Mandalay Resources produced strong operational and financial results in 2020 and expects continued growth in 2021. Production is forecasted between 105,000 to 117,000 gold equivalent ounces in 2021 from its Costerfield mine in Australia and Björkdal mine in Sweden. Costerfield continues to deliver high gold grades from its Youle vein and has significant exploration potential from extensions of known veins and regional targets.
Mandalay Resources produced strong results in Q1 2021 at its Costerfield gold-antimony mine in Australia. Production at Costerfield is expected to increase slightly to 53,000-60,000 gold equivalent ounces in 2021. Exploration continues to yield high-grade intercepts extending the Youle deposit and discovering new zones below it. Recent drilling results show potential to further expand the high-grade mineralization at Costerfield.
Mandalay Resources produced strong results in Q1 2021 at its Costerfield gold-antimony mine in Australia. Production at Costerfield is expected to increase slightly to 53,000-60,000 gold equivalent ounces in 2021. Exploration continues to yield high-grade intercepts extending the Youle deposit and discovering new zones below it. Recent drilling results show potential to further expand the high-grade mineralization at Costerfield.
Mandalay Resources produced strong operational and financial results in Q1 2021, continuing its turnaround. Production is expected to be 105,000-117,000 AuEq oz in 2021 with cash costs of $800-$1,000/oz. Exploration is targeting extensions of high-grade zones at Costerfield, with recent success below the Youle deposit identifying the new Shepherd Zone. Drilling is also testing regional targets to unlock further mine life at the high-grade Australian operation.
Mandalay Resources has strengthened operations and generated positive cash flow at its Costerfield gold-antimony mine in Australia. High-grade production from the Youle vein has increased production year-over-year. Exploration continues to extend Youle and discover new high-grade zones through deep drilling and regional targeting. Costerfield remains one of the highest grade gold mines in the world and has significant exploration potential.
Mandalay Resources' Costerfield mine in Australia has demonstrated a history of replacing mined ounces through exploration and maintaining a 3-4 year mine life. In 2021, Costerfield produced 68,729 ounces of gold equivalent at high grades of 11.84 g/t gold and 3.96% antimony. Exploration at Costerfield focuses on near-mine vein extensions, deeper targets below existing workings, and testing satellite deposit targets within the district-scale land package. Recent drilling success at Shepherd, located near existing Youle workings, demonstrates the potential for new high-grade discoveries at Costerfield.
Mandalay Resources is continuing to grow production and generate cash at its Costerfield gold-antimony mine in Australia. Costerfield has maintained approximately 3-4 years of mine life through resource replacement over the past 9 years with minimal exploration spending. Recent exploration success has potential to further extend mine life. Costerfield is among the highest-grade underground gold mines globally and continues to deliver strong production and cash flow.
Mandalay Resources has two producing gold mines that are expected to produce over 105,000 ounces of gold equivalent in 2021. Operations have been strengthened with positive cash flow generation at both the Costerfield mine in Australia and the Björkdal mine in Sweden. Costerfield in particular has seen continued exploration success in high-grade veins like Youle, positioning it for production growth through 2021 and beyond. Mandalay aims to continue improving operations and exploring for additional resources to further extend mine lives at its properties.
Mandalay Resources' Costerfield gold-antimony mine in Australia has demonstrated a production turnaround due to high-grade ore from the Youle vein. Production is expected to continue increasing through 2021 as Youle production ramps up. Costerfield has a history of replacing mined ounces through exploration and maintains a 3-4 year mine life. The mine remains highly prospective with ongoing exploration drilling targeting further high-grade mineralization at depth and on nearby targets.
Mandalay Resources produced strong results in Q1 2021 at its Costerfield gold-antimony mine in Australia. Production at Costerfield is expected to increase slightly to 53,000-60,000 gold equivalent ounces in 2021. Exploration continues to yield high-grade intercepts extending the Youle deposit and discovering new zones below it. Recent drilling results show potential to further expand the high-grade mineralization at Costerfield.
Mandalay Resources produced strong results in Q1 2021 at its Costerfield gold-antimony mine in Australia. Production at Costerfield is expected to increase slightly to 53,000-60,000 gold equivalent ounces in 2021. Exploration continues to yield high-grade intercepts extending the Youle deposit and discovering new zones below it. Recent drilling results show potential to further expand the high-grade mineralization at Costerfield.
Mandalay Resources produced strong operational and financial results in Q1 2021, continuing its turnaround. Production is expected to be 105,000-117,000 AuEq oz in 2021 with cash costs of $800-$1,000/oz. Exploration is targeting extensions of high-grade zones at Costerfield, with recent success below the Youle deposit identifying the new Shepherd Zone. Drilling is also testing regional targets to unlock further mine life at the high-grade Australian operation.
Mandalay Resources has strengthened operations and generated positive cash flow at its Costerfield gold-antimony mine in Australia. High-grade production from the Youle vein has increased production year-over-year. Exploration continues to extend Youle and discover new high-grade zones through deep drilling and regional targeting. Costerfield remains one of the highest grade gold mines in the world and has significant exploration potential.
Mandalay Resources' Costerfield mine in Australia has demonstrated a history of replacing mined ounces through exploration and maintaining a 3-4 year mine life. In 2021, Costerfield produced 68,729 ounces of gold equivalent at high grades of 11.84 g/t gold and 3.96% antimony. Exploration at Costerfield focuses on near-mine vein extensions, deeper targets below existing workings, and testing satellite deposit targets within the district-scale land package. Recent drilling success at Shepherd, located near existing Youle workings, demonstrates the potential for new high-grade discoveries at Costerfield.
Mandalay Resources is continuing to grow production and generate cash at its Costerfield gold-antimony mine in Australia. Costerfield has maintained approximately 3-4 years of mine life through resource replacement over the past 9 years with minimal exploration spending. Recent exploration success has potential to further extend mine life. Costerfield is among the highest-grade underground gold mines globally and continues to deliver strong production and cash flow.
Mandalay Resources has two producing gold mines that are expected to produce over 105,000 ounces of gold equivalent in 2021. Operations have been strengthened with positive cash flow generation at both the Costerfield mine in Australia and the Björkdal mine in Sweden. Costerfield in particular has seen continued exploration success in high-grade veins like Youle, positioning it for production growth through 2021 and beyond. Mandalay aims to continue improving operations and exploring for additional resources to further extend mine lives at its properties.
Mandalay Resources' Costerfield gold-antimony mine in Australia has demonstrated a production turnaround due to high-grade ore from the Youle vein. Production is expected to continue increasing through 2021 as Youle production ramps up. Costerfield has a history of replacing mined ounces through exploration and maintains a 3-4 year mine life. The mine remains highly prospective with ongoing exploration drilling targeting further high-grade mineralization at depth and on nearby targets.
Mandalay Resources provides production and cost guidance for 2020, with significant organic production growth expected at Costerfield. At Costerfield, the high-grade Youle vein is ramping up and will continue to increase production through 2020 and into 2021. At Björkdal, production is steadily ramping up from the new Aurora zone as more underground levels are developed and stoping is increased. Mandalay also secured a $65 million credit facility to provide financial flexibility and long term balance sheet management.
This document discusses Mandalay Resources' Costerfield gold-antimony mine in Victoria, Australia. Key points:
- Costerfield is one of the highest-grade gold mines in the world, with mill head grades averaging over 11 g/t gold.
- Production has been reinvigorated by the high-grade Youle vein, which provides sustainable organic growth.
- Costerfield has a demonstrated history of replacing mined ounces through exploration and maintaining a 3-4 year mine life.
- The property has significant exploration upside through near-mine extensions and testing of satellite deposit targets across the district-scale land package.
This document provides an overview of Endeavour Silver Corp, a mid-tier precious metals mining company with operations in Mexico. It discusses the company's two operating mines - Guanacevi in Durango and Bolanitos in Guanajuato - as well as its development project Terronera. Production and costs are presented for each mine. The company has raised its 2021 production guidance and provided its exploration and development plans, with the goal of organic growth through mine life extensions and new discoveries.
Mandalay Resources generated positive cash flow and strengthened operations in Q3 2020. Production is expected to grow over the next year driven by the high-grade Costerfield mine in Australia. Exploration success at the Youle vein could potentially double Costerfield's production by 2021. Björkdal mine in Sweden is ramping up production from the higher-grade Aurora zone. Mandalay is positioned to significantly improve its balance sheet in 2021 through continued cash generation.
Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia and Sweden, and care and maintenance and development projects in Chile. The
Company is focused on growing production at its gold and antimony operation in Australia, and gold production from its operation in Sweden to generate near-term cash flow.
Mandalay Resources generated positive cash flow and strengthened operations in the third quarter of 2020. Production is expected to grow over the next year driven by the high-grade Costerfield mine in Australia. Exploration continues to extend mine life at Costerfield through programs targeting extensions of the Youle vein and regional targets. Björkdal in Sweden is focused on ramping up production from the higher-grade Aurora zone to lift underground mining rates.
Mandalay Resources is positioning its portfolio for renewed future growth through organic production increases at its Costerfield and Björkdal mines. Costerfield is expected to see a major production uplift from the high-grade Youle lode, with continual increases over the next 12-18 months. Björkdal is ramping up underground production. Together, consolidated production is forecasted to grow from 72,000-84,000 ounces in 2019 to over 130,000 ounces by 2021 through the development of high-grade zones. Exploration continues to test for additional high-grade resources to further extend mine lives at both operations.
This document summarizes a site tour of Newmont Mining Corporation's Merian gold mine in Suriname. The tour included introductions of company leadership, an overview of the Merian Project including health and safety practices, commercial production milestones, community investment programs, and plans for optimizing operations and exploring additional opportunities in the region. The mine began commercial production in 2016 and is expected to produce 300,000-375,000 ounces of gold annually over its projected 13+ year mine life.
Kinross Gold Corporation reported its Q1 2017 results and outlined its priorities for 2017. Key highlights include:
- Production of 671,956 Au eq. oz. in Q1 2017, on track to meet full-year guidance of 2.5-2.7 million Au eq. oz.
- Continued focus on cost discipline with production costs of $701/oz and AISC of $953/oz in Q1 2017.
- Advancing the two-phased expansion at Tasiast, with Phase One on schedule and budget.
- Strengthening the balance sheet through the sale of its Cerro Casale interest for $260 million in cash.
- Focus on organic growth
Operations continue to deliver strong performance in the second quarter of 2017, with total gold production of 427,743 ounces and total cash costs per ounce of $556. Infill and exploration drilling at multiple properties, including LaRonde and Amaruq, yielded positive results that are expected to result in mineral resource additions and conversions. The Meliadine project is progressing on schedule and budget, with underground development ahead of plan and engineering 80% complete at the end of June 2017.
Mandalay Resources July 2019 Investor PresentationJasmineVirk7
Mandalay Resources Corporation presented plans to grow production at its Costerfield and Björkdal mines from 2018 to 2021. Costerfield is expected to more than double gold equivalent production over this period by bringing its high-grade Youle vein into production in late 2019. Björkdal is also expected to increase production through mining wider, higher-grade zones including the new Aurora discovery. Consolidated production is projected to increase from 81,568 ounces in 2018 to 131,000-162,000 ounces by 2021.
This document provides an overview and strategic plans for Mandalay Resources Corporation. It discusses production growth plans for its two main assets, Costerfield and Björkdal, through 2021. At Costerfield, bringing the high-grade Youle vein into production in late 2019 is expected to more than double gold equivalent production by 2021. At Björkdal, ramping up underground production from the new, higher-grade Aurora zone is expected to increase gold production annually through 2021. Exploration is ongoing at both sites to further expand mineral resources.
- The document is Yamana Gold's first quarter report from 2017, which provides an overview of the company's performance and outlook.
- It discusses Yamana's progress on its six pillar approach, including improving operations, advancing development projects, strengthening its balance sheet, making exploration discoveries, growing its pipeline, and rationalizing non-core assets.
- Key highlights mentioned are that production and costs were better than budget in Q1, consolidated gold production guidance was increased, and significant improvements are expected in the second half of 2017 across various operations.
Mandalay Resources Corporation presented information on positioning the company for renewed future growth. The presentation outlined Mandalay's producing assets of Costerfield and Björkdal, which are expected to significantly increase production from 2018 to 2021 through organic growth projects. Costerfield in particular plans to more than double production over this period by bringing the high-grade Youle vein into operation starting in late 2019. Mandalay also discussed its strong financial position following a recent financing that will fund the company's growth plans and exploration activities aimed at further resource expansion.
Mandalay Resources Corporation is focused on ramping up production at its Costerfield and Björkdal mines through 2020. At Costerfield, production is expected to significantly increase as mining of the high-grade Youle vein continues. Exploration drilling is also targeting potential high-grade mineralization at depth, similar to Fosterville. Björkdal will ramp up underground production from the Aurora zone while continuing to explore and define its potential. Mandalay provides 2020 production and cost guidance showing significant growth at its two producing assets.
- Asanko Gold reported operating and financial results for Q1 2017 that included record gold production of 58,187 ounces, in line with guidance. Net income was a positive US$7.8 million or US$0.04 per share.
- Mining rates were in line with milling rates at 339,096 tonnes per month with an average mined grade of 1.8 g/t. Processing rates were 20% above design at over 900,000 tonnes milled.
- Costs per ounce were higher than previous quarters due to lower grades and strip ratios from the new resource model as well as bringing maintenance costs forward, but are expected to decrease in H2 2017 with oxide mining and
Kinross Gold Corporation presented at the BMO Capital Markets Global Mining & Metals Conference on February 26-28, 2017. Kinross has a diverse portfolio of operating mines that consistently meet or outperform operational targets. Kinross is advancing high-quality organic development projects that offer opportunities to expand production or extend mine life at existing operations. These projects include the two-phased expansion at Tasiast and developing the potential at Bald Mountain. Kinross maintains a strong balance sheet and financial flexibility to fund its projects.
The document discusses a new mid-tier gold producer formed through the merger of Kirkland Lake Gold and Newmarket Gold. Key points include: the combined company will be a 500,000 ounce per year gold producer with assets in Canada and Australia, low production costs below $600/oz, and a strong financial position with over $320M cash on hand as of September 2016. The merger creates a quality gold producer with significant exploration potential and an attractive valuation compared to peers.
Newmont Mining Corporation reported its Q1 2017 earnings. Gold production for Q1 was 1.2 Moz, up 9% year-over-year and the company remains on track to meet its full-year guidance of 4.9-5.4 Moz. All-in sustaining costs for Q1 were $900/oz, below guidance. Newmont also approved expansions at its Ahafo mine in Africa, which will improve profitability and mine life. The expansions include an underground mine and mill expansion.
- The Denver Gold Forum will take place from September 15-17, 2014 in Denver, Colorado. Aurico Gold provides information on its quality asset base, production growth plans, and strong financial position.
- Aurico expects gold production to increase up to 25% in 2014 from continued growth at its Young-Davidson and El Chanate mines. It also has a strong liquidity position of $290 million as of June 30, 2014.
- The company's primary assets include the Young-Davidson mine in Ontario, Canada and the El Chanate mine in Sonora, Mexico, which are expected to produce 140-160koz and 70-80koz of gold, respectively, in 2014.
Mandalay's Costerfield gold-antimony mine in Australia has consistently delivered high gold grades over 11 years through exploration success in replacing mined ounces. Costerfield has maintained a 3-4 year mine life while spending minimally on exploration, with a total discovery cost of $31 per ounce for measured and indicated resources. In 2021 Mandalay invested over $6 million, its largest exploration budget for Costerfield, focusing on target testing and generative drilling to continue replacing mined ounces and extending the mine life.
Mandalay Resources produced strong operational and financial results in the first half of 2021, exceeding 2020 production guidance. Production is forecasted to be 105,000 to 117,000 gold equivalent ounces in 2021. Cash costs are expected to be $800 to $1,000 per ounce and capital expenditures are budgeted between $48 to $56 million. Exploration success at both Costerfield and Björkdal mines provides opportunity to extend mine lives. Mandalay has demonstrated a turnaround with five consecutive quarters of profitability and expects to be net debt free by the end of 2021.
Mandalay Resources provides production and cost guidance for 2020, with significant organic production growth expected at Costerfield. At Costerfield, the high-grade Youle vein is ramping up and will continue to increase production through 2020 and into 2021. At Björkdal, production is steadily ramping up from the new Aurora zone as more underground levels are developed and stoping is increased. Mandalay also secured a $65 million credit facility to provide financial flexibility and long term balance sheet management.
This document discusses Mandalay Resources' Costerfield gold-antimony mine in Victoria, Australia. Key points:
- Costerfield is one of the highest-grade gold mines in the world, with mill head grades averaging over 11 g/t gold.
- Production has been reinvigorated by the high-grade Youle vein, which provides sustainable organic growth.
- Costerfield has a demonstrated history of replacing mined ounces through exploration and maintaining a 3-4 year mine life.
- The property has significant exploration upside through near-mine extensions and testing of satellite deposit targets across the district-scale land package.
This document provides an overview of Endeavour Silver Corp, a mid-tier precious metals mining company with operations in Mexico. It discusses the company's two operating mines - Guanacevi in Durango and Bolanitos in Guanajuato - as well as its development project Terronera. Production and costs are presented for each mine. The company has raised its 2021 production guidance and provided its exploration and development plans, with the goal of organic growth through mine life extensions and new discoveries.
Mandalay Resources generated positive cash flow and strengthened operations in Q3 2020. Production is expected to grow over the next year driven by the high-grade Costerfield mine in Australia. Exploration success at the Youle vein could potentially double Costerfield's production by 2021. Björkdal mine in Sweden is ramping up production from the higher-grade Aurora zone. Mandalay is positioned to significantly improve its balance sheet in 2021 through continued cash generation.
Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia and Sweden, and care and maintenance and development projects in Chile. The
Company is focused on growing production at its gold and antimony operation in Australia, and gold production from its operation in Sweden to generate near-term cash flow.
Mandalay Resources generated positive cash flow and strengthened operations in the third quarter of 2020. Production is expected to grow over the next year driven by the high-grade Costerfield mine in Australia. Exploration continues to extend mine life at Costerfield through programs targeting extensions of the Youle vein and regional targets. Björkdal in Sweden is focused on ramping up production from the higher-grade Aurora zone to lift underground mining rates.
Mandalay Resources is positioning its portfolio for renewed future growth through organic production increases at its Costerfield and Björkdal mines. Costerfield is expected to see a major production uplift from the high-grade Youle lode, with continual increases over the next 12-18 months. Björkdal is ramping up underground production. Together, consolidated production is forecasted to grow from 72,000-84,000 ounces in 2019 to over 130,000 ounces by 2021 through the development of high-grade zones. Exploration continues to test for additional high-grade resources to further extend mine lives at both operations.
This document summarizes a site tour of Newmont Mining Corporation's Merian gold mine in Suriname. The tour included introductions of company leadership, an overview of the Merian Project including health and safety practices, commercial production milestones, community investment programs, and plans for optimizing operations and exploring additional opportunities in the region. The mine began commercial production in 2016 and is expected to produce 300,000-375,000 ounces of gold annually over its projected 13+ year mine life.
Kinross Gold Corporation reported its Q1 2017 results and outlined its priorities for 2017. Key highlights include:
- Production of 671,956 Au eq. oz. in Q1 2017, on track to meet full-year guidance of 2.5-2.7 million Au eq. oz.
- Continued focus on cost discipline with production costs of $701/oz and AISC of $953/oz in Q1 2017.
- Advancing the two-phased expansion at Tasiast, with Phase One on schedule and budget.
- Strengthening the balance sheet through the sale of its Cerro Casale interest for $260 million in cash.
- Focus on organic growth
Operations continue to deliver strong performance in the second quarter of 2017, with total gold production of 427,743 ounces and total cash costs per ounce of $556. Infill and exploration drilling at multiple properties, including LaRonde and Amaruq, yielded positive results that are expected to result in mineral resource additions and conversions. The Meliadine project is progressing on schedule and budget, with underground development ahead of plan and engineering 80% complete at the end of June 2017.
Mandalay Resources July 2019 Investor PresentationJasmineVirk7
Mandalay Resources Corporation presented plans to grow production at its Costerfield and Björkdal mines from 2018 to 2021. Costerfield is expected to more than double gold equivalent production over this period by bringing its high-grade Youle vein into production in late 2019. Björkdal is also expected to increase production through mining wider, higher-grade zones including the new Aurora discovery. Consolidated production is projected to increase from 81,568 ounces in 2018 to 131,000-162,000 ounces by 2021.
This document provides an overview and strategic plans for Mandalay Resources Corporation. It discusses production growth plans for its two main assets, Costerfield and Björkdal, through 2021. At Costerfield, bringing the high-grade Youle vein into production in late 2019 is expected to more than double gold equivalent production by 2021. At Björkdal, ramping up underground production from the new, higher-grade Aurora zone is expected to increase gold production annually through 2021. Exploration is ongoing at both sites to further expand mineral resources.
- The document is Yamana Gold's first quarter report from 2017, which provides an overview of the company's performance and outlook.
- It discusses Yamana's progress on its six pillar approach, including improving operations, advancing development projects, strengthening its balance sheet, making exploration discoveries, growing its pipeline, and rationalizing non-core assets.
- Key highlights mentioned are that production and costs were better than budget in Q1, consolidated gold production guidance was increased, and significant improvements are expected in the second half of 2017 across various operations.
Mandalay Resources Corporation presented information on positioning the company for renewed future growth. The presentation outlined Mandalay's producing assets of Costerfield and Björkdal, which are expected to significantly increase production from 2018 to 2021 through organic growth projects. Costerfield in particular plans to more than double production over this period by bringing the high-grade Youle vein into operation starting in late 2019. Mandalay also discussed its strong financial position following a recent financing that will fund the company's growth plans and exploration activities aimed at further resource expansion.
Mandalay Resources Corporation is focused on ramping up production at its Costerfield and Björkdal mines through 2020. At Costerfield, production is expected to significantly increase as mining of the high-grade Youle vein continues. Exploration drilling is also targeting potential high-grade mineralization at depth, similar to Fosterville. Björkdal will ramp up underground production from the Aurora zone while continuing to explore and define its potential. Mandalay provides 2020 production and cost guidance showing significant growth at its two producing assets.
- Asanko Gold reported operating and financial results for Q1 2017 that included record gold production of 58,187 ounces, in line with guidance. Net income was a positive US$7.8 million or US$0.04 per share.
- Mining rates were in line with milling rates at 339,096 tonnes per month with an average mined grade of 1.8 g/t. Processing rates were 20% above design at over 900,000 tonnes milled.
- Costs per ounce were higher than previous quarters due to lower grades and strip ratios from the new resource model as well as bringing maintenance costs forward, but are expected to decrease in H2 2017 with oxide mining and
Kinross Gold Corporation presented at the BMO Capital Markets Global Mining & Metals Conference on February 26-28, 2017. Kinross has a diverse portfolio of operating mines that consistently meet or outperform operational targets. Kinross is advancing high-quality organic development projects that offer opportunities to expand production or extend mine life at existing operations. These projects include the two-phased expansion at Tasiast and developing the potential at Bald Mountain. Kinross maintains a strong balance sheet and financial flexibility to fund its projects.
The document discusses a new mid-tier gold producer formed through the merger of Kirkland Lake Gold and Newmarket Gold. Key points include: the combined company will be a 500,000 ounce per year gold producer with assets in Canada and Australia, low production costs below $600/oz, and a strong financial position with over $320M cash on hand as of September 2016. The merger creates a quality gold producer with significant exploration potential and an attractive valuation compared to peers.
Newmont Mining Corporation reported its Q1 2017 earnings. Gold production for Q1 was 1.2 Moz, up 9% year-over-year and the company remains on track to meet its full-year guidance of 4.9-5.4 Moz. All-in sustaining costs for Q1 were $900/oz, below guidance. Newmont also approved expansions at its Ahafo mine in Africa, which will improve profitability and mine life. The expansions include an underground mine and mill expansion.
- The Denver Gold Forum will take place from September 15-17, 2014 in Denver, Colorado. Aurico Gold provides information on its quality asset base, production growth plans, and strong financial position.
- Aurico expects gold production to increase up to 25% in 2014 from continued growth at its Young-Davidson and El Chanate mines. It also has a strong liquidity position of $290 million as of June 30, 2014.
- The company's primary assets include the Young-Davidson mine in Ontario, Canada and the El Chanate mine in Sonora, Mexico, which are expected to produce 140-160koz and 70-80koz of gold, respectively, in 2014.
Mandalay's Costerfield gold-antimony mine in Australia has consistently delivered high gold grades over 11 years through exploration success in replacing mined ounces. Costerfield has maintained a 3-4 year mine life while spending minimally on exploration, with a total discovery cost of $31 per ounce for measured and indicated resources. In 2021 Mandalay invested over $6 million, its largest exploration budget for Costerfield, focusing on target testing and generative drilling to continue replacing mined ounces and extending the mine life.
Mandalay Resources produced strong operational and financial results in the first half of 2021, exceeding 2020 production guidance. Production is forecasted to be 105,000 to 117,000 gold equivalent ounces in 2021. Cash costs are expected to be $800 to $1,000 per ounce and capital expenditures are budgeted between $48 to $56 million. Exploration success at both Costerfield and Björkdal mines provides opportunity to extend mine lives. Mandalay has demonstrated a turnaround with five consecutive quarters of profitability and expects to be net debt free by the end of 2021.
Mandalay Resources is continuing to see production growth and exploration success at its Costerfield gold-antimony mine in Australia. Costerfield has seen a significant ramp-up of high-grade Youle vein production since late 2019, with stable production scheduled over the next 4 years. Recent exploration success has also grown the mine life. Cash costs are expected to be $675-825 per ounce in 2021. Mandalay plans $16-20 million in capital expenditures at Costerfield in 2021, focusing on further exploration to test targets and generate new prospects.
Mandalay Resources' Costerfield gold-antimony mine in Australia has consistently produced high-grade gold for over 10 years through replacement of mined ounces and resource growth. Recent exploration success has grown resources and extended mine life. Costerfield is focused on continued high-grade production from the Youle vein, deep drilling to explore for extensions at depth, and exploring high-potential targets to further unlock the mine's value.
Mandalay Resources outlines its vision to build a mid-tier gold producer through organic growth and acquisitions. It currently has established gold and antimony production from its Costerfield mine in Australia and Björkdal mine in Sweden, with exploration upside at both. Costerfield in particular produces antimony, a critical mineral, as its sole producer in Australia. Mandalay has a track record of production and is targeting further mine life extensions at Costerfield through its 2024 exploration plans.
Mandalay Resources' Costerfield gold-antimony mine in Australia continues to deliver high-grade production from the Youle vein. Exploration drilling has extended mineralization at depth in the Shepherd zone with numerous high-grade intercepts. The company is also conducting a deep drilling program targeting potential for additional high-grade deposits by drilling below existing workings.
Mandalay Resources has two producing gold mines located in Australia and Sweden that generated over 105,000 ounces of gold equivalent production in 2022. Exploration success continued at both mines, with a significant discovery made at Costerfield called the Shepherd zone. For 2023, Mandalay expects production of 105,000-118,000 ounces of gold equivalent and plans to ramp up mining of higher grade areas at both mines. The company also aims to continue exploring for additional high-grade zones near its existing operations.
The document discusses exploration opportunities at Mandalay Resources' Costerfield gold-antimony mine in Australia. Costerfield has produced high-grade gold for over 10 years and maintained a 2-4 year mine life through resource replacement. Exploration focuses on near mine vein extensions, deeper portions of the central corridor, and testing satellite deposit targets across the large land package. Recent drilling north of the Youle zone extended it at depth and intersected high gold and antimony grades. Overall Costerfield provides organic production growth potential through continued exploration success.
Mandalay Resources' Costerfield gold-antimony mine in Australia has high-grade production and significant exploration upside. Costerfield has a track record of replacing mined ounces through exploration success, maintaining a 3-4 year mine life. Recent drilling has extended the high-grade Youle vein at depth and intersected new high-grade zones. Costerfield's 2022 exploration program aims to further extend known deposits and test satellite targets across the district-scale land package.
The document summarizes exploration opportunities at Mandalay Resources' Costerfield gold-antimony mine in Australia. Costerfield has a district-scale exploration potential with near mine vein extensions, deeper targets in the central corridor where over 1 million ounces of gold have been produced, and satellite deposit testing. Recent drilling has extended the high-grade Youle zone at depth with intercepts over 300 g/t gold. The exploration program aims to continue replacing mined ounces and extending the mine life of over 5 years.
The document discusses exploration opportunities at Mandalay Resources' Costerfield gold-antimony mine in Victoria, Australia. Costerfield has a high-grade production profile from the Youle vein, with consistent replacement of mined ounces through exploration. The exploration program focuses on near mine vein extensions, deeper portions of the central corridor, and testing satellite deposit targets across the district-scale land package. Recent drilling has extended high grades north of the Youle zone at depth. Costerfield represents an opportunity for continued organic production growth through exploration success.
Mandalay Resources' Costerfield gold-antimony mine in Australia has consistently produced high gold grades over the past decade while maintaining a 3-4 year mine life through resource replacement and growth. Exploration spending has been minimal but successful, with a total discovery cost of around $31 per gold equivalent ounce. In 2022, Mandalay plans its largest exploration budget of over $7 million for Costerfield to focus on expanding resources through more target testing and generative drilling.
Mandalay Resources' Costerfield gold-antimony mine in Australia has consistently produced high gold grades over the past decade while maintaining a 3-4 year mine life through resource replacement and growth. Exploration spending has been minimal but successful, with a total discovery cost of around $31 per gold equivalent ounce. In 2022, Mandalay plans its largest exploration budget of over $7 million for Costerfield to focus on expanding resources beyond the current 5 year mine life through more target testing and generative drilling.
Mandalay Resources outlines plans to build on its established production platform at Costerfield, its sole antimony mine, to help achieve its vision of becoming a mid-tier gold producer. Key points include:
1) Costerfield has a proven 4-year mine life and produces both gold and antimony, with a 2024 forecast of 47-53koz gold equivalent at a cash cost of $850-970/oz.
2) Exploration plans target extending mine life through four priority areas near existing infrastructure, as well as regional targets that could provide additional ore sources.
3) As the only significant antimony producer in Australia, Costerfield also helps ensure supply of this critical mineral for
Mandalay Resources aims to build a mid-tier gold producer through its diversified gold and antimony production from its Costerfield and Björkdal mines located in top-tier jurisdictions. Costerfield is a significant producer of antimony, a critical mineral, and has a track record of extending mine life through cost-effective exploration. Mandalay's growth strategy focuses on organic growth through continued resource expansion at its existing mines as well as pursuing mergers and acquisitions.
Mandalay Resources generated positive free cash flow in 2022 from exploration success across its portfolio. It has two producing mines, Costerfield in Australia and Björkdal in Sweden, located in mining-friendly jurisdictions. Costerfield in particular has seen significant exploration success, including the new Shepherd high-grade gold discovery, and has potential for further near-mine extensions and satellite deposits. Mandalay expects continued production growth through 2022 from higher grades at both mines.
Mandalay Resources owns two gold mines, Costerfield in Australia and Björkdal in Sweden. The presentation discusses plans to increase production at both mines in 2023 through mining higher grade areas and expanding exploration efforts. Significant exploration potential is noted at Costerfield, with a focus on extending known high grade veins like Youle and Shepherd as well as targeting deeper Fosterville-style style mineralization. The presentation also highlights Mandalay's strong financial position as net debt free in 2022 with plans to generate additional free cash flow from operations.
Mandalay Resources provides a 3-year outlook for its mining operations and exploration plans. It expects to produce between 88,000 to 100,000 gold equivalent ounces in 2023 from its Costerfield gold-antimony mine in Australia and Björkdal gold mine in Sweden. Mandalay plans significant exploration spending of $10-14 million to test new targets and expand resources near its mines, aiming to replace depleted ounces and extend mine lives. The company also expects to maintain stable production and generate free cash flow while reducing costs through focusing on higher-grade areas of the deposits.
Mandalay Resources owns and operates the high-grade Costerfield gold-antimony mine in Australia and the Björkdal gold mine in Sweden. In 2023, Mandalay expects to produce between 88,000 to 100,000 gold equivalent ounces across both operations. At Costerfield, exploration is focused on extending mining of the high-grade Youle vein and testing targets in the Central Corridor below existing workings. Drilling has yielded significant intercepts at the Shepherd zone south of Youle. At Björkdal, production will increase from mining higher grades in the Aurora and Eastern Deeps Central zones. With a projected net cash position, growing production, and extensive exploration programs, Mandal
This presentation provides an overview of Mandalay Resources Corporation's portfolio and 2020 guidance. It discusses the company's two producing assets, Costerfield and Björkdal, which are expected to see organic production growth. Costerfield in particular is forecast to have a major production uplift from ramping up mining of the high-grade Youle vein. The presentation also provides an update on COVID-19 safety protocols and the company's stronger financial position following a credit facility agreement.
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2. Forward-looking Statements
This presentation contains "forward-looking statements" within the meaning of applicable securities laws, including statements relating to life of mine
production plans, exploration plans and the growth and strategy of Mandalay. Actual results and developments may differ materially from those contemplated
by these statements depending on, among other things: exploration results or production results not meeting management’s expectations; capital, production
and operating cost results not meeting current plans; and changes in commodity prices and general market and economic conditions. The factors identified
above are not intended to represent a complete list of the factors that could affect Mandalay. A description of additional risks that could result in actual results
and developments differing from those contemplated by forward looking statements in this presentation can be found under the heading “Risk Factors” in
Mandalay’s annual information form dated March 31, 2021, a copy of which is available under Mandalay’s profile at www.sedar.com. Although Mandalay has
attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements,
there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-
looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking statements.
Quality Control and Assurance
Quality control and assurance programs are implemented in line with the standards of National Instrument 43-101.
The exploration programs at Mandalay’s properties are supervised by Chris Davis, Vice President of Operational Geology and Exploration at Mandalay
Resources, is a Charted Professional of the Australian Institute of Mining and Metallurgy (MAusIMM CP(Geo)), and a Qualified Person as defined by NI 43-
101. He has reviewed and approved the technical and scientific information provided in this presentation. Mr. Davis regularly visits Mandalay’s properties, and
supervises the collection and interpretation of scientific and technical information contained in this presentation.
Mr. Davis has visited Costerfield and Björkdal and has supervised the preparation of this presentation.
All currency references in US$ unless otherwise indicated.
2
3. A Profitable Gold Producer Delivering Value and Exploration Upside
3
Costerfield Mine
Australia
Björkdal Mine
Sweden
105,000 – 117,000 AuEq oz
2021 PRODUCTION GUIDANCE Two producing gold mines in Australia and
Sweden – both mining-friendly, tier-one
jurisdictions
• Successful turnaround with both operations continuing to
be significant cash generators in 2021
• Costerfield continued exploration success at one of
highest gold grade mines in the world
• Björkdal beginning to reap the benefits of higher grade,
wider Aurora zone
5. Demonstrated Operational Turnaround
5
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
0
5,000
10,000
15,000
20,000
25,000
30,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2019 2020 2021
USD$/oz
Production
AuEq
oz
Production and Cash Cost Performance
Costerfield Production Björkdal Production
Cerro Bayo Production Costerfield Cash Cost
Björkdal Cash Cost
SIX CONSECUTIVE QUARTERS
of excellent operational results
• Q1 2021 marks Mandalay’s best
quarterly production performance
since Q4 2017, major lift in Björkdal
• Significant decrease in Costerfield
cash costs in 2020, with stable
costs at Björkdal
• Sustainable cash cost reductions as a result of
higher-grade material and improved
underground operations
2020 CONSOLIDATED COSTS & CAPEX
Cash cost (1) $843 per oz AuEq
All-in-sustaining cost (1,2) $1,254 per oz AuEq
Capital expenditures (3) $46.9M
1. Cash cost and all-in sustaining cost are non-IFRS measures.
2. Consolidated costs per Au Eq. oz includes corporate overhead spending and costs associated Cerro Bayo care and maintenance costs
3. CAPEX breakdown: $23.6M capital development, $17.0M PPE & $6.3M exploration
6. 6
A Compelling Growth Trajectory
2019 76,659 AuEq oz
2020 (1)
103,444 AuEq oz
2021E (2)
105,000 – 117,000 AuEq oz
2021 CONSOLIDATED COSTS GUIDANCE
Cash cost (3) $800 – $1,000 per oz AuEq
All-in-sustaining cost (3,4) $1,100 – $1,350 per oz AuEq
Capital expenditures $48M – $56M
Met upwardly-revised 2020 production guidance
Demonstrated Organic Growth
• Costerfield: Slight production increase in
2021
• Björkdal: Steady ramp-up expected from
Björkdal in 2021 as production increases
from the Aurora zone
1. 2020 realized prices: $1,804/oz Au and $5,659/t Sb
2. 2021E gold equivalent production assumes average metal prices of: Au $1,860/oz, Sb $6,600/t
3. Cash cost and all-in sustaining cost are non-IFRS measures.
4. Consolidated costs per Au Eq. oz includes corporate overhead spending, costs associated with the
trial processing of waste dumps at Cerro Bayo and total care and maintenance costs
7. Four Consecutive Quarters of Growing Positive Cash Flow
Turnaround resulting in steadily improving
financial performance with significant free
cash flow growth
7
-10,000
-
10,000
20,000
30,000
40,000
50,000
60,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2019 2020
USD'000
Quarterly Financial Performance
Revenue EBITDA Adjusted net income (loss)
5x GROWTH IN ADJUSTED EBITDA Y-O-Y
$94.2M ADJUSTED EBITDA – 53% ADJUSTED EBITDA MARGIN
66% GROWTH IN REVENUE Y-O-Y
$179.0M REVENUE YE2020: HIGHEST FULL-YEAR RESULT SINCE 2016
C$0.51 ADJUSTED NET INCOME PER SHARE
$34.7M ADJUSTED NET INCOME GENERATED IN 2020
8. 8
Expect to be net debt free in 2021
Four Consecutive Quarters of Growing Positive Cash Flow
Dramatically improved operations and cash
generation expected to significantly improve
balance sheet
8
$25.3M FREE CASH FLOW IN 2020
$34.2M CASH AS AT YE2020
A GROWING CASH BALANCE IN 2020
• Three-year, $65M syndicated facility with HSBC Bank
Canada and Macquarie Bank (Currently $59M after
Q4 2020 repayment)
• Debt repayment schedule: $3.78M quarterly with a
bullet payment of $28.76M in Q1 2023
21,454
34,206
-20,000
-10,000
-
10,000
20,000
30,000
40,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2019 2020
USD'000
Quarterly Cash Flows and Cash Balance
Free cash flow Cash and cash equivalents
$25.3M in free
cash flow
generated in 2020
OPPORTUNITY TO BE NET DEBT FREE IN 2021
10. 12.6
0
10
20
30
40
50
Fosterville -
Kirkland Lake
Nevada
Operations -
Hecla
Mascassa -
Kirkland Lake
Segovia - Gran
Colombia
Eagle River -
Wesdome
Youle -
Mandalay
Resources
Hope Bay -
TMAC
Island Gold -
Alamos Gold
Bambanani -
Harmony Gold
Seabee - SSR
Mining
Au
grade
g/t
Costerfield Gold-Antimony Mine
Production profile
reinvigorated by high-grade
Youle vein
• Constant ramp-up of Youle
production since Q4 2019
• Processed grades of 11.6 g/t
Au and 4.3% Sb YE2020
• Stable production scheduled
over the next 4 years
• Highly-prospective land
package with massive
exploration upside
• Recent exploration success,
growing mine life
10
OVERVIEW
Location Victoria, Australia
Land package 1,293 hectares
Life of Mine 4 – 5 years
2021E Production 53,000 – 60,000 Au Eq oz
2021E Cash costs (1) $675 – $825 per oz AuEq
2021E AISC (1) $950 – $1,100 per oz AuEq
2021E CAPEX $16M – $20M
P&P Reserves (2) Youle: 396,000 t @ 15.3 g/t Au & 3.3% Sb for 195,000 Au oz & 13,100 Sb t
Total: 616,000 t @ 12.8 g/t Au & 3.5% Sb for 255,000 Au oz & 21,700 Sb t
1. Cash and all-in sustaining costs are non-IFRS measures. Please refer to the Company's management's discussion and analysis for further information.
2. Mining Plus Pty Ltd. Effective December 31, 2020, documented in an independent NI 43-101 Technical Report filed March 31, 2021
3. “Highest-grade underground gold mines in Q1 2020”, Vladimir Basov Contributing to kitco.com November 30, 2020
SIXTH HIGHEST gold mine in the world (3)
11. Demonstrated History of Replacing Mined Ounces
and Resource Growth
11
• Has maintained an approximate 3 – 4 year
mine life for the past 9 years
• Achieved with minimal exploration spending
• Total discovery cost of M&I Resources of
approximately $31 per AuEq oz
• Historically very little target testing and
generative drilling (less than $10M over 11
years)
• 2021 to be largest exploration spend at
Costerfield +$6M, with focus on target
testing and generative drilling
MANDALAY HAS BEEN PRODUCING
FROM COSTERFIELD FOR
+10 YEARS
$-
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Exploration
Expenditure
(USD’000)
AuEq
oz
Costerfield M+I Profile V's Exploration Expenditure (Au Eq. oz)
Youle Brunswick Cuffley
Augusta Cumulative Depletion Infill (US$)
Testing (US$) Generative (US$) Yearly Depletion
12. Youle Vein:
High-Quality, Low-Cost Production and Organic Growth
Youle providing Costerfield with sustainable organic growth year-over-year
12
0
20
40
60
80
100
0
2
4
6
8
10
12
14
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2019 2020
Recovery
%
Grade
(g/t
or
%)
Grade and Recovery
Mill head grade Au g/t Mill head grade Sb %
Au Recovery Sb Recovery
-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2019 2020 2021
$USD
per
AuEq
oz
AuEq
oz
Production
Production and Cash Costs
AuEq produced Cash cost per oz AuEq Produced
2.3x GROWTH IN AuEq oz PRODUCTION Y-O-Y
58,148 AuEq oz Production YE2020
127% & 73% INCREASE IN Au & Sb GRADES Y-O-Y
11.60 Au g/t & 4.25% Sb YE2020
13. Three Keys to Value Creation at Costerfield
13
Continued
Sustainable High-
grade Production
Deep Hole
Drilling
Exploring
High-Potential
Targets
• Costerfield is the second highest grade gold mine in Australia. Expected to see this high-
grade profile continue
• Increasing gold recoveries at plant (CavTube flotation commissioning in Q2 2021)
Targeting super high-grade mineralization at depth
• Regional success has shown potential for super grade deposits within the region
• 2 holes have been completed to date and further depth drilling in 2021
Surface drilling on highly-prospective targets
• Targets include Youle Extension, Damper Gully, True Blue, and Brown’s & Robinson’s
• Exploration update videos available here
15. Exciting District-Scale High-Grade Exploration Potential
Costerfield exploration program
consists of:
15
TARGET TESTING YOULE EXTENSIONS
DEEP HOLE DRILLING
REGIONAL TARGET TESTING
Youle Workings
Brown’s Target and
historic workings.
Part of a 2.5km
corridor of shallow
workings
Augusta Portal and Mine
True Blue Target
and historic
workings.
Part of a 3.5km
corridor of shallow
workings and
geochemical
anomalism
Brunswick Portal and
Processing Facility
Antimony Creek historic
workings
Part of a 4km corridor of
shallow workings and
surface geochemical
anomalism
5km
1km 2.5km
16. 1. Extensional Drilling at Youle: Continuity of High-Grade
• Continuous core defined by multiple intercepts of
+50 g/t AuEq over 1.8 m minimum mining width
• 2021 extensional drilling intercepted high-grade
veining to the North of the current mine design
JAN 2021 HIGHLIGHTS: NEW HIGH-GRADE
RESULTS NORTH OF YOULE EXTENDING AT DEPTH
345.1 g/t gold and 19.7% antimony over a true width of
0.11 m in BC166W1
316.1 g/t gold and 0.1% antimony over a true width of
0.22 m in BC167
142.0 g/t gold and 0.0% antimony over a true width of
0.07 m in BC157
16
Minerva Intercept BC142 - 0.24m @ 12.6g/t Au & 3.1% Sb
New High Grade Gold Domain
Open Plunge
Minerva Target shape
East of Historic workings
17. Potential new gold mineralized structure: below and separate
from the high-grade Youle deposit
JAN 2021 HIGHLIGHTS:
• 460.5 g/t gold over a partially recovered true width of 0.11 m
in BC176 (1); and
• 165.1 g/t gold over a true width of 0.20 m in BC176W1
17
1. True width of BC176 is quoted from only recovered core. There is approximately an additional 40% of veined core that was not recovered. For more information, please see January 29, 2021, press release.
Initial step out drill delivered very significant intersections
of high gold grades in both the parent hole and
confirmatory wedge
18. • Fosterville is the highest grade mine in the
world based on Q3 2020 production
• Costerfield is the 6th highest grade mine in the
world based on Q3 2020 production and is 30
km east of Fosterville
• Costerfield is mineralogically similar to
Fosterville and probably shares a source and
timing of mineralization
• The emplacement environment of Fosterville
has been located below Costerfield
• Deep drilling at Costerfield looks to unlock a
highly enriched domain within the field
18
Goldfields
Mining Licenses
Major Faults
Stawell
4 Moz @ 10g/t Au
Bendigo
22 Moz @ 15g/t Au
Ballarat
14 Moz @ 12g/t Au
Fosterville
8 Moz @ 12g/t Au
PP – 2.1Moz @ 21.8g/t Au
Costerfield
1+ Moz @ 12g/t AuEq
PP – 288Koz @ 18.9g/t AuEq
Castlemaine
6 Moz @ 13g/t Au
2. Deep Drilling Program: Fosterville-Style Mineralization
Melbourne
Woods Point
Heathcote
Bendigo
Stawell
Ballarat
19. 2. Deep Drilling Program: Timeline
Mandalay intercepted high-grade gold mineralization in deep drilling in 2014, with 2 of 4 intercepts
returning grades that support the Costerfield-Fosterville analogy
19
CSK007: 0.08 m @ 1,361 g/t Au
and CSK012: 0.19m @ 345 g/t Au
2014:
Intersected high-grade mineralization with
two deep holes drilled under Cuffley
2019:
Began deep hole program with first deep
hole under Youle (completed)
2020:
Second deep hole under Cuffley/ Augusta
2021:
Continuing drilling under Cuffley/ Augusta/
Brunswick
20. 3. Regional Target Testing: Building out the Exploration Pipeline
Brown’s Prospect drilling program having
early success
Brown’s drilling program still underway:
• Two out of five holes completed (total of 623 m has
been drilled of the 1,200 m program)
• First drill hole intercepted 14.51 g/t Au, over 1.27m
(true width) in diamond drill hole BWN001
• BWN001 & BWN002 were drilled below the historic
Felix Brown
20
22. Björkdal Gold Mine
LONG-LIVED ASSET WITH SIGNIFICANT HIGHER GOLD
GRADE OPPORTUNITIES AND MINING OPTIONALITY
• Currently ramping-up production of higher-grade, more profitable
underground ore
• Exploration success and development ramp-up at higher-grade, wider
Aurora zone continues
22
OVERVIEW
Location Skellefteå, Sweden
Land package 12,949 hectares
Life of Mine 9 years
2021E Production 52,000 – 57,000 Au oz
2021E Cash costs (1) $1,112 per Au oz
2021E AISC (1) $1,435 per Au oz
2021E CAPEX $32M – $36M
P&P Reserves (2) 11.5 mt @ 1.47 g/t Au for 544,000 Au oz
1. Cash and all-in sustaining costs are non-IFRS measures. Please refer to the Company's management's discussion and analysis for further information
2. SLR Consulting Ltd. Effective December 31, 2020, documented in an independent NI 43-101 Technical Report filed Mar 31, 2021
23. Björkdal Gold Mine: Operations
23
Operational focus is on ramping-up supply of higher-margin underground ore feed to the mill
-
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2019 2020
Tonnage
Processing
Underground Open Pit Stockpile
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2019 2020 2021
Au
grade
g/t
Au
Production
oz
Production & Grade
Au Production Au grade
11,855 Au oz Q1 2020 PRODUCTION
10% INCREASE AS COMPARED TO Q1 2020
24. Aurora Zone: Key to Lifting Underground Production
• Mineralization found to extend hundreds of metres;
previously was constrained by a marble contact
• Significantly wider and consistently higher-grade than
current ore – open at depth
• Current known mineralization over 500 m horizontally
and 400 m vertically
• Readily accessible; nine levels currently being
developed
• Stoping has been initiated on first levels
• Large step-out drilling occurring below and
East and West of currently known mineralization
24
Marble contact
Unexplored and an area of focus
Mineralized zone
historically thought to be
constrained
Emerging growth catalyst in development
25. Aurora Zone Exploration Success
Mineralization open in all directions
• Underground drilling campaign focused on extending
Aurora zone
• Drill results demonstrate potential to extend Aurora in all
laterally and down dip
• High-grade mineralization continuity has been confirmed
at depth and to the east in early 2021
25
NOV 2020 HIGHLIGHTS: HIGH-GRADE
EXTENSIONS TO BOTH THE EAST AND AT DEPTH
• 4.8 g/t gold over a true width of 2.47 m in MU20-007;
• 2.7 g/t gold over a true width of 2.82 m in MU20-016;
• 8.1 g/t gold over a true width of 2.99 m in DOD2020-063;
and
• 3.0 g/t gold over a true width of 3.45 m in DOD2020-073
26. Depth Extension to the Lake Zone
26
FEB 2021 HIGHLIGHTS:
• 92.2 g/t gold over a true width of 0.40 m in MU20-021;
• 32.5 g/t gold over a true width of 1.1 m in MU20-021;
• 16.4 g/t gold over a true width of 1.11 m in MU20-022;
• 119.2 g/t gold over a true width of 0.44 m in MU20-023; and
• 58.5 g/t gold over a true width of 0.32 m in MU20-025
Initial high-grade intercepts demonstrating significant
continuation within the Lake Zone at depth and at
higher grades
27. The Path Forward
27
Ramp-up
Underground
Production
Focus on More
Profitable Ore
Exploring
High-Potential
Targets
• Underground ore is higher-grade and most profitable mill feed
• Plan to ramp-up underground tonnage to +1.1Mtpa in 2021
• Increase Aurora zone’s contribution to overall mill feed
• Focus on other high-grade vein systems
• Extend the mineralization of Aurora zone
• Test potential high-grade skarn deposits
Underground production ramp-up, delineation and development of the Aurora zone currently underway
• Deep drilling under Main and Lake zones
• Exploration update videos available here
29. Capital Structure and Key Shareholders
29
CAPITAL STRUCTURE
Share price (CAD$) (1) $2.17 per share
Shares Outstanding 91.2M
Fully Diluted Shares Outstanding (2) 93.8M
Market Capitalization (CAD$) $197.9M
Cash and Cash Equivalents (USD$) (4) $34.2M
Total Interest-Bearing Debt (USD$) (4) $64.0M
Enterprise Value (USD$) (3,4) $188.1M
ANALYST COVERAGE
BMO Capital Markets Brian Quast
Mackie Research Capital Stuart McDougall
Share price performance
Mandalay Share Price Performance
26%
20%
19%
17%
13%
5%
1. As at April 21, 2021 | 2. Includes: 0.8M RSU and 1.97M employee stock options with exercise prices of: CAD$0.61 – CAD$9.10 and expiry dates from Mar 23, 2021 – Jun 30, 2027.
3. Using exchange rate of CAD$1 = USD$0.80 | 4. From Mandalay’s Financial Statements as of Dec 31, 2020 | 5. Ownership positions are estimates - as at Mar 2021 Note: numbers may be rounded
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
0
0.5
1
1.5
2
2.5
3
22-Apr 22-May 22-Jun 22-Jul 22-Aug 22-Sep 22-Oct 22-Nov 22-Dec 22-Jan 22-Feb 22-Mar
Volume
Share
Price
CAD$ Volume Close
KEY SHAREHOLDERS
CE Mining 26%
GMT Capital 20%
Ruffer LLP 19%
Others 17%
AzValor 13%
West Face 5%
30. Significantly Undervalued Relative to Peers
30
Source: Company filings.
1. Enterprise value reflects share prices as at April 21, 2021 for Peer group and of $2.17 for Mandalay. Mandalay’s 2021E gold equivalent production midpoint graphed.
Note Peer group: Wesdome Gold Mines, Superior Gold, Harte Gold Group, Fosterville South Exploration, Fiore Gold, Robex Resources, Great Panther Mining, Gran Colombia Gold, McEwen Mining, Jaguar Mining, Calibre Mining, Roxgold, and Golden Star Resources
$208
$606
Mandalay Resources Peers (Average)
EV/Proven & Probable Au oz
$188
$424
Mandalay Resources Peers (Average)
Enterprise Value (USD$M)
111 120
Mandalay Resources (Average) Peers (Average)
2021E Production AuEq. ('000)
Despite operational and financial turnaround, MND trading at lower value relative to peers
25
13
Mandalay Resources Peers (Average)
YE2020A Free Cashflow (USD$M)
$1,225 $1,246
Mandalay Resources (Average) Peers (Average)
2021E AISC (USD$/oz)
~2x
more than
Peers
~0.4x
that of
Peers
~0.9x
that of
Peers
~0.9x
that of
Peers
~0.3x
that of
Peers
-5%
1%
11%
Gold Spot
Peers (Average)
Mandalay Resources
YTD Price Performance
32. Investment Summary
32
Strengthened
Operations
Strengthened Financial
Performance and
Return to Profitability
High-Potential
Exploration Upside
High-Potential and
Fully-funded for
Future Growth
• Costerfield: High-grade Youle vein major growth catalyst
• Björkdal: Ramping-up underground production, focused on higher-margin ore
• Strong growth in revenue, adjusted EBITDA and adjusted net income
• Generated $25.3M of free cash in 2020
• Continuing regional exploration highly-prospective targets at both assets
• Defined pipeline for long-term value creation
• Cash position of $34.2M as at YE2020
• Opportunity for net debt free in 2021
• Fully-funded exploration programs
• High potential for future profitability and
growth
33. A Values-Based and Values-Focused Company
Sustainability underpins everything we do.
WE ARE SUCCESSFUL WHEN:
• Our employees live and work safely and experience the personal
satisfaction that comes with high performance and recognition
• The communities in which we operate value our presence
• Our environmental impact is minimized and causes no
permanent harm
• We have a large, diversified set of customers who are delighted
with and compete for our products
• Our shareholders realize a superior total return on their investment and
support our corporate values
• Our values are visibly demonstrated by strong local management,
at the point of impact with our stakeholders, and coordinated across the
Company for maximum effect
33
36. Non-Core Assets: Chilean Properties
36
La Quebrada Copper-Silver Project
• High-level geological evaluation of property ongoing
• Advanced exploration stage project
• Excellent location and access to infrastructure – 40 km from La
Serena (Region IV, Chile)
• District-wide consolidation opportunities
Land package 8,907 hectares
Ownership 100%
Indicated Resources (1) 459M lbs Cu @ 0.6% Cu & 11.2M oz Ag @ 10 g/t Ag
Resources are excluded in the Company’s total 2020 Mineral Reserves and Resources
1. Source: La Quebrada NI 43-101: “La Quebrada Copper-Silver Project, Casa Piedra Sector” Technical Report completed by Michael Easdon. Filed on SEDAR on Aug. 16, 2017
37. Non-Core Assets: Chilean Properties
37
Cerro Bayo Silver-Gold Mine
• Operations on care and maintenance
• Executed option to purchase agreement with Equus Mining
(Oct 2019) for 36-month period starting from earlier date of when
Equus receives all permits and approvals for exploration drilling or 6
months from signing
Land package 23,106 hectares
Ownership 100%
P&P Reserves (1) 856,000 t @ 284 g/t Ag for 7.8M Ag
& 2.34 g/t Au for 64,000 Au oz
2016 Production 13,792 oz Au, 1,731,031 oz Ag
Challacollo Silver-Gold Project
• Signed definitive agreement with Aftermath Silver for sale
of project, total consideration CAD$10.5M (including
3% royalty on concessions valued at CAD$3M)
• Aftermath Silver’s management team has industry experience and
complementary skillsets that Mandalay believes are necessary to
create value for a development project such as Challacollo
Land package 20,378 hectares
Ownership 100%
Location 130 km SE of Iquique, Northern Chile
1. Source: Current Mineral Reserves number depleted for 2017 production and Reserves sterilized by inundation at Delia NW. Depletion taken from Reserve position contained in NI 43-101 Technical Report prepared by Roscoe Postle
Associates, Effective December 31, 2016 filed on SEDAR March 31, 2017
Streamlining the business and realizing value
38. Costerfield Mineral Reserves
38
Mineral Reserves at Costerfield (as of Dec 31, 2020)
Category Tonnes (kt) Au Grade (g/t) Sb Grade (%) Cont. Au (koz) Cont. Sb (kt)
Proven Underground 206 15.3 5.7 102 11.8
Proven Stockpile 16 14.8 6.1 8 1.0
Probable 394 11.5 2.3 145 9.0
Total Proven + Probable 616 12.8 3.5 255 21.7
Source: Mining Plus Pty Ltd. Effective December 31, 2020, documented in an independent NI 43-101 Technical Report filed Mar 31, 2021
39. Björkdal Mineral Reserves
39
Source: SLR Consulting Ltd. Effective December 31, 2020, documented in an independent NI 43-101 Technical Report filed Mar 31, 2021
Mineral Reserves at Björkdal (as of Dec 31, 2020)
Category Tonnes (kt) Au Grade (g/t) Cont. Au (koz)
Probable Underground 5,623 2.05 371
Probable Open Pit 3,157 1.05 106
Probable Norrberget Open Pit 162 2.80 15
Probable Stockpile 2,551 0.64 53
Total Probable 11,493 1.47 544
40. Management and Board of Directors
40
Dominic Duffy
President, Chief Executive
Officer & Director
Senior Management
Board of Directors
Nick Dwyer
Chief Financial Officer
Belinda Labatte
Chief Development Officer
Toni Streczynski
Vice President, Processing
& Metallurgy
Chris Davis
Vice President, Operational
Geology & Exploration
Bradford A. Mills
Chairman
Braam Jonker
Lead Independent Director
Dominic Duffy
President, Chief Executive
Officer & Director
Rob Doyle
Director
Peter R. Jones
Director
Amy Freedman
Director
Terry Ackerman
Director