mandalay resources june 2017 presentation
TRANSCRIPT
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This presentation contains "forward-looking statements" within the meaning of applicable securities laws, including statements relating to life ofmine production plans, exploration plans and the growth and strategy of Mandalay. Actual results and developments may differ materially fromthose contemplated by these statements depending on, among other things: exploration results or production results not meeting management’sexpectations; capital, production and operating cost results not meeting current plans; and changes in commodity prices and general market andeconomic conditions. The factors identified above are not intended to represent a complete list of the factors that could affect Mandalay. Adescription of additional risks that could result in actual results and developments differing from those contemplated by forward lookingstatements in this news release can be found under the heading “Risk Factors” in Mandalay’s annual information form dated March 31, 2017 andin its final prospectus dated July 18, 2016, copies of which are available under Mandalay's profile at www.sedar.com. Although Mandalay hasattempted 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 beno assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from thoseanticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Quality Control and AssuranceQuality control and assurance programs are implemented in line with the standards of National Instrument 43-101.
The exploration programs at Costerfield and Björkdal are supervised by Chris Gregory (Member, Australian Institute of Geoscientists, VP ofOperational Geology for Mandalay and a “Qualified Person” as defined under National Instrument 43-101. Mr. Gregory regularly visits Costerfieldand Björkdal, and supervises the collection and interpretation of scientific and technical information contained in this presentation.
The exploration programs at the Cerro Bayo and Challacollo projects are supervised by Scott Manske, Chief Cordilleran Geologist of MandalayResources, and an Oregon registered Professional Geologist. A “Qualified Person” as defined by NI 43-101, he has reviewed and approved thetechnical and scientific information on these projects contained in the presentation.
Dr. Mark Sander (Member: AusIMM), President and CEO of Mandalay, has visited the Costerfield, Cerro Bayo, Challacollo, and Björkdal andhas supervised the preparation of this presentation.
All currency references in US$ unless otherwise indicated.
Forward-looking Statements
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3
A Values-Based and Value-Focused Company
WE ARE SUCCESSFUL WHEN:
Our employees live and work safely and experience the personal satisfaction that comes with high performance and recognition
The communities in which we operate value our presence
Our environmental impact is minimized and causes no permanent harm
We have a large, diversified set of customers who are delighted with and compete for our products
Our shareholders realize a superior total return on their investment and support our corporate values
Our values are visibly demonstrated by strong local management, at the point of impact with our stakeholders, and coordinated across the Company for maximum effect
Dividend-Paying: (5.6% yield)*
*Trailing 12 months dividends divided by current market capitalization (June 1, 2017)
Designed for Value: How We are Different
4
Acquire only when we see possibility of an immediately accretive transaction with strong value uplift in 3-5 years
Target cash cost of production: 50% of ‘reversion to mean’ metal price
100% ownership; no private royalties, no streams
Flat, virtual, low-cost organizational structure; local GM accountability
Direct relationships and sales contracts with customers
Dividend-paying: 6% of trailing quarterly revenue
No hedging of metal prices
Stingy with equity
Lightly levered
5
1.7
32
79.967.7 64.4 68
50.9
-0.8
30.6
61.275.9
52.4
73.4
53.7
20.6
92.2
171.8
166.9
184.6194.5
185.51,224
1,5701,670
1,411
1,2651,160 1,248
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
-50
0
50
100
150
200
250
2010 2011 2012 2013 2014 2015 2016
1. The Company defines EBITDA as earnings before interest, taxes and non cash charges/ (income). EBITDA should not be considered by an investor as an alternative to net income or cash flow as determined in accordance with IFRS – EBITDA figures reflect adjusted EBITDA, please see the Company’s Management’s Discussion and Analysis.
Mandalay Acquisition Timeline
2009• Costerfield, Australia• Gold & Antimony• Costerfield, Australia• Gold & Antimony
2010
• Cerro Bayo, Chile• Silver & Gold• Cerro Bayo, Chile• Silver & Gold
2014
• Challacollo, Chile• Silver & Gold• Challacollo, Chile• Silver & Gold
2014
• Björkdal, Sweden• Gold• Björkdal, Sweden• Gold
• No acquisition • Optimize operations• Pay down debt• Exchange warrants• Begin dividends
2011-2013
Revenue EBITDA Cash from Operations Gold Price
Mandalay Financial Performance 2010-2016
Results: Consistent Performance Across the Price CycleU
S$
MM
Go
ld P
rice
(U
S$)
6
Based on Matched Production and Reserves
With Continuing Capital and Overhead Spending Discipline
15,854 63,351
107,941 126,908
154,810 166,679
254,000
520,000 633,000
772,000
1,123,000 1,054,000 1,024,000
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
0
50,000
100,000
150,000
200,000
250,000
300,000
2010 2011 2012 2013 2014 2015 2016 2017E
Oz
Au
Eq
. Y
ea
r-E
nd
Re
se
rve
s
Oz
Au
Eq
. A
nn
ua
l P
rod
uc
tio
n
145,497 138,000 –163,000(1)
12.8
24.9
35.9 34.4
40.3 39.5
29.5
810
392 333
271 260 237 203
-
100
200
300
400
500
600
700
800
900
2010 2011 2012 2013 2014 2015 2016-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
Cape
x sp
endi
ng p
er o
z Au
Eq. $
/oz
Cape
x sp
endi
ng ($
m)
Mandalay capital spending at operating mines (excluding exploration)
3.6 3.4
5.3 5.1
6.7
4.4 4.8
224
54 49 40 44 26 33
-
50
100
150
200
250
2010 2011 2012 2013 2014 2015 2016-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
Ove
rhea
d sp
endi
ng p
er A
u Eq
. $/o
z
Ove
rhea
d sp
endi
ng ($
m)
Mandalay corporate overhead spending
Acquisition
1. Assumes full-year 2017 prices: Au $1,185/oz, Ag $16.72/oz, Sb $7,701/t
7
0
50
100
150
200
250
300
2010 2011 2012 2013 2014 2015 2016
US
$/o
z A
u E
q.
P&
P A
dd
ed
Mandalay cost of acquiring and discovering reserves
Cumulative Cost per oz Au Eq. Acquired or DiscoveredCost Per oz Au Eq. Discovered in yrCost Per oz Au Eq. Acquired in yr
And Adding Reserves Cost-effectively
2016 metal price assumptions: $1,202/oz Au, $16.87/oz Ag and $6,820/t Sb1. Source: BMO
Acquisition + Exploration adds at cumulative average $79/oz Au Eq. (for developed & producing reserves)
Cerro BayoBjörkdal
Median for all Au sector acquisitions
2012 – 2016 = $254/oz Au Eq.(1)
(1) Adjusted for reinvested dividends. Assumes investment in Mandalay made as part of private placement announced on 24-Sep-09 to fund acquisition of Costerfield and accounts for warrant exchange offer of 0.47 shares per warrant. (2) Peer Index: Alacer, Argonaut, Dundee PM, Klondex, Perseus, Primero, and Richmont. (3) Gold Seniors: Agnico Eagle, AngloGold, Barrick, Goldcorp, Gold Fields, Kinross, Newcrest, Newmont, Polyus, and Randgold. (4) End date as at April 5, 2017.
*Q3 2010 to Q1 2017 includes all dividends paid. Source: MetalPrices.com for metal spot prices Index: September 30, 2009 = 100. Mandalay share price: $0.59.Graph updated quarterly, prices as at the last trading day of each respective quarter. **Annual cash dividend paid quarterly, based on 6% of the Company’s trailing quarter’s gross revenue and the future cash requirements of the Company
88
50%
100%
150%
200%
250%
300%
350%
Mandalay Cumulative Returns
7.8% Annual Compounded Rate of Return
Gold
Silver
Creating and Delivering Value for Shareholders
$0$2,000,000$4,000,000$6,000,000$8,000,000
$10,000,000$12,000,000$14,000,000
Dividends Paid (USD)**
6% of revenues (dividend contribution)
7.8% Cumulative Total Return (% Value Change)* through Q1-2017
0.0
5.0
10.0
15.0
20.0
25.0
$0
$20,000
$40,000
$60,000
$80,000
$100,000
Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16
Volu
me
(mill
ions
)
Inve
stm
ent
Valu
e
Mandalay(1) Peer Index(2) Gold Senior(3)
Total Return vs. Peers and Seniors through Q1-2017
A $10,000 investment on September 24, 2009 would be worth today(4):
• Mandalay: $40,668• Peer Index: $10,873• Gold Seniors: $7,309
A $10,000 investment on September 24, 2009 would be worth today(4):
• Mandalay: $40,668• Peer Index: $10,873• Gold Seniors: $7,309
Record Dividends
9
Approximately Replaced Depletion in 2016
RESERVES 2016 2015
Au(koz)
Contained
Ag (koz)
Contained
Sb (kt)
Contained
Au(koz)
Contained
Ag(koz)
Contained
Sb (kt)
ContainedProven 55 931 6.4 57 835 5.5Probable 720 7,932 11.1 648 14,041 13.4Proven + Probable 774 8,864 17.5 705 14,876 18.9
RESOURCES 2016 2015
Au(koz)
Contained
Ag (koz)
Contained
Sb (kt)
Contained
Au(koz)
Contained
Ag (koz)
Contained
Sb(kt)
ContainedMeasured 96 1,189 11.4 106 1,065 11.0
Indicated 1,190 40,466 20.6 1,013 47,411 27.0
Measured + Indicated
1,286 41,655 32.0 1,119 48,476 38.0
Inferred 407 10,492 9.2 215 9,884 9.7
1 Source: Cerro Bayo - Roscoe Postle Associates, Effective December 31, 2016, documented in an independent NI 43-101 Technical Report filed Mar. 31, 20172 Source: Costerfield - SRK Consulting (Australia), Effective December 31, 2016, documented in an independent NI 43-101 Technical Report filed Mar. 31, 20173 Source: Challacollo – Mining Plus, Effective December 31, 2015, documented in an independent NI 43-101 Technical Report filed Mar. 31, 20154 Source: Björkdal – Roscoe Postle Associates, Effective September 30, 2016, documented in an independent NI 43-101 Technical Report filed Jan. 27, 2017
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Mandalay 2017 Production GuidanceTotal Cerro Bayo Costerfield Björkdal Challacollo
Saleable Au Produced oz (‘000) 94-111 12-16 30-37 52-58
Saleable Ag Produced oz (MM) 1.7-2.0 1.7-2.0
Saleable Sb Produced t (‘000) 3.2-3.7 3.2-3.7
Total Saleable Au Eq. Produced* oz (‘000) 138-163
Total Cash Cost per Au Eq. oz* $/oz 860-950 920-1,120 690-780 820-910
Capital Expenditure USD MM 48-61 18-22 9-13 20-25 1
Exploration USD MM 7 2 3 2
*Assumes full-year 2017 prices: Au $1,185/oz, Ag $16.72/oz, Sb $7,701/t
Björkdal• Capital devel. & stripping
$12.1 million• Flotation circuit upgrade
$2.6 million• Pump station – 340 level
$600,000• Tailings lift – $1.1 million• Fibrecrete station
$0.4 million
Costerfield• Capital development
$1.9 million• Water storage & evap.
$3.0 million• Power equipment
$1.3 million• Tailings facility
$1.0 million
Cerro Bayo• Capital development
$15.2 million• Tailings Dam
$2.5 million
Major capital items support 2017-2018 production
Major Shareholders(1)
Holders Shares (Million) Shares (Percentage)
GMT Capital 65.7
CI Investments 43.4
Ruffer LLP 42.0
Plinian + Management + Directors 30.7
Sentry Investments, Inc. 30.5
Large Holders (Top-5) 212.3
Other Holders 238.9
TOTAL 451.2
14.6%
9.6% 9.3%
6.8%
6.8%
52.9%
11
Broader Ownership and Higher Liquidity Over Time
Analyst Coverage
Firm Analyst
BMO Brian Quast
Desjardins Mike Parkin
Raymond James Chris Thompson
Scotia Craig Johnston
Volume
30-day Average Daily Volume 1,439,093
100-day Average Daily Volume 1,395,712
Average Daily Volume across all trading platforms (as of April 25, 2017)1. Known ownership positions are estimates - as at April 25, 2017 - Ownerships and percentages rounded to one decimal place.
1. Exercise Price: C$0.60 – C$1.13 expiry dates ranging from Mar 18, 2018 – Jun 30, 20242. Market Capitalization converted to US$ using exchange rate of 1 CAD = 0.74 USD (June 1, 2017)3. Cash and Cash Equivalents and Interest-Bearing Debt as at end of Q1-2016 (Mar 31, 2017)
12
Strong Balance SheetMillions
(Except Share Price Info)
Share price (June 1, 2017 - close) (C$) $0.58/shr
Shares Outstanding 451.2
Stock Options(1) 20.9
Fully Diluted Shares Outstanding 472.1
Market Capitalization (C$) $261.7
Cash and Cash Equivalents (US$)(3) $58.9
Total Interest-Bearing Debt (US$)(3) $59.1
Total Enterprise Value (US$)(2,3) $194.0
Mandalay repaid US$30 million in debt on May 26, 2017Mandalay repaid US$30 million in debt on May 26, 2017
13
Björkdal Gold Mine: Investment Thesis DemonstratedLand package 12,949 hectares
Ownership 100%
P&P Reserves(1) 10,600,000 t @ 1.68 g/t Au
2016 Production 48,143 oz Au
Key for 2017:
Grade control working properly – now debottlenecking mine operations to increase rate of delivery of high-grade ore
Phase 1 (crushing and screening) of low-grade ore sorting program implemented with 50% grade upgrade
Construction of the flotation expansion project to be commissioned later this year
Continued exploration success
(1) Source: Roscoe Postle Associates, Effective September 30, 2016, documented in an independent NI 43-101 Technical Report filed Jan. 27, 2017
14
Björkdal Operating Performance and Improvements
$0$5$10$15$20$25$30$35
0
100,000
200,000
300,000
400,000
Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17
$/ T
onne
Tonn
es P
er Q
uart
er
Mining Rate and Unit Cost
t Mined Cost/ t Mined
$0
$2
$4
$6
$8
$10
0
100,000
200,000
300,000
400,000
Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17
$/ T
onne
Tonn
es P
er Q
uart
er
Processing Rate and Unit Cost
t Processed Cost/ t Processed
Björkdal Operational Improvements:
Record High Rate Record Low Cost
Introduced best practice mapping, drilling, sampling, and modelling of high nugget-effect gold deposits
Produced a more refined resource model to support more selective underground & open pit mining techniques
Establishing a local assay lab for faster grade control turnaround
Increasing grade of mill feed through more selective underground and open pit mining at an increasing rate (making up for discarding waste)
Pilot optical ore sorting
Implemented crushing and screening of low-grade ore for 50% grade improvement
Committed flotation expansion in construction
Björkdal Operational Improvements:
Record High Rate Record Low Cost
Introduced best practice mapping, drilling, sampling, and modelling of high nugget-effect gold deposits
Produced a more refined resource model to support more selective underground & open pit mining techniques
Establishing a local assay lab for faster grade control turnaround
Increasing grade of mill feed through more selective underground and open pit mining at an increasing rate (making up for discarding waste)
Pilot optical ore sorting
Implemented crushing and screening of low-grade ore for 50% grade improvement
Committed flotation expansion in construction$0
$500
$1,000
$1,500
0
5,000
10,000
15,000
Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17
$/ o
z Au
Oun
ces
Gol
d Pe
r Qua
rter
Saleable Gold Produced and Unit Cost
Au oz Cost/ oz Au
15
Björkdal Grade Improvements – Now Do it Faster
Onsite assay lab for 24-hour turnaround for improved grade
control
Highest grade open pit A ore since 2006
Highest grade underground A ore since 2010
Low-grade ore screening implemented for 50% grade improvement
16
Björkdal: Just Getting Started on Resource Expansion
Source: Roscoe Postle Associates, Effective September 30, 2016, documented in an independent NI 43-101 Technical Report filed Jan. 27, 2017
2014 2015 2016
17
Drilled Since Cutoff Date for Sept. 30 Reserves“In the box” and ready for next update
NorrbergetNylunds and E Pit
Underground
18
Costerfield Gold-Antimony Mine:Turnaround Complete; Dependable Performance
Land package 1,293 hectares
Ownership 100%
P&P Reserves(1) 619,000 t @ 6.5 g/t Au; 2.8% Sb
2016 Production 41,310 oz Au, 3,598 t Sb
Key for 2017:
Completing in May the capital development to access near-mine shoots and support next few years of production
Tailings lift construction for current LOM tailings
Potential reserve increases at Brunswick and further exploration upside
(1) Source: SRK Consulting (Australia), Effective December 31, 2016, documented in an independent NI 43-101 Technical Report filed March 31, 2017
19
Costerfield Operational Improvements:
Record High Rate Record Low Cost
Improved mine output/mill throughput from 170 tpd to 450 tpd (capped by grid power and site grinding capacity)
Changed mining method from cut-and-fill to blast-hole stoping with cemented rock fill (greater production, lower unit costs)
Introduced contract capital development for faster and lower cost results
Increased sub-level spacing from 5–10 m
Replaced mechanized mining fleet
Introduced mobile crusher to decrease particle size of mill feed (better recoveries, higher throughput)
Grew mine life from zero reserves to roughly 4 years while mining continuously for 7 years – Cuffley and N-lode
Costerfield Operational Improvements:
Record High Rate Record Low Cost
Improved mine output/mill throughput from 170 tpd to 450 tpd (capped by grid power and site grinding capacity)
Changed mining method from cut-and-fill to blast-hole stoping with cemented rock fill (greater production, lower unit costs)
Introduced contract capital development for faster and lower cost results
Increased sub-level spacing from 5–10 m
Replaced mechanized mining fleet
Introduced mobile crusher to decrease particle size of mill feed (better recoveries, higher throughput)
Grew mine life from zero reserves to roughly 4 years while mining continuously for 7 years – Cuffley and N-lode
Costerfield: Continuous Improvement
$0
$100
$200
$300
$400
0
20,000
40,000
60,000
Q4-09(Dec. only)
Q4-10 Q4-11 Q4-12 Q4-13 Q4-14 Q4-15 Q4-16
USD
/ To
nne
Tonn
es P
er Q
uart
er
Mining Rate and Unit Cost
t Mined Cost/ t Mined
$0
$50
$100
$150
0
20,000
40,000
60,000
Q4-09(Dec.only)
Q4-10 Q4-11 Q4-12 Q4-13 Q4-14 Q4-15 Q4-16
USD
/ To
nne
Tonn
es P
er Q
uart
er
Processing Rate and Unit Cost
t Processed Cost/ t Processed
$0
$1,000
$2,000
$3,000
0
5,000
10,000
15,000
20,000
Q4-09(Dec. only)
Q4-10 Q4-11 Q4-12 Q4-13 Q4-14 Q4-15 Q4-16
USD
/ O
z Au
Eq.
Oun
ces P
er Q
uart
er
Au Equivalent Production and Unit Cost
Oz Au Eq. Cost/ Au Eq. Oz
20
Costerfield Exploration Outcomes “0” reserves at purchase; Mined continuously for 7 years; 4 years P&P remaining, plus further upside
Source: SRK Consulting (Australia), Effective December 31, 2016, documented in an independent NI 43-101 Technical Report filed on March 31, 2017
21
Brunswick Lode is Current Target to Convert to Reserves
Penguin-Moa panel infilled to indicated
Penguin-Kiwi panel infilled to inferred
Kiwi-Adder panel mineralized, not filled in
Penguin-Moa panel of Indicated not quite sufficient size for financially attractive development
Infilling Penguin-Kiwi panel to Indicated may create acceptable base case project
Confirming and infilling Kiwi-Adder panel provides upside
22
Cerro Bayo Silver-Gold Mine: Optimizing the FutureLand package 23,106 hectares
Ownership 100%
P&P Reserves(1) 979,000 t @ 282 g/t Ag; 2.29 g/t Au
2016 Production 13,792 oz Au, 1,731,031 oz Ag
Key for 2017:
Matched 950-1,000 tpd mining/processing rate – on track for restated guidance
Accelerated development rate at Coyita to reach high-grade ore
Beginning drilling under the middle of Laguna Verde in late 2017 for potential reserve increases in Coyita, Branca vein, and Yasna Inflection zone
(1) Source: Roscoe Postle Associates, Effective December 31, 2016, documented in an independent NI 43-101 Technical Report filed March 31, 2017
BRANCA
Emerging Vein
Target
MARCELA VEIN (10 KM BEHIND VIEWPOINT)
23
Cerro Bayo Operational Improvements:
Shifted the mining method from shrinkage stoping to completely mechanized blast hole open stoping;
Ramped up throughput from 0 tpd –1,400 tpd from three mines
Installed flotation automation system to maximize silver and gold recoveries
Extended mine life from 3 years at 1,200 tpd to 4 years at 1,400 tpd while mining continuously for 6 years
Ongoing improvements to increase pace of development mining
Cerro Bayo Operational Improvements:
Shifted the mining method from shrinkage stoping to completely mechanized blast hole open stoping;
Ramped up throughput from 0 tpd –1,400 tpd from three mines
Installed flotation automation system to maximize silver and gold recoveries
Extended mine life from 3 years at 1,200 tpd to 4 years at 1,400 tpd while mining continuously for 6 years
Ongoing improvements to increase pace of development mining
Record High Rate Record Low Cost
Cerro Bayo Operating Performance and Improvements
$0
$50
$100
0
50,000
100,000
150,000
Q4-10 Q2-11 Q4-11 Q2-12 Q4-12 Q2-13 Q4-13 Q2-14 Q4-14 Q2-15 Q4-15 Q2-16 Q4-16
$/ T
onne
Tonn
es P
er Q
uart
er
Mining Rate and Unit Cost
t Mined Cost/ t Mined
$0
$50
0
50,000
100,000
150,000
Q4-10 Q2-11 Q4-11 Q2-12 Q4-12 Q2-13 Q4-13 Q2-14 Q4-14 Q2-15 Q4-15 Q2-16 Q4-16
$/ T
onne
Tonn
es P
er Q
uart
er
Processing Rate and Unit Cost
t Processed Cost/ t Processed
$0
$5
$10
$15
$20
0
500,000
1,000,000
1,500,000
Q4-10 Q2-11 Q4-11 Q2-12 Q4-12 Q2-13 Q4-13 Q2-14 Q4-14 Q2-15 Q4-15 Q2-16 Q4-16
$/ o
z Ag
Net
Byp
rodu
ct
Oz
Ag/Q
uart
er
Saleable Silver Produced & Unit Cost
Ag oz Cost/ oz Ag net Au
24
Cerro Bayo 3 years of reserves at purchase (for 2X worst case value add) Have mined continuously for 6 years 4 years remaining, plus some upside
Source: Roscoe Postle Associates, Effective December 31, 2016, documented in an independent NI 43-101 Technical Report filed March 31, 2017
25
Challacollo Silver-Gold Project 2017
Key for 2017: Water exploration in May-June Capital optimization if water exploration is successful
Land package 20,378 hectares
Ownership 100%
Location 130 km SE of Iquique, Chile
Mineralization Epithermal, oxidized Ag-Au
Elevation Approx. 1,500 ASL
26
Invest With Us: How We Will Deploy Your Capital1. Acquire new assets counter-cyclically – only at deep discount to value
• Acquire only when we see possibility of an immediately accretive transaction with strong value uplift in 3-5 years
• Keep portfolio evergreen – exit assets that do not fit
2. Execute focused operational improvement projects at each site
3. Apply relentless, disciplined financial management
• Exploration – project portfolio targeted on discovery of near-term reserves• Mining – projects focused on safer, more mechanised mining with higher extraction, lower dilution
and reduced cost• Metallurgical – projects focused on higher recovery, higher availability, higher quality products with
higher payables and reduced costs• Commercial – more diverse customers paying better terms
• Low cash cost and overheads for high EBITDA margins• Low DD&A for high P&L margins – low acquisition cost, focused CAPEX & exploration • Prudent, low-cost leverage to fund growth when needed• Minimize shareholder dilution• Return cash to shareholders: dividend = 6% trailing qtr. revenues
4. Engage all stakeholders in a values-based and value-focused organization
27
For more information, please contact:
Greg DiTomasoDirector, Investor RelationsTel: 647.260.1566Email: [email protected] Website: www.mandalayresources.comTwitter: @MandalayAuAg
For more information, please contact:
Greg DiTomasoDirector, Investor RelationsTel: 647.260.1566Email: [email protected] Website: www.mandalayresources.comTwitter: @MandalayAuAg