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.
Probe Metals is a well-funded Canadian gold explorer advancing its Val-d'Or East project in Quebec. The project hosts over 4.1 million ounces of gold in measured and indicated and inferred resources across multiple deposits. Resources have grown significantly since 2016 through exploration success. Probe plans to deliver a preliminary economic assessment for the project in Q3 2021 to evaluate its development potential. The company aims to build on its track record of discoveries to unlock value from its large land position in one of Canada's premier gold mining districts.
- Purest Silver Publicly Listed Company +90% Revenues from Silver focuses on silver production and exploration in Mexico with over 16 years of success.
- IMPACT operates multiple underground mines and a processing plant, producing over 11 million ounces of silver since 2006. Production is primarily from high grade silver-lead-zinc epithermal veins.
- IMPACT is leveraged to rising silver prices, with its share price historically generating significantly higher returns than silver in bull markets due to high silver production and ounces in the ground.
The document is a corporate presentation for Probe Metals Inc., a well-funded Canadian gold explorer. Some key points:
- Probe Metals is advancing its Val-d'Or East gold project in Quebec which has over 1.8Moz in M&I and 2.3Moz in inferred resources. A preliminary economic assessment showed a 12.5 year mine life with average annual production of 207,000 ounces of gold and strong economics.
- The project has significant exploration potential along mineralized trends and the land package is one of the largest in the prolific Val-d'Or mining district near existing infrastructure.
- Probe Metals is well positioned for growth with over $29M in cash/investments
Osisko Development - Corporate Presentation, December 2021Kevin Connan
Osisko Development Corp. is a premier North American gold mining company with key assets in Canada and Mexico. It has over 6 million ounces of M&I gold resources and 13 million ounces of inferred resources across its portfolio. The company's flagship asset is the Cariboo Gold Project in British Columbia, which is expected to have low capital expenditures and production starting in the next 12-18 months. Osisko Development also owns the near-production San Antonio Gold Project in Mexico and has a pipeline of exploration properties and brownfield sites that can deliver near-term cash flow and long-term growth.
Probe Metals is a well-funded Canadian gold explorer advancing its Val-d'Or East project in Quebec. A preliminary economic assessment shows the potential for the project to be a 12.5-year mine producing over 200,000 ounces of gold per year on average. The project currently has over 1.8 million ounces of gold in the measured and indicated categories and 2.3 million ounces in inferred. Probe Metals is planning a large 162,000-meter drill program in 2022 and has over $31 million in cash and investments to advance the project.
Probe Metals is a well-funded Canadian gold explorer advancing its Val-d'Or East project in Quebec. The Preliminary Economic Assessment shows an after-tax NPV of C$598M and IRR of 32.8% at a gold price of US$1,500/oz over a 12.5 year mine life producing an average of 207,000 ounces of gold per year. The project has over 1.8M ounces of gold in the measured and indicated categories and 2.3M ounces in inferred.
Probe Metals is a well-funded Canadian gold explorer advancing its Val-d'Or East project in Quebec. A preliminary economic assessment shows the potential for the project to be a 12.5 year mine producing over 200,000 ounces of gold per year. The project currently has over 1.8 million ounces of gold in the measured and indicated categories and over 2.3 million ounces in the inferred category. The project is located in the prolific Abitibi gold belt of Quebec near existing infrastructure. Probe Metals has a strong team with a track record of discoveries and is well positioned to advance Val-d'Or East towards production.
The document provides an overview of Probe Metals Inc., a well-funded Canadian gold explorer. Key points include:
- Probe Metals is advancing its Val-d'Or East gold project located in Quebec, within a prolific gold mining belt.
- A preliminary economic assessment showed the potential for an average annual production of 207,000 ounces of gold over a 12.5 year mine life, with robust economics.
- Val-d'Or East has grown to over 1.8 million ounces of gold in measured and indicated resources and 2.3 million ounces in inferred resources.
- The company has a strong balance sheet with over $29 million in cash and investments to advance Val-d'Or East towards
Probe Metals is a well-funded Canadian gold explorer advancing its Val-d'Or East project in Quebec. The project hosts over 4.1 million ounces of gold in measured and indicated and inferred resources across multiple deposits. Resources have grown significantly since 2016 through exploration success. Probe plans to deliver a preliminary economic assessment for the project in Q3 2021 to evaluate its development potential. The company aims to build on its track record of discoveries to unlock value from its large land position in one of Canada's premier gold mining districts.
- Purest Silver Publicly Listed Company +90% Revenues from Silver focuses on silver production and exploration in Mexico with over 16 years of success.
- IMPACT operates multiple underground mines and a processing plant, producing over 11 million ounces of silver since 2006. Production is primarily from high grade silver-lead-zinc epithermal veins.
- IMPACT is leveraged to rising silver prices, with its share price historically generating significantly higher returns than silver in bull markets due to high silver production and ounces in the ground.
The document is a corporate presentation for Probe Metals Inc., a well-funded Canadian gold explorer. Some key points:
- Probe Metals is advancing its Val-d'Or East gold project in Quebec which has over 1.8Moz in M&I and 2.3Moz in inferred resources. A preliminary economic assessment showed a 12.5 year mine life with average annual production of 207,000 ounces of gold and strong economics.
- The project has significant exploration potential along mineralized trends and the land package is one of the largest in the prolific Val-d'Or mining district near existing infrastructure.
- Probe Metals is well positioned for growth with over $29M in cash/investments
Osisko Development - Corporate Presentation, December 2021Kevin Connan
Osisko Development Corp. is a premier North American gold mining company with key assets in Canada and Mexico. It has over 6 million ounces of M&I gold resources and 13 million ounces of inferred resources across its portfolio. The company's flagship asset is the Cariboo Gold Project in British Columbia, which is expected to have low capital expenditures and production starting in the next 12-18 months. Osisko Development also owns the near-production San Antonio Gold Project in Mexico and has a pipeline of exploration properties and brownfield sites that can deliver near-term cash flow and long-term growth.
Probe Metals is a well-funded Canadian gold explorer advancing its Val-d'Or East project in Quebec. A preliminary economic assessment shows the potential for the project to be a 12.5-year mine producing over 200,000 ounces of gold per year on average. The project currently has over 1.8 million ounces of gold in the measured and indicated categories and 2.3 million ounces in inferred. Probe Metals is planning a large 162,000-meter drill program in 2022 and has over $31 million in cash and investments to advance the project.
Probe Metals is a well-funded Canadian gold explorer advancing its Val-d'Or East project in Quebec. The Preliminary Economic Assessment shows an after-tax NPV of C$598M and IRR of 32.8% at a gold price of US$1,500/oz over a 12.5 year mine life producing an average of 207,000 ounces of gold per year. The project has over 1.8M ounces of gold in the measured and indicated categories and 2.3M ounces in inferred.
Probe Metals is a well-funded Canadian gold explorer advancing its Val-d'Or East project in Quebec. A preliminary economic assessment shows the potential for the project to be a 12.5 year mine producing over 200,000 ounces of gold per year. The project currently has over 1.8 million ounces of gold in the measured and indicated categories and over 2.3 million ounces in the inferred category. The project is located in the prolific Abitibi gold belt of Quebec near existing infrastructure. Probe Metals has a strong team with a track record of discoveries and is well positioned to advance Val-d'Or East towards production.
The document provides an overview of Probe Metals Inc., a well-funded Canadian gold explorer. Key points include:
- Probe Metals is advancing its Val-d'Or East gold project located in Quebec, within a prolific gold mining belt.
- A preliminary economic assessment showed the potential for an average annual production of 207,000 ounces of gold over a 12.5 year mine life, with robust economics.
- Val-d'Or East has grown to over 1.8 million ounces of gold in measured and indicated resources and 2.3 million ounces in inferred resources.
- The company has a strong balance sheet with over $29 million in cash and investments to advance Val-d'Or East towards
BMO Capital Markets Global Metals & Mining Conference yamanagold2016
The document provides cautionary notes regarding forward-looking statements in a presentation for a metals and mining conference. It notes that forward-looking statements involve risks and uncertainties that could cause actual results to differ from expectations. It also cautions US investors that mineral resource classifications differ between Canadian and US standards. The document outlines non-GAAP financial measures used by the company and definitions of EBITDA and EBITDA margin. It states that all dollar amounts in the presentation are in US dollars unless otherwise indicated.
Lundin Gold Scotiabank Mining Conference November 30 - December 1, 2021Adnet Communications
The document provides information about Lundin Gold's participation in the Scotiabank Mining Conference on November 30th to December 1st, 2021. It cautions readers about forward-looking statements in the presentation and responses to questions, noting that actual results could differ materially from expectations. It also notes that technical information is based on a 2016 technical report for the Fruta del Norte Project and was reviewed by Lundin Gold's President and CEO. Finally, it provides important information for US investors about mineral resource classifications.
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.
This document provides an overview of Teranga Gold Corporation's presentation at the Swiss Mining Conference on March 22-23, 2017. It contains forward-looking statements regarding Teranga's growth plans, including anticipated construction activities and gold production at its Banfora gold project in Burkina Faso. It also provides Teranga's 2017 production outlook of 205,000-225,000 ounces of gold and discusses its producing asset in Senegal, development asset in Burkina Faso, and exploration opportunities in West Africa that position the company for growth.
The document provides an overview of TriStar Gold's Castelo de Sonhos gold project in Brazil, including:
- The project has an indicated resource of 40.1Mt at 1.2g/t for 1.5Moz gold and inferred resource of 22.2Mt at 1.0g/t for 0.7Moz gold.
- A preliminary economic assessment showed potential for positive economics with an after-tax IRR of 43% and NPV of $264 million at a gold price of $1,250/oz.
- The company is currently working on a prefeasibility study to further advance the project.
The document provides an overview of the Castelo de Sonhos gold project in Brazil. Key highlights from the preliminary feasibility study include estimated life of mine gold production of 1.3 million ounces over 11 years at an average annual production of 121,000 ounces. The study estimates an after-tax internal rate of return of 28% and NPV of $321 million using a gold price of $1,550 per ounce. Initial capital costs are estimated at $261 million and average operating costs are estimated at $900 per ounce. The project is expected to have a payback period of less than 3 years.
ATAC Resources Ltd. Corporate Presentation November 2021ATAC Resources Ltd
ATAC is a Vancouver-based exploration company focused on exploring for gold and copper in Yukon and Nevada. Work on its ~1,700 km2 Rackla Gold Property in Yukon has resulted in the Osiris Project Inferred Mineral Resource of 1,685,000 oz of gold at an average grade of 4.23 g/t (in 12.4 Mt), a positive Preliminary Economic Assessment for the Tiger Gold Deposit, and numerous early-stage gold and base metal discoveries. ATAC is well-financed with approximately $8 million in working capital.
The document is a corporate presentation for Probe Metals Inc., a well-funded Canadian gold explorer. Some key points:
- Probe Metals is advancing its Val-d'Or East gold project in Quebec which has over 1.8Moz in M&I and 2.3Moz in inferred resources. A preliminary economic assessment showed strong economics.
- The project has potential for further resource growth along multiple mineralized trends on its large land package in the prolific Abitibi gold belt.
- The company is well positioned for development with a strong cash position, experienced management team, and supportive shareholders. Upcoming catalysts include an updated resource estimate and continued permitting.
The presentation summarizes Solaris Resources' portfolio of copper and gold projects in the Americas, with a focus on its flagship Warintza project in Ecuador. It highlights Solaris' experienced leadership team and strategic partners, its exploration potential for resource growth and new discoveries, and its commitment to responsible and sustainable mining practices. The document also discusses the supportive policy environment for mining in Ecuador under the new government.
Silvercorp Metals is a Canadian mining company and China's premier silver producer. It operates three silver-lead-zinc mines in China - the Ying Mining District, GC Mine, and BYP Mine (currently on care and maintenance). Over its 15+ year mine life at the Ying District, Silvercorp has produced 79 million ounces of silver, 1.1 billion pounds of lead and zinc, and distributed $498 million in profits. Silvercorp is focused on organic growth through exploration and expanding existing operations, as well as pursuing acquisition opportunities. It also has strategic investments in other mining companies. The presentation discusses Silvercorp's operating and financial performance, reserves and resources, growth strategy, ESG objectives, and analyst
Moneta is creating a major gold project in the prolific Timmins gold camp in Ontario, Canada through expanding its gold resources and consolidating projects. It has combined the Golden Highway and Garrison gold projects, creating one of the largest undeveloped gold mining projects in North America with over 8 million ounces of gold resources. Moneta plans a 70,000 meter drill program in 2021 to further expand resources across the projects, with the goal of outlining a large scale, long life mining operation in the district.
Probe Metals is a well-funded Canadian gold explorer advancing its Val-d'Or East project in Quebec. The project hosts over 4 million ounces of gold in measured and indicated resources as well as over 2 million ounces in inferred resources across three deposit trends. Probe is conducting metallurgical testing, environmental and geochemical studies, and a pre-economic assessment to advance the project. The company has over $30 million in cash and a strong management team with a track record of discoveries.
Osisko Development Corp. - Corporate Presentation, May 2021Kevin Connan
Osisko Development is a premier North American gold mining company with key assets in Canada and Mexico. It has [1] an advanced large, low-capex Cariboo Gold Project located in central British Columbia, [2] a near-producing open pit, heap-leach San Antonio Gold Project in Sonora, Mexico, and [3] additional exploration properties in Canada and Mexico.
This presentation provides an overview of Probe Metals Inc., a Canadian precious metal exploration company. Some key points:
- Probe Metals was formed in 2015 following the acquisition of Probe Mines Limited by Goldcorp Inc., which remains a 19.7% shareholder.
- The company has a high-calibre management team with extensive experience in the mining industry.
- Probe Metals' main focus and asset is the Borden Gold Project, discovered in 2010. It has seen significant value creation from discovery through exploration success.
- The company also owns the Black Creek Chromite project.
- Probe Metals has $19 million in cash and no debt. Major shareholders include Goldcorp,
- 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.
Equinox Gold is a gold mining company with 7 producing mines and 2 growth projects. In 2022, it expects to produce 670,000 ounces of gold at an all-in sustaining cost of $1,330-$1,410 per ounce. Key assets include the Los Filos mine in Mexico, the Aurizona and RDM mines in Brazil, and the Mesquite and Castle Mountain mines in the United States. Construction is underway at the Greenstone project in Canada and the Santa Luz project in Brazil, with first gold pour expected in 2024 and Q1 2022, respectively. Equinox Gold aims to responsibly produce over 1 million ounces of gold annually through organic growth from its existing assets
Osisko reported its Q3 2017 results on November 9, 2017. Highlights included closing the acquisition of a precious metals portfolio from Orion for $1.1 billion, consisting of 74 royalties, streams, and offtakes. Osisko also declared a quarterly dividend of $0.05 per share and closed a $300 million convertible debenture offering. Subsequent to Q3, Osisko announced a US$65 million gold stream and private placement with Aquila Resources referenced to its Back Forty Project in Michigan.
Probe Metals is a well-funded Canadian gold explorer advancing its Val-d'Or East project in Quebec. The project has over 1.8 million ounces of gold in the measured and indicated categories and over 2.3 million ounces in the inferred category. A preliminary economic assessment outlines an average annual production of 207,000 ounces of gold over a 12.5 year mine life with an after-tax NPV of C$598 million and IRR of 32.8% at a gold price of US$1,500 per ounce. The project has significant exploration potential along mineralized trends with a large land package in the prolific Abitibi gold belt of Quebec. Probe Metals is led by an experienced team with a
Outback Goldfields January 2022 Corporate PresentationCarolynGraham14
Outback Goldfields is exploring for high-grade gold in Victoria, Australia near Kirkland Lake Gold's Fosterville mine. The company has four strategic properties in the prolific Fosterville gold district: Yeungroon, Ballarat West, Glenfine, and Glensands. At Yeungroon, diamond drilling at the historic Golden Jacket mine is underway to test for high-grade gold continuity, while rotary air-blast drilling is testing geophysical targets below cover rocks. Soil and rock sampling is also ongoing. The properties have seen significant historic gold production and are located in a mining-friendly jurisdiction with year-round drilling potential and clear permitting.
Lundin Gold provided a corporate presentation in June 2021 that included the following key points:
- The company is on track to meet 2021 production guidance of 380,000-420,000 ounces of gold.
- Probable gold reserves at Fruta del Norte increased 5% to 5.24 million ounces.
- Exploration drilling is ongoing to expand resources at Fruta del Norte and test regional targets.
- Construction projects and the mill throughput expansion remain on schedule.
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.
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.
BMO Capital Markets Global Metals & Mining Conference yamanagold2016
The document provides cautionary notes regarding forward-looking statements in a presentation for a metals and mining conference. It notes that forward-looking statements involve risks and uncertainties that could cause actual results to differ from expectations. It also cautions US investors that mineral resource classifications differ between Canadian and US standards. The document outlines non-GAAP financial measures used by the company and definitions of EBITDA and EBITDA margin. It states that all dollar amounts in the presentation are in US dollars unless otherwise indicated.
Lundin Gold Scotiabank Mining Conference November 30 - December 1, 2021Adnet Communications
The document provides information about Lundin Gold's participation in the Scotiabank Mining Conference on November 30th to December 1st, 2021. It cautions readers about forward-looking statements in the presentation and responses to questions, noting that actual results could differ materially from expectations. It also notes that technical information is based on a 2016 technical report for the Fruta del Norte Project and was reviewed by Lundin Gold's President and CEO. Finally, it provides important information for US investors about mineral resource classifications.
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.
This document provides an overview of Teranga Gold Corporation's presentation at the Swiss Mining Conference on March 22-23, 2017. It contains forward-looking statements regarding Teranga's growth plans, including anticipated construction activities and gold production at its Banfora gold project in Burkina Faso. It also provides Teranga's 2017 production outlook of 205,000-225,000 ounces of gold and discusses its producing asset in Senegal, development asset in Burkina Faso, and exploration opportunities in West Africa that position the company for growth.
The document provides an overview of TriStar Gold's Castelo de Sonhos gold project in Brazil, including:
- The project has an indicated resource of 40.1Mt at 1.2g/t for 1.5Moz gold and inferred resource of 22.2Mt at 1.0g/t for 0.7Moz gold.
- A preliminary economic assessment showed potential for positive economics with an after-tax IRR of 43% and NPV of $264 million at a gold price of $1,250/oz.
- The company is currently working on a prefeasibility study to further advance the project.
The document provides an overview of the Castelo de Sonhos gold project in Brazil. Key highlights from the preliminary feasibility study include estimated life of mine gold production of 1.3 million ounces over 11 years at an average annual production of 121,000 ounces. The study estimates an after-tax internal rate of return of 28% and NPV of $321 million using a gold price of $1,550 per ounce. Initial capital costs are estimated at $261 million and average operating costs are estimated at $900 per ounce. The project is expected to have a payback period of less than 3 years.
ATAC Resources Ltd. Corporate Presentation November 2021ATAC Resources Ltd
ATAC is a Vancouver-based exploration company focused on exploring for gold and copper in Yukon and Nevada. Work on its ~1,700 km2 Rackla Gold Property in Yukon has resulted in the Osiris Project Inferred Mineral Resource of 1,685,000 oz of gold at an average grade of 4.23 g/t (in 12.4 Mt), a positive Preliminary Economic Assessment for the Tiger Gold Deposit, and numerous early-stage gold and base metal discoveries. ATAC is well-financed with approximately $8 million in working capital.
The document is a corporate presentation for Probe Metals Inc., a well-funded Canadian gold explorer. Some key points:
- Probe Metals is advancing its Val-d'Or East gold project in Quebec which has over 1.8Moz in M&I and 2.3Moz in inferred resources. A preliminary economic assessment showed strong economics.
- The project has potential for further resource growth along multiple mineralized trends on its large land package in the prolific Abitibi gold belt.
- The company is well positioned for development with a strong cash position, experienced management team, and supportive shareholders. Upcoming catalysts include an updated resource estimate and continued permitting.
The presentation summarizes Solaris Resources' portfolio of copper and gold projects in the Americas, with a focus on its flagship Warintza project in Ecuador. It highlights Solaris' experienced leadership team and strategic partners, its exploration potential for resource growth and new discoveries, and its commitment to responsible and sustainable mining practices. The document also discusses the supportive policy environment for mining in Ecuador under the new government.
Silvercorp Metals is a Canadian mining company and China's premier silver producer. It operates three silver-lead-zinc mines in China - the Ying Mining District, GC Mine, and BYP Mine (currently on care and maintenance). Over its 15+ year mine life at the Ying District, Silvercorp has produced 79 million ounces of silver, 1.1 billion pounds of lead and zinc, and distributed $498 million in profits. Silvercorp is focused on organic growth through exploration and expanding existing operations, as well as pursuing acquisition opportunities. It also has strategic investments in other mining companies. The presentation discusses Silvercorp's operating and financial performance, reserves and resources, growth strategy, ESG objectives, and analyst
Moneta is creating a major gold project in the prolific Timmins gold camp in Ontario, Canada through expanding its gold resources and consolidating projects. It has combined the Golden Highway and Garrison gold projects, creating one of the largest undeveloped gold mining projects in North America with over 8 million ounces of gold resources. Moneta plans a 70,000 meter drill program in 2021 to further expand resources across the projects, with the goal of outlining a large scale, long life mining operation in the district.
Probe Metals is a well-funded Canadian gold explorer advancing its Val-d'Or East project in Quebec. The project hosts over 4 million ounces of gold in measured and indicated resources as well as over 2 million ounces in inferred resources across three deposit trends. Probe is conducting metallurgical testing, environmental and geochemical studies, and a pre-economic assessment to advance the project. The company has over $30 million in cash and a strong management team with a track record of discoveries.
Osisko Development Corp. - Corporate Presentation, May 2021Kevin Connan
Osisko Development is a premier North American gold mining company with key assets in Canada and Mexico. It has [1] an advanced large, low-capex Cariboo Gold Project located in central British Columbia, [2] a near-producing open pit, heap-leach San Antonio Gold Project in Sonora, Mexico, and [3] additional exploration properties in Canada and Mexico.
This presentation provides an overview of Probe Metals Inc., a Canadian precious metal exploration company. Some key points:
- Probe Metals was formed in 2015 following the acquisition of Probe Mines Limited by Goldcorp Inc., which remains a 19.7% shareholder.
- The company has a high-calibre management team with extensive experience in the mining industry.
- Probe Metals' main focus and asset is the Borden Gold Project, discovered in 2010. It has seen significant value creation from discovery through exploration success.
- The company also owns the Black Creek Chromite project.
- Probe Metals has $19 million in cash and no debt. Major shareholders include Goldcorp,
- 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.
Equinox Gold is a gold mining company with 7 producing mines and 2 growth projects. In 2022, it expects to produce 670,000 ounces of gold at an all-in sustaining cost of $1,330-$1,410 per ounce. Key assets include the Los Filos mine in Mexico, the Aurizona and RDM mines in Brazil, and the Mesquite and Castle Mountain mines in the United States. Construction is underway at the Greenstone project in Canada and the Santa Luz project in Brazil, with first gold pour expected in 2024 and Q1 2022, respectively. Equinox Gold aims to responsibly produce over 1 million ounces of gold annually through organic growth from its existing assets
Osisko reported its Q3 2017 results on November 9, 2017. Highlights included closing the acquisition of a precious metals portfolio from Orion for $1.1 billion, consisting of 74 royalties, streams, and offtakes. Osisko also declared a quarterly dividend of $0.05 per share and closed a $300 million convertible debenture offering. Subsequent to Q3, Osisko announced a US$65 million gold stream and private placement with Aquila Resources referenced to its Back Forty Project in Michigan.
Probe Metals is a well-funded Canadian gold explorer advancing its Val-d'Or East project in Quebec. The project has over 1.8 million ounces of gold in the measured and indicated categories and over 2.3 million ounces in the inferred category. A preliminary economic assessment outlines an average annual production of 207,000 ounces of gold over a 12.5 year mine life with an after-tax NPV of C$598 million and IRR of 32.8% at a gold price of US$1,500 per ounce. The project has significant exploration potential along mineralized trends with a large land package in the prolific Abitibi gold belt of Quebec. Probe Metals is led by an experienced team with a
Outback Goldfields January 2022 Corporate PresentationCarolynGraham14
Outback Goldfields is exploring for high-grade gold in Victoria, Australia near Kirkland Lake Gold's Fosterville mine. The company has four strategic properties in the prolific Fosterville gold district: Yeungroon, Ballarat West, Glenfine, and Glensands. At Yeungroon, diamond drilling at the historic Golden Jacket mine is underway to test for high-grade gold continuity, while rotary air-blast drilling is testing geophysical targets below cover rocks. Soil and rock sampling is also ongoing. The properties have seen significant historic gold production and are located in a mining-friendly jurisdiction with year-round drilling potential and clear permitting.
Lundin Gold provided a corporate presentation in June 2021 that included the following key points:
- The company is on track to meet 2021 production guidance of 380,000-420,000 ounces of gold.
- Probable gold reserves at Fruta del Norte increased 5% to 5.24 million ounces.
- Exploration drilling is ongoing to expand resources at Fruta del Norte and test regional targets.
- Construction projects and the mill throughput expansion remain on schedule.
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.
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.
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 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 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' 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 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'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 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.
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 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 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.
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 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.
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.
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 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' 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 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 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 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 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 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 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
Mandalay Resources owns and operates the high-grade, low-cost Costerfield gold-antimony mine in Australia and the Björkdal gold mine in Sweden. In 2023, Mandalay expects to produce between 105,000 to 118,000 gold equivalent ounces between the two mines. At Costerfield, production will continue from the high-grade Youle vein and ramp up in the newly discovered Shepherd zone. Björkdal will increase production from Aurora zone and other higher grade areas. Mandalay has an exploration budget of $10-14 million for 2023 aimed at expanding resources and reserves at both mines.
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 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.
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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
• At Costerfield, significant Shepherd discovery during 2021,
currently performing extension drilling
• Björkdal beginning to reap the benefits of higher grade,
wider Aurora zone
• Exploration success at Björkdal, finding higher grades at
depth to north-east
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 Q2
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
• Consolidated 57,519 ounces of saleable gold
equivalent production in H1 2021
• 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
Exceeded original 2020 consolidated 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
• On track to attain 2021 production and cost
guidance
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. Five Consecutive Quarters of Profitability
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 Q1
2019 2020 2021
USD'000
Quarterly Financial Performance
Revenue EBITDA Adjusted net income (loss)
25% GROWTH IN ADJUSTED EBITDA Q-O-Q
$26.1M ADJUSTED EBITDA – 50% ADJUSTED EBITDA MARGIN
26% GROWTH IN REVENUE Q-O-Q
$52.6M REVENUE Q1 2021
C$0.08 ADJUSTED INCOME PER SHARE IN Q1
$5.6M ADJUSTED NET INCOME GENERATED IN Q1 2021
8. 8
Expect to be net debt free in 2021
Solid Cash Balance with Strong Free Cash Flow Forecast
Dramatically improved operations and cash
generation expected to significantly improve
balance sheet
8
$25.3M FREE CASH FLOW IN 2020
$29.9M CASH AS AT Q1 2021
HEALTHY CASH BALANCE
• Three-year, $65M syndicated facility with HSBC Bank
Canada and Macquarie Bank (Currently $51.4M after
Q2 2021 repayment)
• Debt repayment schedule: $3.78M quarterly with a
bullet payment of $28.76M in Q1 2023
29,891
-20,000
-10,000
-
10,000
20,000
30,000
40,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2019 2020 2021
USD'000
Quarterly Cash Flows and Cash Balance
Free cash flow Cash and cash equivalents
$25.3M in free cash flow
generated in 2020
OPPORTUNITY TO BE NET DEBT FREE IN 2021
9. Capital Structure and Key Shareholders
9
CAPITAL STRUCTURE
Share price (CAD$) (1) $3.13 per share
Shares Outstanding 91.5M
Fully Diluted Shares Outstanding (2) 94.5M
Market Capitalization (CAD$) $286.4M
Cash and Cash Equivalents (USD$) (4) $29.9M
Total Interest-Bearing Debt (USD$) (4) $60.1M
Enterprise Value (USD$) (3,4) $259.3M
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 July 13, 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$0.80 | 4. From Mandalay’s Financial Statements as of Mar 31, 2021 | 5. Ownership positions are estimates - as at July 2021 Note: numbers may be rounded
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
0
0.5
1
1.5
2
2.5
3
3.5
01-Jun 01-Jul 01-Aug 01-Sep 01-Oct 01-Nov 01-Dec 01-Jan 01-Feb 01-Mar 01-Apr 01-May 01-Jun
Volume
Share
Price
CAD$ Volume Close
KEY SHAREHOLDERS
CE Mining 26%
GMT Capital 20%
Ruffer LLP 19%
Others 17%
AzValor 13%
West Face 5%
10. Significantly Undervalued Relative to Peers
10
Source: Company filings.
1. Enterprise value reflects share prices as at July 13, 2021 for Peer group and of $3.13 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
$288
$579
Mandalay Resources Peers (Average)
EV/Proven & Probable Au oz
$259
$419
Mandalay Resources Peers (Average)
Enterprise Value (USD$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
~0.6x
that of
Peers
~0.9x
that of
Peers
~0.9x
that of
Peers
~0.5x
that of
Peers
-4%
-9%
61%
Gold Spot
Peers (Average)
Mandalay Resources
YTD Price Performance
12. 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
12
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)
13. Demonstrated History of Replacing Mined Ounces
and Resource Growth
13
• 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
14. Youle Vein:
High-Quality, Low-Cost Production and Organic Growth
Youle providing Costerfield with sustainable organic growth year-over-year
14
0
20
40
60
80
100
0
2
4
6
8
10
12
14
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2019 2020 2021
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 Q2
2019 2020 2021
$USD
per
AuEq
oz
AuEq
oz
Production
Production and Cash Costs
AuEq produced Cash cost per oz AuEq Produced
14,818 AuEq oz PRODUCTION Q2 2021
30,276 AuEq oz Production H1 2021 – 6% increase vs. H1 2020
11.0 g/t Au & 3.85% Sb GRADES IN Q1 2021
11.60 Au g/t & 4.25% Sb YE2020
15. Three Keys to Value Creation at Costerfield
15
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
• Deep hole program to be recommenced under Shepherd discovery in 2nd half of 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
17. Exciting District-Scale High-Grade Exploration Potential
Costerfield exploration program
consists of:
17
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
18. 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
18
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
19. Newly-discovered structural domain below the Youle deposit:
Shepherd Zone
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
19
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.
APR 2021 HIGHLIGHTS:
• 23.6 g/t gold over true width of 6.27 m in
BC187;
• 426.7 g/t gold over a true width of 0.77 m in
BC193; and
• 231.0 g/t gold over a true width of 0.18 m in
BC187
BC193
BC187
BC176 & BC176W1
BC187
Significant-grade veining below
currently planned depth extent of
Youle development
20. Shepherd Zone: Extension
20
JUN 2021 HIGHLIGHTS:
Eastern Veining
• 172.3 g/t gold over true width of 0.27 m in BC213; and
• 69.5 g/t gold over true width of 1.11 m in BC210
including:
• 406.0 g/t gold over true width of 0.14 m
Western Veining
• 33.7 g/t gold over true width of 3.22 m in BC201
including:
• 127.0 g/t gold over true width of 0.69 m;
• 712.8 g/t gold over true width of 0.10 m in BC205; and
• 19.4 g/t gold over true width of 4.84 m in BC210
including:
• 657.3 g/t gold over true width of 0.13 m
Eastern and Western veining horizons are
extended in the Shepherd Zone, with
numerous high-grade gold intercepts along
a 400 m strike extent
Eastern
Veining
Western
Veining
21. • 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
21
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
22. 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
22
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
24. Björkdal Gold Mine
LONG LIFE 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
24
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) $900 – $1,050 per Au oz
2021E AISC (1) $1,200 – $1,350 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
25. Björkdal Gold Mine: Operations
25
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 Q1 Q2
2019 2020 2021
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 2021 PRODUCTION
10% INCREASE AS COMPARED TO Q1 2020
26. 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; 10 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
26
Emerging growth catalyst in development
Perspective view of the Björkdal Mine looking towards the SSW highlighting the interaction of the veining (Red) marble
(Blue) and Björkdal shear (Yellow). Drilling of the 2021 Main Zone extension and Lake Zone infill drilling is also shown
27. 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
27
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
28. Depth Extension to the Lake Zone
28
JUN 2021 HIGHLIGHTS:
• 226.0 g/t gold over true width of 0.21 m in MU21-003;
• 25.3 g/t gold over true width of 1.03 m in MU21-007; and
• 4.2 g/t gold over true width of 4.11 m in MU21-004
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
29. Main Zone Extension
29
JUN 2021 HIGHLIGHTS:
• 174.0 g/t gold over true width of 0.49 m in MU21-010;
• 6.1 g/t gold over true width of 8.85 m in MU21-010; and
• 105.0 g/t gold over true width of 0.21 m in MU21-015
Direct extensions to 10 veins have been interpreted
from the program with 63 significant intercepts
within the drilling
30. The Path Forward
30
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
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 $29.9M as at Q1 2021
• 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
• 4,447 AuEq saleable production ounces in H1 2021
• 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
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
Julie Galloway
Director
Amy Freedman
Director
Terry Ackerman
Director