Initiating coverage Chris Thompson, Raymond James (11/27/12) "We are initiating coverage on Mandalay Resources Corp. with an Outperform rating and a CA$1.50 target price. . .we recommend that investors buy shares on the company's ability to grow near-term cash flow and the potential for value creation via merger and acquisitions. . .we anticipate a production growth profile, fueled by mine expansions from the Cerro Bayo mine in Chile supported by the redevelopment potential offered by the Costerfield mine in Australia, both of which enable a three-way metal production mix (silver, gold, antimony) in concentrates that are sold internationally. . .we believe that future growth opportunities await."