Industria
Mandalay Resources Announces Production and Sales Results for the Third Quarter of 2023
Frazer Bourchier, President and CEO, commented:
"During the third quarter of 2023, our operations performed in-line with previous quarters. Costerfield is expecting stronger production in the final quarter to achieve our year-end guidance based on planned mining of higher-grade areas. On a consolidated basis, the Company produced 22,032 and 62,868 saleable gold equivalent ounces during Q3 2023 and the first nine months of this year, respectively. Notably, Björkdal continues to show improvements and achieved its highest quarterly rate since Q1 2022. At Costerfield, processing of higher grade ore was delayed during the quarter due to both slower stope progression and lower mill throughput."
Ryan Austerberry , COO, commented:
"Björkdal produced 11,224 saleable gold ounces in Q3 2023. We are seeing encouraging signs of stable stoping tonnes from the underground and improved grades as we start to process material from the higher-grade Eastern Extension zone. We are looking towards building upon this success and will continue to focus on mining from the Eastern Extension while concentrating less on areas that are of lower grade. Over the last quarter of 2023 and into 2024, we are anticipating higher grades due to the steady ramp-up of the Eastern Extension zone's tonnage contribution to the overall mill feed.
"Costerfield produced 10,808 saleable gold equivalent ounces in Q3 2023, as it encountered a few challenges leading to deficits in both milled tonnes and underground gold grades. As we progress more of our production fronts into Shepherd, the processing plant was temporarily challenged with the hardness of the ore encountered transitioning into this zone. We are actively re-configuring the circuit to optimize the throughput to get back to mill plan. The lower grades can be attributed primarily to a delay in production of high grade stopes in Youle, which we expect to mine in the future. Although a month later than planned, the replacement loader for the gear lost earlier in the year due to a fire was commissioned in the quarter. We do expect to finish the year strongly, with a third successive quarter-over-quarter improvement."
Mr. Bourchier concluded, "In my first two quarters as CEO, we shifted to continuously monitoring key metrics to better manage challenges and mitigate operational risks. The Company remains focused on establishing a sustainable track record of operational results, further ramping up organic exploration spend and capitalizing on any opportunities to underpin future success and growth moving forward."
Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia (Costerfield gold-antimony mine) and Sweden (Björkdal gold mine). The Company is focused on growing its production and reducing costs to generate significant positive cashflow. Mandalay is committed to operating safely and in an environmentally responsible manner, while developing a high level of community and employee engagement.
Mandalay's mission is to create shareholder value through the profitable operation and continuing the regional exploration program, at both its Costerfield and Björkdal mines. Currently, the Company's main objectives are to continue mining the high-grade Youle vein at Costerfield, bring online the deeper Shepherd veins, both of which will continue to supply high-grade ore to the processing plant, and to extend Youle Mineral Reserves. At Björkdal, the Company will aim to increase production from the Aurora zone and other higher-grade areas in the coming years, in order to maximize profit margins from the mine.
CONTACT: Frazer Bourchier, President and Chief Executive Officer; Edison Nguyen , Director, Business Valuations and IR, Contact: 647.258.9722
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