Mandalay Resources (MND) AI Stock Analysis

• Market Cap: $511.18M
• Dividend Yield: N/A
• Average Volume (3M): 159.38K
• Price to Earnings (P/E): 6.4
• Beta (1Y): 1.76
• Revenue Growth: 41.30%
• EPS Growth: 340.97%
• Country: CA
• Employees: 460
• Sector: Basic Materials
• Sector Strength: 60
• Industry: Gold
• EPS (TTM): 0.22
• Shares Outstanding: 91,036,000
• 10 Day Avg. Volume: 174,821
• 30 Day Avg. Volume: 159,379
• PEG Ratio: <0.01
• Price to Book (P/B): 1.11
• Price to Sales (P/S): 1.06
• P/FCF Ratio: 3.76
• Enterprise Value/Market Cap: 0.78
• Enterprise Value/Revenue: 1.52
• Enterprise Value/Gross Profit: 3.52
• Enterprise Value/Ebitda: 3.32
• 1Y Price Target: $6.50
• Price Target Upside: 20.37% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2

• Rating: 82 Outperform
• Price Target: $6.00 ▲(11.11% Upside)

Mandalay Resources scores highly due to its strong financial performance and strategic corporate events, including a transformative merger and promising exploration results. The technical analysis supports a bullish outlook, and the stock's valuation suggests it is undervalued, providing a compelling investment opportunity.

Positive Factors

Earnings

Mandalay Resources reported earnings that beat expectations with adjusted EPS of $0.30/sh, versus an estimate of US$0.21/sh.

Index Inclusion

The combined company is expected to benefit from a primary ASX listing valuation re-rate driven by GDXJ and potential ASX 300 index inclusion.

Mineral Reserves

Mandalay Resources released their updated mineral reserves and resources, highlighted by total mineral reserves of 815koz AuEq, a 9% increase net of depletion.

Negative Factors

Costs

Updated unit and capital costs at both Costerfield and Björkdal have increased, impacting the company's financial outlook negatively.

Gold Production

The updated mine plan at Björkdal has resulted in lower gold production forecasts and delayed restart of the open pit, negatively affecting the company's NAV.

Stock Valuation

Mandalay Shareholders will receive 7.875 ordinary shares of Alkane for each ordinary share of MND, implying a C$5.56 value for each share of MND, which is well below the target price of C$7.00.

Mandalay Resources Business Overview & Revenue Model

Company Description

Mandalay Resources Corporation is a Canadian-based natural resource company focused on the production of precious and base metals. The company operates in the mining sector, with a portfolio of assets primarily in gold, silver, and antimony. Mandalay Resources is committed to maximizing value for its stakeholders through the efficient development, extraction, and sale of mineral resources, with active mining operations in Australia and Sweden.

How the Company Makes Money

Mandalay Resources generates revenue primarily through the extraction and sale of precious and base metals, including gold, silver, and antimony. The company's revenue model is based on the production output from its mining operations, where it sells the extracted metals to various buyers, including commodity traders and manufacturers. Key revenue streams include the sale of gold from the Costerfield operation in Australia and the Björkdal operation in Sweden. Additionally, Mandalay Resources may benefit from commodity price fluctuations and operational efficiencies, which can impact its profitability. Strategic partnerships and joint ventures with other mining firms or technology providers can also play a role in enhancing production capabilities and accessing new markets.

Mandalay Resources Financial Statement Overview

Summary

Mandalay Resources shows strong financial performance with robust revenue growth and solid profitability. The low debt-to-equity ratio and high return on equity highlight financial stability and effective equity utilization. However, a slight decline in free cash flow growth is a minor concern.

Income Statement

Mandalay Resources demonstrates strong financial performance with robust revenue growth of 9.37% in TTM, supported by a healthy net profit margin of 21.54% and a gross profit margin of 43.16%. EBIT and EBITDA margins also reflect solid operational efficiency, indicating effective cost management.

Balance Sheet

The company maintains a strong balance sheet with a low debt-to-equity ratio of 0.02, suggesting conservative leverage. The equity ratio of 68.89% indicates financial stability and a strong asset base. Return on equity of 22.08% highlights effective utilization of shareholder funds.

Cash Flow

Mandalay Resources exhibits stable cash flow management with an impressive operating cash flow to net income ratio of 1.96 in TTM, indicating strong cash conversion. However, the free cash flow growth rate shows a slight decline, which warrants attention.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	263.21M	240.66M	173.34M	191.70M	229.40M	178.97M
Gross Profit	113.58M	94.00M	34.21M	62.92M	82.16M	64.34M
EBITDA	120.54M	107.90M	49.87M	77.08M	119.04M	61.69M
Net Income	56.70M	47.76M	7.86M	23.51M	54.88M	9.31M
Balance Sheet
Total Assets	372.68M	329.58M	295.25M	282.22M	317.84M	301.28M
Cash, Cash Equivalents and Short-Term Investments	88.26M	76.37M	28.78M	41.13M	34.14M	34.21M
Total Debt	5.31M	4.65M	22.96M	24.02M	49.79M	63.95M
Total Liabilities	115.94M	100.31M	98.32M	98.07M	141.16M	165.50M
Stockholders Equity	256.73M	229.27M	196.93M	184.15M	176.69M	135.78M
Cash Flow
Free Cash Flow	63.07M	67.89M	1.55M	40.37M	13.92M	16.70M
Operating Cash Flow	111.19M	112.72M	43.29M	80.04M	62.03M	61.66M
Investing Cash Flow	-48.26M	-44.07M	-44.61M	-36.99M	-43.84M	-34.74M
Financing Cash Flow	-21.21M	-17.52M	-10.25M	-34.70M	-21.51M	-18.30M

Mandalay Resources Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 5.40
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:MND, the sentiment is Positive. The current price of 5.4 is above the 20-day moving average (MA) of 4.78, above the 50-day MA of 4.90, and above the 200-day MA of 4.58, indicating a bullish trend. The MACD of 0.08 indicates Negative momentum. The RSI at 67.38 is Neutral, neither overbought nor oversold. The STOCH value of 72.15 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:MND.

Mandalay Resources Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MND	82 Outperform	$511.18M	6.39	25.03%	―	41.30%	340.97%
GAU	61 Neutral	$551.14M	64.72	-7.13%	―	428.48%	-218.44%
RBX	55 Neutral	C$644.19M	―	-5.78%	―	19.84%	84.50%
ASE	55 Neutral	C$821.88M	―	-2232.66%	―	13.51%	3.80%
RIO	50 Neutral	C$748.97M	―	1.29%	―	―	97.41%
Sector *	44 Neutral	C$923.76M	-8.68	-0.23%	2.69%	24.53%	-41.45%

Mandalay Resources Corporate Events

Alkane and Mandalay Complete Transformative Merger

Alkane Resources Limited and Mandalay Resources Corporation have successfully completed their merger, resulting in a dual-listed gold and antimony producer on the ASX and TSX. This merger is expected to enhance the company’s growth potential, with a strengthened corporate platform and increased production capacity, positioning it for a market re-rating and sustainable growth.

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.

Mandalay Resources’ Acquisition by Alkane Receives Final Approval

Mandalay Resources Corporation has received final court approval for its arrangement with Alkane Resources Limited, allowing Alkane to acquire all outstanding shares of Mandalay. This acquisition, expected to close on August 5, 2025, marks a significant step for Mandalay, potentially impacting its operational strategy and market positioning, while offering shareholders a stake in Alkane.

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.

Mandalay Resources Unveils Promising Gold Discovery at Brunswick South

Mandalay Resources has announced a new high-grade gold discovery at Brunswick South, near its existing Costerfield infrastructure in Australia. This discovery, which includes significant gold and antimony intercepts, is expected to extend the mine’s life and enhance its value generation potential. The company plans to accelerate drilling efforts to further explore this promising find, which could significantly impact its operational and financial performance.

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.

Mandalay Shareholders Approve Alkane Acquisition

Mandalay Resources shareholders have overwhelmingly approved a transaction with Alkane Resources, allowing Alkane to acquire all outstanding Mandalay shares. This merger is expected to create a dual-listed gold and antimony producer with enhanced growth prospects, while Alkane plans to upgrade its U.S. OTC listing to improve investor accessibility.

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.

Mandalay Resources Expands True Blue Discovery at Costerfield Mine

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.

Mandalay Resources Unveils High-Grade Discovery at Björkdal Mine

Mandalay Resources has announced a significant discovery at its Björkdal mine in Sweden, uncovering a high-grade skarn zone near existing mine infrastructure. This discovery, along with successful infill and extension drilling at the Main and North Zones, positions the company to enhance its mining inventory and potentially increase production in the near term. The new Lake Zone Skarn, located just 20 meters from current development, offers promising short-term production potential, while ongoing drilling efforts aim to expand and upgrade resources at various zones within the mine.

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.

Mandalay Resources Reports Strong Q2 and Strategic Investments

Mandalay Resources reported steady production results for Q2 2025, with a cash balance of $101 million and no debt, positioning it strongly for its upcoming merger with Alkane. The company produced 22,554 gold equivalent ounces and completed significant infrastructure investments, including a new tailings dam at Costerfield, which is expected to enhance future production capabilities and potentially extend the mine’s life.

The most recent analyst rating on (TSE:MND) stock is a Buy with a C$3.00 price target. To see the full list of analyst forecasts on Mandalay Resources stock, see the TSE:MND Stock Forecast page.

Mandalay Resources Announces Shareholder Meeting for Acquisition Approval

Mandalay Resources Corporation has announced the mailing of a management information circular for a special meeting of shareholders to approve a plan of arrangement. This arrangement involves Alkane Resources Limited acquiring all issued and outstanding common shares of Mandalay. The board of directors has unanimously recommended the arrangement, considering it in the best interests of the company and fair to shareholders. The arrangement is anticipated to be completed on August 5, 2025, pending necessary approvals.

The most recent analyst rating on (TSE:MND) stock is a Buy with a C$3.00 price target. To see the full list of analyst forecasts on Mandalay Resources stock, see the TSE:MND Stock Forecast page.

Mandalay Resources Secures Key Approvals for Alkane Merger

Mandalay Resources has received approval from the Australian Foreign Investment Review Board for its proposed merger with Alkane Resources, marking a significant step forward in the transaction. The merger, which aims to create a diversified mid-tier gold and antimony producer, has been unanimously approved by Mandalay’s board and is expected to close in early August 2025, pending shareholder approval and other customary conditions.

The most recent analyst rating on (TSE:MND) stock is a Buy with a C$3.00 price target. To see the full list of analyst forecasts on Mandalay Resources stock, see the TSE:MND Stock Forecast page.

Mandalay Resources Gains Swedish Approval for Merger with Alkane

Mandalay Resources has received Swedish regulatory approval for its proposed merger with Alkane Resources, allowing the transaction to proceed under Swedish law. The merger still requires approval from the Supreme Court of British Columbia, regulatory bodies, and shareholders from both companies, with meetings expected in late July 2025.

The most recent analyst rating on (TSE:MND) stock is a Buy with a C$3.00 price target. To see the full list of analyst forecasts on Mandalay Resources stock, see the TSE:MND Stock Forecast page.

Mandalay Resources Reports Strong Q1 2025 Financial Performance

Mandalay Resources reported a significant financial upturn in Q1 2025, with a 41% increase in revenue to $78.1 million and a 152% rise in net income to $14.8 million compared to the previous year. The company strengthened its balance sheet with $88.3 million in cash and no debt, driven by favorable metal prices and strategic investments in its operations. This financial performance highlights Mandalay’s solid operational capabilities and positions the company for continued growth, with expectations of stronger production and reduced capital expenditure in the latter half of the year.