Mandalay Resources' Costerfield gold-antimony mine in Australia continues to deliver high-grade production from the Youle vein. Exploration drilling has extended mineralization at depth in the Shepherd zone with numerous high-grade intercepts. The company is also conducting a deep drilling program targeting potential for additional high-grade deposits by drilling below existing workings.

1. CONTINUED
PRODUCTION GROWTH
AND EXPLORATION
SUCCESS
SEPTEMBER 2021
TSX | MND OTCQB | MNDJF

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, 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.
2

3. A Profitable Gold Producer Delivering Value and Exploration Upside
3
Costerfield Mine
Australia
Björkdal Mine
Sweden
105,000 – 117,000 AuEq oz
2021 PRODUCTION GUIDANCE Two producing gold mines in Australia and
Sweden – both mining-friendly, tier-one
jurisdictions
• Successful turnaround with both operations continuing to
be significant cash generators in 2021
• At Costerfield, significant Shepherd discovery during 2021,
currently performing extension drilling
• Björkdal beginning to reap the benefits of higher grade,
wider Aurora zone
• Exploration success at Björkdal, finding higher grades at
depth to north-east

4. Strategy
4
Maximize cash
flow from
operations
Unlock further
value and mine
life through
exploration
Continue to
significantly
improve
balance sheet
Re-invest
cash in growth
opportunities
1. 2. 3. 4.

5. Demonstrated Operational Turnaround
5
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
0
5,000
10,000
15,000
20,000
25,000
30,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
USD$/oz
Production
AuEq
oz
Production and Cash Cost Performance
Costerfield Production Björkdal Production
Cerro Bayo Production Costerfield Cash Cost
Björkdal Cash Cost
SIX CONSECUTIVE QUARTERS
of excellent operational results
• Consolidated 57,519 ounces of saleable gold
equivalent production in H1 2021
• Significant decrease in Costerfield
cash costs in 2020, with stable
costs at Björkdal
• Sustainable cash cost reductions as a result of
higher-grade material and improved
underground operations
2020 CONSOLIDATED COSTS & CAPEX
Cash cost (1) $843 per oz AuEq
All-in-sustaining cost (1,2) $1,254 per oz AuEq
Capital expenditures (3) $46.9M
1. Cash cost and all-in sustaining cost are non-IFRS measures.
2. Consolidated costs per Au Eq. oz includes corporate overhead spending and costs associated Cerro Bayo care and maintenance costs
3. CAPEX breakdown: $23.6M capital development, $17.0M PPE & $6.3M exploration

6. 6
A Compelling Growth Trajectory
2019 76,659 AuEq oz
2020 (1)
103,444 AuEq oz
2021E (2)
105,000 – 117,000 AuEq oz
2021 CONSOLIDATED COSTS GUIDANCE
Cash cost (3) $800 – $1,000 per oz AuEq
All-in-sustaining cost (3,4) $1,100 – $1,350 per oz AuEq
Capital expenditures $48M – $56M
Exceeded original 2020 consolidated production guidance
Demonstrated Organic Growth
• Costerfield: Slight production increase in 2021
• Björkdal: Steady ramp-up expected from
Björkdal in 2021 as production increases from
the Aurora zone
• On track to attain 2021 production and cost
guidance
1. 2020 realized prices: $1,804/oz Au and $5,659/t Sb
2. 2021E gold equivalent production assumes average metal prices of: Au $1,860/oz, Sb $6,600/t
3. Cash cost and all-in sustaining cost are non-IFRS measures.
4. Consolidated costs per Au Eq. oz includes corporate overhead spending, costs associated with the
trial processing of waste dumps at Cerro Bayo and total care and maintenance costs

7. Capital Structure and Key Shareholders
7
CAPITAL STRUCTURE
Share price (CAD$) (1) $2.72 per share
Shares Outstanding 91.5M
Fully Diluted Shares Outstanding (2) 94.5M
Market Capitalization (CAD$) $248.9M
Cash and Cash Equivalents (USD$) (4) $39.1M
Total Interest-Bearing Debt (USD$) (4) $56.5M
Enterprise Value (USD$) (3,4) $216.5M
ANALYST COVERAGE
BMO Capital Markets Brian Quast
Mackie Research Capital Stuart McDougall
Share price performance
Mandalay Share Price Performance
26%
20%
19%
17%
13%
5%
1. As at September 3, 2021 | 2. Includes: 0.5M RSU, 0.3 PSU, 0.1 DSU and 2M employee stock options with exercise prices of: CAD$0.61 – CAD$6 and expiry dates from Jun 30, 2024 – Jun 30, 2028.
3. Using exchange rate of CAD$1 = USD$0.80 | 4. From Mandalay’s Financial Statements as of June 30, 2021 | 5. Ownership positions are estimates - as at Sept 2021 Note: numbers may be rounded
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
0
0.5
1
1.5
2
2.5
3
3.5
4
8-Sep 8-Oct 8-Nov 8-Dec 8-Jan 8-Feb 8-Mar 8-Apr 8-May 8-Jun 8-Jul 8-Aug
Volume
Share
Price
CAD$ Volume Close
KEY SHAREHOLDERS
CE Mining 26%
GMT Capital 20%
Ruffer LLP 19%
Others 17%
AzValor 13%
West Face 5%

8. Significantly Undervalued Relative to Peers
8
Source: Company filings.
1. Enterprise value reflects share prices as at September 3, 2021 for Peer group and of $2.72 for Mandalay. Mandalay’s 2021E gold equivalent production midpoint graphed.
Note Peer group: Wesdome Gold Mines, Superior Gold, Harte Gold Group, Fosterville South Exploration, Fiore Gold, Robex Resources, Great Panther Mining, Gran Colombia Gold, McEwen Mining, Jaguar Mining, Calibre Mining, Roxgold, and Golden Star Resources
$229
$588
Mandalay Resources Peers (Average)
EV/Proven & Probable Au oz
$217
$412
Mandalay Resources Peers (Average)
Enterprise Value (USD$M)
111 120
Mandalay Resources (Average) Peers (Average)
2021E Production AuEq. ('000)
Despite operational and financial turnaround, MND trading at lower value relative to peers
25
13
Mandalay Resources Peers (Average)
YE2020A Free Cashflow (USD$M)
$1,225 $1,246
Mandalay Resources (Average) Peers (Average)
2021E AISC (USD$/oz)
~2x
more than
Peers
~0.5x
that of
Peers
~0.9x
that of
Peers
~0.9x
that of
Peers
~0.4x
that of
Peers
-4%
-12%
39%
Gold Spot
Peers (Average)
Mandalay Resources
YTD Price Performance

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 11.6 g/t
Au and 4.3% Sb YE2020
• Stable production scheduled
over the next 4 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 4 – 5 years
2021E Production 53,000 – 60,000 Au Eq oz
2021E Cash costs (1) $675 – $825 per oz AuEq
2021E AISC (1) $950 – $1,100 per oz AuEq
2021E CAPEX $16M – $20M
P&P Reserves (2) Youle: 396,000 t @ 15.3 g/t Au & 3.3% Sb for 195,000 Au oz & 13,100 Sb t
Total: 616,000 t @ 12.8 g/t Au & 3.5% Sb for 255,000 Au oz & 21,700 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, 2020, documented in an independent NI 43-101 Technical Report filed March 31, 2021
One of the HIGHEST-GRADE underground gold mine in the world
12.6 11.2 11.5 11.2 11.0 9.9
Q1 Q2 Q3 Q4 Q1 Q2
2020 2021
Mill head grade Au g/t

11. Youle Vein:
High-Quality, Low-Cost Production and Organic Growth
Youle providing Costerfield with sustainable organic growth year-over-year
11
0
20
40
60
80
100
0
2
4
6
8
10
12
14
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
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
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021
$USD
per
AuEq
oz
AuEq
oz
Production
Production and Cash Costs
AuEq produced Cash cost per oz AuEq Produced
14,818 AuEq oz PRODUCTION Q2 2021
30,276 AuEq oz Production H1 2021 – 6% increase vs. H1 2020
10.4 g/t Au & 3.8% Sb GRADES IN H1 2021
11.9 Au g/t & 4.8% Sb H1 2020

12. Three Keys to Value Creation at Costerfield
12
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 (CavTube flotation commissioning in Q2 2021)
Targeting high-grade mineralization at depth
• Regional success has shown potential for super grade deposits within the region
• Deep hole program to be recommenced under Shepherd discovery in 2nd half of 2021
Surface drilling on highly-prospective targets
• Targets include Youle Extension, Damper Gully, True Blue, and Brown’s & Robinson’s
• Exploration update videos available here

13. COSTERFIELD
EXPLORATION
OPPORTUNITIES

14. 1. Extensional Drilling at Youle: Continuity of High-Grade
• Continuous core defined by multiple intercepts of
+50 g/t AuEq over 1.8 m minimum mining width
• 2021 extensional drilling intercepted high-grade
veining to the North of the current mine design
JAN 2021 HIGHLIGHTS: 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
14
Minerva Intercept BC142 - 0.24m @ 12.6g/t Au & 3.1% Sb
New High Grade Gold Domain
Open Plunge
Minerva Target shape
East of Historic workings

15. Shepherd Zone: Extension
15
JUN 2021 HIGHLIGHTS:
Eastern Veining
• 172.3 g/t gold over true width of 0.27 m in BC213; and
• 69.5 g/t gold over true width of 1.11 m in BC210
including:
• 406.0 g/t gold over true width of 0.14 m
Western Veining
• 33.7 g/t gold over true width of 3.22 m in BC201
including:
• 127.0 g/t gold over true width of 0.69 m;
• 712.8 g/t gold over true width of 0.10 m in BC205; and
• 19.4 g/t gold over true width of 4.84 m in BC210
including:
• 657.3 g/t gold over true width of 0.13 m
Eastern and Western veining horizons are
extended in the Shepherd Zone, with
numerous high-grade gold intercepts along
a 400 m strike extent
Eastern
Veining
Western
Veining

16. 2. Deep Drilling Program: Timeline
Mandalay intercepted high-grade gold mineralization in deep drilling in 2014, with 2 of 4 intercepts
returning grades that support the Costerfield-Fosterville analogy
16
CSK007: 0.08 m @ 1,361 g/t Au
and CSK012: 0.19m @ 345 g/t Au
2014:
Intersected high-grade mineralization with
two deep holes drilled under Cuffley
2019:
Began deep hole program with first deep
hole under Youle (completed)
2020:
Second deep hole under Cuffley/ Augusta
2021:
Continuing drilling under Cuffley/ Augusta/
Brunswick

17. BJÖRKDAL
OPERATIONS

18. 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
• Exploration success and development ramp-up at higher-grade, wider
Aurora zone continues
18
OVERVIEW
Location Skellefteå, Sweden
Land package 12,949 hectares
Life of Mine 9 years
2021E Production 52,000 – 57,000 Au oz
2021E Cash costs (1) $900 – $1,050 per Au oz
2021E AISC (1) $1,200 – $1,350 per Au oz
2021E CAPEX $32M – $36M
P&P Reserves (2) 11.5 mt @ 1.47 g/t Au for 544,000 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. SLR Consulting Ltd. Effective December 31, 2020, documented in an independent NI 43-101 Technical Report filed Mar 31, 2021

19. Björkdal Gold Mine: Operations
19
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
2019 2020 2021
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
2019 2020 2021
Au
grade
g/t
Au
Production
oz
Production & Grade
Au Production Au grade
22,796 Au oz H1 2021 PRODUCTION
22,000 IN H1 2020

20. Aurora Zone: Key to Lifting Underground Production
• Mineralization found to extend hundreds of
metres; previously was constrained by a marble
contact
• Significantly wider and consistently higher-grade
than current ore – open at depth
• Current known mineralization over 500 m
horizontally and 400 m vertically
• Readily accessible; 10 levels currently being
developed
• Stoping has been initiated on first levels
• Large step-out drilling occurring below and
East and West of currently known mineralization
20
Emerging growth catalyst in development
Perspective view of the Björkdal Mine looking towards the SSW highlighting the interaction of the veining (Red) marble
(Blue) and Björkdal shear (Yellow). Drilling of the 2021 Main Zone extension and Lake Zone infill drilling is also shown

21. Aurora Zone Exploration Success
Mineralization open in all directions
• Underground drilling campaign focused on extending
Aurora zone
• Drill results demonstrate potential to extend Aurora in all
laterally and down dip
• High-grade mineralization continuity has been confirmed
at depth and to the east in early 2021
21
NOV 2020 HIGHLIGHTS: HIGH-GRADE
EXTENSIONS TO BOTH THE EAST AND AT DEPTH
• 4.8 g/t gold over a true width of 2.47 m in MU20-007;
• 2.7 g/t gold over a true width of 2.82 m in MU20-016;
• 8.1 g/t gold over a true width of 2.99 m in DOD2020-063;
and
• 3.0 g/t gold over a true width of 3.45 m in DOD2020-073

22. Depth Extension to the Lake Zone
22
JUN 2021 HIGHLIGHTS:
• 226.0 g/t gold over true width of 0.21 m in MU21-003;
• 25.3 g/t gold over true width of 1.03 m in MU21-007; and
• 4.2 g/t gold over true width of 4.11 m in MU21-004
FEB 2021 HIGHLIGHTS:
• 92.2 g/t gold over a true width of 0.40 m in MU20-021;
• 32.5 g/t gold over a true width of 1.1 m in MU20-021;
• 16.4 g/t gold over a true width of 1.11 m in MU20-022;
• 119.2 g/t gold over a true width of 0.44 m in MU20-023; and
• 58.5 g/t gold over a true width of 0.32 m in MU20-025
Initial high-grade intercepts demonstrating significant
continuation within the Lake Zone at depth and at
higher grades

23. Main Zone Extension
23
JUN 2021 HIGHLIGHTS:
• 174.0 g/t gold over true width of 0.49 m in MU21-010;
• 6.1 g/t gold over true width of 8.85 m in MU21-010; and
• 105.0 g/t gold over true width of 0.21 m in MU21-015
Direct extensions to 10 veins have been interpreted
from the program with 63 significant intercepts
within the drilling

24. The Path Forward
24
Ramp-up
Underground
Production
Focus on More
Profitable Ore
Exploring
High-Potential
Targets
• Underground ore is higher-grade and most profitable mill feed
• Plan to ramp-up underground tonnage to +1.1Mtpa in 2021
• Increase Aurora zone’s contribution to overall mill feed
• Focus on other high-grade vein systems
• Extend the mineralization of Aurora zone
• Test potential high-grade skarn deposits
Underground production ramp-up, delineation and development of the Aurora zone currently underway
• Deep drilling under Main and Lake zones
• Exploration update videos available here

25. SUMMARY
& HIGHLIGHTS

26. Investment Summary
26
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 vein major growth catalyst
• Björkdal: Ramping-up underground production, focused on higher-margin ore
• Strong growth in revenue, adjusted EBITDA and adjusted net income
• Generated $10.9M and $25.3M of free cash in H1 2021 and YE 2020, respectively
• Continuing regional exploration highly-prospective targets at both assets
• Defined pipeline for long-term value creation
• Cash position of $39.1M as at Q2 2021
• Opportunity for net debt free in 2021
• Fully-funded exploration programs
• High potential for future profitability and
growth