Mandalay Resources Corp.

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.

Expert Comments:

Mike Parkin, Desjardins Securities (1/19/15)
"This morning after market open, we learned that Mandalay Resources Corp. sold its non-core Lupin and Ulu projects, which are both located in Nunavut, to WPC Resources Inc. In exchange for these two properties, Mandalay will receive CA$3M in cash upon closing (expected to close on May 15, 2015) as well as 18M WPC Resources common shares valued at ~CA$1M at the current trading price of CA$0.06/share to be paid to the company in three installments. . .we view this transaction as a positive for Mandalay as we do not give any value to the Lupin or Ulu properties in our model."

Mike Parkin, Desjardins Securities (1/13/15)
"We met with Brad Mills, CEO and Executive Director of Mandalay Resources Corp. today, and came away with higher conviction in our Top Pick rating. The current 2015 guidance calls for a 14% year-over-year increase in production using the midpoint of the 167–185 Koz gold equivalent range, but the total cash cost guidance is not reflecting recent FX and oil price moves—management has locked-in on the oil side through derivatives, capping the price at $60/bbl while maintaining participation to the downside. At $60/bbl oil, the cost savings are about $7M year-over-year or about $40/oz gold equivalent at spot prices."

Chris Thompson, Raymond James (1/12/15)
"We are maintaining our Strong Buy rating on Mandalay Resources Corp. and are increasing our target to $1.30 (from $1.20) following the release of stronger-than-expected Q4/14 production and sales. . .the company delivered 155 Koz Au eq in 2014, which met the upper end of its 141–156 Koz Au eq guidance range and represented a 22% increase over the 127 Koz Au eq delivered in 2013."

Benjamin Asuncion, Haywood Securities (1/12/15)
"Mandalay Resources Corp. had a strong finish to 2014, with record production from Cerro Bayo and Costerfield. . .Cerro Bayo delivered production that significantly exceeded expectations (+17% higher on an Au eq basis) from what we estimate to be attributed to higher grades and, to a lesser extent, recoveries."

Andrew Kaip, BMO Capital Markets (1/12/15)
"Mandalay Resources Corp. released Q4/14 saleable production of 31.6 Koz gold and 1,021.2 Koz silver, essentially ~6% and ~26% above our research forecasts of 29.9 Koz gold and 757.8 Koz silver, respectively. . .Q4/14 gold equivalent production of 52.6 Koz was ~10% above our forecast at 47.5 Koz."

Mike Parkin, Desjardins Securities (1/12/15)
"This morning before market open, Mandalay Resources Corp. announced its Q4/14 and 2014 annual production results of 52,601 oz gold equivalent and 154,810 oz gold equivalent, respectively, which is at the upper end of guidance that ranged from 141–156 Koz gold equivalent. . .we were impressed with the 9% beat to our estimate (reliable consensus estimates were not available). The outperformance came from Cerro Bayo, which produced 22% more gold equivalent than we were expecting."

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