Mandalay Resources (MND) Q4 2024 earnings summary

Executive summary

• 2024 saw record financial and operational performance, with a focus on high-margin production, cost efficiency, and strategic exploration.

• Free Cash Flow reached $69 million, all debt was eliminated, and net cash position rose to $76 million.

• Production increased 8% to 97,000 gold equivalent ounces, at the upper end of guidance.

• Share price more than doubled, outperforming major indices by four to five times.

• Mineral Reserves increased 9% to 815,000 gold equivalent ounces, and Measured and Indicated Resources rose 14% to 1.97 million ounces.

Financial highlights

• Annual revenue reached a record $241 million, with adjusted EBITDA doubling to $122 million.

• Net income increased to $48 million from $8 million in 2023.

• Operating costs rose 4% to $110 million, mainly due to higher processing and throughput costs.

• Cash operating cost per gold equivalent ounce was $1,106; all-in sustaining cost rose 3% to $1,548 per ounce.

Outlook and guidance

• 2025 production guidance: Costerfield 43,000–49,000 gold equivalent ounces; Björkdal 42,000–46,000 gold ounces, consistent with 2024.

• Continued investment in operational improvements, exploration, and capital projects, including a new tailings facility and underground development.

• Strong cash flow expected from both gold and antimony production, with a minimum $12 million exploration budget for 2025.

• Exploration success at both mines supports future growth and resource expansion.

• Björkdal mine life now projected at 10 years due to reserve additions.