Mandalay Resources Corporation March 2014 Presentation

1. DELIVERING
VALUE AND GROWTH
MAR
2014

2. This presentation contains "forward-looking statements" within the meaning of applicable securities laws, including statements relating to life of
mine production plans and exploration plans and the growth and strategy of Mandalay. Readers are cautioned not to place undue reliance on
forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on,
among other things, that exploration results at Cerro Bayo, Costerfield, and La Quebrada may not meet management’s expectations, that Cerro
Bayo and Costerfield capital, production and operating cost results may not meet current plans, that reclamation costs associated with
Mandalay’s Furioso property may exceed current estimates, 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. 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 program at Costerfield is supervised by Chris Gregory (Member, Australian Institute of Geoscientists accredited Chartered
Professional (Mining)), General Manager of Australasian Business Development for Mandalay and a Qualified Person as defined under National
Instrument 43-101. Mr. Gregory regularly visits Costerfield, supervises the collection and interpretation of scientific and technical information
contained in this presentation.
The exploration programs on the Cerro Bayo and La Quebrada projects are supervised by Ronald Luethe (Member: American Institute of
Professional Geologists and an Idaho Registered Professional Geologist), General Manager of Mandalay Chile Ltda. and a Qualified Person as
defined under National Instrument 43-101. Mr. Luethe visits the Cerro Bayo and La Quebrada projects often, supervises the collection and
interpretation of scientific and technical information contained in this presentation.
Dr. Mark Sander (Member: AusIMM), President of Mandalay, has visited the Costerfield, Cerro Bayo, and La Quebrada projects several times
during 2010, 2011, 2012 and 2013 and has supervised the preparation of this presentation. He has also visited the Challacollo project in 2013
and 2014.
Forward-looking Statements
2

3. Vision
3
To create exceptional shareholder value through the acquisition of undervalued assets that
can rapidly become cash generative, self fund exploration, establish and maintain high
operating margins and return cash to shareholders within a planned period of time.
Mandalay is committed to operating safely and in an environmentally responsible manner,
while developing a high level of community and employee engagement.

4. Locations and Tradeflows
4

5. **The Company defines EBITDA as earnings before interest, taxes and non cash charges/ (income). EBITDA is presented because the Company
believes it is a useful indicator of relative operating performance. EBITDA should not be considered by an investor as an alternative to net income
or cash flow as determined in accordance with IFRS.
***Annual cash dividend paid quarterly, based on 6% of the Company’s trailing quarter’s gross revenue and the future cash requirements of the Company.
5
Strategy: Rapid Value Generation and Returns
Focus and ResultsEntry Strategy:
 Acquire high-quality assets at a low cost
relative to ultimate value
 Apply management’s extensive operational
and exploration expertise to turn around, grow
and/or develop the assets
 Focus on cash returns to shareholders and
prudent use of leverage
Operationally, Mandalay is focused on:
 High-margin projects where the Company can
achieve rapid production ramp-ups from
restarts, turn around situations or late-stage
development
 Early cash flow to fund exploration, growth and
operational improvements
 Building critical mass through acquisition
Capital strategy: Reduce dilution and return
cash to shareholders
 Announced dividend policy, currently paying
annualized dividend of 6% of gross revenue***
 NCIB: Repurchasing up to 5% of the Company
from operational cash flow over 1 year
Dividend Declarations ($CAD MM) and Return on Invested Capital
$10.9
$2.3

6. Mandalay Q4 2013 Financial Performance
6
Mandalay Q4 2013 Operational Performance
Q4, 2013 2013YE Q4, 2012 2012YE
Saleable Silver oz produced 878,542 3,145,537 895,222 2,911,595
Saleable Gold oz produced 12,117 50,240 10,927 35,125
Saleable Antimony t produced 805 3,275 785 2,481
*Cash position of USD$33.5 prior to purchase of Challacollo mining project in February 2014.
Q4, 2013 2013YE Q4, 2012 2012YE
Net Cash/All-in Cost/oz Ag at Cerro Bayo,
USD
6.74 / 11.51 6.84 / 12.07 5.17 / 10.71 5.67 / 10.70
Net Cash/All-in Cost/oz Au Eq. at
Costerfield, USD
850 / 1,085 819 / 1,062 943 / 1,153 1,112 / 1,304
EBITDA, USD million 13.9 67.7 28.8 79.9
Net Income, USD million 4.4 29.4 22.4 41.7
Cash and cash equiv. at end of period,
USD million*
33.5 33.5 17.3 17.3

7. Discovery-fuelled Organic Growth
7
Significant M&I Resource Growth (1,2,3,4)
P&P Reserve Growth (1,2,3,4)
1 Source: Cerro Bayo - Roscoe Postle Associates, Feb. 2014, documented in an independent NI 43-101 report to be filed within 45 days of Feb. 13, 2014
2 Source: Costerfield - SRK Consulting (Australia), Feb 2014, documented in an independent NI 43-101 report to be filed within 45 days of Feb. 13, 2014
3 Source: Challacollo – Roscoe Postle Associates, Dec. 20, 2013, in a report filed Feb. 7, 2014
4 Source: La Quebrada – Independent Technical Report filed 16-Aug-2012
Total Reserves: 31-December-2013
Ag
(cont. oz)
Au
(cont. oz)
Sb
(cont. t)
Mandalay Proven Reserves 4,705,000 61,000 3,000
Mandalay Probable Reserves 13,197,000 240,000 12,000
Mandalay P&P Reserves 17,902,000 301,000 15,000

8. Production Growth 2014E
8
Costerfield Budget and Production
(2014E)
Cerro Bayo Budget and Production
(2014E)
Challacollo Budget
(2014E)

9. (1) Exercise price: C$0.255 - C$0.83; Expiry date: Dec 7, 2014 - Mar 18, 2018
(2) Exercise price: C$0.31 - C$0.465; Expiry date: Nov 30, 2014
(3) Assuming USD$ 1 = CAD$ 1.1140
(4) As of November 5, 2013, the directors and executive officers of the Corporation, as a group, beneficially owned, or controlled or directed, directly or indirectly, approximately
173,783,259 Common Shares, representing approximately 53.76% of the outstanding Common Shares
Capital Structure and Ownership
9
Major Shareholders(4)
Holders % Shares (Million)
West Face Capital 40.3% 136.9
Plinian + Management 10.5% 35.8
Sprott Asset Management 9.9% 33.5
Silver Standard 3.5% 12.0
Arcourt (Byrne) 3.4% 11.7
Baker Steel 3.3% 11.1
Capital Structure as at March 12, 2014
Millions
(Except Share Price Information)
Share price (Mar. 12, 2014 - close) (CAD$) 0.96/shr
Shares Outstanding 340.1
Options(1) 15.8
Warrants(2) 15.9
Fully Diluted Shares Outstanding 371.8
Market Capitalization (CAD$) 326.5
Cash and Cash Equivalents (CAD$) (as of Dec. 31, 2013)(3) 37.3
Total Debt (CAD$) (as of Dec. 31, 2013)(3) 0
Total Enterprise Value (CAD$) 289.2

10. 10
Management Track Record: Execution, Value Creation
Company History and Milestones
2009 Q4 2010 2011 2012 2013 2014
Financial/
Corporate
• Acquired
Costerfield
gold-antimony
mine for
Mandalay
stock
• Listed on TSX
main board from
TSX-V
• Raised $23
million for
purchase and
restart of Cerro
Bayo silver-gold
mine
• Announced
Normal Course
Issuer Bid
(“NCIB”) to buy
back 5% of
Company’s
shares
• Completed
Substantial Issuer
Bid; reduced FD
share count by 8%
• Completed and
Renewed NCIB
• Paid $3.2 million in
dividends
• Extended credit
facility by $10
million
• NCIB renewed
• Paying $10.9
million in
dividends
(2013 est.)
• Completed
Challacollo
acquisition
Operational • Began
Production at
Costerfield
(Dec 2009)
• Began
production at
Cerro Bayo
(Sept 2010)
• Began milling &
shipping at
Cerro Bayo (Jan
2011)
• Increased
production at
both projects
• Doubled silver
reserves, boosted
gold reserves 85%
• Reached design
production at both
operations
• Extended
Costerfield mine
life to 4 years
• Began ramp up at
Cerro Bayo to
1,400 tpd
• Cerro Bayo ramp
up expected
completion: Q1
2014
• Feasibility at
Challacollo
Mandalay: 256%
(total return)
Peers: 137%
Silver: 49%
Gold: 43%
TSX Composite: 30%
TSX Mining: -11%
*Peer group includes: Coeur Mining, Endeavour Silver, First Majestic Mines, Fortuna Silver, and Primero Mining
Share prices as at March 12, 2014
Q4 2009 - New Management Team
(Mills, Sander & Swarup)

11. Cerro Bayo Silver-Gold Mine
11
Land package 23,096 hectares
Ownership 100%
2013 silver production 3,145,537 oz
2013 gold production 21,482 oz
2014E silver production 3.0 – 3.2 Moz
2014E gold production 23,000 – 27,000 oz
Current throughput / Goal approx. 1,200 tpd / 1,400 tpd (end Q1 2014)
P&P Reserves 2.5 Mt @ 224 g/t Ag; 2.2 g/t Au
Plant recoveries (FY 2013) Ag: 90.9%, Au: 87.8%
2013A Cash costs/oz Ag
net Au credits / 2014E
$6.84 / $6 – $8
2014 Planned Exploration
Budget $3 – 4 million

12. Cerro Bayo Operating Performance
12

13. 13
Cerro Bayo District: Target-rich Land Package
NI43-101 Reserve-Resource veins
 2013 Infill and Step-Out Drilling
2012 New infill from 2011 Blue Sky successes
2013 Scheduled Blue Sky drill targets
2013- Field work to prep for 2014 drilling
Lucia
Chatito
Sb Anomaly
Roadside
Brillantes
Cerro
Viento
Aquila
Sinter Hill
Laguna Verde
High level, Madre-
Aquila-Meseta
Cerro Bayo
Guanaco
Esperanza
Sb Anomaly
MarcelaRoadside
Cerro
Viento
Brillantes
Coigues

14. LAGUNA VERDE
Emerging Extensions and New Veins Under Laguna Verde
Veins with Reserves
Surface Trace
Veins with Reserves
Underground Trace
Target Extensions
Under Laguna Verde
Reported Drill
Intercepts
14

15. Cerro Bayo M&I Resource Growth Net of Depletion
15
1 Source: Cerro Bayo - Roscoe Postle Associates, Feb. 2014, documented in an independent NI 43-101 report to be filed within 45 days of Feb.13, 2014
0
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
35,000,000
2010 2011 2012 2013
OZSAg
END OF YEAR MEASURED PLUS INDICATED RESOURCES
Cerro Bayo M+I Resource Additions vs Depletion (Ag Ozs)
CUMULATIVE DEPLETION Dagny Fabiola Delia NW
Delia SE Marcela Sur Yasna Coyita
Dalila Bianca Trinidad Raul
2.4 X
Net
Add
Cerro Bayo Resources (1)
Resource
(t)
Ag
Grade
(g/t)
Ag
(cont. oz)
Au
Grade
(g/t)
Au
(cont. oz)
Measured Resources 411,000 423 5,596,000 3.6 48,000
Indicated Resources 1,633,000 308 16,172,000 3.2 167,000
M&I Resources 2,044,000 331 21,768,000 3.3 214,000
Inferred Resources 433,000 400 5,580,000 3.3 46,000
Cerro Bayo
Reserves (1)
Ore
(t)
Ag
Grade
(g/t)
Ag
(cont. oz)
Au
Grade
(g/t)
Au
(cont.
oz)
Proven Reserves 516,000 283 4,705,000 2.5 41,000
Probable Reserves 1,967,000 209 13,197,000 2.1 134,000
P&P Reserves 2,483,000 224 17,901,000 2.2 174,000

16. Costerfield Gold-Antimony Mine: Overview
16
2014 Planned Exploration
Budget $4 – 5 million
Land package 1,293 hectares
Ownership 100%
2013 gold production 28,758 oz
2013 antimony production 3,275 t
2014E gold production 37,000 – 43,000 oz
2014E antimony production 3,000 – 3,300 t
Current throughput / 2014E 400 tpd / 400 tpd
P&P Reserves 420,000 tonnes @ 9.2 g/t Au; 3.6% Sb
Plant recoveries (FY 2013) Au: 89.98%, Sb: 95.37%
2013A Cash cost/oz Au Eq. (US$) / 2014E $819/ $675 – $775

17. Costerfield Operating Performance
17

18. Cuffley Mine Plan
18
 Subparallel and adjacent to N-lode
 Same mining technique as N-lode
• Long hole stoping 10 m lifts
• CRF backfill
Cuffley Lode
N-lode
W-lode
E-lode

19. 0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
1,000,000
2009 2010 2011 2012 2013
OZAuEq.
END OF YEAR MEASURED PLUS INDICATED RESOURCES
Costerfield M+I Resource Additions vs Depletion (AuEq Ozs)
CUMULATIVE DEPLETION Augusta Brunswick Cuffley
19
Costerfield M&I Resource Growth Net of Depletion
Costerfield
Resources (1)
Categories
Resource
(t)
Sb
Grade
(%)
Sb
(cont. t)
Au
Grade
(g/t)
Au
(cont. oz)
Measured 191,000 4.3% 8,000 8.4 51,000
Indicated 605,000 3.7% 22,000 9.6 187,000
M&I 796,000 4.1% 32,000 9.3 238,000
Inferred 569,000 3.8% 22,000 7.4 135,000
Costerfield
Reserves (1)
Categories
Ore
(t)
Sb
Grade
(%)
Sb
(cont. t)
Au
Grade
(g/t)
Au
(cont. oz)
Proven 71,000 4.4% 3,000 8.3 20,000
Probable 350,000 3.4% 12,000 9.4 106,000
P&P 420,000 3.6% 15,000 9.2 126,000
Source: Costerfield - SRK Consulting (Australia), Feb. 2014, documented in an independent NI 43-101 report to be filed within 45 days of Feb. 13, 2014
3.8 X
Net
Add

20. 20
Costerfield – Long Section

21. Challacollo Silver-Gold Project: Overview
21
Land package 4,000 hectares
Ownership 100%
Location 130 km SE of Iquique, Chile
Mineralization Epithermal, oxidized Ag-Au
Elevation approx. 1,500 metres ASL
Resource Indicated: 1 mt @ 242 g/t Ag;
Inferred: 4 mt @193 g/t Ag

22. 22
Plan funded from cash flow
• 12 mo Feasibility Study: $7 – $8 million
 Environmental, community, cultural baselines for permitting
 Drill 8,000 m for infilling existing Inferred Resource and extensions
 Resource update
 Metallurgical testing– crushing, grinding, agitation leach
 Mine design, plant design
 Capital and operating costing
 Financial case and conversion to reserves
• Permitting
 Submission of EIA Q1, 2015
 Receipt of permits – goal EOY 2015
• Build
 12 months build (est.) in 2016
• Production
 First production – Goal: Q1 2017
Challacollo Development Plan

23. 23
Lolon Vein
Lolon Vein satellite image
Source: NI 43-101 Technical Report on the Challacollo Silver-Gold Project, Region 1, Chile. Effective date January 30, 2014. Filed on SEDAR
February 7, 2014.

24. 24
Peer Comparison: Production, Cost, Financials
* Financial data 9M 2013
Source: Company reports and Bloomberg
Market capitalization as at March 12, 2014
Ag Eq oz converted at 55/1 Au/Ag. Metal prices: Ag price of $28.92 and Au price of $1,578
P+P Reserves Market Comparables
Ag
(oz)
Au
(oz)
Other Reserve Grade
Ag Eq (g/t)
(Au + Ag)
Market
Capitalization FD
(CAD$MM)
EPS Last 12M
Dividend
Paid/Share
Mandalay Resources 18,250,000 214,000 7,200t Sb 361 353.2 $0.09 $0.03429
Coeur Mining 261,528,000 2,286,000 - 51 1,084.7 ($1.02) $0
Endeavour Silver 23,057,200 222,300 - 253 635.0 ($0.45) $0
First Majestic Mines 90,800,000 0 - 161 1,516.2 $0.18 $0
Fortuna Silver* 42,700,000 266,100 - 216 635.7 $0.06 $0
Primero Mining 39,377,000 660,000 - 513 1,087.5 $0.00 $0
2013A Production 2013A Financials
Ag
(oz)
Au
(oz)
Other Ag Eq (oz)
(Au + Ag)
Revenue
(US$MM)
EBITDA
(US$MM)
EBITDA Margin
(%)
Mandalay Resources 3,145,537 50,240 3,275 t Sb 5,886,848 166.9 67.7 40.6
Coeur Mining 17,012,000 262,217 - 31,319,691 746.0 192.8 25.8
Endeavour Silver 6,813,069 75,578 - 10,936,931 276.8 100.0 36.1
First Majestic Mines 10,641,465 10,040 16,000 t Pb+Zn 11,189,291 251.3 70.1 27.9
Fortuna Silver* 4,631,264 21,242 19,000 t Pb+Zn 5,790,319 101.0 29.4 29.1
Primero Mining 6,050,000 111,983 - 12,160,276 200.3 87.3 43.6

25. 25
Mandalay Compares Favourably to its Peers
* Financial data 9M 2013 for Fortuna Silver
Market capitalization as at March 12, 2014
Ag Eq oz converted at 55/1 Au/Ag
Metal prices: Ag price of $28.92 and Au price of $1,578
 Second highest grade
reserves
(Ag Eq oz)
 Second highest EBITDA
margin
 Lowest fully loaded cost
(Ag Eq oz)
 Second lowest market
cap per estimated annual
production of Ag Eq oz
 Second lowest market
cap per P+P reserves oz
 Highest dividend paid per
share

26. 26
Investment Proposition
 Execution-focused management with track record of acquisition, operational and exploration success,
growth and value generation
 High-quality, cash flowing asset portfolio with major exploration upside and full project pipeline
 Strong balance sheet, self-funding Challacollo development, zero net debt
 Rapid increase in production and margins through low-capex organic growth and operational
efficiencies
 Returning cash to shareholders and reducing dilution – share buyback program in place
 Company dividend policy based on 6% trailing revenues
 Continued growth through further acquisitions

27. DELIVERING
VALUE AND GROWTH
MAR
2014
For more information, please contact:
Greg DiTomaso
Tel: 647.260.1566
Email: g.ditomaso@mandalayresources.com
Company Website: www.mandalayresources.com
Twitter: @MandalayAuAg

28. 28
Management and Board of Directors
Senior Management
Board of Directors
Brad Mills, CEO and
Executive Director
Former CEO Lonmin
plc, over 30 years of
experience in Copper,
Gold, PGMs
Mark Sander, President
28 years of experience in
exploration, strategy and
operating improvements
Sanjay Swarup, CFO
and Executive Director
Former Lonmin plc, over
20 years of industry
experience
Belinda Labatte,
Corporate Secretary
Over 10 years of
experience in capital
markets and investment
banking
Braam Jonker,
Chairman
Peter R. Jones,
Independent Director
Tony Griffin,
Independent Director
Robert Doyle,
Independent Director
Dominic Duffy, COO
Mining Engineer with
extensive technical and
operational management
experience

29. Numbers may differ slightly from Source documents due to rounding
29
Mandalay Reserves
Cerro Bayo Reserves (1) Ore
(t)
Ag Grade
(g/t)
Ag
(cont. oz)
Au Grade
(g/t)
Au
(cont. oz)
Proven Reserves 516,000 283 4,705,000 2.5 41,000
Probable Reserves 1,967,000 209 13,197,000 2.1 134,000
P&P Reserves 2,483,000 224 17,901,000 2.2 174,000
Costerfield Reserves (2)
Ore
(t)
Sb Grade
(%)
Sb
(cont. t)
Au Grade
(g/t)
Au
(cont. oz)
Proven Reserves 71,000 4.4 3,000 8.3 20,000
Probable Reserves 350,000 3.4 12,000 9.4 106,000
P&P Reserves 420,000 3.6 15,000 9.2 126,000
TOTAL RESERVES:
31-December-2013
Ag
(cont. oz)
Au
(cont. oz)
Sb
(cont. t)
Mandalay Proven Reserves 4,705,000 61,000 3,000
Mandalay Probable Reserves 13,197,000 240,000 12,000
Mandalay P&P Reserves 17,902,000 301,000 15,000
1 Source: Roscoe Postle Associates, Feb. 2014 documented in an independent NI 43-101 report to be filed within 45 days of Feb. 13, 2014
2 Source: SRK Consulting (Australia), Feb 2014, documented in an independent NI 43-101 report to be filed within 45 days of Feb. 13, 2014

30. 30
Mandalay Resources
Cerro Bayo Resources (1)
Resource
(t)
Ag Grade
(g/t)
Ag
(cont. oz)
Au Grade
(g/t)
Au
(cont. oz)
Measured Resources 411,000 423 5,596,000 3.6 48,000
Indicated Resources 1,633,000 308 16,172,000 3.2 167,000
M&I Resources 2,044,000 331 21,768,000 3.3 214,000
Inferred Resources 433,000 400 5,580,000 3.3 46,000
Costerfield Resources (2)
Resource
(t)
Sb Grade
(%)
Sb
(cont. t)
Au Grade
(g/t)
Au
(cont. oz)
Measured Resources 191,000 4.3% 8,000 8.4 51,000
Indicated Resources 605,000 3.7% 22,000 9.6 187,000
M&I Resources 796,000 4.1% 32,000 9.3 238,000
Inferred Resources 569,000 3.8% 22 ,000 7.4 135,000
TOTAL RESOURCES
Ag
(cont. oz)
Au
(cont. oz)
Sb
(cont. t)
Cu
(cont. lb)
Measured Resources 5,596,000 99,000 8,000 0
Indicated Resources 35,372,000 367,000 22,000 459,000,000
M&I Resources 40,968,000 465,000 32,000 459,000,000
Inferred Resources 30,280,000 221,000 22,000 13,000,000
1 Source: Cerro Bayo - Roscoe Postle Associates, Feb. 2014 documented in an independent NI 43-101 report to be filed within 45 days of Feb. 13, 2014
2 Source: Costerfield - SRK Consulting (Australia), Feb 2014, documented in an independent NI 43-101 report to be filed within 45 days of Feb. 13, 2014
La Quebrada Resources (4)
Resource
(t)
Cu Grade
(%)
Cu
(cont. lb)
Ag Grade
(g/t)
Ag
(cont. oz)
Measured Resources 0 0 0 0 0
Indicated Resources 34,800,000 0.6% 459,000,000 10 11,200,000
M&I Resources 34,800,000 0.6% 459,000,000 10 11,200,000
Inferred Resources 1,000,000 0.6% 13,000,000 11 400,000
Challacollo Resources (3)
Resource
(t)
Au Grade
(g/t)
Ag Grade
(g/t)
Au
(cont. oz)
Ag
(cont. oz)
Measured Resources - - - - -
Indicated Resources 1,030,000 0.4 242 13,000 8,000,000
M&I Resources 1,030,000 0.4 242 13,000 8,000,000
Inferred Resources 3,900,000 0.3 193 40,000 24,300,000
3 Source: Challacollo – Roscoe Postle Associates, Dec. 20, 2013, in a report filed February 7, 2014.
4 Source: La Quebrada – Independent Technical Report filed 16-Aug-2012.

31. Significant Resource Increase Net of Depletion in 2013
Measured and Indicated
• Contained Sb increased by 52%
• Contained Au increased by 31%
• Contained Ag increased by 18%
Inferred
• Contained Ag increased by 811%
• Contained Au increased by 26%
• Contained Sb increased by 13%
Source of Additions
• Infilling Cuffley and N-lode
• Acquiring Challacollo
• Expanding Marcela etc.
Source of Additions
• Acquiring Challacollo
• Fabiola and Yasna extensions
31

32. 32
Safety, Health, Environment and Community
Safety & Health Environment & Community Employees
ACTIONS
• Spending on S&H (including
safety training) tripled in last
two years
• Focus on line management
safety leadership, systems and
behaviours
• Improved S&H safety
processes & compliance
• Implementation of DuPont
safety system in 2013 at both
operations
• Extensive training and
equipping of mine rescue team
at Cerro Bayo
• Spent over 200% more in 2012
on environment & community
projects as compared to 2011
• Commitment to local purchases
& payrolls
• Development of new water &
mine waste solutions at
Costerfield
• Closure works completion at
Furioso Mine Site
• Supplying various workshops for
local community at Cerro Bayo
• University scholarships for local
school leavers at Cerro Bayo
• Employee selection process
improved
• Focus on local hires including
management positions
• Increased hours of training in 2012
by +80% as compared to 2011
• High level executive coaching for
leadership team
RESULTS
• Consolidated lost time injury
frequency rate approximately
halved
• Improved return to work
performance
• Maintained high levels of
attendance at mine sites
• More prosperous local
communities
• Reduced impacted land area
• Zero incidences of unpermitted
discharge at both operations
• 3 year collective contract signed
with Cerro Bayo union in 2012
• Increased presence of local hires
among workforce and supervisors
• Reduced employee turnover at mine
sites
• More productive employees, leading
to lower unit costs

33. Metal Price Update
33
*Source: Bloomberg, accessed February 21, 2014

34. Antimony Facts
34
 140,000 t/y global market
• Sold either as metal ingots or various grades of antimony oxides and trioxides
• Primary use as fire retardant in fabrics and plastics (trioxides)
• Relatively minor uses in electronics, with possible new uses in development, e.g.
in batteries
• Ingredient of lead alloys as hardener (antimony metal)
• Consumption growth in line with global GDP growth
 Market dominated and prices set by China
• Declining Chinese mine production as reserves depleted and environmental
controls strengthened, closing marginal mines
• Chinese beginning to invest in mines outside China
• Two dominant Chinese smelters, only one of which recovers Au

35. Gold Equivalent Ounces Calculation
35
***Au Eq. oz produced is calculated by multiplying the saleable quantities of Au, Ag, and Sb in the period by the respective average market prices of the commodities in the period,
adding the three amounts to get a “total contained value based on market price”, and then dividing that total contained value by the average market price of Au in the period.
Average Au price in the period is the average of the monthly LME PM fix, average Sb price is the average of the monthly high and low Rotterdam warehouse prices, and average
Ag price is the average of the monthly London Broker’s silver spot price, all reported in www.metalbulletin.com. The monthly commodity prices are calculated as the average of the
daily prices, with holiday and weekend day prices carried forward from the last business day.
Au Eg. oz for each of the low range and high range guidance is calculated by multiplying (i) total Au oz by an assumed US$1,600/oz Au price, (ii) total Ag oz by an assumed
US$32.00/oz Ag price and (iii) total Sb tonnes times an assumed US$12,000/t Sb price, then, in each case, dividing by the assumed US$1,600/oz Au price.
Silver Equivalent Ounces Calculation
Ag Eq oz converted at 54/1 Au/Ag at metal prices: Ag price of $28.92 and Au price of $1,578.00