The Investment Doctor
Long/short equity, value, debt, base metals

Mandalay Resources - Forget The Silver, Focus On The Antimony

Introduction

In this article I'll have a look at Mandalay Resources (OTC:MNDJF), a company with a $250M market capitalization most people consider to be just another boring silver-gold producer. But in this article I'll make a case for Mandalay as a play on the antimony price. I'll give some more information about the use of antimony, why I'm interested in it and which effect a rising or decreasing antimony price would have on Mandalay's revenue and bottom line. This will result in my investment thesis at the end of my article.

Mandalay will produce approximately 3M ounces of silver and 40,000 ounces of gold this year. On top of that, the company is one of the very few...

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