Companies

Request More Information

Last:
Change: Change(%):
Volume: Open:
High: Low:
52Wk High: 52Wk Low:

Experts Commenting on This Company

 

Visit Company Website

View Company News


Mandalay Resources Corp.

TICKER: MND:TSX

Mandalay Resources Corp. 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:

Duncan Hughes, RFC Ambrian (3/26/14) "Mandalay Resources Corp. has commenced a feasibility study for Challacollo; this will be completed by 2014E. Subject to receiving a positive feasibility study and permits, the company's goal is to begin production at the project within three years. . .we continue to rate Mandalay as a Buy."

Andrew Kaip, BMO Capital Markets (3/14/14) "Mandalay Resources Corp. has advanced sufficient underground development at the Augusta zone for roughly one year of production at the mill's current run rate of 400 tpd. The company plans to move production to the Cuffley zone and to begin mining the area by year-end 2014."

The Gold Report Interview with Ron Struthers (3/5/14) "We picked up Mandalay Resources Corp. at a good price in November because I like its Costerfield mine in Australia. It has gold grades: more than 9 g/t with 4% antimony on top. Its other mine, Challacollo, in Chile, has a very good silver grade. . .of 209 g/t with 2.28 g/t gold along with it. The company is very profitable, reporting net income of $29M for 2013. That's $0.09/share, and it is paying a good dividend, too." More >

Andrew Kaip, BMO Capital Markets (2/26/14) "Mandalay Resources Corp. continues to be focused on growth of sustainable cash margins and projects that demonstrate strong returns in a weak metal price environment. The company also continues to return capital to shareholders in the form of dividends and an normal course issuer bid program. . .in 2013, the company produced 3.1 Moz silver, 50 Koz gold and 3.3 Kt antimony, exceeding full-year production guidance."

The Gold Report Interview with Benjamin Asuncion (2/24/14) "Historically, Mandalay Resources Corp. has a track record of very cheap acquisitions, with the Costerfield mine in Australia and the Cerro Bayo mine in Chile. Challacollo provides Mandalay with a project that has seen quite a bit of exploration and some historic production going back to the 1980s or so. The property has a defined resource containing 33 Moz silver at a grade of 200 grams per tonne, but my sense is Mandalay will look to tighten up those grades to help boost the economics when the company tables the feasibility in the coming 12 months. The company is planning an 8,000–10,000 meter drill program focused on infilling the deposit, as the majority of those ounces are in the Inferred category.

Brad Mills, the CEO, was formerly CEO of Lonmin Plc. He was an executive with BHP Billiton Ltd. (BHP:NYSE; BHPLF:OTCPK), as was President Mark Sander. They have a history of delivering on expectations and we're starting to see the fruition of a lot of development plans come into place, namely at Costerfield with the high-grade Cuffley Lode. Historically, margins at Costerfield had been lackluster, generating enough to pay for ongoing exploration but not as significant of a contributor to the bottom line. The value driver has been Cerro Bayo, but we saw improved contribution from Costerfield last year and expect that to increase going forward. Mandalay also stands out among the juniors given its alignment with shareholders, both in terms of returning value to shareholders through dividends and management owning a significant stake in the company." More >

more comments

Chris Thompson, Raymond James (2/19/14) "We are maintaining our Outperform rating and $1.20/share target price on Mandalay Resources Corp. We continue to recommend investors accumulate shares based on its solid growth profile, proven and consistent operating team, strong balance sheet and attractive valuation. . .Mandalay had a solid quarter, cash flow per share beat our expectations, while adjusted earnings per share was in line."

Ben Kramer-Miller, Wall St. Cheat Sheet (2/19/14) "Mandalay Resources Corp. is one of the better-run, small-cap gold and silver mining companies. It has a market capitalization of $289M, and it trades at less than seven times trailing earnings; furthermore, it has a dividend yield that exceeds 4%."

Benjamin Asuncion, Haywood Securities (2/19/14) "Mandalay Resources Corp. reported Q4/13 financial and operating results that were generally in line with our estimates. . .Costerfield [is] on track to deliver in 2014: Development reached the Cuffley lode by the end of the quarter and infrastructure is currently on multiple levels to allow for production in Q1/14. . .Cerro Bayo [is] set for expansion in Q1/14. . .for Cerro Bayo, we see expanding silver production, from 1.3 Moz of silver plus gold in 2011 to 3.2 Moz silver plus gold in 2014."

Duncan Hughes, RFC Ambrian (2/17/14) "Mandalay Resources Corp., the company with precious metal and antimony projects in Chile and Australia, has announced that its 2013 exploration and acquisition efforts have resulted in a significant increase in mineral resources and mineral reserves. . .Mandalay has a track record of continuously replenishing its reserves, and its increased resources demonstrate the continuity of highly probable economic mineralization. . .we continue to rate it a Buy."

Benjamin Asuncion, Haywood Securities (2/14/14) "Mandalay Resources Corp. tabled significant reserve growth at Costerfield while maintaining reserves at Cerro Bayo (replacement of 2013E production), currently supporting mines lives of ~3 and ~5 years, respectively. . .our $1.30 target and Buy rating remain unchanged."

Andrew Kaip, BMO Capital Markets (2/13/14) "Mandalay Resources Corp. grew gold and antimony reserves by ~41% and ~108% over 2013, respectively. . .strong growth in reserves at Costerfield was largely attributable to the conversion of a significant amount of Inferred resources at the Cuffley and N lodes. . .the increase in reserves significantly adds to the Costerfield mine life and supports current expansion plans to 500 tpd."

Duncan Hughes, RFC Ambrian (2/11/14) "Mandalay Resources Corp., the company with precious metal and antimony projects in Chile and Australia, has announced that it has completed the purchase agreement of Silver Standard Resources Inc.'s past-producing Challacollo silver property. . .the value of the closing consideration was approximately $16.7M. . .the completion of this transaction executes what is a sensible, value accretive acquisition for Mandalay which meets its established acquisition criteria."

Benjamin Asuncion, Haywood Securities (2/10/14) "Mandalay Resources Corp. completed acquisition of the Challacollo silver-gold project in Chile with Silver Standard. . .with the closing of the transaction, management has outlined a 12-month work program [to include] metallurgical testing and mine and plant design leading up to the tabling of a feasibility study. . .near-term catalysts remain the development of the Cuffley lode at Costerfield, the ramp-up of production to 1,400 tpd at Cerro Bayo by Q1/14, completion of the Challacollo project acquisition and feasibility study in late 2014."

Raymond James (1/31/14) "Mandalay Resources Corp. released relatively in line Q4/13 production results. . .we anticipate a 6% year-over-year production growth (2014-2015). . .a 38% return to target, a healthy balance sheet, near-term organic growth and low-cost structure justify our Outperform rating for the company."

Duncan Hughes, RFC Ambrian (1/17/14) "Mandalay Resources Corp.'s Q4/13 total production was 12,117 oz Au, 805 t Sb and 878,542 oz Ag, representing a total of 33,537 oz Au eq production. . .total 2013 production of 50,240 oz Au, 3,275 t Sb and 3,145,537 oz Ag, representing a total of 126,908 oz Au eq production, exceeded 2013 guidance. . .we continue to rate the company as a Buy."

Andrew Kaip, BMO Capital Markets (1/16/14) "Including Q4/13 results, Mandalay Resources Corp.'s full-year saleable production came in at 3.1 Moz silver, 50.2 Koz gold and 3.3 Kt antimony, exceeding 2013 production guidance. . .the company reiterated 2014 production guidance of 3–3.2 Moz silver, 60–70 Koz gold and 3–3.3 Kt of antimony."

Benjamin Asuncion, Haywood Securities (1/16/14) "Mandalay Resources Corp.'s management reiterated 2014 guidance of 3–3.2 Moz silver plus 23–27 Koz gold at a cash cost of $6–8/oz (net of gold credit) from Cerro Bayo and 37–43 Koz gold plus 3–3.3 Kt antimony or ~62.4–70.9 Koz Au eq at a cash cost of $675–775/oz from Costerfield. The focus at Cerro Bayo will be on the expansion to 1,400 tpd by the end of Q1/14 and the development and production of the Cuffley lode at Costerfield throughout 2014."

Duncan Hughes, RFC Ambrian (1/16/14) "Mandalay Resources Corp., the company with polymetallic projects in Chile and Australia, has provided an update on the results of its first three, widely spaced core holes drilled underground from the Dagny mine. . .all three holes intercepted major veins, tentatively correlated with strike extensions of the Fabiola and Yasna veins. . .these are extremely encouraging results from Cerro Bayo. . .all indications to date support our expectation that the geology continues under the relatively small and shallow Laguna Verde and that mineralization continues."

Benjamin Asuncion, Haywood Securities (1/15/14) "Mandalay Resources Corp. released exploration results from its wholly owned Cerro Bayo mine. . .preliminary results from wide-spaced drilling demonstrate the potential for mineralization to extend beyond the current reserve/resource boundaries up to ~500m to the southeast beneath the lake."

The Mining Report Interview with Chris Thompson (12/31/13) "After seeing Mandalay Resources Corp.'s Q3/13 financial results, and more specifically, the performance of its Costerfield mine in Australia, we realized that we were being a little conservative with our 2014 cash-flow projections, so we lightened the cost somewhat at Costerfield. That was the catalyst for the higher target price. . .I visited Cerro Bayo about three years ago, when production had just re-started. The company was still improving its understanding of the mine and its exploration potential. I saw a lot of potential for both production growth and exploration. The company's main focus at Cerro Bayo is to fill a mill, which is currently rated at 1,600 tpd. Next year, the guidance is for 1,400 tpd. Based on exploration upside, qualified by mine life, Mandalay sees medium- to longer-term potential to fully fill the mill and maximize production at Cerro Bayo." More >

Benjamin Asuncion, Haywood Securities (12/23/13) "Mandalay Resources Corp. announced it has signed a definitive purchase agreement with Silver Standard Resources Inc. to acquire the Challacollo silver project. . .we view the acquisition of the Challacollo project as positive given it bolsters the company's development pipeline (potential for production within ~3 years) and comes at a modest acquisition cost ($15.8M upon closing in Q1/14 comprised of $7.5M in cash plus shares)."

Chris Thompson, Raymond James (12/20/13) "Mandalay Resources Corp. announced the acquisition of the Challacollo development-stage silver project in Chile from Silver Standard Resources Inc. . .we are maintaining our Outperform rating. . .we view today's acquisition favorably as it offers production growth potential beyond that envisaged for Cerro Bayo and Costerfield."

Andrew Kaip, BMO Capital Markets (12/20/13) "Mandalay Resources Corp. announced the purchase of the Challacollo property from Silver Standard Resources Inc. for a total consideration of ~$25M (at spot prices and assuming commercial production) as well as a 2% net smelter return royalty. . .acquisition of the past-producing Challacollo mine represents an important step in Mandalay's growth strategy. The company plans to advance the project to the feasibility stage through 2014."

Ron Struthers, Resource Stock Guide (12/18/13) "Mandalay Resources Corp.'s higher-grade mines put it in a strong position to grow and take advantage of the market to make some distressed acquisitions. Higher gold prices, which I expect, will just be fuel to the fire."

The Gold Report Interview with Jay Taylor (11/25/13) Jay Taylor: I also like Mandalay Resources Corp.

TGR: Mandalay's Costerfield and Cerro Bayo deposits have gold and silver. Oceana has gold and copper. Do you like the multimetal producers?

JT: As a goldbug, I'm concerned about a major collapse in the economy sending the prices of copper and other base metals down. I look at it case by case and project by project. More >

Duncan Hughes, RFC Ambrian (11/22/13) "Mandalay Resources Inc.'s operating gold mines in Chile and Australia show exceptional upside potential. The company has met its ramp-up targets and we are excited by its future growth prospects. The Cerro Bayo silver-gold operation is performing extremely well. . .recent quarterly results from Costerfield were much improved, indicating that management initiatives are starting to reap rewards. . .Mandalay's strategy of acquiring undervalued advanced precious metals assets with blue-sky exploration potential looks set to pay off and we are confident of significant revenue growth going forward."

Jay Taylor, Gold, Energy & Tech Stocks (11/22/13) "Mandalay Resources Corp. has been able to do very well during this quarter despite significantly lower metals prices, thanks to rising production and lower unit costs on both its Costerfield gold-antimony Mine in Australia and its Cerro Bayo silver-gold mine in Chile. . .this management team is in fact doing a fantastic job by generating earnings and cash flow on a par with 2012 by improving the operations at the two existing operations. . .with almost $0.01 of earnings in the most recent quarter, that works out to about $0.04 on an annual basis, which provides a decent yield of around 5%. What's not to like about Mandalay Resources?"

Benjamin Asuncion, Haywood Securities (11/7/13) "For Q3/13, Mandalay Resources Corp. reported operating cash flow of $23.2M ($0.07/share), which came in above our expectations of $17M ($0.05/share) and consensus of $0.035/share. Quarterly performance was positively affected by strong results from Costerfield (improved production and costs), consistent results from Cerro Bayo (including additional shipments) and a positive revenue adjustment ($4.5M from Q2/13 provisional sales)."

Chris Thompson, Raymond James (11/6/13) "Mandalay Resources Corp. released strong Q3/13 operating and financial results; we are increasing our target price to $1.30 (from $1.20) and reiterate our Outperform rating on shares of the company. Mandalay had a strong quarter, with both CFPS and adjusted EPS exceeding our expectations."

Duncan Hughes, RFC Ambrian (11/6/13) "Mandalay Resource Corp. announced financial results for the quarter ending Sept. 30 2013; Mandalay also announced a quarterly dividend of an aggregate amount equal to 6% of the trailing quarter's gross revenue. . .this was a good quarter for Mandalay despite the prevailing commodity prices. . .Mandalay remains debt free while producing significant cash flow from operations, enabling a regular quarterly dividend stream. The continued dividend payment is likely to be well received by the investment community. . .Costerfield was the standout performer for the period, a testament to the mining improvements implemented previously and improved head-grade."

Andrew Kaip, BMO Capital Markets (11/5/13) "Mandalay Resources Corp. reported Q3/13 headline earnings per share of US$0.03. . .the company also reported production, cost and capex guidance for 2014. Mandalay expects to produce 3–3.2 Moz silver and 23–27 Koz gold at Cerro Bayo, and 37–43 Koz gold and 3–3.3 Kt antimony at Costerfield. . .Q3/13 results were in line with BMO Research expectations."

Benjamin Asuncion, Haywood Securities (10/11/13) "Mandalay Resources Corp.'s PEA for Costerfield presents a more economically robust operation than our current estimates. . .it outlines higher grades and lower operating and capital costs. These new data show the potential to deliver modestly higher output at lower costs, protecting future margins and lowering project risk."

Duncan Hughes, RFC Ambrian (10/9/13) "Mandalay Resources Inc. has announced record gold and antimony production figures for Q3/13 and solid silver production. . .this was another fine quarterly production and sales performance from the company, with records continuing to tumble. These results were ahead of our forecasts for shipments of all metals from both mines. . .the continued improvements at both operations demonstrate Mandalay's strong mining credentials as it successfully implements improvements in a challenging mining environment. . .the company is one of a shrinking number of producers that is consistently generating cashflow from operations."

Benjamin Asuncion, Haywood Securities (10/8/13) "For Q3/13, Mandalay Resources Corp. reported consolidated production of 734 Koz of silver, 14.4 Koz of gold, and 966 tonnes of antimony. . .Strong performance from Costerfield was attributed to continued improvements in cemented rock fill stoping resulting in increased mine output with reduced dilution and therefore higher head grades. . .For Cerro Bayo, we see expanding silver production. . .this production growth is combined with a healthy gold byproduct credit."

Chris Thompson, Raymond James (10/7/13) "Mandalay Resources Corp. released Q3/13 production results and sales. . .overall, consolidated metal production was higher than expected; production at Costerfield was higher than anticipated, while at Cerro Bayo, gold production was higher and silver production was in-line with expectations. Cerro Bayo reported stronger than expected metal sales, making up for scheduled mill downtime in Q1/13; management indicates that it expects 2013 production to be at the upper end of guidance (guidance was increased in Q2/13)."

Andrew Kaip, BMO Capital Markets (10/7/13) "Mandalay Resources Corp. released Q3/13 sales of 973 Koz silver and 14.6 Koz gold, ~33% and ~20% above BMO Research's forecasts. . .antimony production came in at 777 tons, ~16% above the BMO estimate. . .Mandalay continues to expect full-year production to be at the upper end of the previously announced guidance. . .Mandalay continues to report strong operational results while undertaking development activities to ramp up production rates to 1.4 ktpd at Cerro Bayo and integrate the Cuffley lode into the mine plan at Costerfield."

Benjamin Asuncion, Haywood Securities (10/1/13) "Mandalay Resources Corp. tabled results from the 2013 exploration program at the 100%-owned Cerro Bayo mine in the Aysen, Chile. . .drilling was focused on the Coyita, Marcela Sur and Delia NW veins. At Coyita, multiple intercepts of potentially economic grade and width have extended the vein ~80m along strike beneath the Laguna Verde lake. . .at Marcela Sur, drilling has extended the vein ~100m along strike to the northwest and up to ~100m beneath the current mine workings. Highlights included 1.4m grading ~890 g/t Ag eq and 6.2m grading ~210 g/t Ag eq. At Delia NW, drilling has extended the mineralization at depth and intersected another vein (Orienta) between Delia NW and Dagny."

Duncan Hughes, RFC Ambrian (10/1/13) "Mandalay Resources Corp. has provided an update on drill results generated by the ongoing exploration program at its 100%-owned Cerro Bayo silver-gold mine in Aysen, Chile. . .the results show promise and indicate that Mandalay should, at a minimum, meet its targets for replacing mineralization depleted through mining this year. The company’s understanding of the geology at Cerro Bayo is proving extremely beneficial for exploration. The drilling shows that the Coyita mineralization continues under Laguna Verde. . .we continue to rate Mandalay as a Buy."

Duncan Hughes, RFC Ambrian (9/11/13) "Mandalay Resources Corp. announced that it has completed a preliminary economic analysis (PEA) of the Cuffley mine life extension. Highlights of the announcement included: Enlarged Costerfield mineral resources; total potential saleable production of approximately 214 Koz of Au eq; the Cuffley Lode is expected to support a significant increase in mine production to 60–65,000oz Au eq pa from the high-grade core of the lode through mid-2015. . .this was positive news for the company and continues the trend of good technical management of the project. . .management has demonstrated its ability to improve production and lower costs at Costerfield."

Andrew Kaip, BMO Capital Markets (9/10/13) "Mandalay Resources Inc.'s Cuffley PEA points toward higher production at Costerfield. . .the results of the PEA are broadly in line with BMO Research expectations and show a low-capital, low-risk approach toward near-term production growth at Costerfield."

Chris Thompson, Raymond James (9/10/13) "Mandalay Resources Inc. provided a PEA assessing the expansion potential of its Costerfield gold-antimony mine in Australia, which was in line with our expectations. We are maintaining our Outperform rating. . .we continue to believe exploration upside and reserve/resource growth remain."

Anthony Wagg, Edison Investment Research (8/12/13) "Mandalay Resources Corp.'s H1/13 figures showed both its mines performing well, with increased full-year guidance for gold, silver and antimony production. This came from greater efficiency and better extraction. . .the company's immediate future looks good."

Benjamin Asuncion, Haywood Securities (8/9/13) "Mandalay Resources Corp. reported a strong operational quarter with record gold production from the Costerfield project and silver production at the Cerro Bayo project. In addition, both operations demonstrated improvements in operating costs on a US$/t milled basis. . .Costerfield delivered another solid quarter across all metrics—throughput, grades, recoveries and costs. . .a strong quarter from Cerro Bayo comes on the back of higher throughput, grades and recoveries."

Chris Thompson, Raymond James (8/9/13) "Operationally Mandalay Resources Corp. performed very well during Q2/13, with costs significantly lower than anticipated at both Costerfield and Cerro Bayo. . .the company ended the quarter with $23.9M in cash and access to a recently revised $30M credit facility."

Duncan Hughes, RFC Ambrian (8/9/13) "Mandalay Resources Corp. remains debt free while producing significant cash flow from operations, enabling a regular quarterly dividend stream. . .the company is a low-cost gold-silver-antimony producer that has impressed us by delivering on its promises."

Craig Stanley, Stifel Nicolaus (8/6/13) "Recapping previously announced Q2/13 production results from Mandalay Resources Corp., at Cerro Bayo, Chile, production was 6,167 oz gold and 921,895 oz silver, both record amounts. . .production from the Costerfield mine in Australia was 6,879 oz gold and 738 tonnes antimony, a record quarter for gold production and the third best quarter for antimony production. . .a PEA on the high-grade Cuffley lode at Costerfield is scheduled to be released in Q3/13 that is expected to involve an expansion of the plant from the current 340 tpd to 500 tpd in 2015 at an estimated cost of US$25M."

The Gold Report Interview with Ralph Aldis (7/24/13) Ralph Aldis: Mandalay Resources Corp. is a producer currently evaluating potential acquisitions. Normally that's a negative, but it has shown it does very smart acquisitions. It found projects with either people or technical issues and fixed the problem. It turned them around and immediately started paying dividends out of its cash.

TGR: Can Mandalay be profitable at $1,200/oz gold and $18/oz silver?

RA: Yes. Our all-in production cost right now is $1,180/oz, and that's converting the gold, silver and even antimony to gold equivalent for cost. It's turning a profit, but margins are thin. Mandalay also has good management; it understands what investors want from a mining company. It's refreshing when you hear Mandalay's management present its accomplishments and vision of management. More >

Benjamin Asuncion, Haywood Securities (7/23/13) "Mandalay Resources Corp. delivered production results that beat our expectations for gold and silver, which we speculate was due to higher grades and recoveries. . .our investment thesis for the company is underpinned by its ability to grow and protect margins by delivering on the exploration upside at its operations. . .for Cerro Bayo, we see expanding production from 1.3 Moz silver and gold in 2011 to 3.1 Moz in 2013."

Andrew Kaip, BMO Capital Markets (7/19/13) "Mandalay Resources Corp. reported that operations have resumed at the Cerro Bayo mine. . .mining operations resumed on July 18 and the mill is expected to restart processing today, July 19. Our 2013 production forecast for Cerro Bayo is 3 Moz silver and 23 Koz gold."

Benjamin Asuncion, Haywood Securities (7/11/13) "Mandalay Resources Corp. delivered consolidated production 922 Koz silver, 13 Koz gold and 738 tonnes of antimony from. . .the Cerro Bayo silver-gold mine in Chile and the Costerfield gold-antimony mine in Australia. Actual results compare with Haywood production estimates of 877 Koz silver, 10.9 Koz gold and 714 tonnes of antimony. . .Mandalay reported Q2/13 production results that exceeded our expectations, notably for silver and gold; as a result of the strong performance in H1/13, Mandalay increased gold production guidance for Costerfield and stated it anticipates delivering on the upper range of previous guidance for silver and gold at Cerro Bayo, and antimony at Costerfield."

Duncan Hughes, RFC Ambrian (7/11/13) "Mandalay Resources Corp. has announced record gold and silver production figures for Q2/13 and near-record antimony production. The company's Q2/13 saleable production totaled 13,046 oz gold, 738 t antimony and 921,895 oz silver, representing a total of 33,558 oz gold equivalent. . .we continue to rate Mandalay as a Buy."

Craig Stanley, Stifel Nicolaus (7/11/13) "Mandalay Resources Corp. announced production and sales results for Q2/13 and an positive update on production guidance. . .production beat at both Costerfield and Cerro Bayo and management reaffirmed confidence that full-year production will be at the upper end of previous production guidance for gold and silver from Cerro Bayo and antimony from Costerfield. In addition, management raised gold production guidance for Costerfield to 20–25 Koz from 18–21 Koz previously."

Duncan Hughes, RFC Ambrian (7/4/13) "Mandalay Resources Corp. announced an amendment to its secured revolving credit facility, effective June 28, 2013. . .the credit limit has been increased from US$20M to US$30M up to and including June 30, 2014, and will reduce back down to US$20M thereafter. . .Mandalay is one of a shrinking number of producers that is consistently generating cash flow from operations; we perceive the increased debt facility as a move by management to allow it to pounce quickly on any potential acquisition opportunities. . .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."

Andrew Kaip, BMO Capital Markets (7/3/13) "Mandalay Resources Corp. announced amendments to its secured revolving credit facility; the facility was temporarily increased to $30M from $20M through to June 30, 2014, (falling back to $20M thereafter) and the maturity extended to June 30, 2015. We have a positive view of the amendments, as they increase the company's financial flexibility during a period of depressed precious metal prices."

Benjamin Asuncion, Haywood Securities (7/3/13) "Mandalay Resources Corp. amended its revolving credit facility with BMO Capital Markets, increasing the credit limit to $30M (+$10M) and extending the maturity date. . .the increased credit and longer maturity provide the company with additional degrees of operating flexibility. The revised credit facility supports potential near-term funding requirements of the capital program ($47.3M estimated for exploration and development in 2013) and allows management to be more nimble when potential acquisition opportunities are presented."

The Metals Report Interview with Chris Ecclestone (7/2/13) "There are a couple of options for antimony exposure. One is Toronto-listed Mandalay Resources Corp. It's a gold-antimony mine in Australia. . .gold deposits often are associated with antimony, so it has a double-whammy positive effect because both elements have high value. Given the choice between a gold deposit and a gold-antimony deposit, I would take the latter." More >

BMO Capital Markets (6/28/13) "Mandalay Resources Corp. is an emerging junior silver producer that provides investors internally funded production growth of 46% over the next two years. . .the company is transitioning into a junior silver producer with a credible track record. As investor confidence builds on Mandalay's execution capabilities, BMO Research expects the company's share price to appreciate."

Chris Thompson, Raymond James (6/6/13) "We are impressed that over the last two years Mandalay Resources Corp. has succeeded in turning around its Costerfield operation, underpinned by both improving mine and plant efficiencies, and exploration success. . .success at near-mine site targets has led to expansion potential offered by the N Lode (currently in production) and development potential at the Cuffley Lode (currently being developed for production), both of which provide us comfort for an increased mine life. . .we believe both higher grades (from Cuffley development) and improving operating performance over the past two years offer near-term production growth at reduced operating costs going forward."

The Gold Report Interview with Maria Smirnova (5/22/13) "We own names like Mandalay Resources Corp. . .Cerro Bayo's production dipped a bit in Q1/13, but the reason was to accommodate the installation and commissioning of some new equipment designed to improve metallurgical recoveries, so I do not view the shortfall as negative at all. I expect the company to meet its 2013 overall production guidance despite whatever hiccups it had in Q1. In fact, Mandalay tends to exceed guidance. Management is guiding around 3 Moz silver and 20 Koz gold production in 2013. This year, using $24/oz silver, I estimate about $0.16 cash flow per share, which implies that the stock is at about 5.5 times cash flow right now and has a 3.5% dividend yield. . .[Mandalay compares] very favorably [to its peers]. The majors are trading at 13–15 times cash flow, using a current silver price." More >

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."

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."

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."

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."

Benjamin Asuncion, Haywood Securities (4/18/13) "Mandalay Resources Corp. reported consolidated production of 611 Koz silver, 10,635 oz gold and 766 t antimony for Q1/13. . .at Costerfield, production results came in above expectations with record gold production and near-record antimony production."

Andrew Kaip, BMO Capital Markets (4/18/13) "Mandalay Resources Corp's Cerro Bayo mill modifications will likely boost production longer term through higher recoveries. . .the company is rated Outperform with a CA$1.40 target price."

Chris Thompson, Raymond James (4/18/13) "Mandalay Resources Corp. released Q1/13 production results and sales. Overall, production results were reported in line with our estimates. . .the company is maintaining its full-year production guidance."

Craig Stanley, Stifel Nicolaus (4/18/13) "Mandalay Resources Corp. reported Q1/13 production: A beat at Costerfield offset a miss at Cerro Bayo. . .production from the Costerfield mine in Australia was 6,203 oz gold and 766 mt antimony, 16% and 25% respectively above our estimates. This was also a record quarter for gold production and the second-best quarter for antimony production."

Raymond James (4/11/13) "We single out Mandalay Resources Corp. as one of our preferred choices in producers. We look for the execution of production growth strategies that will, we feel, underpin share price appreciation in the near term. . .36% production growth is anticipated in the next two years (2012E – 2014E) to ~3 Moz Ag/year, but with significant production from gold and antimony (~4.2 Moz Ag eq. in 2014E). . .it has an operating margin of ~52% that we anticipate will remain. . .we have a $1.50 target price."

Duncan Hughes, RFC Ambrian (3/7/13) "Mandalay Resources Corp. announced that its 2012 exploration efforts have resulted in increased mineral reserves. . .contained gold in mineral reserves grew by 33%, contained silver by 14%, and contained antimony by 38%, all net of mine depletion, in year-end 2012 independent estimations at its Cerro Bayo, Chile, and Costerfield, Australia, mines. . .these results are impressive and a testament to the company's commitment to exploration and, of course, the exploration potential at both projects. . .we continue to rate Mandalay as a Buy and value the company on a sum-of-the-parts basis; we have lifted our target price to CA$1.27."

Chris Thompson, Raymond James (3/6/13) "Mandalay Resources Corp. released its 2013 reserve and resource estimates. . .we view the results as positive, as the company grew reserves and Measured and Indicated resources at both mines (more importantly at Cerro Bayo) as well as replenished 2012 production tonnes. . .at Cerro Bayo reserves grew from ~2.1 Mt to ~2.4 Mt, which represents ~5 years of modeled reserve-supported mine life, with in-line silver grades (241 g/t versus 246 g/t) and higher gold grades (2.2 g/t versus 1.9 g/t). . .at Costerfield, reserves doubled from ~88,000 tonnes to ~178,000 tonnes, which represents ~1.5 years of modeled reserve-supported mine life."

Andrew Kaip, BMO Capital Markets (3/6/13) "Mandalay Resources Corp. provided a resource update for its Cerro Bayo mine in Chile and Costerfield mine Australia. Total consolidated reserves of 18Moz silver and 214 Koz gold increased 9.4% and 26.7%, respectively, net of mine depletion through 2012. . .the company's ongoing focus on exploration has been successful at growing reserves above mine depletion as well as addressing initial concerns of short reserve lives at both Cerro Bayo and Costerfield."

Chris Thompson, Raymond James (2/22/13) "We continue to rate shares of Mandalay Resources Corp. Outperform and recommend small-cap investors purchase shares. . .its balance sheet is cleaned up and healthy—the company has now repaid all outstanding debt and all hedging facilities have expired. . .our $1.50 target price is derived by applying a 7x multiple to our 2013 cash flow per share estimate for Mandalay's producing assets, which we feel adequately captures the company's growth profile, balance sheet strength and diversified metal focus. . .overall 2012 annual financial and operational results were delivered ahead of our expectations."

Benjamin Asuncion, Haywood Securities (2/22/13) "Mandalay Resources Corp. reported Q4/12 financial results that were in line with our and consensus expectations. . .the company has repaid all debt and is debt free, a second quarterly dividend was declared ($0.01/share quarterly), Costerfield operations have shown significant improvement in both costs and throughput and Cerro Bayo continues to deliver consistent results. . .our $1.70 target and Sector Outperform rating remain."

Chris Thompson, Raymond James (2/21/13) "Overall, Mandalay Resources Corp.'s 2012 operating and financial results were delivered ahead of our expectations. . .the company reported operating cash flow of $74.1M or $0.20/share, which compares to our estimate of $66.1M or $0.18/share and consensus of $0.19/share. . .Mandalay has now repaid all outstanding debt, and all hedging facilities have been eliminated. The company ended 2012 with ~$17.2M in cash, handedly beating our estimate of $6M. . .Mandalay remains in a strong financial position to meet its dividend requirements (currently yielding ~4%) and fund growth initiatives."

Andrew Kaip, BMO Capital Markets (2/20/13) "Mandalay Resources Corp. had a solid finish to 2012. . .EPS came in at US$0.06, above consensus at US$0.05 and in line with BMO Research at US$0.06. The company prereleased sales of 891 Koz silver, 11.2 Koz gold and 809 Kt antimony and production of 895 Koz silver, 10.9 Koz gold and 785 Kt antimony in mid-January. . .and ended Q4/12 in a net cash position of US$17.3M."

Craig Stanley, Stifel Nicolaus (2/19/13) "Mandalay Resources Corp. is scheduled to release its Q4/12 earnings. . .we are expecting an EPS of $0.05, an increase of $0.01 from our prior estimate, as Q4/12 production results were ahead of our estimates for both the Cerro Bayo and Costerfield mines. . .at spot prices we expect the company to generate US$36M in free cash flow in 2013."

Craig Stanley, Stifel Nicolaus (2/19/13) "Mandalay Resources Corp. is scheduled to release its Q4/12 earnings. . .we are expecting an EPS of $0.05, an increase of $0.01 from our prior estimate, as Q4/12 production results were ahead of our estimates for both the Cerro Bayo and Costerfield mines. . .at spot prices we expect Mandalay to generate US$36M in free cash flow in 2013."

The Metals Report Interview with Chris Ecclestone (2/12/13) "I like Mandalay Resources Corp., which is a gold-silver-antimony play. The phenomenal recent uplift in antimony has been driving the stock. Antimony has been a much better performer than the rare earth elements (REEs) have. Mandalay's stock has doubled since July—and it's very hard to find any producer's stock that has doubled in the last six months. . .It's a 'by appointment only' sort of investment story that people speak about behind cupped hands. There are a lot of companies out there that talk about what they're doing and don't do anything. This company's not as aggressive in promoting its story, but it hasn't damaged its stock price at all. . .it did recently announce that it discovered a new zone at its Costerfield mine. The potential to expand there is enormous. It wasn't focusing too much on antimony and then it realized the attractions of that metal. It's certainly the sexiest thing about Mandalay." More >

Chris Thompson, Raymond James (1/29/13) "34% production growth anticipated in next two years (2012–2014 [estimated]) to ~3 Moz Ag per year [ranks] Mandalay Resources Corp. as a junior silver miner (<5 Moz Ag/year production), but with significant production from gold and antimony (~4.2 Moz Ag eq in 2014 [estimated]). . .watch for potential improvements in operating costs and grades at the Cerro Bayo and Costerfield mines. . .we expect reserve/resource updates at both Cerro Bayo and Costerfield by the end of Q1/13 [and a] PEA at Costerfield by mid-2013. . .2012 production results are expected by the end of January 2013."

Benjamin Asuncion, Haywood Securities (1/15/13) "Mandalay Resources Corp. reported consolidated Q4/12 production that exceeded expectations. . .Cerro Bayo production of 0.9 Moz Ag plus 5 Koz Au versus our expectations of 0.8 Moz Ag and 5.2 Koz Au. . .and Costerfield production of 5.9 Koz Ag plus 0.8 Kt of antimony compared with our estimate of 4.1 Koz Au and 0.6 Kt antimony. . .catalysts for future share price movements include the PEA for the Cuffley Lode at Costerfield in mid-2013 and possible M&A activity."

Chris Thompson, Raymond James (1/15/13) "Mandalay Resources Corp. is a well-managed, diversified producer that offers attractive production and resource potential. We continue to rate shares of the company Outperform. . .Mandalay reported Q4/12 consolidated production of 895 Koz Ag, 10.9 Koz Au and 785 t Sb, which beat our estimates of 700 Koz Ag, 10.1 Koz Au and 677 t Sb."

Andrew Kaip, BMO Capital Markets (1/14/13) "Mandalay Resources Corp. posted a strong finish to 2012. . .the company released Q4/12 production of 895 Koz of silver, 10.9 Koz of gold and 785 t of antimony, solidly above BMO Research expectations. . .metal sales of 891 Koz silver, 11.2 Koz of gold and 809 t of antimony were above BMO Research expectations and are expected to positively impact Q4/12 earnings."

Craig Stanley, Stifel Nicolaus (1/14/13) "Our 2013 production estimates for Mandalay Resources Corp. consist of 2.85 Moz of silver plus 21 Koz of gold from Cerro Bayo (management guiding 2.8–3.1 Moz of silver and 18–21 Koz of gold) and 20,100 oz of gold plus 2,600 tonnes of antimony from Costerfield (management guiding 18–21 Koz of gold and 2,800–3,000 tonnes of antimony). . .the company is now debt free. As well, on Dec. 5, 2012, management declared its first quarterly dividend of $0.01/share and is approved to buy back up to 5% of its shares. . .we reiterate our Buy rating and are increasing our 12-month target price from $1.10/share to $1.60/share."

Andrew Kaip, BMO Capital Markets (1/8/13) "Mandalay Resources Corp. reported the results of exploration programs conducted at the Cerro Bayo and Costerfield mines during H2/12. . .at Cerro Bayo, extension drilling at Cayolita highlights good continuity of gold-silver mineralization that should support future development. Extension drilling at Costerfield has outlined significant extensions of mineralization in the N and Cuffley Lodes. . .Mandalay is rated Outperform with a $1.20 target price."

Chris Thompson, Raymond James (11/27/12) "We are initiating coverage on Mandalay Resources Corp. with an Outperform rating and a CA$1.50 target price. . .we recommend that investors buy shares on the company's ability to grow near-term cash flow and the potential for value creation via merger and acquisitions. . .we anticipate a production growth profile, fueled by mine expansions from the Cerro Bayo mine in Chile supported by the redevelopment potential offered by the Costerfield mine in Australia, both of which enable a three-way metal production mix (silver, gold, antimony) in concentrates that are sold internationally. . .we believe that future growth opportunities await."

Benjamin Asuncion, Haywood Securities (11/12/12) "In Q3/12 Mandalay Resources Corp. delivered a second consecutive quarter of solid production and operational cash flow—providing for the repayment of debt and returning value to shareholders through a buyback and quarterly dividend. . .the company will be debt-free by year-end. . .a development decision for the expansion at Cerro Bayo to 1,400–1,600 tpd is anticipated in Q4/12 and development plans for the Cuffley lode at Costerfield are anticipated in 2013. . .our $1.60 target and Sector Outperform rating remain."

Proactive Investors (11/9/12) "Mandalay Resources Corp. posted Q3/12 revenues of $48.8M and EBITDA of $23.4M in 'record' results. . .the figures were achieved as its mines, Cerro Bayo and Costerfield, reached design production and reduced costs. The board has therefore declared an initial quarterly dividend of CA$0.01/share, payable on Dec. 5 this year to shareholders of record as of Nov. 20 this year."

The Critical Metals Report Interview with Chris Ecclestone (10/30/12) "I think Mandalay Resources Corp. is more of an antimony company with a gold byproduct. Antimony often occurs with some other metal, like lead or gold. If a company can get antimony and gold together, it's hit the jackpot. Mandalay has that. It also has enormous potential to develop other antimony mines. More >

The Gold Report Interview with Charles Oliver (10/24/12) "Mandalay Resources Corp. is run by Brad Mills, who used to run a platinum company in South Africa and is a well experienced mining CEO. You'd think with good people and assets that you'd get a premium valuation, but companies like Mandalay are trading at single-digit price to earnings ratios. There are great values and opportunities out there." More >

Andrew Kaip, BMO Capital Markets (10/15/12) "Mandalay Resources Corp. announced Q3/12 production of 750.2 Koz silver, 8.8 Koz gold and 594t of antimony, excluding positive inventory adjustments of 55 Koz silver and 0.3 Koz gold at Cerro Bayo. Both silver and gold production registered strong beats (29% and 9%, respectively). . .with the Q3/12 results, the company appears to be on track to achieve 2012 estimated production guidance of 2.7–3 Moz silver and 12–16 Koz gold."

Benjamin Asuncion, Haywood Securities (10/9/12) "We are re-initiating formal coverage on Mandalay Resources Corp. . .our target price implies a 78% return and justifies a Sector Outperform rating. . .the expansion of Cerro Bayo to 1,200 tpd in H2/14, coupled with the incorporation of the Cuffley lode at Costerfield in 2014, provides for a production platform capable of delivering 3.6 Moz primary silver plus gold or 8.4 Moz silver equivalent production in 2014."

Jonathan Williams, RFC Ambrian (9/14/12) "Our top low-cost producer is Mandalay Resources Corp."

Andrew Kaip, BMO Capital Markets (9/9/12) "We are initiating coverage of Mandalay Resources Corp. with an Outperform rating and a CA$1.15 target price. . .the company is an emerging junior silver producer that provides investors internally funded growth of 151% over the next three years. A smart acquisition of the Cerro Bayo mine in 2009 provides Mandalay Resources with a flagship asset that has above-average asset quality. . .the company is transitioning into a junior silver producer with a credible track record."

Craig Stanley, Stifel Nicolaus (8/14/12) "We are initiating coverage of Mandalay Resources Corp. with a Buy rating and 12-month target price of $1.10/share. . .we believe the company is entering a period of accelerated production growth due to forecast development of both Delia SE at Cerro Bayo and the recently discovered high-grade Cuffley lode at Costerfield. We forecast production of 5.4 Moz Ag eq (Ag eq oz) in 2012, rising to 8.2 Moz Ag eq in 2015."

Chris Thompson, Haywood Securities (7/10/12) "Mandalay Resources Corp.'s Q2/12 metal production from Cerro Bayo and Costerfield exceeds expectations. While H1/12 exploration delivers modest reserve and resource growth, results continue to demonstrate potential for significant resource growth by year-end. The company remains on track to deliver 2.5 Moz Ag, 27 Koz Au plus 2,000 t Sb production in 2012. . .we reiterate our $1.15 target price and Sector Outperform rating on Mandalay Resources."

Chris Thompson, Haywood Securities (5/10/12) "Higher-than-anticipated revenue and operating cash flow (before working capital) backstops a solid Q1/12 for Mandalay Resources Corp. . .Costerfield exceeds expectations in all respects. The company remains on track to deliver 2.5 Moz Ag, 27 Koz Au plus 2,000 t Sb production in 2012. . .we reiterate our $1.40 price target and Sector Outperform rating for Mandalay Resources."

fewer comments
Due to permission requirements, not all quotes are shown.

Mandalay Resources Corp. Content






Back to Top