Mandalay Resources Reports Q1 2025 Gold and Antimony Production In-Line with 2025 Guidance
Mandalay Resources (MNDJF) reports Q1 2025 production of 22,342 gold equivalent ounces, aligning with their 2025 guidance of 85,000-95,000 ounces. The company's operations include:
- Costerfield: 9,549 gold ounces and 161 tonnes of antimony produced
- Björkdal: 10,827 gold ounces produced, marking two consecutive quarters of increased production
Total gold equivalent sales reached 25,779 ounces in Q1 2025. The company has allocated $43-48 million in sustaining capital for mining flexibility and growth. Production rates are expected to increase in H2 2025. Both sites are implementing optimization initiatives, with Costerfield expanding sensor technology and automation, while Björkdal continues to improve following its mill conversion project completion in late 2023.
Mandalay Resources (MNDJF) riporta una produzione nel primo trimestre del 2025 di 22.342 once d'oro equivalenti, in linea con le previsioni del 2025 di 85.000-95.000 once. Le operazioni dell'azienda includono:
- Costerfield: 9.549 once d'oro e 161 tonnellate di antimonio prodotte
- Björkdal: 10.827 once d'oro prodotte, segnando due trimestri consecutivi di produzione in aumento
Le vendite totali di oro equivalente hanno raggiunto 25.779 once nel primo trimestre del 2025. L'azienda ha allocato 43-48 milioni di dollari in capitale di mantenimento per flessibilità mineraria e crescita. I tassi di produzione sono previsti in aumento nella seconda metà del 2025. Entrambi i siti stanno implementando iniziative di ottimizzazione, con Costerfield che espande la tecnologia dei sensori e l'automazione, mentre Björkdal continua a migliorare dopo il completamento del progetto di riconversione del suo impianto alla fine del 2023.
Mandalay Resources (MNDJF) informa sobre una producción en el primer trimestre de 2025 de 22,342 onzas equivalentes de oro, alineándose con su guía de 2025 de 85,000-95,000 onzas. Las operaciones de la empresa incluyen:
- Costerfield: 9,549 onzas de oro y 161 toneladas de antimonio producidas
- Björkdal: 10,827 onzas de oro producidas, marcando dos trimestres consecutivos de aumento en la producción
Las ventas totales de oro equivalente alcanzaron 25,779 onzas en el primer trimestre de 2025. La empresa ha asignado 43-48 millones de dólares en capital de mantenimiento para flexibilidad y crecimiento minero. Se espera que las tasas de producción aumenten en la segunda mitad de 2025. Ambos sitios están implementando iniciativas de optimización, con Costerfield expandiendo la tecnología de sensores y automatización, mientras que Björkdal continúa mejorando tras la finalización de su proyecto de conversión de molino a finales de 2023.
만달레이 리소스 (MNDJF)는 2025년 1분기 금 등가물 생산량이 22,342온스에 달했다고 보고하며, 이는 2025년 가이드라인인 85,000-95,000온스와 일치합니다. 회사의 운영은 다음과 같습니다:
- 코스터필드: 9,549온스의 금과 161톤의 안티모니 생산
- 비외르크달: 10,827온스의 금 생산, 두 분기 연속 생산 증가 기록
2025년 1분기 총 금 등가물 판매량은 25,779온스에 달했습니다. 회사는 채굴 유연성과 성장을 위해 4,300만-4,800만 달러의 유지 자본을 할당했습니다. 생산 속도는 2025년 하반기에 증가할 것으로 예상됩니다. 두 사이트 모두 최적화 이니셔티브를 시행하고 있으며, 코스터필드는 센서 기술과 자동화를 확장하고, 비외르크달은 2023년 말 밀 변환 프로젝트 완료 후 계속 개선되고 있습니다.
Mandalay Resources (MNDJF) annonce une production de 22 342 onces d'or équivalentes au premier trimestre 2025, conforme à ses prévisions de 2025 de 85 000 à 95 000 onces. Les opérations de l'entreprise comprennent :
- Costerfield : 9 549 onces d'or et 161 tonnes d'antimoine produites
- Björkdal : 10 827 onces d'or produites, marquant deux trimestres consécutifs d'augmentation de la production
Les ventes totales d'or équivalent ont atteint 25 779 onces au premier trimestre 2025. L'entreprise a alloué 43-48 millions de dollars en capital de maintien pour la flexibilité et la croissance minière. Les taux de production devraient augmenter au second semestre 2025. Les deux sites mettent en œuvre des initiatives d'optimisation, Costerfield élargissant la technologie des capteurs et l'automatisation, tandis que Björkdal continue de s'améliorer après l'achèvement de son projet de conversion de moulin fin 2023.
Mandalay Resources (MNDJF) berichtet über eine Produktion von 22.342 Goldäquivalentunzen im ersten Quartal 2025, was mit der Prognose von 85.000-95.000 Unzen für 2025 übereinstimmt. Die Betriebsstätten des Unternehmens umfassen:
- Costerfield: 9.549 Goldunzen und 161 Tonnen Antimon produziert
- Björkdal: 10.827 Goldunzen produziert, was zwei aufeinanderfolgende Quartale mit Produktionssteigerungen markiert
Die Gesamterlöse aus Goldäquivalenten beliefen sich im ersten Quartal 2025 auf 25.779 Unzen. Das Unternehmen hat 43-48 Millionen Dollar für Erhaltungsinvestitionen zur Flexibilität und Wachstum im Bergbau eingeplant. Die Produktionsraten werden in der zweiten Hälfte von 2025 voraussichtlich steigen. Beide Standorte implementieren Optimierungsinitiativen, wobei Costerfield die Sensortechnologie und Automatisierung ausbaut, während Björkdal weiterhin Fortschritte nach Abschluss seines Mühlenumbauprojekts Ende 2023 macht.
- Two consecutive quarters of increased production at Björkdal mine
- Gold equivalent sales increased to 25,779 ounces in Q1 2025 from 25,277 ounces in Q1 2024
- Production aligned with annual guidance expectations
- Significant capital investment of $43-48M allocated for growth and mining flexibility
- Q1 2025 gold equivalent production decreased to 22,342 ounces from 24,936 ounces in Q1 2024
- Costerfield's antimony production declined to 161 tonnes from 404 tonnes in Q1 2024
- Costerfield's gold production decreased to 9,549 ounces from 11,976 ounces in Q1 2024
TORONTO, April 11, 2025 (GLOBE NEWSWIRE) -- Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND, OTCQB: MNDJF) announces solid first quarter production results for the quarter ended March 31, 2025.
First Quarter Highlights:
- Consolidated gold equivalent production of 22,342 ounces;
- Costerfield production of 9,549 gold ounces and 161 tonnes of antimony for 11,515 ounce of gold equivalent;
- Björkdal production of 10,827 gold ounces – two consecutive quarters of increased production;
- Consolidated gold equivalent sold was 25,779 ounces.
Frazer Bourchier, President and CEO, commented:
“Mandalay’s first-quarter results reflect consistent operational execution, with 22,342 gold equivalent ounces produced across both operations. Production rates are expected to increase during the second half of the year, keeping the Company on track to meet our annual production guidance of 85,000 – 95,000 gold equivalent ounces.”
Ryan Austerberry, COO, commented:
“We are pleased with the start to the year at both sites, with key performance indicators aligning with expectations and improvement initiatives yielding positive results. At Costerfield, we have engaged the same optimization group that successfully supported Björkdal last year. The focus will be on reducing variances within mining and maintaining consistent throughput at the plant. Additionally, in the plant, we are expanding sensor technology and automation to enhance preventative maintenance and overall operational efficiency.
At Björkdal, performance continues to improve following the successful completion of the mill conversion project in late 2023. Our recent efforts have been directed at optimizing the crusher circuit to improve mill feed quality, further increasing throughput.”
Mr. Bourchier concluded, “2025 marks a pivotal year for both sites, with mine development and capital investment projects underway. We have allocated
Production for the Quarter Ended March 31, 2025:
- The Company produced a total of 20,376 ounces of gold and 161 tonnes of antimony representing a total of 22,342 gold equivalent ounces produced, compared to 22,346 ounces of gold and 404 tonnes of antimony in the first quarter of 2024, representing a total of 24,936 gold equivalent ounces produced.
- Production at Björkdal was 10,827 ounces of gold compared to 10,370 ounces of gold in the first quarter of 2024.
- Production at Costerfield was 9,549 ounces of gold and 161 tonnes of antimony versus 11,976 ounces gold and 404 tonnes antimony in the first quarter of 2024.
Table 1 – First Quarter Production for 2025 and 2024 and Fourth Quarter of 2024
| Metal | Source | Three months ended March 31, 2025 | Three months ended March 31, 2024 | Three months ended December 31, 2024 |
| Gold produced (oz) | Björkdal | 10,827 | 10,370 | 9,728 |
| Costerfield | 9,549 | 11,976 | 12,125 | |
| Total | 20,376 | 22,346 | 21,853 | |
| Antimony produced (t) | Costerfield | 161 | 404 | 267 |
| Gold US$/oz | 2,860 | 2,074 | 2,663 | |
| Antimony US$/t | 34,923 | 13,298 | 36,336 | |
| Total Gold Eq. (oz) (1) Produced | Björkdal | 10,827 | 10,370 | 9,728 |
| Costerfield | 11,515 | 14,566 | 15,768 | |
| Total | 22,342 | 24,936 | 25,496 |
(1) Since Q1 2025, quarterly gold equivalent ounces (“Gold Eq. (oz)”) are calculated by multiplying gold (“Au”) volumes by average market Au prices and antimony (“Sb”) volumes by average realized Sb prices for the period, adding the amounts to get a total contained value, then dividing by the average market Au price. In comparative periods, average “market spot” Sb prices were used instead of average “realized” Sb prices to calculate Gold Eq. (oz). The source for Au price is www.lbma.org.uk, and Sb price is www.fastmarkets.com.
Sales for the Quarter Ended March 31, 2025:
- The Company sold a total of 23,386 ounces of gold and 196 tonnes of antimony, representing a total of 25,779 gold equivalent ounces, compared to 23,187 ounces of gold and 326 tonnes of antimony in the first quarter of 2024, representing a total of 25,277 gold equivalent ounces.
- Björkdal sold 12,041 ounces of gold versus 10,761 ounces of gold in the first quarter of 2024.
- Costerfield sold 11,345 ounces of gold and 196 tonnes of antimony versus 12,426 ounces of gold and 326 tonnes of antimony in the first quarter of 2024.
Table 2 – First Quarter Sales for 2025 and 2024 and Fourth Quarter of 2024
| Metal | Source | Three months ended March 31, 2025 | Three months ended March 31, 2024 | Three months ended December 31, 2024 |
| Gold sold (oz) | Björkdal | 12,041 | 10,761 | 8,380 |
| Costerfield | 11,345 | 12,426 | 11,559 | |
| Total | 23,386 | 23,187 | 19,939 | |
| Antimony sold (t) | Costerfield | 196 | 326 | 369 |
| Gold US$/oz | 2,860 | 2,074 | 2,663 | |
| Antimony US$/t | 34,923 | 13,298 | 36,336 | |
| Total Gold Eq. (oz)(1) Sold | Björkdal | 12,041 | 10,761 | 8,380 |
| Costerfield | 13,738 | 14,516 | 16,594 | |
| Total | 25,779 | 25,277 | 24,974 |
(1) Since Q1 2025, quarterly gold equivalent ounces (“Gold Eq. (oz)”) are calculated by multiplying gold (“Au”) volumes by average market Au prices and antimony (“Sb”) volumes by average realized Sb prices for the period, adding the amounts to get a total contained value, then dividing by the average market Au price. In comparative periods, average “market spot” Sb prices were used instead of average “realized” Sb prices to calculate Gold Eq. (oz). The source for Au price is www.lbma.org.uk, and Sb price is www.fastmarkets.com.
For Further Information:
Frazer Bourchier
President and Chief Executive Officer
Edison Nguyen
Director, Business Valuations and IR
Contact:
647.258.9722
About Mandalay Resources Corporation:
Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia (Costerfield gold-antimony mine) and Sweden (Björkdal gold mine). The Company is focused on growing its production and reducing costs to generate significant positive cashflow. Mandalay is committed to operating safely and in an environmentally responsible manner, while developing a high level of community and employee engagement.
Mandalay’s mission is to create shareholder value through the profitable operation and continuing the regional exploration program, at both its Costerfield and Björkdal mines. Currently, the Company’s main objectives are to continue mining the high-grade Youle vein at Costerfield, ramping up production from deeper Shepherd veins, both of which will continue to supply high-quality ore to the processing plant, and to extend Mineral Reserves. At Björkdal, the Company will continue to produce from the Aurora zone and other higher-grade areas in the coming years, in order to maximize profit margins from the mine.
Forward-Looking Statements:
This news release contains "forward-looking statements" within the meaning of applicable securities laws, including statements regarding the Company’s expected production of gold and antimony for the 2025 fiscal year. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, changes in commodity prices and general market and economic conditions. The factors identified above are not intended to represent a complete list of the factors that could affect Mandalay. A description of additional risks that could result in actual results and developments differing from those contemplated by forward-looking statements in this news release can be found under the heading “Risk Factors” in Mandalay’s annual information form dated March 28, 2025, a copy of which is available under Mandalay’s profile at www.sedar.com. In addition, there can be no assurance that any inferred resources that are discovered as a result of additional drilling will ever be upgraded to proven or probable reserves. Although Mandalay has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
FAQ
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