The Gold Report

Mandalay Resources Corp. TICKER: MND:TSX Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia and producing and exploration projects in Chile. The company is focused on executing a roll-up strategy, creating critical mass by aggregating advanced or in-production gold, copper, silver and antimony projects in Australia and the Americas to generate near-term cash flow and shareholder value.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

Chris Thompson, Raymond James (5/16/13) "Mandalay Resources Corp. reported Q1/13 financial and operating results that were in line with our estimates. We continue to rate shares of the company Outperform. . .we continue to view Mandalay as a compelling growth story and are impressed with management's ability to improve operating efficiencies while maintaining a tight rein on costs and delivering on guidance."

Duncan Hughes, RFC Ambrian (5/15/13) "Mandalay Resources Corp. has announced its quarterly financial results. . .we enjoy writing on mining companies that continually meet both their guidance and our expectations. Mandalay is an example of one of those companies. . .the company is continuing to generate healthy cash flow and is returning it to shareholders as a quarterly dividend payment. . .Mandalay is a low-cost gold-silver-antimony producer that has impressed us by delivering on its promises and, consequently, remains our preferred precious metals producer."

Benjamin Asuncion, Haywood Securities (5/15/13) "Mandalay Resources Corp.'s Costerfield delivered another solid quarter, Q1/13, across all metrics: throughput grades, recoveries and costs. Further value is to be unlocked through the development of the Cuffley lode. . .our $1.70/share target and Buy rating remain unchanged."

Craig Stanley, Stifel Nicolaus (5/8/13) "Recapping Mandalay Resources Corp.'s previously announced Q1/13 production results, [the company reported] production of 611,441 oz of silver and 4,432 oz of gold at Cerro Bayo. . .at Costerfield [there was] production of 6,203 oz of gold and 766 tonnes of antimony—a record quarter for gold production and the second best quarter for antimony production. . .at Costerfield, management recently completed successful mining testing on 10m levels and is now revamping the mine plan for 10m stopes where conditions are favorable."

RFC Ambrian (4/19/13) "Once again, Mandalay Recources Corp.'s strong quarterly results have exceeded our expectations, chiefly due to the performance at Costerfield. . .the improvements at Costerfield continue to increase production significantly, while better-than-anticipated silver grades and tonnes mined/processed at Cerro Bayo boosted production. . .this was a strong start to the financial year, putting the company on a solid footing to achieve annual guidance. It is our expectation that the company will again reach high margins on sales and should be significantly profitable for the financial year despite the recent falls in precious metal prices."

Mandalay Resources Corp. Content

New Opportunities for MND

Metals Market Features Mandalay CEO Brad Mills

Antimony Demand Drives Higher Prices

Corporate Presentation (4/1/13)

Fact Sheet (3/1/13)

• View MND's Precious Metals Summit HK Presentation Webcast (1/24/2013)
• Read an Article in Mining Weekly Online about MND's Significant Production Upside

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