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Mandalay Resources Announces Financial Results for the Third Quarter 2023 and CFO Transition

by ahnationtalk on November 9, 202334 Views

TORONTO, ON, November 8, 2023 — Mandalay Resources Corporation (“Mandalay” or the “Company”) (TSX: MND, OTCQB: MNDJF) is pleased to announce its financial results for the quarter ended September 30, 2023.

The Company’s condensed and consolidated interim financial statements for the quarter ended September 30, 2023, together with its Management’s Discussion and Analysis (“MD&A”) for the corresponding period, can be accessed under the Company’s profile on and on the Company’s website at All currency references in this press release are in U.S. dollars except as otherwise indicated.

Third Quarter 2023 Highlights:

• Generated consolidated quarterly revenue of $40.9 million;

• Björkdal had its strongest quarter since Q1 2022 generating revenue of $21.8 million and adjusted EBITDA1 of $9.0 million for 2023;

• Consolidated quarterly adjusted EBITDA of $15.4 million; and

• Consolidated net income was $4.1 million ($0.04 or C$0.06 per share).

Frazer Bourchier, President, and CEO commented:

“Mandalay delivered solid financial performance during the third quarter, resulting in the Company’s thirteenth consecutive quarter of profitability. Characterized by stable production and improving grades, the strategic initiatives undertaken at Björkdal are yielding encouraging results allowing the site to achieve its highest revenue and EBITDA in the past six quarters. At Costerfield, milled gold head grades improved to 9.6 g/t gold in Q3 2023 and, as earlier 2023 underground mining delays are progressively overcome, we expect these underground grades to further improve in Q4 2023.

“As we look ahead to the final quarter this year, with anticipated further improvements at Costerfield with higher-grade areas at Youle and improved mill throughput, as well as another consistent quarter of production at Björkdal underpinned by higher-grade Eastern Extension ore, the Company expects to achieve the lower end of its production guidance range of 88,000 – 100,000 gold equivalent ounces.”

Nick Dwyer, CFO commented:

“Our consolidated cash costs and all-in sustaining costs1 per saleable gold equivalent ounce produced during Q3 2023 were $1,084 and $1,436, respectively. These figures represent adecrease from the previous quarter mainly due to higher metal production and lower capital expenditure.

“As at the end of Q3 2023, the Company maintained a healthy balance sheet, closing with $21.7 million in cash on hand and a net debt position of $2.4 million. Our financial stability was further supported by $40.9 million in revenue and $15.4 million in adjusted EBITDA1, resulting in net income of $4.1 million.

“The month end cash balance and temporary dip into a net debt position, were negatively influenced by a delayed receipt of $5.5 million at Björkdal due to a shipment which was received after quarter end. Cash was also impacted during the quarter by an expected one-off reclamation increased bonding requirement at Costerfield of $3.5 million.”

Mr. Bourchier concluded: “As we move forward, our primary focus remains delivering operating cashflow and executing our growth plan to become a mid-tier gold producer. We are steadfast on our path to transformational growth, and every step we take is aligned with this strategic objective while also delivering optimal performance to our valued shareholders and stakeholders.”

Third Quarter 2023 Financial Summary

The following table summarizes the Company’s consolidated financial results for the three months and nine months ended September 30, 2023 and 2022:

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