Mandalay Resources (TSX: MND) aims to triple output to as much as 300,000 to 500,000 oz. by 2030, CEO Frazer Bourchier said in Toronto.
The company produces about 100,000 oz. gold per year, is debt-free and sits on over $100 million in cash.
Its True Blue discovery at the Costerfield gold and antimony mine in Australia could help it enter the mid-tier production space, the executive said early this month. Surging antimony prices and a tight supply amid China’s export ban underpin string long-term outlook for the defence metal. True Blue could mirror the high-grade and cost-effective ore the company is already producing in the Costerfield central corridor.
“True Blue, even if it’s a few years out, could be a game changer for us at cost,” he said during the PDAC convention. The shallower, more accessible part of the deposit could transform the mine’s economics, he said.
The company also operates the Bjorkdal gold mine in Sweden.
Watch the full interview below with The Northern Miner host Devan Murugan. Joint venture videos are paid-for content in arrangement with The Northern Miner.
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