Michael Chen

March 28, 2024 - 20:45 pm

Mandalay Resources Reports Filing of Annual Information Form and Updated Technical Report

TORONTO, March 28, 2024 – Mandalay Resources Corporation, a prominent player in the mining sector, announced the completion and filing of its Annual Information Form (AIF) for the financial year ending December 31, 2023. This essential corporate document is now publicly available and can be accessed under the company's profile at SEDARPlus, which serves as a prime resource for hosting regulatory filings and company profiles. In addition, the AIF has also been published on Mandalay's official website, which can be viewed at www.mandalayresources.com.

Mandalay's announcement doesn't end there; the company has also filed an updated National Instrument 43-101 (NI 43-101) compliant Technical Report concerning its Costerfield gold-antimony mine located in Australia. This report is a testament to the company's ongoing commitment to transparency and provides a comprehensive overview of the mine's operations and prospects. Interested parties can review the Technical Report through the SEDARPlus link and also on the company's website, lending ease of access to critical information concerning Mandalay's operational capabilities.

The technical report for Costerfield, dubbed "Costerfield NI 43-101 Technical Report", dated March 28, 2024, was expertly prepared by industry veterans from SRK Consulting (Australia) Pty Ltd. It is a manifestation of diligent and precise work carried out by Cael Gniel MAIG RPGeo (Mineral Resource Estimation), a reputable SRK Consulting employee. Mr. Gniel, who is recognized as a Qualified Person under the standards of NI 43-101, led the charge in the critical Mineral Resource Estimate. Furthermore, the Mineral Reserve Estimate saw meticulous preparation done by Brett Nevill MAusIMM and was presided over by Dylan Goldhahn, MAusIMM of Mandalay. Reinforcing the credibility of these estimates, the Mineral Reserve was independently verified by another well-regarded Qualified Person, Robert Urie FAusIMM of SRK Consulting.

An Overview of Mandalay Resources Corporation

Mandalay Resources Corporation stands as a distinguished Canadian-based resource entity, boasting lucrative producing assets spread across several geographic locations. With strategic assets like the Costerfield gold-antimony mine in Australia and the Björkdal gold mine in Sweden under its belt, Mandalay has carved a niche for itself in the global mining landscape. The company's strategic focus pivots on escalating production while simultaneously working towards diminishing operational costs to establish a robust positive cashflow trajectory. Environmental stewardship, safe operating practices, and fostering a strong rapport with community and employees are firmly etched in the company's operational ethos.

The corporation's directive is unequivocally aimed at driving shareholder value, which is achieved through the proficient operation of its mines and the pursuit of an aggressive regional exploration program, particularly at the Costerfield and Björkdal sites. Potent objectives on Mandalay's horizon include the continuous extraction from the high-grade Youle vein at Costerfield, coupled with the initiation of the deeper Shepherd veins. These high-grade ore sources are poised to be the lifelines of the processing plant. As for the Björkdal mine, Mandalay sets its sights on steadily mining the Aurora zone and other premium-grade sectors, all designed to optimize the mine's profit margins in the imminent future.

Mandalay's Strategic Mining Endeavors and Future Prospects

At the heart of Mandalay's mission lies a steadfast commitment to shareholder value creation. This guiding principle is actualized through the profitable operation of its mines, paired with a comprehensive regional exploration program that extends its roots deep into the mineral-rich zones of Costerfield and Björkdal.

For the revered Costerfield mine, Mandalay harbors the ambition of continuing its successful mining activities along the high-grade Youle vein. This vein has been a consistent source of high-quality ore, serving as the backbone for the processing plant's throughput. Besides Youle, the company has its strategic eye set on the Shepherd veins, which lie deeper within the earth's crust. The activation of these veins is anticipated to provide an additional stream of high-grade ore, thereby promising an uninterrupted supply for the processing plant.

The approach at the Björkdal mine basks in a similar vein of strategic forethought. Here, Mandalay expects to continue extracting valuable minerals from the Aurora zone and other high-grade areas. The underlying motif for operations at Björkdal is the ambitious plan to maximize the jurisdiction's profit margins, ensuring a robust financial performance for the mine in the subsequent years.

Embracing Safety, Community, and the Environment

Mandalay Resources Corporation does not solely focus on financial metrics and ore extraction. The company stands out as an industry exemplar of responsible mining practices. Nestled within its core values is the staunch advocacy for environmental conservation, the welfare of its workforce, and the positive influence on the communities surrounding its mining operations. It is the company's belief that such a holistic approach towards conducting business is paramount for achieving long-term success and sustainability within the mining sector.