12:00 PM EDT, 04/11/2025 (MT Newswires) -- (Updates shares.)

Mandalay Resources ( MNDJF ) said Friday its gold equivalent production fell in the first quarter.

The company produced 22,342 gold equivalent ounces in the quarter, dropping from 24,936 gold equivalent ounces.

Mandalay's first-quarter output comprised 20,376 ounces of gold and 161 tonnes of antimony.

Despite the decline, Mandalay said it remains on track to meet its annual production guidance of 85,000-95,000 gold equivalent ounces.

"2025 marks a pivotal year for both sites, with mine development and capital investment projects underway," said Frazer Bourchier, Mandalay's president and CEO. "We have allocated $43-$48 million in sustaining capital to enhance mining flexibility and support long-term growth."

Mandalay shares were last seen up $0.24 to $5.15 on the Toronto Stock Exchange.

Price: 5.15, Change: +0.24, Percent Change: +4.89