Mandalay Resources Corporation

Good morning. My name is Mark and I will be your conference operator today. At this time, I would like to welcome everyone to Mandalay Resources Q2 2023 financial conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you'd like to ask a question during this time, simply press star, then the number one on your telephone keypad. If you'd like to withdraw your question, you can press star and then the number two. 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 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 headings Risk Factors and elsewhere in the company's annual information form, dated March 31st, 2023, available on CDAR and the company's website. Mr. Boucher, you may begin your conference.

Thank you, Operator, and welcome everyone around the world. On this second quarter 2023 financial results conference call today, available either by audio only or by webcast as per the call and link instructions on our August 3rd release, is Ryan Astorberry, Mandalay's Chief Operating Officer, and Nick Dwyer, Mandalay's Chief Financial Officer. Unfortunately, Chris Davis, Mandalay's VP of Operational Geology and Exploration, is in transit to our operation in Sweden. Mandalay Resources released its Q2 2023 financial results at market close yesterday. You can find our consolidated financial statements and MD&A on the Mandalay Resources website or under our profile on CDAR. As in the next slide, as for the key deliverables and outcomes this past quarter, we produced 20,850 consolidated saleable gold equivalent ounces. Our cash cost per ounce of gold equivalent produced was $1,159. Our all-in sustaining cost per ounce of gold equivalent produced was $1,644. The consolidated quarterly revenue was $39.7 million. The consolidated quarterly adjusted EBITDA was $8.9 million. And cash on hand at the end of the quarter was $32.8 million. As of July 2023, all gold hedges are extinguished. And the mine extension permit at Bjorkdal Eastern Extension was received during the quarter.

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