Mandalay Resources Corp. T.MND

MND seems so undervalued

[challenger426]

After looking at the guidance for 2023, MND could be a double from here.  I used the same method on PRU back in September which I thought could double and it did.

MND 2023 estimates:
Using 92.5M shares outstanding.
AISC of $1150-1325/oz
105,000-118,000 oz production guidance
Non Sustaining CapEx between $16M to $22M:

My worst to best case value of MND using $1850/oz average share price for 2023
Range of $3.58 - $6.55 /share with CapEx of $22M
Range of $4.23 - $7.20 /share with CapEx of $16M

My worst to best case value of MND using $1950/oz average share price for 2023
Range of $4.72 - $7.83 /share with CapEx of $22M
Range of $5.37 - $8.48 /share with CapEx of $16M

So each $100 increase in the average gold price increases MND's share value by over $1/share
Also, MND is profitable, is buying back shares, and could easily be taken out since its market cap is around $232M.

Again, with MND sitting around $2.50/share is very undervalued in my opinion.

[Sherry35]

Interesting numbers and thankyou for low balling MND's worth with "market cap is around $232M.". Take the M&I of 1.4M Au eq. ounces (investor presentation) and 3 year POG actuary of $1800US per ounce, the buried economical Au in the ground is $2.52B US. 10 times higher than your market cap. With the SP in retard mode, by association the market cap is retarded. In other words, the

[challenger426]

Thanks for providing your list to consider.  Let me add that the Share buyback program could reduce the shares outstanding by up to 5% which will be added to the bottom line for 2023. The market cap I mentioned for MND is only the present market cap, which we can all agree is extremely low.  That was my point. That means a takeout offer can come in much higher than the current share

[Sherry35]

All great points. My calculation doesn't even consider the operating mills and uses $1800 US POG. Other things that would improve their market cap is: 1) increasing their exploration program at Costerfield to have a 10 year LOM 2) using Ivanhoe Electric's Typhoon or KoBold Metals AI geophyics technology on the Costerfield and Bjorkdal exploration permits 3) more downhole geophics surveys

[Nick2021]

Though I agree that MND is very undervalued, I think that your analysis of it is excessively optimistic.  Here are some reasons why: - they keep missing guidance at Bjorkdal, and production this year was down by 10%.  All of the positive exploration there is not translating into production, and until it does, consistently, Bjorkdal is going to have a high AISC and act as a red flag

[Sherry35]

All great points. Bjorkdal dilition was similar to Brunswick lode at Costerfield. The eastern extension may resolve this. I would to see more inorganic growth but I haven't seen anything concrete. I know they investigating other mining operations. The thing I always wonder if they have more detailed geophycis for Costerfiled than whats being published. Do you remember back to the Jan 2028 or