This stock no longer trades (delisted August 6, 2025)

Delisted / no longer publicly traded (per market data provider) Everything below is based on the last available data — treat it as historical, not a live read.

Mandalay Resources Corporation

MND.TO

Gold · Basic Materials

Price

C$5.11

+0.32 (+6.68%)

Market Cap

C$483.7M

Exchange

Toronto Stock Exchange

Winston Score

Historical score — this stock no longer trades, so the score is frozen at the last available data.

Data as of Aug 23, 2026 · filings through Mar 31, 2025

How the score breaks down

Quality

Exceptional

Growth

Exceptional

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Strong

Dividends

Weak

Share count rising — dilution

+3.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 92.5M (2020) → 96.1M (2024)

Winston Score History

The full picture

Mandalay Resources is a small mining company that digs gold and antimony out of the ground. Its main asset is the Costerfield mine in Victoria, Australia, which produces both gold and antimony — a metal used in flame retardants, batteries, and military equipment. The company also operates the Björkdal gold mine in Sweden.

Mandalay makes money by selling the gold and antimony it mines directly into commodity markets, so its revenue rises and falls with metal prices. It is a small-cap producer listed on the Toronto Stock Exchange, generating roughly $200–250 million in annual revenue. Its competitive edge comes from low-cost underground mining operations and the fact that antimony is a niche, strategically important metal with limited global supply. The key growth driver is expanding output at Costerfield, but the main risk is heavy dependence on just two mines, meaning any operational disruption or sharp drop in gold or antimony prices could significantly hurt earnings.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+40.6% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+152.4% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

26.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$88M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Mandalay Resources Corporation grew revenue 41% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

47.9%

Healthy — 47.9% gross margin

Profit after running costs

Operating Margin

43.4%

Excellent — 43.4% operating margin

Return on the money invested

ROCE

36.6%

Exceptional — 36.6% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+41.0%

Fast-growing sales (+41.0% YoY)

Profit growth

EPS YoY

+308.1%

Earnings growing fast (+308.1% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

196%

Turns 196% of profit into real cash

Spare cash per sale

FCF Margin

24.0%

Converts sales into free cash efficiently (24.0%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.03

Conservative — low debt load (0.03)

Covers its interest

Interest Cover

61.72x

Comfortably covers interest (61.7x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

8.6x

Attractive valuation — P/E 8.6

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

+2.3

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

0.48%

Small dividend — 0.48% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

-20.1%

Dividend cut (-20.1% YoY) — warning sign

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