MANDALAY RES CORP - MNDJF STOCK NEWS

Mandalay Resources reported a strong second quarter 2024, showing significant improvements in production and cash generation. The quarter-end cash balance rose to $63 million, a $16 million increase from the previous quarter. Consolidated gold equivalent production reached 26,372 ounces, a 32% increase from Q2 2023. Björkdal and Costerfield mines produced 12,599 and 13,773 gold equivalent ounces, respectively.

The company sold 26,759 gold equivalent ounces, a 32% rise from Q2 2023. Production at Björkdal was the highest since Q2 2019, while Costerfield saw a 32% production increase. Mandalay repaid the outstanding $20 million Revolving Credit Facility in July 2024.

For the first half of 2024, Mandalay produced 51,308 gold equivalent ounces, a 26% increase compared to H1 2023, and sold 52,036 gold equivalent ounces, a 24% rise. The company aims to maintain high production levels and optimize operations at both sites for the remainder of the year.

Mandalay Resources has announced promising results from its recent drilling campaigns near the Björkdal Mine in Sweden. Over 6,295 meters of diamond drilling across 26 holes targeted high-priority zones, yielding significant gold intercepts at Lapptjärn and Granholm. Lapptjärn recorded 5.3 g/t gold over 7.05 meters and 8.6 g/t gold over 0.70 meters, while Granholm showed 14.9 g/t gold over 0.5 meters. The exploration also identified semi-massive sulphide with elevated zinc and copper at Tarsnäs. Future efforts will include targeted geophysical surveys to further explore these promising areas.

Mandalay Resources announced the outcomes of its Annual General Meeting held on May 28, 2024. The shareholders approved all the resolutions presented, with proxy votes representing 39.14% of outstanding shares. Seven directors were re-elected, including Bradford Mills as Chair and Abraham Jonker as lead independent director. KPMG LLP was reappointed as the company's auditor. Mandalay Resources is focused on increasing production and reducing costs at its Australian and Swedish mines, aiming for high-grade exploration and maximizing profit margins.

Mandalay Resources announced significant progress in its regional exploration program at the Björkdal Norrberget gold deposit, extending the deposit by approximately 120 meters or 80%. Notable assay results include 13.3 g/t gold over 5.55 meters and 17.5 g/t gold over 1.50 meters at Norrberget, and 17.2 g/t gold over 1.30 meters and 12.1 g/t gold over 1.40 meters at the Vidmyran target located nearby. The company aims to further investigate the strong growth potential in the Norrberget deposit with more drilling planned from spring to summer 2024. This program highlights the potential for resource growth within Mandalay's tenement holdings.

Mandalay Resources reported strong first-quarter financial results for 2024, with significant revenue growth, improved cash position, and enhanced cost efficiency. The company saw a 32% increase in consolidated revenue, reaching $55.5 million, along with a consolidated net income of $5.9 million. Costs per gold equivalent ounce produced decreased, contributing to a healthy balance sheet and increased cash flow. Both Björkdal and Costerfield mines performed well, achieving record quarterly revenues. The company remains committed to disciplined capital allocation and exploration spending to drive future growth.

Mandalay Resources announced the release date for its first quarter 2024 financial results and a conference call with the CEO. The financial results will be released on May 08, 2024, with the conference call on May 09, 2024. Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia and Sweden, focusing on growing production and reducing costs to generate positive cashflow.

Mandalay Resources announced the expansion of the Storheden gold deposit near the Björkdal mine with high-grade gold intercepts. The company doubled the known system depth and secured a mining concession in 2018.

Mandalay Resources reports strong first quarter production results with a significant increase in cash balance. Key highlights include a $20.2 million rise in cash balance, consolidated gold equivalent production of 24,936 ounces, and a positive outlook for meeting annual production targets. The company's Costerfield and Björkdal operations both showed notable production increases compared to the previous year, despite operational challenges. The quarter also saw a steady ramp-up in mill throughput rates at Björkdal.

Mandalay Resources announces the filing of its Annual Information Form for 2023 and an updated NI 43-101 Technical Report for the Costerfield mine. The reports were prepared by reputable experts and can be accessed on the company's website and SEDAR.