Mandalay Resources (MND) Q3 2024 earnings summary
Event summary combining transcript, slides, and related documents.
Q3 2024 earnings summary
13 Feb, 2026Executive summary
Achieved a 35% year-over-year revenue increase to $55.3 million in Q3 2024, with significant improvements in net income and operating cash flow, supported by favorable metal prices and disciplined cost control.
Ended the quarter with a cash balance of $54.7 million, more than doubling since December 2023, and fully repaid the $20 million revolving credit facility, resulting in a debt-free balance sheet.
Maintained focus on operational efficiency and strategic growth initiatives despite operational challenges at both Costerfield and Björkdal, including weather and grade variability.
Q3 was the lowest production quarter of the year, but full-year production guidance of 90,000–100,000 gold equivalent ounces remains unchanged.
Comprehensive income for the nine months was $29.4 million, reversing a loss of $3.0 million in the prior year.
Financial highlights
Q3 2024 revenue was $55.3 million, up from $21 million in Q3 2023, mainly due to higher metal prices.
Net income for Q3 2024 was $5.4 million, up from $4.1 million in Q3 2023.
Operating cash flow for Q3 was $20.6 million, and free cash flow was $12.9 million; nine-month operating cash flow reached $74.2 million.
Adjusted EBITDA for Q3 was $27.2 million, up from $15.4 million year-over-year.
All-in sustaining cost per ounce sold was $1,790, up 25% year-over-year, driven by higher operating costs and lower production.
Outlook and guidance
On track to achieve annual production guidance of 90,000–100,000 gold equivalent ounces, with Q4 production expected to return to first-half run-rate levels.
CapEx expected to be at the low end of the $41–$49 million range for 2024, with Q4 seeing higher activity due to tailings work at Costerfield.
CapEx range likely to remain consistent for 2025, with final guidance to be provided in January.
New gold derivative contracts extend hedging into 2025, providing price protection for future production.
Focus remains on higher-margin ounces at Björkdal and a shift to higher-grade areas at Costerfield in Q4.
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