08:21 AM EST, 12/17/2024 (MT Newswires) -- Mandalay Resources ( MNDJF ) on Tuesday said it expects to meet its 2024 production guidance even as it lowered its targets for the coming year.

The company, which operates mines in Australia and Sweden, said its production of gold and antimony this year will reach its forecast of running between 90,000 and 100,000 gold-equivalent ounces (GEOs), but expects 2025 output to run between 85,000 and 95,000 GEOs.

Mandalay expects all-in sustaining costs to run between US$1,795 and US$1,975 per GEO next year, up from the US$1,790 it averaged in the third quarter.

"Looking ahead to 2025, we expect to continue to generate robust cashflow from both gold and antimony production. Due to planned mine sequencing, we expect Costerfield's 2025 production to be 43,000 - 48,000 gold equivalent ounces followed by higher production in 2026. 2025 is a key mine development year at Costerfield with a planned investment of $18 - $20 million in sustaining capital, to enable mining flexibility, long-term growth, and sustained profitability," Chief Executive Frazer Bourchier said.

Mandalay shares closed up $0.36 to $4.76 on the Toronto Stock Exchange. The shares have gained 156% over the past 12 months.