1.
1
GENERATING POSITIVE
FREE CASH FLOW WITH
EXPLORATION SUCCESS
ACROSS THE PORTFOLIO
JANUARY 2023

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, 2022, 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
105,000 – 118,000 AuEq oz
2023E PRODUCTION GUIDANCE(1)
Two producing gold mines in Australia and
Sweden – both mining-friendly, tier-one
jurisdictions
• Full-year 2022 consolidated saleable gold equivalent
production of 105,906 ounces – establish high margin
production rate;
• 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 long term plan focus higher grade areas; and
• Exploration success at Björkdal, finding higher-grade
areas at the Eastern Deeps Central zone, currently
obtaining mining permit
1. Assumes average metal prices of: Au $1,797/oz and Sb $10,805/t

4.
4
Demonstrated Operational Turnaround and Organic Growth
TEN CONSECUTIVE QUARTERS of excellent
operational results
• Stable production results 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 2023:
• Costerfield: ramp up stoping on the higher-grade central
areas of Youle. Continue development in the Shepherd
zone.
• Björkdal: increase stoping rates within the lower, higher-
grade levels of the Aurora. Initiate development in several
higher-grade areas of the Eastern Deeps Central zone.
0
500
1,000
1,500
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
2019A 2020A 2021A 2022A 2023E
USD$/oz
Production
AuEq
oz
Production and Cash Cost Performance
2023E CONSOLIDATED COST GUIDANCE
Cash cost $800 – $975 per oz AuEq
All-in sustaining cost $1,150 – $1,325 per oz AuEq
Capital expenditures $44M – $52M
** Average 2022E cash cost graphed. Costerfield: $560 – $710 AuEq oz produced. Björkdal: $980 – $1,130 Au oz produced.
** Average 2023E cash cost for graphed. Costerfield: $ $800 – $975 AuEq oz produced. Björkdal: $975 – $1,125 Au oz produced
Costerfield:
56,000 – 64,000 AuEq. oz
Björkdal:
49,000 – 54,000 Au oz

5.
Track Record of Profitability
Turnaround resulting in steadily
improving financial performance
5
-10,000
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2019 2020 2021 2022
USD'000
Quarterly Financial Performance
Revenue Adjusted EBITDA Adjusted net income (loss)
$150.3M REVENUE IN NINE MONTHS 2022
$0.24 ADJUSTED INCOME PER SHARE IN NINE MONTHS 2022
$21.8M ADJUSTED NET INCOME GENERATED IN NINE MONTHS 2022
$156.5M IN NINE MONTHS 2021
$71.0M ADJUSTED EBITDA IN NINE MONTHS 2022
$74.3M IN NINE MONTHS 2021

6.
6
Expect to be net debt free in 2021
Net Debt Free while Generating Strong Free Cash Flow
Improved operations and cash generation
expected to significantly improve balance sheet
6
$34.6M FREE CASH FLOW IN NINE MONTHS 2022
$42.6M CASH AS AT Q3 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, will fund
purchases of Common Shares through surplus cash
available from its operations
NET DEBT FREE IN Q1 2022 – MAJOR
CORPORATE GOAL ACHIEVED
-$60,000
-$50,000
-$40,000
-$30,000
-$20,000
-$10,000
$0
$10,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2020 2021 2022
USD'000
Consolidated Net Debt/ Cash

7.
Capital Structure and Key Shareholders
7
CAPITAL STRUCTURE
Share price (CAD$) (1) $2.68 per share
Shares Outstanding 92.2M
Fully Diluted Shares Outstanding (2) 94.1M
Market Capitalization (CAD$) $247.1M
Cash and Cash Equivalents (USD$) (4) $42.6M
Total Interest-Bearing Debt (USD$) (4) $36.7M
Enterprise Value (USD$) (3,4) $191.7M
ANALYST COVERAGE
BMO Capital Markets Brian Quast
Research Capital Stuart McDougall
Share Price Performance
1. As at Jan 12, 2023 | 2. Includes: 0.4M RSU, 0.5 PSU, 0.3 DSU and 2M employee stock options with exercise prices of: CAD$0.61 – CAD$6 and expiry dates from Jun 30, 2024 – Jun 30, 2029.
3. Using exchange rate of CAD$1 = USD$0.80 | 4. From Mandalay’s Financial Statements as of Sept 30, 2022 | 5. Ownership positions are estimates - as at Jan 2023 Note: numbers may be rounded
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
0
0.5
1
1.5
2
2.5
3
3.5
4
Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22
Volume
CAD$
Volume Close
KEY SHAREHOLDERS

8.
1.7
8.5
Mandalay Peer Group (Average)
EV/ TTM Net Cash from OPs
Significantly Undervalued Relative to Peers
8
Source: Company filings.
1. Enterprise value reflects share prices as at Jan 11, 2023, for Peer group and of $2.68 for Mandalay.
2. Mandalay actual 2022 production vs. Peer groups’ 2022E
Note Peer group: Argonaut Gold, Aura Minerals, Calibre Mining, GCM 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
$1,200 $1,278
Mandalay Peer Group (Average)
2022E AISC (USD$/oz)
~0.9x
that of
Peers
192
354
Mandalay Peer Group (Average)
Enterprise Value (USD$M)
~0.2x
that of
Peers
3%
-26%
16%
Spot Price of Gold Peer Group (Average) Mandalay
Price Performance since December 31, 2022
151
397
Mandalay Peer Group (Average)
EV/Proven & Probable Au oz
106
164
Mandalay Peer Group (Average)
2022E Production AuEq. ('000) (2)
~0.4x
that of
Peers
~0.5x
that of
Peers
~0.7x
that of
Peers

9.
COSTERFIELD
OPERATIONS

10.
Costerfield Gold-Antimony Mine
Production profile
reinvigorated by high-grade
Youle vein
• Constant ramp-up of Youle
production since Q4 2019
• Processed grades of 11.8 g/t
Au and 3.96% Sb YE2022
• Stable production scheduled
over the next 5 years
• Highly-prospective land
package with massive
exploration upside
• Recent exploration success,
growing mine life
10
OVERVIEW
Location Victoria, Australia
Land package 1,293 hectares
Life of Mine 5 years
2022A/ 2023E Production 64,659 AuEq oz/ 56,000 – 64,000 AuEq oz
2023E Cash costs (1) $650 – $825 per oz AuEq
2023E AISC (1) $925 – $1,075 per oz AuEq
2023E CAPEX $20M – $24M
P&P Reserves (2) Total: 769,000 t @ 12.6 g/t Au & 2.5% Sb for 312,000 Au oz & 19,600 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, 2021, documented in an independent NI 43-101 Technical Report, filed March 31, 2022
3. Source: Kitco News September 3, 2021, “Richest gold mines in the world in Q1 2021 – report”
One of the HIGHEST GOLD GRADE mines in the world (3)
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 13.49 Au g/t 13.46 Au g/t
11.01 Au g/t 11.91 Au g/t
5.45% 4.18% 4.10% 3.47% 3.85% 3.96% 4.06% 3.99% 3.61% 2.61% 2.71%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2020 2021 2022
Milled Head Grade
Mill head grade Au
Mill head grade Sb

11.
Youle Vein:
High-Quality, Low-Cost Production and Organic Growth
Youle providing Costerfield with sustainable organic growth
11
0
20
40
60
80
100
0
2
4
6
8
10
12
14
16
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2019 2020 2021 2022
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 Q1 Q2 Q3 Q4
2019 2020 2021 2022
$USD
per
AuEq
oz
AuEq
oz
Production
Production and Cash Costs
AuEq produced Cash cost per oz AuEq Produced
64,659 AuEq oz PRODUCED YE2022
68,729 AuEq oz PRODUCTION IN YE2021
12.1 g/t Au & 2.9% Sb GRADES IN NINE MONTHS 2022
11.3 Au g/t & 4.0% Sb in NINE MONTHS 2021

12.
Demonstrated History of Replacing Mined Ounces
and Resource Growth
12
• Has maintained an approximate 2 – 4 year
mine life for the past 9 years. This has grown to
5 years in 2022.
• 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 prior to
2020)
• Anticipated 2023 exploration expenditure of
$7M – $9M, with focus on target testing and
generative exploration
MANDALAY HAS BEEN PRODUCING
FROM COSTERFIELD FOR
+10 YEARS
$-
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Exploraiton
Expenditure
(US$
,000)
AuEq
(oz)
Costerfield M+I Profile V's Exploration Expenditure (Au Eq. oz)
Shepherd Youle Brunswick
Cuffley Augusta Cumulative Depletion
Infill (US$) Testing (US$) Generative (US$)
Yearly Depletion

13.
COSTERFIELD
EXPLORATION
OPPORTUNITIES

14.
Exciting District-Scale High-Grade Exploration Potential
Costerfield exploration program
consists of:
14
1. NEAR MINE VEINING EXTENSIONS
2. CENTRAL CORRIDOR DEEPS
3. SATELLITE DEPOSIT TARGET TESTING
Youle Workings and
Shepherd Discovery
Brown’s Corridor
2.5km of shallow workings with
significant grades drilled in 2021
Augusta Portal and Mine
True Blue Corridor
3.5km of shallow workings
and geochemical signature
Brunswick Portal and
Processing Facility
Antimony Creek Corridor
4km of shallow workings and
surface geochemical signature
5km
1km 2.5km
Central Corridor
6km of Historic and Current
workings delivering +1M oz of gold
at 12g/t with current Mineral Reserve
of 410,000 oz at 16.6 g/t AuEQ

15.
1. Youle: Consistent High-Grade Production
• Continuous core defined by multiple intercepts of
+50 g/t AuEq over 1.8 m minimum mining width
• Focus has moved to the high-grade Shepherd
Zone however significant production inventory and
extension potential exists for Youle
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
15
Historic Mine producing from 1863 - 1938
Current Youle Mine has produced 190,000 oz
at 17.7 g/t AuEq since August 2019
Shepherd South
Potential
2021 Shepherd Discovery
0.11m @ 345.1 g/t Au and 19% Sb
0.22m @ 316.1 g/t Au
0.07m @ 142 g/t Au

16.
1. Shepherd: Significant Grades Found Through 5 Veins in 2021 – 2022
16
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.

17.
17
1. Shepherd: Grade Continuity Through Shepherd and Extending
the Veining Horizon
Mineralization located 300 m further along trend of
Shepherd and a further 150 m at depth
DRILLING HIGHLIGHTS:
Infill drilling extends high-grade veining to the north and southern portion:
• 234.7 g/t gold over 4.17 m (ETW 1.49 m) in BC262; and
• 377.4 g/t gold over 0.54 m (ETW 0.40 m) in BC371
Mineralization located 300 m to the south along trend of Shepherd and a further
150 m at depth including:
• 332.0 g/t gold over 0.33 m (ETW 0.26 m) in BC274W1
Potential third veining horizon located in three drill holes approximately 40 m
further west of the known Shepherd veining:
• 17.6 g/t gold & 18.6% antimony over 0.17 m (ETW 0.17 m) in BC299
Additional veining located to the east of Youle with high potential for extension:
• 22.2 g/t gold & 16.0% antimony over 0.24 m (ETW 0.12 m) in BC295
Drilling above Youle intercepts an undiscovered and unmined panel of veining
including:
• 27.8 g/t gold & 31.5% antimony over 0.67 m (ETW 0.36 m) in BC328

18.
2. Central Corridor Deeps
18
Sb+Au
Target
Au
Target
0.19m @ 344.7 g/t Au
2.45m @ 45.5 g/t Au
Inc: 0.08m @ 1,361 g/t Au
3 mineralization styles are being targeted at depth
below the historic and current mines of the Central
Corridor
• Youle style (gold-antimony) westward dipping
potentials are being targeted below Cuffley and
Brunswick and north of Youle
• Shepherd style (gold in quartz) subvertical vein
arrays have been intercepted under Cuffley and
are being re-targeted along with the extension
of Shepherd and the potential underneath
Brunswick in 2023.
• The emplacement environment akin to that of
Fosterville (highest grade gold mine in the world
(1) and 30 km to the east of Costerfield) has
been located below Costerfield. Targeting of
this zone will continue in 2023.
1
2
3
1. Source: Kitco News September 3, 2021, “Richest gold mines in the world in Q1 2021 – report”

19.
The following regional programs are
expected to recommence in 2023:
• Drilling will recommence on satellite
targets containing historic mines,
insufficient drill testing and
encouraging geochemical signatures.
• Soil and bedrock geochemical testing
will continue through 2023.
• An active seismic survey profile will be
undertaken across the field enhancing
depth and regional targeting.
19
Browns
True Blue
Robinsons
West Costerfield
Margaret
MacDonald
3. Regional Exploration
Antimony Creek

20.
3. Regional Exploration: Robinson Prospect
20
Section at 5040N showing the location of surface historic workings and
the location of new drilling at depth.
Initial 4 holes intercepted visible gold in the immediate surrounds of the historic
Robinson Mine approximately 2 km from Costerfield’s operating underground
infrastructure.
Identified a potential offset to the
historically producing Robinson
Mine with an intercept of:
• 1,780 g/t gold over 0.17 m
(estimated true width of 0.15 m)
in RB007
Images of the RB007 intercept including a picture of the core tray showing surrounding breccia and assays grades (A),
hand specimen of the uphold contact of the mineralized breccia (B) and micrographs of some of the gold grains (C)

21.
Three Keys to Value Creation at Costerfield
21
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 900 m and
1,000 m
• Deep hole program will continue throughout 2023
Surface drilling on highly-prospective targets
• Shepherd targets continue to return significant results in 2022
• Targets currently being drilled and planned include; Margaret, Brunswick Deeps, Cuffley Deeps
Youle Extension, Eastern Youle, True Blue, and Robinsons
• Exploration update videos available here

22.
BJÖRKDAL
OPERATIONS

23.
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, including Eastern Deeps following mining permit
• Exploration success and development ramp-up at higher-grade, wider
Aurora zone continues
23
OVERVIEW
Location Skellefteå, Sweden
Land package 12,949 hectares
Life of Mine 9 years
2022A/ 2023E Production 41,247 Au oz/ 49,000 – 54,000 Au oz
2023E Cash costs (1) $975 – $1,125 per Au oz
2023E AISC (1) $1,325 – $1,475 per Au oz
2023E CAPEX $24M – $28M
P&P Reserves (2) 12.2 mt @ 1.39 g/t Au for 542,000 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. Mining Plus Pty Ltd. Effective December 31, 2021, documented in an independent NI 43-101 Technical Report, filed March 31, 2022

24.
Björkdal Gold Mine: Operations
24
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 Q4 Q1 Q2 Q3
2019 2020 2021 2022
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 Q4 Q1 Q2 Q3 Q4
2019 2020 2021 2022
Au
grade
g/t
Au
Production
oz
Production & Grade
Au Production Au grade
41,247 Au oz PRODUCED IN YE2022
45,236 Au Oz PRODUCED IN YE2021

25.
Extension Drilling: Targeting Areas of Elevated Grades and
Veining Continuity
• Anticipated 2023 exploration expenditure of $3M –
$5M
• Aurora and surrounding veining remains the
dominant source of ore at Björkdal
• Exploration focus has transitioned from Aurora
extension to brining into resource, other areas of
veining where elevated grade are probable
• The Eastern drilling follows the strike extension of
the Main, Central and Lake Zone veining to the east
and at depth as the deposit plunges to the east
• Significant high grades have been located within
the eastern extension veining
• 2023: underground drilling will focus further on this
eastern area as well as the recommencement of
Norther Zone drilling, infilling and extending the
identified long lived veins north of Aurora
25
Area offers upgrade potential for the mine
Perspective view of the Björkdal Mine looking towards the SW highlighting the interaction of the veining (Red), Marble
(Blue) and Björkdal fault (Yellow). Drilling from the 2022 Eastern extension and North Zone programs is also shown.

26.
Eastern Extension Programs
26
EASTERN EXTENSION HIGHLIGHTS:
Central Zone Extension
• 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;
• 45.5 g/t gold over 2.3 m (ETW 1.15 m) in MU21-028;
Main Zone Extension
• 174.0 g/t gold over 0.50 m (ETW 0.49 m) in MU21-010;
• 6.1 g/t gold over 10.8 m (ETW 8.85 m) in MU21-010; and
• 105.0 g/t gold over 0.30 m (ETW 0.21 m) in MU21-015.
Lake Zone Extension
• 119.2 g/t gold over 0.65 m (ETW 0.44 m) in MU21-028;
• 226.0 g/t gold over 0.30 m (ETW 0.21 m) in MU21-029.
• 92.2 g/t gold over 0.50 m (ETW 0.40 m) in MU21-029.
Eastward mine extension drilling programs indicates an
upgrading with depth at Björkdal.
Focused 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 2021
Eastern Extension drilling programs are shown.
Main Zone
Central Zone
Lake Zone

27.
27
Northern Extension
NORTHERN ZONE HIGHLIGHTS:
• MU22-002
• 155.0 g/t gold over ETW of 0.61 m;
• 183.0 g/t gold over ETW 0.34 m;
• 64.8 g/t gold over 0.85 m (ETW 0.55 m) in
MU22-002
• MU9-016
• 33.5 g/t gold over an ETW of 0.27 m;
• 27.6 g/t gold over ETW of 0.75 m; and
• 10.5 g/t gold over ETW of 0.40 m
• 27.0 g/t gold over ETW of 0.60 m in MU20-001;
• 2.5 g/t gold over ETW of 2.5 m in MU20-002;
• 8.7 g/t gold over ETW of 0.19 m in MU20-003 and;
• 37.2 g/t gold over ETW of 0.27 m in MU20-006
• Sheeted Aurora orientation veining has
been identified up to 500 m to the north of
current workings.
• Veining is underexplored however initial
interpretation indicates a breadth of veining
similar to Aurora.
Section Looking West showing the Northern Zone veining in relation to Aurora
North Zone
Aurora
Central Zone
Lake Zone
Main Zone

28.
Regional exploration in 2023 will focus on
drill testing the highest priority targets
within 2 different styles of mineralization.
• Björkdal style (gold in sheeted quartz
veining) veining has been observed in
Mapping, Base of till drilling and historic
diamond drilling to the east of Björkdal.
• Boliden style (VMS Copper Gold) is
targeted to the south-west of Björkdal
with some targets sharing a structural
connection with the historic Boliden
Mineralization
• Generative Process will continue
including Base of Till drilling, Ground
Magnetics and Induced Polarization
surveys.
28
Regional Testing: Generating Significant Targets Through
Mapping and Sampling
Boliden OP-UG (1925-1966)
8.3 Mt @ 15.9 g/t Au
Au-Cu-As VMS Strömfors deposit
2.59 Mt @ 2.95 g/t Au
Au-Ag-Cu-Zn-Pb VMS
Norrberget
162 Kt @ 2.8 g/t (reserve)
Backfors
Storslyet
Granholm
Tarsnas-Nyholm
Vidmyran
East Björkdal
Storheden
Björkdal
17.2 Mt @ 2.07 g/t (M&I Resource)
Lapptjarm

29.
The Path Forward
29
Underground
Production
Focus on More
Profitable Ore
Exploring
High-Potential
Targets
• Underground ore is higher-grade and most profitable mill feed
• Process 1.2Mtpa from underground sources and less low-grade stockpile
• Increased mill throughput planned
• Increase Aurora zone’s contribution to overall mill feed
• Focus on other high-grade vein systems
• Extend the mineralization of Aurora zone
• Initiate development in several higher-grade
areas of the Eastern Deeps Central zone
Underground production, delineation of the Aurora zone and development of the Eastern Deeps Central
zone currently underway
• Exploration update videos available here

30.
SUMMARY
& HIGHLIGHTS

31.
Creating Long-term Sustainable Value for Shareholders Through:
31
1. 2. 3. 4.
Responsible leadership. Continuously improve our best practice regarding safety, environmental standards
and involvement with local communities and other stakeholders
Innovation. Continue growing the production and cash generation from our operations
Value-creation driven by strategic exploration of current resources funded by organic cash flow.
Ultimate aim of expanding our assets’ life of mine to +10 years
Efficient capital allocation
Continue to evaluate opportunities for inorganic growth
Continue to build a cycle resilient, diversified and sustainable producer

32.
Investment Summary
32
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 and Shepherd vein major growth catalyst
• Björkdal: Focus on higher-margin ore
• Strong growth in revenue, adjusted EBITDA and adjusted net income
• Generated $35M in free cash flow during first nine months of 2022
• Continuing regional exploration highly-prospective targets at both assets
• Defined pipeline for long-term value creation
• Cash position of $42.6M as Q3 2022
• Became net debt free in 2022
• Fully-funded exploration programs
• High potential for future profitability and
growth

33.
33
Edison Nguyen
647.260.1566 ext. 1
e.nguyen@mandalayresources.com
@MandalayAuAg
TSX: MND
OTCQB: MNDJF
mandalayresources.com

34.
APPENDICES

35.
Non-Core Assets: Chilean Properties
35
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

36.
Costerfield Mineral Reserves
36
Mineral Reserves at Costerfield (as of Dec 31, 2021)
Category Tonnes (kt)
Au Grade
(g/t)
Sb Grade (%)
Cont. Au
(koz)
Cont. Sb (kt)
Proven
Proven Underground 267 15.9 4.4 136 11.7
Proven Stockpile 41 10.1 3.3 14 1.4
Probable
Underground 460 10.9 1.4 162 6.5
Total Proven + Probable 769 12.6 2.5 312 19.6
Source: Mining Plus Pty Ltd. Effective December 31, 2021, documented in an independent NI 43-101 Technical Report, which will be filed within 45 days from filed Feb 16, 2022

37.
Björkdal Mineral Reserves
37
Sources: Mining Plus Pty Ltd. Effective December 31, 2021, documented in an independent NI 43-101 Technical Report, which will be filed within 45 days from filed Feb 16, 2022. Norrberget Open Pit: 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, 2021)
Category Tonnes (kt) Au Grade (g/t) Cont. Au (koz)
Proven
Underground 1,127 2.05 74
Probable
Underground 5,350 1.76 302
Open Pit 2,949 1.07 101
Norrberget Open Pit 162 2.80 15
Stockpile 2,532 0.61 50
Total Probable + Probable 12,121 1.39 542

38.
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
38

39.
Management and Board of Directors
39
Dominic Duffy
President, Chief Executive
Officer & Director
Senior Management
Board of Directors
Nick Dwyer
Chief Financial Officer
Ryan Austerberry
Chief Operations Officer
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