Mandalay Resources Reports Steady Q2 Production, US$101M Cash and Crucial Investment to Support Growth at Costerfield
Mandalay Resources (OTCQB: MNDJF) reported Q2 2025 production of 22,554 gold equivalent ounces, keeping the company on track to meet its full-year guidance of 85,000-95,000 gold equivalent ounces. The company's cash position strengthened to $101 million, a $13 million quarter-over-quarter increase despite significant capital expenditures.
Production breakdown included 11,183 ounces from 叠箩枚谤办诲补濒 and 11,371 gold equivalent ounces from Costerfield (comprising 8,145 ounces of gold and 137 tonnes of antimony). The company successfully commissioned a new 7-year capacity tailings dam at Costerfield, marking a significant milestone for future expansion potential.
Total sales reached 21,247 gold equivalent ounces for the quarter. The company is progressing toward a merger with Alkane, expected to close in early August, which would nearly double Mandalay's size and potentially trigger a valuation re-rate.
Mandalay Resources (OTCQB: MNDJF) ha comunicato una produzione nel secondo trimestre 2025 di 22.554 once equivalenti d'oro, mantenendo l'azienda sulla buona strada per raggiungere la guidance annuale di 85.000-95.000 once equivalenti d'oro. La posizione di cassa della societ脿 si 猫 rafforzata a 101 milioni di dollari, con un aumento trimestrale di 13 milioni nonostante importanti spese in conto capitale.
La produzione 猫 stata suddivisa in 11.183 once da 叠箩枚谤办诲补濒 e 11.371 once equivalenti d'oro da Costerfield (comprendenti 8.145 once d'oro e 137 tonnellate di antimonio). L'azienda ha completato con successo la messa in funzione di una nuova diga di scarti con capacit脿 di 7 anni a Costerfield, un traguardo importante per le potenzialit脿 di espansione futura.
Le vendite totali hanno raggiunto 21.247 once equivalenti d'oro nel trimestre. La societ脿 sta avanzando verso una fusione con Alkane, prevista per l'inizio di agosto, che quasi raddoppier脿 le dimensioni di Mandalay e potrebbe innescare una rivalutazione del valore.
Mandalay Resources (OTCQB: MNDJF) inform贸 una producci贸n en el segundo trimestre de 2025 de 22,554 onzas equivalentes de oro, manteniendo a la empresa en camino para cumplir con su gu铆a anual de 85,000-95,000 onzas equivalentes de oro. La posici贸n de efectivo de la compa帽铆a se fortaleci贸 a $101 millones, un aumento trimestral de 13 millones a pesar de gastos significativos de capital.
El desglose de producci贸n incluy贸 11,183 onzas de 叠箩枚谤办诲补濒 y 11,371 onzas equivalentes de oro de Costerfield (compuestas por 8,145 onzas de oro y 137 toneladas de antimonio). La empresa puso en marcha con 茅xito una nueva presa de relaves con capacidad para 7 a帽os en Costerfield, marcando un hito importante para el potencial de expansi贸n futura.
Las ventas totales alcanzaron 21,247 onzas equivalentes de oro en el trimestre. La compa帽铆a avanza hacia una fusi贸n con Alkane, que se espera cerrar a principios de agosto, lo que casi duplicar铆a el tama帽o de Mandalay y podr铆a desencadenar una reevaluaci贸n de su valoraci贸n.
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靸濎偘 雮挫棴鞚� 叠箩枚谤办诲补濒鞐愳劀 11,183 鞓姢, Costerfield鞐愳劀 11,371 旮� 霌标皜 鞓姢 (旮� 8,145 鞓姢 氚� 鞎堩嫲氇� 137韱� 韽暔)搿� 甑劚霅橃棃鞀惦媹雼�. 須岇偓電� Costerfield鞐� 7雲� 鞖╇焿鞚� 靸堧鞖� 韽愳劃 雽愳潉 靹标车鞝侅溂搿� 臧�霃欗晿氅� 頄ロ泟 頇曥灔 臧�電レ劚鞐� 欷戩殧頃� 鞚挫爼響滊ゼ 靹胳洜鞀惦媹雼�.
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Mandalay Resources (OTCQB : MNDJF) a annonc茅 une production au deuxi猫me trimestre 2025 de 22 554 onces 茅quivalent or, maintenant l'entreprise sur la bonne voie pour atteindre ses objectifs annuels de 85 000 脿 95 000 onces 茅quivalent or. La tr茅sorerie de la soci茅t茅 s'est renforc茅e 脿 101 millions de dollars, soit une augmentation de 13 millions par rapport au trimestre pr茅c茅dent malgr茅 des d茅penses d'investissement importantes.
La production s'est d茅compos茅e en 11 183 onces provenant de 叠箩枚谤办诲补濒 et 11 371 onces 茅quivalent or de Costerfield (comprenant 8 145 onces d'or et 137 tonnes d'antimoine). L'entreprise a r茅ussi 脿 mettre en service un nouveau barrage de r茅sidus d'une capacit茅 de 7 ans 脿 Costerfield, marquant une 茅tape importante pour le potentiel d'expansion futur.
Les ventes totales ont atteint 21 247 onces 茅quivalent or pour le trimestre. La soci茅t茅 progresse vers une fusion avec Alkane, attendue pour d茅but ao没t, qui doublerait presque la taille de Mandalay et pourrait d茅clencher une r茅茅valuation de sa valorisation.
Mandalay Resources (OTCQB: MNDJF) meldete f眉r das zweite Quartal 2025 eine Produktion von 22.554 Gold盲quivalent-Unzen und bleibt damit auf Kurs, die Jahresprognose von 85.000 bis 95.000 Gold盲quivalent-Unzen zu erf眉llen. Die Barreserve des Unternehmens stieg auf 101 Millionen US-Dollar, ein Anstieg um 13 Millionen im Quartalsvergleich trotz erheblicher Investitionsausgaben.
Die Produktionsaufteilung umfasste 11.183 Unzen aus 叠箩枚谤办诲补濒 und 11.371 Gold盲quivalent-Unzen aus Costerfield (bestehend aus 8.145 Unzen Gold und 137 Tonnen Antimon). Das Unternehmen hat erfolgreich einen neuen R眉ckhaltebecken mit einer Kapazit盲t von 7 Jahren in Costerfield in Betrieb genommen, was einen wichtigen Meilenstein f眉r zuk眉nftiges Wachstumspotenzial darstellt.
Der Gesamtverkauf belief sich im Quartal auf 21.247 Gold盲quivalent-Unzen. Das Unternehmen schreitet in Richtung einer Fusion mit Alkane voran, die Anfang August abgeschlossen werden soll und Mandalays Gr枚脽e nahezu verdoppeln sowie m枚glicherweise eine Neubewertung des Unternehmenswerts ausl枚sen w眉rde.
- None.
- Q2 production declined to 22,554 gold equivalent ounces from 26,372 in Q2 2024
- Costerfield production decreased to 11,371 gold equivalent ounces from 13,773 year-over-year
- Four-day plant shutdown at Costerfield impacted throughput
- Antimony production dropped significantly to 137 tonnes from 359 tonnes in Q2 2024
- High cash expenditure quarter with $7M tax payment and $4M tails dam completion costs
TORONTO, July 09, 2025 (GLOBE NEWSWIRE) -- Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND, OTCQB: MNDJF) announces second quarter production results for the quarter ended June 30, 2025.
Second Quarter Highlights:
- Quarter-end cash balance of
$101 million ,$13 million Q-o-Q increase despite significant sustaining and growth capital expenditures; - Produced 22,554 consolidated gold equivalent ounces;
- Costerfield: 8,145 ounces of gold and 137 tonnes of antimony for 11,371 ounces of gold equivalent;
- 叠箩枚谤办诲补濒: 11,183 ounces of gold;
- Sold 21,247 consolidated gold equivalent ounces; and
- Commissioned new 7-year capacity tails dam at Costerfield.
Frazer Bourchier, President and CEO, commented:
鈥淲颈迟丑
鈥淨2 was, as expected as a high cash expenditure quarter with its annual tax reconciliation payment of
Ryan Austerberry, COO, commented:
鈥湹崦栋旎宀贡� produced 11,183 gold ounces in Q2, navigating a seasonally slower June. While some manageable overbreak was encountered, mining activity and grades were maintained, with both milling throughput and recoveries delivering as planned. The team continues to actively implement new operating strategies to drive improved reliability over the summer period.
鈥淎t Costerfield, production totaled approximately 11,371 gold equivalent ounces, including 8,145 ounces of gold and 137 tonnes of antimony in Q2. Despite a four-day plant shutdown due to mill maintenance that impacted throughput late in the quarter, mined tonnes remained strong with gold and antimony production aligned with expectations.
鈥淟ooking ahead, both operations are advancing improvement initiatives aimed at maintaining or enhancing plant performance. We expect similar production levels at 叠箩枚谤办诲补濒 in the second half, while at Costerfield, we anticipate a grade uplift 鈥� particularly in antimony 鈥� as we advance production into the higher-grade Youle zones.鈥�
Production for the Quarter Ended June 30, 2025:
- The Company produced a total of 19,328 ounces of gold and 137 tonnes of antimony representing a total of 22,554 gold equivalent ounces produced, compared to 23,626 ounces of gold and 359 tonnes of antimony in the second quarter of 2024, representing a total of 26,372 gold equivalent ounces produced.
- Production at 叠箩枚谤办诲补濒 was 11,183 ounces of gold compared to 12,599 ounces of gold in the second quarter of 2024.
- Production at Costerfield was 8,145 ounces of gold and 137 tonnes of antimony versus 11,027 ounces gold and 359 tonnes antimony in the second quarter of 2024.
Production for the Six Months Ended June 30, 2025:
- The Company produced a total of 39,704 ounces of gold and 298 tonnes of antimony representing a total of 44,896 gold equivalent ounces, versus 45,972 ounces of gold and 763 tonnes of antimony in corresponding first six months of 2024, which represented a total of 51,308 gold equivalent ounces.
- Production at 叠箩枚谤办诲补濒 was 22,010 ounces of gold.
- Production at Costerfield was 17,694 ounces of gold and 298 tonnes of antimony.
Table 1 鈥� Second Quarter and Six Months Production for 2025 and 2024
| Metal | Source | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 |
| Gold produced (oz) | 叠箩枚谤办诲补濒 | 11,183 | 12,599 | 22,010 | 22,969 |
| 听 | Costerfield | 8,145 | 11,027 | 17,694 | 23,003 |
| 听 | Total | 19,328 | 23,626 | 39,704 | 45,972 |
| Antimony produced (t) | Costerfield | 137 | 359 | 298 | 763 |
| Gold US$/oz | 听 | 3,280 | 2,338 | 听 | 听 |
| Antimony US$/t | 听 | 58,813 | 17,885 | 听 | 听 |
| Total Gold Eq. (oz) (1,2) Produced | 叠箩枚谤办诲补濒 | 11,183 | 12,599 | 22,010 | 22,969 |
| Costerfield | 11,371 | 13,773 | 22,886 | 28,339 | |
| Total | 22,554 | 26,372 | 44,896 | 51,308 |
(1) Quarterly gold equivalent ounces (鈥淕old Eq. (oz)鈥�) produced is calculated by multiplying the production quantities of gold (鈥淎u鈥�), antimony (鈥淪b鈥�) in the period by the respective average market prices of the commodities in the period, adding the amounts to get a 鈥渢otal contained value based on market price鈥�, and then dividing that total contained value by the average market price of Au in the period. The source for Au price is ,听and Sb price is .
(2) In Q1 2025, quarterly Gold Eq. (oz) produced were calculated by multiplying Au volumes by average market Au prices and Sb volumes by average realized Sb prices for the period, adding the amounts to get a total contained value, then dividing by the average market Au price. These Q1 2025 Gold Eq. (oz) have since been recalculated using the 鈥渁verage market Sb price鈥� instead of the 鈥渁verage realized Sb price鈥�. The resulting difference of 769 Gold Eq. (oz) has been adjusted in Q2 2025.
Sales for the Quarter Ended June 30, 2025:
- The Company sold a total of 18,822 ounces of gold and 83 tonnes of antimony, representing a total of 21,247 gold equivalent ounces, compared to 23,431 ounces of gold and 435 tonnes of antimony in the second quarter of 2024, representing a total of 26,759 gold equivalent ounces.
- 叠箩枚谤办诲补濒 sold 11,460 ounces of gold versus 12,320 ounces of gold in the second quarter of 2024.
- Costerfield sold 7,362 ounces of gold and 83 tonnes of antimony versus 11,111 ounces of gold and 435 tonnes of antimony in the second quarter of 2024.
Sales for the Six Months Ended June 30, 2025:
- The Company sold a total of 42,208 ounces of gold and 279 tonnes of antimony, representing a total of 47,026 gold equivalent ounces, compared to 46,618 ounces of gold and 761 tonnes of antimony in the first six months of 2024, representing a total of 52,036 gold equivalent ounces.
- 叠箩枚谤办诲补濒 sold 23,501 ounces of gold. Costerfield sold 18,707 ounces of gold and 279 tonnes of antimony.
Table 2 鈥� Second Quarter and Six Months Sales for 2025 and 2024
| Metal | Source | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 |
| Gold sold (oz) | 叠箩枚谤办诲补濒 | 11,460 | 12,320 | 23,501 | 23,081 |
| 听 | Costerfield | 7,362 | 11,111 | 18,707 | 23,537 |
| 听 | Total | 18,822 | 23,431 | 42,208 | 46,618 |
| Antimony sold (t) | Costerfield | 83 | 435 | 279 | 761 |
| Gold US$/oz | 听 | 3,280 | 2,338 | 听 | 听 |
| Antimony US$/t | 听 | 58,813 | 17,885 | 听 | 听 |
| Total Gold Eq. (oz) (1,2) Sold听 | 叠箩枚谤办诲补濒 | 11,460 | 12,320 | 23,501 | 23,081 |
| Costerfield | 9,787 | 14,439 | 23,525 | 28,955 | |
| Total | 21,247 | 26,759 | 47,026 | 52,036 |
(1)Quarterly Gold Eq. (oz) sold is calculated by multiplying the sale quantities of Au and Sb in the period by the respective average market prices of the commodities in the period, adding the amounts to get a 鈥渢otal contained value based on market price鈥�, and then dividing that total contained value by the average market price of Au for the period. The source for Au price is , and Sb price is .
(2) In Q1 2025, quarterly Gold Eq. (oz) sold were calculated by multiplying Au volumes by average market Au prices and Sb volumes by average realized Sb prices for the period, adding the amounts to get a total contained value, then dividing by the average market Au price. These Q1 2025 Gold Eq. (oz) have since been recalculated using the 鈥渁verage market Sb price鈥� instead of the 鈥渁verage realized Sb price鈥�. The resulting difference of 937 Gold Eq. (oz) has been adjusted in Q2 2025.
For Further Information:
Frazer Bourchier
President and Chief Executive Officer
Edison Nguyen
Director, Business Valuations and IR
Contact:
647.258.9722
About Mandalay Resources Corporation:
Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia (Costerfield gold-antimony mine) and Sweden (叠箩枚谤办诲补濒 gold mine). The Company is focused on growing its production and reducing costs to generate significant positive cashflow. Mandalay is committed to operating safely and in an environmentally responsible manner, while developing a high level of community and employee engagement.
Mandalay鈥檚 mission is to create shareholder value through the profitable operation and continuing the regional exploration program, at both its Costerfield and 叠箩枚谤办诲补濒 mines. Currently, the Company鈥檚 main objectives are to continue mining the high-grade Youle vein at Costerfield, ramping up production from deeper Shepherd veins, both of which will continue to supply high-quality ore to the processing plant, and to extend Mineral Reserves. At 叠箩枚谤办诲补濒, the Company will continue to produce from the Aurora zone and other higher-grade areas in the coming years, in order to maximize profit margins from the mine.
Forward-Looking Statements:
This news release contains "forward-looking statements" within the meaning of applicable securities laws, including statements regarding the Company鈥檚 expected production of gold and antimony for the 2025 fiscal year and the expected benefits of the Company鈥檚 pending merger with Alkane Resources. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, 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 news release can be found under the heading 鈥淩isk Factors鈥� in Mandalay鈥檚 annual information form dated March 28, 2025, a copy of which is available under Mandalay鈥檚 profile at . In addition, there can be no assurance that any inferred resources that are discovered as a result of additional drilling will ever be upgraded to proven or probable reserves. 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.
FAQ
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