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Mandalay Resources (MND) investor relations material

Mandalay Resources Q1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 2025 earnings summary8 May, 2025

Executive summary

  • Revenue rose 41% year-over-year to $78.1 million in Q1 2025, driven by higher realized metal prices and disciplined execution.

  • Net income increased 152% to $14.8 million, with adjusted EBITDA up 65% to $44.1 million compared to Q1 2024.

  • Cash balance grew to $88.3 million with no debt, reflecting strong cash flow and financial discipline.

  • Q1 2025 featured disciplined execution, prudent capital allocation, and continued exploration investment, highlighted by a proposed merger of equals with Alkane Resources.

  • The merger with Alkane will create a diversified, cash-flowing mining company with three operations and a pro forma production base of approximately 180,000 ounces by 2026.

Financial highlights

  • Adjusted net income was $20.0 million, excluding a $5.0 million loss on financial instruments and a $0.2 million reclamation liability revision.

  • Free cash flow reached $11.2 million, with $27.9 million in cash flow from operating activities.

  • Adjusted EBITDA margin expanded to 56% in Q1 2025.

  • Capital expenditure increased to $16.7 million, reflecting front-loaded investments in mine development, equipment replacement, and completion of a new tailings facility.

  • Ended Q1 with $88.3 million in cash, no debt, and $35 million in undrawn credit facility.

Outlook and guidance

  • Full-year 2025 guidance maintained, with expectations for stronger production and reduced capital expenditure in H2 2025.

  • Q2 expected to see stronger production but higher capital and tax payments; lower capital spending anticipated in the second half of the year.

  • Strategic investments in infill drilling and development are expected to underpin long-term profitability and production stability.

  • Exploration, especially at TrueBlue, remains a key focus with multiple drill rigs active and further resource growth targeted.

  • The merger is expected to close by July, subject to shareholder approval and regulatory clearances.

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Frequently asked questions

Mandalay Resources Corp is a Canadian-based company focused on the natural resources sector, with key operations in the mining of gold, silver, and antimony. The company primarily operates two mines: the Costerfield mine located in Australia, which produces gold and antimony, and the Björkdal gold mine in Sweden. Mandalay Resources is dedicated to the growth of its production capabilities and the reduction of operating costs to ensure significant positive cash flow. Additionally, Mandalay Resources is involved in the acquisition, exploration, extraction, processing, and reclamation of mineral properties. The company is headquartered in Toronto, Canada, and its shares are listed on the TSX.

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