Our next company is Mandalay Resources Corp, and in Sweden and Australia, and my dear friend, Frazer Bourchier, will take us through this. Thank you. Thank you very much, Andrew. Welcome, everyone, this morning to the conference and our presentation. I note these forward-looking statements, caveats around forward-looking statements I will make. Look, I'm going to open with the same slide that I'm going to close with. So if there's nothing read beyond this, or you only catch my last slide, this is really it in a nutshell. Number one, we are a producer. We're not a builder. We are diversified in the sense both metal. We have two metals: gold and antimony, predominantly gold, but also antimony. And we're diversified in the sense that we have not one but two assets, one in Australia, one in Sweden. We have a leadership team led by myself. I came in 18 months ago. It's pretty lean. There's five of us that have collectively over 130 years of experience. We have consistently operated since 2009 and always replaced the reserves that we mined very efficiently. We have good cash generation, about free cash flow, $45 million in the first nine months of this year. All dollars I referred to are US dollars. And so we generated between $4 million to $5 million a month in free cash, and we have $55 million and paid off our facilities, so we have zero debt. Our vision, when I was brought into the company, it was not just to run it. It was to grow the company. There had been some different and various attempts, I would say, in the past. So while we maintained a vision of growth strategy that focused on our two existing operations, as well as replacing those reserves at those operations through organic exploration, we were also very focused on adding inorganic opportunities where size and scale do matter in this industry. And we were looking for other, let's call it orphaned-like producers that also had a relatively modest market cap and were generating cash. This here really is a slide that sums up our situation. That is a Canadian dollar price as we trade solely on the TSX. But with close to 100 million shares outstanding, you know, CAD 312 market cap, so that's about $225 million market cap, of which a quarter of that is in cash with zero debt. You know, we've had good share price appreciation over the last nine months, over 120%. We still feel there's a lot of room to move with P/NAVs running, depending on your analysts' comments of 0.4- 0.5 price to cash flow multiples that are around two when the average in our sector for our size of small producers is around seven. This is the team I referred to myself. The team on the left, I came in 18 months ago. I brought in a new corp dev individual who has a history of growing companies. His most recent one had been at Nevsun Resources before it was sold, where I worked with them. Also about nine months ago, I brought in Chief Financial Officer Hashim Ahmed, who also had experience when he was at Jaguar during his seven-year tenure, where the share price tripled during that time. On the right-hand side, we have what I would call the institutional knowledge, the Ryan Austerberry being our Chief Operating Officer and Chris Davis, our VP of Exploration. They have been with the company for 10-12 years or closer to 13. So they have the institutional knowledge at both operations, whereas the side on the left of NEOs come in with a more diversified global mindset. And this really is a sum. You've got on the top left, that's Costerfield. It's about 30 km away from the Agnico Eagle Fosterville mine. It's an easy hour, 20-minute drive north of Melbourne in the state of Victoria. And then on the south, sorry, the map on the left there and below, that's Boliden. Right next to Boliden is our Björkdal mine. So it's about an hour flight north of Stockholm. We're about 11 km away from Björkdal. They've been there from Boliden, sorry, they've been there for about 100 years. And both operations approximately produce 50,000 ounces of gold equivalent. So that's 90- 100,000 ounces combined. Cash costs or AISC probably is the best way to look at that. That's $1,580-$1,500. So that's a 40, 30% margin on the ounces that we produce. And again, this sums up our current cash. This is as of Q3, at the end of Q3, so the end of September, $55 million in cash that will likely project well close to $70 million by the end of the year. Zero debt, $35 million facility with Scotia that's still undrawn. We've generated over $200 million in operating cash flow in the last three years. And in this year, the first nine months, it's been $75 million. So in terms of the exploration, one of the key factors that's been very successful for Mandalay is a replacement of its reserves. Really, three takeaways from this slide. The first, on average, the last three, four years, just before I got here, there's about $7-$8 million spent in exploration between both operations. I've close to doubled that at probably $13-$15 million. That's number one. Number two, really the graphs on the right just show the gray is the depletion. So the gold color above, that is the replacement in resources. Very consistent at Björkdal, a little bit more of a cycle between two to five years mine life at Costerfield, but they both have that history of replacement. And then the last takeaway on this slide, when we talk about that replacement, it's done very efficiently, as you would expect it, operations that are quite prolific. You know, at Costerfield, just over $40 an ounce. That's 2% of the spot price. At Björkdal, even cheaper, $15 an ounce to replace the resources, which is about 1% of the spot price. Costerfield, again, let's call it 50,000 ounces a year, $20-$25 in CapEx, but I include exploration in that CapEx spend. So $10 million to that is exploration, in addition to your development, tailings dams, et cetera, PPE. At a margin that's quite healthy, probably $1,200-$1,300, that's a 40% margin. Really, in this section view, I mean, there's a lot of numbers there, but really the yellow boxes, there's press release we put out about four weeks ago that shows yet again examples of 50, 60 grams a ton over just under a meter. We mine about a meter and a half wide, so it's narrow-vein long holes, so that's not insignificant, as well as high grades of antimony there. Our main focus area this year and next is what we call the Shepherd Surrounds. That number three there, Cuffley Deeps Sub-KC, which we think could be another replication of the Youle deposit, which we've mined in the last four years. Just quickly on antimony, antimony is a critical mineral. It's very well sought after. It's used as a high-end fire retardant, not the type you'd put in your home, but the type you'd put in an airplane, and solid-state batteries, as well as solar panels to remove the trapped air bubbles. What's fascinating about that, we produce antimony. We are the largest producer of antimony in the Western world, that's not by intent. That's because 85% of it's produced in Tajikistan, China, and Russia, and as a result of recent export restrictions, it also has a military application. China has restricted export, and the price has just about tripled in the last four months, gone from about $10,000 per ton to about $27,000 a ton. Where we produce, it does look like our antimony goes down, but that's merely because the deeper we get in parts of the mine, our grade is lower. It comes along for the ride, but we have higher sections of the mine. We're going to be targeting some more of the antimony with the gold. So it adds nicely to the bottom line in that cash profile I spoke to earlier. Moving on to Björkdal, that is a gold only. It's in a large VMS deposit, similar type CapEx. It's lower grade. Instead of 10-14 grams we'll get at Costerfield. This is probably 1.5-1.9 grams. Incredibly efficient mining. That's underground through a 4,000 ton per day plant. And we'll still generate $15-20 million in cash flow there. You know, not as healthy as in Australia, which can be $50-60 million, but still pretty impressive for a lower-grade operation. This deposit, we believe, will go on forever. It's massive. It's over 3,000 veins. That blue picture you see there, that's what we call a marble unit. So anything above there is high grade, sorry, lower grade. And I use that term, I mean, decimal places matter here. So maybe 1.5-1.7 grams, more bulk type mining. Below, 1.8-2 grams, so higher grade. Eastern Extension and North Zone are our biggest focus areas below that marble unit as we target the higher grade portions of this mine. So really, in summary, I want to repeat again, we are not a builder. We don't have any big capital builds in front of us. We operate, we generate cash. We have a very clean balance sheet. We have no encumbrances, no royalties, no streams, zero debt, $55 million cash and growing. And the $45 million that we generated, we see that trend continuing for the rest of this year and into next year. While we're excited about our organic growth opportunities, we are very engaged and focused in discussions in similar jurisdictions. I mean, we're in tier one jurisdiction, but similar jurisdictions with other parties that also have a relatively small market cap. You get that size and scale in this industry, access to equity markets, index listing. It can also make a difference for us. So without being too repetitive and getting to the short points, I thought I'd leave enough time if there are a few questions afterwards. Thanks. Yeah, phrases are fascinating indeed. Questions from the audience, please. There's one over here. Yeah, thank you. When do you expect China's position to change on exports? Well, we didn't predict it to happen in the first place, so I'd be lying if I could tell you when it's going to change. I mean, what we can tell you about China is, while they consider it very strategic, I think their concerns are genuine in limiting exports because they have a big, they have one of the largest power solar demands as well for solar panels. Their reserves are depleting, so they have a strong desire to be able to keep, you know, a lot of that antimony within. There are very few smelters around the world that will process both the gold antimony con, China being one of them. So my guess is, while it's volatile and pretty opaque, not anytime soon. So you don't see this as a punish ing the West action? Positioning as, sorry? To punish the West. Look, I can't comment on the political aspects. I mean, there's a lot going on around the world, but we do also know that they use a lot of the antimony that they produce. So there's certainly an internal need, you know, who they restrict and who that goes out to. It doesn't have an impact on us, by the way, when we send our concentrate, of which some of that concentrate goes to China. So it doesn't impact us that way. And what percentage of world market China produces? China I think is close to 60%. I mean, 85% between the three of them, Tajikistan, China, and Russia. You know, there's some in Bolivia, some in Turkey, but as I say, in the Western world, we are the largest producer, just under 2,000 tons this year. Thank you. Another question here. Hello, I have two questions. Number one, do you export your antimony? And if so, may you disclose to which countries do you export? And number two, the smeltering process, is it very complex or capital demanding smeltering? Yeah. So to answer your first question, yes, we do export from Australia, the gold antimony concentrate that's together. We also produce gold middlings too that go to refineries, et cetera. And we've been in the past exporting that to Oman, although that smelter recently shut down. They just couldn't find enough feed for now into China. As to the complexity of that process, I mean, that's downstream from us. You know, as with any smelter, they're generally energy intensive. But, you know, I don't think they're overly complex. The challenge we have is there's very few other places. There's one in Vietnam, which is actually owned by the Chinese. There's U.S. Antimony. But we want to ensure that we get good payables, not just on the antimony, but obviously the gold that goes with that. So that adds a level of complexity. But that's not my skill on the chemical side of the equation downstream. Thank you very much. And we've got about 30 seconds left. I'm not going to indulge myself with a quick question, Frazer. You said that Björkdal goes on forever. Any chances of expanding production in that site? That's a great question. I mean, we did do a recent expansion of the mill from 1.2-1.4 million tons per year. It's switched from underground. It's been mined since 1988, switched from underground about six years ago. So if we find a significant amount more, yes, that's another option to do another expansion. But for now, it's not the plan. Okay. Thank you very much. Time is up. Thank you. Thank you.
Loading workspace