Mandalay Resources (MND) 2024 Precious Metals Summit Zurich + Energy Transition summary

Strategic positioning and leadership

• Operates two producing assets in Australia and Sweden, focused on gold and antimony, with a lean leadership team bringing over 130 years of combined experience.

• Leadership changes in the past 18 months have brought in new expertise in corporate development and finance, while retaining institutional knowledge at the operational level.

Financial performance and balance sheet

• Consistent reserve replacement since 2009, with strong free cash flow of $45 million in the first nine months of the year and zero debt.

• Market cap of approximately $225 million, with a quarter held in cash and significant share price appreciation of over 120% in the last nine months.

• Cash position projected to reach $70 million by year-end, with an undrawn $35 million facility and over $200 million in operating cash flow generated over three years.

Operational highlights and margins

• Both mines produce a combined 90,000–100,000 ounces of gold equivalent annually, with AISC of $1,500–$1,580 per ounce, yielding 30–40% margins.

• Exploration budget nearly doubled to $13–$15 million annually, maintaining efficient reserve replacement at low costs per ounce.

• Costerfield mine produces high-grade gold and antimony, with antimony replacement costs at just over $40/oz and gold at $15/oz at Björkdal.