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Production for the Six Months Ended June 30, 2025:
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- The Company produced a total of 39,704 ounces of gold and 298 tonnes of antimony representing a total of 44,896 gold equivalent ounces, versus 45,972 ounces of gold and 763 tonnes of antimony in corresponding first six months of 2024, which represented a total of 51,308 gold equivalent ounces.
- Production at Björkdal was 22,010 ounces of gold.
- Production at Costerfield was 17,694 ounces of gold and 298 tonnes of antimony.
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Table 1 – Second Quarter and Six Months Production for 2025 and 2024
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| Metal | Source | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 |
| Gold produced (oz) | Björkdal | 11,183 | 12,599 | 22,010 | 22,969 |
| Costerfield | 8,145 | 11,027 | 17,694 | 23,003 | |
| Total | 19,328 | 23,626 | 39,704 | 45,972 | |
| Antimony produced (t) | Costerfield | 137 | 359 | 298 | 763 |
| Gold US$/oz | 3,280 | 2,338 | |||
| Antimony US$/t | 58,813 | 17,885 | |||
| Total Gold Eq. (oz) (1,2) Produced | Björkdal | 11,183 | 12,599 | 22,010 | 22,969 |
| Costerfield | 11,371 | 13,773 | 22,886 | 28,339 | |
| Total | 22,554 | 26,372 | 44,896 | 51,308 |
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(1) Quarterly gold equivalent ounces (“Gold Eq. (oz)”) produced is calculated by multiplying the production quantities of gold (“Au”), antimony (“Sb”) in the period by the respective average market prices of the commodities in the period, adding the amounts to get a “total contained value based on market price”, and then dividing that total contained value by the average market price of Au in the period. The source for Au price is www.lbma.org.uk, and Sb price is www.metalbulletin.com.
(2) In Q1 2025, quarterly Gold Eq. (oz) produced were calculated by multiplying Au volumes by average market Au prices and Sb volumes by average realized Sb prices for the period, adding the amounts to get a total contained value, then dividing by the average market Au price. These Q1 2025 Gold Eq. (oz) have since been recalculated using the “average market Sb price” instead of the “average realized Sb price”. The resulting difference of 769 Gold Eq. (oz) has been adjusted in Q2 2025.
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Sales for the Quarter Ended June 30, 2025:
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- The Company sold a total of 18,822 ounces of gold and 83 tonnes of antimony, representing a total of 21,247 gold equivalent ounces, compared to 23,431 ounces of gold and 435 tonnes of antimony in the second quarter of 2024, representing a total of 26,759 gold equivalent ounces.
- Björkdal sold 11,460 ounces of gold versus 12,320 ounces of gold in the second quarter of 2024.
- Costerfield sold 7,362 ounces of gold and 83 tonnes of antimony versus 11,111 ounces of gold and 435 tonnes of antimony in the second quarter of 2024.
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Sales for the Six Months Ended June 30, 2025:
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- The Company sold a total of 42,208 ounces of gold and 279 tonnes of antimony, representing a total of 47,026 gold equivalent ounces, compared to 46,618 ounces of gold and 761 tonnes of antimony in the first six months of 2024, representing a total of 52,036 gold equivalent ounces.
- Björkdal sold 23,501 ounces of gold. Costerfield sold 18,707 ounces of gold and 279 tonnes of antimony.
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Table 2 – Second Quarter and Six Months Sales for 2025 and 2024
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| Metal | Source | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 |
| Gold sold (oz) | Björkdal | 11,460 | 12,320 | 23,501 | 23,081 |
| Costerfield | 7,362 | 11,111 | 18,707 | 23,537 | |
| Total | 18,822 | 23,431 | 42,208 | 46,618 | |
| Antimony sold (t) | Costerfield | 83 | 435 | 279 | 761 |
| Gold US$/oz | 3,280 | 2,338 | |||
| Antimony US$/t | 58,813 | 17,885 | |||
| Total Gold Eq. (oz) (1,2) Sold | Björkdal | 11,460 | 12,320 | 23,501 | 23,081 |
| Costerfield | 9,787 | 14,439 | 23,525 | 28,955 | |
| Total | 21,247 | 26,759 | 47,026 | 52,036 |
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(1)Quarterly Gold Eq. (oz) sold is calculated by multiplying the sale quantities of Au and Sb in the period by the respective average market prices of the commodities in the period, adding the amounts to get a “total contained value based on market price”, and then dividing that total contained value by the average market price of Au for the period. The source for Au price is www.lbma.org.uk, and Sb price is www.metalbulletin.com.
(2) In Q1 2025, quarterly Gold Eq. (oz) sold were calculated by multiplying Au volumes by average market Au prices and Sb volumes by average realized Sb prices for the period, adding the amounts to get a total contained value, then dividing by the average market Au price. These Q1 2025 Gold Eq. (oz) have since been recalculated using the “average market Sb price” instead of the “average realized Sb price”. The resulting difference of 937 Gold Eq. (oz) has been adjusted in Q2 2025.
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For Further Information:
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Frazer Bourchier
President and Chief Executive Officer
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Edison Nguyen
Director, Business Valuations and IR
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Contact:
647.258.9722
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About Mandalay Resources Corporation:
