Mandalay Assets Studies Every other Magnificient Duration with Sturdy 2nd Quarter 2024 Manufacturing and Money While Effects

TORONTO, July 10, 2024 /PRNewswire/ – Mandalay Assets Company (“Mandalay” or the “Company”) (TSX: MND) (OTCQB: MNDJF) broadcasts sturdy 2d quarter manufacturing effects, highlighted by means of persevered money week and larger running capital. All forex references on this press let go are in U.S. bucks except for as differently indicated.

2nd Quarter Highlights:

• Quarter-end money stability was once $63 million, an build up of $16 million from the former quarter;
• Consolidated gold similar manufacturing of 26,372 oz.;
  • Costerfield manufacturing larger to 13,773 gold similar oz., 32% greater than Q2 2023;
  • Björkdal manufacturing larger to twelve,599 gold oz., 21% greater than Q2 2023 and best since Q2 2019;  
• Consolidated gold similar bought was once 26,759 oz., 32% greater than Q2 2023;
  • Costerfield bought 14,439 gold similar oz., 40% greater than Q2 2023;
  • Björkdal bought 12,320 gold oz., 24% greater than Q2 2023, and best since Q3 2019.

In line with its sturdy quarter-end money place and ongoing money wave expectancies, Mandalay repaid all of the exceptional stability ($20 million) of its Revolving Credit score Facility in July 2024. Consequently, Mandalay these days has incorrect indebtedness alternative than responsibilities underneath apparatus mortgage amenities and $35 million in undrawn availability underneath its Revolving Credit score Facility.

Frazer Bourchier, President and CEO, commented:

“Mandalay again reported solid production results with over 26,000 gold equivalent ounces across both of our operations in the second quarter. I am pleased that we are executing operationally, consistently delivering results as per plan and are poised to meet our 2024 guidance targets, while solidifying our stable operational track record. Additionally, since the start of 2024, Mandalay has increased its cash balance by nearly $36 million, resulting in a robust closing quarter cash balance of approximately $63 million prior to the subsequent repayment of all outstanding amounts under our Revolving Credit Facility.”

Ryan Austerberry, COO, commented:

“At Costerfield, we produced 13,773 gold equivalent ounces during Q2 2024, an increase of approximately 32% compared to the same period last year. There was a slight quarter-over-quarter decrease in output primarily due to lower mill throughput from an extended maintenance stop for planned capital improvements with a focus on plant optimization. The siteonam is working on continued planned improvement projects over the coming months, with no expected adverse impacts for the balance of the year. Additionally, the site faced manageable geotechnical challenges that required some adjustments to the mine schedule sequence, affecting the timing of accessing higher-grade stopes. For the quarter, average processed grades were 12.1 g/t for gold and 2.1% for antimony. For the second half of the year, we anticipate improved plant throughput from increased availability and maintaining similar gold equivalent mining grades as we regain access to higher grade production fronts.”

“At Björkdal, we achieved gold production of 12,599 ounces, our highest quarter since Q2 2019. Björkdal has shown steady production improvements since last year, with June 2024, being a standout month where processed underground and stockpiled mixed feed grades averaged 1.34 g/t gold. This was due to ore from the higher-grade Aurora development making up part of the plant feed material. In the second half of the year, Björkdal is focusing on optimizing existing technology and systems at the mine. We will emphasize mining debottlenecking to improve productivity and reduce unit costs, while continuing to bring in higher grade material where possible. These anticipated additional improvements should support planned operational execution while upholding stringent safety standards and meeting production targets at competitive costs.”

Mr. Bourchier concluded, “Concurrent to operational focus and ongoing organic exploration, the Company continues to actively explore opportunities to realize our vision of establishing Mandalay as a leading mid-tier producer in the coming years.”

Manufacturing for the Quarter Ended June 30, 2024:

• The Corporate produced a complete of 23,626 oz. of gold and 359 tonnes of antimony representing a complete of 26,372 gold similar oz. produced, in comparison to 17,693 oz. of gold and 517 tonnes of antimony in the second one quarter of 2023, representing a complete of 20,850 gold similar oz. produced.
• Manufacturing at Björkdal was once 12,599 oz. of gold in comparison to 10,397 oz. of gold in the second one quarter of 2023.
• Manufacturing at Costerfield was once 11,027 oz. of gold and 359 tonnes of antimony as opposed to 7,296 oz. gold and 517 tonnes antimony in the second one quarter of 2023.

Manufacturing for the Six Months Ended June 30, 2024:

• The Corporate produced a complete of 45,972 oz. of gold and 763 tonnes of antimony representing a complete of 51,308 gold similar oz., as opposed to 34,030 oz. of gold and 1,061 tonnes of antimony in corresponding first six months of 2023, which represented a complete of 40,836 gold similar oz..
• Manufacturing at Björkdal was once 22,969 oz. of gold.
• Manufacturing at Costerfield was once 23,003 oz. of gold and 763 tonnes of antimony.

Desk 1 – 2nd Quarter and Six Months Manufacturing for 2024 and 2023

Gross sales for the Quarter Ended June 30, 2024:

• The Corporate bought a complete of 23,431 oz. of gold and 435 tonnes of antimony, representing a complete of 26,759 gold similar oz., in comparison to 17,200 oz. of gold and 496 tonnes of antimony in the second one quarter of 2023, representing a complete of 20,229 gold similar oz..
• Björkdal bought 12,320 oz. of gold as opposed to 9,939 oz. of gold in the second one quarter of 2023.
• Costerfield bought 11,111 oz. of gold and 435 tonnes of antimony as opposed to 7,261 oz. of gold and 496 tonnes of antimony in the second one quarter of 2023.

Gross sales for the Six Months Ended June 30, 2024:

• The Corporate bought a complete of 46,618 oz. of gold and 761 tonnes of antimony, representing a complete of 52,036 gold similar oz., in comparison to 35,220 oz. of gold and 1,055 tonnes of antimony within the first six months of 2023, representing a complete of 41,998 gold similar oz..
• Björkdal bought 23,081 oz. of gold. Costerfield bought 23,537 oz. of gold and 761 tonnes of antimony.

Desk 2 – 2nd Quarter and Six Months Gross sales for 2024 and 2023

About Mandalay Assets Company:

Mandalay Assets is a Canadian-based herbal useful resource corporate with generating property in Australia (Costerfield gold-antimony mine) and Sweden (Björkdal gold mine). The Corporate is occupied with rising its manufacturing and lowering prices to generate vital sure cashflow. Mandalay is dedicated to running safely and in an environmentally accountable means, life growing a elevated stage of family and worker engagement.

Mandalay’s challenge is to build shareholder worth in the course of the winning operation and proceeding the regional exploration program, at each its Costerfield and Björkdal mines. These days, the Corporate’s major goals are to proceed mining the high-grade Youle vein at Costerfield, ramping up manufacturing from deeper Shepherd veins, either one of which can proceed to offer fine quality ore to the processing plant, and to increase Mineral Reserves. At Björkdal, the Corporate will proceed to assemble from the Aurora zone and alternative higher-grade subjects within the coming years, to bring to maximise benefit margins from the mine.

Ahead-Taking a look Statements:

This information let go comprises “forward-looking statements” throughout the that means of acceptable securities regulations, together with statements in regards to the Corporate’s anticipated manufacturing of gold and antimony for the 2024 fiscal past. Readers are cautioned to not playground undue reliance on forward-looking statements. Fresh effects and trends would possibly range materially from the ones pondered by means of those statements relying on, amongst alternative issues, adjustments in commodity costs and common marketplace and financial statuses. The standards recognized above aren’t meant to constitute a whole listing of the standards that would impact Mandalay. An outline of alternative dangers that would lead to latest effects and trends differing from the ones pondered by means of forward-looking statements on this information let go can also be discovered underneath the heading “Risk Factors” in Mandalay’s annual data mode dated March 28, 2024, a book of which is to be had underneath Mandalay’s profile at www.sedar.com. As well as, there can also be incorrect pledge that any inferred sources which are came upon on account of alternative drilling will ever be upgraded to confirmed or possible reserves. Despite the fact that Mandalay has tried to spot noteceable elements that would reason latest movements, occasions or effects to range materially from the ones described in forward-looking statements, there is also alternative elements that reason movements, occasions or effects to not be as expected, estimated or meant. There can also be incorrect pledge that forward-looking statements will turn out to be correct, as latest effects and era occasions may just range materially from the ones expected in such statements. Accordingly, readers must no longer playground undue reliance on forward-looking statements.

SOURCE Mandalay Assets Company