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 12/23/2024 $0.00
Extra Operating Cost: n/a n/a 12/23/2024 $0.00
Total: n/a n/a 12/23/2024 $0.00
Margin (Free Cash Flow): n/a $0.00
G
R
A
D
E		 Underground (Avg): n/a n/a 12/23/2024 n/a
Open Pit (Avg): n/a n/a 12/15/2023 n/a
Recovery Rate: n/a n/a 12/23/2024 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 12/23/2024 0.00M
Annual Production: n/a n/a 12/23/2024 n/a
Cash Cost: n/a n/a 12/23/2024 n/a
Extra Operating Cost: n/a n/a 12/23/2024 n/a

Property

Last Analysis Data  (12/23/2024)
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		 12/23/2024
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.): 0.70M 0.70M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 7.97M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.63M 0.63M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 7.17M
Maximum Profit (Gold): $514.14M $657.59M n/a $143.45M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $514.14M $657.59M n/a $143.45M
Max Profit / Current MCap: 1.823 1.836 n/a 0.013
Max Profit Per Share (Gold): $5.25 $6.71 n/a $1.46
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $5.25 $6.71 n/a $1.46
Total Free Profit Per Share: $1.11 $1.66 n/a $0.55
FD MCap / Gold Eq.: $447.60 $568.49 n/a $120.89
FD MCap / Silver Eq.: $5.08 $5.72 n/a $0.63
FD MCap / Per Metal
as % Spot Price:		 17.11% 17.53% n/a 0.42%
Measured &
Indicated		 12/23/2024
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.): 1.50M 1.50M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 17.08M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 1.21M 1.21M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 13.73M
Maximum Profit (Gold): $984.22M $1,258.82M n/a $274.61M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $984.22M $1,258.82M n/a $274.61M
Max Profit / Current MCap: 3.490 3.515 n/a 0.025
Max Profit Per Share (Gold): $10.04 $12.85 n/a $2.80
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $10.04 $12.85 n/a $2.80
Total Free Profit Per Share: $5.90 $7.80 n/a $1.89
FD MCap / Gold Eq.: $233.82 $296.97 n/a $63.15
FD MCap / Silver Eq.: $2.66 $2.99 n/a $0.33
FD MCap / Per Metal
as % Spot Price:		 8.94% 9.16% n/a 0.22%

Reserves &
Resources		 12/23/2024
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.): 1.80M 1.80M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 20.50M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 1.34M 1.34M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 15.27M
Maximum Profit (Gold): $1,094.39M $1,399.74M n/a $305.35M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $1,094.39M $1,399.74M n/a $305.35M
Max Profit / Current MCap: 3.881 3.908 n/a 0.027
Max Profit Per Share (Gold): $11.17 $14.28 n/a $3.12
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $11.17 $14.28 n/a $3.12
Total Free Profit Per Share: $7.03 $9.23 n/a $2.21
FD MCap / Gold Eq.: $210.28 $267.08 n/a $56.80
FD MCap / Silver Eq.: $2.39 $2.69 n/a $0.30
FD MCap / Per Metal
as % Spot Price:		 8.04% 8.23% n/a 0.20%

Future Valuation (Cash Flow & Totals)

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