Mandalay Resources Corporation has reported second-quarter 2021 revenue of US$51.4 million, the company’s second-highest quarterly sales results since 2Q 2016 and a 21% increase from the same period last year.
Mandalay also realized US$11.5 million, or $0.13 per share, in adjusted net income during the quarter, its sixth consecutive quarter of profitability.
“Mandalay Resources is pleased to deliver strong financial results for the second quarter of 2021, as the company continues to execute against our operational strategy and is on track to attain our 2021 production and cost guidance,” Mandalay Resources CEO Dominic Duffy said in a statement.
READ: Mandalay Resources poised for more growth in 2021 as both its mines continue to be significant cash generators
“For the rest of 2021, we expect to improve on this level of operational and financial performance, while building on our successful exploration campaigns. At current metal prices and exchange rates, the company is on schedule to be net debt-free by year-end 2021,” Duffy added.
The company attributed its improved financial results to selling 3,199 more gold equivalent ounces during the quarter, combined with higher realized prices.
Mandalay also generated US$12.7 million free cash flow during the quarter as well as US$26.6 million in net cash flow from operating activities.
The company ended 2Q with US$39.1 million in cash as of June 30, 2021.
Mandalay Resources is a metals miner that produces gold, silver and antimony. The company is focused on operating and optimizing its mines at Costerfield in Australia and Björkdal in Sweden. Both assets have the potential for further growth via production and exploration.
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