Mandalay Resources : January 2022 Corporate Presentation

BUILDING ON TRACK RECORD OF PRODUCTION GROWTH AND EXPLORATION SUCCESS

JANUARY 2022

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.

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A Profitable Gold Producer Delivering Value and Exploration Upside

118,000 - 130,000 AuEq oz

2022E PRODUCTION GUIDANCE(1)

Costerfield Mine

Australia

Björkdal Mine

Sweden

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	3

Strategy

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Demonstrated Operational Turnaround and Organic Growth

Production AuEq oz

35,000

30,000

25,000

20,000

15,000

10,000

5,000

0

Production and Cash Cost Performance

2,500

27% CARG
in production
2,000
1,500	USD$/oz
1,000
500

0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2019	2020	2021
Costerfield Production		Björkdal Production
Cerro Bayo Production		Costerfield Cash Cost
Björkdal Cash Cost

EIGHT CONSECUTIVE QUARTERS of excellent

operational results

• Y-o-Yproduction 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

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

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