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					                                TSX: MND, MND.WT




Delivering Value, Earnings and Growth in 2012


               April 2012
Forward-looking statements
This presentation contains "forward-looking statements" within the meaning of applicable securities laws, including statements relating to life of
mine production plans and exploration plans and the growth and strategy of Mandalay. Readers are cautioned not to place undue reliance on
forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending
on, among other things, that exploration results at Cerro Bayo, Costerfield, and La Quebrada may not meet management’s expectations, that
Cerro Bayo and Costerfield capital, production and operating cost results may not meet current plans, that reclamation costs associated with
Mandalay’s Furioso property may exceed current estimates, and changes in commodity prices and general market and economic conditions.
The factors identified above are not intended to represent a complete list of the factors that could affect Mandalay. Although Mandalay has
attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-
looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can
be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.


Quality control and assurance
Quality control and assurance programs are implemented in line with the standards of National Instrument 43-101.

The exploration program at Costerfield is supervised by Chris Gregory (Member, Australian Institute of Geoscientists accredited Chartered
Professional (Mining)), General Manager of Australasian Business Development for Mandalay and a Qualified Person as defined under National
Instrument 43-101. Mr. Gregory regularly visits Costerfield, supervises the collection and interpretation of scientific and technical information
contained in this presentation, and has reviewed and approved the presentation itself.

The exploration programs on the Cerro Bayo and La Quebrada projects are supervised by Ronald Luethe (Member: American Institute of
Professional Geologists and an Idaho Registered Professional Geologist), General Manager of Mandalay Chile Ltda. and a Qualified Person as
defined under National Instrument 43-101. Mr. Luethe visits the Cerro Bayo and La Quebrada projects often, supervises the collection and
interpretation of scientific and technical information contained in this presentation, and has reviewed and approved the presentation itself.

Dr. Mark Sander (Member: AusIMM), Chief Operating Officer of Mandalay, has visited the Costerfield, Cerro Bayo, and La Quebrada projects
several times during 2010 and 2011 and has supervised the preparation of this presentation.




                                                                       2
Investment highlights for 2012
 A significant and growing producer of gold, silver and antimony from two mines

                               2011 Production             2012E Forecast Production
Gold (oz)                                       18,922                  26,000 – 34,000
Silver (oz)                                 1,318,665              2,700,000 – 3,000,000
Antimony (t)                                     1,576                     1,800 – 2,200

 Cerro Bayo – Developing third mine; full production @ 1,200 tpd in Q4, 2012
 • Doubled reserves and mine life at year-end 2011
 • 8 rigs currently drilling infill, extension, and new targets
 • 2012 flotation automation project; Delia SE mine permitting

 Costerfield – At design production rate of 200 tpd
 • Augusta mine reserves replaced in 2011; new resource at Cuffley (Alison) lode
 • 3 rigs on site defining Cuffley lode and Augusta lode extensions
 • Successful introduction of cemented rock fill methods; 24:7 ore production
 La Quebrada – Infill drilling for inferred resource in 1H, 2012
 Price protection program in place for 2012: 75.7% of silver production guaranteed at
 $31.14/ounce, and 70.1% of gold production guaranteed at $1,400/ounce

                                            3
Strategy: Build a portfolio of high quality producing
assets with excellent exploration potential
What differentiates Mandalay is the discipline we bring to implementing the
following principles:
Acquisition focus – Superior unrecognized upside potential
   Exploration
   Metallurgy
   Operational efficiencies
   Financial restructure/recapitalization

Low Cost Entry Point
   Acquire assets at a low cost relative to the ultimate value we believe the project may
   achieve as a result of good operational implementation & exploration success
   Use a combination of cash, equity, & debt to reduce dilution & leverage equity returns

Cash Flow
   Focus on early cash flow from high margin deposits
   Reinvest cash in exploration, development, and operational improvements
   Deleverage as rapidly as possible

Returning Cash to Shareholders
   NCIB

                                            4
Growing production from acquired assets

                                                               Mandalay production
                                        300,000                                                                      10,000
          Oz Au, Oz Au Eq., Oz Ag/100



                                                                                                                     9,000
                                        250,000
                                                                                                                     8,000

                                                                                                                     7,000
                                        200,000
                                                                                                                     6,000




                                                                                                                              t Sb
                                        150,000                                                                      5,000

                                                                                                                     4,000
                                        100,000
                                                                                                                     3,000

                                                                                                                     2,000
                                         50,000
                                                                                                                     1,000

                                             -                                                                       -
                                                  2010 Total          2011 Total               2012 Est



                                                       Gold        Silver /100     Au Eq.              Antimony




Ounces Au Equivalent production (oz Au Eq) is calculated by dividing total revenue in the period by the average LME (PM) gold price in the period


                                                                           5
Growing revenue and EBITDA

                            GROWING REVENUE AND EBITDA
            100.0



             80.0



             60.0
$ Million




             40.0



             20.0



              0.0
                    Q4‐09                    2010            2011


            ‐20.0
                               Revenue              EBITDA




                                         6
Growing reserves and resources




1 Source: Roscoe Postle Associates, February 2012, documented in an independent NI 43-101 report filed 30-Mar-2012.
2 Source: Snowden Group, February 2012, documented in an independent NI 43-101 report filed 30-Mar-2012.


                                                                  7
Cerro Bayo District: Target rich land package

                                                                             Brillantes
                                                                                Brillantes
                                                   Esperanza
                                                                                          NI43-101 Reserve-Resource veins
                                                                                            2012 Infill and Step-Out Drilling
                                                                                          2012 New infill from 2011 Blue Sky successes
                                        Laguna Verde                                      2012 Scheduled Blue Sky drill targets
                                                                                          2012- Field work to prep for 2013 drilling
                    Coigues                                           Sb Anomaly
                                                                Sb Anomaly
                              Chatito



                                                               Roadside
     Marisol Area                                                                                                   Cerro Bayo
                                                   Lucia



                                                                                                                  High level, Madre-
                                                           Roadside                           Marcela               Aquila-Meseta

                                                                             Guanaco


                                                                                                                 Aquila
  Cerro                                                                                                        Sinter Hill
  Viento



           Cerro
           Viento




                                                               8
Cerro Bayo: Laguna Verde area


                                                     Dalila
    Trinidad                         DAGNY
                             Lucia                       FABIOLA   YASNA      Coyita
         Mill DELIA NW                                                                 Gabriela
Tailings                                BIANCA
                   Coigues


                         Coigues Hill
                                                                       Yasna to
                                                                        Coyita
                    Delia to
                    Dagny
                                             LAGUNA VERDE


       DELIA SE.



Q4, 2011
    Producing Mine or Planned mine (Vein Outcrop)              Exploration Vein
    Discoveries

                                                 9
Laguna Verde – NE-SW cross section

        Abundant economic veins at or near rhyolite-dacite contact

        All are blind; no outcropping ore


                                      Bianca                               Coyita
Delia                         Dagny             Dalila   Fabiola
                                                                   Yasna




                                               10
Fabiola vein – more ore found than expected         SURFACE




                                       30 m BELOW IN MINE




                                      Approx. 1 m

                        11
Delia NW – 2010 vs 2011 reserves & resources
  2010




  2011




                       12
Cerro Bayo operating performance




                       13
Cerro Bayo operating plan 2011 – 2012

Cerro Bayo Plan                                 2011 Act.              2012 Est.
Saleable Gold Produced (oz)                                 6,678        12,000 – 16,000

Saleable Silver Produced (oz)                         1,318,655     2,700,000 – 3,000,000


Operating Costs (US$ m)                                      25.1                35 – 39
Concentrate Shipping & Treatment (US$ m)                      6.3                   8-10

Cash Cost/oz Ag net Au Credit                               14.29             7.00 – 9.00



Capital Expenditure – PP&E (US$ m)                            3.4                    7-8
Capital Development (US$ m)                                   9.3                   9-10
Capitalized Exploration (US$ m)                               5.7                  10-11




                                           14
Cerro Bayo beyond 2012
  4th mine permitted and built – opportunity to grow production to 1,600 tpd

  Drilling in 12 major district exploration areas, rapidly expanding reserves

  Flotation automation improves recovery and cost

  Low cost with expanding production




                                         15
Costerfield district exploration potential




                          16
Costerfield drilling
Successes to date:
       Multiple Cuffley intercepts
         • Up to 1 m thick
         • High-grade
       Multiple N-Lode intercepts             Cuffley (Alison)
       Infill W-lode at depth

                                                      N-lode




                                          W-lode




                                     17
Cuffley lode (Alison)




                        18
Costerfield performance




                          19
Costerfield production plan 2011-2012

Costerfield Plan                                  2011 Act.          2012 Est.
Saleable Gold Produced (oz)                              12,244      14,000 – 18,000
Saleable Antimony Produced (t)                            1,576        1,800 – 2,200


Operating Costs (US$ m)                                       29.6           30 – 35

Concentrate Shipping and Treatment (US$ m)                     1.0         1.0 – 1.5

Cash Cost/ oz Au Equiv. (US$)                             1,117        1,000 – 1,200



Capital Expenditure- PP&E (US$ m)                              3.4               8-9

Capital Development (US$ m)                                    6.1               2-3

Capitalized Exploration (US$ m)                                2.8               3-4




                                             20
Costerfield beyond 2012
 Cuffley lode development and production
   • 2x production from higher grade ore

 Continuing district exploration




                                     21
La Quebrada copper-silver exploration project

       Casa de                    Tugal
        Piedra                     Pit




       Manto
       outcrop




                        22
Casa de Piedra – geology & drill map




                         23
Casa de Piedra – cross-section B-B’
in-fill drilling during 1H 2012




                                      ?




                         24
Mandalay financials (as at December 31, 2011)
 Revenues, Costs and Capital
 • Actual 2011 revenue = $92.1 million
 • Actual operational costs inclusive of overheads = $60.1 million
 • Actual capital and exploration expenditures = $33.0 million

 Balance Sheet
 • Cash and cash equivalents (December 31, 2011) = $12.7 million
 • Fair value of Au, Ag puts (December 31, 2011) = $16.2 million
 • Total debt (December 31, 2011) = $10.3 million
       • Coeur silver loan will be paid back on time by Q4, 2012
       • Company intends to pay the Sprott loan off early at $1 M/mo for 10 mo




                                             25
Capital & share structure (31-Jan-2012)
  Shares outstanding                                                                                     270,156,575
           Options (1)                                                                                    13,586,966
           Warrants      (2)                                                                             105,379,312
  Shares fully diluted                                                                                   389,122,853


                                                                         Approx. Ownership
  Major shareholders:                                                                                 Shares Owned
                                                                              (basic)
           West Face Capital                                                             43.26%          116,883,045
           Plinian Capital (Mills, Sander, Swarup)                                       11.61%           31,354,627
           Sprott (all)                                                                  10.32%           27,885,938
           Arcourt (Byrne)                                                                    3.90%       10,530,241
           Audley Capital and Associates                                                      2.71%        7,333,333
  Market price (03-April-2012)                                                                         CAD$0.76/shr



(1) Exercise   price: C$ 0.255 to C$ 0.76; Expiry date: May 9, 2012 to Dec 2, 2016
(2)   Exercise price: C$ 0.20 to C$ 0.465; Expiry date: August 6, 2012 to November 30, 2014


                                                               26
2012 goals:

        Cerro Bayo                       Costerfield                        Portfolio

• Complete the ramp-up of        • Continue decline and            • La Quebrada – Infill drill
  the Delia NW mine,               development to lower levels       Casa de Piedra and
  achieving total sustained        in Augusta                        deliver NI 43-101
  production of 1,200 t/day                                          inferred resource
  by Q4, delivering an annual    • Continually refine CRF
                                   stoping method for higher       • Acquire at least one
  rate of 30,000 oz Au and                                           new high quality project
  3-4 million oz Ag                productivity and lower cost
                                                                     to the portfolio
• Install and commission the     • Mine and mill average 6,000
  flotation automation project     tpm ore
  for higher recovery            • Thoroughly drill test Cuffley
• Repeat the significant           lode and deliver Preliminary
  increase in mineable             Economic Analysis
  reserves delivered in 2011     • Continue Augusta Deeps drill
• Drill test at least the five     exploration from
  best blue-sky targets and        underground, focus on W
  generate new targets             and N-lode




                                              27
Investment advantages
     Big company                       In production –
  experience with the                generating cash flow                 Opportunity to invest at
   agility of a junior             from diversified portfolio                 the right time
• Management team with             • Company is                          • Cash flowing company, with
  excellent track record in          –   Multi-mine                        access to projects and strong
  acquisition, discovery,            –   Multi-jurisdictional              institutional support
  development and production         –   Multi-metals – Au, Ag, Sb, Cu
  of natural resources                                                   • Quantum jump in critical
                                     –   Multi-customer
                                                                           mass with Cerro Bayo
• Small, close-knit, disciplined   • 100% owned properties
  team makes rapid decisions                                             • Aggressive exploration on
                                   • Costerfield & Cerro Bayo on           near-mine targets for reserve
                                     self-funded growth plans              expansions
                                   • Substantial free cash flow          • Capability and capacity for
                                     – Zero debt by end 2012               the next acquisition
                                     – Returning cash – NCIB




                                                      28
                                             TSX: MND, MND.WT




                  Appendices



For more information, please contact:

Greg DiTomaso
Tel: 647.260.1566
Email: g.ditomaso@mandalayresources.com
Company Website: www.mandalayresources.com



                              29
Management and Board of Directors
Brad Mills, CEO
Former CEO Lonmin plc, over 30 years of experience in Copper, Gold, PGMs

Sanjay Swarup, CFO
Former Lonmin plc, over 20 years of industry experience

Mark Sander, COO
27 years of experience in exploration, strategy, and operating improvements

Belinda Labatte, Corporate Secretary
10 years of experience in the capital markets, former investment banker

Ron Luethe, Country Manager – Chile
Andre Booyzen, GM Costerfield
Dominic Duffy, GM Cerro Bayo
Chris Gregory, GM Corporate Development and Exploration, Australasia
John Hetrick, VP of Human Resources
Toni Stryzinski, VP of Metallurgy and Processing
                                   Board of Directors
Interim Chairman:        Executive Directors:             Independent Directors:
Braam Jonker             Brad Mills                       Robert Doyle Peter R. Jones
                         Sanjay Swarup                    Tony Griffin


                                             30
Mandalay locations and tradeflow

   Low political risk
   100% ownership of all projects & mines
   Diverse customer base




                                       31
Metal price history




Source: www.metalbulletin.com


                                32
Mandalay Reserves – Costerfield & Cerro Bayo
                                        Resource          Ag Grade             Ag              Au Grade             Au
Cerro Bayo Reserves1
                                           (t)              (g/t)           (cont. oz)           (g/t)           (cont. oz)
Proven Reserves                              156,000                 341       1,713,000                   1.9         10,000
Probable Reserves                         1,859,000                  238      14,247,000                   2.1        125,000
P&P Reserves                            2,016,000                    246 15,960,000                       2.1         135,000

                                            Ore           Sb Grade              Sb             Au Grade             Au
Costerfield Reserves2
                                            (t)             (%)              (cont. t)           (g/t)           (cont. oz)
Proven Reserves                                41,900                 7.9            3,300               13.2          18,000
Probable Reserves                              46,500                 4.0            1,900                 6.4         10,000
P&P Reserves                                 88,400                  5.9            5,200                 9.6          27,000

TOTAL RESERVES:                           Ag                 Au                 Sb
31-December-2011                       (cont. oz)         (cont. oz)         (cont. t)
Mandalay Proven Reserves                  1,713,000              28,000              3,300
Mandalay Probable Reserves               14,247,000            133,000               1,900
Mandalay P&P Reserves                  15,960,000             161,000               5,200
1 Source: Roscoe Postle Associates, February 2012, documented in an independent NI 43-101 report filed 30-Mar-2012.

2 Source: Snowden Group, February 2012, documented in an independent NI 43-101 report filed 30-Mar-2012.

Numbers have been rounded
                                                                33
Mandalay Resources – Costerfield & Cerro Bayo
                                                Resource   Ag Grade                       Ag       Au Grade       Au
Cerro Bayo Resources1
                                                   (t)       (g/t)                    (cont. oz)     (g/t)     (cont. oz)
Measured Resources                                 121,000         520                   2,031,000         2.8     11,000
Indicated Resources                              1,544,000         355                  17,642,000         3.1    153,000
M&I Resources                                   1,666,000         367                  19,673,000          3.1 164,000
Inferred Resources                                 682,000         239                   5,251,000         2.1     45,000

                                                    Ore      Sb Grade                    Sb      Au Grade       Au
Costerfield Resources2
                                                    (t)        (%)                    (cont. t)    (g/t)     (cont. oz)
Measured Resources                                   158,400        7.8                   12,300        12.9      66,000
Indicated Resources                                   202,700                  3.7            7,500                   7.1     48,000
M&I Resources                                       361,100                   5.5          19,800                  9.8      114,000
Inferred Resources                                   373,900                  5.6           21,100                12.7       153,000

TOTAL RESOURCES                                    Ag                Au                  Sb
31-December-2011                                (cont. oz)        (cont. oz)          (cont. t)
Measured Resources                                 2,031,000              77,000            12,300
Indicated Resources                               17,642,000            201,000               7,500
M&I Resources                                  19,673,000             278,000              19,800
Inferred Resources                                 5,251,000            198,000             21,100
1 Source: Roscoe Postle Associates, February 2012, documented in an independent NI 43-101 report filed 30-Mar-2012.

2 Source: Snowden Group, February 2012, documented in an independent NI 43-101 report filed 30-Mar-2012.
                                                                 34
2011 – 2012 price protection program
             Put price  Q1   Q2           Q3       Q4     Q1        Q2       Q3       Q4       2011    2012
Product
              (US$)    2011 2011         2011     2011   2012      2012     2012     2012      Total   Total
Au Puts          1,400    -       -        -       -       7,000    7,000    7,000     7,000     -       28,000
% Cover                  0.00%   0.00%    0.00%   0.00% 76.98% 75.19% 66.01%         64.18%      -      70.15%
Expected
Production


Ag Puts            25     -       -      150,000 150,000 150,000 150,000 150,000     150,000 300,000   600,000
Ag Puts            35     -       -        -      90,000 300,000 300,000 300,000     300,000   90,000 1,200,000
Ag Puts            30     -        -     -       -   210,000 210,000 210,000         210,000   -       840,000
% Cover                  0.00%   0.00% 25.00% 36.60% 86.45% 85.67% 64.27%            71.28% 31.06%     75.72%
Expected
Production




                                                  35

				
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