Mandalay Resources Corporation

Good morning ladies and gentlemen and welcome to the Mandalay Resource Corporation first quarter 2024 conference call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Thursday, May 9, 2024. 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 heading risk factors and elsewhere in the company's annual information form dated March 28, 2024, available on CDAR and the company's website. I would now like to turn the conference over to Mr. Fraser Boucher, President and CEO. Please go ahead, sir.

Thank you very much, operator, and welcome. But before getting into our quarterly performance, I want to extend a warm welcome to Ahmed, our EVP and Chief Financial Officer. On his I can bring the wealth of industry experience. particularly in financial management, corporate strategy, and capital markets, making him a greatest As we continue to progress into our

Next growth phase, Hashim will be instrumental in guiding our financial strategies and ensuring our ongoing fiscal success. Also joining us on the call today are Ryan Osterberry, our Chief Operating Officer in Melbourne, and Chris Davis, our VP of Operational Geology and Exploration, also in the Melbourne area. Yesterday, Mandalay Resources disclosed its financial results at market close. You can access our consolidated financial statements and the MD&A on either the company's website or through our profile on CDARP. Mandalay sustained its operational and financial momentum generated through the second half of last year and commenced this year strongly and safely in achieving a solid production outcome of nearly 25,000 gold equivalent ounces across both of our operations, about 60% from Costerfield, 40% from Bjorkdal. This achievement positions the company on our previously stated trajectory towards meeting our annual production guidance of 90,000 to 100,000 gold equivalent ounces. Of notable mention, is Mandalay's substantial enhancement in cash reserves, with a cash balance increase of over $20 million during the quarter, leading to a closing quarter cash balance of US $47 million, which represents about 30% of our market.