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11/10/2021
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Good morning. My name is Felina, and I will be your operator facilitator for today. At this time, I would like to welcome everyone to Mandalay Resources Corporation's Q3 Financial Results Conference call. Joining us on the call is Dominic Duffy, President, Chief Executive Officer, and Director of Mandalay Resources. On this call, my apologies, this call contains forward-looking statements which reflect the current expectations or beliefs of the company based on information currently available to the company. Forward-looking statements are subject to a number of risks and uncertainties, that may cause the actual results of the company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from the current expectations are disclosed under the heading Risk Factors and elsewhere in the company's annual information form dated March 31, 2021, available on SADAR and the company's website. Please go ahead.
Thank you, Felita. Good morning, everyone, and thank you for joining us today. With me on the call is Nick Dwyer, Mandalay's chief financial officer, and I also have Chris Davis, Mandalay's vice president of exploration and operational geology. Mandalay released his third quarter 2021 financial results at market close yesterday. You can find our consolidated financial statements and and DNA on the Mandalay Resources website or under our profile on CETA. Overall, we are very pleased with progress that the company has made over the first nine months of the year. Mandalay is continuing to demonstrate its ability to sustain the momentum generated in 2020 and has developed a successful operational and financial track record. This quarter again showcased the quality of our yield deposit with its high gold grades and low cost profile. Largely driven by this strong performance, Mandalay anticipates that our consolidated 2021 saleable production, excluding the positive results from Cerro Bayo, will be at the higher end of our 105,000 to 117,000 ounces. of gold equivalent production given in our guidance. Here in the third quarter, Costa Field produced its highest ever amount of 18,950 gold equivalent ounces at 13 grams per tonne gold and 4% antimony, making it one of the highest gold grade mines in the world and the second highest in Australia to our neighbours across the road at Fosterville. As compared to the same period last year, Costa Field's production grew by approximately 30%, which helped immensely in driving down Costa Field's cash cost per gold equivalent ounce, which produced $546, which was the best result since Q1 2016. Before I discuss our operations in more detail, I'd like to pass it on the call off to Nick. So we'll walk us through the financial highlights of the company during the third quarter. Nick?
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