MND IR PPT_Nov 2019

1. TSX:MND
OTCQB:MNDJF
NOVEMBER 2019
POSITIONING MANDALAY
FORARENEWED FUTURE

2. 2
This presentation contains "forward-looking statements" within the meaning of applicable securities laws, including statements relating to life
of mine production plans, exploration plans and the growth and strategy of Mandalay. Actual results and developments may differ materially
from those contemplated by these statements depending on, among other things: exploration results or production results not meeting
management’s expectations; capital, production and operating cost results not meeting current plans; and changes in commodity prices and
general market and economic conditions. The factors identified above are not intended to represent a complete list of the factors that could
affect Mandalay. A description of additional risks that could result in actual results and developments differing from those contemplated by
forward looking statements in this news release can be found under the heading “Risk Factors” in Mandalay’s annual information form dated
March 28, 2019, its short form base shelf prospectus dated February 12, 2018, and prospectus supplement dated February 12, 2019, copies
of which are available under Mandalay’s profile at www.sedar.com. Although Mandalay has attempted to identify important factors that could
cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors
that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking statements.
Quality Control and Assurance
Quality control and assurance programs are implemented in line with the standards of National Instrument 43-101.
The exploration programs at Mandalay’s properties are supervised by Chris Gregory (Member, Australian Institute of Geoscientists, VP of
Operational Geology for Mandalay and a “Qualified Person” as defined under National Instrument 43-101. Mr. Gregory regularly visits
Mandalay’s properties, and supervises the collection and interpretation of scientific and technical information contained in this presentation.
Dominic Duffy, President and CEO of Mandalay, has visited Costerfield, Cerro Bayo, Challacollo, and Björkdal and has supervised the
preparation of this presentation.
All currency references in US$ unless otherwise indicated.
Forward-looking Statements

3. MANDALAY PORTFOLIO AT A GLANCE
3
Costerfield: Major Production Uplift
From High-Grade Youle Lode
• High-grade Youle lode added to Reserves
• Production from Youle from Q4 2019
• Continual uplift in Youle production over the
next 12 – 18 months
• 2019E production(1): 41,000 – 51,000 AuEq oz
• 2019E cash costs: $790 – $920/oz
• Excellent high-grade exploration potential
Björkdal: Ramping-up Underground
Production
• 2019E production: 50,000 – 56,000 Au oz
• 2019E cash costs: $800 – $950/oz
• Exploration breakthrough of Aurora zone
opening significant exploration
potential
TWO PRODUCING ASSETS WITH ORGANIC GROWTH POTENTIAL AND EXPLORATION UPSIDE
Non-Core Properties
• Cerro Bayo (care and maintenance)
o Non-binding HOA signed with Equus
Mining
• Challacollo (feasibility-stage project)
o Non-binding LOI signed with Aftermath
Silver
1. Assumes metal prices of: Au $1,396/oz and Sb $6,682/t

4. 4
TRANSITION, GROWTH, AND REJUVENATION
SIGNIFICANT ORGANIC PRODUCTION GROWTH POTENTIAL 2019 – 2021
23,000 - 28,000
55,000
-
68,000
76,000
-
97,000
50,000
-
56,000
53,000
-
59,000
55,000
-
65,000
2019E 2020E 2021E
Production Guidance
Costerfield Björkdal
• Costerfield: significant production
increases from bringing high-grade
Youle vein online
• Björkdal: ramping up underground
production with higher-grade Aurora
zone material
2019E(1) 2020E(2) 2021E(2)
Björkdal
Gold produced (oz) 50,000 – 56,000 53,000 – 59,000 55,000 – 65,000
Costerfield
Gold produced (oz) 13,000 – 17,000 40,000 – 49,000 60,000 – 75,000
Antimony produced (t) 2,000 – 2,300 2,200 –2,800 2,400 – 3,300
Consolidated
AuEq(1) produced (oz) 72,000 – 84,000 108,000 – 127,000 131,000 – 162,000
~1.9x
1. Revised 2019 guidance. Please see October 17, 2019 for details. Assumes metal prices of: Au $1,396/oz, Sb $6,682/t based off weighed average metal prices for 2019
2. 2020 and 2021 assumes metal prices of: Au $1,200/oz, Sb $8,200/t based off metal prices used in January 16, 2019 press release indicating 2019 – 2021 guidance

5. 5
COSTS IMPROVEMENTS AND STABLE CAPEX
PRODUCTION UPLIFT EXPECTED TO IMPROVE UNIT COST PERFORMANCE Y-O-Y
$851
$1,148$1,175
$1,537
YE 2017A YE 2018A YE 2019E
Cash Costs All-in-Costs
2019E:
$975 – $1,125
2019E:
$1,325 – $1,500
Björkdal 2019E Costerfield 2019E Consolidated 2019E
Cash cost per AuEq $800 – $950 $1,300 – $1,450 $975 – $1,125
All-in Cost per AuEq $1,030 – $1,180 $1,700 – $1,850 $1,325 – $1,500
Capital Expenditures ($M)(1) $18 – $22 $21 – $23 $39 – $43
$26.0 $27.9
$11.0
$22.4
YE 2017A YE 2018A YE 2019E
Björkdal CAPEX Costerfield CAPEX
Consolidated Costs and CAPEX Spend
2019E:
$39M – $43M
1. Capital expenditures includes exploration at Björkdal and Costerfield; consolidated cost guidance includes expected Corporate G&A
2. Cash cost and all-in cost are non-IFRS measures.
3. Assumes metal prices of: Au $1,396/oz, Sb $6,682/t 3. Consolidated costs per Au Eq. oz includes corporate overhead spending and total care and
maintenance costs at Cerro Bayo.

6. 6
CAPITAL RAISED TO FACILITATE NEAR TERM GOALS
CAD$54M MILLION FINANCING COMPLETED IN MARCH 2019 STRENGTHENS MANDALAY’S FINANCIAL
POSITION AND ALLOWS THE COMPANY TO DE-RISK AND GROW THE BUSINESS
Proposed Use of Net Proceeds $M
Current outstanding liabilities 2.0
Exploration 4.0
Capital expenditures:
Costerfield Youle development to mid-2019 5.0
Björkdal Tailings Storage Facility Lift 5.0
Björkdal Environmental Permit Bonding 3.0
General Corporate Purposes(1) 20.0
TOTAL 39.0
Cash position of $23.2M puts Mandalay in a strong position to
achieve all Corporate objectives
1. USD$15M of these funds will initially be held in reserve to satisfy the Company’s obligations in respect of the Gold Bonds and may be released for other
corporate purposes (i) to the extent that the principal outstanding amount of the Gold Bonds is less than US$15M at any time or (ii) with CE Mining’s prior
consent. When and if these funds are released from the Gold Bond Reserve, they may be deployed for various corporate purposes including repayment
of the Company’s other debt obligations, general working capital requirements (including to the extent necessary as a result of any ongoing negative cash
flow from operations), and funding additional exploration activities and any unanticipated capital expenditure obligations.

7. 7
COSTERFIELD MINE
Snapshot
Land package 1,293 hectares
Product Gold and Antimony
Mining Method Long-hole stoping with
cemented rock fill
Life of Mine 3 years
Processing
Capacity
140,000 tonnes per annum
2018 Production 21,610 Au oz and
2,173 Sb t
2018 Cash
Costs/ CAPEX
$961 per oz /
$22.4M
P&P Reserves(1) 537,000 t @ 10.4 g/t Au,
3.2% Sb for 180,000 Au oz
and 17,200 Sb t
VICTORIA, AUSTRALIA
1. SRK Consulting (Australia), Effective December 1, 2018, documented in an independent NI 43-101 Technical Report filed February 6, 2019

8. 8
COSTERFIELD: THE PATH FORWARD
DELIVERING ON PRODUCTION UPLIFT AND A FOCUSED EXPLORATION PROGRAM
Deep Hole DrillingRamping up Youle Exploring High Potential
Targets
• Development and
production from Youle top
priority
• Progress current deep hole
drilling program to further
test high-grade
mineralization at Youle and
Cuffley lodes
• Drill several highly
prospective targets from
surface including:
MacDonald and Brown,
and Robinson

9. 9
THE YOULE LODE: DRIVING FUTURE SUCCESS
MAJOR PRODUCTION INCREASES EXPECTED FROM YOULE RAMP UP
MND mining
2009 – 2018
• Youle vein lies approximately 800 m north of the Brunswick Lode
• Drilling has allowed for a high-grade reserve to be formed around Youle
which is still open to the North and at depth
• First access drive completed. Level development now commenced
• Extensional exploration program initiated
Mineral Reserves at Costerfield (as of Dec. 1, 2018)
Category Tonnes
(kt)
Au Grade
(g/t)
Sb Grade
(%)
Cont. Au
(koz)
Cont. Sb
(kt)
Proven 76 8.4 4.0 20 3.1
Probable 461 10.8 3.1 160 14.2
P+P 537 10.4 3.2 180 17.2
Mineral Reserves at Youle (as of Dec. 1, 2018)
Category Tonnes
(kt)
Au Grade
(g/t)
Sb Grade
(%)
Cont. Au
(koz)
Cont. Sb
(kt)
Proven - - - - -
Probable 267 14.1 3.3 121.2 8.8
P+P 267 14.1 3.3 121.2 8.8
Source: SRK Consulting (Australia), Effective December 1, 2018, documented in an independent NI 43-101 Technical Report filed on February 6, 2019

10. 10
YOULE LONG SECTION
DRILL INTERCEPTS ON YOULE DEMONSTRATING CONTINUITY OF HIGH-GRADE
Currently known mineralized
shoot: Approx. 600 m strike
Approx. 200 m dip
Youle face sample: 118 g/t Au
and 55.3% Sb over a true width of
0.2 m
High-grade continuous core
defined by multiple intercepts over
50 g/t AuEq over 1.8 m minimum
mining width

11. 11
TARGETING A POTENTIALLY HIGH-GRADE ENVIRONMENT
DEEP HOLE DRILLING PROGRAM TO TEST FOR HIGH-GRADE MINERALIZATION
11
Resource outlines
CSK007 and CSK012
Proposed Targets
CSK007: 0.08 m @ 1,361 g/t Au and CSK012: 0.1 8m @ 259 g/t Au
(Deepest hole and intercept in the district)
2014:
• Previously intersected a
high-grade mineralized
vein with two deep holes
drilled under Cuffley lode
2019:
• Begin deep hole program
with first deep hole under
Youle lode (completed)
with wedge hole aiming
for specific target
2020:
• Second deep hole under
Cuffley lode

12. 12
DEEP DRILLING AT COSTERFIELD
FOSTERVILLE AND COSTERFIELD ARE FUNDAMENTALLY SIMILAR IN MINERAL SOURCE, FLUID
COMPOSITION, FLUID TRANSPORTATION SYSTEM AND FLUID TRAP ENVIRONMENT
Fosterville
Costerfield
30 km
Fosterville Deposits Costerfield Deposits
Could there be similar style gold mineralisation at Costerfield?
• Key similarities in the upper Costerfield system that Mandalay has mined
• A litho-geochemical (carbonaceous shales) environment exists, at depth, that is similar to the Fosterville
high grade (Swan zone) environment
• Mandalay has intercepted this zone in the sub King Corba drilling with 2 of 4 intercepts returning high gold
grades supporting the analogy

13. 13
DEEP DRILLING AT COSTERFIELD
DRILLING PROGRAM ADVANCING STRATIGRAPHY KNOWLEDGE OF THE COSTERFIELD DISTRICT
• First deep drill hole: CD001 completed
at 1,700 m
• New interpretation of the folding
suggests a likely structural setting
exists for a Costerfield size deposit
below Youle and above the fault
• Thick quartz blow between 1,583 m –
1,595 m:
o This wide interval of quartz
contained minor pyrite
mineralization and zones of
sericite-chlorite alteration
• Next hole program: CD001W1, has
commenced wedging off CD001 at a
depth of 400 m to investigate the
1,015 m fault, and the environment
immediately below
1,545 m
1,580 m
Quartz Blow
1,595 m

14. 14
Radiometric Data (K/Th)
TB
DC
KN
BR
MD
True Blue
Damper Creek
Brown’s Diggings
Robinson’s Reef
MacDonald’s Reef
King Cobra North
Current/Historical Endowment
Potential Endowment
• 2 Mineralized and
Underexplored corridors
Youle
Brunswick
Cuffley
Augusta
Margaret
EXCITING DISTRICT POTENTIAL
Youle

15. 15
BJÖRKDAL MINE
Snapshot
Land package 12,949 hectares
Product Gold
Mining Method Longhole open stoping
Life of Mine 10+ years
Processing
Capacity
1.3M tonnes per annum
2018 Production 45,719 Au oz
2018 Cash
Costs/ CAPEX
$1,159 per oz /
$27.9M
P&P
Reserves(1)
11,384,000 t @ 1.58 g/t
Au for 580,000 Au oz
SKELLEFTEA, SWEDEN
1. Roscoe Postle Associates, Effective December 31, 2018, documented in an independent NI 43-101 Technical Report filed March 28, 2019

16. 16
BJÖRKDAL: THE PATH FORWARD
RAMPING UP UNDERGROUND PRODUCTION AND DELINEATING THE AURORA ZONE
Mining selectivityRamping up
Underground and
Stockpile Production
Exploring High Potential
Targets
• Ramp up underground
tonnage to 1M
• Supplement open pit ore
with higher-cash margin
stockpile ore
• Increase Aurora’s
contribution to overall mill
feed
o Increase development
at Aurora for stoping
• Increasing skarn production
• Improve understanding of
the Aurora zone. Currently
open to extension laterally
and horizontally
• Test extension of the Lake
Zone skarn deposit

17. 17
AURORA ZONE STEERING UNDERGROUND RAMP UP
AURORA ZONE PROVIDES THE POTENTIAL TO MINE HIGH-TONNAGE AND HIGHER-GRADES MORE
COST EFFECTIVELY
• Aurora zone significantly wider and
consistently higher-grade than current mill
feed
• Currently known mineralization over 300 m
horizontally and 300 m vertically
• Aurora zone readily accessible; five levels
currently being developed
• Large step-out drilling occurring below and
East and West of currently known
mineralization
• Preliminary processing results show no
challenges for gold recoveries

18. 18
UNCONSTRAINED ABOVE THE MARBLE
MINERALIZATION EXTENDING HUNDREDS OF METRES ABOVE THE MARBLE CONTACT
Marble contact
Unexplored and an area of focus
for the exploroation program
Mineralized zone:
historically, thought to be
constrained by marble

19. 19
AURORA ZONE & PRELIMINARY RESERVES
MINERALIZATION OPEN IN ALL DIRECTIONS
• Underground drilling campaign focused on
extending existing Aurora zone
• Drill results demonstrated potential for
Aurora to extend both up and down dip
along strike in both directions
• Seeking continuity of higher-grade
mineralization at depth via drilling of deeper
holes
• Upper holes will be drilled from surface in
later 2019 or early 2020
Preliminary Mineral Resource and Reserve added
for Aurora in Feb 2019(1)
• Probable Reserves added:
920kt @ 2.34 g/t Au for 69,000 Au oz
• Indicated Resources(2) added:
765kt @ 3.16 g/t Au for 78,000 Au oz
• Inferred Resources added:
206kt @ 3.37 g/t Au 22,000 Au oz
(1) Source: Roscoe Postle Associates, Effective December 31, 2018, documented in an
independent NI 43-101 Technical Report filed March 28, 2019
(2) Mineral Resources are inclusive of Mineral Reserves

20. 20
NEWLY DISCOVERED LAKE ZONE SKARN DEPOSIT
CONTINUITY OF SKARN TO THE NORTH AND AT DEPTH
• Seven diamond holes drilled helping to
define the down dip extension of the
mineralized body
• Extension of skarn body down dip confirmed
by recent drill results

21. 21
NON-CORE PROPERTIES: CHILEAN ASSETS
REALIZING VALUE FROM NON-CORE ASSETS
Cerro Bayo Silver-Gold Mine
• Operations remain on care and
maintenance
• Executed Option to purchase agreement
with Equus Mining (Oct 2019) for 36
month period starting from earlier date of
when Equus receives all permits and
approvals to drill and 6 months from
signing
Land package 23,106 hectares
Ownership 100%
P&P Reserves(1) 856,000 t @ 284 g/t Ag for 7.8M Ag and
2.34 g/t Au for 64,000 Au oz
2016 Production 13,792 oz Au, 1,731,031 oz Ag
Challacollo Silver-Gold Project
• Signed non binding LOI with Aftermath
Silver for sale of project, total
consideration of CAD$10.5M
• Aftermath Silver’s management team
has significant industry experience and
complementary skillsets that Mandalay
believes are necessary to create
additional value for a development
project such as Challacollo
Land package 20,378 hectares
Ownership 100%
Location 130 km SE of Iquique, Northern Chile
Indicated Resource 4.7 Mt @ 200 g/t Ag for 30M Ag oz and
0.32 g/t Au for 48,000 oz
(1) Source: Current Mineral Reserves number depleted for 2017 production and Reserves sterilized by inundation at Delia NW. Depletion taken from Reserve
position contained in NI 43-101 Technical Report prepared by Roscoe Postle Associates, Effective December 31, 2016 filed on SEDAR March 31, 2017

22. 22
NON-CORE PROPERTIES: OTHERS
REALIZING VALUE FROM NON-CORE ASSETS
Canada:
• Lupin, Nunavut: submission of final closure plan (“FCRP”) in process
o CAD$8.5m in reduction in security achieved as a result of ongoing reclamation works
during 2018-2019
o Current reclamation bond stands at CAD$26.1M, approximately enough for full closure
of the project
o Final closure will take place between 2019 and 2021
• Ulu, Nunavut: Amended agreement signed with Blue Star Gold Corp (July 2019) for the full
transfer its interest in the Ulu property for total consideration of CAD$650k and assignment
of its rights to the remediation security standing at approximately CAD$1.68m and all
structures and property and equipment on site

23. CE Mining
25%
GMT
Capital
17%
Ruffer LLP
17%
AzValor
12%
West Face
5%
Others
24%
23
MARKET INFORMATION
Capital Structure
Share price (CAD$)(1) $0.80/shr
Shares Outstanding (M) 91.0
Fully Diluted Shares Outstanding (M)(2) 93.1
Market Capitalization (CAD$M) $72.8
Cash and Cash Equivalents (USD$M)(4) $23.2
Total Interest-Bearing Debt (USD$M)(4) $63.1
Enterprise Value (US$M)(3,4) $94.5
Major Shareholders(5) Shares (M)
CE Mining 23.2
GMT Capital 15.9
Ruffer LLP 15.3
AzValor 10.7
West Face 4.2
Large Holders (Top 5) 69.3
Other Holders 21.7
TOTAL 91.0
1. As at November 4, 2019
2. Includes: 0.3M RSU and 1.8M employee stock options with exercise prices of:
CAD$1.10 – CAD$9.10 and expiry dates from Mar 24, 2020 – Jun 30, 2026.
3. Using exchange rate of CAD$1 = USD$0.75
4. Cash and Cash Equivalent and Total Interest-Bearing Debt numbers from Mandalay’s
Financial Statements as of June 30, 2019
5. Ownership positions are estimates - as at Sep 13, 2019
Note: numbers may be rounded
10:1 share consolidation made effective July 2, 2019

24. 24
INVESTMENT HIGHLIGHTS
COSTERFIELD: HIGH-GRADE YOULE LODE THE MAJOR GROWTH CATALYST
BJÖRKDAL: RAMPING UP UNDERGROUND PRODUCTION, FOCUSING ON HIGHER-CASH MARGIN ORE
High-Potential
Exploration Upside
Major Production Uplift /
Stable operations
Fully-Funded
• Growing production from
81,568 oz gold equivalent in
2018 to 131 – 162,000 AuEq
oz in 2021
o Costerfield: significant
growth production expected
via Youle lode
• Björkdal: Focusing on
profitability. Increasing
underground production with
higher-grade ore from Aurora
zone
• Continuing regional
exploration programs on
known targets; seeking
repetition of mineralization
Costerfield:
• Deep hole drilling below
Youle and Cuffley
• Testing shallow targets
around old-workings
Bjorkdal:
• Extensional drilling at Aurora
• Defining mineralization and
assessing economics of the
Lake zone skarn deposit
• Cash position of $23.2M affords
Mandalay with the financial
flexibility to continue funding our
exploration programs and sets
the Company up for future
profitability and growth

25. 25
A VALUES-BASED AND VALUE-FOCUSED COMPANY
Our employees live and work safely and experience the personal
satisfaction that comes with high performance and recognition
The communities in which we operate value our presence
Our environmental impact is minimized and causes no
permanent harm
We have a large, diversified set of customers who are delighted
with and compete for our products
Our shareholders realize a superior total return on their
investment and support our corporate values
Our values are visibly demonstrated by strong local management,
at the point of impact with our stakeholders, and coordinated
across the Company for maximum effect
WE ARE SUCCESSFUL WHEN:

26. Edison Nguyen
647 260 1566
e.nguyen@mandalayresources.com
www.mandalayresources.com
Twitter: @MandalayAuAg
TSX:MND
OTCQB:MNDJF