Mandalay Resources Corporation announced that Dominic Duffy has advised the board of directors of his decision to resign as President for personal reasons. Mr. Duffy will continue to serve as CEO and assist with the transition of leadership until his departure in July 2023. He will also remain on the board in a non-executive capacity after his departure as CEO.

Mandalay's board of directors have engaged a recruiting firm to lead the search process for Mr. Duffy's successor. Mandalay is also pleased to announce that, effective December 15, 2022, Ryan Austerberry will be promoted to the role of Chief Operating Officer. Mr. Austerberry is currently the General Manager of Mandalay's Costerfield mine and was previously the General Manager of Mandalay's other operating mine, Björkdal.

Adam Self, the current Mine Manager at Costerfield, will replace Mr. Austerberry as Costerfield's General Manager. Ryan Austerberry (MAusIMM CP) has over 18 years experience in the resources industry, predominantly in technical roles and project management. Mr. Austerberry has worked with Mandalay since 2009, and prior to becoming General Manager of Costerfield, Mr. Austerberry was General Manager of Björkdal, and was Corporate Manager of Technical Services.

Mr. Austerberry holds a Bachelor of Applied Science Degree from the Royal Melbourne Institute of Technology, a Graduate Diploma in Mining from the University of Ballarat, an MBA from the Australian Institute of Business, and is a Graduate of the Australian Institute of Company Directors Course. Mr. Austerberry sits on the board of Equus Mining as the Mandalay appointed director. Adam Self has over 25 years experience in the resources industry, predominantly in underground production roles.

Mr. Self commenced his career as an underground operator across operations in Western Australia and Queensland before locating to BHP Billiton's Cannington mine, quickly advancing to a supervisor role and continuing to progress though roles in Business Improvement (Six Sigma Green Belt) and Technical Services to become a senior engineer. Mr. Self was a leader of Emergency Response Team, attaining a Certificate 4 in Public Safety (Leadership), and Certificate 3 Mine Emergency Response and Rescue. Mr. Self has been with Mandalay's Costerfield operation since 2018, originally as Technical Services Superintendent, and since 2019 in the role of Mine Manager.