Q2 2024 Mandalay Resources Corp Earnings Call Transcript
Key Points
- Mandalay Resources Corp (MNDJF) achieved significant financial progress in the first half of 2024, generating $24 million in cash flow from operations and an adjusted EBITDA of $36 million.
- The company strengthened its balance sheet, ending the quarter with a cash balance of $63 million and repaid the entire $20 million outstanding balance on its revolving credit facility.
- Operationally, Mandalay Resources Corp (MNDJF) is on track to meet its annual production guidance of 90,000 to 100,000 gold equivalent ounces, having produced approximately 51,000 gold equivalent ounces in the first half of 2024.
- The Costerfield site saw a 32% increase in gold equivalent ounces produced in Q2 2024 compared to the same period last year, driven by a rise in the average milled gold head grade.
- Bjorkdal achieved a 21% increase in production in Q2 2024 compared to Q2 2023, attributed to the inclusion of high-grade Aurora development in the plant's feed material.
- Costerfield faced geotechnical challenges that required adjustments to the mine schedule, potentially impacting production stability.
- Processed antimony grades at Costerfield were lower in Q2 2024 compared to Q2 2023, and this trend is expected to persist.
- The company anticipates a decrease in gold equivalent mining grades at Costerfield in the second half of the year.
- Despite strong financial performance, the company has not committed to a dividend, prioritizing investment opportunities and potential acquisitions.
- There was a notable sale of shares by the lead independent director, raising concerns about insider confidence in the company's strategy.
Good morning, ladies and gentlemen, and welcome to the Mandalay Resources Corporation second-quarter 2024 conference call.
This 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 28, 2024, available on SEDAR and the company's website.
(Operator Instructions) This call is being recorded on Thursday, August 8, 2024.
I would now like to turn the conference over to Frazer Bourchier. Please go ahead.
Thank you, operator, and
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