05:31 PM EDT, 10/10/2024 (MT Newswires) -- Mandalay Resources ( MNDJF ) after close Thursday said its third-quarter gold production fell by 9%

The company produced 17,844 ounces of gold from its two mines in the quarter, down from 19,601 ounces in the year-prior period. Antimony output fell 36% to 252 tonnes from 395 tonnes.

The company declared a quarter-end cash balance of US$55 million and an outstanding balance of revolving credit facility repaid in full.

"Mandalay's combined operations produced 20,323 gold equivalent ounces in the third quarter of 2024. Q3 was always planned to be the lowest ounce production quarter of the year, and production of gold equivalent ounces is expected to rebound in Q4. This positions Mandalay to meet its full-year production guidance of 90,000 - 100,000 gold equivalent ounces," chief executive Frazer Bourchier said.

The company's shares closed up $0.12 to $3.38 on the Toronto Stock Exchange.