Q3 2024 Mandalay Resources Corp Earnings Call Transcript
Key Points
- Mandalay Resources Corp (MNDJF) reported strong financial performance with revenue increasing to $55 million, up from $41 million in Q3 2023.
- The company's cash position has significantly strengthened, standing at $55 million at the quarter's end, more than doubling since December 2023.
- Mandalay Resources Corp (MNDJF) fully repaid its $20 million revolving credit facility, leaving the company with zero debt.
- Operating cash flow rose substantially to $21 million, and free cash flow increased to $13 million, compared to $4 million and negative $6 million last year, respectively.
- The company remains on track to achieve its annual production guidance of 90,000 to 100,000 gold equivalent ounces, maintaining its long-term commitment to profitability and shareholder revenue.
- Operational challenges were faced in Q3, including a slight production decline at Costerfield due to typical quarterly metal grade variations.
- Antimony production declined by 36% from Q3 2023, attributed to increased feed from the lower antimony grade Shepherd deposit.
- Bjorkdal experienced a 14% decrease in gold production due to flooding from unseasonal rainfall, impacting access to higher margin areas.
- Operating costs rose by 7% year over year, driven by increased costs for tailings and water management.
- All-in sustaining costs per ounce sold increased by 25% year on year, mainly due to increased operating costs and a reduction in ounces produced.
Good morning, ladies and gentlemen and welcome to the Mandalay Resources Corporation third quarter, 2024 conference call. At this time all lines are in listen-only mode. Following the presentation, we will conduct a question and answer session.
If at any time during this call, you require immediate assistance. Please press star zero for the operator.
This call is being recorded Thursday 7th of November 2024.
Today's call contains forward-looking statements which reflect the current expectations or beliefs of the company. Based on information currently available to the company.
Forward-looking statements are subject to a number of risks and uncertainties that may cause actual results of the company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from the current expectations are disclosed under the heading, risk factors and elsewhere in the company's annual information form dated March 28th, 2024 available on Sedar and the company's website.
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