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Mandalay Resources Reports Solid Q3 2024 Financials and Debt-Free Balance Sheet
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PR Newswire
TORONTO, Nov. 6, 2024
TORONTO, Nov. 6, 2024 /PRNewswire/ - Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND) (OTCQB: MNDJF) is pleased to announce strong financial results for the third quarter ended September 30, 2024. The Company reported a robust 35% year-over-year increase in revenue to $55.3 million, along with meaningful improvements in net income and operating cash flow.
The Company's condensed and consolidated interim financial result for the quarter ended September 30, 2024, together with its Management's Discussion and Analysis ("MD&A") for the corresponding period, can be accessed under the Company's profile on www.sedar.com and on the Company's website at www.mandalayresources.com. All currency references in this press release are in U.S. dollars except as otherwise indicated.
Third Quarter 2024 Highlights:
- Strengthened Balance Sheet: Cash balance of $54.7 million as at September 30, 2024, with no debt;
- Cash Flow: Generated $20.6 million and $12.9 million in cash flow from operating activities and free cash flow1, respectively;
- Revenue Growth: Consolidated revenue up by 35% as compared to Q3 2023, at $55.3 million;
- Björkdal recorded its second highest quarterly revenue of $28.0 million;
- Costerfield generated $27.3 million in quarterly revenue;
- Cost: Consolidated cash operating cost1 of $1,322 and all-in sustaining cost1 of $1,790 per ounce of saleable gold equivalent production; and
- Profitability: Consolidated net income was $5.4 million ($0.06 or C$0.08 per share), compared to $4.1 million ($0.04 or C$0.06 per share) in Q3 2023.
Frazer Bourchier, President, and CEO commented:
"Mandalay's Q3 2024 results demonstrate our commitment to a disciplined financial strategy across both operations. This approach has enabled us to continue to generate cash flow and to further fortify our balance sheet. Q3 was always anticipated to be the lowest production quarter of the year, with Björkdal facing additional weather challenges and Costerfield experiencing grade variability. At Björkdal, will continue focusing on higher-margin ounces and operational efficiency, while Costerfield's mining schedule is set to shift back towards higher-grade areas in the last quarter of this year. Therefore, as we transition into Q4, we anticipate a return to first-half production run-rate levels, and still expect to achieve our full-year guidance of 90,000 to 100,000 ounces."
Hashim Ahmed, CFO commented:
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"Revenue growth and free cash flow generation reflect our cost controls and prudent capital management while benefitting from high metal prices. As of the end of Q3 our cash balance was a healthy $54.7 million – more than doubling since December 2023 – and we have fully repaid the $20 million outstanding balance on our revolving credit facility, strengthening our liquidity and financial flexibility. This position supports Mandalay's pursuit of strategic growth opportunities while balancing operational investments.
"Our cash operating cost per ounce rose to $1,322 year-over-year, driven by higher processing expenses and temporarily lower production at both sites. These increased processing costs were primarily related to tailings and water management at Costerfield, and an increased percentage of lower grade surface stockpile throughput to maximize feed at Björkdal. Our all-in-sustaining cost also increased to $1,790 per ounce. We remain focused on implementing cost control measures in the coming quarters."
Mr. Bouchier concluded, "Our focus on execution and cost management underpins our broader growth objectives. We are committed to maximizing shareholder value through careful capital allocation, operational rigor, and enhancing our asset base to deliver sustainable, long-term returns for our stakeholders."
Third Quarter 2024 Financial Summary
The following table summarizes the Company's consolidated financial results for the three and nine months ended September 30, 2024 and 2023:
| ($ thousands, except where indicated) | Three months ended | Nine months ended | ||
| September 30, | September 30, | |||
| | 2024 | 2023 | 2024 | 2023 |
| Revenue | 55,289 | 40,907 | 173,854 | 122,756 |
| Cost of sales | 25,911 | 24,245 | 78,104 | 80,087 |
| Adjusted EBITDA (1) | 27,243 | 15,422 | 89,840 | 37,257 |
| Adjusted net income (1) | 10,557 | 3,654 | 39,511 | 943 |
| Consolidated net income | 5,352 | 4,068 | 27,097 | 5,146 |
| Capital expenditure | 9,004 | 10,018 | 30,940 | 32,889 |
| Total assets | 323,728 | 273,548 | 323,728 | 273,548 |
| Total liabilities | 96,242 | 91,669 | 96,242 | 91,669 |
| Adjusted net income (loss) per share (1) | 0.11 | 0.04 | 0.42 | 0.01 |
| Consolidated net income per share | 0.06 | 0.04 | 0.29 | 0.06 |
| 1. | Adjusted EBITDA, adjusted net income and adjusted net income per share are non-GAAP performance measures with no standard definition under IFRS. Refer to "Non-GAAP Performance Measures" at the end of this press release for further information. |
In Q3 2024, Mandalay generated consolidated revenue of $55.3 million, 35% higher than $40.9 million in the third quarter of 2023. This was mainly due to higher average realized metal prices: $2,557 per ounce for gold and $25,821 per tonne for antimony in Q3 2024 compared to $1,993 per ounce for gold and $12,069 per tonne for antimony in Q3 2023.
Mandalay generated adjusted EBITDA of $27.2 million in the third quarter of 2024 compared to $15.4 million in the third quarter of 2023. The increase in adjusted EBITDA was mainly due to higher revenue in the current quarter. Adjusted net income was $10.6 million in the third quarter of 2024, which excludes a $5.2 million loss on financial instruments, compared to an adjusted net income of $3.7 million in the third quarter of 2023.
Consolidated net income was $5.4 million for the third quarter of 2024, versus $4.1 million in the third quarter of 2023. Mandalay ended the third quarter of 2024 with $54.7 million in cash and cash equivalents.
Third Quarter Operational Summary
The table below summarizes the Company's production, capital expenditures and operational unit costs for the three and nine months ended September 30, 2024 and 2023:
| | Three months ended | Nine months ended | ||
| September 30, | September 30, | |||
| | 2024 | 2023 | 2024 | 2023 |
| Costerfield | | | | |
| Gold produced (oz.) | 8,218 | 8,377 | 31,221 | 23,041 |
| Antimony produced (t) | 252 | 395 | 1,015 | 1,456 |
| Gold equivalent produced (oz.) Werbung Mehr Nachrichten zur Mandalay Resources Corp Aktie kostenlos abonnieren
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