Jay Taylor, in the March 16, 2015, edition of Gold, Energy & Tech Stocks, refreshes his buy of Mandalay Resources Corp., recently 91 cents. Mr. Taylor said buy three times between June 19, 2013, and Dec. 18, 2014, at prices ranging from 74 cents to 88 cents. Assuming a $1,000 investment for each of the three buys, the $3,000 position is now worth $3,444. Mandalay earned $17.57-million (U.S.) in 2014. In keeping with its dividend policy of paying 6 per cent of its gross revenues, the company declared a quarterly dividend of 0.98 U.S. cent a share. During the year, Mandalay produced 154,810 ounces of gold equivalent at an all-in cash cost of $1,019 (U.S.) an ounce. The company's year-end 2014 cash balance was $49-million (U.S.), after spending $53.9-million (U.S.) on exploration, $31-million (U.S.) on acquiring two properties and $9.5-million (U.S.) on dividends. Mr. Taylor says Mandalay's balance sheet remains healthy, and its liquidity looks good with a current ratio of 3:1. He is concerned however by dilution, as the company increased its outstanding shares by 22 per cent over the last year. Regardless, the editor concludes that there should not be much downside to holding this stock once gold turns bullish.