Mandalay Resources - Gold, Silver & Antimony

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Mandalay Resources - Gold, Silver & Antimony

Mandalay Resources' principal business is exploration, development, and mining of natural resource properties. As of December 31, 2011, Mandalay owned 100% interest in two producing assets: Costerfield, Australia (producing gold and antimony) and Cerro Bayo, Chile (producing silver and gold). The Company also owns a 100% interest in the La Quebrada, Chile, copper-silver exploration project.   http://www.mandalayresources.com/
 

Symbol  MNDJF  TSX
Market Cap  369.3M

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Mandalay Resources declares first dividend as unveils record quarterlies

9th Nov 2012, 7:23 am by Giles Gwinnett
The gold, silver and antimony miner posted revenues of $48.8 million

Mandalay Resources (TSE:MND) has declared its first dividend after reporting what it called "excellent" third quarter results.

The gold, silver and antimony miner posted revenues of $48.8 million and EBITDA (earnings before interest, tax, depreciation and amortisation) of $23.4 million in "record" results for the three months to September 30.

Net income came in at $9 million, or 0.03 pence per share.

The figures were achieved as its mines, Cerro Bayo and Costerfield, reached design production and reduced costs.

The board has therefore declared an initial quarterly dividend of C$0.01 per share, payable on December 5 this year to shareholders of record as of November 20 this year. 

CEO Brad Mills said: "From a financial perspective, Mandalay performed extremely well in the third quarter, repaying substantially all of our debt and achieving record revenue and EBITDA. 

"We are now generating significant amounts of cash flow after all capital and exploration requirements. 

"Looking forward to 2013, we currently expect the company's gold equivalent production to increase by between 12%-23%."

The firm expects total gold equivalent production next year to come in at between 112,000 and 123,000 ounces, with total capital expenditure put at $37 million.

Edited by admin on 11/08/2014 - 06:08
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Fairly upbeat analysis and commentary on Mandalay

Some analysis and positive commentary on Mandalay Resources
from contributors to The Gold Report.
http://www.theaureport.com/pub/co/4025

Chris Thompson, Raymond James (11/27/12) "We are initiating coverage on Mandalay Resources Corp. with an Outperform rating and a CA$1.50 target price. . .we recommend that investors buy shares on the company's ability to grow near-term cash flow and the potential for value creation via merger and acquisitions. . .we anticipate a production growth profile, fueled by mine expansions from the Cerro Bayo mine in Chile supported by the redevelopment potential offered by the Costerfield mine in Australia, both of which enable a three-way metal production mix (silver, gold, antimony) in concentrates that are sold internationally. . .we believe that future growth opportunities await."

Benjamin Asuncion, Haywood Securities (11/12/12) "In Q3/12 Mandalay Resources Corp. delivered a second consecutive quarter of solid production and operational cash flow—providing for the repayment of debt and returning value to shareholders through a buyback and quarterly dividend. . .the company will be debt-free by year-end. . .a development decision for the expansion at Cerro Bayo to 1,400–1,600 tpd is anticipated in Q4/12 and development plans for the Cuffley lode at Costerfield are anticipated in 2013. . .our $1.60 target and Sector Outperform rating remain."

Proactive Investors (11/9/12) "Mandalay Resources Corp. posted Q3/12 revenues of $48.8M and EBITDA of $23.4M in 'record' results. . .the figures were achieved as its mines, Cerro Bayo and Costerfield, reached design production and reduced costs. The board has therefore declared an initial quarterly dividend of CA$0.01/share, payable on Dec. 5 this year to shareholders of record as of Nov. 20 this year."

The Critical Metals Report Interview with Chris Ecclestone (10/30/12) "I think Mandalay Resources Corp. is more of an antimony company with a gold byproduct. Antimony often occurs with some other metal, like lead or gold. If a company can get antimony and gold together, it's hit the jackpot. Mandalay has that. It also has enormous potential to develop other antimony mines. More >

The Gold Report Interview with Charles Oliver (10/24/12) "Mandalay Resources Corp. is run by Brad Mills, who used to run a platinum company in South Africa and is a well experienced mining CEO. You'd think with good people and assets that you'd get a premium valuation, but companies like Mandalay are trading at single-digit price to earnings ratios. There are great values and opportunities out there." More >

 

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Mandalay extends mineralized zones at Cerro Bayo & Costerfield

Mandalay Resources share price stubbornly gaining in spite of stiff headwinds.

http://www.mandalayresources.com/

January 7, 2013
Mandalay Resources Corp. Extends Mineralized Zones in Five Veins at its Cerro Bayo Silver-Gold Mine, Chile

January 7, 2013
Mandalay Resources Corp. Extends Mineralized Zones at its Costerfield Gold-Antimony Mine, Australia

 

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Mandalay Announces Record Production and Sales for 2012

January 14, 2013

Mandalay Resources Corporation Announces Record Production and Sales Results for the Fourth Quarter and Full Year 2012 and Reiterates 2013 Production Guidance

Full article at:
http://www.mandalayresources.com/site/ywd_mandalayresourcescorp/assets/pdf/mnd_jan_14_2013.pdf

Saleable Production for the year ended December 31, 2012:

For the full year of 2012, the Company produced a total of 35,125 oz Au, 2,481 t Sb and 2,911,595 oz Ag, (107,941 oz Au Eq.), achieving or exceeding the Company’s previous guidance.

Production at Costerfield (Australia) reached 18,036 oz Au and 2,481 t Sb, resulting in significantly greater volumes of both metals compared to 2011 as both mine output and plant throughput exceeded design levels and the impact of lower dilution from the new stoping method improved plant head grade.

Production at Cerro Bayo (Chile) was 17,089 oz Au and 2,911,595 oz Ag, significantly greater than in 2011 due to the completion of the ramp-up plan.

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Another Quarterly Dividend and Record Financial Results

Mandalay Resources Corporation Announces Record Financial Results for the Fourth Quarter and Full Year 2012 and Quarterly Dividend

TORONTO, Feb. 20, 2013 /CNW/ - Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND) announced today record revenue, EBITDA and earnings per share ("EPS") for the fourth quarter and full year of 2012. Full year revenue, EBITDA and EPS were $171.8 million, $79.9 million and $0.14, respectively. For the fourth quarter of 2012 the Company also achieved record quarterly revenue, EBITDA, and net income of $55.7 million, $28.8 million and $22.4 million ($0.07 per share) respectively. All currency references in this press release are in U.S. dollars except as otherwise indicated.

Mandalay's Board of Directors has declared a quarterly dividend of CDN$0.01 per share, payable on March 14, 2013 to shareholders of record as of March 7, 2013.

Brad Mills, Chief Executive Officer of Mandalay, commented: "Mandalay ended the year with a very strong fourth quarter as both mines produced record saleable volumes. This translated into record financial performance. The Company paid off all remaining debt in the fourth quarter and started returning cash to shareholders in the form of a dividend. We are now focused on the next stages of growth for both projects, specifically the development of the Cuffley lode at Costerfield beginning in mid-year 2013 and the expansion of Cerro Bayo to 1,400 tonnes per day during the first quarter of 2014."

The Company's audited consolidated financial results for the three and twelve months ended December 31, 2012, together with its Management's Discussion and Analysis ("MD&A") for the corresponding periods, can be accessed under the Company's profile on www.sedar.com and on the Company's website at www.mandalayresources.com.

2012 Fourth Quarter Financial Highlights

Revenue for the fourth quarter of 2012 was $55,699,764 versus $24,233,020 in 2011. Profit from mine operations before depletion and depreciation was $31,700,757 versus $6,266,492 in 2011 and net profit for the quarter was $22,375,166 or $0.07 per share versus $955,754 or $0.00 per share in 2011. Excluding non-cash and non-operating expense of $138,747 and deferred income tax of $5,579,573, profit after tax from underlying operations for the fourth quarter was $16,934,340 ($0.05 per share).

The following table summarizes the Company's financial results for the three months ended December 31, 2012 and 2011:

Quarter ended

December 31, 2012 Quarter ended

December 31, 2011

$ $

Revenue 55,699,764 24,233,020

EBITDA 28,843,644 3,376,244

Income from mine operations 25,847,103 3,236,316

Net income1 22,375,166 955,754

Total assets 185,290,684 138,894,858

Total liabilities 42,211,786 39,923,892

Earnings / (loss) per share 0.07 0.00

Fully diluted EPS 0.06 0.00

1 Net income is inclusive of non-cash, non-operating expense of $138,747 related to mark-to-market adjustments of silver and gold put options, a silver note payable to Coeur d'Alene Mines Corporation (the "Silver Note"), and fair value mark-to-market adjustments related to financing warrants and deferred income tax income of $5,579,573.

2012 Full Year Financial Highlights:

Revenue for 2012 was $171,805,623 versus $92,163,852 in 2011. Profit from mine operations before depletion and depreciation was $95,264,831 versus $41,291,656 in 2011.  Net profit for the year 2012 was $41,712,357 or $0.14 per share versus $18,477,317 or $0.07 per share in 2011. Profit, revenue, operating expenses, and depletion and depreciation were all higher in 2012 than in 2011 due to higher production output and consequent higher sales volumes at both the mines.

The following table summarizes the Company's financial results for the years ended December 31, 2012 and 2011:

Year ended

December 31, 2012 Year ended

December 31, 2011

$ $

Revenue 171,805,623 92,163,852

EBITDA 79,935,066 32,013,588

Income from mine operations 75,925,395 29,419,075

Net income 41,712,357 18,477,317

Total assets 185,290,684 138,894,858

Total liabilities 42,211,786 39,923,892

Earnings / (loss) per share 0.14 0.07

Fully diluted EPS 0.11 0.05

At December 31, 2012, the Company had working capital of $38,480,236 compared to $28,178,485 at December 31, 2011.  The Company had cash and cash equivalents of $17,264,446 at the end of the December 31, 2012 as compared to $12,741,454 at December 31, 2011. The Company had no outstanding debt as at December 31, 2012.

2012 Corporate Highlights:

As at December 31, 2012, the Company had repaid the final installment of the Silver Note in the U.S. dollar equivalent amount of 20,833 ounces of silver. This Note was originally granted as part of the purchase consideration for the Cerro Bayo mine in Chile.

On May 30, 2012, the Company and the Bank of Montreal ("BMO") entered into a one-year revolving corporate loan facility (the "Corporate Facility") for $20 million. The Corporate Facility is for general corporate purposes, including working capital, capital expenditures and certain specified acquisitions. This facility is currently undrawn.

In 2012 the Company fully repaid the loan agreement it entered into with Sprott Resource Lending Partnership ("Sprott") in the amount of $10,054,000 (C$10,000,000).

The Company repurchased 2,185,660 common shares at an average price of CDN$0.78 per share pursuant to its Normal Course Issuer Bid at a total cost of $1,713,011

In July 2012 the Company completed a substantial issuer bid for its outstanding share purchase warrants. Approximately 72% of the outstanding warrants were tendered to the issuer bid and exchanged for an aggregate of 35,795,052 common shares

Quarterly Dividend

Mandalay's Board of Directors has adopted a dividend policy that provides for a quarterly discretionary cash dividend based on financial results and the future cash requirements of the Company. Pursuant to this policy, the Board of Directors has declared a dividend of CDN$0.01 per share for the first quarter of 2013, payable on March 14, 2013 to shareholders of record on March 7, 2013. This is designated as an eligible dividend for the purposes of the Income Tax Act (Canada) and any similar provincial legislation.

2013 Guidance

Guidance for 2013 remains unchanged.

Total Cerro Bayo    Costerfield

Saleable Ag Production 2.8 - 3.1 million oz 2.8 - 3.1 million oz -

Saleable Au Production 36,000 - 42,000 oz 18,000 - 21,000 oz 18,000 - 21,000 oz

Saleable Sb Production 2,800 - 3,000 t - 2,800 - 3,000 t

Au Eq Production1 112,000 - 123,000 oz    

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Mandalay Resources announces 1st Qtr Results

Mandalay Resources Corporation Announces Production and Sales Results for the First Quarter, 2013 TORONTO, ON, April 18, 2013 — Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND) announced today its production and sales results for the first quarter, 2013. Brad Mills, Chief Executive Officer of Mandalay, commented: “Mandalay’s production and sales for the first quarter were in line with our expectations. Costerfield delivered another strong performance, continuing the trend of improvement of the last few quarters by achieving record gold production and near-record antimony production. This high level of production is expected to continue as the operation continues to ramp up production on N-Lode and begins development of the Cuffley Lode. As planned and previously announced, Cerro Bayo delivered lower production than the prior quarter as plant operating time was restricted due to the installation and commissioning of flotation automation equipment that is designed to improve recoveries of both gold and silver. In addition, lower grade ore was fed through the plant as part of the commissioning program for this new equipment. We expect ore grades to improve, along with recoveries, in the next three quarters and we expect to deliver the full 2013 production guidance over the course of the year.” Saleable Production for the three months ended March 31, 2013: • The Company produced a total of 10,635 ounces (“oz”) gold (“Au”), 766 tonnes (“t”) antimony (“Sb”) and 611,441 oz silver (“Ag”), representing a total of 27,128 oz of gold equivalent (“Au Eq.”). • Production at Costerfield (Australia) was 6,203 oz Au and 766 t Sb, significantly greater volumes of both metals than in the first quarter of 2012. The production increase was due to substantially higher mine output resulting from refinements to the cemented rock fill long-hole stoping mining method and plant throughput improvement enabled by the installation of a mobile crusher in the third quarter of last year. • Production at Cerro Bayo (Chile) was 4,432 oz Au and 611,441 oz Ag, significantly greater than in the first quarter of 2012 due to higher grades and tonnes mined and processed as the mine completed its ramp-up to 1,200 tonnes per day as planned. Complete article at: http://www.mandalayresources.com/site/ywd_mandalayresourcescorp/assets/pdf/mnd_apr_18_2013.pdf

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Mandalay Resources - Dividend Paying & Shareholder Friendly

These comments excerpted from the Gold Report  interview (7/24/13) with Ralph Aldis, senior mining analyst with U.S. Global Investors

RA: … Mandalay Resources Corp. (MND:TSX) is a producer currently evaluating potential acquisitions. Normally that's a negative, but it has shown it does very smart acquisitions. It found projects with either people or technical issues and fixed the problem. It turned them around and immediately started paying dividends out of its cash.

TGR: Can Mandalay be profitable at $1,200/ounce ($1,200/oz) gold and $18/oz silver?

RA: Yes. Our all-in production cost right now is $1,180/oz, and that's converting the gold, silver and even antimony to gold equivalent for cost. It's turning a profit, but margins are thin. Mandalay also has good management; it understands what investors want from a mining company. It's refreshing when you hear Mandalay's management present its accomplishments and vision of management.

TGR: What is its stated objective for growing the company?

RA: Mandalay won't grow just to grow. It wants to have healthy margins. It's not going to do just any acquisition; it can find a deal that makes sense.

Full interview at: http://www.theaureport.com/pub/na/u-s-global-investors-secret-keep-calm-and-invest-on

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Mandalay Resources - still profitable and still pays a dividend.

Mandalay Resources Announces Operating and Financial Results and Quarterly Dividend for the Second Quarter of 2013

TORONTO, Aug. 8, 2013 /CNW/ - Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND) announced today revenues of $35.9 million and EBITDA of $10.9 million for the second quarter of 2013 and net income of $3.1 million ($0.01 per share). In accordance with the Company's dividend policy, Mandalay's Board of Directors declared a quarterly dividend of $2,154,210 (6% of the trailing quarter's revenue), or $0.0066 per share (or CDN$0.0069 per share), payable on August 26, 2013, to shareholders of record as of August 19, 2013.
The Company's unaudited consolidated financial results for the three and six months ended June 30, 2013, together with its Management's Discussion and Analysis ("MD&A") for the corresponding period can be accessed under the Company's profile on www.sedar.com and on the Company's website at www.mandalayresources.com. All currency references in this press release are in U.S. dollars except as otherwise indicated.
Brad Mills, Chief Executive Officer of Mandalay, commented, "Mandalay's second quarter results were significantly impacted by the sharp decline in gold and silver prices during the quarter. Mandalay's realized metal prices for the quarter were lower than the actual average prices because prices fell steadily throughout the quarter - this led to downward price revisions on open concentrate sales contracts that had not yet been finally settled at quarter end. The revision to open sales contract pricing resulted in negative impact to revenue of $2.8 million relative to revenues that would have been achieved based on average quarterly pricing. Despite the negative impact of lower metal prices and the contract price adjustments, Mandalay's low cost operations helped the Company remain profitable and generate significant cash flow."
"In addition to its dividends, Mandalay spent $1.1 million to repurchase 1,378,600 shares under our NCIB program based on our strong view that Mandalay's shares represent excellent value at current prices. With mine operating results at or near records for the quarter, we have, as previously announced, increased our production guidance for 2013 production to 18,000 - 21,000 ounces gold and 2.8 - 3.1 million ounces silver from Cerro Bayo and 2,800 - 3,000 tonnes antimony and 20,000 - 25,000 ounces of gold from Costerfield."
"During the quarter, we strengthened our financial capacity with a 50% expansion of our revolving credit line to $30 million. We have refined our financial reporting to include "all-in" costs of production at both operations, defined as cash cost of production plus depreciation, depletion, accretion and exploration write-offs. The cash cost of production at Costerfield in the quarter was $934 per gold equivalent ounce produced and the all-in cost was $1,178 per ounce gold equivalent produced. The cash cost of silver production at Cerro Bayo was $6.12 per ounce silver produced net of gold credits and the all-in cost was $11.54 per ounce silver net of gold credits. These cost benchmarks show both operations are profitable and sustainable at current metal prices."
Mr. Mills further commented, "Going forward, we expect to release the results of the Preliminary Economic Analysis of the Cuffley development project at Costerfield in the third quarter, together with interim exploration results at both mines."

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