Mandalay Resources Corporation

Mandalay Resources Corporation (TSX: MND) is a Canadian-based mining company focused on the production of gold and antimony from its two high-grade, wholly owned operations: the Costerfield Mine in Australia and the Björkdal Mine in Sweden. Positioned as a mid-tier producer, Mandalay is dedicated to delivering strong financial performance while maintaining operational efficiency and sustainability.

With a diversified production base and a proven track record of resource growth, Mandalay is a key player in supplying gold and antimony—two critical metals essential to global industries. The company’s strong financial position, with $76 million in cash and no debt as of 2024, allows it to execute its growth strategy effectively.

Mandalay’s commitment to operational excellence is reflected in its cost-effective exploration programs, extending mine life and enhancing long-term production potential. The company is also focused on sustainable mining practices, ensuring responsible resource development while creating value for shareholders, employees, and communities.

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Mandalay Resources presents a compelling investment opportunity as a growing mid-tier producer with a strong cash flow profile and a focus on critical mineral production. The company’s flagship Costerfield Mine is one of the few significant Western sources of antimony, a mineral classified as strategically important for industries including defense, renewable energy, and electronics. With antimony prices surging due to supply constraints and geopolitical factors, Mandalay is uniquely positioned to capitalize on this demand.

The company’s gold production from both Costerfield and Björkdal further strengthens its investment appeal, offering exposure to a precious metal that remains a core asset for investors seeking stability and value growth. With projected 2025 production guidance of 85,000–95,000 ounces of gold equivalent (AuEq) at competitive costs, Mandalay continues to generate strong free cash flow while maintaining cost discipline.

Furthermore, Mandalay’s well-established operations in stable, mining-friendly jurisdictions provide reduced geopolitical risk, making it an attractive option for investors seeking sustainable exposure to both gold and antimony markets. As the company advances its organic exploration initiatives and evaluates potential M&A opportunities, it remains focused on enhancing shareholder value and expanding its production base.

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Mandalay Resources is led by a highly experienced management team with deep expertise in mining operations, exploration, finance, and corporate development. The team is dedicated to driving the company’s growth strategy, optimizing production efficiency, and delivering long-term shareholder value.

Frazer Bourchier – President, CEO & Director
With over 35 years in the mining industry, Frazer Bourchier has held key leadership roles at major mining companies, including Detour Gold, Nevsun Resources, Wheaton Precious Metals, and Placer Dome. His extensive experience in project development and operational execution positions Mandalay for long-term success.

Ryan Austerberry – Chief Operating Officer
A mining operations expert with 18+ years of experience, Ryan has been instrumental in managing and optimizing the company’s two flagship assets, Costerfield and Björkdal. His technical expertise and strategic oversight ensure operational efficiency and cost-effective production.

Hashim Ahmed – EVP & Chief Financial Officer
With over 20 years of financial and corporate management experience in the mining sector, Hashim has held leadership positions at companies like Barrick Gold and Jaguar Mining. He plays a critical role in Mandalay’s capital strategy, financial planning, and investor relations.

This seasoned leadership team is supported by a board of directors with extensive expertise in mining, corporate finance, and sustainability, ensuring Mandalay remains on track to achieve its strategic goals while maintaining a commitment to responsible resource development.

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Mandalay Resources is executing a dynamic growth strategy focused on maximizing the potential of its dual-asset portfolio in Australia and Sweden. The company is committed to evolving into a recognized mid-tier gold and antimony producer by leveraging its strong cash flow, operational efficiency, and cost-effective exploration programs.

At Costerfield, Mandalay is pursuing near-mine extensions and targeted drilling campaigns designed to extend the asset’s life and enhance resource estimates. Meanwhile, the Björkdal operation, with its long mine life and higher-grade prospects, is primed for further resource expansion through regional exploration initiatives. This integrated approach—combining organic growth, disciplined capital allocation, and potential strategic acquisitions—positions Mandalay to capitalize on rising demand for antimony, a critical mineral for industries such as defense, renewable energy, and electronics, while simultaneously driving robust gold production.

By maintaining a strong focus on cost management, environmental stewardship, and sustainable development practices, Mandalay Resources aims to deliver long-term value creation, ensuring its operations remain resilient and agile in an evolving global mining landscape.

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Mandalay Resources maintains a strong financial position, driven by robust production, disciplined cost management, and a commitment to generating sustainable cash flow. As of 2024, the company reported $76 million in cash with no debt, highlighting its solid balance sheet and financial flexibility.

Key financial highlights:

• $45 million in free cash flow generated in the first nine months of 2024.
• $75 million in operating cash flow during the same period, supporting reinvestment in growth initiatives.
• $35 million in an undrawn revolving credit facility, providing additional liquidity for strategic opportunities.

Mandalay’s cost-effective production model enables it to remain competitive even in fluctuating commodity price environments. The company’s 2025 production guidance ranges from 85,000–95,000 ounces of gold equivalent (AuEq), with cash costs between $1,200–$1,350 per ounce and all-in sustaining costs (AISC) of $1,795–$1,975 per ounce.

Additionally, Mandalay benefits from low capital intensity due to its established infrastructure at both the Costerfield and Björkdal mines. Its ability to self-fund exploration and development projects further strengthens its financial outlook, reducing the need for external financing.

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Mandalay Resources is strategically positioned as a mid-tier gold and antimony producer with a strong financial foundation, diversified operations, and a clear growth strategy. With two high-grade, wholly owned assets in Australia (Costerfield) and Sweden (Björkdal), the company benefits from stable mining jurisdictions, established infrastructure, and ongoing exploration success.

As one of the few significant Western producers of antimony, Mandalay is uniquely placed to capitalize on the increasing demand for this critical mineral, while its gold production provides a strong foundation for financial stability and shareholder value. The company’s $76 million in cash and debt-free balance sheet offer financial flexibility to execute its growth initiatives, including mine life extension, production optimization, and potential acquisitions.

Mandalay’s proven leadership team, disciplined cost management, and commitment to sustainability and ESG principles reinforce its ability to generate long-term value. With a focus on responsible mining practices, operational efficiency, and strategic expansion, the company is well-positioned to deliver consistent returns while supporting the evolving needs of the global metals market.

For investors seeking exposure to gold, antimony, and a cash-generating mid-tier producer, Mandalay Resources presents a compelling opportunity. As the company continues to execute its strategic vision, it remains committed to driving growth, maintaining strong stakeholder relationships, and delivering sustainable value for years to come.

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