Section1: Company Overview

Mandalay Resources (TSX: MND) is a Canadian-based natural resource Corporation with producing assets in Australia and Sweden, and care and maintenance and development projects in Chile and Canada. The Company focuses on growing its production and reducing costs at its gold-antimony operation in Australia, and its gold mine in Sweden, to generate near-term sustainable positive cash flow.

This Report covers the Investment Highlights, Key Financial Metrics, Valuation, Target Price, and Recommendation on the stock.

1.1 Investment Highlights

Section2:  Financial Highlights

 2.1 Key Financial Highlights

Section 3:  Stock Recommendation Summary

3.1 Valuation Methodology

Valuation Methodology (Illustrative): EV to EBITDA based

3.2 Price Performance and Stock Recommendation

The stock has witnessed an upside of ~16.66% and ~38.54% over the last 1 month and 3 months respectively. Moreover, the stock is trading above the average 52-week high price of CAD 3.99 and 52-week low price of CAD 1.38, providing an opportunity to exit.

3.3 One-Year Technical Price Chart

One-Year Technical Price Chart (as of December 3, 2024). Source: REFINITIV, Analysis: Kalkine Group 

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, and currency as of December 3, 2024. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Dividend Yield may vary as per the stock price movement.