Mandalay Resources


Primary ticker: TSX:MND
Stage of development: Exploration, Production
Primary minerals: Gold and antimony
Project to promote: Costerfield and Bjorkdal
Project location: Australia and Sweden

Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia (Costerfield gold-antimony mine) and Sweden (Björkdal gold mine). The Company is focused on growing its production and reducing costs to generate significant positive cashflow. Mandalay is committed to operating safely and in an environmentally responsible manner, while developing a high level of community and employee engagement.
Cash: USD$38M
Debt: USD$20M

Major shareholders:
CE Mining – 25%
GMT Capital – 20%
Ruffer LP – 19%
AzValor – 12%

Management Profile

Frazer Bourchier, President and CEO

Mr. Bourchier is a registered professional engineer with over 33 years of domestic and international experience in the mining industry. His breadth of experience includes both operational field management and executive corporate oversight leadership. His public company and inter-company Board governance experience is further complemented by his McMaster University accredited Chartered Director Certification. Mr. Bourchier was previously President, CEO and a director of Harte Gold Corp. from late 2020 to early 2022 and Chief Operating Officer of Detour Gold for two years from 2018 to 2019. For six years from 2012 to 2017, Mr. Bourchier held the role of Chief Operating Officer at Nevsun Resources. Preceding this successful tenure, Mr. Bourchier was an operational Executive for two years at Wheaton Precious Metals (formerly Silver Wheaton). For the first 16 years of his career, he worked at Placer Dome (subsequently Barrick Gold) where he held positions of increasing responsibility concluding as Mining Manager and then General Manager at the Porgera open pit gold mine in PNG. He has Bachelor’s and Master’s degrees in Applied Science and Engineering from the University of Toronto. Mr. Bourchier also serves on the board of Treasury Metals since August 2020.

What is your rationale for taking part 121 Mining Investment?

Find equity investors
On the market support

What recent news would you like to highlight to investors attending?

Q1 2023 Financials – net debt free

What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?

short mine life at Costerfield – large exploration budget in 2021

What do you think makes your company such a compelling investment?

Exploration upside at Costerfield and Bjorkdal

What are the top 3 key investor takeaways?

Undervalued, large exploration upside, producer and generating strong free cash flow