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NOV2015BUILDING VALUE
ACROSS THE CYCLE
TSX // MND
This presentation contains "forward-looking statements" within the meaning of applicable securities laws, including statements relating to life of
mine production plans, exploration plans and the growth and strategy of Mandalay. Actual results and developments may differ materially from
those contemplated by these statements depending on, among other things: exploration results or production results not meeting management’s
expectations; capital, production and operating cost results not meeting current plans; and changes in commodity prices and general market and
economic conditions. The factors identified above are not intended to represent a complete list of the factors that could affect Mandalay. A
description of additional risks that could result in actual results and developments differing from those contemplated by forward looking
statements in this news release can be found under the heading “Risk Factors” in Mandalay’s annual information form dated March 31, 2015 and
in its final prospectus dated September 2, 2014, copies of which are available under Mandalay's profile at www.sedar.com. Although Mandalay
has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-
looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be
no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Quality Control and AssuranceQuality control and assurance programs are implemented in line with the standards of National Instrument 43-101.
The exploration programs at Costerfield and Björkdal are supervised by Chris Gregory (Member, Australian Institute of Geoscientists, VP of
Operational Geology for Mandalay and a “Qualified Person” as defined under National Instrument 43-101. Mr. Gregory regularly visits Costerfield
and Björkdal, and supervises the collection and interpretation of scientific and technical information contained in this presentation.
The exploration programs at the Cerro Bayo and Challacollo projects are supervised by Scott Manske, Chief Cordilleran Geologist of Mandalay
Resources, and an Oregon registered Professional Geologist. A “Qualified Person” as defined by NI 43-101, he has reviewed and approved the
technical and scientific information on these projects contained in the presentation.
Dr. Mark Sander (Member: AusIMM), President of Mandalay, has visited the Costerfield, Cerro Bayo, Challacollo, and Björkdal and has
supervised the preparation of this presentation.
All currency references in US$ unless otherwise indicated
Forward-looking Statements
2
A Values-Based and Value-Focused Company
We create exceptional shareholder value through the acquisition of undervalued assets that can rapidly
become cash generative, self-fund exploration, establish and maintain high operating margins and return
cash to shareholders within a planned period of time. Mandalay is committed to operating safely and in
an environmentally responsible manner, while developing a high level of community and employee
engagement
WE ARE SUCCESSFUL WHEN:
Our employees live and work safely and experience the personal
satisfaction that comes with high performance and recognition
The communities in which we operate value our presence
Our environmental impact is minimized and causes no permanent harm
We have a large, diversified set of customers who are delighted with
and compete for our products
Our shareholders realize a superior total return on their investment and
support our corporate values.
Our values are visibly demonstrated by strong local management, at the
point of impact with or stakeholders, and co-ordinated across the
Company for maximum effect
Profitable and Dividend-Paying (5.5% yield)*
*Trailing 12 months dividends divided by current market capitalization
3
2009
• Costerfield, Australia
• Gold & Antimony
2010
• Cerro Bayo, Chile
• Silver & Gold
2013
• Challacollo, Chile
• Silver & Gold
2014
• Björkdal, Sweden
• Gold
Delivering Financial Value at Mandalay
1. The Company defines EBITDA as earnings before interest, taxes and non cash charges/ (income). EBITDA should not be considered by an investor as
an alternative to net income or cash flow as determined in accordance with IFRS.
2. Annual cash dividend paid quarterly, based on 6% of the Company’s trailing quarter’s gross revenue and the future cash requirements of the Company
TIMELINE
2015 Quarterly
Financial
Measures
Revenue,
EBITDA(1) &
Dividends(2)
Revenue
EBITDA
Dividends
$4.0 $3.4 $3.0 $2.6
$24.3$18.2
$11.5
$56.8$50.2
$43.3
0
50
100
Q1- 2015 Q2 -2015 Q3 - 2015 Q4 - 2015
US
$ M
M
4
50%
100%
150%
200%
250%
300%
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15Cu
mu
lati
ve %
Val
ue
Ch
ange
Sin
ce Q
3 2
00
9
Mandalay Cumulative Returns 11% Annual Compounded Rate of Return Gold Silver
Delivering Shareholder Value at Mandalay21% Compounded Cumulative Total Return to Common Shareholders over past 5-years(1)
MND LAG MND OUTPERFORM
CE
O A
ppoin
ted
Coste
rfie
ld A
cquir
ed
Single
mine
ramp-up
Cerr
o B
ayo
Acquir
ed
Two mine
ramp-up
SIB
Warr
ant R
edem
ption
Div
idend
Initia
ted
Challacollo A
cquir
ed
$60 M
illion G
old
Loan
Bjö
rkdal A
cquir
ed
West F
ace S
econdary
Off
eri
ng
1. Q3 2010 to Q3 2015, includes all dividends paid
Source: MetalPrices.com for metal spot prices
Index: September 30, 2009 = 100. Mandalay share price: $0.42
Graph updated quarterly, prices as at the last trading day of each respective quarter
5
6
0
2
4
6
8
10
12
14
16
18
20
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
$80,000
$90,000
Se
p-0
9
Dec-0
9
Mar-
10
Ju
n-1
0
Se
p-1
0
Dec-1
0
Mar-
11
Ju
n-1
1
Se
p-1
1
Dec-1
1
Mar-
12
Ju
n-1
2
Se
p-1
2
Dec-1
2
Mar-
13
Ju
n-1
3
Se
p-1
3
Dec-1
3
Mar-
14
Ju
n-1
4
Se
p-1
4
Dec-1
4
Mar-
15
Ju
n-1
5
Vo
lum
e (
millio
ns)
Inve
stm
en
t V
alu
e
Mandalay(1) Mandalay Volume Peer Index(2) Gold Senior(3)
1. Adjusted for reinvested dividends. Assumes investment in Mandalay made as part of private placement announced on 24-Sep-09 to fund acquisition of Costerfield and
accounts for warrant exchange offer of 0.47 shares per warrant. End date as at August 27, 2015.
2. Peer Index: Argonaut, Dundee PM, Kirkland, Lake Shore, OceanaGold, Perseus, Primero, Timmins.
3. Gold Seniors: Agnico Eagle, AngloGold, Barrick, Goldcorp, Gold Fields, Kinross, Newcrest, Newmont, Polyus, Yamana.
A $10,000 investment on September 24, 2009 would be worth:• Mandalay: $53,677
• Peer Index: $7,874
• Gold Seniors: $2,746
Mandalay has Delivered an Outstanding Total ReturnTo Original Equity Investors(1)
Trading Volume, Ownership and Coverage
Major Shareholders(1)
Holders Shares (Million) Shares (Percentage)
West Face Capital 69.3
GMT Capital 47.0
Sentry Investments 40.4
Plinian + Management 33.9
Vertex One Asset Management 15.7
Large Holders 206.3
Other Holders 204.1
TOTAL 410.4
Analyst Coverage
Firm Analyst
BMO Brian Quast
Desjardins Mike Parkin
GMP (London) Brock Salier
Haywood Ben Asuncion
Raymond James Chris Thompson
Volume
30-day Average Daily Volume 469,000
100-day Average Daily Volume 531,000
16.9%
11.5%9.8%
8.3%
3.8%
49.7%
Source: Yahoo Finance for volume data
1. As at October 31, 2015. Total shares owned by directors directly = 11.6M (2.83%)7
Growing Value – Reserves Increasing Faster Than Production
Adding Reserves Cost Effectively• Acquiring built-out assets for about $160/oz Au Eq. in Proven & Probable
• Discovering mine-site reserves for $10-$50/oz Au Eq. in Proven & Probable
15,854 63,351
107,941 126,908
154,810 253,796
520,175 633,000
771,500
1,123,367
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
0
50,000
100,000
150,000
200,000
250,000
300,000
2010 2011 2012 2013 2014 2015E
Oz A
u E
q. Y
ear-
En
d R
eserv
es
Oz A
u E
q. A
nn
ual P
rod
ucti
on
~165,000E
8
-
20
40
60
80
100
120
140
160
180
2010 2011 2012 2013 2014
US
D/o
z P
&P
Ad
de
d
MANDALAY COST OF ACQUIRING AND EXPLORING FOR RESERVES
Cumulative Cost per
oz Au Eq. Acquired or
Discovered
Cost Per oz Au Eq.
Discovered in yr
Cost Per oz Au Eq.
Acquired in yr
As at Nov 12, 2015
Millions
(Except
Share Price
Information)
Share price
(Nov 12, 2015 - close) (C$)
0.75/shr
Shares Outstanding 410.4
Options(1) 19.4
Fully Diluted Shares
Outstanding
429.8
Market Capitalization (C$) $307.8
Cash and Cash
Equivalents (US$)
$49.7
Total Interest-Bearing Debt
(US$)
$57.3
Total Enterprise Value
(US$)(2)
$242.5
LTM EBITDA $75.5
Net debt to EBITDA (LTM) 0.76x
Q3, 2015 Q3, 2014 9M 2015 9M 2014
Saleable Ag oz
produced
632,498 823,379 1,820,741 2,308,330
Saleable Au oz
produced
25,996 18,990 80,154 46,264
Saleable Sb t
produced
964 1,000 2,775 2,713
Q3, 2015 Q3, 2014 9M 2015 9M 2014
Net Cash/All-in cost/oz
Au Eq. at Costerfield, $
553 /
763
747 /
1,047
566 /
777
838 /
1,119
Net Cash/All-in cost/oz
Ag at Cerro Bayo, $
8.31 /
15.18
6.26 /
12.23
8.66 /
15.85
5.87 /
11.81
Net Cash/All-in cost/oz
Au Eq. at Björkdal, $(3)
934 /
1,100
706 /
852(3)
866 /
1,022
-(3)
EBITDA, $ million 11.5 10.5 54.0 43.0
Net Income, $ million 2.2 (0.7) 19.7 10.0
Cash and cash equiv., $
million
49.7 45.2 49.7 45.2
Operational Performance
Financial Performance
Balance Sheet and Current Results
1. Exercise Price: C$0.33 – C$1.13 expiry dates ranging from Mar 11, 2016 - Mar 24, 2020
2. Using exchange rate of 1 CAD = 0.763 USD
3. Björkdal Acquired September 10, 2014. Site all-in costs include total cash operating costs, royalty expense, depletion, depreciation, accretion and write-off of exploration
and evaluation.
9
Operational Locations: Mining-friendly Jurisdictions
Metal Gold
Ownership 100%
YTD
Production
33,574 oz
P&P
Reserves(1)
6.5 Mt @ 2.05 g/t Au
(432,000 oz Au)
Metal Silver, Gold
Ownership 100%
YTD
Production
1,820,741 oz Ag
15,671 oz Au
P&P
Reserves(1)
2.4 Mt @ 220 g/t Ag;
2.13 g/t Au
Metal Gold, Antimony
Ownership 100%
YTD
Production
30,909 oz Au
2,775 t Sb
P&P
Reserves(1)
430,000 tonnes @
8.1 g/t Au; 3.6% Sb
2015 E 2016 E
Au oz Saleable Production 105,000 –110,000 100,000 – 115,000
Ag oz Saleable Production 2.4m – 2.6m 2.9m – 3.3m
Sb oz Saleable Production 3,200 – 3,500 3,000 – 3,500
Total Forecast Production Au Eq oz 165,000(2) 165,000 – 180,000(3)
Total cash costs per saleable Au Eq oz $764 $778
Total capex spend $38m – $44m $31m – $37m
Total exploration spend $7m $7m
2015E and 2016E Guidance – Production, Investment and Costs
1. Refer to notes in the Appendix
2. 2015 metal price assumptions: $1,189/oz Au, $15.95/oz Ag and $7,045/ t Sb
3. 2016 metal price assumptions: $1,202/oz Au, $16.87/oz Ag and $6,820/t Sb10
Björkdal Gold Mine: Overview
Land package 6,862 hectares
Ownership 100%
Number of Employees(1) 145 direct, 65 contractors: 210 total
Current throughput 3,500 tpd
Plant recoveries (YTD 2015) Au: 88%
2015 Planned Exploration Budget $3 million
1. As at year-end 2014, filed in Company’s Annual Information Form11
Björkdal Operating Performance and Improvements
$14
$16
$18
$20
$22
280,000
300,000
320,000
340,000
360,000
Q4-14 Q1-15 Q2-15 Q3-15
$/ T
on
ne
To
nn
es
Pe
r Q
ua
rte
r
Mining Rate and Unit Cost
t Mined Cost/ t Mined
$0
$10
$20
310,000
320,000
330,000
340,000
Q4-14 Q1-15 Q2-15 Q3-15
$/
Ton
ne
To
nn
es
Pe
r Q
ua
rte
r
Processing Rate and Unit Cost
t Processed Cost/ t Processed
$700
$750
$800
$850
$900
$950
0
5,000
10,000
15,000
Q4-14 Q1-15 Q2-15 Q3-15
$/ o
z A
u
Ou
nce
s G
old
Per
Qu
arte
r
Saleable Gold Produced and Unit Cost
Au oz Cost/ oz Au
Björkdal 2015 Operational Improvements:
Introduced best practice mapping, drilling,
sampling, and modelling of high nugget-
effect gold deposits
Produced a more refined resource model to
support more selective underground & open
pit mining techniques
Establishing a local assay lab for faster
grade control turnaround
2016 Planned Improvements:
Increasing grade of mill feed through more
selective underground and open pit mining
Pilot ore sorting
Pilot ultra-fine float
12
Underground Grade Improvement #1 – Currently Being Implemented
13
In first 3 weeks of on-vein selectivity, entire sample set
totals 12,890 t @ 2.37 g/t Au and historic practice would
send the entire tonnage to plant. With new selectivity,
• 9,154 t above >0.7 @ 3.18 g/t Au, will be sent to the mill
• 2,239 t @ 0.49 g/t Au, will be stockpiled
• 1,497 t @ 0.23 g/t, will be sent to waste
Next step is to implement same selective mining for stoping ore
?
Improvement #2 – Move to 3.5m Drifts on 15m Levels (Currently 5m Drifts on 20m Levels)
5 X 5
3.5 X 3.5
15 m levels
20 m levels• Now that Au hosted in vein walls disproved,
smaller drifts on the right mineralized veins
clearly will reduce dilution
• Closer levels (15 m vs old 20 m) will reduce
exits of subvertical veins out of stopes
• Will take time to clear 18 mo of inventory at
old geometry
14
Improvement #3 –Ore sorting
15
Stockpiled Mixed Low Grade Material
Sorted Waste – no veins Sorted Ore – with veins
Bulk Test Start Grade End Grade Times Upgraded Waste Rejection Gold Retained
g/t Au g/t Au (%) (%)
Underground Ore 1.93 2.97 1.54 43.0 87.0
Stockpile Ore 0.81 1.11 1.37 30.0 96.0
• Pilot studies confirm that • Au is contained in
fragments of white
quartz vein material, not
in black wallrock material
• Can optically sort out
40+% of black rock and
only lose a few % of gold
recovery
• Potential to upgrade low-
grade material or even
high grade material to
increase mill head grade,
producing more gold from
existing mill capacity
• Onsite pilot plant
scheduled for Q2, 2016
Cerro Bayo Silver-Gold MineLand package 23,106 hectares
Ownership 100%
Number of Employees(1) 429 direct, 120 contractors: 549 total
Current throughput 1,400 tpd
Plant recoveries (YTD 2015) Ag: 90.4%, Au: 86.5%
2015 Planned Exploration Budget $3 million
1. As at year-end 2014, filed in Company’s Annual Information Form
16
Cerro Bayo Operating Performance and Improvements
17
$0
$50
$100
0
50,000
100,000
150,000
Q4-10 Q2-11 Q4-11 Q2-12 Q4-12 q2-13 Q4-13 Q2-14 Q4-14 Q2-15
$/ T
on
ne
Ton
nes
Per
Qu
arte
r
Mining Rate and Unit Cost
t Mined Cost/ t Mined
$0
$50
0
50,000
100,000
150,000
Q4-10 Q2-11 Q4-11 Q2-12 Q4-12 Q2-13 Q4-13 Q2-14 Q4-14 Q2-15
$/
To
nn
e
Ton
nes
Per
Qu
arte
r
Processing Rate and Unit Cost
t Processed Cost/ t Processed
$0
$5
$10
$15
$20
0
500,000
1,000,000
1,500,000
Q4-10 Q2-11 Q4-11 Q2-12 Q4-12 Q2-13 Q4-13 Q2-14 Q4-14 Q2-15 $/ o
z A
g N
et B
ypro
du
ct
Oz
Ag/
Qu
arte
r
Saleable Silver Produced & Unit Cost
Ag oz Cost/ oz Ag net Au
Cerro Bayo Operational Improvements:
Shifted the mining method from shrinkage
stoping to completely mechanized blast hole
open stoping;
Ramped up throughput from 0 tpd – 1,400 tpd
from three mines
Installed flotation automation system to
maximize silver and gold recoveries
Extended mine life from 3 years at 1,200 tpd
to 5 years at 1,400 tpd while mining
continuously for 4 years
Emerging Extensions and New Veins Under Laguna Verde
18
COYITA
YASNA
Indicated
Slow drilling of long holes under lake
Coyita and Yasna only partially
infilled/extended in 2014 – 3.4 Moz
added in reserves
We expect at least as much again as
we complete drilling
COYITA
YASNA
Target Generation 2016
19
1a
1b
1c
1d 1e
Costerfield Gold-Antimony Mine: Overview
Land package 1,293 hectares
Ownership 100%
Number of Employees(1) 163 direct, 64 contractors: 227 total
Current throughput 420 tpd
Plant recoveries (YTD 2015) Au: 89.6%, Sb: 95.11%
2015 Planned Exploration Budget $1 million
1. As at year-end 2014, filed in Company’s Annual Information Form
20
Costerfield Operating Performance and Improvements
$0
$100
$200
$300
$400
0
10,000
20,000
30,000
40,000
50,000
Q4-09(Dec. only)
Q4-10 Q4-11 Q4-12 Q4-13 Q4-14
USD
/ To
nn
e
Ton
ne
s P
er
Qu
arte
r
Mining Rate and Unit Cost
t Mined Cost/ t Mined
$0
$50
$100
$150
0
10,000
20,000
30,000
40,000
50,000
Q4-09(Dec. only)
Q4-10 Q4-11 Q4-12 Q4-13 Q4-14
USD
/ To
nn
e
Ton
nes
Per
Qu
arte
r
Processing Rate and Unit Cost
t Processed Cost/ t Processed
$0
$1,000
$2,000
$3,000
0
5,000
10,000
15,000
20,000
Q4-09(Dec.only)
Q4-10 Q4-11 Q4-12 Q4-13 Q4-14 USD
/ O
z A
u E
q.
Ou
nce
s P
er
Qu
arte
r
Au Equivalent Production and Cost
Oz Au Eq. Cost/ Au Eq. Oz
Costerfield Operational Improvements:
Improved mill throughput from 170 tpd
(end-2009) to 420 tpd (mid-2015)
Changed mining method from cut-and-fill to
blast-hole stoping with cemented rock fill
(greater production, lower unit costs)
Switched mining development team with
contractors
Increased sub-level spacing from 5 – 10 m
Replaced mechanized mining fleet
Introduced mobile crusher to decrease particle
size of mill feed (better recoveries, higher
throughput)
Grew mine life from zero reserves to roughly 4
years while mining continuously for 6 years
Continue target testing
21
Challacollo Silver-Gold Project: Overview
Land package 20,378 hectares
Ownership 100%
Location 130 km SE of Iquique, Chile
Mineralization Epithermal, oxidized Ag-Au
Number of Employees(1) 6 direct: 6 total
Elevation Approx. 1,500 ASL
1. As at year-end 2014, filed in Company’s Annual Information Form
22
Current status
• Initial Mineral resource estimate – complete
• Initial Mine plan – complete
• Metallurgy – complete – 92-93% Ag recovery, 70% Au recovery
• Site layout, plant design – complete
• Capital and operating cost estimates being refined
• Water well drilling – currently identifying water source
• Environmental and cultural baselines ongoing
• Community consultations ongoing
Challacollo Development Timeline
2015 2016 2017 2018 2019
Initial Resource Complete
Resource Expansion Testing
Water Source Development
CAPEX / OPEX Optimization
Permitting
Mine Construction
23
24
Invest with Us: How We Will Deploy Your Capital Acquire new assets counter-cyclically – only at a deep discount to value that we can deliver
• Base case returns at least 2x the investment
• Upside case 3-5x over 3-5 years based on specific testable hypotheses
• Keep portfolio evergreen – exit assets that do not fit
Execute focused operational improvement projects at each site• Exploration – project portfolio targeted on discovery of near-term reserves
• Mining – projects focused on safer, more mechanised mining with higher extraction, lower
dilution and reduced cost
• Metallurgical – projects focused on higher recovery, higher availability, higher quality products
with higher payables and reduced costs
• Commercial – create more diverse customers paying better terms
Apply relentless, disciplined financial management• Low cash cost and overheads for high EBITDA margins
• Low DD&A for high P&L margins – low acquisition cost, focused
CAPEX & exploration
• Prudent, low-cost leverage to fund growth when needed
• Minimize shareholder dilution
• Return cash to shareholders: dividend = 6% trailing qtr. revenues
Engage all stakeholders in a values-based and value-focused organization
24
NOV2015BUILDING VALUE
ACROSS THE CYCLE
TSX // MND
For more information, please contact:
Greg DiTomaso
Director, Investor Relations
Tel: 647.260.1566
Email: g.ditomaso@mandalayresources.com
Company Website: www.mandalayresources.com
Twitter: @MandalayAuAg
Management and Board of Directors
Senior Management
Board of Directors
Brad Mills, CEO and
Executive Director
Former CEO Lonmin
plc, over 30 years of
experience in Copper,
Gold, PGMs
Mark Sander, President
28 years of experience in
exploration, strategy and
operating improvements
Sanjay Swarup, CFO
and Executive Director
Former Lonmin plc, over
20 years of industry
experience
Belinda Labatte,
Head of Stakeholder
Engagement & Corporate
Affairs
Over 10 years of experience
in capital markets
Braam Jonker,
Chairman
Peter R. Jones,
Independent Director
Tony Griffin,
Independent Director
Robert Doyle,
Independent Director
Dominic Duffy, COO
Mining Engineer with
extensive technical and
operational management
experience
26
Numbers may differ slightly from source documents due to rounding 27
Mandalay Reserves
Cerro Bayo Reserves(1) Ore (t) Ag Grade (g/t) Ag (cont. oz) Au Grade (g/t) Au (cont. oz)
Proven Reserves 374,000 209 2,513,000 1.7 21,000
Probable Reserves 2,035,000 222 14,549,000 2.2 144,000
P&P Reserves 2,409,000 220 17,062,000 2.13 165,000
Costerfield Reserves (2) Ore (t) Sb Grade (%) Sb (cont. t) Au Grade (g/t) Au (cont. oz)
Proven Reserves 98,000 4.5 4,400 10.4 32,000
Probable Reserves 333,000 3.3 11,200 7.4 80,000
P&P Reserves 431,000 3.6 15,600 8.1 112,000
1 Source: Cerro Bayo - Roscoe Postle Associates, Effective December 31, 2014, documented in an independent NI 43-101 Technical Report, Filed on March 31, 20152 Source: Costerfield - SRK Consulting (Australia), Effective December 31, 2014, documented in an independent NI 43-101 Technical Report Filed on March 31, 20153 Source: Björkdal – Roscoe Postle Associates, Effective December 31, 2014, documented in an independent NI 43-101 Technical Report Filed on March 31, 2015
TOTAL RESERVES
31-December-2014Ag (cont. oz) Au (cont. oz) Sb (cont. t)
Mandalay Proven Reserves 2,513,000 53,000 4,400
Mandalay Probable Reserves 14,549,000 656,000 11,200
Total Mandalay P&P Reserves 17,062,000 709,000 15,600
Björkdal Reserves (3) Ore (t) Au Grade (g/t) Au (cont. oz)
Proven - - -
Probable 6,544,000 2.05 432,000
Total 6,544,000 2.05 432,000
28
Mandalay Resources
Cerro Bayo Resources (1) Resource (t) Ag Grade (g/t) Ag (cont. oz) Au Grade (g/t) Au (cont. oz)
Measured Resources 310,000 316 3,143,000 2.6 26,000
Indicated Resources 1,685,000 323 17,525,000 3.2 178,000
M&I Resources 1,995,000 322 20,668,000 3.2 204,000
Inferred Resources 585,000 218 4,112,000 2.2 43,000
Costerfield Resources (2) Resource (t) Sb Grade (%) Sb (cont. t) Au Grade (g/t) Au (cont. oz)
Measured Resources 213,000 4.5% 9,600 10.2 70,000
Indicated Resources 786,000 3.3% 26,300 6.9 175,000
M&I Resources 999,000 3.6% 35,900 7.5 245,000
Inferred Resources 519,000 2.6% 13,700 5.3 89,000
TOTAL RESOURCES Ag (cont. oz) Au (cont. oz) Sb (cont. t)Measured Resources 3,143,000 96,000 9,600
Indicated Resources 47,725,000 1,039,000 26,300
Total M&I Resources 50,868,000 1,135,000 35,900
Total Inferred Resources 11,003,000 221,000 13,700
1 Source: Cerro Bayo - Roscoe Postle Associates, Effective December 31, 2014, documented in an independent NI 43-101 Technical Report Filed on March 31, 20152 Source: Costerfield - SRK Consulting (Australia), Effective December 31, 2014, documented in an independent NI 43-101 Technical Report Filed on March 31, 2015
Challacollo Resources (3) Resource (t) Au Grade (g/t) Ag Grade (g/t) Au (cont. oz) Ag (cont. oz)Measured Resources - - - - -
Indicated Resources 4,700,000 0.3 200 48,000 30,200,000
M&I Resources 4,700,000 0.3 200 48,000 30,200,000
Inferred Resources 1,600,000 0.3 134 16,000 6,900,000
3 Source: Challacollo – Mining Plus, Effective December 31, 2014, documented in an independent NI 43-101 Technical Report Filed on March 31, 2015
4 Source: Björkdal – Roscoe Postle Associates, Effective December 31, 2014, documented in an independent NI 43-101 Technical Report Filed on March 31, 2015
Björkdal Resources (4) Resource (t) Au Grade (g/t) Au (cont. oz)
Measured Resources - - -
Indicated Resources 7,135,000 2.78 638,000
M&I Resources 7,135,000 2.78 638,000
Inferred Resources 1,200,000 1.89 73,000
29
MND (192% value change) outperformed through the entire 2009 - 2015 bottom-to-bottom price cycle:
1. All 6 Currencies (AUD, CAD, GBP, CLP, EU, CNY): 76 – 107%
2. All 3 Precious Metals– (Au, Ag, Pt): 65 – 112%
3. All 4 Base Metals (Pb, Zn, Cu, Ni): 57 – 85%
4. All 6 Gold Mutual Funds: 55 – 71%
5. All 6 Resource/Basic Material Mutual Funds: 74 – 162%
6. All 6 “Big Diversified” Miners: 33 – 106%
7. All 6 “Prospect Generator” Companies: 4 – 169%
8. All 4 “Royalty/Streaming” Companies: 66 – 179%
9. All 3 “Mega Gold” Miners (>$US10 B market cap): 24 – 47%
10. All 9 “Big Gold” Miners (USD1-10B market cap): 10 – 183%
11. 5 of 9 “Mid-Tier Gold” Miners USD0.5-1B market cap): 19 – 7,143%
12. 15 of 18 “Junior Gold” Miners (<USD500M market cap): 16 – 463%
13. 12 of 15 “Gold Developers”: 7 – 410%
14. 7 of 8 “Big Silver” Miners (>USD400M market cap): 14 – 195%
15. All 2 “Mid Tier Silver” Miners (USD200-400M market cap: 28 – 69%
16. All 5 “Junior Silver” Miners (<USD200M market cap): 14 – 58%
17. All 5 “Silver Developers”: 4 – 148%
18. 4 of 5 “Big Copper” Miners (>USD7B market cap): 35 – 193%
19. 9 of 10 “Mid-Tier Base Metals” (USD0.25-1B market cap): 1 – 198%
20. All 7 “Base Metals Developers”: 10 – 65%
21. All 9 “PGM Mineral and Developers”: 1 – 154%
29
Mandalay versus:
• 146 alternative investments
• In 21 different strategy categories
• Over the 24 quarters from Q3 2009 to
Q3 2015 (period that Plinian has led
Mandalay)
Value metric is:
• For currencies, change in exchange
rate with USD as listed in
www.bankofcanada.com
• For metal prices, change in USD metal
price per lb., oz., or t as listed in
www.metalprices.com
• For mutual funds, change in share
price plus dividends paid as listed in
www.finance.yahoo.com
• For companies, common shareholder
equity value assuming market
purchase of shares, excluding warrants
and special dividends but including
ordinary dividends and stock splits as
listed in www.finance.yahoo.com
Strong Annual Production Growth
109,337
1,318,655
2,911,595 3,145,537
3,329,519
0500,000
1,000,0001,500,0002,000,0002,500,0003,000,0003,500,000
2010 2011 2012 2013 2014 2015E
Silver (oz)
334
12,244
17,089
21,482
27,600
0
5,000
10,000
15,000
20,000
25,000
30,000
2010 2011 2012 2013 2014 2015E
Gold (oz)
7,661 6,678
18,036
28,758
35,751
0
10,000
20,000
30,000
40,000
2010 2011 2012 2013 2014 2015E
Gold (oz)Costerfield Production(2015E)
Cerro Bayo Production(2015E)
1,106
1,571
2,481
3,275
3,639
0
1,000
2,000
3,000
4,000
2010 2011 2012 2013 2014 2015E
Antimony (Sb)
Björkdal Production(2015E)
14,549
0
10,000
20,000
30,000
40,000
50,000
60,000
2010 2011 2012 2013 2014 2015E
Gold (oz)
15,854
63,351
107,941126,908
154,810
0
40,000
80,000
120,000
160,000
200,000
2010 2011 2012 2013 2014 2015E
Total MND Production (AuEq oz)(1)
1. Refer to notes on gold equivalent ounces in the Appendix
167,000 - 185,000
32,000 –
37,000
23,000 –
27,000
46,000 -
52,000
3,200 –
3,500
2,700,000 –
3,100,000
30
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