Mandalay Resources generated positive cash flow and strengthened operations in the third quarter of 2020. Production is expected to grow over the next year driven by the high-grade Costerfield mine in Australia. Exploration continues to extend mine life at Costerfield through programs targeting extensions of the Youle vein and regional targets. Björkdal in Sweden is focused on ramping up production from the higher-grade Aurora zone to lift underground mining rates.

1. STRENGTHENED
OPERATIONS &
POSITIVE CASH
FLOW GENERATION
December 2020
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 30, 2020, 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 Charted Professional of the Australian 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 Significant Value
Two producing gold mines in Australia and
Sweden—both mining-friendly, tier-one
jurisdictions
• On track to produce 100,000+ oz AuEq in 2020
• Production growth and cash generation driven by
high-grade Costerfield mine in Victoria, Australia
• Operational turnaround complete at Costerfield
High-quality, low-cost production
• Positive cash flow generated from both mines
Free cash of $17.0M generated in Q3 2020
3
Costerfield Mine
Australia
Björkdal Mine
Sweden

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
Three consecutive quarters of improved
production and costs
• Q3 2020 marks Mandalay’s best
quarterly production performance
since Q4 2017
• 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
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
Q3 Q4 Q1 Q2 Q3
2020
USD$/oz
ProductionAuEqoz
Production and Cash Cost Performance
Costerfield Production Björkdal Production
Costerfield Cash Cost Björkdal Cash Cost

6. Stabilized Operations and a Compelling Growth Trajectory
Company revised original 2020
production guidance upward
• Costerfield: Outperformance from high-
grade Youle vein resulting in lift in 2020
production and guidance.
• Youle Production scheduled to increase
through 2021
• Björkdal: Steady ramp-up expected from
the Aurora zone as more levels are
developed and stoping is increased
6
Annual Production AuEq
2018 88,049 ounces
2019 76,659 ounces
2020E 100,000-109,000 ounces
Mandalay’s 2020E gold equivalent production guidance is 100,000 – 109,000 ounces; midpoint graphed. Expected 2020 gold equivalent price assumes average metal prices of: Au $1,775/oz, Sb $5,792/t

7. Three Consecutive Quarters of Growing Positive Cash Flow
Turnaround resulting in steadily improving
financial performance with significant free
cash flow growth
7
GREW CASH POSITION $21M TO $33M IN Q3 2020
FREE CASH GENERATED IN Q2 2020: $4.4M
FREE CASH GENERATED IN Q3 2020: $17.0M
-10
0
10
20
30
40
50
60
Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020
USD$(Millions)
Quarterly Financial Performance
(Q3 2019 – Q3 2020)
Adj. Net Income Revenue EBITDA

8. Mandalay Positioned to be Net Debt Free in 2021
Dramatically improved operations
and cash generation expected to
significantly improve balance sheet
• Three-year, $65M syndicated facility with
HSBC Bank Canada and Macquarie
Bank ($62M after Q3 2020 repayment)
• Debt repayment schedule: $3M in Q4
2020. $3.78M quarterly thereafter with
a bullet payment of $28.76M in Q1 2023
• $33M in cash as at Q3 2020
• Generated $68.9M in EBITDA during
first three quarters of 2020
8
Mandalay Quarterly Cash Flows and Cash Balance
$ (6,542)
$ 16,997
$ 23,238
$ 32,889
(10,000)
(5,000)
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
Q3 Q4 Q1 Q2 Q3
2019 2020
(USD$000)
Free cash flow Cash balance

9. COSTERFIELD
OPERATIONS

10. Costerfield Gold-Antimony Mine
Production profile reinvigorated by high-grade Youle vein
• High-grade ore production from Youle commenced in Q4 2019
• Processed grades of 11.5 g/t Au and 4.1% Sb in Q3 2020
• Continual uplift in production expected over the next 12 months
• Highly-prospective land package with massive exploration upside
10
OVERVIEW
Location Victoria, Australia
Land Package 1,293 hectares
Life of Mine 3 - 4 years
2020E Production 57,000 – 62,000 Au Eq oz
YTD Cash Costs(1) $622/oz Au Eq
YTD AISC(1) $987/oz Au Eq
P&P Reserves(2) 474,000 t @ 13.4 g/t Au, 3.8% Sb for 204,000 Au oz and 17,800 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. SRK Consulting (Australia), Effective December 31, 2019, documented in an independent NI 43-101 Technical Report filed on March 30, 2020
3. “Highest-grade underground gold mines in Q1 2020”, Vladimir Basov Contributing to kitco.com November 30, 2020
12.6
0
5
10
15
20
25
30
35
40
45
Fosterville -
Kirkland
Lake
Nevada
Operations -
Hecla
Mascassa -
Kirkland
Lake
Segovia -
Gran
Colombia
Eagle River
- Wesdome
Youle -
Mandalay
Resources
Hope Bay -
TMAC
Island Gold
- Alamos
Gold
Bambanani
- Harmony
Gold
Seabee -
SSR Mining
Q12020AuMilledGrade(g/t)
6th Highest Gold Mine in the World(3)

11. Demonstrated History of Replacing Mined Ounces
and Resource Growth
Mandalay has been producing
from Costerfield for 10+ years
and has maintained an approximate
3 – 4 year mine life
for the past 7 years
• Achieved with minimal exploration
spending
• Total discovery cost of M&I Resources
of approximately $22/AuEq. Oz
• Continued exploration success at
Youle: continuation of significant gold
at depth expected to increase mine life
11
$-
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
-
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
1,000,000
1,100,000
1,200,000
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
ExplorationExpenditure(US$D000)
AuEq(oz)
Costerfield M+I Profile vs Exploration Expenditure
(Au Eq. oz)
Youle Brunswick Augusta Cumulative Depletion
Infill (US$) Testing (US$) Generative (US$) Yearly Depletion

12. Youle Vein:
High-Quality, Low-Cost Production and Organic Growth
Youle expected to double Costerfield production year-over-year
12Midpoint graphed for Mandalay’s 2020E gold and antimony production. Expected 2020 gold equivalent price assumes average metal prices of: Au $1,775/oz, Sb $5,792/t
15,258
10,620 10,353 11,749
44,000 –
48,000
9,903
4,307 3,149
2,871
13,000 –
14,000
0
500
1,000
1,500
2,000
2,500
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
YE Q1 Q2 Q3
2019 2020A 2020E
USD$/oz
Productionounces(AuEq)
Saleable Gold Production Saleable Antimony Production AISC

13. Three Keys to Value Creation at Costerfield
13
Ramp-up Metal
Production
Deep Hole
Drilling
Exploring
High-Potential
Targets
• Continue to increase processing grade
• Increasing recoveries at plant
Targeting super high-grade mineralization at depth
• First programmed holes completed under Youle
• Exploration program on second hole targeting under Cuffley/Augusta has recommenced
Surface drilling on highly-prospective targets
• Targets include Youle Extension, Damper Gully, True Blue, and Brown’s & Robinson’s
• Exploration update video available here and Youle update video here

14. COSTERFIELD
EXPLORATION
OPPORTUNITIES

15. Exciting District-Scale High-Grade Exploration Potential
The Company’s Costerfield
exploration program consists of:
15
TESTING YOULE EXTENSIONS
DEEP HOLE DRILLING
REGIONAL TESTING
Youle Workings
Brown’s Target and
historic workings.
Part of a 2.5km
corridor of shallow
workings
Augusta Portal and Mine
True Blue Target
and historic
workings.
Part of a 3.5km
corridor of shallow
workings and
geochemical
anomalism
Brunswick Portal and
Processing Facility
Antimony Creek historic
workings
Part of a 4km corridor of
shallow workings and
surface geochemical
anomalism5km1km 2.5km

16. 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
• 2020 extensional drilling intercepted high-grade
veining to the North of the current mine design
New High-Grade Gold Domain identified
at depth (Oct 2020 highlights):
99.8 g/t gold and 0.2% antimony over a true width
of 0.30 m in BC105
60.3 g/t gold and 0.2% antimony over a true width
of 0.24 m in BC145
144.7 g/t gold and 0.0% antimony over a true width
of 0.57 m in BC151
16
Minerva Intercept BC142 - 0.24m @ 12.6g/t Au & 3.1% Sb
New High Grade Gold Domain
Open Plunge
BC151 - 0.57m @ 144.7g/t Au & 0% Sb
BC145 - 0.24m @ 60.3g/t Au & 0.2%
Sb
BC105 - 0.3m @ 99.8g/t Au & 0.2% Sb
BC149 - 0.18m @ 214g/t Au & 0.0%
Sb
Minerva Target shape
East of Historic workings

17. 2. Deep Drilling Program: Fosterville-Style Mineralization
Neighbouring Fosterville Swan lode and Costerfield mine share several key geological similarities
(upper system, mineral source, fluid composition, fluid transportation, and fluid trap environment)
17
Fosterville
Costerfield
30 km
Fosterville
Deposits
Costerfield
Deposits

18. 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
18
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
commenced in 2020
CSK007: 0.08 m @ 1,361 g/t Au
and CSK012: 0.19m @ 345 g/t Au

19. 3. Regional Testing: Building out the Exploration Pipeline
Brown’s Prospect drilling program having
early success
Brown’s drilling program still underway:
• Two out of five holes completed
(total of 623 m has been drilled of the 1,200m
program)
• First drill hole intercepted 14.51 g/t Au, over 1.27m
(true width) in diamond drill hole BWN001
• BWN001 & BWN002 were drilled below the historic
Felix Brown
19

20. BJÖRKDAL
OPERATIONS

21. Björkdal Gold Mine
Long-lived asset with stable production and
significant upside
• Currently ramping-up production of higher-grade, more profitable
underground ore
• Exploration success and development ramp-up at higher-grade,
wider Aurora zone continues
21
OVERVIEW
Location Skellefteå, Sweden
Land Package 12,949 hectares
Life of Mine 10+ years
2020E Production 43,000 – 47,000 Au oz
YTD Cash Costs(1) $1,061/oz Au
YTD AISC(1) $1,495/oz Au
P&P Reserves(1) 11.1 mt @ 1.54 g/t Au for 548,000 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. Roscoe Postle Associates, Effective December 31, 2019, documented in an independent NI 43-101 Technical Report filed on March 30, 2020

22. Björkdal Gold Mine: Operations
22
Björkdal Mill Feed
-
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2019 2020
Ore(Tonnes)
Underground Open Pit Stockpile
Operational focus is on ramping-up supply of higher-margin ore feed to the mill

23. Aurora Zone: Key to Lifting Underground Production
Emerging growth catalyst in development
• Mineralization found to extend hundreds of
metres; previously thought to be constrained by
a marble contact
• Significantly wider and consistently higher-grade
than current ore – open at depth
• Current known mineralization over 500m
horizontally and 400m vertically
• Readily accessible; six 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
23
Marble contact
Unexplored and an area of focus
Mineralized zone
historically thought to be
constrained

24. Aurora Zone Exploration Success and Reserve Growth
Mineralization open in all directions
• Underground drilling campaign focused on extending
Aurora zone
• Drill results demonstrate potential to extend Aurora in all
directions
• High-grade mineralization continuity has been confirmed
at depth and to the east in early 2020
241. Source: Roscoe Postle Associates, Effective December 31, 2018, documented in an independent NI 43-101 Technical Report filed March 28, 2019
2. Mineral Resources are inclusive of Mineral Reserves
Preliminary Mineral Resource and Reserve
added for Aurora in Feb 2019
• Probable Reserves added:
920kt @ 2.34 g/t Au for 69,000 Au oz
• Indicated Resources(2) added:
765kt @ 3.16 g/t Au for 78,000 Au oz
• Inferred Resources added:
206kt @ 3.37 g/t Au 22,000 Au oz

25. The Path Forward
25
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 +1Mtpa in 2020
• Increase Aurora zone’s contribution to overall mill feed
• Focus on other high-grade vein systems
• Extend the mineralisation of Aurora zone
• Test potential high-grade skarn deposits
Underground production ramp-up, delineation and development of the Aurora zone currently underway
• Extension drilling to North of Aurora
• Exploration update video available here

26. CAPITAL STRUCTURE
& BALANCE SHEET

27. Capital Structure and Key Shareholders
27
Captal Structure
Share price (CAD$)(1) $1.56/shr
Shares Outstanding (M) 91.2
Fully Diluted Shares Outstanding (M)(2) 93.8
Market Capitalization (CAD$M) $142.3
Cash and Cash Equivalents (USD$M)(4) $32.9
Total Interest-Bearing Debt (USD$M)(4) $65.7
Enterprise Value (US$M)(3,4) $144.8
Analyst Coverage
BMO Capital Markets Brian Quast
Mackie Research Capital Stuart McDougall
Share price performance
Mandalay Share Price Performance
25%
20%
17%
11%
5%
22%
CE Mining 25%
Others 22%
GMT Capital 20%
Key Shareholders
Ruffer LLP 17%
AzValor 11%
West Face 5%
1. As at December 10, 2020 | 2. Includes: 0.8M RSU and 1.97M employee stock options with exercise prices of: CAD$0.61 – CAD$9.10 and expiry dates from Mar 23, 2021 – Jun 30, 2027.
3. Using exchange rate of CAD$1 = USD$0.78 | 4. From Mandalay’s Financial Statements as of Sept 30, 2020 | 5. Ownership positions are estimates - as at Dec 2020 Note: numbers may be rounded
-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
0
0.5
1
1.5
2
2.5
Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20
Volume
SharePriceCAD$ Volume Close

28. Significantly Undervalued Relative to Peers
28
Source: Company filings. Mandalay’s 2020E gold equivalent production guidance is 100,000 – 109,000 ounces; midpoint graphed
1. Enterprise value reflects share prices as at December 10, 2020 for Peer group and of $1.56 for Mandalay
Note Peer group: Wesdome Gold Mines, Superior Gold, Harte Gold Group, Fosterville South Exploration, Fiore Gold, TMAC Resources, Robex Resources, Great Panther Mining, Gran Colombia Gold, McEwen Mining, Jaguar Mining, Calibre Mining, Premier Gold Mines, Roxgold, Golden Star Resources, and Argonaut Gold
$178
$571
Mandalay Resources Peer Median
EV/Proven & Probable Au oz
$145
$349
Mandalay Resources Peer Median
Enterprise Value (USD$M)1
105
112
Mandalay Resources Peer Median
2020E Production AuEq. ('000)
Despite operational and financial turnaround, MND trading at lower value relative to peers
~58%
less than
Peers
~69%
less than
Peers

29. SUMMARY
& HIGHLIGHTS

30. Investment Summary
30
Strengthened
Operations
Strengthened Financial
Performance and
Return to Profitability
High-Potential
Exploration Upside
High-Potential and
Fully-funded for
Future Growth
• Expected 35% annual production uplift1 in record-high gold price environment
• Costerfield: High-grade Youle vein major growth catalyst
• Björkdal: Ramping-up underground production, focused on higher-margin ore
• Three consecutive quarters of increasing revenue, EBITDA and adj. net income
• Generated $17.0M of free cash in Q3 2020 and $4.4M in Q2 2020
• Continuing regional exploration highly-prospective targets at both assets
• Defined pipeline for long-term value creation
• Cash position of $33M as at Q3 2020
• Opportunity for net-debt free in 2021
• Fully-funded exploration programs
• High potential for future profitability and
growth
1Annualized expected production uplift from 2019 compared to the Company’s revised 2020E guidance

31. 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
31

32. 32
Edison Nguyen
647-260-1566
e.nguyen@mandalayresources.com
@MandalayAuAg
TSX: MND
OTCQB: MNDJF
mandalayresources.com

33. APPENDICES

34. Non-Core Assets: Chilean Properties
34
Cerro Bayo Silver-Gold Mine
• Operations on care and maintenance
• Executed option to purchase agreement with Equus Mining
(Oct 2019) for 36-month period starting from earlier date of
when Equus receives all permits and approvals for
exploration drilling or 6 months from signing
Land package 23,106 hectares
Ownership 100%
P&P Reserves(1) 856,000 t @ 284 g/t Ag for 7.8M Ag
& 2.34 g/t Au for 64,000 Au oz
2016 Production 13,792 oz Au, 1,731,031 oz Ag
Challacollo Silver-Gold Project
• Signed definitive agreement with Aftermath Silver for sale
of project, total consideration CAD$10.5M (including
3% royalty on concessions valued at CAD$3M)
• Aftermath Silver’s management team has industry
experience and complementary skillsets that Mandalay
believes are necessary to create value for a development
project such as Challacollo
Land package 20,378 hectares
Ownership 100%
Location 130 km SE of Iquique, Northern Chile
Indicated Resource
4.7 Mt @ 200 g/t Ag for 30M Ag oz
& 0.32 g/t Au for 48,000 oz
1. Source: Current Mineral Reserves number depleted for 2017 production and Reserves sterilized by inundation at Delia NW. Depletion taken from Reserve position contained in NI 43-101 Technical Report prepared by Roscoe Postle
Associates, Effective December 31, 2016 filed on SEDAR March 31, 2017
Streamlining the business and realizing value

35. Costerfield Mineral Reserves
35
Mineral Reserves at Costerfield (as of Dec. 31, 2019)
Category Tonnes (kt) Au Grade (g/t) Sb Grade (%) Cont. Au (koz) Cont. Sb (kt)
Proven 114 9.5 4.8 35 5.4
Probable 360 14.6 3.4 169 12.4
Total P+P 474 13.4 3.8 204 17.8
Source: SRK Consulting (Australia), Effective December 31, 2019, documented in an independent NI 43-101 Technical Report filed on March 30, 2020

36. Björkdal Mineral Reserves
36Source: RPA, Effective December 31, 2019, documented in an independent NI 43-101 Technical Report filed on March 30, 2020
Mineral Reserves at Björkdal (as of Dec. 31, 2019)
Category Tonnes (kt) Au Grade (g/t) Cont. Au (koz)
Probable
Underground 5,410 2.10 365
Open Pit 2,875 1.23 114
Norrberget Open Pit 162 2.80 15
Stockpile 2,644 0.64 54
Total Probable 11,090 1.54 548

37. Management and Board of Directors
37
Dominic Duffy
President, Chief Executive
Officer & Director
Senior Management
Board of Directors
Nick Dwyer
Chief Financial Officer
Belinda Labatte
Chief Development Officer
Toni Streczynski
Vice President, Processing
& Metallurgy
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
Peter R. Jones
Director
Amy Freedman
Director
Terry Ackerman
Director