MANDALAY RES CORP - MNDJF STOCK NEWS

Mandalay Resources Corporation (TSX: MND, OTCQB: MNDJF) announced updates on their drilling campaigns at the Costerfield Operation in Victoria, Australia, focusing on the Robinson and True Blue Prospects. The recent drilling at Robinson confirmed gold anomalism along a 350m strike but failed to replicate a previous exceptional grade of 1,780 g/t. At True Blue, two drill holes showed significant grades: 3.8 g/t gold and 4.3% antimony over 2.57m, with the highest intercept reaching 20.2 g/t. The company plans continued drilling in search of high-grade mineral fields, leveraging insights from past successes.

Mandalay Resources Corporation (MNDJF) reported its fourth-quarter and full-year 2022 financial results, revealing a consolidated revenue of $41.4 million in Q4, down 43% from Q4 2021. Full-year revenue totaled $191.7 million, with adjusted EBITDA of $91.2 million and free cash flow of $45.0 million. The company achieved a net cash position of $14.4 million at year-end, an improvement of $33.5 million. Costerfield's revenue stood at $25.8 million, while Björkdal generated $15.6 million. Adjusted net income for Q4 was $5.2 million, marking a tenth consecutive quarter of profitability.

Mandalay Resources Corporation (MNDJF) announced significant drilling results from the Eastern Plunge Extension and Aurora Upper Extension at its Björkdal gold mine in Sweden. Notable intercepts include 783.0 g/t gold over 0.35 m and 104.7 g/t gold over 1.00 m. These results led to an 11% increase in the Mineral Reserves' gold grade from 1.39 g/t to 1.54 g/t as of year-end 2022. The company aims to continue drilling to explore the eastern plunge and further enhance its resource estimates. Additionally, a mining permit extension is expected in 2023, which will facilitate mining in this promising area.

Mandalay Resources Corporation announced an updated Mineral Resource and Reserve estimate for its Björkdal gold mine as of December 31, 2022. The report highlights:

• Mineral Reserves increased by 32,000 ounces net of depletion.
• Gold grade of Mineral Reserves rose by 11% to 1.54 g/t.
• Measured and Indicated Resources increased by 72,000 ounces with a grade of 2.27 g/t.

Exploration efforts focused on the Eastern Plunge Extension significantly improved resource confidence. The exploration cost was effectively $31.47 per ounce. This supports Mandalay's strategy of enhancing production and shareholder value through targeted exploration.

Mandalay Resources Corporation (MNDJF) has announced the release of its fourth quarter and full-year 2022 financial results scheduled for February 23, 2023. Following this, a conference call led by President and CEO Dominic Duffy will take place on February 24, 2023, at 8:00 AM Toronto time. Investors can register for the conference call through a provided link or join via dial-in numbers. The company, which operates the Costerfield and Björkdal mines, is focused on increasing production and reducing costs. It aims to enhance shareholder value through profitable operations and ongoing exploration efforts.

Mandalay Resources Corporation (TSX: MND, OTCQB: MNDJF) has received approval from the Toronto Stock Exchange for its normal course issuer bid (NCIB) to repurchase up to 4,622,835 common shares, representing 5% of its outstanding shares as of January 13, 2023. The NCIB will take place from January 18, 2023, to January 17, 2024. Purchases will occur through the TSX and alternative trading platforms at market prices. Mandalay has engaged BMO Nesbitt Burns Inc. to facilitate these purchases systematically. Funds for the buyback will come from surplus cash generated by operations.

Mandalay Resources Corporation reported its 2022 production and sales results, highlighting a total production of 105,906 saleable gold equivalent ounces, with sales of 106,094 ounces. The fourth quarter saw a production of 25,683 gold equivalent ounces. Guidance for 2023 indicates production between 105,000 and 118,000 ounces, alongside cash costs estimated at $800 to $975 per ounce. Key highlights include consistent production at Costerfield and Björkdal, although both mines faced challenges like lower grades and COVID-related labor issues. The company aims to enhance shareholder value through exploration investments totaling $10 to $14 million.

On December 6, 2022, Mandalay Resources announced the resignation of President and CEO Dominic Duffy for personal reasons, effective July 2023. Duffy will assist in the transition and remain on the board. Ryan Austerberry is promoted to Chief Operating Officer, effective December 15, 2022, having previously served as General Manager of Costerfield. The company’s strong financial position is highlighted, with successful operational improvements and significant exploration potential at its mines.

Mandalay Resources Corporation (MNDJF) reported its third-quarter financial results for 2022, achieving consolidated revenue of $46.0 million, a 13% decrease from $52.6 million in Q3 2021. Adjusted EBITDA was $19.4 million, down 23% year-on-year. Despite challenges, including an $11.5 million tax payment, the company maintained a solid cash position with $42.6 million on hand. Costerfield continued strong performance with revenue of $28.2 million, while Björkdal remained stable at $17.9 million.