Mandalay Resources Corporation Announces Production and Sales Results for the Third Quarter of 2021
19 Octobre 2021 - 1:30PM
Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX:
MND, OTCQB: MNDJF) announced today its production and sales results
for the third quarter of 2021.
Third Quarter 2021 Production
Highlights:
- Consolidated saleable gold
equivalent production of 33,121 ounces – highest quarterly result
since Q4 2017;
- Consolidated 29,752 ounces of gold
equivalent sold – highest quarterly amount in four years;
- Costerfield’s highest ever
quarterly saleable gold equivalent production of 18,946 ounces;
and
- Cerro Bayo produced 2,925 ounces of
gold equivalent. The Company expects Cerro Bayo’s overall
contribution to be 9,000 – 10,000 ounces of gold equivalent by year
end.
Based on year-to-date production results,
Mandalay anticipates that consolidated 2021 saleable production
(not including production from Cerro Bayo) will be at the higher
end of the previously provided production guidance range of the
105,000 – 117,000 ounces of gold equivalent.
Dominic Duffy, President and CEO of Mandalay,
commented:
“Mandalay continued to deliver strong
operational results during the third quarter. The 33,121 saleable
ounces of gold equivalent produced was the Company’s best result
since Q4 2017 and marked our fifth consecutive quarter of increased
production. The consolidated 90,640 ounces of gold equivalent
produced during the first nine months not only demonstrates
stability in our operations, but also positions the Company to
achieve the upper limits of our 2021 combined production guidance
from Costerfield and Björkdal. The main reasons for this are the
overperformance at Costerfield and the increased antimony
price.”
Mr. Duffy continued, “Costerfield achieved
another outstanding quarter, producing 18,946 ounces of saleable
gold equivalent – the highest in Company history. However, due to
the current global logistics challenges, September’s floatation
concentration shipment was delayed until the start of October,
resulting in a delay in the recognition of revenue from this
portion of production until the fourth quarter.”
“Looking forward, we will continue with the
scheduled stoping of the higher-grade upper levels of the Youle
deposit. We also expect to enter the Shepherd zone during the
fourth quarter 2021, as the lowest level currently being developed
will enter the Shepherd zone on the southern extent.”
Mr. Duffy added, “At Björkdal, third quarter
production of 11,250 saleable gold ounces was a slight improvement
upon the previous quarter, however, it is still below the planned
production rates. The positive for the quarter was that we began to
see improved grades in September as the underground operation was
able to decrease the excessive dilution in key stopes. We are
currently testing bolting of the upper sections of the stopes to
better control the dilution and the initial results have been
favorable. This adjustment along with other dilution controls being
implemented should see mining grades continue to lift for the
remainder of 2021.”
Mr. Duffy concluded, “Cerro Bayo continued with
its processing of the low-grade mineralized waste material
throughout the third quarter and produced 2,925 ounces of saleable
gold equivalent. Due to economic uncertainties surrounding this
process, no production guidance was provided for Cerro Bayo at the
start of this year. However, with slightly higher than expected
grades coupled with the support from a strong silver price, it has
allowed for the project to be profitable since its initiation in
March 2021. Processing will continue through to December 1, 2021,
when Equus Mining will acquire ownership of the operation.”
Saleable Production for the Quarter Ended September 30,
2021:
- In the third
quarter of 2021, the Company produced a total of 26,328 ounces of
gold, 860 tonnes of antimony and 85,279 ounces of silver
representing a total of 33,121 ounces of gold equivalent, versus
22,793 ounces of gold and 991 tonnes of antimony in the third
quarter of 2020, representing a total of 25,664 ounces of gold
equivalent.
- Production at
Björkdal was 11,250 ounces of gold in the third quarter of 2021 as
compared to 11,044 ounces of gold in the third quarter of
2020.
- Production at Costerfield was
13,315 ounces of gold and 860 tonnes of antimony in the third
quarter of 2021 versus 11,749 ounces gold and 991 tonnes antimony
in the third quarter of 2020.
- Production at Cerro Bayo was 1,763
ounces of gold and 85,279 ounces of silver in the third quarter of
2021 versus no production in the third quarter of 2020.
Saleable Production for the Nine Months Ended September
30, 2021:
- The Company
produced a total of 72,696 ounces gold, 2,550 tonnes antimony and
216,040 ounces of silver, representing a total of 90,640 ounces of
gold equivalent production, versus 65,766 ounces gold and 3,045
tonnes of antimony in the corresponding nine months of 2020,
representing a total of 76,093 ounces of gold equivalent.
- Production at Björkdal was 34,046
ounces gold.
- Production at Costerfield was
34,356 ounces gold and 2,550 tonnes antimony.
- Production at Cerro Bayo was 4,294
ounces of gold and 216,040 ounces of silver.
Table 1 – Third Quarter and Nine Months Saleable
Production for 2021 and 2020
Metal |
Source |
Three months endedSeptember
302021 |
Three months endedSeptember
302020 |
Nine months endedSeptember
302021 |
Nine months endedSeptember
302020 |
Gold (oz) |
Björkdal |
11,250 |
11,044 |
34,046 |
33,044 |
|
Costerfield |
13,315 |
11,749 |
34,356 |
32,722 |
|
Cerro Bayo |
1,763 |
- |
4,294 |
- |
|
Total |
26,328 |
22,793 |
72,696 |
65,766 |
Antimony (t) |
Costerfield |
860 |
991 |
2,550 |
3,045 |
Silver (oz) |
Cerro Bayo |
85,279 |
- |
216,040 |
- |
Average quarterly prices: |
|
|
|
|
|
Gold US$/oz |
|
1,790 |
1,907 |
|
|
Antimony US$/t |
|
11,720 |
5,524 |
|
|
Silver US$/oz |
|
24.38 |
24.00 |
|
|
Total Gold Eq.
(oz)(1) |
|
|
|
|
|
|
Björkdal |
11,250 |
11,044 |
34,046 |
33,044 |
|
Costerfield |
18,946 |
14,620 |
49,222 |
43,049 |
|
Cerro Bayo |
2,925 |
- |
7,372 |
- |
|
Total |
33,121 |
25,664 |
90,640 |
76,093 |
- Quarterly gold
equivalent ounces (“Au Eq. oz”) produced is calculated by
multiplying the saleable quantities of gold (“Au”), silver (“Ag”)
and antimony (“Sb”) in the period by the respective average market
prices of the commodities in the period, adding the amounts to get
a “total contained value based on market price”, and then dividing
that total contained value by the average market price of Au in the
period. Average Au and Ag prices in the periods are calculated as
the average of the daily LME PM fixes in the period, with price on
weekend days and holidays taken of the last business day; average
Sb price in the period is calculated as the average of the daily
average of the high and low Rotterdam warehouse prices for all days
in the period, with price on weekend days and holidays taken from
the last business day. The source for Au and Ag prices is
www.transamine.com, and Sb price is www.metalbulletin.com.
Sales for the Third Quarter Ended September 30,
2021:
- In the third
quarter of 2021, the Company sold a total of 24,022 ounces of gold,
677 tonnes of antimony and 95,198 ounces of silver, representing a
total of 29,752 ounces of gold equivalent, versus 23,000 ounces of
gold and 1,036 tonnes of antimony in the third quarter of 2020,
representing a total of 26,001 ounces of gold equivalent.
- Björkdal sold
11,297 ounces of gold in the third quarter of 2021 versus 11,511
ounces of gold in the third quarter of 2020.
- Costerfield
sold 10,717 ounces of gold and 677 tonnes of antimony in the third
quarter of 2021 versus 11,489 ounces of gold and 1,036 tonnes of
antimony in the third quarter of 2020.
- Cerro Bayo sold
2,008 ounces of gold and 95,198 ounces of silver in the third
quarter of 2021 versus no sales in the third quarter of 2020.
Sales for the Nine Months Ended September 30,
2021:
- The Company
sold 71,769 ounces gold, 2,293 tonnes antimony and 185,222 ounces
of silver, representing a total of 87,580 ounces of gold
equivalent, versus 65,743 ounces gold and 2,829 tonnes antimony in
the first nine months of 2020, representing a total of 75,193
ounces of gold equivalent.
- Björkdal sold 35,505 ounces
gold.
- Costerfield sold 32,528 ounces gold
and 2,293 tonnes antimony.
- Cerro Bayo sold
3,736 ounces gold and 185,222 ounces silver in the first nine
months of 2021 versus no sales in the similar period in 2020.
Table 2 – Third Quarter and Nine Months Sales for 2021
and 2020
Metal |
Source |
Three months endedSeptember
302021 |
Three months endedSeptember
302020 |
Nine months endedSeptember
302021 |
Nine months endedSeptember
302020 |
Gold (oz) |
Björkdal |
11,297 |
11,511 |
35,505 |
34,566 |
|
Costerfield |
10,717 |
11,489 |
32,528 |
31,177 |
|
Cerro Bayo |
2,008 |
- |
3,736 |
- |
|
Total |
24,022 |
23,000 |
71,769 |
65,743 |
Antimony (t) |
Costerfield |
677 |
1,036 |
2,293 |
2,829 |
Silver (oz) |
Cerro Bayo |
95,198 |
- |
185,222 |
- |
Average quarterly prices: |
|
|
|
|
|
Gold US$/oz |
|
1,790 |
1,907 |
|
|
Antimony US$/t |
|
11,720 |
5,524 |
|
|
Silver US$/oz |
|
24.38 |
24.00 |
|
|
Total Gold Eq. (oz)1 |
|
|
|
|
|
|
Björkdal |
11,297 |
11,511 |
35,505 |
34,566 |
|
Costerfield |
15,150 |
14,490 |
45,721 |
40,627 |
|
Cerro Bayo |
3,305 |
- |
6,354 |
- |
|
Total |
29,752 |
26,001 |
87,580 |
75,193 |
- Quarterly Au
Eq. oz sold is calculated by multiplying the saleable quantities of
Au, and Sb in the period by the respective average market prices of
the commodities in the period, adding the amounts to get a “total
contained value based on market price”, and then dividing that
total contained value by the average market price of Au for the
period. The source for Au and Ag prices is www.transamine.com, and
Sb price is www.metalbulletin.com, with price on weekend days and
holidays taken of the last business day.
For Further Information:
Dominic DuffyPresident and Chief Executive
Officer
Edison NguyenManager, Analytics and Investor
Relations
Contact:647.260.1566
About Mandalay Resources
Corporation:
Mandalay Resources is a Canadian-based natural
resource company with producing assets in Australia (Costerfield
gold-antimony mine) and Sweden (Björkdal gold mine), with projects
in Chile and Canada under care and maintenance, closure or
development status. The Company is focused on growing its
production profile and reducing costs to generate significant
positive cashflow.
Mandalay’s mission is to create shareholder
value through the profitable operation of both its Costerfield and
Björkdal mines. Currently, the Company’s main objective is to
continue mining the high-grade Youle vein at Costerfield, which
continues to supply high-grade ore, and also focus on extending
Youle’s Mineral Reserves at depth. At Björkdal, the Company will
aim to increase production from the Aurora zone in the coming
years, in order to maximize profit margins from the mine.
Forward-Looking Statements:
This news release contains "forward-looking
statements" within the meaning of applicable securities laws,
including statements regarding the Company’s production of gold,
antimony and silver for the 2021 fiscal year. Readers are cautioned
not to place undue reliance on forward-looking statements. Actual
results and developments may differ materially from those
contemplated by these statements depending on, among other things,
changes in commodity prices and general market and economic
conditions. The factors identified above are not intended to
represent a complete list of the factors that could affect
Mandalay. A description of additional risks that could result in
actual results and developments differing from those contemplated
by forward-looking statements in this news release can be found
under the heading “Risk Factors” in Mandalay’s annual information
form dated March 30, 2021, a copy of which is available under
Mandalay’s profile at www.sedar.com. In addition, there can be no
assurance that any inferred resources that are discovered as a
result of additional drilling will ever be upgraded to proven or
probable reserves. Although Mandalay has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements.
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