Mandalay Resources Q4 Production Drops 5.4%; 2024 Output Near High End of Guidance-July 2024-www.financetom.com

Mandalay Resources Q4 Production Drops 5.4%; 2024 Output Near High End of Guidance

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Mandalay Resources Q4 Production Drops 5.4%; 2024 Output Near High End of Guidance

Jan 13, 2025 5:43 AM

08:25 AM EST, 01/13/2025 (MT Newswires) -- Mandalay Resources ( MNDJF ) on Monday said fourth-quarter production of gold and antimony from its mines in Sweden and Australia fell 5.4% while full year production came in at the high end of its guidance.

Fourth-quarter production from its Costerfield mine in Australia and Bjorkdal mine in Sweden totaled 25,496 gold-equivalent ounces (GEO), down from 26,941 GEO in the year-prior period. Output in 2024 rose 8.2% to 91,129 GEO, within the company's guidance for the year of 90,000 to 100,000 GEO.

"We are pleased to have achieved the upper end of our production guidance range for 2024 ... The exceptional performance at Costerfield, particularly in the fourth quarter, continues to underscore the cash generating potential of our assets and our ability to deliver consistent results.," chief executive Frazer Bourchier said in a release.

Mandalay said it ended the year with US$76 million in cash on hand.

The company's shares closed up $0.04 to $4.18 Friday on the Toronto Stock Exchange and have surged 126% over the past 12 months.

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