MND:TSX

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:

Andrew Kaip, BMO Capital Markets (2/25/15)
"Brad Mills, CEO and director of Mandalay Resources Corp., presented at the 2015 BMO Global Metals & Mining Conference. . .the company continues to be focused on growth of sustainable cash margins and projects that demonstrate strong returns in a weak metal price environment. . .Mandalay expects to produce between 167–185 Koz gold equivalent over 2015."

Jay Taylor, Gold, Energy & Tech Stocks (2/20/15)
"Mandalay Resources Corp's cash exceeds all long-term liabilities. This company is run by a team of experienced mining professionals. If you want to hold gold exposure in quest of the turn in the price of gold, this is a reasonably good way to do so. There should not be much downside from here but a lot of upside once the gold price finally turns upward. With its strong operating performance, I am hopeful the company can grow organically without needing to issue many more shares."

Benjamin Asuncion, Haywood Securities (2/19/15)
"Mandalay Resources Corp.'s exploration efforts at Cerro Bayo and Costerfield resulted in the replacement of reserves, net of depletion, while the tabling of an independent reserve and resource estimate for Björkdal provides a benchmark for evaluation going forward. We look to incorporate the results from the current reserve and resource estimates upon review of the technical documents (filing anticipated within 45 days)."

Mike Parkin, Desjardins Securities (2/18/15)
"Mandalay Resources Corp. reported Q4/14 adjusted earnings of $5.5M or $0.02/share, relatively in line with our estimate of $0.03 and the other available analyst estimate of $0.03; cash flow per share of $0.05 was in line with our $0.06 estimate. The company ended the year with a cash balance of $49M, in line with our estimate of $50.9M."

Chris Thompson, Raymond James (2/18/15)
"We are maintaining our Strong Buy rating and CA$1.30 target price on Mandalay Resources Corp. following in line Q4/14 financial results and updated year-end reserves/resources estimates. . .we continue to regard the company as a top quality story and view an investment in Mandalay as a sound option (in a volatile precious metals sector) underpinned by our view of its strong management team, a robust and prudent growth profile, a diversified metal and jurisdictional mix, a history of delivering and beating expectations and an ability to deliver free cash flow at current metal prices."

Jim Taylor, RFC Ambrian (2/18/15)
"While infill drilling at Mandalay Resources Corp.'s Cerro Bayo and Costerfield has effectively replaced 2014 resource depletion and extended the life-of-mine for each mine, publication of the initial reserve estimate for Bjorkdal represents the most significant milestone for the company. The company believes the 432 Koz Au 2P reserve base should support an eight-year mine life at current production rates. Based on the consideration of some US$65M Mandalay paid to take over Elgin Mining Inc., the previous owner of Bjorkdal, the company estimates the acquisition cost of reserves to have been US$150/oz Au."

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