Accessibility Statement Skip Navigation
  • Resources
  • Blog
  • Journalists
  • +44 (0)20 7454 5110
  • Client Login
  • Send a Release
Return to PR Newswire homepage
  • News
  • Products
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All Public Company News
      • All Multimedia News
      • View All News Releases

      • Regulatory News

      • D/A/CH Regulatory News
      • UK Regulatory News
      • View All Regulatory News

  • Business & Money
      • Auto & Transportation

      • Aerospace & Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads & Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking & Road Transportation
      • View All Auto & Transportation

      • Business Technology

      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • View All Business Technology

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film & Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Financial Services & Investing

      • Accounting News & Issues
      • Acquisitions, Mergers & Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalisation
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • View All Financial Services & Investing

      • General Business

      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls & Research
      • Trade Show News
      • View All General Business

  • Science & Tech
      • Consumer Technology

      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • View All Consumer Technology

      • Energy & Natural Resources

      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil & Gas Discoveries
      • Utilities
      • Water Utilities
      • View All Energy & Natural Resources

      • Environ­ment

      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • Aerospace & Defence
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation & Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking & Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • Carriers & Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • Animals & Pets
      • Beers, Wines & Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics & Personal Care
      • Fashion
      • Food & Beverages
      • Furniture & Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewellery
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film & Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Health

      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • View All Health

      • Sports

      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • View All Sports

      • Travel

      • Amusement Parks & Tourist Attractions
      • Gambling & Casinos
      • Hotels & Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • Animal Welfare
      • Corporate Social Responsibility
      • Economic News, Trends & Analysis
      • Education
      • Environmental
      • European Government
      • Labour & Union
      • Natural Disasters
      • Not For Profit
      • Public Safety
      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • View All People & Culture

  • Overview
  • Distribution
  • Paid Placement
  • Multimedia
  • Disclosure Services
  • SocialBoost
  • Rooms
    • MediaRoom
    • ESG Rooms
  • AI Tools
  • General Enquiries
  • Media Enquiries
  • Partnerships
  • Hamburger menu
  • Cision PR Newswire UK provides press release distribution, targeting, monitoring, and marketing services
  • Send a Release
    • Phone

    • +44 (0)20 7454 5110 from 8 AM - 5:30 PM GMT

    • ALL CONTACT INFO
    • Contact Us

      +44 (0)20 7454 5110
      from 8 AM - 5:30 PM GMT

  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • News in Focus
    • Browse News Releases
    • Regulatory News
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
    • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • Overview
  • Distribution
  • Paid Placement
  • Multimedia
  • Disclosure Services
  • Cision Communications Cloud®
  • AI Tools
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • General Enquiries
  • Media Enquiries
  • Partnerships
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists

Mandalay Resources Corporation Announces 2022 Fourth Quarter and Full-Year Production and Sales Results, Provides Guidance for 2023


News provided by

Mandalay Resources Corporation

13 Jan, 2023, 11:30 GMT

Share this article

Share toX

Share this article

Share toX

TORONTO, Jan. 13, 2023 /PRNewswire/ -- Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND) (OTCQB: MNDJF) announced today its production and sales results for the fourth quarter and full-year 2022 and provides production and cost guidance for 2023.

2022 Production Highlights:

  • Consolidated full-year 2022 production of 105,906 saleable gold equivalent ounces; and
  • Full-year consolidated saleable gold equivalent sold was 106,094 ounces.

2023 Production and Cost Guidance:

  • Consolidated production guidance of 105,000 – 118,000 saleable gold equivalent ounces; and
  • Cash cost and all-in sustaining costs expected at $800 – $975 and $1,150 – $1,325 per gold equivalent ounce, respectively.

Dominic Duffy, President and CEO of Mandalay, commented:

"2022 was a strong year for Mandalay Resources. On a consolidated basis, Mandalay recorded its best month during 2022, in October with 10,553 saleable gold equivalent ounces produced. This contributed towards a solid fourth quarter with 25,683 gold equivalent ounces produced. For the full-year of 2022, the Company produced 105,906 saleable gold equivalent ounces – marking the Company's second highest consolidated annual production rate since 2017. The lower annual production in 2022, when compared to 2021, was primarily due to Cerro Bayo's 2021 production of 9,037 gold equivalent ounces, as opposed to no production in 2022 due to the sale of the asset in December 2021, as well as COVID-related labor shortages at both operating sites in 2022.

"For Q4, Costerfield produced 15,427 gold equivalent ounces, which was broadly in line with the previous quarters of 2022. The site produced less ounces in December, as milled tonnes were below expectations due to a planned ball mill re-lining at the plant. In addition, a lower-than-average level of concentrate was sold at Costerfield during December due to the timing of shipments, resulting in 14,913 ounces of gold equivalent sold in Q4. Sales and cash receipts for higher-than-average stock on hand at the end of the year will be recognized in Q1 2023.

"We are expecting annual production at Costerfield in 2023 of 56,000 – 64,000 gold equivalent ounces, consistent with the production rate achieved in Q4 of 2022.

"At Björkdal, we were pleased with its consistent rate of production as compared to the previous quarter, with 10,256 gold ounces produced. However, full year 2022 operating results were below expectations. This was mainly due to lower underground grades due to increased dilution, coupled with higher utilization of the lower grade stockpile material at the mill because of the reduced haulage rates from COVID absenteeism.

"We expect a higher annual production in 2023 of 49,000 – 54,000 gold ounces at Björkdal as we continue the work around implementing incremental improvements on dilution controls and better contingencies regarding staffing protocols. Additionally, we will also begin developing in several higher-grade areas of the Eastern Deeps Central zone.

"In 2023, we anticipate consolidated production of 105,000 – 118,000 ounces of gold equivalent at an expected cash cost of $800 – $975 and an all-in sustaining cost of $1,150 – $1,325. The Company will strive to further unlock shareholder value through exploration with anticipated expenditures of $10 – $14 million. The focus of the programs will be on expanding the Mineral Reserves and Resources at Costerfield in addition to testing new targets at both operations."      

Saleable Production for the Quarter Ended December 31, 2022:

  • In the fourth quarter of 2022, the Company produced a total of 22,341 ounces of gold and 504 tonnes of antimony representing a total of 25,683 ounces of gold equivalent, versus 25,596 ounces of gold, 830 tonnes of antimony and 50,556 ounces of silver in the fourth quarter of 2021, representing a total of 32,362 ounces of gold equivalent.

  • Production at Björkdal was 10,256 ounces of gold in the fourth quarter of 2022 as compared to 11,190 ounces of gold in the fourth quarter of 2021.

  • Production at Costerfield was 12,085 ounces of gold and 504 tonnes of antimony in the fourth quarter of 2022 versus 13,397 ounces gold and 830 tonnes antimony in the fourth quarter of 2021.

Saleable Production for the Year Ended December 31, 2022:

  • The Company produced a total of 89,134 ounces gold and 2,292 tonnes antimony, representing a total of 105,906 ounces of gold equivalent production, versus 98,292 ounces gold, 3,380 tonnes of antimony and 266,596 ounces of silver, representing a total of 123,002 ounces of gold equivalent in 2021.

  • Production at Björkdal was 41,247 ounces gold.

  • Production at Costerfield was 47,887 ounces gold and 2,292 tonnes antimony.

Table 1 – Fourth Quarter and Full-Year Saleable Production for 2022 and 2021

Metal

Source

Three months
ended

December 31

2022

Three months
ended

December 31

2021

Year ended
December 31
2022

Year ended

December 31

2021

Gold (oz)

Björkdal

10,256

11,190

41,247

45,236


Costerfield

12,085

13,397

47,887

47,753


Cerro Bayo

-

1,009

-

5,303


Total

22,341

25,596

89,134

98,292

Antimony (t)

Costerfield

504

830

2,292

3,380

Silver (oz)

Cerro Bayo

-

50,556

-

266,596

Average quarterly prices:

Gold US$/oz


1,730

1,796



Antimony US$/t


11,473

13,221



Total Gold Eq. (oz)(1)







Björkdal

10,256

11,190

41,247

45,236


Costerfield

15,427

19,507

64,659

68,729


Cerro Bayo

-

1,665

-

9,037


Total

25,683

32,362

105,906

123,002



1.

Quarterly gold equivalent ounces ("Gold Eq. (oz)") produced is calculated by multiplying the saleable quantities of gold ("Au"), silver ("Ag") and antimony ("Sb") in the period by the respective average market prices of the commodities in the period, adding the amounts to get a "total contained value based on market price", and then dividing that total contained value by the average market price of Au in the period.  Average Au and Ag prices in the periods are calculated as the average of the daily LME PM fixes in the period, with price on weekend days and holidays taken of the last business day; average Sb price in the period is calculated as the average of the daily average of the high and low Rotterdam warehouse prices for all days in the period, with price on weekend days and holidays taken from the last business day. The source for Au and Ag prices is www.transamine.com, and Sb price is www.metalbulletin.com.

Sales for the Quarter Ended December 31, 2022:

  • In the fourth quarter of 2022, the Company sold a total of 21,272 ounces of gold and 484 tonnes of antimony, representing a total of 24,482 ounces of gold equivalent, versus 28,570 ounces of gold, 1,334 tonnes of antimony and 39,614 ounces of silver, representing a total of 38,904 ounces of gold equivalent in 2021.

  • Björkdal sold 9,569 ounces of gold in the fourth quarter of 2022 versus 10,749 ounces of gold in the fourth quarter of 2021.

  • Costerfield sold 11,703 ounces of gold and 484 tonnes of antimony in the fourth quarter of 2022 versus 17,057 ounces of gold and 1,334 tonnes of antimony in the fourth quarter of 2021.

Sales for the Year Ended December 31, 2022:

  • The Company sold 89,117 ounces gold and 2,316 tonnes antimony, representing a total of 106,094 ounces of gold equivalent, versus 100,203 ounces gold, 3,627 tonnes antimony and 217,034 ounces of silver, representing a total of 126,241 ounces of gold equivalent in 2021.

  • Björkdal sold 40,680 ounces gold.

  • Costerfield sold 48,437 ounces gold and 2,316 tonnes antimony.

Table 2 – Fourth Quarter and Full-Year Sales for 2022 and 2021

Metal

Source

Three months
ended

December 31

2022

Three months
ended

December 31

2021

Year ended

December 31

2022

Year ended

December 31

2021

Gold (oz)

Björkdal

9,569

10,749

40,680

46,254


Costerfield

11,703

17,057

48,437

49,585


Cerro Bayo

-

764

-

4,364


Total

21,272

28,570

89,117

100,203

Antimony (t)

Costerfield

484

1,334

2,316

3,627

Silver (oz)

Cerro Bayo

-

39,614

-

217,034

Average quarterly prices:

Gold US$/oz


1,730

1,796



Antimony US$/t


11,473

13,221



Total Gold Eq. (oz)1







Björkdal

9,569

10,749

40,680

46,254


Costerfield

14,913

26,877

65,414

72,598


Cerro Bayo

-

1,278

-

7,389


Total

24,482

38,904

106,094

126,241



1.

Quarterly Gold Eq. (oz) sold is calculated by multiplying the saleable quantities of Au, Ag and Sb in the period by the respective average market prices of the commodities in the period, adding the amounts to get a "total contained value based on market price", and then dividing that total contained value by the average market price of Au for the period. The source for Au and Ag prices is www.transamine.com, and Sb price is www.metalbulletin.com, with price on weekend days and holidays taken of the last business day.

Mandalay 2023 Guidance:

Table 3 – 2023 Production and Cost Guidance


2023E

Björkdal

Gold produced (oz)

49,000 – 54,000

Cash cost(1) per oz gold produced

$975 – $1,125

All-in sustaining cost(1) per oz gold produced

$1,325 – $1,475

Capital expenditures

$24M – $28M

Costerfield

Gold produced (oz)

44,000 – 49,000

Antimony produced (t)

1,800 – 2,400

Gold equivalent produced(2) (oz)

56,000 – 64,000

Cash cost(1) per oz gold eq. produced

$650 – $825

All-in sustaining cost(1) per oz gold eq. produced

$925 – $1,075

Capital expenditures

$20M – $24M

Consolidated

Gold equivalent(2) produced (oz)

105,000 – 118,000

Average cash cost per oz gold eq.

$800 – $975

Average all-in sustaining cost(3) per oz gold eq.

$1,150 – $1,325

Capital expenditures

$44M – $52M



1.

Cash cost and all-in sustaining costs are non-IFRS measures. See "Non-IFRS Measures" at the end of this press release

2.

Assumes average metal prices of: Au $1,797/oz, Sb $10,805/t

3.

Consolidated all-in sustaining costs per Au Eq. oz includes corporate overhead spending.

Mandalay's 2023 production guidance is based on:

  • Foreign exchange assumptions:
    • Average 2022 rates: AUD/USD 0.695 and USD/SEK 10.12
    • Guidance 2023 rates: AUD/USD 0.675 and USD/SEK 10.39

  • Capital expenditures at Costerfield and Björkdal to be carried out at the tailings storage facilities of $6M – $8M.

  • Capital exploration expenditures of:
    • Björkdal: $3M – $5M
    • Costerfield: $7M – $9M
About Mandalay Resources Corporation:

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. 

Forward-Looking Statements:

This news release contains "forward-looking statements" within the meaning of applicable securities laws, including statements regarding the Company's expected production of gold and antimony and costs for the 2023 fiscal year. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, changes in commodity prices and general market and economic conditions. The factors identified above are not intended to represent a complete list of the factors that could affect Mandalay. A description of additional risks that could result in actual results and developments differing from those contemplated by forward-looking statements in this news release can be found under the heading "Risk Factors" in Mandalay's annual information form dated March 31, 2022, a copy of which is available under Mandalay's profile at www.sedar.com. In addition, there can be no assurance that any inferred resources that are discovered as a result of additional drilling will ever be upgraded to proven or probable reserves. Although Mandalay has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Dominic Duffy, President and Chief Executive Officer; Edison Nguyen, Director, Business Valuations and IR, Contact: 647.260.1566 ext. 1

Modal title

Also from this source

Mandalay Resources Reports Discovery of a New Gold Domain at Björkdal

Mandalay Resources Reports Discovery of a New Gold Domain at Björkdal

Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND) (OTCQB: MNDJF) is pleased to provide an update on near mine exploration...

Mandalay Resources Announces 2025 Outlook and Guidance for Gold and Antimony Production

Mandalay Resources Announces 2025 Outlook and Guidance for Gold and Antimony Production

Mandalay Resources Corporation ("Mandalay" or "the Company") (TSX: MND) (OTCQB: MNDJF) is pleased to provide its production and cost guidance for...

More Releases From This Source

Explore

Mining & Metals

Mining & Metals

Mining & Metals

Mining & Metals

Precious Metals

Precious Metals

Earnings

Earnings

News Releases in Similar Topics

Contact PR Newswire

  • +44 (0)20 7454 5110
    from 8 AM - 5:30 PM GMT
  • General Enquiries
  • Media Enquiries
  • Partnerships

Products

  • Content Distribution
  • Multimedia Services
  • Disclosure Services
  • Cision Communications Cloud®

About

  • About PR Newswire
  • About Cision
  • Partnering Opportunities
  • Careers
  • APAC
  • APAC - Simplified Chinese
  • APAC - Traditional Chinese
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Indonesia
  • Israel
  • Japan
  • Korea
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United States
  • Vietnam

My Services

  • All News Releases
  • Customer Portal
  • Resources
  • Blog
  • Journalists
  • Data Privacy

Do not sell or share my personal information:

  • Submit via Privacy@cision.com 
  • Call Privacy toll-free: 877-297-8921

Contact PR Newswire

Products

About

My Services
  • All News Releases
  • Customer Portal
  • Resources
  • Blog
  • Journalists
+44 (0)20 7454 5110
from 8 AM - 5:30 PM GMT
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2025 PR Newswire Europe Limited. All Rights Reserved. A Cision company.