Mandalay Resources Corp. (TSX:MND, OTCQB:MNDJF) said it posted revenue of $54.2 million for the first quarter ended March 31, 2022, its second-highest since the Q2 2016.
Quarterly adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) were $31.3 million, also the second highest in its history, the company noted, adding that it was free of net debt during the quarter with $50.4 million of cash on hand and $45.7 million in total interest-bearing debt outstanding.
"Mandalay is pleased with our Q1 2022 financial results and particularly in reaching a net debt free position,” Dominic Duffy, the company's president and CEO said in a statement. “Reaching a net debt-free position has been one of the major goals of the company and it is a credit to the Mandalay team the degree to which the company has been turned around over the past three years.”
READ: Mandalay Resources on track to reach 2022 production guidance after solid first quarter
The Canada-based natural resources company reported adjusted net income of $13.9 million ($0.15 or C$0.19 per share) during the quarter and consolidated net income was $10.5million ($0.11 or C$0.14 per share).
"Our consolidated cash and all-in sustaining costs per saleable gold equivalent ounce during Q1 2022 was $831 and $1,110, respectively, a decrease of 6% and 8% as compared to the $883 and $1,212 during the same period last year,” said Duffy.
He noted that the Costerfield property in Australia performed well, posting $30.4 million in revenue and $22.9 million in adjusted EBITDA, adding that the Bjorkdal property in Sweden generated stable production and sales with $23.7 million and $9.4 million in revenue and adjusted EBITDA, respectively, in Q1 2022.
Looking ahead, he said: "Mandalay is tracking well to attain its 2022 production and cost guidance and is pleased to build on our track record of operational and financial success."
Mandalay's management will be hosting a conference call for investors and analysts on May 12, 2022, at 8.00am Toronto time. Analysts and interested investors are invited to participate using the following dial-in numbers:
- Participant Number (Toll-free): 877 412 4895
- Participant Number: 312 281 1211
- Conference ID: 13729994
Contact the author at jon.hopkins@proactiveinvestors.com