Mandalay Resources (TSX: MND) this morning confirmed that production in 2024 will remain within the range of 90,000 to 100,000 gold equivalent ounces across its operations on a consolidated basis, while issuing guidance for the oncoming year.
In 2025, production is expected to decline marginally versus 2024, with current guidance calling for production of 85,000 to 95,000 gold equivalent ounces, which represents a 5% decline on a midpoint basis year over year. Broken out, gold production is estimated to be between 76,500 and 85,000 ounces, while antimony production is estimated to come in somewhere between 1,050 and 1,150 tonnes.
Cash costs meanwhile are expected to come in between $1,200 and $1,350 per ounce, while all-in sustaining costs have been guided to be between $1,795 and $1,975 per ounce. Comparatively, as of September 30, cash costs per gold ounce equivalent produced in 2024 sits at $1,113 per ounce, while all-in sustaining costs have been reported as $1,530 per ounce.
Sustaining capital across all operations meanwhile are guided to be between $43 and $48 million.
“Due to planned mine sequencing, we expect Costerfield’s 2025 production to be 43,000 – 48,000 gold equivalent ounces followed by higher production in 2026. 2025 is a key mine development year at Costerfield with a planned investment of $18 – $20 million in sustaining capital, to enable mining flexibility, long-term growth, and sustained profitability. At Björkdal, gold production in 2025 is expected to remain consistent with 2024 levels, supported by stable processed grades and tonnage,” commented Frazer Bourchier, CEO of Mandalay.
Mandalay Resources last traded at $4.76 on the TSX.
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