Mandalay Resources : June 2024 Corporate Presentation

GOLD AND ANTIMONY PRODUCTION PLATFORM TO BUILD A MID-TIERPRODUCER

JUNE 2024

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 28, 2024, 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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Strong Platform to Build a Mid-Tier Producer

Diversified gold and antimony production in top-tier jurisdictions

Proven cost-effective Resource growth with exploration upside

New management team with vision to build a mid-tier producer

Cash flow and strong balance sheet → $16M in FCF Q1 2024

Proven track record, with +10 years of operations

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Vision and Growth Strategy

Vision

To build a recognized and respected mid-tier gold producer that generates attractive financial returns, synchronous with ensuring the well-being of all stakeholders

Growth Strategy

Cashflow from		Organic		Mergers and
Production		Exploration		Acquisitions

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New Management Team to Drive Growth

Frazer Bourchier

President, CEO, &

Director

Scott Trebilcock

EVP & Chief Development Officer

Hashim Ahmed

EVP & Chief

Financial Officer

• 35+ years in mining including Detour Gold, Nevsun Resources, Wheaton Precious, Intrepid Mining, Placer Dome and most recently CEO of Harte Gold
• 25+ years as a process engineer, management consultant, and mining executive
• 20+ years of management, accounting and corporate finance including Barrick, Jaguar Mining and Nova Royalties

Ryan

Austerberry

Chief Operating

Officer

Chris Davis

VP of Operational Geology & Expl.

Edison Nguyen

Director, Business

Valuations & IR

• 18+ years of experience in the resource industry, in technical roles, project management and GM of Björkdal and Costerfield
• 20+ years in narrow vein gold and polymetallic exploration primarily in eastern Australia
• 10+ years of experience in capital markets and investor relations with a focus on the mining industry

New CEO, CFO and CDO bringing over 80 years of experience

Operations, project development, financing, and M&A

Track record of value creation at both large and small companies

Board-supported growth strategy to build a mid-tier gold producer

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Track Record of Production in Top-Tier Jurisdictions

Costerfield: 100% owned

Björkdal: 100% owned

2024E Production and Cost Guidance:

1. 90,000 - 100,000 oz AuEq

• 1. Cash/ oz AuEq: $1,050 - $1,170 | AISC/ oz AuEq: $1,450 - $1,580
• No royalties, streams or encumbrances on cash flow
• Costerfield: 30 km from Fosterville in the Victorian Gold Belt
• Björkdal: adjacent to Boliden operations

Established Track Record of Production1,2

koz AuEq | US$/oz AuEq

Costerfield

Björkdal

Cerro Bayo3

Cash Cost

AISC

(1)	AuEq production per average gold and antimony prices, as determined by LME and Rotterdam warehouse, respectively	6
(2)	Mid-point graphed for 2024
(3)	Cerro Bayo placed under care and maintenance in 2017 and subsequently sold in 2021

Cash Flow Generation and Strong Balance Sheet

Strong Financial Position

Consolidated Net Debt/ Cash1

$47M

IN CASH1

$35M

REVOLVING CREDIT FACILITY2

$30

$20

$10

$0

Solid Cash Flow Generation

+$185M

OPERATING CASH FLOW LAST 3 YEARS

$29.5M

OPERATING CASHFLOW IN Q1 2024

US$M

-$10

-$20

-$30

-$40

-$50

-$60

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

2020

2021

2022

2023

2024

(1)	As at March 31, 2024	7
(2)	$20M drawn

Proven, Cost-Effective Resource Growth

Mine Life Extension Potential + Regional Discovery Upside

$7.5M

AVG. ANNUAL EXPLORATION SPEND1

$12M - $15M

2024E CONSOLIDATED EXPLORATION SPEND

Costerfield

• 2-to-5-yearReserve life since 2012
• Total discovery cost for M&I Resources: $42/oz AuEq2

Björkdal

• Increase M&I Resources since 2015 while replacing Reserves
• Total discovery cost for M&I Resources: $15/oz Au3

(1)	Consolidated since 2015	8
(2)	From 2010 to 2023

1. From 2016 to 2023

COSTERFIELD

High Grade Gold Mine and Sole

Critical Mineral Producer of Antimony

in Australia

47,000 - 53,000

2024E PRODUCTION OZ AUEQ

$21M - $25M

2024E CAPEX

$850 - $970

2024E CASH COST/ OZ AUEQ

$1,080 - $1,260

2024E AISC/ OZ AUEQ1

1. Includes exploration spend

Costerfield: Targeting Near Mine Extension

$9M - $11M

2024 FORECAST SPEND1

1 Shepherd Surrounds:

• Extensions near multiple Shepherd veins

2 Brunswick Deeps:

• Shepherd and Youle style veins at depth

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2

1

and to the north of Brunswick

3 Cuffley Deeps + Sub KC:

• Testing strike and depth extensions

5a

5b3

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5

1. Fosterville potential for significant mineralization at depth
2. Two of six historic drillholes intercepted mineralization in Sub KC

INTERCEPT 5a:

INTERCEPT 5b:

1,361 g/t Au

over 0.09 m

259 g/t Au

over 0.19 m

(1) Near mine and regional spend	10