Mandalay Resources Corp.

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Market Cap:
$151.37 m
1.66 CAD
52 weeks high
52 weeks low


To create exceptional shareholder value through the acquisition of undervalued assets that can become rapidly cash generative, self fund exploration, establish and maintain high operating margins, and return cash to shareholders.  Mandalay is committed to operating safely and in an environmentally responsible manner, while developing a high level of community and employee engagement.


Entry Strategy

  • Acquire high-quality assets at a low cost relative to ultimate value
  • Apply management’s extensive operational and exploration expertise to turn around, grow and/or develop the assets
  • Focus on cash returns to shareholders and prudent use of leverage

Operational Strategy

Mandalay is focused on:

  • High-margin projects where we can achieve rapid production ramp-ups from restarts, turnaround situations or late-stage development
  • Early cash flow to fund exploration, growth, and operational improvements
  • Building critical mass through acquisition

Capital Strategy

Reduce dilution and return cash to shareholders:

  • Announced dividend policy, currently paying annualized dividend of 6% of gross revenue*



Mandalay operates the 100%-owned Costerfield gold-antimony mine in Victoria, Australia, having purchased it on December 1, 2009, from Western Coal. The Company restarted capital development and mining immediately, ramping through year-end 2010 to the planned production rate of 5,000 tonnes per month (“t/m”). Significant improvements in mining and processing methods since then has enabled production to grow to the 10,000-12,000 t/m range by early 2013, a level that is sustainable going forward.




Compañia Minera Cerro Bayo (“Cerro Bayo” or “CMCB”) owns and operates multiple underground silver (“Ag”)-gold (“Au”) mines in the Cerro Bayo district, Region XI, Chile. The mines feed a single conventional flotation plant. Ag-Au concentrate from the plant is sold to smelters in Asia and North America. Cerro Bayo offers Mandalay shareholders exposure to current, low-cost Ag and Au production and exciting exploration potential in one of the best mining jurisdictions in the world. 



The 100% owned Challacollo silver-gold project is located in Region I (Tarapaca) of Chile, approximately 130 km southeast of the port city of Iquique at 20° 57’10” S latitude, 69° 21’20” W longitude. The Project comprises 98 individual mining exploitation concessions totalling 20,803 ha, which grant the owner the right to mine. Mandalay Resources Corporation announced its acquisition of Challacollo on December 20, 2013, with final closing completed on February 7, 2014. On August 1, 2018, Mandalay entered into a non-binding letter of intent with Aftermath Silver to sell the Challacollo project.




Mandalay Resources Corp. acquired 100% interest in the Björkdal (“Birch Valley”) gold mine in September, 2014, when it purchased 100% of Elgin Mining. Björkdal, located in northern Sweden, one of the best mining jurisdictions in the world, produces gold from a combined open pit and underground operation with approximately 60% of plant feed currently delivered from the underground. The plant produces gravity and flotation gold concentrates which are sold to smelters. The acquisition of Björkdal pushes Mandalay into deriving the bulk of its revenues from gold (together with co-product gold production from Costerfield and by-product gold production from Cerro Bayo). Björkdal offers abundant opportunities for optimising both open pit and underground mining, improving processing recoveries, and increasing Mineral Resources, Mineral Reserves, and mine life.



Toronto, Canada

Board of Directors

Bradford A. Mills

Mr. Mills has over 30 years of experience in the resource industry. He is the founder and managing director of Plinian Capital, a private equity firm whose principal business is investment in natural resources projects and companies. Mr. Mills formerly held the position of Chief Executive Officer of Lonmin Plc, the world’s number three platinum and platinum group metals producer. Prior to that, Mr. Mills served as President of BHP Billiton’s copper group. Mr. Mills currently holds directorships with Rambler Metals and Mining, a copper-gold producer, as well as Helio Resource Corp. and West African Minerals, exploration companies focused on gold and iron ore projects in Africa. Mr. Mills is a member of the advisory board to the Stanford University School of Earth, Energy and Environmental Sciences.

Braam Jonker
Lead Independent Director

Mr. Abraham Jonker has more than 20 years of extensive management, accounting and corporate finance experience across 5 continents, mostly in the mining industry. Mr. Jonker currently serves as the Lead Independent Director of the Board of Directors of Mandalay Resources Corp (MND: TSX). Mr. Jonker is also a member of the Board of Directors of Golden Reign Resources. Previously he was the Chief Financial Officer of Western Coal Corp at the time of its take-over by Walter Energy for $3.3 billion. He is a registered Chartered Accountant in British Columbia, (Canada), England and Wales as well as South Africa. He is also a member of the Chartered Institute of Management Accountants in the United Kingdom and holds a Masters degree in South African and International Tax from the Rand Afrikaans University.

Dominic Duffy
President, Chief Executive Officer and Director

Mr. Duffy holds a B.Eng in Mining Engineering from the University of New South Wales (Sydney, Australia). He has extensive technical and operational management experience, having worked at numerous operations throughout Australia and Latin America. Prior to joining Mandalay Resources, Mr. Duffy most recently worked for Coeur d’Alene Mines and Hecla Mining Company in South America.

Rob Doyle
Director (1,2)

Mr. Doyle has over 30 years of experience in all facets of international resource exploration, development and production. Mr. Doyle is a director of Golden Star Resources Ltd. and Detour Gold Corp. He was Chief Executive Officer of Medoro Resources Limited, until October, 2009, and was Executive Vice President prior to that. Previously, Mr. Doyle was Chief Financial Officer of a number of companies including Pacific Stratus Energy Corp., Coalcorp Mining Inc., Bolivar Gold Corp. and HMZ Metals Inc. In addition, he has held a number of financial and executive positions with Falconbridge. Mr. Doyle holds CPA, CA and C.Dir designations and graduated with an HBA in Business Administration from the Ivey School of Business, University of Western Ontario.

[1] Member of Audit Committee

Peter R. Jones, P. Eng
Director (2)

Mr. Jones is a mining executive and Professional Engineer with 40 years of experience in senior operational and project positions at coal, gold, base metal and potash mines. In December 2013, Mr. Jones was appointed as the Executive Vice President of Century Iron Mines Corporation. He is also a Chairman of Augyva Mining Resources and director of Victory Nickel Inc. Previously, he was CEO of Hudson Bay Mining and Smelting Co., Limited (HBMS) for Anglo American, President and CEO of HudBay Minerals and Chairman and CEO of Adanac Molybdenum. Mr. Jones is an advocate of corporate governance and graduated from the Camborne School of Mines, UK and the Banff School of Advanced Management.

Amy Freedman
Director (1)

Amy Freedman is CEO at Kingsdale Advisors, and is a capital markets professional with over 15 years of experience in investment banking, corporate governance, marketing and communications, and transaction management. Ms. Freedman obtained her JD/MBA from the University of Toronto.

Terry Ackerman

Mr. Ackerman was interim Chief Executive Officer of Stillwater Mining Company during 2013, having joined the company in 2000 as Director of Corporate Planning. During 1998 and 1999, Mr. Ackerman conducted feasibility studies, operational and mine planning reviews for various underground operations. Prior to this time, Mr. Ackerman was Vice President and General Manager of BHP Copper’s San Manuel Operation in Arizona. Mr. Ackerman held increasing roles of accountability for Magma Copper Company starting as an underground engineer in training in 1976. Mr. Ackerman received a Bachelor of Science degree in Mine Engineering from the University of Idaho College of Mines.


Senior Management

Dominic Duffy
President, Chief Executive Officer, and Director

Mr. Duffy holds a B.Eng in Mining Engineering from the University of New South Wales (Sydney, Australia). He has extensive technical and operational management experience, having worked at numerous operations throughout Australia and Latin America. Prior to joining Mandalay Resources, Mr. Duffy most recently worked for Coeur d’Alene Mines and Hecla Mining Company in South America.


Nick Dwyer
Chief Financial Officer

Nick Dwyer has over 10 years of management, accounting and corporate finance experience across North America, Australia, Europe and Africa. Mr. Dwyer holds a Bachelor of Commerce degree from the University of Western Australia and is qualified as a Chartered Accountant (Australia). Prior to joining Mandalay, Mr. Dwyer served as Head of Corporate Accounting at African Minerals in London, UK, where he assisted with a $1.5 billion foreign investment transaction. Mr. Dwyer also has banking experience from the RBS Banking Group.


Belinda Labatte

Chief Development Officer

Ms. Labatte holds an MBA from the Rotman School of Management, University of Toronto and is a CFA charter holder. She has worked with Mandalay Resources in the capacity of Corporate Secretary since 2010. She is the Founder of The Capital Lab Inc. Ms. Labatte has worked on global investor relations advisory mandates, transaction support and implementing corporate responsibility and crisis management strategies within the extractive sector. In 2014, Ms. Labatte was awarded the Professional of the Year Award from the Canadian Investor Relations Institute. She was nominated to the Board of Directors of the PDAC in March 2015. Institute of Corporate Directors, ICD.D, June 2018.


Toni Streczynski

Vice President, Porcessing and Metallurgy

Mr. Streczynski holds a Masters diploma in Technology – Mineral Engineering and has over 20 years experience in Mineral Processing. He has extensive technical, operational management, and leadership development experience. Mr. Streczynski has worked in Metallurgical Research and Development as well as the Iron and Steel and Platinum industries in South Africa. Prior to joining Mandalay he has most recently worked for a major Copper producer in Australia.


Chris Gregory

Vice President, Operational Geology & Exploration

Mr. Gregory (BSC Geology, MAIG, MAICD) has extensive global experience in mineral exploration and development over 30 years, with a focus on base and precious metals. Mr. Gregory was formerly GM – Southeast Asia for Rio Tinto Exploration, where he held directorships in related companies, and is acknowledged for the discovery of Sepon Cu-Au in Laos. Since 2002 Mr. Gregory has been a consultant and investor.


Mandalay Resources Corporation

76 Richmond Street East, Suite 330
Toronto, ON M5C 1P1 Canada
+1 647 260 1566

IR Contact

+1 647 260 1566

The Company’s shares trade on the Toronto Stock Exchange (“TSX”) under the ticker symbol MND.

As of July 3, 2019*

Shares Outstanding 91.0 million
Warrants Outstanding 0
Stock Options Outstanding 2.0 million
RSUs 0.3 million
Fully Diluted 93.4 million
*Consolidation of the common shares of the Company on July 2, 2019, on the basis of one post-consolidation share for up to every 10 pre-consolidation shares

Mandalay Corporation Number: BC0535791

Investor Relations:

Telephone: 647.260.1566


[email protected]



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