Mandalay Resources Corp (MNDJF)

[NYBob]

Mandalay Resources Corporation Announces Financial Results for the First Quarter of 2019
TORONTO, May 14, 2019 (GLOBE NEWSWIRE) -- Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND, OTCQB: MNDJF) today announced its financial results for the quarter ended March 31, 2019.

The Company’s condensed and consolidated interim financial results for the quarter ended March 31, 2019, together with its Management’s Discussion and Analysis (“MD&A”) for the corresponding period, can be accessed under the Company’s profile on www.sedar.com and on the Company’s website at www.mandalayresources.com. All currency references in this press release are in U.S. dollars except as otherwise indicated.

For the first quarter of 2019, the Company generated revenue of $29.9 million, adjusted EBITDA of $5.2 million and a consolidated net loss of $1.3 million, or $0.00 loss per share.

Commenting on the results, Dominic Duffy, President and CEO of Mandalay, noted, “Mandalay’s financial and operational performance in the first quarter of 2019 marks a significant improvement over the past several quarters. On a revenue, adjusted EBITDA, and adjusted net income basis, Mandalay’s first quarter 2019 results are stronger than the three quarters that preceded it. Mandalay’s financial results from the first quarter of 2019 show that the Company is steadily turning around its financial position. This improved performance comes as a result of Mandalay working through, and overcoming, several operational challenges that it faced in 2018.”

Mr. Duffy added, “The financial improvements were largely attributable to Björkdal’s increased production results. The Björkdal mine benefited from a full quarter of having the new underground haulage fleet on site and produced 14,385 ounces of gold. Gold production from Björkdal in the first quarter of 2019 exceeded our expectations and was the highest gold production quarter since its record fourth quarter of 2017. We expect the higher production rates at Björkdal to remain stable for the remainder of 2019.”

Mr. Duffy continued, “At Costerfield, gold equivalent production was lower compared to both the fourth quarter of 2018 and the first quarter of 2018, which was the result of lower gold and antimony grades mined and processed. We expect production rates to remain constant at Costerfield until we begin producing from the higher-grade Youle lode towards the end of 2019. Development at Youle is proceeding well, and we continue to expect that we will begin producing from Youle in the fourth quarter of 2019.”

Mr. Duffy concluded, “Mandalay also completed a major financial transaction and significantly strengthened our cash position and balance sheet in the first quarter of 2019 as we completed a C$54 million financing (see Mandalay press releases February 20 and March 29, 2019). This financing gives us a considerably improved cash balance, and we ended the first quarter of 2019 with $37.0 million in cash and cash equivalents compared to $8.4 million at December 31, 2018 and $23.4 million at March 31, 2018. We intend to use the net proceeds of this financing to fund working capital requirements, potential debt restructuring and a cash reserve for our gold-exchangeable bonds, planned exploration at high potential areas at both operations, and general corporate purposes. We have recently commenced the planned exploration activities at Costerfield and Björkdal and look forward to providing an exploration update in due course.”

First Quarter 2019 Financial Summary

https://web.tmxmoney.com/article.php?newsid=7947192271711677&qm_symbol=MND

God Bless