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Mandalay Resources says 1Q production figures mark the third consecutive quarter of increased production

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Mandalay Resources Corporation (TSE:MND) (OTCQB:MNDJF) (FRA:R7X2) posted its 1Q 2021 production results that marked the miner’s third consecutive quarter of increased production. 

The Toronto-based company produced 28,676 gold equivalent ounces during the period and sold 28,218 ounces, with 23,857 ounces of gold sold – its highest quarterly amount in three years. 

The figures were a gain on last year’s production levels for the similar quarter, when Mandalay produced 25,677 gold equivalent ounces and sold 24,276 ounces. 

READ: Mandalay Resources posts 4Q production results highlighting continued performance at Australian and Swedish gold operations

At its flagship operation, Costerfield in Western Australia, the company saw its highest quarterly production since 2016 with 15,458 ounces of saleable gold equivalent production.

Mandalay’s Swedish mine Björkdal produced 11,855 saleable gold ounces, a slight drop to the previous quarter due to adverse weather conditions in January and February.

Mandalay CEO Dominic Duffy told shareholders that the company is building off strong momentum from 2020, with the 1Q production results highlighting the sustainability of its operational turnaround.

“Mandalay’s production profile is stable and improving, and this solid start to the year puts us firmly on track to meet our 2021 production guidance,” Duffy said in a statement.

“With this strong start to the year, Mandalay is excited to be growing from a solid, stable operational base and are looking forward to establishing a long-standing sustainable track record of performance.”

The company also started trial processing of mineralized waste dump material at its Cerro Bayo in Chile, which produced 43,699 ounces of silver and 724 ounces of gold.

Duffy told investors that the company’s 2021 production guidance does not incorporate the trial processing of mineralized waste dump material at Cerro Bayo. Average grades were 32.5 grams per ton (g/t) silver and 0.5 g/t gold, which led to the aforementioned production figures.

“This production is in line with our expectations and we will continue with this processing in the foreseeable future,” Duffy added.

The first concentrate sales are scheduled to occur in April.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Story by ProactiveInvestors


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