leadf
logo-loader
viewMandalay Resources Corp.

Mandalay Resources rated 'buy' by Desjardins analyst

Parkin lowered his target price to 85 cents from 95 cents...

Bjorkdal_58f8bb4cc0a0b.jpg
Pictured is Mandalay's Bjorkdal mine in Sweden

Precious metal junior Mandalay Resources Corp (TSE:MND) has received a 'buy' rating from Desjardins analyst Michael Parkin, who has upgraded the junior miner's shares from a 'hold'.

The Globe and Mail in its 'Eye On Equities' column has reported Parkin saying in a note that Mandalay announced first quarter production of 32,500 ounces of gold equivalent ounces (GEO), which missed Desjardins previous estimate of 37,700 GEO.

"The 1Q production result represents 22 per cent of the mid-point of the company's annual guidance of 138–163,000 GEO; however, we expect higher production results in subsequent quarters this year, as does management," says Parkin.

He reckons Mandalay will achieve its guidance with Desjardins estimate of 150,400 gold equivalent ounces (GEO) at total cash costs of  U$757 per gold equivalent ounce.

Mr Parkin lowered his target price to 85 cents from 95 cents, while consensus is for 83 cents.

Last week, Mandalay said that in the three months to end March it produced 32,481 ounces of gold equivalent from the three mines  - Cerro Bayo, Bjorkdal and Costerfield - down from 39,965 ounces in the same three months in 2016.

In the previous quarter (to end December), it produced  31,293 ounces.

Sales of gold equivalent ounces came in at 34,801 ounces in the latest quarter, down from 40,808 ounces in the first quarter of 2016.

Quick facts: Mandalay Resources Corp.

Price: 2.09 CAD

TSX:MND
Market: TSX
Market Cap: $190.66 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Mandalay Resources Corp. named herein, including the promotion by the Company of Mandalay Resources Corp. in any Content on the Site, the...

FOR OUR FULL DISCLAIMER CLICK HERE

Mandalay Resources latest drilling shows impressive results from Youle...

Mandalay Resources (TSE: MND-OTCQB: MNDJF) President and CEO Dominic Duffy joined Steve Darling from Proactive with news the company has seen some very strong numbers from the latest drill results on the Youle Deposit at their Costerfield Project. Duffy telling Proactive the numbers returned...

on 10/23/2020

2 min read