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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 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 ~$134.74M which is a fall of roughly 44% over the last twelve months. As of 05/10/2023 they have ~$23M debt and ~$34M cash. They have 92M shares outstanding and trade on the Toronto Stock Exchange and the over-the-counter markets.

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General Details

Financial 12/18/2022
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $240.82M $134.74M 12/18/2022
Total Assets: $330.00M $330.00M 12/18/2022
Total Liabilities: $140.00M $140.00M 12/18/2022
Current Assets: $120.00M $120.00M 12/18/2022
Current Liabilities: $88.00M $88.00M 12/18/2022
Total Debt: $0.00M $23.00M 05/10/2023
Cash: $42.00M $34.00M 05/10/2023
Enterprise Value: $198.82M $123.74M 12/02/1973
Cash Flow: $54.16M $47.13M never
Cash Flow Multiple: 4.45 2.86 never
Net Debt to
Cash Flow Ratio:		 n/a n/a never
Finance within 1 year: 12/18/2022
Misc 12/18/2022
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 92,000,000 92,000,000 12/18/2022
Shares (FD): 94,000,000 94,000,000 12/18/2022
Insider Ownership: n/a n/a never
Company Type: Mostly Gold Mostly Gold never
Production ETA: n/a n/a 12/18/2022
Production (Gold Eq Oz.): (guess) 
110,000		 (guess) 
100,000		 05/10/2023
Production (Silver Eq Oz.): (guess) 
8,498,448		 (guess) 
8,141,903		 05/10/2023
Initial CapEx (Outstanding): n/a n/a 12/18/2022
Funding Option: n/a n/a 12/18/2022
Documentation: none PRODUCER 11/19/2023
Future MCap Modifier: 0.2
Producer: Growth Potential
 0.2
Producer: Growth Potential
 04/24/2023
Cash Flow Multiplier: 5 8 04/17/2023

Resource Data

GOLD 12/18/2022
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 0.80M 0.80M 12/18/2022
Measured & Indicated: 2.00M 2.00M 12/18/2022
Inferred: 0.50M 0.50M 12/18/2022
Reserves & Resources: 2.50M 2.50M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 0.72M 0.72M 12/18/2022
Measured & Indicated: 1.58M 1.58M 12/18/2022
Inferred: 0.23M 0.23M 12/18/2022
Reserves & Resources: 1.81M 1.81M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
110,000oz.		 (guess) 
100,000oz.		 05/10/2023
Cash Cost: $850 $1,100 05/10/2023
Extra Operating Cost: $450 $500 05/10/2023
Average Grade: 2.00 g/t 2.00 g/t 12/18/2022
Recovery Rate: (CG)  90.00% (CG)  90.00% 11/19/2023
F
U
T
U
R
E		 Proven & Probable: 2.00M 2.00M 12/18/2022
Annual Production: 120,000oz. 120,000oz. 12/18/2022
Cash Cost: $900 $1,100 05/10/2023
Extra Operating Cost: $450 $500 04/17/2023
SILVER 12/18/2022
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 12/18/2022
Measured & Indicated: n/a n/a 12/18/2022
Inferred: n/a n/a 12/18/2022
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 12/18/2022
Measured & Indicated: n/a n/a 12/18/2022
Inferred: n/a n/a 12/18/2022
Reserves & Resources: n/a n/a never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 12/18/2022
Extra Operating Cost: n/a n/a 12/18/2022
Average Grade: n/a n/a 12/18/2022
Recovery Rate: n/a n/a 12/18/2022
F
U
T
U
R
E		 Proven & Probable: n/a n/a 12/18/2022
Annual Production: n/a n/a 12/18/2022
Cash Cost: n/a n/a 12/18/2022
Extra Operating Cost: n/a n/a 12/18/2022

Property

Last Analysis Data  (12/18/2022)
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.
Exp Ulu 100% n/a
Prod Cerro Bayo 100% show
3 million oz of silver production at low cash costs.
Exp La Quebrada 100% show
11 million oz silver deposit.

Becoming an advanced project.
Exp La Bufa 0% n/a
Prod Bjorkdal 100% show
45,000 oz production at very high cash costs. They plan to double production by 2016.
Exp Bjorkdal Exploration 100% n/a
Exp Bjorkdale 100% show
Merger with Elgin Mining in 2014,

1.5 million oz deposit.

50,000 oz per year.
Exp Norrliden 90% n/a
Exp Oro Cruz 0% n/a
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 Ulu 1% show
Acquired by Blue Star Gold in 2019
Prod Cerro Bayo 17% show
3 million oz of silver production at low cash costs.

Sold in December 2021 to Equus Mining for shares of company stock (currently hold 16.87% as of 2023).
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.
Exp La Bufa 0% n/a
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
Exp Bjorkdal Exploration 100% n/a
Exp Bjorkdale 100% show
Merger with Elgin Mining in 2014,

1.5 million oz deposit.

50,000 oz per year.
Exp Norrliden 90% n/a
Exp Oro Cruz 0% n/a
Total Land Package Size (ha): 1,300  

Profitability (by resource)

Proven &
Probable		 12/18/2022
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 0.80M 0.80M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.72M 0.72M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $354.53M $339.34M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $354.53M $339.34M n/a
Max Profit / Current MCap: 1.472 2.518 n/a
Max Profit Per Share (Gold): $3.77 $3.61 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $3.77 $3.61 n/a
Total Free Profit Per Share: $0.27 $1.67 n/a
FD MCap / Gold Eq.: $334.47 $187.14 n/a
FD MCap / Silver Eq.: $4.33 $2.30 n/a
FD MCap / Per Metal
as % Spot Price:		 18.66% 9.03% n/a
Measured &
Indicated		 12/18/2022
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 2.00M 2.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 1.58M 1.58M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $779.96M $746.54M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $779.96M $746.54M n/a
Max Profit / Current MCap: 3.239 5.541 n/a
Max Profit Per Share (Gold): $8.30 $7.94 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $8.30 $7.94 n/a
Total Free Profit Per Share: $4.80 $6.00 n/a
FD MCap / Gold Eq.: $152.03 $85.06 n/a
FD MCap / Silver Eq.: $1.97 $1.04 n/a
FD MCap / Per Metal
as % Spot Price:		 8.48% 4.11% n/a

Reserves &
Resources		 12/18/2022
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 2.50M 2.50M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 1.81M 1.81M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $890.75M $852.58M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $890.75M $852.58M n/a
Max Profit / Current MCap: 3.699 6.328 n/a
Max Profit Per Share (Gold): $9.48 $9.07 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $9.48 $9.07 n/a
Total Free Profit Per Share: $5.98 $7.13 n/a
FD MCap / Gold Eq.: $133.12 $74.48 n/a
FD MCap / Silver Eq.: $1.72 $0.91 n/a
FD MCap / Per Metal
as % Spot Price:		 7.43% 3.60% n/a

Future Valuation (Cash Flow & Totals)

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