MANDALAY RES CORP - MNDJF STOCK NEWS

Mandalay Resources Corporation (MNDJF) reported its third-quarter 2022 production and sales results with a total of 27,287 ounces of gold equivalent produced and 26,551 ounces sold. The company revised its full-year production guidance to 106,000 – 115,000 ounces, down from 118,000 – 130,000 ounces due to COVID-related labor shortages and lower grades. Despite this, all-in sustaining costs remained stable, and capital expenditure guidance was reduced by $9 – $13 million to $41 – $45 million. Operational improvements are expected in Q4 as absenteeism decreases.

Mandalay Resources Corporation (TSX: MND, OTCQB: MNDJF) has announced encouraging drill results from its Costerfield operation in Victoria, Australia. Recent infill drilling at the Shepherd zone revealed high-grade gold findings, including 377.4 g/t gold over 0.54 m. Drilling has confirmed and extended the northern and southern high-grade domains, with potential for a third mineralized vein discovered. Additional drilling is ongoing, aimed at further exploration and optimization of drilling positions. Mandalay remains focused on increasing production and exploring near mine resources.

Mandalay Resources Corporation has successfully completed the sale of Minera Mandalay Challacollo Limitada (MMC) to Aftermath Silver Ltd. The total deal is valued at C$8 million, with additional conditions including a 3% net smelter returns royalty capped at US$3 million. The transaction aligns with Mandalay's strategy to enhance shareholder value by divesting non-core assets. The sale underscores Mandalay's focus on optimizing its production capabilities in Australia and Sweden, as it aims to improve profit margins and cash flow.

Mandalay Resources Corporation (MNDJF) reported its Q2 2022 financial results, highlighting a consolidated revenue of $50.1 million, down 2% year-over-year, with adjusted EBITDA at $20.3 million. The company saw a net cash flow from operations of $16.1 million and free cash flow of $7.5 million. Mandalay improved its balance sheet with $47.9 million in cash and aiming for a debt-free position. However, production issues at Björkdal impacted results, contributing to higher cash costs per ounce at $1,020, compared to $960 in Q2 2021.

Mandalay Resources Corporation (MNDJF) will release its Q1 2022 financial results on August 10, 2022, after market close. A conference call with CEO Dominic Duffy is scheduled for August 11, 2022, at 8:00 AM Toronto time for investors and analysts. The company focuses on growing production and reducing costs at its gold-antimony and gold mines in Australia and Sweden, and aims to generate positive cash flow. Current objectives include mining high-grade veins and increasing production from the Aurora zone to maximize profit margins.

Mandalay Resources Corporation (MNDJF) reported its second quarter 2022 production and sales results, revealing a total gold equivalent production of 23,305 ounces, down from 28,843 ounces in Q2 2021. Costerfield produced 14,989 gold equivalent ounces, while Björkdal produced 8,316 ounces. The decline in production was attributed to mining lower-grade areas, high sick leave rates due to COVID-19, and processing challenges. Despite lower production, the company anticipates improved grades in the latter half of 2022. Overall profitability remained strong, averaging 17.1 g/t gold equivalent head grade.

Mandalay Resources Corporation (MNDJF) announced updates on its Björkdal operation in Sweden, revealing significant gold intercepts from the North Zone drilling program. Highlights include:

• 155.0 g/t gold over 0.80 m
• 183.0 g/t gold over 0.45 m
• 64.8 g/t gold over 0.85 m

CEO Dominic Duffy expressed optimism about the potential increase in 2022 year-end mineral reserves. The company plans to shift drilling resources to the North Zone, further targeting areas with promising veining and mineralization.

Mandalay Resources reports successful results from the 2022 Robinson drilling program at its Costerfield Operation in Australia. The initial four drill holes intercepted visible gold near the historic Robinson Mine, with notable results including 1,780 g/t gold over 0.17 m in hole RB007. Visible gold was also detected in two other drill holes, with assays pending for further analysis. This prospect is significant as it lies within the current mining license and may indicate a downward continuation of historically productive veins. Future exploration efforts are planned to enhance understanding of mineralization.

Mandalay Resources Corporation (TSX: MND, OTCQB: MNDJF) held its Annual General Meeting on May 25, 2022, where all proposed resolutions were approved. Shareholders, representing 67.63% of total shares, re-elected seven directors, including Bradford Mills as Chair and Abraham Jonker as lead independent director. Ernst & Young LLP was also re-appointed as the auditor. The company, focused on gold-antimony and gold production, aims to boost output and reduce costs while enhancing community engagement and environmental responsibility.