Mandalay Resouces January 2022 IT PPT

1. 1
BUILDING ON TRACK
RECORD OF PRODUCTION
GROWTH AND
EXPLORATION SUCCESS
JANUARY 2022

2. Forward-looking Statements
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 presentation can be found under the heading “Risk Factors” in
Mandalay’s annual information form dated March 31, 2021, a copy of which is 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 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)), and a Qualified Person as defined by NI
43-101. He has reviewed and approved the technical and scientific information provided in this presentation. Mr. Davis regularly visits Mandalay’s properties
and supervises the collection and interpretation of scientific and technical information contained in this presentation.
Mr. Davis has visited Costerfield and Björkdal and has supervised the preparation of this presentation.
All currency references in US$ unless otherwise indicated.
2

3. A Profitable Gold Producer Delivering Value and Exploration Upside
3
Costerfield Mine
Australia
Björkdal Mine
Sweden
118,000 – 130,000 AuEq oz
2022E PRODUCTION GUIDANCE(1)
Two producing gold mines in Australia and Sweden –
both mining-friendly, tier-one jurisdictions
• Exceeded full-year 2021 production guidance with a
consolidated saleable gold equivalent production of 123,002
ounces – highest total since 2017;
• Successful turnaround with both operations continuing to be
significant cash generators in 2022;
• At Costerfield, significant Shepherd discovery during 2021,
currently performing extension drilling;
• Björkdal beginning to reap the benefits of higher grade, wider
Aurora zone; and
• Exploration success at Björkdal, finding higher grades at
depth to north-east
1. Assumes average metal prices of: Au $1,750/oz, Sb $13,000/t

4. Strategy
4
1. 2. 3. 4.

5. 5
Demonstrated Operational Turnaround and Organic Growth
EIGHT CONSECUTIVE QUARTERS of excellent
operational results
• Y-o-Y production improvements since 2019 demonstrates the
stability at Björkdal and growing quality of Costerfield
• Sustainable cash cost reductions as a result of higher-grade
material and improved underground operations
• For 2022:
• Costerfield: ramp up at Youle and initiate production from
the high-gold grade deposit Shepherd.
• Björkdal: increase stoping rates within the lower, higher
grade levels of the Aurora zone and
0
500
1,000
1,500
2,000
2,500
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2019 2020 2021
USD$/oz
Production
AuEq
oz
Production and Cash Cost Performance
Costerfield Production Björkdal Production
Cerro Bayo Production Costerfield Cash Cost
Björkdal Cash Cost
27% CARG
in production
2022 CONSOLIDATED COST GUIDANCE
Cash cost $700 – $900 per oz AuEq
All-in-sustaining cost $1,100 – $1,300 per oz AuEq
Capital expenditures $50M – $58M

6. Seven Consecutive Quarters of Profitability
Turnaround resulting in steadily improving
financial performance with significant free
cash flow growth
6
-10,000
-
10,000
20,000
30,000
40,000
50,000
60,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2019 2020 2021
USD'000
Quarterly Financial Performance
Revenue EBITDA Adjusted net income (loss)
8% GROWTH IN ADJUSTED EBITDA VS. 2020
$74M ADJUSTED EBITDA – 47% ADJUSTED EBITDA IN 2021
17% GROWTH IN REVENUE VS. 2020
$156M REVENUE IN 2021
C$0.30 ADJUSTED INCOME PER SHARE IN 2021
$27M ADJUSTED NET INCOME GENERATED IN 2021
All comparisons below are relative to the nine-month period ended
September 30, 2021:

7. 7
Expect to be net debt free in 2021
Solid Cash Balance with Strong Free Cash Flow Forecast
Dramatically improved operations and cash
generation expected to significantly improve
balance sheet
7
$12.2M FREE CASH FLOW IN 2021
$29.8M CASH AS AT Q3 2021
HEALTHY CASH BALANCE
• Three-year, $65M syndicated facility with HSBC Bank
Canada and Macquarie Bank (Currently $47.6M after
Q3 2021 repayment)
• Debt repayment schedule: $3.78M quarterly with a
bullet payment of $28.76M in Q1 2023
-20,000
-10,000
-
10,000
20,000
30,000
40,000
50,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2019 2020 2021
USD'000
Quarterly Cash Flows and Cash Balance
Free cash flow Cash and cash equivalents
$25.3M in free cash flow
generated in 2020
OPPORTUNITY TO BE NET DEBT FREE IN Q1 2022

8. Capital Structure and Key Shareholders
8
CAPITAL STRUCTURE
Share price (CAD$) (1) $2.44 per share
Shares Outstanding 91.5M
Fully Diluted Shares Outstanding (2) 94.5M
Market Capitalization (CAD$) $223.3M
Cash and Cash Equivalents (USD$) (4) $29.8M
Total Interest-Bearing Debt (USD$) (4) $53.2M
Enterprise Value (USD$) (3,4) $202.0M
ANALYST COVERAGE
BMO Capital Markets Brian Quast
Mackie Research Capital Stuart McDougall
Share price performance
Mandalay Share Price Performance
26%
20%
19%
17%
13%
5%
1. As at Jan 20, 2022 | 2. Includes: 0.5M RSU, 0.3 PSU, 0.1 DSU and 2M employee stock options with exercise prices of: CAD$0.61 – CAD$6 and expiry dates from Jun 30, 2024 – Jun 30, 2028.
3. Using exchange rate of CAD$1 = USD$0.80 | 4. From Mandalay’s Financial Statements as of Sept 30, 2021 | 5. Ownership positions are estimates - as at Jan 2022 Note: numbers may be rounded
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
0
0.5
1
1.5
2
2.5
3
3.5
4
21-Jan 21-Feb 21-Mar 21-Apr 21-May 21-Jun 21-Jul 21-Aug 21-Sep 21-Oct 21-Nov 21-Dec 21-Jan
Volume
Share
Price
CAD$ Volume Close
KEY SHAREHOLDERS
CE Mining 26%
GMT Capital 20%
Ruffer LLP 19%
Others 17%
AzValor 13%
West Face 5%

9. Significantly Undervalued Relative to Peers
9
Source: Company filings.
1. Enterprise value reflects share prices as at January 20,, 2022, for Peer group and of $2.84 for Mandalay. Mandalay’s 2022E gold equivalent production midpoint graphed.
Note Peer group: Argonaut Gold, Aura Minerals, Calibre Mining, GCM Mining, Great Panther Mining, Jagurar Mining, Karora Resources, McEwen Mining, Robex Resources, Superior Gold, Victoria Gold and Wesdome Gold Mines
Despite operational and financial success, MND trades at lower value relative to peers
203
466
Mandalay Peer Group (Average)
Enterprise Value (USD$M)
~0.4x
that of
Peers
124
164
Mandalay Peer Group (Average)
2022E Production AuEq. ('000)
~0.7x
that of
Peers
$1,200 $1,278
Mandalay Peer Group (Average)
2022E AISC (USD$/oz)
1.3%
1.74%
5.6%
Spot Price of Gold
Peer Group (Average)
Mandalay
YTD Price Performace
~0.9x
that of
Peers
253
304
Mandalay Peer Group (Average)
EV/Proven & Probable Au oz
~0.8x
that of
Peers
4.6
9.2
Mandalay Peer Group (Average)
EV/Nine Month Net Cash from OPs
~0.5x
that of
Peers

10. COSTERFIELD
OPERATIONS

11. Costerfield Gold-Antimony Mine
Production profile
reinvigorated by high-grade
Youle vein
• Constant ramp-up of Youle
production since Q4 2019
• Processed grades of 11.6 g/t
Au and 4.3% Sb YE2020
• Stable production scheduled
over the next 4 years
• Highly-prospective land
package with massive
exploration upside
• Recent exploration success,
growing mine life
11
OVERVIEW
Location Victoria, Australia
Land package 1,293 hectares
Life of Mine 4 – 5 years
2021A/ 2022E Production 68,729 AuEq oz/ 67,000 – 74,000 AuEq oz
2022E Cash costs (1) $560 – $710 per oz AuEq
2021E AISC (1) $830 – $980 per oz AuEq
2021E CAPEX $21M – $25M
P&P Reserves (2) Youle: 396,000 t @ 15.3 g/t Au & 3.3% Sb for 195,000 Au oz & 13,100 Sb t
Total: 616,000 t @ 12.8 g/t Au & 3.5% Sb for 255,000 Au oz & 21,700 Sb t
1. Cash and all-in sustaining costs are non-IFRS measures. Please refer to the Company's management's discussion and analysis for further information.
2. Mining Plus Pty Ltd. Effective December 31, 2020, documented in an independent NI 43-101 Technical Report filed March 31, 2021
One of the HIGHEST GOLD GRADE mines in the world
12.61 Au g/t 11.17 Au g/t 11.54 Au g/t 11.21 Au g/t 11.00 Au g/t 9.91 Au g/t
13.04 Au g/t
5.45% 4.18% 4.10% 3.47% 3.85% 3.96% 4.06%
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2020 2021
Milled Head Grade
Mill head grade Au
Mill head grade Sb

12. Demonstrated History of Replacing Mined Ounces
and Resource Growth
12
• Has maintained an approximate 3 – 4 year
mine life for the past 9 years
• Achieved with minimal exploration spending
• Total discovery cost of M&I Resources of
approximately $31 per AuEq oz
• Historically very little target testing and
generative drilling (less than $10M over 11
years)
• 2021 to be largest exploration spend at
Costerfield +$6M, with focus on target
testing and generative drilling
MANDALAY HAS BEEN PRODUCING
FROM COSTERFIELD FOR
+10 YEARS
$-
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Exploration
Expenditure
(USD’000)
AuEq
oz
Costerfield M+I Profile V's Exploration Expenditure (Au Eq. oz)
Youle Brunswick Cuffley
Augusta Cumulative Depletion Infill (US$)
Testing (US$) Generative (US$) Yearly Depletion

13. Youle Vein:
High-Quality, Low-Cost Production and Organic Growth
Youle providing Costerfield with sustainable organic growth year-over-year
13
0
20
40
60
80
100
0
2
4
6
8
10
12
14
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2019 2020 2021
Recovery
%
Grade
(g/t
or
%)
Grade and Recovery
Mill head grade Au g/t Mill head grade Sb %
Au Recovery Sb Recovery
-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
-
5,000
10,000
15,000
20,000
25,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2019 2020 2021
$USD
per
AuEq
oz
AuEq
oz
Production
Production and Cash Costs
AuEq produced Cash cost per oz AuEq Produced
68,729 AuEq oz PRODUCED IN YE2021
58,148 AuEq oz PRODUCTION IN YE2020 – 18% INCREASE
13.04 g/t Au & 4.06% Sb GRADES IN Q3 2021
11.54 Au g/t & 4.12% Sb Q3 2020

14. COSTERFIELD
EXPLORATION
OPPORTUNITIES

15. Exciting District-Scale High-Grade Exploration Potential
Costerfield exploration program
consists of:
15
TARGET TESTING YOULE EXTENSIONS
DEEP HOLE DRILLING
REGIONAL TARGET TESTING
Youle Workings
Brown’s Target and
historic workings.
Part of a 2.5km
corridor of shallow
workings
Augusta Portal and Mine
True Blue Target
and historic
workings.
Part of a 3.5km
corridor of shallow
workings and
geochemical
anomalism
Brunswick Portal and
Processing Facility
Antimony Creek historic
workings
Part of a 4km corridor of
shallow workings and
surface geochemical
anomalism
5km
1km 2.5km

16. 1. Extensional Drilling at Youle: Continuity of High-Grade
• Continuous core defined by multiple intercepts of
+50 g/t AuEq over 1.8 m minimum mining width
• 2021 extensional drilling intercepted high-grade
veining to the North of the current mine design
JAN 2021 HIGHLIGHTS: NEW HIGH-GRADE
RESULTS NORTH OF YOULE EXTENDING AT DEPTH
345.1 g/t gold and 19.7% antimony over a true width of
0.11 m in BC166W1
316.1 g/t gold and 0.1% antimony over a true width of
0.22 m in BC167
142.0 g/t gold and 0.0% antimony over a true width of
0.07 m in BC157
16
Minerva Intercept BC142 - 0.24m @ 12.6g/t Au & 3.1% Sb
New High Grade Gold Domain
Open Plunge
Minerva Target shape
East of Historic workings

17. Newly-discovered structural domain below the Youle deposit:
Shepherd Zone
JAN 2021 HIGHLIGHTS:
• 460.5 g/t gold over a partially recovered
true width of 0.11 m in BC176 (1); and
• 165.1 g/t gold over a true width of 0.20 m in
BC176W1
17
1. True width of BC176 is quoted from only recovered core. There is approximately an additional 40% of veined core that was not recovered. For more information, please see January 29, 2021, press release.
APR 2021 HIGHLIGHTS:
• 23.6 g/t gold over true width of 6.27 m in
BC187;
• 426.7 g/t gold over a true width of 0.77 m in
BC193; and
• 231.0 g/t gold over a true width of 0.18 m in
BC187
BC193
BC187
BC176 & BC176W1
BC187
Significant-grade veining below
currently planned depth extent of
Youle development

18. Shepherd Zone: Extension
18
JUN 2021 HIGHLIGHTS:
Eastern Veining
• 172.3 g/t gold over true width of 0.27 m in BC213; and
• 69.5 g/t gold over true width of 1.11 m in BC210
including:
o 406.0 g/t gold over true width of 0.14 m
Western Veining
• 33.7 g/t gold over true width of 3.22 m in BC201
including:
• 127.0 g/t gold over true width of 0.69 m;
• 712.8 g/t gold over true width of 0.10 m in BC205; and
• 19.4 g/t gold over true width of 4.84 m in BC210
including:
o 657.3 g/t gold over true width of 0.13 m
Eastern and Western veining horizons are
extended in the Shepherd Zone, with
numerous high-grade gold intercepts along
a 400 m strike extent
Eastern
Veining
Western
Veining

19. Shepherd Zone: Extension cont.
19
OCT 2021 HIGHLIGHTS:
Eastern Vein Group
• 399.0 g/t gold over true width of 0.11 m in KD773;
• 61.8 g/t gold over true width of 1.66 m in BC214;
• 24.6 g/t gold and 2.3% antimony over true width of
1.19 m in BC218A;
• 10.0 g/t gold and 2.3% antimony composited over true
width 8.2 m in BC239 including:
o 98.6 g/t gold and 18.5% antimony over true
width of 0.31 m;
o 156.0 g/t gold and 19.1% antimony over true
width of 0.17 m; and
o 14.8 g/t gold and 11.6% antimony over true
width of 1.76 m in BC241
Western Vein Group
• 155.0 g/t gold and 10.5 % antimony over true width of
0.11 m in BC234; and
• 66.6 g/t gold over true width of 0.25 m in BC220
Eastern Vein Group
Western Vein Group
Significant southern extension added to the
Shepherd Zone – currently with a strike of 500 m

20. Shepherd Zone: Extension cont.
20
DRILLING HIGHLIGHTS:
Eastern Vein Group
• 23.6 g/t gold over 6.27 m in BC187;
• 426.7 g/t gold over 0.77 m in BC193;
• 172.3 g/t gold over 0.27 m in BC213;
• 69.5 g/t gold over 1.11 m in BC210;
• 399.0 g/t gold over 0.11 m in KD773;
• 61.8 g/t gold over 1.66 m in BC214;
• 24.6 g/t gold and 2.3% antimony over 1.19 m in BC218A;
• 10.0 g/t gold and 2.3% antimony over 8.2 m in BC239;
• 14.8 g/t gold and 11.6% antimony over 1.76 m in BC241
Western Vein Group
• 460.5 g/t gold over 0.11 m in BC176 (1);
• 165.1 g/t gold over 0.20 m in BC176W1;
• 231.0 g/t gold over 0.18 m in BC187;
• 33.7 g/t gold over 3.22 m in BC201;
• 712.8 g/t gold over 0.10 m in BC205;
• 19.4 g/t gold over 4.84 m in BC210;
• 155.0 g/t gold and 10.5 % antimony 0.11 m over BC234;
and
• 66.6 g/t gold over 0.25 m in BC220
Eastern Vein Group
Western Vein Group
Significant southern extension added to the
Shepherd Zone – currently with a strike of 500 m
1. All widths quoted are the true widths of the veins or composite zones.
2. True width of BC176 is quoted from only recovered core. There is approximately an additional 40% of veined core that was not recovered. For more information, please see January 29, 2021, press release.

21. • Fosterville is the highest grade mine in the
world based on Q1 2021 production(1)
• Costerfield was the 7th highest grade mine in
the world based on Q1 2021 production and is
30 km east of Fosterville(1)
• Costerfield is mineralogically similar to
Fosterville and probably shares a source and
timing of mineralization
• The emplacement environment of Fosterville
has been located below Costerfield
• Deep drilling at Costerfield looks to unlock a
highly enriched domain within the field
21
Goldfields
Mining Licenses
Major Faults
Stawell
4 Moz @ 10g/t Au
Bendigo
22 Moz @ 15g/t Au
Ballarat
14 Moz @ 12g/t Au
Fosterville
8 Moz @ 12g/t Au
PP – 2.1Moz @ 21.8g/t Au
Costerfield
1+ Moz @ 12g/t AuEq
PP – 288Koz @ 18.9g/t AuEq
Castlemaine
6 Moz @ 13g/t Au
2. Deep Drilling Program: Fosterville-Style Mineralization
Melbourne
Woods Point
Heathcote
Bendigo
Stawell
Ballarat
1. Source: Kitco News September 3, 2021, “Richest gold mines in the world in Q1 2021 – report”

22. Deep Drilling Program: Timeline
Mandalay intercepted high-grade gold mineralization in deep drilling in 2014, with 2 of 4 intercepts
returning grades that support the Costerfield-Fosterville analogy
22
CSK007: 0.08 m @ 1,361 g/t Au
and CSK012: 0.19m @ 345 g/t Au
2014:
Intersected high-grade mineralization with
two deep holes drilled under Cuffley
2019:
Began deep hole program with first deep
hole under Youle (completed)
2020:
Second deep hole under Cuffley/ Augusta
2021:
Continuing drilling under Cuffley/ Augusta/
Brunswick

23. 23
Deep Drilling Program: Intercepted Veining With Visible Gold
Designed to test depth below Cuffley and Augusta ore systems, drillhole
CD002 has been drilled to a depth of 1,497 m
OCT 2021 HIGHLIGHTS:
Encountered two significantly mineralized veins, both displaying visible gold:
• From 998.7 m – 0.7 g/t gold over a true width of 0.12 m; and
• From 1,169 m – 7.9 g/t gold over a true width of 0.07 m
Area will continue to be targeted for further drilling in 2022

24. Three Keys to Value Creation at Costerfield
24
Continued
Sustainable High-
grade Production
Deep Hole
Drilling
Exploring
High-Potential
Targets
• Costerfield is the second highest grade gold mine in Australia after neighboring
Fosterville mine. Shepherd discovery continues high grade results
• Increasing gold recoveries at plant with CavTube flotation installation
Targeting high-grade mineralization at depth
• Regional success has shown potential for super grade deposits within the region
• The second hole in this program intercepted visible gold in two zones at a depth of 900m and
1,000m.
• Deep hole program recommenced in 2021 targeting under Shepherd discovery
Surface drilling on highly-prospective targets
• Shepherd and Brown’s targets returned significant results in 2021.
• Targets currently being drilled and planned include; Margaret, Brunswick Deeps, Cuffley Deeps
Youle Extension, Eastern Youle, True Blue, and Robinson’s
• Exploration update videos available here

25. BJÖRKDAL
OPERATIONS

26. Björkdal Gold Mine
LONG LIFE ASSET WITH SIGNIFICANT HIGHER GOLD
GRADE OPPORTUNITIES AND MINING OPTIONALITY
• Currently ramping-up production of higher-grade, more profitable
underground ore
• Exploration success and development ramp-up at higher-grade, wider
Aurora zone continues
26
OVERVIEW
Location Skellefteå, Sweden
Land package 12,949 hectares
Life of Mine 9 years
2021A/ 2022E Production 45,236 Au oz/ 51,000 – 56,000 Au oz
2022E Cash costs (1) $980 – $1,130 per Au oz
2022E AISC (1) $1,400 – $1,550 per Au oz
2022E CAPEX $29M – $33M
P&P Reserves (2) 11.5 mt @ 1.47 g/t Au for 544,000 Au oz
1. Cash and all-in sustaining costs are non-IFRS measures. Please refer to the Company's management's discussion and analysis for further information
2. SLR Consulting Ltd. Effective December 31, 2020, documented in an independent NI 43-101 Technical Report filed Mar 31, 2021

27. Björkdal Gold Mine: Operations
27
Operational focus is on ramping-up supply of higher-margin underground ore feed to the mill
-
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2019 2020 2021
Tonnage
Processing
Underground Open Pit Stockpile
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2019 2020 2021
Au
grade
g/t
Au
Production
oz
Production & Grade
Au Production Au grade
45,236 Au oz PRODUCED IN YE2021
45,296 Au Oz PRODUCED IN YE2020

28. Aurora Zone: Key to Lifting Underground Production
• Mineralization found to extend hundreds of
metres; previously was constrained by a marble
contact
• Significantly wider and consistently higher-grade
than current ore – open at depth
• Current known mineralization over 500 m
horizontally and 400 m vertically
• Readily accessible; 13 levels currently being
developed
• Stoping has been initiated on first levels
• Large step-out drilling occurring below and
East and West of currently known mineralization
28
Emerging growth catalyst in development
Perspective view of the Björkdal Mine looking towards the SSW highlighting the interaction of the veining (Red) Marble
(Blue) and Björkdal fault (Yellow). Drilling of the latest Central Zone extension programs is also shown.

29. Central Zone: Main and Lake Zone Extension programs
29
JAN 2022 HIGHLIGHTS:
Central Zone Extension Infill
• 47.7 g/t gold over 11.7 m (Estimated True Width “ETW” 5.85 m)
in MU21-052:
o Including 1,056.0 g/t over 0.40 m;
• 47.5 g/t gold over 6.4 m (ETW 4.11 m) in MU21-047:
o Including 716.0 g/t over 0.31 m; and
• 507.0 g/t gold over 0.45 m (ETW 0.23 m) in MU21-051.
Central Zone Extension Testing
• 45.5 g/t gold over 2.3 m (ETW 1.15 m) in MU21-028;
• 83.1 g/t gold over 0.4 m (ETW 0.39 m) in MU21-029;
• 8.4 g/t gold over 5.7 m (ETW 5.35 m) in MU21-030; and
• 5.1 g/t gold over 8.0 m (ETW 6.13 m) in MU21-031.
Central Zone – Lake Zone Link
• 13.2 g/t gold over 1.0 m (ETW 0.94 m) in MU21-028; and
• 19.3 g/t gold over 0.4 m (ETW 0.35 m) in MU21-029.
Eastward mine extension drilling programs indicates an
upgrading with depth at Björkdal.

30. Aurora Zone Exploration Success
Mineralization open in all directions
• Underground drilling campaign focused on extending
Aurora zone
• Drill results demonstrate potential to extend Aurora in all
laterally and down dip
• High-grade mineralization continuity has been confirmed
at depth and to the east in early 2021
30
NOV 2020 HIGHLIGHTS: HIGH-GRADE
EXTENSIONS TO BOTH THE EAST AND AT DEPTH
• 4.8 g/t gold over a true width of 2.47 m in MU20-007;
• 2.7 g/t gold over a true width of 2.82 m in MU20-016;
• 8.1 g/t gold over a true width of 2.99 m in DOD2020-063;
and
• 3.0 g/t gold over a true width of 3.45 m in DOD2020-073

31. Depth Extension to the Lake Zone
31
JUN 2021 HIGHLIGHTS:
• 226.0 g/t gold over true width of 0.21 m in MU21-003;
• 25.3 g/t gold over true width of 1.03 m in MU21-007; and
• 4.2 g/t gold over true width of 4.11 m in MU21-004
FEB 2021 HIGHLIGHTS:
• 92.2 g/t gold over a true width of 0.40 m in MU20-021;
• 32.5 g/t gold over a true width of 1.1 m in MU20-021;
• 16.4 g/t gold over a true width of 1.11 m in MU20-022;
• 119.2 g/t gold over a true width of 0.44 m in MU20-023; and
• 58.5 g/t gold over a true width of 0.32 m in MU20-025
Initial high-grade intercepts demonstrating significant
continuation within the Lake Zone at depth and at
higher grades

32. Main Zone Extension
32
JUN 2021 HIGHLIGHTS:
• 174.0 g/t gold over true width of 0.49 m in MU21-010;
• 6.1 g/t gold over true width of 8.85 m in MU21-010; and
• 105.0 g/t gold over true width of 0.21 m in MU21-015
Direct extensions to 10 veins have been interpreted
from the program with 63 significant intercepts
within the drilling

33. The Path Forward
33
Ramp-up
Underground
Production
Focus on More
Profitable Ore
Exploring
High-Potential
Targets
• Underground ore is higher-grade and most profitable mill feed
• Plan to ramp-up underground tonnage to 1.2Mtpa in 2022
• Increase Aurora zone’s contribution to overall mill feed
• Focus on other high-grade vein systems
• Extend the mineralization of Aurora zone
• Test potential high-grade skarn deposits
Underground production ramp-up, delineation and development of the Aurora zone currently underway
• Deep drilling under Main and Lake zones
• Exploration update videos available here

34. SUMMARY
& HIGHLIGHTS

35. Investment Summary
35
Strengthened
Operations
Strengthened Financial
Performance and
Return to Profitability
High-Potential
Exploration Upside
High-Potential and
Fully-funded for
Future Growth
• Costerfield: High-grade Youle vein major growth catalyst
• Björkdal: Ramping-up underground production, focused on higher-margin ore
• Strong growth in revenue, adjusted EBITDA and adjusted net income
• Generated $12.2M and $25.3M of free cash in nine-months of 2021 and YE 2020,
respectively
• Continuing regional exploration highly-prospective targets at both assets
• Defined pipeline for long-term value creation
• Cash position of $29.8M as at Q3 2021
• Opportunity for net debt free in 2022
• Fully-funded exploration programs
• High potential for future profitability and
growth

36. A Values-Based and Values-Focused Company
Sustainability underpins everything we do.
WE ARE SUCCESSFUL WHEN:
• 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
36

37. 37
Edison Nguyen
647.260.1566
e.nguyen@mandalayresources.com
@MandalayAuAg
TSX: MND
OTCQB: MNDJF
mandalayresources.com

38. APPENDICES

39. Non-Core Assets: Chilean Properties
39
La Quebrada Copper-Silver Project
• High-level geological evaluation of property ongoing
• Advanced exploration stage project
• Excellent location and access to infrastructure – 40 km from La
Serena (Region IV, Chile)
• District-wide consolidation opportunities
Land package 8,907 hectares
Ownership 100%
Indicated Resources (1) 459M lbs Cu @ 0.6% Cu & 11.2M oz Ag @ 10 g/t Ag
Resources are excluded in the Company’s total 2020 Mineral Reserves and Resources
1. Source: La Quebrada NI 43-101: “La Quebrada Copper-Silver Project, Casa Piedra Sector” Technical Report completed by Michael Easdon. Filed on SEDAR on Aug. 16, 2017

40. Non-Core Assets: Chilean Properties
40
Cerro Bayo Silver-Gold Mine
• 7,372 AuEq saleable production ounces in nine months 2021
• Scheduled to be completed on December 1, 2021, Equus Mining
has exercised its option to acquire the Cerro Bayo mine and
infrastructure
• In exchange, Mandalay will retain 19% of Equus’ share capital, a
2.25% net smelter royalty on production once the mine produces at
least 50,000 ounces of gold equivalent
• Equus will also assume 50% of approved site closure costs at Cerro
Bayo, with Mandalay responsible for the remaining 50%.
Land package 23,106 hectares
Ownership 100%
P&P Reserves (1) 856,000 t @ 284 g/t Ag for 7.8M Ag
& 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 CAD$10.5M (including
3% royalty on concessions valued at CAD$3M)
• Aftermath Silver’s management team has industry experience and
complementary skillsets that Mandalay believes are necessary to
create value for a development project such as Challacollo
Land package 20,378 hectares
Ownership 100%
Location 130 km SE of Iquique, Northern Chile
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
Streamlining the business and realizing value

41. Costerfield Mineral Reserves
41
Mineral Reserves at Costerfield (as of Dec 31, 2020)
Category Tonnes (kt) Au Grade (g/t) Sb Grade (%) Cont. Au (koz) Cont. Sb (kt)
Proven Underground 206 15.3 5.7 102 11.8
Proven Stockpile 16 14.8 6.1 8 1.0
Probable 394 11.5 2.3 145 9.0
Total Proven + Probable 616 12.8 3.5 255 21.7
Source: Mining Plus Pty Ltd. Effective December 31, 2020, documented in an independent NI 43-101 Technical Report filed Mar 31, 2021

42. Björkdal Mineral Reserves
42
Source: SLR Consulting Ltd. Effective December 31, 2020, documented in an independent NI 43-101 Technical Report filed Mar 31, 2021
Mineral Reserves at Björkdal (as of Dec 31, 2020)
Category Tonnes (kt) Au Grade (g/t) Cont. Au (koz)
Probable Underground 5,623 2.05 371
Probable Open Pit 3,157 1.05 106
Probable Norrberget Open Pit 162 2.80 15
Probable Stockpile 2,551 0.64 53
Total Probable 11,493 1.47 544

43. Management and Board of Directors
43
Dominic Duffy
President, Chief Executive
Officer & Director
Senior Management
Board of Directors
Nick Dwyer
Chief Financial Officer
Toni Streczynski
Vice President, Processing
& Metallurgy
Chris Davis
Vice President, Operational
Geology & Exploration
Bradford A. Mills
Chairman
Braam Jonker
Lead Independent Director
Dominic Duffy
President, Chief Executive
Officer & Director
Rob Doyle
Director
Julie Galloway
Director
Amy Freedman
Director
Terry Ackerman
Director