Mandalay Resources Expands True Blue Discovery at Costerfield Mine

Mandalay Resources ( (TSE:MND) ) has issued an update.

Mandalay Resources has announced an exploration update for its True Blue discovery near the Costerfield gold-antimony mine in Australia. The company has confirmed the structural and grade continuity of the discovery, enhancing confidence in its potential. Notable high-grade drill results and the discovery of a new parallel vein suggest substantial resource growth opportunities. The accelerated exploration program now includes three surface drill rigs, aiming to extend the high-grade central area and define its structural framework. This development could potentially extend the mine’s life and bolster Mandalay’s position in the mining industry.

The most recent analyst rating on (TSE:MND) stock is a Buy with a C$4.50 price target. To see the full list of analyst forecasts on Mandalay Resources stock, see the TSE:MND Stock Forecast page.

Spark’s Take on TSE:MND Stock

According to Spark, TipRanks’ AI Analyst, TSE:MND is a Outperform.

Mandalay Resources presents a strong financial performance and favorable corporate events, particularly the high-grade discovery and strategic merger. However, the bearish technical indicators and lack of dividend yield slightly offset these positives. The stock’s low P/E ratio suggests it may be undervalued, providing potential upside.

To see Spark’s full report on TSE:MND stock, click here.

More about Mandalay Resources

Mandalay Resources Corporation is a mining company that operates in the gold and antimony industry. The company focuses on high-grade gold and antimony production, with significant operations at the Costerfield mine in Australia.

Average Trading Volume: 147,218

Technical Sentiment Signal: Buy

Current Market Cap: C$426.9M

See more data about MND stock on TipRanks’ Stock Analysis page.