MANDALAY RES CORP - MNDJF STOCK NEWS

Mandalay Resources Corporation (MNDJF) held its Annual General Meeting on May 26, 2021, where shareholders approved all resolutions, with 88.04% of shares voting by proxy.

CEO Dominic Duffy acknowledged the contributions of departing director Peter Jones and welcomed new board member Julie Galloway. During the meeting, the board of directors was confirmed with seven members, including the re-election of Bradford A. Mills as Chair. Ernst & Young LLP was re-appointed as the Company’s auditor, receiving 99.98% approval.

Mandalay Resources Corporation (MNDJF) reported strong financial results for Q1 2021, achieving revenue of $52.6 million, the highest since Q2 2016, and an adjusted EBITDA of $26.1 million, the third highest in its history. The consolidated net income reached $25.5 million, compared to a loss of $3.6 million in the same quarter last year. The company ended the quarter with a cash balance of $29.9 million, down from $34.2 million due to changes in payment terms and other one-time costs. Costerfield and Björkdal mines showed significant operational performance, contributing to the solid financial results.

Mandalay Resources Corporation (MNDJF) will release its first quarter 2021 financial results after market close on May 12, 2021. A conference call for investors and analysts will follow on May 13, 2021, at 8:00 AM Toronto time, hosted by CEO Dominic Duffy. The call can be accessed via participant numbers (201) 689-8341 and (877) 407-8289. Mandalay operates the Costerfield gold-antimony mine in Australia and the Björkdal gold mine in Sweden, focusing on increasing production and enhancing profitability.

Mandalay Resources has announced exciting developments regarding the newly-discovered Shepherd Zone at its Costerfield Operation in Victoria, Australia. The zone contains high-grade visible gold across two major veins, with drilling results including 23.6 g/t gold over 6.27 m and 426.7 g/t gold over 0.77 m. The discovery adds potential for further mineralization depth, hinting at an increase in gold deposits. The company plans to accelerate underground drilling to better understand this promising new structure, which supports its ongoing exploration strategy.

Mandalay Resources Corporation (MNDJF) reported strong operational results in Q1 2021, with consolidated saleable production of 28,676 ounces of gold equivalent, the highest since Q4 2017 and a third consecutive quarter of increased production. Key achievements included 23,857 ounces of gold sold, the highest quarterly total since Q1 2018, and 15,458 ounces produced at Costerfield, marking the site's best result since Q2 2016. The trial processing at Cerro Bayo yielded 43,699 ounces of silver and 724 ounces of gold. The company remains on track to meet its production guidance for 2021.

Mandalay Resources Corporation has filed its Annual Information Form for the year ended December 31, 2020, available on SEDAR and its website. The company also released updated NI 43-101 compliant Technical Reports for its Björkdal gold mine in Sweden and Costerfield gold-antimony mine in Australia, prepared by independent firms SLR Consulting Ltd. and Mining Plus. These reports provide detailed assessments of mineral resources and reserves, ensuring transparency for investors.

Mandalay Resources Corporation (MNDJF) announced its financial results for Q4 and full-year 2020, reporting strong growth. Q4 revenue reached $45.3 million, marking a 99% increase year-over-year. Full-year revenue hit $179.0 million, the highest since 2016. Adjusted EBITDA in Q4 was $25.3 million, a 436% surge from the previous year. Consolidated net income for Q4 was $14.7 million, with adjusted net income of $12.1 million. The cash cost per gold equivalent ounce produced improved by 21% to $843. The company ended 2020 with $34.2 million in cash, suggesting a robust financial position going into 2021.

Mandalay Resources Corporation (MNDJF) has reported a 25% increase in Proven and Probable Mineral Reserves for its Costerfield gold-antimony mine, along with a one-year extension of its mine life to 2024. The Björkdal gold mine in Sweden maintains a long mine life until 2029. Key highlights include the addition of 799,000 ounces of gold and 21,900 tonnes of antimony across both mines, with an exploration cost of $23.24 per gold equivalent ounce. CEO Dominic Duffy praised the successful exploration efforts and the resulting cash generation in 2020.

Mandalay Resources Corporation (MNDJF) is set to release its fourth quarter and full-year 2020 financial results on February 25, 2021, post-market closure. A conference call with CEO Dominic Duffy will follow on February 26, 2021, at 8:00 AM (Toronto time) for investors and analysts. Interested parties can join via provided dial-in numbers. Mandalay Resources focuses on increasing production from its gold and antimony operations in Australia and Sweden, aiming for improved cash flow.