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December 2023 MND IR PPT_final.pdf

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1
GENERATING FREE
CASH FLOW WITH
EXPLORATION
UPSIDE ACROSS
THE PORTFOLIO
DECEMBER 2023
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, 2023, 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
Portfolio at a Glance
3
Costerfield Mine
Australia
Gold & Antimony
Björkdal Mine
Sweden
Gold
88,000 – 100,000 AuEq oz
2023E PRODUCTION GUIDANCE(1)
• 2022 consolidated saleable gold equivalent production of
105,906 ounces;
• Significant critical mineral producer of antimony in
Australia with 2,292 tonnes produced in 2022;
• Record exploration spend in 2023, expected $10M - $14M;
• Company committed to growing its production and reducing
costs to generate additional positive cashflow;
• Costerfield: continue mining the high-grade Youle vein and
the deeper Shepherd veins; and
• Björkdal: increase production from the Aurora zone and
increase focus on higher-grade areas Eastern zone.
1. Assumes average metal prices of: Au $1,797/oz, Sb $10,805/t
Multi-Asset Gold Production, Tier-One Jurisdictions, Organic Exploration Upside
4
Demonstrated Operational Success
• Stable production results since 2019 demonstrates the
stability at Björkdal and growing quality of Costerfield
• For 2023:
• Costerfield: stoping on the higher-grade central areas of
Youle. Continue development in the Shepherd zone.
• Björkdal: increase stoping rates within the deeper higher-
grade levels of the Aurora. Initiate development in
several higher-grade areas of the Eastern Extension.
-200
300
800
1,300
1,800
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
2019A 2020A 2021A 2022A 2023E
USD$/oz
Production
AuEq
oz
Production and Cash Cost Performance
2023E CONSOLIDATED COST GUIDANCE
Cash cost $1,010 – $1,170 per oz AuEq
All-in sustaining cost $1,370 – $1,580 per oz AuEq
Capital expenditures $41M – $49M
** 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: $810 – $960 AuEq oz produced. Björkdal: $1,270 – $1,410 Au oz produced
Costerfield:
47,000 – 55,000 AuEq. oz
Björkdal:
41,000 – 45,000 Au oz
-$60
-$50
-$40
-$30
-$20
-$10
$0
$10
$20
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2020 2021 2022 2023
US$M
Consolidated Net Debt/ Cash
5
Expect to be net debt free in 2021
Generating Free Cash Flow
$91M ADJUSTED EBITDA IN 2022
5
$45M FREE CASH FLOW IN 2022
$22M CASH AS AT Q3 2023
• 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, option to fund
purchases of Common Shares through surplus cash
available from its operations
Temporary dip due to delayed
receipt of $5.5M at Björkdal.
Cash received after Q3 2023
COSTERFIELD
OPERATIONS

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December 2023 MND IR PPT_final.pdf

  • 1. 1 GENERATING FREE CASH FLOW WITH EXPLORATION UPSIDE ACROSS THE PORTFOLIO DECEMBER 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, 2023, 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. Portfolio at a Glance 3 Costerfield Mine Australia Gold & Antimony Björkdal Mine Sweden Gold 88,000 – 100,000 AuEq oz 2023E PRODUCTION GUIDANCE(1) • 2022 consolidated saleable gold equivalent production of 105,906 ounces; • Significant critical mineral producer of antimony in Australia with 2,292 tonnes produced in 2022; • Record exploration spend in 2023, expected $10M - $14M; • Company committed to growing its production and reducing costs to generate additional positive cashflow; • Costerfield: continue mining the high-grade Youle vein and the deeper Shepherd veins; and • Björkdal: increase production from the Aurora zone and increase focus on higher-grade areas Eastern zone. 1. Assumes average metal prices of: Au $1,797/oz, Sb $10,805/t Multi-Asset Gold Production, Tier-One Jurisdictions, Organic Exploration Upside
  • 4. 4 Demonstrated Operational Success • Stable production results since 2019 demonstrates the stability at Björkdal and growing quality of Costerfield • For 2023: • Costerfield: stoping on the higher-grade central areas of Youle. Continue development in the Shepherd zone. • Björkdal: increase stoping rates within the deeper higher- grade levels of the Aurora. Initiate development in several higher-grade areas of the Eastern Extension. -200 300 800 1,300 1,800 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 2019A 2020A 2021A 2022A 2023E USD$/oz Production AuEq oz Production and Cash Cost Performance 2023E CONSOLIDATED COST GUIDANCE Cash cost $1,010 – $1,170 per oz AuEq All-in sustaining cost $1,370 – $1,580 per oz AuEq Capital expenditures $41M – $49M ** 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: $810 – $960 AuEq oz produced. Björkdal: $1,270 – $1,410 Au oz produced Costerfield: 47,000 – 55,000 AuEq. oz Björkdal: 41,000 – 45,000 Au oz
  • 5. -$60 -$50 -$40 -$30 -$20 -$10 $0 $10 $20 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2020 2021 2022 2023 US$M Consolidated Net Debt/ Cash 5 Expect to be net debt free in 2021 Generating Free Cash Flow $91M ADJUSTED EBITDA IN 2022 5 $45M FREE CASH FLOW IN 2022 $22M CASH AS AT Q3 2023 • 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, option to fund purchases of Common Shares through surplus cash available from its operations Temporary dip due to delayed receipt of $5.5M at Björkdal. Cash received after Q3 2023
  • 7. Costerfield Gold-Antimony Mine High-grade Youle vein key driver to results • Continuous production since Mandalay ownership in 2009; • Processed grades 8.16 g/t gold and 2.38% antimony YTD2023; • Stable production scheduled; • Highly-prospective land package with massive exploration upside; 7 OVERVIEW Location Victoria, Australia Land package 1,293 hectares Life of Mine (2) 5 years 2022A/ 2023E Production 64,659 AuEq oz / 47,000 – 55,000 AuEq oz 2023E Cash costs (1) $810 – $960 per oz AuEq 2023E AISC (1) $1,040 – $1,240 per oz AuEq 2023E CAPEX $16M – $20M 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
  • 8. Replacing Costerfield Mined Ounces with Resource Growth 8 • Has maintained an approximate 2 – 4 year mine life for the past 9 years. Grew mine life to 5 years in 2021 • Total discovery cost of M&I Resources of approximately $31 per AuEq oz in 2021 • Historically very little target testing and generative drilling (less than $10M cumulative prior to 2020) $- $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 Anticipated 2023 exploration $7M – $9M, with focus on target testing and generative exploration
  • 9. 9 Exciting District-Scale: High-Grade Exploration Potential Goldfields Mining Licenses Major Faults A prolific gold mining region with over 55 million ounces of historic production
  • 10. Costerfield Near Mine Exploration Activities 10 Brunswick Deeps Shepherd Depth Shepherd South Shepherd Extension • Completed depth testing below the Shepherd, transition to the Southern infill program Brunswick Deeps • Testing for Youle and Shepherd style mineralization underneath historic Brunswick Mine Augusta Cuffley Brunswick Youle Shepherd Drilling Highlights(1): Shepherd Southern extension - new high-grade domain: o 26 g/t Au & 40% Sb ETW 0.63m o 5 g/t Au & 10% Sb ETW 1.74 m Additional veins within Shepherd with optimisation drilling: o 797 g/t Au ETW 0.29 m o 122 g/t Au ETW 0.52 m Preliminary drilling underneath Brunswick – 2 parallel veins: o 18 g/t Au over ETW 1.62 m o 16 g/t Au & 2% Sb ETW 1.12 m 1. For more information, please see November 07, 2023, press release.
  • 11. Costerfield’s Central Corridor Deeps 11 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 Three 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. • Fosterville-style mineralization 1 2 3
  • 12. • 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 current Costerfield workings; • Costerfield is mineralogically similar to Fosterville in mineral source, fluid composition, fluid transportation system and fluid trap environment; and • Targeting of this zone will progress in 2024 – 25 with deep drilling looking to unlock a potentially highly enriched domain within the field 12 Deep Drilling: Possible Fosterville-Style Mineralization 1. Source: Kitco News September 3, 2021, “Richest gold mines in the world in Q1 2021 – report”
  • 14. 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 • Exploration upside with massive land package 14 OVERVIEW Location Skellefteå, Sweden Land package 12,949 hectares Life of Mine 9 years 2022A/ 2023E Production 41,247 Au oz/ 41,000 – 45,000 Au oz 2023E Cash costs (1) $1,270 – $1,410 per Au oz 2023E AISC (1) $1,630 – $1,810 per Au oz 2023E CAPEX $25M – $29M 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. SLR Effective December 31, 2022, documented in an independent NI 43-101 Technical Report, filed March 31, 2023
  • 15. Extension Drilling: Targeting Elevated Grades & Vein Continuity • Area offers high-grade potential at Björkdal • Aurora current dominant source of ore for the mine • Exploration focus transition from Aurora to higher grade Eastern (Main / Central) • Significant high grades have been located within the Eastern Extension drilling(1): o 783 g/t gold ETW 0.25m MU22-032; o 105 g/t gold ETW 0.87m MU22-031; o 23 g/t gold ETW 3.19m MU22-029; 15 Perspective view of the Björkdal Mine looking towards the SW highlighting the interaction of the veining (Red), Marble (Blue) and Björkdal fault (Yellow). Highlighted drilling results within North & Boreal Zone include(2): o 207 g/t gold ETW 0.45m MU22-040; o 73 g/t gold ETW 0.29m MU22-025; o 34 g/t gold ETW 0.61m MU23-022; 2023 anticipated exploration expenditure of $3M – $5M 1. For more information, please see February 22, 2023, press release. 2. For more information, please see July 18, 2023, press release.
  • 16. Regional exploration in 2023 focusing on continuing drill testing the highest priority targets within 2 different styles of mineralization. • Björkdal style (gold in sheeted quartz veining) veining has been observed in Mapping, Base of till drilling and historic diamond drilling to the east of Björkdal. • Boliden style (VMS Copper Gold) is targeted to the south-west of Björkdal with some targets sharing a structural connection with the historic Boliden Mineralization • Generative Process will continue including Base of Till drilling, Ground Magnetics and Induced Polarization surveys. 16 Björkdal Regional Testing: Generating Significant Targets Through Mapping and Sampling Boliden OP-UG (1925-66) 8.3 Mt @ 15.9 g/t Au Au-Cu-As VMS Strömfors deposit 2.59 Mt @ 2.95 g/t Au Au-Ag-Cu-Zn-Pb VMS Norrberget 162 Kt @ 2.8 g/t (reserve) Backfors Storslyet Granholm Tarsnas-Nyholm Vidmyran East Björkdal Storheden Björkdal 16.7 Mt @ 2.27 g/t Au (M&I Resource) Lapptjarm
  • 17. Capital Structure and Key Shareholders 17 CAPITAL STRUCTURE Share price (CAD$) (1) $1.70 per share Shares Outstanding 92.2M Fully Diluted Shares Outstanding (2) 94.1M Market Capitalization (CAD$) $156.7M Cash and Cash Equivalents (USD$) (4) $21.7M Total Interest-Bearing Debt (USD$) (4) $24.1M Enterprise Value (USD$) (3,4) $118.4M ANALYST COVERAGE BMO Capital Markets Brian Quast 1. As at close Nov 10, 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$0.74 | 4. From Mandalay’s Financial Statements as of Oct 31, 2023 | 5. Ownership positions are estimates - as at Jan 2023 Note: numbers may be rounded KEY SHAREHOLDERS
  • 19. Positioned for Future Growth 19 New President & CEO Strong Financial Performance and Balance Sheet Fully-funded High- Potential Exploration Strong Cash Flowing Operations Multi-Asset Production • Costerfield: High-grade Youle and Shepherd vein major growth catalyst • Björkdal: Focus on higher-margin ore • Net cash position with strong growth in revenue, adjusted EBITDA and adjusted net income • Generated $45M in free cash flow FY2022; Q3 2023 cash position of $22M • Continuing regional exploration of highly-prospective targets at both assets • Defined pipeline for long-term value creation • 100,000 AuEq producer with two assets in tier-one mining jurisdictions • Significant critical mineral producer of antimony in Australia • Redefining Vision and Corporate Strategy • Reaffirming Core Values Positioned for Growth • Focused on M&A • Hired Scott Trebilcock as EVP and Chief Development Officer