Core Viewpoint - Mandalay Resources Corporation reported its second quarter production results, highlighting a strong financial position with $101 million in cash and no debt, and a successful merger with Alkane Resources expected to close in early August, which will nearly double the company's size and enhance its valuation potential [3][4]. Production Highlights - The company produced a total of 22,554 gold equivalent ounces in Q2 2025, which includes 19,328 ounces of gold and 137 tonnes of antimony, showing a decrease from 26,372 gold equivalent ounces produced in Q2 2024 [8][15]. - Björkdal mine produced 11,183 ounces of gold in Q2 2025, down from 12,599 ounces in Q2 2024, while Costerfield produced 11,371 gold equivalent ounces, including 8,145 ounces of gold and 137 tonnes of antimony, compared to 13,773 gold equivalent ounces in Q2 2024 [5][8][10]. Financial Performance - The quarter-end cash balance increased by $13 million quarter-over-quarter to $101 million, despite significant capital expenditures [7]. - The average gold price was reported at $3,280 per ounce and the average antimony price at $58,813 per tonne for Q2 2025 [10][18]. Sales Overview - The company sold a total of 21,247 gold equivalent ounces in Q2 2025, down from 26,759 gold equivalent ounces in Q2 2024, with Björkdal selling 11,460 ounces and Costerfield selling 9,787 ounces [16][18]. - For the first six months of 2025, total sales reached 47,026 gold equivalent ounces, compared to 52,036 gold equivalent ounces in the same period of 2024 [14][18]. Future Outlook - Both operations are implementing improvement initiatives to maintain or enhance plant performance, with expectations of similar production levels at Björkdal and a grade uplift at Costerfield in the second half of 2025 [6][9].