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Mandalay Resources
Mandalay Resources (MND) investor relations material
Mandalay Resources has been acquired
Mandalay Resources Q1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2025 earnings summary8 May, 2025
Executive summary
Q1 2025 revenue increased 41% year-over-year to $78.1 million, driven by higher metal prices and disciplined execution.
Net income rose 152% to $14.8 million, with adjusted EBITDA up 65% to $44.1 million.
Cash balance reached $88.3 million with no debt at quarter-end, reflecting strong cash flow and financial discipline.
Announced a proposed merger of equals with Alkane Resources, aiming for enhanced scale, liquidity, and market re-rating.
Financial highlights
Revenue increased to $78.1 million from $56 million year-over-year, supported by higher gold and antimony prices.
Adjusted net income was $20.0 million, excluding a $5.0 million loss on financial instruments and a $0.2 million reclamation liability revision.
Free cash flow was $11.2 million, with capital expenditures totaling $16.7 million.
Adjusted EBITDA margin expanded to 56% in Q1 2025.
Ended Q1 with $88.3 million in cash, no debt, and $35 million in undrawn credit facility.
Outlook and guidance
Full-year 2025 guidance maintained, with expectations for stronger production and reduced capital expenditure in H2 2025.
Q2 free cash flow expected to be lower due to increased capital investment and tax payments.
Strategic investments in infill drilling and development are expected to underpin long-term profitability and production stability.
Stronger production and improved cost performance anticipated in the second half of 2025.
Lower capital spending expected in the second half of the year.
Explain Björkdal's higher mining costs.
Why was Costerfield's antimony grade lower?
Detail 2025's expected production increase.
What are the core strategic drivers for the Alkane merger?
Costerfield Q1 production issues and H2 outlook
Elaborate on True Blue's potential as a mineable zone
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Frequently asked questions
Mandalay Resources Corp is a Canadian-based company focused on the natural resources sector, with key operations in the mining of gold, silver, and antimony. The company primarily operates two mines: the Costerfield mine located in Australia, which produces gold and antimony, and the Björkdal gold mine in Sweden. Mandalay Resources is dedicated to the growth of its production capabilities and the reduction of operating costs to ensure significant positive cash flow. Additionally, Mandalay Resources is involved in the acquisition, exploration, extraction, processing, and reclamation of mineral properties. The company is headquartered in Toronto, Canada, and its shares are listed on the TSX.
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