Mandalay Resources : September 2023 Corporate Presentation

GENERATING FREE CASH FLOW WITH EXPLORATION UPSIDE ACROSS THE PORTFOLIO

SEPTEMBER 2023

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, 2023, 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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Portfolio at a Glance

Multi-Asset Gold Production, Tier-One Jurisdictions, Organic Exploration Upside

88,000 - 100,000 AuEq oz

2023E PRODUCTION GUIDANCE(1)

Costerfield Mine

Australia

Gold & Antimony

Björkdal Mine

Sweden

Gold

• 2022 consolidated saleable gold equivalent production of
  105,906 ounces;
• • Significant critical mineral producer of antimony in Australia with 2,292 tonnes produced in 2022;
• Record exploration spend in 2023, expected $10M - $14M;
• Company committed to growing its production and reducing costs to generate additional positive cashflow;
• Costerfield: continue mining the high-grade Youle vein and the deeper Shepherd veins; and
• Björkdal: increase production from the Aurora zone and increase focus on higher-grade areas Eastern zone.

1.	Assumes average metal prices of: Au $1,797/oz, Sb $10,805/t	3

Demonstrating Operational Success and Organic Growth

Production AuEq oz

140,000

120,000

100,000

80,000

60,000

40,000

20,000

0

Production and Cash Cost Performance

1,800

1,300

Björkdal:

41,000 - 45,000 Au oz

800	USD$/oz

Costerfield:

47,000 - 55,000 AuEq. oz

-200

2019A

2020A

2021A

2022A

2023E

• Stable production results since 2019 demonstrates the stability at Björkdal and growing quality of Costerfield
• For 2023:
• • Costerfield: stoping on the higher-grade central areas of Youle. Continue development in the Shepherd zone.
  • Björkdal: increase stoping rates within the deeper higher- grade levels of the Aurora. Initiate development in several higher-grade areas of the Eastern Deeps Central zone.

2023E CONSOLIDATED COST GUIDANCE

Cash cost	$1,010 - $1,170 per oz AuEq
All-in sustaining cost	$1,370 - $1,580 per oz AuEq
Capital expenditures	$41M - $49M

** Average 2022E cash cost graphed. Costerfield: $560 - $710 AuEq oz produced. Björkdal: $980 - $1,130 Au oz produced.	4
** Average 2023E cash cost for graphed. Costerfield: $810 - $960 AuEq oz produced. Björkdal: $1,270 - $1,410 Au oz produced

CASH AS AT Q2 2023

Generating Free Cash Flow with a Net Cash Position

NET DEBT FREE IN Q1 2022

$33M

Expect$45Mto be net debt free in 2021

FREE CASH FLOW IN 2022

$91M ADJUSTED EBITDA IN 2022

• Revolving Credit Facility: $35M three-year facility with Scotiabank. Proceeds will be used for general corporate and working capital purposes
• Normal Course Issuer Bid in place, option to fund purchases of Common Shares through surplus cash available from its operations

USD'000

$20

$10

$0

-$10

-$20-$30

-$40

-$50

-$60

Consolidated Net Debt/ Cash

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

2020

2021

2022

2023

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