TORONTO, Oct. 10, 2024 /PRNewswire/ – Mandalay Assets Company (“Mandalay” or the “Company”) (TSX: MND) (OTCQB: MNDJF) broadcasts 3rd quarter manufacturing effects, highlighted by way of persisted money age. All foreign money references on this press leave are in U.S. greenbacks except for as in a different way indicated.

3rd Quarter Highlights:

• Quarter-end money steadiness used to be $55 million;
• Consolidated gold an identical manufacturing of 20,323 oz;
• Consolidated gold an identical bought used to be 21,551 oz; and
• Exceptional steadiness of revolving credit score facility repaid in complete.

Frazer Bourchier, President and CEO, commented:

“Mandalay’s mixed operations produced 20,323 gold an identical oz within the 3rd quarter of 2024. Q3 used to be at all times deliberate to be the bottom ounce manufacturing quarter of the 12 months, and manufacturing of gold an identical oz is predicted to rebound in This autumn. This positions Mandalay to fulfill its full-year manufacturing steerage of 90,000 – 100,000 gold an identical oz.

“The Company continued to maintain its strong balance sheet, ending the quarter with $55 million in cash. This includes the full repayment during the quarter of the $20 million that was outstanding under the revolving credit facility, leaving Mandalay with $35 million in undrawn availability under the facility.”

Ryan Austerberry, COO, commented:

“At Costerfield, we produced 10,697 gold an identical oz all over Q3 2024, related with the similar length ultimate 12 months. Then again, as when put next with the former quarter, manufacturing used to be indisposed essentially because of each the anticipated affect of our mining cycle within the 3rd quarter, and mining supplementary not-in-reserve successful ore on the extremities of Youle and Shepherd because of increased steel costs. For the quarter, moderate processed grades have been 8.1 g/t and 1.3% for antimony. For This autumn, we look forward to returning our focal point to mining higher-grade subjects of the orebodies.  

“At Björkdal, we produced 9,626 ounces of gold, which was slightly less than anticipated due to incremental weather causing flooding in the Eastern Zone thereby temporarily restricting access to this area. Consequently, the site had to pivot to lower-grade stope material underground and also rely on increased low grade surface stockpile to maximize plant feed, leading to lower than expected production. In the last quarter of 2024, Björkdal is expected to return to production levels achieved in the first half of the year.”

Mr. Bourchier concluded, “To close out the year, our primary focus remains continuing to deliver operating cashflow and advancing our strategy to become a mid-tier gold producer.”

Manufacturing for the Quarter Ended September 30, 2024:

• The Corporate produced a complete of 17,844 oz of gold and 252 tonnes of antimony representing a complete of 20,323 gold an identical oz produced, in comparison to 19,601 oz of gold and 395 tonnes of antimony within the 3rd quarter of 2023, representing a complete of twenty-two,032 gold an identical oz produced.
• Manufacturing at Björkdal used to be 9,626 oz of gold in comparison to 11,224 oz of gold within the 3rd quarter of 2023.
• Manufacturing at Costerfield used to be 8,218 oz of gold and 252 tonnes of antimony as opposed to 8,377 oz gold and 395 tonnes antimony within the 3rd quarter of 2023.

Manufacturing for the 9 Months Ended September 30, 2024:

• The Corporate produced a complete of 63,816 oz of gold and 1,015 tonnes of antimony representing a complete of 71,631 gold an identical oz, as opposed to 53,631 oz of gold and 1,456 tonnes of antimony in corresponding first 9 months of 2023, which represented a complete of 62,868 gold an identical oz.
• Manufacturing at Björkdal used to be 32,595 oz of gold.
• Manufacturing at Costerfield used to be 31,221 oz of gold and 1,015 tonnes of antimony.

Desk 1 – 3rd Quarter and 9 Months Manufacturing for 2024 and 2023

Gross sales for the Quarter Ended September 30, 2024:

• The Corporate bought a complete of nineteen,111 oz of gold and 248 tonnes of antimony, representing a complete of 21,551 gold an identical oz, in comparison to 18,106 oz of gold and 400 tonnes of antimony within the 3rd quarter of 2023, representing a complete of 20,568 gold an identical oz.
• Björkdal bought 10,790 oz of gold as opposed to 10,751 oz of gold within the 3rd quarter of 2023.
• Costerfield bought 8,321 oz of gold and 248 tonnes of antimony as opposed to 7,355 oz of gold and 400 tonnes of antimony within the 3rd quarter of 2023.

Gross sales for the 9 Months Ended September 30, 2024:

• The Corporate bought a complete of 65,729 oz of gold and 1,009 tonnes of antimony, representing a complete of 73,587 gold an identical oz, in comparison to 53,326 oz of gold and 1,455 tonnes of antimony within the first 9 months of 2023, representing a complete of 62,566 gold an identical oz.
• Björkdal bought 33,871 oz of gold.
• Costerfield bought 31,858 oz of gold and 1,009 tonnes of antimony.

Desk 2 – 3rd Quarter and 9 Months Gross sales for 2024 and 2023

About Mandalay Assets Company:

Mandalay Assets is a Canadian-based herbal useful resource corporate with generating belongings in Australia (Costerfield gold-antimony mine) and Sweden (Björkdal gold mine). The Corporate is considering rising its manufacturing and lowering prices to generate important certain cashflow. Mandalay is dedicated to working safely and in an environmentally accountable approach, occasion growing a lofty degree of folk and worker engagement.

Mandalay’s project is to assemble shareholder price throughout the successful operation and proceeding the regional exploration program, at each its Costerfield and Björkdal mines. Recently, the Corporate’s primary 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 top quality ore to the processing plant, and to increase Mineral Reserves. At Björkdal, the Corporate will proceed to put together from the Aurora zone and alternative higher-grade subjects within the coming years, to deliver to maximise benefit margins from the mine.

Ahead-Having a look Statements:

This information leave accommodates “forward-looking statements” inside the which means of acceptable securities regulations, together with statements in regards to the Corporate’s anticipated manufacturing of gold and antimony for the 2024 fiscal 12 months. Readers are cautioned to not playground undue reliance on forward-looking statements. Fresh effects and traits might vary materially from the ones pondered by way of those statements relying on, amongst alternative issues, adjustments in commodity costs and normal marketplace and financial situations. The criteria known above don’t seem to be supposed to constitute a whole checklist of the standards that might have an effect on Mandalay. An outline of supplementary dangers that might lead to original effects and traits differing from the ones pondered by way of forward-looking statements on this information leave may also be discovered below the heading “Risk Factors” in Mandalay’s annual data method dated March 28, 2024, a book of which is to be had below Mandalay’s profile at www.sedar.com. As well as, there may also be negative commitment that any inferred assets which might be came upon because of supplementary drilling will ever be upgraded to confirmed or possible reserves. Even though Mandalay has tried to spot notable elements that might reason original movements, occasions or effects to vary materially from the ones described in forward-looking statements, there could also be alternative elements that reason movements, occasions or effects to not be as expected, estimated or supposed. There may also be negative commitment that forward-looking statements will turn out to be correct, as original effects and occasion occasions may just vary materially from the ones expected in such statements. Accordingly, readers will have to no longer playground undue reliance on forward-looking statements.

SOURCE Mandalay Assets Company

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