Gold Mining Stocks (XAU)

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Mandalay Resources Corp. (TSX:MND) focus on building shareholders value -



Mandalay Resources Corp. is a Canadian-based natural resource company with
producing assets in Sweden, Australia and producing and exploration projects in
Chile.
The company is focused on executing a roll-up strategy, creating critical
mass by aggregating advanced or in-production gold, copper, silver and
antimony projects in Australia and the Americas to generate near-term cash
flow and shareholder value.


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http://www.mandalayresources.com/
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Expert Comments:
The Gold Report Interview with Chris Thompson (2/11/15)
"One gold producer that we follow is Mandalay Resources Corp., a company that I like a lot based on its management team. . .Mandalay has big company expertise in a small company. It has acquired over the course of the last five or so years two distressed mines, Cerro Bayo and Costerfield, both of which are now producing cash flow. That is the sort of opportunity that the company has with Björkdal and Mandalay has the know-how to do the job. Björkdal is currently breaking even or making a bit of cash flow but it comes with a large resource base that needs to be refined. That is what Mandalay is good at. It is focused on economics and shareholder return. It wants to build a balance sheet and grow the company like a business."
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Mike Parkin, Desjardins Securities (1/19/15)
"This morning after market open, we learned that Mandalay Resources Corp. sold its non-core Lupin and Ulu projects, which are both located in Nunavut, to WPC Resources Inc. In exchange for these two properties, Mandalay will receive CA$3M in cash upon closing (expected to close on May 15, 2015) as well as 18M WPC Resources common shares valued at ~CA$1M at the current trading price of CA$0.06/share to be paid to the company in three installments. . .we view this transaction as a positive for Mandalay as we do not give any value to the Lupin or Ulu properties in our model."

Mike Parkin, Desjardins Securities (1/13/15)
"We met with Brad Mills, CEO and Executive Director of Mandalay Resources Corp. today, and came away with higher conviction in our Top Pick rating. The current 2015 guidance calls for a 14% year-over-year increase in production using the midpoint of the 167–185 Koz gold equivalent range, but the total cash cost guidance is not reflecting recent FX and oil price moves—management has locked-in on the oil side through derivatives, capping the price at $60/bbl while maintaining participation to the downside. At $60/bbl oil, the cost savings are about $7M year-over-year or about $40/oz gold equivalent at spot prices."

Chris Thompson, Raymond James (1/12/15)
"We are maintaining our Strong Buy rating on Mandalay Resources Corp. and are increasing our target to $1.30 (from $1.20) following the release of stronger-than-expected Q4/14 production and sales. . .the company delivered 155 Koz Au eq in 2014, which met the upper end of its 141–156 Koz Au eq guidance range and represented a 22% increase over the 127 Koz Au eq delivered in 2013."

Benjamin Asuncion, Haywood Securities (1/12/15)
"Mandalay Resources Corp. had a strong finish to 2014, with record production from Cerro Bayo and Costerfield. . .Cerro Bayo delivered production that significantly exceeded expectations (+17% higher on an Au eq basis) from what we estimate to be attributed to higher grades and, to a lesser extent, recoveries."
Andrew Kaip

Andrew Kaip, BMO Capital Markets (1/12/15)
"Mandalay Resources Corp. released Q4/14 saleable production of 31.6 Koz gold and 1,021.2 Koz silver, essentially ~6% and ~26% above our research forecasts of 29.9 Koz gold and 757.8 Koz silver, respectively. . .Q4/14 gold equivalent production of 52.6 Koz was ~10% above our forecast at 47.5 Koz."
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