Mandalay Resources - ein Übernahmekandidat? (Seite 27)

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Q1-Zahlen von Mandalay Resources:

Financial Statements:
http://www.mandalayresources.com/wp-content/uploads/2015/05/…

MD&A:
http://www.mandalayresources.com/wp-content/uploads/2015/05/…

Net Income 12,5 Mio. $; EPS 0,03 $


MND.TO 0,90 C$

[supernova1712]

Lesezeichen!

Das habe ich heute von Gecko Research bekommen:

Mandalay Resources (mnd.to)
We actually met Mandalay for the first time a year ago in Hong Kong and we liked what we saw but never acted on it. Since then, the stock has dropped about 30% (despite the recent gains) but many positives have happened fundamentally and Mandalay is not only cheaper today, it's also a better company than it was a year ago.

* Outstanding shares (Nov 5th, 2013): ~323.3 Million shares (fully diluted ~360.8Million)
* Market cap: ~262 Mcad (C$0.81)
* Cash on hand: ~27.7 Musd as of Sep 30th (no debt)
* Enterprise Value: ~234 Mcad

Mandalay Resources is a low cost production company with one producing asset in Chile (Cerro Bayo) and one producing asset in Australia (Costerfield). Management and insiders hold close to 54% (!) of outstanding shares and that in itself would be a strong argument to be a shareholder. Mandalay has paid dividend to its shareholders since Q3 2012 and their policy is to pay 6% of the trailing quarter revenue, a very attractive form of dividend as it automatically will adjust with metal prices and production growth. Dividend for Q3 2013 was C$0.0097/share (just shy of 1c/share), close to 5% annualized return at today’s share price.

Mandalay’s flagship property Cerro Bayo was bought from Coeur d’Alene in 2009. Cerro Bayo is a historical mining district with close to 100 identified veins since the first gold and silver mineralization was found in 1984.

Mandalay has identified a number of epithermal vein deposits at the property and three long-hole stoping mines are in operation today. Approximately 400 tpd from each deposit is trucked to a single central mill located adjacent to the Delia vein. The mill has a 1,600 tpd capacity but is currently running at 1,200 tpd. The company expects to reach 1,400 tpd by the end of Q1 2014.

Guidance for 2014 is 23,000-27,000 oz of gold and 3.0-3.2 moz of silver at a cash cost of $6-8/oz net of gold credits with an all in costs at approximately $12/oz of silver.

Mandalay’s second producing asset is the Costerfield Mine in Australia, an underground operation that produces a gold-antimony concentrate. Antimony is a metalloid with several important uses, especially as alloying material for lead and tin and for lead antimony plates in lead-acid batteries.

Costerfield is a high-grade mine with approximately 10 g/t of gold and 4% antimony, ore is processed at site in a 350 tpd mill. All-in costs are approximately $900/oz of gold. Mandalay completed a PEA in September for the Cuffley lode, adjacent to current operation. For a very modest $28 million in Capex, Cuffley could boost Costerfield's production up to 75,000-80,000 oz of gold per year in 2015. The decline necessary to access the planned bottom of the Cuffley ventilation shaft and escape way are already complete and drilling is ongoing with expectation of a new resource estimate around year-end. Cuffley is scheduled to be in production during Q2 2014.

Mandalay will produce about 60,000 oz gold, over 3.0 million oz silver and 3,100 tons of antimony in 2014. At $1,300 gold and $21 silver the company should generate about $45 million in cash flow, and once Cuffley is part of the equation in 2015 this number will grow towards $60 million. These are attractive numbers, especially when the growth is taken into consideration. Compared to its peers, Mandalay has very robust key numbers when calculating market cap/P&P reserves, market cap/produced oz etc etc. Given that shareholders also receive a dividend puts Mandalay in a different class.

Guidance for 2014 is 37,000-43,000 oz gold and 3,000-3,300 ton antimony at a cash cost per AuEq oz of $675-775. At current prices revenue is about 50/50 from gold vs antimony. Mandalay's total gold equivalent production for 2014 is expected to be between 130,000-143,000 oz AuEq.

Mandalay own 5 drill rigs that are currently drilling on Cerro Bayo, resource and reserve updates are expected in Q1. There are many strong catalysts for the company in the coming 6-9 months so we expect a good news flow to support the share price. We have also been told that management is keen on expanding Mandalay's business through acquisitions.


Freundliche Grüße
supernova

[Global-Player83]

Aktueller Kurs 0,88 CAD

[Global-Player83]

Mandalay Resources hat vor kurzem das Challacollo Projekt in Chile von Silver Standard für 15,8 Mio. Dollar gekauft.


http://www.mandalayresources.com/wp-content/uploads/2013/09/…

8.0 Moz Indicated
24.9 Moz Inferred

Unternehmenspräsentation:

http://www.mandalayresources.com/wp-content/uploads/2013/11/…