05:21 PM EDT, 07/09/2025 (MT Newswires) -- Mandalay Resources ( MNDJF ) after trade Wednesday released its production results for the second quarter.

During the quarter ended June 30, the company produced a total of 19,328 ounces of gold and 137 tonnes of antimony, which together amounted to 22,554 gold equivalent ounces. This marks a drop from the same period in 2024, when it produced 23,626 ounces of gold and 359 tonnes of antimony, totaling 26,372 gold equivalent ounces.

At the Bjorkdal mine, gold production was 11,183 ounces, down from 12,599 ounces in the year-ago quarter. The Costerfield mine produced 8,145 ounces of gold and 137 tonnes of antimony, compared to 11,027 ounces of gold and 359 tonnes of antimony during the same period last year.

The company also ended the quarter with US$101 million in cash, an increase of US$13 million compared to the previous quarter, despite ongoing investments in sustaining and growth-related capital expenditures.

The company said it sold 21,247 gold equivalent ounces over the quarter and commissioned a new tailings dam at Costerfield with a seven-year capacity.

"With $101 million in cash and no debt, Mandalay brings a strong financial position and operational performance to the pending Alkane merger, which is expected to close in early August. The combined company will be nearly double the size of Mandalay and will be well-positioned for a potential valuation re-rate," Chief Executive Frazer Bourchier said.

Mandalay shares closed up $0.01 to $4.65 on the Toronto Stock Exchange.