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Mandalay Resources Corporation Provides an Exploration Update on Shepherd and the Newly Discovered Kendal Extension


TORONTO, Sept. 13, 2022 (GLOBE NEWSWIRE) -- Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND, OTCQB: MNDJF) is pleased to provide an update on drilling progress at its Costerfield operation in Victoria, Australia.

New Drilling Highlights:

  • Shepherd infill drilling supports and extends high-grade veining to the north and extends and upgrades southern portion.
    • 234.7 g/t gold over 4.17 m (Estimated True Width “ETW” 1.49 m) in BC262;
    • 377.4 g/t gold over 0.54 m (ETW 0.40 m) in BC371;
  • Mineralization located 300 m to the south along trend of Shepherd and a further 150 m at depth including:
    • 332.0 g/t gold over 0.33 m (ETW 0.26 m) in BC274W1;
  • Potential third veining horizon at Shepherd located in three drill holes approximately 40 m further west of the known Shepherd veining including;
    • 17.6 g/t gold & 18.6% antimony over 0.17 m (ETW 0.17 m) in BC299;
  • Additional veining located to the east of Youle with high potential for extension including:
    • 22.2 g/t gold & 16.0% antimony over 0.24 m (ETW 0.12 m) in BC295;
  • Drilling above Youle intercepts an undiscovered and unmined panel of veining including:
    • 27.8 g/t gold & 31.5% antimony over 0.67 m (ETW 0.36 m) in BC328.

Note: Further intercept details including significant intercepts within composite intervals can be found in the appendices to this document.

Dominic Duffy, President and CEO of Mandalay, commented:  

“During the course of 2022, Mandalay has been focused on confirming grade continuity through Shepherd and extending the veining horizon both at depth and to the south. The ongoing drilling at Costerfield is achieving these goals, however, the programs are not yet complete and will progress into 2023 before the potential of the Shepherd trend is better understood. Excitingly, drilling has intercepted a potential third veining horizon within the Shepherd domain. This new discovery is slightly deeper and further to the west of the domain and could represent the continuation of a stepped progression of gold concentration across structures.

“The results of the infill program have largely supported the findings discussed in our previous Shepherd update (see October 5 2021, press release) with the northern and southern higher-grade domains within Shepherd confirmed and, in the case of the Suffolk vein, improved results in both the northern and southern extents . Furthermore, the transition from Youle to Shepherd has now been mined on 13 levels with in-mine sampling showing strong correlation to drilling.

“Mandalay has also been focused on investigating the surrounds of the upper Youle and Kendal area. Two areas have emerged with the potential to be near mine sources of ore and are a focus of continued exploration.

“Currently, drill platforms underground are not optimally placed for the emerging veining system at depth at Costerfield. Mandalay is currently designing a purpose-built drill drive that will extend from the Shepherd underground infrastructure. This location will allow for shorter drill holes and will access the veining at a more favourable angle. In the meantime, Mandalay is taking the opportunity to progress on other near mine and regional targets with a view to discovering and developing new deposits within the Costerfield region.”

A video has been prepared by Mr. Chris Davis, Vice President of Operational Geology and Exploration, to further explain the information in this release. The video can be found on Mandalay’s website or by clicking here.

The Shepherd Zone Infill Drilling

The Shepherd veining system contains a series of gold bearing quartz veins that, in some locations, also contains stibnite. The gold within the veining is characterized as being of coarse grain size. This characteristic lends itself to greater variability in gold grades across intercepts compared to those seen in the Youle orebody. As such, Mandalay has invested in further drilling to increase the confidence of high-grade domains as well as sparsely drilled extensions. Since the last update in October 2021 a further 57 holes have been drilled into the inferred veining of Shepherd, improving grade confidence through these areas.

Excitingly, the northern high-grade zone of Suffolk has been confirmed by three additional intercepts of the same vein with a highlight of 377g/t gold over 0.54m (ETW 0.40m) in BC317 (Figure 1) and 347g/t gold over 0.27m (ETW 0.20m) in BC316 (Figure 2).

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Figure 1. BC317 Core tray showing gold baring quartz veining representative of the northern portion of the Suffolk vein.

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Figure 2. Longitudinal sections of Shepherd and Suffolk veining with new results labelled with hole ID. Results of grade above 7.5 g/t AuEq when diluted to 1.8m are also annotated with estimated true width and grade.

Additionally, the southern portion of the Suffolk vein has recently been upgraded and extended with ongoing drilling highlighting an emerging high-grade domain with 204 g/t gold and 15.9% antimony over 0.11m (ETW 0.08 m) in BC335 (Figure 3) and 361 g/t gold and 8.1% antimony over 0.52 m (ETW 0.19 m) in BC336.

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Figure 3. BC335 Core tray showing quartz-stibnite veining representative of the southern portion of the Suffolk vein.

Extension Drilling

During 2022, Mandalay has also embarked on an extension drilling program of the Shepherd veining. Navigational drilling and long, sweeping drillholes from surface have been required in order to access some of the areas due to a lack of appropriate drilling platforms underground, leading to the extension program progressing slowly. To this end, Mandalay is designing an appropriate, purpose-built underground drill platform to further access the areas required.

Initial drill results, however, are encouraging and show the system is mineralized for a further 150 m below previous drilling and a further 300 m to the south. Two intercepts approximately 50 - 100 m below previous known mineralization and 170 m from each other show good potential for an extension immediately below the higher-grade southern portion of Shepherd veining. These intercepts are 332g/t gold over 0.33 m (ETW 0.30 m) in BC274W1 and 46.7 g/t gold over 0.27 m (ETW 0.15 m) in BC342W1 (Figure 4).

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Figure 4. Longitudinal and inclined plan section of Shepherd system showing the outlines of known shepherd veining and results from the extension drilling programs. The location of the Youle East program is also shown. Results of grade above 1.5g/t AuEq when diluted to 1.8 m are also annotated with estimated true width and grade.

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Figure 5. Tray photograph and photomicrographs of the Shepherd depth extension intercept in BC274W1 showing gold within the veining. Note the appreciable amount of gold visible below the surface of the quartz at bottom left.

The southern portion of Shepherd is yet to be sufficiently understood, however, an intercept furthest south along the Shepherd trend (BC315) could be an indication of grade building again along strike. Repetition of grade shoots at Costerfield is common within the Augusta and Cuffley deposits which exist along trend of Shepherd approximately 1.5 km to the south.

Excitingly, this drilling campaign has also highlighted another veining horizon to the west which has now been intercepted in three drill holes. When projected north this veining could parallel the Shepherd veins and be a host for a westward grade step across the Shepherd system. This potential is the focus of near future exploration.

At depth the Shepherd system appears to progress through a series of westward offsets over flat lying laminated quartz veins. The system at depth remains underexplored and with the encouraging results of BC274 and BC342W1 the area remains a high priority for near future exploration by Mandalay.

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Figure 6. Cross-section of the Shepherd and Youle system showing the location of veining highlighting the stepped nature of Shepherd at depth.

Youle East

Above the southern extension to Shepherd and again within the footwall of Youle, further veining has been located within the Youle East drill program. The results are not as high grade as the main portions of Youle and Shepherd. However, like the Shepherd South program, it has shown grade further to the south of current workings. This new veining horizon is approximately 100 m from the Youle access infrastructure and has only been tested locally however it is likely that this mineralization persists to the north alongside Youle. The location of the intercepts can be seen on figure 4 and 6 with the southern-most intercept (BC298) grading 9.98 g/t gold over 0.29 m (ETW 0.12 m). A highlight within this area is 131 g/t gold and 45% antimony over a true width of 7 cm in MB011.


Like the Shepherd veining, the Kendal system is made up of subvertical stibnite-quartz-gold veins. However, instead of residing below Youle the Kendal veining diverges from the top of Youle. This style of veining was prominent within the historic Costerfield mine operated between the 1860s and 1930s. Recent drilling to the south and west of the historic mine has resulted in the upward extension of Kendal veining that was also mined in the initial development of Youle in 2018.

Initial results for this area are encouraging with 40.6 g/t gold and 40.4% antimony over 0.40 m (ETW 0.26 m) in BC308 and 27.8 g/t gold as well as 31.5% antimony over 0.67 m (ETW 0.36 m) in BC328. Geological interpretation of the area so far indicates that the veining exists between two flat lying structures, with the Youle orebody at its base and the number 3 fault at its upper limit. The panel grows in height towards the South and is closed off where the number 3 converges with Youle to the north (Figure 7). The southern extent of the panel is not understood and will be the focus of a coming drill program.

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Figure 7. Longitudinal section, with cross section on right hand side, of the newly extended Kendal veining. Results of grade above 1.5g/t AuEq when diluted to 1.8m are also annotated with estimated true width and grade.

Drilling and Assaying

All diamond drill core was logged and sampled by Costerfield geologists. All samples were sent to On Site Laboratory Services (OSLS) in Bendigo, Victoria, Australia, for sample preparation and analysis by fire assay for gold, and Atomic Absorption Spectroscopy (AAS) for antimony. Samples featuring coarse grained visible gold were assayed using a variant of fire assay known as screen fire assay. This method is routinely used to mitigate potential problems associated with heterogeneity in the distribution of coarse gold within drill samples. The procedure collects all coarse heterogenous coarse gold by screening at 75µm after crushing and pulverisation, and subsequently fire assays the resultant mass to extinction. A mass weighted average of gold grade of the sample is subsequently calculated from the +75µm and -75µm fractions of the sample. Site geological and metallurgical personnel have implemented a QA/QC procedure that includes systematic submission of standard reference materials and blanks within batches of drill and face samples submitted for assay. Costerfield specific reference materials produced from Costerfield ore have been prepared and certified by Geostats Pty Ltd., a specialist laboratory quality control consultancy. See Technical Report entitled “Costerfield Operation, Victoria, Australia NI 43-101 Report” dated March 30, 2020, available on SEDAR ( for a complete description of drilling, sampling, and assaying procedures.

Qualified Person:

Chris Davis, Vice President of Operational Geology and Exploration at Mandalay Resources, is a Chartered Professional of the Australasian Institute of Mining and Metallurgy (MAusIMM CP(Geo)), as well as a Member of the Australian Institute of Geoscientists (MAIG) and a Qualified Person as defined by NI 43-101. He has reviewed and approved the technical and scientific information provided in this release.

For Further Information

Dominic Duffy
President and Chief Executive Officer

Edison Nguyen
Director, Business Valuations and IR

647.260.1566 ext. 1

About Mandalay Resources Corporation

Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia (Costerfield gold-antimony mine) and Sweden (Björkdal gold mine). The Company is focused on growing its production and reducing costs to generate significant positive cashflow. Mandalay is committed to operating safely and in an environmentally responsible manner, while developing a high level of community and employee engagement.

Mandalay’s mission is to create shareholder value through the profitable operation and continuing the regional exploration program, at both its Costerfield and Björkdal mines. Currently, the Company’s main objectives are to continue mining the high-grade Youle vein at Costerfield, bring online the deeper Shepherd veins, both of which will continue to supply high-grade ore to the processing plant, and to extend Youle Mineral Reserves. At Björkdal, the Company will aim to increase production from the Aurora zone and other higher-grade areas in the coming years, in order to maximize profit margins from the mine.

Forward-Looking Statements:

This news release contains "forward-looking statements" within the meaning of applicable securitieslaws,includingstatementsregardingtheexplorationanddevelopmentpotentialof theShepherddeposit(Costerfield).Readersarecautionednotto 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,changesincommoditypricesandgeneralmarketandeconomicconditions.Thefactors identifiedabovearenotintendedtorepresentacompletelistofthefactorsthatcouldaffect Mandalay.Adescriptionofadditionalrisksthatcouldresultinactualresultsanddevelopments differingfromthosecontemplatedbyforward-lookingstatementsinthisnewsreleasecanbe foundundertheheading“RiskFactors”inMandalay’sannualinformationformdatedMarch 31, 2022, a copy of which is available under Mandalay’s profile at In addition, there can be no assurance that any inferred resources that are discovered as a result of additionaldrillingwilleverbeupgradedtoprovenorprobablereserves.AlthoughMandalayhas attempted to identify important factors that could cause actual actions, events or results to differmateriallyfromthosedescribedinforward-lookingstatements,theremaybeotherfactors thatcauseactions,eventsorresultsnottobeasanticipated,estimatedorintended.Therecan be no assurance that forward-looking statements will prove to be accurate, as actual results andfutureeventscoulddiffermateriallyfromthoseanticipatedinsuchstatements.Accordingly, readersshouldnotplaceunduerelianceonforward-lookingstatements.


Table 1. Drilling Composites

BC274W1380.89381.220.330.26332.0LLD48.0Shepherd Depth
BC274W2423.08430.567.485.290.2LLD0.2Shepherd Depth
BC303208.94209. Depth
BC304218.37218.510.140.116.1LLD0.4Shepherd Depth
BC309201.03201.300.270.13LLDLLD0.0Shepherd Depth
BC310211.77211.900.130.095.1LLD0.3Shepherd Depth
BC322381.20381.400.200.136.6LLD0.5Shepherd Depth
BC339457.71458.741.030.771.8LLD0.8Shepherd Depth
BC342W1324.31324.580.270.1546.7LLD3.9Shepherd Depth
BC290340.17340.310.140.090.9LLD0.0Shepherd South
BC299810.41810.530. South
BC299W1758.61758.820. South
BC299W1731.77731.880. South
BC299W1909.57909.970.400.370.3LLD0.1Shepherd South
BC299W1579.84580. South
BC315719.35720.020.670.381.73.52.1Shepherd South
BC315713.05713.430.380.320.26.42.7Shepherd South
BC007634.76635.240.480.390.2LLD0.0Youle East
BC041377.22377.320.100.070.5LLD0.0Youle East
BC041385.41386.230.820. East
BC291115.28115.590.310. East
BC291124.08124.390.310.078.1LLD0.3Youle East
BC292151.60151.770.170.121.0LLD0.1Youle East
BC294103.25103.680.430.424.02.92.5Youle East
BC29593.3893.620.240.1222.216.03.9Youle East
BC298135.58135.870.290.1210.0LLD0.7Youle East
MB011306.96307.100.140.1430.818.75.7Youle East
MB011317.98318.050.070.07130.944.69.1Youle East

1.   The AuEq (gold equivalent) grade is calculated using the following formula:

AuEq g per t=Au g per t+Sb%×
Sb price per 10kg×Sb processing recovery
Au price per g×Au processing recovery

Prices and recoveries used: Au $/oz = 1,700; Sb $/t = 12,500; Au Recovery = 93% and; Sb Recovery = 95%
2.    LLD signifies an undetectable amount of antimony. Detection limit for the analysis used is 0.01%

3.   Composites that are not interpreted to be connected to a named vein and are below 1 g/t AuEq when diluted to 1.8m are not considered significant and are not recorded here.

Table 2. Drill Hole Collar Details

Drill ProgramDrill Hole IDEastingNorthingElevationDepthDipAzimuthDate Complete
Kendall UpperAG02315374677395989.665.345.516/09/2019
Kendall UpperBC0011520367241193394.30-40.7110.88/07/2014
Kendall UpperBC12515380679495360.3710.765.28/07/2020
Kendall UpperBC12615380679495451.4819.085.210/07/2020
Kendall UpperBC307153776725969153.5052.0101.111/04/2022
Kendall UpperBC308153776724969150.0039.777.716/04/2022
Kendall UpperBC31115407687995374.6032.5113.24/07/2022
Kendall UpperBC325153776725969113.8044.6131.016/06/2022
Kendall UpperBC326153776724969137.3034.9146.124/06/2022
Kendall UpperBC328153746734969117.7832.254.827/06/2022
Kendall UpperKD52915344675995982.805.880.026/07/2019
Kendall UpperKD53015344675895981.0015.0103.028/07/2019
Kendall UpperKD55315383676596144.3022.177.99/09/2019
Kendall UpperKD55715373677395882.0011.858.623/09/2019
Kendall UpperKD57415374674096970.0016.562.422/10/2019
Kendall UpperKD57615374674096990.4512.840.123/10/2019
Kendall UpperKD58015399679595135.0023.766.625/10/2019
Kendall UpperKD58815396673597034.9010.9135.48/11/2019
Kendall UpperKD68815399682495239.1530.5122.71/04/2020
Kendall UpperMA0051553165011188230.10-41.1289.56/11/2020
Shepherd Depth ExtensionBC274W1153796754958603.00-66.7289.111/04/2022
Shepherd Depth ExtensionBC274W2153796754958605.80-66.7289.120/05/2022
Shepherd Depth ExtensionBC303150647178632254.80-47.579.97/03/2022
Shepherd Depth ExtensionBC304150647177632257.10-54.390.115/03/2022
Shepherd Depth ExtensionBC309150637179632308.70-49.154.51/04/2022
Shepherd Depth ExtensionBC310150637176632313.50-49.4119.327/04/2022
Shepherd Depth ExtensionBC322153796754634549.00-65.5268.521/06/2022
Shepherd Depth ExtensionBC334W1153297089736480.00-70.1254.929/07/2022
Shepherd Depth ExtensionBC339153796755958518.80-65.5292.528/07/2022
Shepherd Depth ExtensionBC342W1153297089736549.9058.0222.022/08/2022
Shepherd InfillBC242153116889820150.00-48.5232.815/09/2021
Shepherd InfillBC243153477057764312.00-13.6220.516/09/2021
Shepherd InfillBC244153467057763500.00-31.8224.01/10/2021
Shepherd InfillBC245153806755958500.00-56.2313.94/10/2021
Shepherd InfillBC246153806755958454.10-57.0313.121/10/2021
Shepherd InfillBC247153477061763227.80-44.1301.014/10/2021
Shepherd InfillBC249153467060763230.00-40.7276.16/10/2021
Shepherd InfillBC250153467061763224.69-46.2287.426/10/2021
Shepherd InfillBC250W1153467061763162.80-46.2287.428/10/2021
Shepherd InfillBC25815226715365284.50-9.148.521/12/2021
Shepherd InfillBC260151847195697155.60-37.070.55/10/2021
Shepherd InfillBC260W1151847195697191.50-37.070.518/10/2021
Shepherd InfillBC261151857195696177.40-57.888.911/10/2021
Shepherd InfillBC262152857030737117.80-21.6219.35/10/2021
Shepherd InfillBC26315285703273668.60-42.7255.610/10/2021
Shepherd InfillBC264151477139658182.00-56.561.92/11/2021
Shepherd InfillBC266150557175634264.00-4.5135.73/11/2021
Shepherd InfillBC267150937177633225.10-22.871.926/11/2021
Shepherd InfillBC268150937178632243.26-20.851.013/12/2021
Shepherd InfillBC269150797180632242.13-31.760.217/11/2021
Shepherd InfillBC270153096942792144.00-32.8216.428/11/2021
Shepherd InfillBC271152836971756120.00-21.9210.13/11/2021
Shepherd InfillBC272152976965774153.00-46.3220.19/11/2021
Shepherd InfillBC273153467059764218.20-33.2243.112/11/2021
Shepherd InfillBC273W1153467059764155.40-33.2243.116/11/2021
Shepherd InfillBC274153796754958400.00-66.7289.118/11/2021
Shepherd InfillBC275150547175635442.507.9151.019/11/2021
Shepherd InfillBC27615210714265272.605.7120.516/12/2021
Shepherd InfillBC27715210714265175.19-34.5124.814/12/2021
Shepherd InfillBC27815210714265085.00-58.1119.813/12/2021
Shepherd InfillBC279152097140651108.01-35.7160.99/12/2021
Shepherd InfillBC281152746851794156.70-52.1233.123/11/2021
Shepherd InfillBC282152966881811141.50-46.9215.729/11/2021
Shepherd InfillBC286W1150557174635420.008.5146.718/01/2022
Shepherd InfillBC287153796754958386.80-60.5265.16/12/2021
Shepherd InfillBC296153796754958453.00-57.1273.127/01/2022
Shepherd InfillBC297153796753958370.00-53.4257.23/02/2022
Shepherd InfillBC301153796753959410.80-58.0252.622/02/2022
Shepherd InfillBC316150657180632246.00-24.555.08/06/2022
Shepherd InfillBC317150657179632215.13-28.864.617/06/2022
Shepherd InfillBC317W1150657179632193.03-28.864.621/06/2022
Shepherd InfillBC318150657178632209.00-30.275.128/06/2022
Shepherd InfillBC31915270678976060.80-44.7315.627/04/2022
Shepherd InfillBC32015271678676090.00-37.0232.528/04/2022
Shepherd InfillBC321150637175634407.70-6.3146.620/05/2022
Shepherd InfillBC323152776783760113.20-46.1244.02/06/2022
Shepherd InfillBC324152786786760150.00-45.4325.67/06/2022
Shepherd InfillBC327152756785760155.00-58.5250.02/08/2022
Shepherd InfillBC329152756784762130.1012.7230.319/07/2022
Shepherd InfillBC330152746785761109.800.6254.625/07/2022
Shepherd InfillBC331152746785760149.31-25.0263.215/07/2022
Shepherd InfillBC332152756784761151.59-3.5233.327/07/2022
Shepherd InfillBC333152756784761139.39-21.3236.321/07/2022
Shepherd InfillBC335152436892712142.00-17.6215.27/08/2022
Shepherd InfillBC336152436892712134.60-5.8226.911/08/2022
Shepherd InfillBC337152436892712106.70-25.1221.919/08/2022
Shepherd InfillBC338150647180632281.50-31.550.311/07/2022
Shepherd South ExtensionBC290153796753959393.00-58.4249.513/01/2022
Shepherd South ExtensionBC2991582361501188995.00-36.0300.020/04/2022
Shepherd South ExtensionBC299W11582361501188995.00-36.0300.024/03/2022
Shepherd South ExtensionBC300153796753958450.00-49.5238.411/02/2022
Shepherd South ExtensionBC3151582261491187953.80-34.8287.721/07/2022
Youle EastBC0071586364761189779.50-40.0295.730/06/2017
Youle EastBC0411520567281192452.72-60.985.716/10/2018
Youle EastBC291153476755958228.20-43.9157.812/01/2022
Youle EastBC292153476755959200.00-19.8156.717/01/2022
Youle EastBC294152976659961201.03-8.4139.421/01/2022
Youle EastBC295152976659960201.20-35.3141.925/01/2022
Youle EastBC298152976660961203.00-33.6163.028/01/2022
Youle EastMB0111522066701189480.00-61.0104.924/10/2011

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European Energy A/S: Full-year Financial Report 2023 - Shows resilience and growth in turbulent year28.2.2024 23:00:49 CET | Press release

Company announcement 6/2024 (28.02.2024) European Energy announces its financial report for the full-year 2023. Highlights: Record high EBITDA of EUR 178m represents a 27% increase, achieving our 2023 financial outlook. This result was driven largely by the sale of energy parks and projects, including a revaluation gain from Kassø, partly offset by increasing staff and external expenses due to higher activityRecord Electricity Generation: In 2023, our total renewable energy production reached a record high level of 1,870 GWh or +140% compared to 2022. As power prices in many markets more than halved during 2023, our power sales profit was stable compared to 2022Profitable Power-to-X Projects: Demonstrated through the profitable farm down of the world's largest e-methanol project in Kassø to Mitsui. Another achievement in 2023 was securing over DKK 1bn from Danish green hydrogen price premium tenders, ensuring significant subsidies for the next decade for three new Danish PtX projects.V

Amlan International Forges Strategic Partnership with Grupo Profil as its Newest Latin American Distributor, Amplifying Access to Innovative Gut Health Solutions for Protein Producers28.2.2024 23:00:42 CET | Press release

CHICAGO, Feb. 28, 2024 (GLOBE NEWSWIRE) -- Amlan® International, the animal health division of Oil-Dri® Corporation of America, is excited to announce its partnership with Grupo Profil as the newest distributor for the Latin American region. Known for their dedication to providing natural alternatives and comprehensive solutions in prophylaxis and nutrition to the regional livestock sector, Grupo Profil will now offer Amlan's innovative, natural feed additives to animal health retailers across Guatemala, El Salvador, and Honduras. Amlan will collaborate with Profil to expand its impact on the growing Latin American market. Profil's commitment to delivering advanced, effective solutions to the market perfectly aligns with Amlan's mission to enhance animal health and productivity while reducing reliance on antibiotics and synthetic additives. Through this partnership, Profil will distribute Amlan’s Calibrin®-Z, Calibrin®-A, Varium®, and NeoPrime®, catering to the poultry, swine, aquacult

Havila Kystruten AS: Fourth quarter 2023 accounts28.2.2024 22:24:49 CET | Press release

Summary The company has completed its first quarter with full operation of all four ships. Revenue in the fourth quarter was MNOK 249. Due to late clarification on the delivery of the last two ships, the revenue side is somewhat lower than if the pre-sale had started earlier. The last quarter of 2023 ended with an average fleet occupancy of 60%, an average cabin rate (ACR) of NOK 3,100 and a utilization rate of 1.8 per cabin. Occupancy and average price per cabin are higher than the fourth quarter of 2022, but are somewhat lower than the third quarter due to lower demand in the autumn and winter months. EBITDA was negative by MNOK 33.2 in the fourth quarter and MNOK 179 for the full year. Operating costs amounted to MNOK 283 in the fourth quarter and are mainly ordinary operating costs for operating four ships. Some of the operating costs are related to the number of passengers, while the largest cost items are not significantly affected by occupancy. MNOK 18 relates to extraordinary m

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