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
• Production initiated high-grade Youle vein
• Continual uplift in production over the next 12 –
18 months
• 2019E production(1): 23,000 – 28,000 AuEq oz
• 2019E cash costs: $1,300 – $1,450/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 production and exploration
potential
TWO PRODUCING ASSETS WITH ORGANIC GROWTH POTENTIAL AND EXPLORATION UPSIDE
Non-Core Properties
• Cerro Bayo (care and maintenance)
o Definitive option agreement signed with
Equus Mining
• Challacollo (feasibility-stage project)
o Definitive sale agreement 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
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 – $20 $21 – $23 $39 – $43
$26M $28M
$11M
$22M
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
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
7. 7
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 to significantly
increase processed grade
• First programmed holes
completed under Youle
vein
• Program to be continued in
2020 under Cuffley /
Augusta zones
• Drill several highly
prospective targets from
surface including:
Extension of Youle,
MacDonald’s, Brown’s, and
Robinson’s
8. 8
THE YOULE LODE: DRIVING FUTURE SUCCESS
MAJOR PRODUCTION INCREASES EXPECTED FROM YOULE RAMP UP
• 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 and on vein
development initiated in upper levels
• Extensional exploration program initiated
and to be implemented in 2020
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
Area mined:
2009 - 2018
Areas currently mining
Youle
9. 9
YOULE LONG SECTION
DRILL INTERCEPTS ON YOULE DEMONSTRATING CONTINUITY OF HIGH-GRADE
Currently known
mineralized shoot:
Approx. 600 m
strike Approx. 250
m down dip
High-grade
continuous core
defined by multiple
intercepts over 50
g/t AuEq over 1.8
m minimum mining
width
10. 10
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 mineralisation in the sub King Cobra drilling with 2 of 4 historical intercepts
returning high gold grades supporting the analogy
11. 11
TARGETING A POTENTIALLY HIGH-GRADE ENVIRONMENT
DEEP HOLE DRILLING PROGRAM TO TEST FOR HIGH-GRADE MINERALIZATION AT DEPTH
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)
2020:
• Second deep hole
under Cuffley lode
CSK007: 0.08 m @ 1,361 g/t Au and
CSK012: 0.19m @ 345 g/t Au
(Deepest hole and intercept in the district)
12. 12
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
• Geological learnings from first hole to
be carried over for targeting of deep
August / Cuffley drilling in 2020
1,545 m
1,580 m
Quartz Blow
1,595 m
13. 13
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 Mining
Corridor
Potential Endowment
• 2 Mineralized and
Underexplored corridors
Youle
Brunswick
Cuffley
Augusta
Margaret
EXCITING DISTRICT POTENTIAL
Youle
14. 14
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
15. 15
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 1Mtpa
• Supplement underground
material with higher-profit
margin stockpile ore for
total processing capacity of
1.3Mtpa
• Increase Aurora’s
contribution to overall mill
feed
o Increase development
at Aurora for stoping to
be initiated in Q4 2019
• Supplement feed with high-
grade skarn production
• Extend the mineralisation
of Aurora zone. Currently
open to extension laterally
and horizontally, with focus
on high-grade at depth
• Test extension of the Lake
Zone skarn deposit
16. 16
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
• First stoping production scheduled for Q4,
2019
17. 17
UNCONSTRAINED ABOVE THE MARBLE
MINERALIZATION EXTENDING HUNDREDS OF METRES ABOVE THE MARBLE CONTACT
Marble contact
Unexplored and an area of focus
for the exploration program
Mineralized zone:
historically thought to be
constrained by marble
18. 18
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
• Upper holes will be drilled from surface in
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
19. 19
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
• Regional evaluation being carried out on
skarn bodies to evaluate potential for high-
grade mineralisation
20. 20
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 for exploration drilling or 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 definitive agreement with
Aftermath Silver for sale of project, total
consideration of CAD$10.5M (including
3% royalty on concessions valued at
CAD$3M)
• 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
21. 21
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 reductions in reclamation bond achieved as a result of ongoing
reclamation works during 2018-2019
o Current reclamation bond stands at CAD$26.1M
o Final closure will take place between 2020 and 2022
• Ulu, Nunavut: Amended agreement signed with Blue Star Gold Corp (July 2019) for the full
transfer of Mandalay’s interest in the Ulu property for total consideration of CAD$650k and
assignment of its rights to the reclamation bond (CAD$1.7M). All property and equipment on
site and liabilities to be assumed by Blue Star Gold Corp (TSXV: BAU).
22. CE Mining
25%
GMT
Capital
17%
Ruffer LLP
17%
AzValor
12%
West Face
5%
Others
24%
22
MARKET INFORMATION
Capital Structure
Share price (CAD$)(1) $0.84/shr
Shares Outstanding (M) 91.1
Fully Diluted Shares Outstanding (M)(2) 93.1
Market Capitalization (CAD$M) $76.4
Cash and Cash Equivalents (USD$M)(4) $23.2
Total Interest-Bearing Debt (USD$M)(4) $63.1
Enterprise Value (US$M)(3,4) $97.3
Major Shareholders(5) Shares (M)
CE Mining 23.2
GMT Capital 15.6
Ruffer LLP 15.3
AzValor 10.4
West Face 4.2
Large Holders (Top 5) 68.7
Other Holders 22.4
TOTAL 91.0
1. As at December 6, 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 September 30, 2019
5. Ownership positions are estimates - as at Dec 06, 2019
Note: numbers may be rounded
10:1 share consolidation July 2, 2019
23. 23
INVESTMENT HIGHLIGHTS
COSTERFIELD: HIGH-GRADE YOULE VEIN 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
• Costerfield: significant
production growth expected via
Youle vein
• 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
• Untested targets of Brown’s
and Robinson’s
Björkdal:
• Extensional drilling at Aurora
• Defining mineralization and
assessing economics of the
high-grade skarn deposit
• Cash position of $23.2M affords
Mandalay with the financial
flexibility to continue funding its
exploration programs and sets
the Company up for future
profitability and growth
24. 24
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:
25. 25
MANAGEMENT AND BOARD OF DIRECTORS
SENIOR MANAGEMENT
Dominic Duffy
President, Chief Executive
Officer & Director
Nick Dwyer
Chief Financial Officer
Belinda Labatte
Chief Development Officer
Toni Streczynski
Vice President,
Processing & Metallurgy
Chris Gregory
Vice President,
Operational Geology &
Exploration
Bradford A. Mills
Chairman
Braam Jonker
Lead Independent Director
Rob Doyle
Director
Peter R. Jones
Director
Amy Freeman
Director
Terry Ackerman
Director
BOARD OF DIRECTORS
