Good morning, and welcome to the Mandalay Resources Corporation Q3 2023 conference call. All participants will be in listen-only mode. Should you need assistance, please email conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one your touchtone phone. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the call over to Frazer Bourchier, President and CEO of Mandalay Resources. Please go ahead. Thank you, operator, and welcome. Joining me on this third quarter, 2023 financial results conference call today is Ryan Austerberry, our Chief Operating Officer, Nick Dwyer, our Chief Financial Officer, and Chris Davis, our VP of Operational Geology and Exploration. Mandalay Resources released its Q3 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 SEDAR. Reviewing our key deliverables and outcomes this past quarter, we produced 22,032 consolidated salable gold equivalent ounces, our highest production so far this year. Cash cost per ounce of gold equivalent produced was $1,084. All-in sustaining costs per ounce of gold equivalent produced was $1,436. Consolidated quarterly revenue was $40.9 million. Consolidated quarterly Adjusted EBITDA was $15.4 million, and cash on hand at the end of Q3 2023 was $21.7 million. My team will provide further details about the third quarter operating and exploration activities during this call. But with the past quarter still slightly below our expectations in some regards, I am encouraged by the course correction reflected, this leading to what should be our strongest year-to-date results next quarter to finish the year. We anticipate further improvements at Costerfield, predominantly underpinned by mining higher-grade stopes in our Youle deposit, as well as mostly resolving the mill throughput challenge arising from ore hardness of the transition Shepherd ore body below Youle, which temporarily restricted throughput by about 14%. At Björkdal, the production profile should remain steady as the site continues to ramp up mining and development in the higher-grade Eastern Extension Zone Thanks, Frazer. Notably, Björkdal continued to show improvements, and achieved its highest quarterly rate since quarter 1, 2022, with 11,224 saleable gold ounces produced. It is encouraging to see stable stoping tons from the underground and improved grades as we start to process more material from the higher-grade Extension Zone Over the last quarter of 2023, and into 2024, we are anticipating higher grades due to the steady feed from this Eastern Extension Zone to the mill. All major works with the mill conversion project are now complete. We will soon be in the commissioning phase and expect it to take the next few months to smooth everything out as we ramp up throughput and aim to achieve the annualized increase of 200,000 tons per annum of ore feed by the end of quarter one, 2024. Costerfield produced 10,800 salable gold equivalent ounces in quarter three, 2023, as it encountered a few challenges leading to deficits, deficits in both milled tons and underground gold grades. The main reason for lower mill tons was due to the transition from Youle to Shepherd material and the increase in the ore hardness. The ball mill was undercharged with grinding media and experienced increased pebble scatting, which has now been rectified. Also, the mill faced further downtime than planned from box chutes due to seasonal weather. A reduction in the size of the crusher screen is being used to overcome the problem, with additional rectification works being planned for, to further address the issue. As for the lower underground mine grades, these can be attributed primarily to a delay in the production of some high-grade stopes in Youle, due to some required additional ground monitoring and support from a few geotechnical challenges. The stopes, however, are not considered lost and are expected to be mined in the future. We continue to focus on our ongoing operational turnaround of some remnant issues at Costerfield, maintaining focus on improved Björkdal stability, and I'll remain very focused on both achieving our revised 2023 production guidance while ensuring a good foundational platform for continued success into 2024. I would like to pass the call to Nick, our Chief Financial Officer, who will highlight Mandalay's financials. Nick? Thanks, Ryan. As a reminder, the numbers are noted in USD. So for Q3 2023, Mandalay generated approximately $41 million in revenue and $15 million in adjusted EBITDA. These amounts were improvements as compared to our previous quarter, Q2 2023, due to an increase in produced and sold ounces. Of those consolidated quarterly amounts, Costerfield contributed $19 million towards revenue and $8 million to adjusted EBITDA, with Björkdal making up the remaining $22 million and $9 million in revenue and adjusted EBITDA, respectively. Our realized gold price was $1,993 per ounce, a 15% increase compared to the same quarter last year, while the antimony price decreased 9% to $12,100 per tonne. Cash and all-in sustaining costs per saleable gold equivalent ounce during Q3 2023 were $1,084 and $1,436, respectively, both approximately 28% higher as compared to Q3 2022. And these unit costs, these higher unit costs were a direct result from lower production. With the stronger anticipated finish to the year, we anticipate unit costs for both cash and all-in sustaining costs to further decrease over Q4. Mandalay ended the quarter with $22 million in cash on hand and $24 million in total interest-bearing debt. This resulted in a $2 million dollar net debt position at the end of the quarter. The quarter-end cash balance and temporary dip into a net debt position were negatively impacted by a delayed receipt of a $5.5 million shipment at Björkdal that was received just after quarter end. Cash during the quarter was also impacted by an expected one-off reclamation increase in cash bonding requirement at Costerfield for $3.5 million. Adding to this, we also made a final tax payment of $5 million which related to 2022 profits earned at Costerfield. I would now like to turn the call to Chris, our VP of Operational Geology and Exploration. Thanks, Chris. Thanks, Nick. At Costerfield, near mine exploration was focused on continued infill and extension drilling of Shepherd, and the Brunswick Deeps program, targeting mineralization below the recently producing Brunswick Mine. Earlier this week, Mandalay provided an update on these two programs, highlighting a new southern high-grade domain along Shepherd and the encouraging discovery of significant mineralization below the Brunswick Mine. Highlights from this release include: the definition of a new high-grade domain in the south of the Shepherd area, including intercepts of 26 grams per tonne gold and 40% antimony over 1.4 meters, and 4.9 grams per tonne gold and 10% antimony over 2.8 meters. Additionally, production optimization drilling continued to highlight the strength of Shepherd with 797 grams per tonne gold over 0.52 of a meter and 122 grams per tonne gold over 0.55 of a meter. We have also had some excitement in near-mine testing, with preliminary drilling underneath the Brunswick deposit, intercepting two parallel veins with highlighted intercepts of 17.8 grams per tonne gold over 1.9 meters, and 16.4 grams per tonne gold over 1.5, oh, sorry, and 1.5% antimony over 1.4 meters. In Q4, drilling is expected to continue on Shepherd, as well as commence, as well as the commencement of two other areas in the near-mine targets. One testing the Youle host structure proximal to Brunswick, and the other testing the continuation of high-grade mineralization below Cuffley. Regional exploration at Costerfield progressed in two areas during Q3. Firstly, True Blue testing program continued to build context around the exciting results released in February 2023. And secondly, the West Costerfield Gap program was commenced, targeting the expected northern continuation of the Brunswick Mine, highlighted through geophysical surveys carried out in 2022. Heading into Q4, all active surface drill rigs will be focused on the southern extension of the True Blue mineralization. Updates will be provided as available during 2024. At Björkdal, near mine drilling continued to focus on the eastern extension of Main and Central Zones, as higher margin ounces remains our key focus. In addition, we are also drilling the eastern depth extension of the Aurora ore body. A third program is concentrated on the definition of the Boreal Zone that was discovered, and reported on in Q2 2023. During Q4, the current near mine programs investigating the eastern and depth extension of Aurora and Main Zone will continue and conclude, while a new program investigating new mineralization at depth into the north below Aurora, will commence. On surface, the 2023 drill program was completed, with the depth testing of the Storheden mineralization, approximately one kilometer to the northeast of Björkdal, and extension testing of Norrberget Resource, which is five kilometers to the east. Logging and assaying of the core from the 2023 drilling program is currently underway. With that, I would like to turn the call back to our President and CEO, Frazer Bourchier. Frazer? Thank you for that, Chris. Look, in summary, Björkdal had a much better quarter. Costerfield had a few more hiccups, but finally, the expected higher mined grades from earlier in the year are now being realized, and additional focus has been placed to ensure maintained mill ore times throughput. The revised 2023 guidance remains unchanged, and we are now also in the midst of preparing next year's budget. The company's balance sheet remains healthy, and despite a temporary dip into a minor debt - net debt situation, due mostly to concentrate timing deliveries, as explained, we expect to end the year strongly back into a net cash position. Q4 will be our first full quarter in a while, where we are fully unhedged. Look, in my first two quarters as CEO of this company, I now have a much better-
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