TORONTO, Aug. 7, 2024 /CNW/ - Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX:MND) (OTCQB:MNDJF) is pleased to announce strong financial results for the second quarter ended June 30, 2024 supported by solid production results, disciplined capital allocation, and favorable metal prices.  The Company's condensed and consolidated interim financial result for the quarter ended June 30, 2024, together with its Management's Discussion and Analysis ("MD&A") for the corresponding period, can be accessed under the Company's profile on www.sedar.com and on the Company's website at www.mandalayresources.com. All currency references in this press release are in U.S. dollars except as otherwise indicated. Second Quarter 2024 Highlights: Continued strengthening of balance sheet with cash balance of $62.9 million as at June 30, 2024 and a growing net cash position[1] of $35.8 million; Generated $24.1 million and $15.6 million in cash flow from operating activities and free cash flow1, respectively; Consolidated revenue up by 59% as compared to Q2 2023, at $63.1 million; Björkdal recorded its highest ever quarterly revenue of $28.8 million; Costerfield generated $34.3 million in quarterly revenue; Consolidated cash operating cost1 per gold equivalent ounce produced decreased by 12% to $1,022 per ounce in Q2 2024 compared to $1,159 per ounce in Q2 2023; All-in sustaining cost1 per gold equivalent ounce produced decreased by 17% to $1,419 per ounce in Q2 2024 compared to $1,704 per ounce in Q2 2023; and Consolidated net income was $15.9 million ($0.17 or C$0.23 per share), compared to $0.5 million in Q2 2023. Subsequent to the quarter end, based on the Company's strong quarter-end cash position and ongoing cash flow expectations, Mandalay repaid the entire outstanding balance ($20 million) of its Revolving Credit Facility. As a result, Mandalay currently has no indebtedness other than minor equipment leases. The undrawn $35 million Revolving Credit Facility remains in place. Frazer Bourchier, President, and CEO commented: "In the second quarter, we again delivered revenue and earnings growth, driven by solid production results and a stable cost profile that met our internal plans. Based on our strong quarter-end cash position of approximately $63 million and anticipated future cash flow generation, we have fully repaid the remaining $20 million balance on our Revolving Credit Facility, leaving us with $35 million in undrawn availability under the facility. We will keep proactively managing our balance sheet to increase our financial flexibility." ____________________________ 1. Gold equivalent production, adjusted EBITDA, free cash flow, net cash, cash operating costs and all-in sustaining costs are non-GAAP financial performance measures with no standard definition under IFRS. Refer to "Non-GAAP Financial Performance Measures" at the end of this press release for further information.  Hashim Ahmed, CFO commented: "On a consolidated basis, the Company generated $15.6 million in free cash flow during Q2 2024, equating to approximately $582 per ounce of gold equivalent sold. This was supported by an increase in cash flow from operating activities during the same period, amounting to $24.1 million by the end of Q2 2024. As compared with the previous quarter, Mandalay's cash balance rose by approximately $16 million with an ending net cash position of $35.8 million in Q2 2024. "Our consolidated cash and all-in sustaining costs per ounce of gold equivalent produced during Q2 2024 were $1,022 and $1,419, respectively, marking a decrease compared to the corresponding quarter last year, primarily due to increased gold equivalent production. "Björkdal achieved its highest quarterly revenue, nearing $29 million. This was primarily driven by increased tonnage processed in Q2 2024, as compared to the same period last year. Meanwhile, Costerfield recorded its third consecutive quarter-over-quarter revenue increase reaching $34.3 million." Mr. Bourchier concluded: "Mandalay made substantial progress in strengthening its balance sheet during the first half of the year. We are executing well on our operational strategic priorities and remain on track to achieve our annual production guidance, while continuing to take steps to further optimize our operations for better sustained cash flow generation, positioning the Company for long-term growth and increased shareholder value." Second Quarter 2024 Financial Summary The following table summarizes the Company's consolidated financial results for the three and six months ended June 30, 2024 and 2023: ($ thousands, except where indicated)  Three months ended Six months ended June 30, June 30, 2024 2023 2024 2023 Revenue 63,054 39,670 118,565 81,849 Cost of sales 25,162 29,236 52,193 55,842 Adjusted EBITDA (1) 35,862 8,890 62,597 21,835 Adjusted net income (loss) (1) 16,802 (3,229) 28,954 (2,711) Consolidated net income 15,857 524 21,745 1,078 Capital expenditure 8,791 14,095 21,937 22,872 Total assets 323,272 271,324 323,272 271,324 Total liabilities 109,244 91,001 109,244 91,001 Adjusted net income (loss) per share (1) 0.18 (0.03) 0.31 (0.03) Consolidated net income per share 0.17 0.01 0.23 0.01 1. Adjusted EBITDA, adjusted net income and adjusted net income per share are non-GAAP financial performance measures with no standard definition under IFRS. Refer to "Non-GAAP Financial Performance Measures" at the end of this press release for further information. In Q2 2024, Mandalay generated consolidated revenue of $63.1 ...