Mandalay Resources : MND AIF 2025
MND.TO
MANDALAY RESOURCES CORPORATION
ANNUAL INFORMATION FORM
For the year ended December 31, 2024
March 28, 2025
TABLE OF CONTENTS
1. ABOUT THIS ANNUAL INFORMATION FORM .......................................................................................... 2
2. FORWARD-LOOKING STATEMENTS ........................................................................................................ 2
3. TECHNICAL INFORMATION ..................................................................................................................... 3
4. CORPORATE STRUCTURE ....................................................................................................................... 3
4.1 Name, Address and Incorporation .................................................................................................... 3
4.2 Intercorporate Relationships ............................................................................................................ 3
5. GENERAL DEVELOPMENT OF THE BUSINESS ........................................................................................... 4
5.1 Three Year History ............................................................................................................................. 4
5.2 Significant Acquisitions ..................................................................................................................... 9
6. DESCRIPTION OF THE BUSINESS ............................................................................................................. 9
6.1 General Description .......................................................................................................................... 9
6.2 Material Properties ........................................................................................................................... 9
6.3 Employees and Contractors ............................................................................................................ 10
6.4 Mineral Project - Björkdal .............................................................................................................. 10
6.5 Mineral Project - Costerfield .......................................................................................................... 35
6.6 Risk Factors ..................................................................................................................................... 59
7. DIVIDENDS .......................................................................................................................................... 72
8. CAPITAL STRUCTURE ............................................................................................................................ 73
9. MARKET FOR SECURITIES ..................................................................................................................... 75
10. ESCROWED SECURITIES AND SECURITIES SUBJECT TO CONTRACTUAL RESTRICTION ON
TRANSFER ............................................................................................................................................ 75
11. DIRECTORS AND OFFICERS ................................................................................................................... 75
12. AUDIT COMMITTEE INFORMATION ...................................................................................................... 78
12.1 Description of the Audit Committee ............................................................................................... 78
12.2 External Auditor Service Fees ......................................................................................................... 79
13. LEGAL PROCEEDINGS AND REGULATORY ACTIONS ............................................................................... 79
14. INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS ............................................ 79
15. TRANSFER AGENTS AND REGISTRARS ................................................................................................... 79
16. MATERIAL CONTRACTS ........................................................................................................................ 79
17. INTERESTS OF EXPERTS ........................................................................................................................ 80
17.1 Names of Experts ............................................................................................................................ 80
17.2 Interests of Experts ......................................................................................................................... 80
18. ADDITIONAL INFORMATION ................................................................................................................ 80
SCHEDULE A
ABOUT THIS ANNUAL INFORMATION FORM
The information in this Annual Information Form ("AIF") is presented as of December 31, 2024, unless otherwise indicated, and except for information in documents incorporated by reference that has a different date. All dollar amounts in this Annual Information Form are in US dollars, unless indicated otherwise. In this Annual Information Form, references to the "Corporation" or "Mandalay" refer to Mandalay Resources Corporation and its subsidiaries, unless the context otherwise requires or indicates.
2.
FORWARD-LOOKING STATEMENTS
Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as "plans", "intends", "anticipates", "should", "estimates", "expects", "believes", "indicates", "targeting", "suggests", "continue", "may", "will" and similar expressions. Forward-looking statements include, but are not limited to: statements with respect to the future price of gold ("Au"), antimony ("Sb") and other metals as well as foreign exchange rates; the estimation of Mineral Reserves and Resources and the related results and timing of such estimates; the performance of Mineral Reserve estimates in predicting amount and quality of ore actually mined; the timing and amount of estimated future production, costs of production, capital expenditures; estimates of expected sales volumes and associated operating and capital costs for its gold and antimony production; costs and timing for the development of new deposits; success of exploration activities and environmental permitting timelines. This Annual Information Form contains forward-looking statements about the Corporation's objectives, strategies, financial condition and results, as well as statements with respect to management's beliefs, expectations, anticipations, estimates and intentions. These forward-looking statements are based on current expectations and various factors and assumptions. Accordingly, these statements entail various risks and uncertainties.
The material factors and assumptions that were applied in making the forward-looking statements in this Annual Information Form include, among others: execution of the Corporation's existing production, capital, and/or exploration plans for each of its properties, which may change due to changes in the views of the Corporation or if new information arises which may make it prudent to change such plans or programs; the accuracy of current interpretation of drill and other exploration results or new information or interpretation of existing information which may result in changes in the Corporation's expectations; and the Corporation's ability to continue to obtain qualified staff and equipment in a timely and cost-efficient manner to meet demand.
It is important to note that:
• Unless otherwise indicated, forward-looking statements in this Annual Information Form describe management's expectations as at the date of this Annual Information Form.
• Readers are cautioned not to place undue reliance on these statements as the Corporation's actual results may differ materially from its expectations as unknown risks or uncertainties may affect its business or estimates or assumptions may prove to be inaccurate. Therefore, no assurance can be provided that forward-looking statements will materialize.
• The Corporation assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or for any other reason, except as may otherwise be required pursuant to applicable laws.
For a description of material factors that could cause actual results to differ materially from the forward-looking statements in this Annual Information Form, see "Risk Factors".
TECHNICAL INFORMATION
Technical information provided herein for the Costerfield gold-antimony mine ("Costerfield") and the Björkdal gold mine ("Björkdal") is based upon information contained in the technical reports in respect of the properties, prepared pursuant to National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") (each, a "Technical Report" and collectively, the "Technical Reports").
The technical report in respect of Costerfield, entitled "Costerfield NI 43-101 Technical Report" dated March 28, 2025 (the "Costerfield Technical Report") and with an effective date of December 31, 2024, was prepared by SRK Consulting (Australia) Pty Ltd. The Mineral Resource Estimate was carried out under the supervision of Cael Gniel MAIG RPGeo (Mineral Resource Estimation), an employee of SRK Consulting. Mr Gniel fulfils the requirements to be a "Qualified Person" for the purposes of NI 43-101 and is the Qualified Person under NI 43-101 for the Mineral Resource Estimate. The Mineral Reserve Estimate was prepared by Vaughn Goyne, AAusIMM, who is a full-time employee of Mandalay and independently verified by Robert Urie FAusIMM who is a full-time employee of SRK Consulting. Robert Urie fulfils the requirements to be a "Qualified Person" for the purposes of NI 43-101 and is the Qualified Person under NI 43-101 for the Mineral Reserve.
The technical report in respect of Björkdal entitled "NI 43-101 Technical Report, Björkdal Gold Mine, Sweden" dated March 28, 2025 (the "Björkdal Technical Report") and with an effective date of December 31, 2024, was prepared by SLR Consulting (Canada) Ltd. ("SLR"). The Mineral Resource Estimates for the Björkdal, Storheden, and Norrberget deposits were carried out under the supervision of Reno Pressacco, M.Sc.(A), P.Geo., FGC, Associate Principal Geologist, a self-employed associate of SLR and independent of Mandalay. He is a Qualified Person for the purpose of NI 43-101. The Mineral Reserve Estimate was carried out under the supervision of Rick Taylor, CP, MAusIMM, Associate Principal Mining Engineer, a self-employed associate of SLR and independent of Mandalay. He is a Qualified Person for the purposes of NI 43-101.
The technical information contained in this Annual Information Form with respect to Björkdal and Costerfield has been summarized from the Technical Reports and Interim Memorandum. All summaries and references to Technical Reports are qualified in their entirety by reference to the complete text of the applicable Technical Report, which can be found under the Corporation's profile atwww.sedarplus.ca.
4. CORPORATE STRUCTURE
4.1 Name, Address and Incorporation
The Corporation was incorporated on January 29, 1997, as Mandalay Resources Corporation under the Business Corporations Act (British Columbia) ("BCBCA"). The Corporation's principal business is the exploration, development, and mining of natural resource properties.
The Corporation's registered office is located at 1066 West Hastings Street, Suite 2600, Vancouver, British Columbia, Canada, V6E 3X1. The Corporation's head office is located at 155 University Avenue, Suite 720, Toronto, Ontario, M5H 3B7.
4.2
Intercorporate Relationships
The following chart illustrates the structure of the Corporation as at the date of this Annual Information Form. The chart shows the jurisdiction of incorporation of each active subsidiary and the percentage of voting securities beneficially owned by the Corporation or over which the Corporation has control or direction.
Mandalay Resources Australia Pty ("MRA"), formerly Australian Gold Development ("AGD"), is a private Australian Corporation that operates Costerfield and was acquired by Mandalay on December 1, 2009. MRA is governed by the laws of The Corporations Act 2001 (Australia). MRA owns 100% of the voting securities of its sole subsidiary, Mandalay Resources Costerfield Operations Pty ("Mandalay Costerfield"). Mandalay Costerfield is governed by the laws of The Corporations Act 2001 (Australia).
Mandalay acquired all the issued and outstanding shares of Elgin Mining Inc. ("Elgin") on September 10, 2014, in a court-approved plan of arrangement. Bonito Capital Corp. directly owns 100% of Lupin Mines Incorporated, which owns mining interests in Nunavut, Canada. Bonito Capital Corp. also directly owns Mandalay Resources Sweden Holco AB, which was incorporated in 2015 and is governed by the laws of Sweden. Mandalay Resources Sweden Holco directly owns Björkdalsgruvan, Björkdal Exploration AB and Explor Björkdalsgruvan AB, which was formed to hold the tenements for the Norrliden Joint Venture signed May 26, 2017. These entities are governed by the laws of Sweden, and which own and operate the Björkdal mine in Sweden.
5. GENERAL DEVELOPMENT OF THE BUSINESS
5.1 Three Year History
Since 2022, the Corporation has been focused on production and exploration at its Björkdal and Costerfield properties.
2022
On January 24, Mandalay announced the continuation of excellent results from its Björkdal eastward mine extension drilling programs. Since the success of the Lake and Main Zone extension projects, Mandalay drilled a further 17 holes and 7,253 m into the eastern extension of the Björkdal veining in three programs. These are the Central Zone Extension, Central Zone Conversion and Central to Lake Zone. Currently, these results have been connected to the continuation of 21 existing veins and 16 new veins have been discovered.
On February 16, Mandalay announced updated Mineral Resources and Reserves estimates for Costerfield and Björkdal. At Costerfield, Proven and Probable Mineral Reserves for contained gold increased by 24%, net of depletion for 2021 production and extended mine life by two years to 2027, net of depletion for 2021 production. Björkdal maintained strong mine life until 2030, improved geological understanding allowed for upgrades to higher confidence Measured Resources and Proven Reserves and an increase to Measured and Indicated gold Resources of 59,000 oz net of yearly depletion.
On June 9, Mandalay announced results from the Robinson Prospect drilling campaign. Drilling had identified a potential offset to the historically producing Robinson Mine with an intercept of 1,780 g/t gold over 0.17 m (Estimated True Width "ETW" of 0.15 m) and visible gold seen in two other drill holes along trend and within two additional intercepts. These intercepts sit 2 km to the south of the Brown Prospect, which was the focus of the Corporation's 2020 and 2021 eastern drilling campaign.
On June 21, Mandalay announced an update on the eastern extension drilling and significant intercepts from the North Zone drilling program at its Björkdal operation in Sweden. The 2022 eastern extension program included seven holes and intercepted 17 modelled veins with encouraging grades amongst them including 14.7 g/t gold over 4.10 m (3.48 m ETW) and 27.3 g/t gold over 2.20 m (1.61 m ETW). In January 2022, Mandalay recommenced the North Zone drilling program with an intention to further define mineralization intercepted in 2020 and test for lateral and vertical extents. The drilling highlighted an area of increased veining density accompanied by increased grades with two of the best results being: 155.0 g/t gold over 0.80 m (0.61 m ETW) in MU22- 002 and 183.0 g/t gold over 0.45 m (0.34 m ETW).
On August 11, Mandalay announced that it had completed the sale of the Challacollo silver-gold project to Aftermath Silver Ltd ("Aftermath"). Pursuant to the terms of the transaction, Aftermath purchased Challacollo in exchange for total consideration consisting of C$8.0 million in non-contingent consideration plus a 3% net smelter returns royalty on production at Challacollo, capped at $3.0 million.
On September 13, Mandalay announced an exploration update on Shepherd and the newly discovered Kendall extension. During 2022, Mandalay had been focused on confirming grade continuity through Shepherd and extending the veining horizon both at depth and to the south. The ongoing drilling at Costerfield was achieving these goals, however, the programs were not yet complete and will progress into 2023 before the potential of the Shepherd trend is better understood. The drilling intercepted a potential third veining horizon within the Shepherd domain. This new discovery was slightly deeper and further to the west of the domain and could represent the continuation of a stepped progression of gold concentration across structures.
On December 1, Mandalay announced that it had entered into a credit agreement with The Bank of Nova Scotia ("Scotiabank") providing for a senior secured revolving credit facility in an aggregate amount of up to $35 million (the "Revolving Credit Facility"). The initial drawdown under the Revolving Credit Facility was used to repay the Syndicated Facility which had $32.6 million outstanding before repayment. The residual proceeds from the Revolving Credit Facility were used for general corporate and working capital purposes. The hedge arrangements entered into in connection with the Syndicated Facility will remain in place until their expiry in June 2023.
On December 6, Mandalay announced that Dominic Duffy had advised its board of directors (the "Board") of his decision to resign as President and Chief Executive Officer for personal reasons. Mr. Duffy will continue to serve as CEO and assist with the transition of leadership until his departure in July 2023. He will also remain on the board in a non-executive capacity after his departure as CEO. The Board engaged a recruiting firm to lead the search process for Mr. Duffy's successor. Mandalay also announced that, effective December 15, 2022, Ryan Austerberry will be promoted to the role of Chief Operating Officer. Adam Self, the current Mine Manager at Costerfield, will replace Mr. Austerberry as Costerfield's General Manager.
2023
On January 16, Mandalay announced that the Toronto Stock Exchange (the "TSX") had approved its notice of intention to make a normal course issuer bid ("NCIB") to acquire up to 4,622,835 of its common shares in the 12-month period commencing January 18, 2023, and ending on January 17, 2024.
On February 21, Mandalay announced an updated Mineral Resources and Reserves estimate for Björkdal. Björkdal's Mineral Reserves increased by 32,000 oz net of yearly depletion, Mineral Reserves gold grade increased by 11% to 1.54 g/t, predominantly through the exploration of the high-grade Eastern plunge extension, and Measured and Indicated Resources increased by 72,000 oz net of yearly depletion with an increase in gold grade of 10% to 2.27 g/t. At Costerfield, Mineral Resources and Reserves were not updated for year-end 2022. The exploration programs in 2022 were more directed towards drill testing of regional targets and large step-outs from the central corridor system.
On February 22, Mandalay announced the continuation of excellent results from its Björkdal eastward mine extension drilling and successful Aurora extension drilling program. The Aurora system had been tested successfully approximately 150 m up dip and to the east from current and scheduled mining. This extension was encouraging as Aurora had been and continues to be the main source of bulk ore tonnage at Björkdal.
On February 28, Mandalay announced an exploration update on the Robinson prospect and early success at the True Blue deep drilling program, 2.5 km from the operating mine at Costerfield. The 12-hole diamond drill program confirmed the presence of gold anomalism along the Wolfe Trend at Robinson Prospect; however, Mandalay had not been able to replicate the exceptional grade of 1,780 g/t over 0.17 m. In light of the updated mineralization model, the Robinson Prospect was put on hold. Deep drilling at the True Blue Prospect had identified subvertical quartz-stibnite veining west of the historically mined lode with substantial grade intercepted in 2 drill holes: 3.8 g/t gold and 4.3% antimony over 2.57 m and 4.4 g/t gold and 4.3% antimony over 1.82 m. Drilling was to continue on the True Blue prospect applying understanding from the Augusta to Youle mineral corridor as an analogue to potentially find a new high-grade mineral field.
On March 6, Mandalay announced that Frazer Bourchier had been hired as Mandalay's new President and Chief Executive Officer to replace Dominic Duffy effective April 3, 2023. Mr. Bourchier was also appointed to the Board.
On July 18, Mandalay announced an exploration update on the Eastern Extension and North Zone drilling program at Björkdal. The drilling of the 10 holes in 2023 revealed that key veining within the Lake Zone area continued to the east. The furthest intercept from current development returned 5.4 g/t gold over 1 m (ETW 0.64 m) in MU23-017. To the north of the current mine, and well-established Aurora Zone, North Zone was an emerging veining system that had been a recent focus of exploration at Björkdal. Since the last market update on North Zone in June 2022, a further 19 holes had been drilled into the area to test extensions of the pre-defined veining. Primarily the upper and western extents were tested using a drilling horizon high in the Aurora mine and, as a result, a new mineral domain was intercepted between the Aurora and North Zones, called the Boreal Zone.
On July 20, Mandalay announced the receipt of the mining concession permit to produce in the Eastern Extension Zone at its Björkdal operation from Bergsstaten (Mining Inspectorate of Sweden). This significant development granted Mandalay the extension of the mining envelope by an additional 350 metres, effectively encompassing the entire resource base that had been drilled and defined over the past two years.
On October 31, Mandalay announced the hiring of Scott Trebilcock as Executive Vice President and Chief Development Officer, effective immediately. Mr. Trebilcock's appointment signaled Mandalay's transition to a new phase of growth and its vision to become a critical player within a consolidated gold sector.
On November 7, Mandalay announced exploration update on Shepherd and Brunswick Deeps Discovery at Costerfield operation in Victoria, Australia. Shepherd revealed itself as a network of sheeted subvertical veins, extending from the base of the west-dipping Youle orebody. With a dedicated drill drive much of the 2023 Shepherd drilling had been conducted from this drive, resulting in the modelling of 12 veins. Notably, a significant additional high-grade gold and antimony domain had been identified along the trend to the south. Drilling below Brunswick delivered positive results, with two intercepts uncovering a new domain displaying substantial gold endowment. While the results from the initial campaign were encouraging, the Company temporarily paused the step-out drilling program. This decision allowed Mandalay time to define the faulted architecture and update our targeting model for the upcoming phase.
On November 8, Mandalay announced that Nick Dwyer, Chief Financial Officer, would be leaving the Corporation in the first quarter of 2024 as a result of his decision to resign and relocate to Australia for personal reasons.
2024
On February 6, Mandalay announced that Hashim Ahmed had been hired as its new Executive Vice President and Chief Financial Officer (CFO), effective March 1, 2024.
On February 22, Mandalay announced an updated Mineral Reserves and Resources estimate for Costerfield and an Interim Mineral Reserve update for Björkdal mine as at December 31, 2023. The net decrease of 123,384 ounces of gold in Proven and Probable Mineral Reserves at Costerfield for year end 2023, relative to year end 2021, consisted of the addition of 13,124 ounces of gold added by Mineral Resource conversion and addition of Mineral Resources to the Shepherd ore body as well as a total of 136,508 ounces of gold depleted from the December 31, 2021 Mineral Reserves through mining production in 2022-2023 and through mining re-evaluation. Owing to the longevity of the Björkdal mine and consistency of Mineral Resources replacement, Mandalay chose not to complete and report a full 2023-year-end Mineral Resources and Mineral Reserves estimate reported in Q1 2024.
On February 23, Mandalay announced that the TSX had approved its application to make a Normal Course Issuer Bid ("NCIB") to acquire up to 4,646,196 of its common shares in the 12-month period commencing February 27, 2024, and ending on February 26, 2025.
On April 24, Mandalay announced that it expanded the Storheden gold deposit, 600 metres from the Björkdal mine, to over 1.6 kilometres ("km") and approximately 200 m at depth, confirming high-grade gold mineralization. In 2023, a 5,150 m drill program across 22 holes identified strong geological similarities to Björkdal.
On May 14, Mandalay announced an exciting extension within the Eastern Prospect - the Norrberget deposit, located 6 km east of Björkdal, by 120 m down-plunge, confirming high-grade gold mineralization, including 13.3 g/t over 5.55 m. Drilling at the nearby Vidmyran target identified sheeted gold-bearing veining, with notable intercepts of 17.2 g/t over 1.3 m.
On June 5, Mandalay announced successful results from its regional target testing drill campaigns approximately 6 km to the southwest of the Björkdal Mine. Mandalay advanced its regional exploration at Björkdal, focusing on the Northern, Eastern, and Southwestern Prospects. The latest drilling in the Southwestern Prospect, 5 km from the historic Boliden deposit, identified promising gold mineralization at Lapptjärn (5.3 g/t over 7.05 m), Granholm (14.9 g/t over 0.5 m), and Tarsnäs (gold with anomalous zinc and copper).
On August 30, Mandalay announced that Braam Jonker had resigned, as a director to focus on other endeavours. Amy Freedman assumed the role of Lead Independent Director and the Board commenced a search for a new Independent Director.
On September 10, Mandalay announced an update on drilling progress at its Costerfield operation in Victoria, Australia. In 2024, the Company focused on near-mine targets to extend mine life. Drilling near Youle and Shepherd identified high-grade pods that were expected to be added to production. High-grade veins below the Cuffley deposit showed potential for mine extension, while drilling at Cuffley North intersected a high-grade vein, indicating further expansion opportunities in the Augusta and Brunswick deposits.
On October 15, Mandalay announced the appointment of John Jentz as an independent director.
On December 18, Mandalay announced an update on near mine exploration success at its Björkdal operation in Sweden, highlighting the discovery of North Zone Below Marble - a new underground mineral domain 200 m north of the current operations. Björkdal's near-mine exploration focused on higher-margin resources. The newly discovered North Zone Below Marble, located 200 m north of the underground mine, exhibited high-grade veining similar to the Main Zone and remained open at depth and along strike. Infill drilling in the Eastern Extension of the Main Zone confirmed consistent veining and gold mineralization, with further extensions expected as mining advances. In the Aurora Zone, exploration identified wide gold-bearing veins at depth and to the east, reinforcing its potential for long-term bulk tonnage production.
2025
On January 28, Mandalay announced high-grade drill results at its True Blue prospect adjacent to the operating Costerfield gold-antimony mine. Mandalay produced gold and antimony at Costerfield for 15 years and identified True Blue as a promising new frontier. Exploration revealed geological similarities to the mined Central Corridor, with high-grade mineralization, visible gold, and stibnite veins extending 130
m along strike and 590 m down-dip. Stepout drilling 600 m south uncovered a 250 m mineralized zone with assays up to 3.8 g/t gold, highlighting continuity and scale. Mandalay allocated at least $9 million for exploration in early 2025, with an extensive drilling program initiated to further define True Blue's potential and extend mine life.
One February 20, Mandalay announced updated Mineral Reserves and Resources for Costerfield and Björkdal as at December 31, 2024. Costerfield saw substantial reserve replacement with total Mineral Reserves of 604,000 tonnes at 8.7 g/t gold and 1.8% antimony (254,000 gold equivalent ounces), while the True Blue deposit's Inferred Resources grew fourfold, with 145,000 tonnes at 13.1 g/t gold and 3.1% antimony (96,000 gold equivalent ounces), reinforcing its mineable potential. Björkdal's mine life was extended to 10 years with the addition of 125,600 gold ounces at $33 per ounce, more than doubling 2024 depletion, while exploration success at Storheden and Norrberget increased Inferred Resources to 11.7 million tonnes containing 564,000 gold ounces, strengthening future production potential.
5.2
Significant Acquisitions
The Corporation made no acquisitions during the year ended December 31, 2024.
6.
DESCRIPTION OF THE BUSINESS
6.1
General Description
Mandalay is a Canadian-based natural resource company with producing assets in Australia (Costerfield gold-antimony mine) and Sweden (Björkdal gold mine).
Mandalay's vision is to build a recognized and respected mid-tier gold producer that generates attractive financial returns, synchronous with ensuring the well-being of all stakeholders.
Mandalay is focused on three strategic pillars to deliver the vision: cashflow from production, organic exploration and mergers and acquisitions. Mandalay is committed to operating safely and in an environmentally responsible manner, while developing a high level of community and employee engagement. Mandalay has generated a pipeline of exploration targets near-mine, to extend mine-life and regionally to create longer term growth.
The Corporation also believes there are merger and acquisition opportunities to grow and diversify cashflow. Inorganic growth is focused Tier 1 or 2 jurisdictions and on commodities in which management has extensive experience, such as gold ("Au"), silver ("Ag"), antimony ("Sb"), and other base metals such as copper ("Cu").
The Corporation currently operates and has interests in countries that have a long-standing tradition of mining, low political risk and clear legal frameworks for tenure and taxation. Today, these jurisdictions include Australia and Sweden.
6.2
Material Properties
Mandalay currently owns 100% interests in two material producing assets - Costerfield, Australia (producing Au and Sb) and Björkdal, Sweden (producing Au). Costerfield was acquired December 2009 and Björkdal was acquired as an operating mine by the Corporation September 2014.
Disclaimer
Mandalay Resources Corporation published this content on March 28, 2025, and is solely responsible for the information contained herein. Distributed via , unedited and unaltered, on March 28, 2025 at 20:48 UTC.