04:54 PM EDT, 07/10/2024 (MT Newswires) -- Mandalay Resources ( MNDJF ) on Wednesday said its second-quarter production rose by 26% on higher out from its two mines.

The company said it produced 26, 372 gold-equivalent ounces (GEOs) in the quarter, up from 20,850 GEOs in the year-prior quarter.

Gold sales rose 36% to 23,431 ounce from 17,200 a year earlier, while its average price per ounce rose 18% to US$2,338.

"Mandalay again reported solid production results with over 26,000 gold equivalent ounces across both of our operations in the second quarter. I am pleased that we are executing operationally, consistently delivering results as per plan and are poised to meet our 2024 guidance targets," chief executive Frazer Bourchier said in a statement:."

Quarter-end cash balance was US$63 million, an increase of US$16 million from the previous quarter. It noted it repaid US$20 million owing on a revolving credit facility this month.

Mandalay shares closed up $0.08 to $2.29 on the Toronto Stock Exchange.