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GENERATING POSITIVE
FREE CASH FLOW WITH
EXPLORATION SUCCESS
ACROSS THE PORTFOLIO
JULY 2022
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
A Profitable Gold Producer Delivering Value and Exploration Upside
3
Costerfield Mine
Australia
Björkdal Mine
Sweden
118,000 – 130,000 AuEq oz
2022E PRODUCTION GUIDANCE(1)
Two producing gold mines in Australia and Sweden –
both mining-friendly, tier-one jurisdictions
• Exceeded full-year 2021 production guidance with a
consolidated saleable gold equivalent production of 123,002
ounces – highest total since 2017;
• 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 beginning to reap the benefits of higher grade, wider
Aurora zone; and
• Exploration success at Björkdal, finding higher grades at
depth to north-east
1. Assumes average metal prices of: Au $1,750/oz, Sb $13,000/t
4
Demonstrated Operational Turnaround and Organic Growth
NINE CONSECUTIVE QUARTERS of excellent
operational results
• Y-o-Y production improvements since 2019 demonstrates the
stability at Björkdal and growing quality of Costerfield
• Sustainable cash cost reductions as a result of higher-grade
material and improved underground operations
• For 2022:
• Costerfield: ramp up at Youle and initiate production from
the high-gold grade deposit Shepherd.
• Björkdal: increase stoping rates within the lower, higher
grade levels of the Aurora zone and
0
500
1,000
1,500
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
2019A 2020A 2021A 2022E USD$/oz
Production
AuEq
oz
Production and Cash Cost Performance
27% CAGR in production*
2022 CONSOLIDATED COST GUIDANCE
Cash cost $700 – $900 per oz AuEq
All-in sustaining cost $1,100 – $1,300 per oz AuEq
Capital expenditures $50M – $58M
*Compound annual growth rate 2019 – 2021
** Average cash cost for 2022E graphed. Costerfield: $560 – $710 AuEq oz produced. Björkdal: $980 – $1,130 Au oz produced.
Costerfield:
67,000 – 74,000 AuEq. oz
Björkdal:
51,000 – 56,000 Au oz
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
2019 2020 2021 2022
USD'000
Quarterly Financial Performance
Revenue Adjusted EBITDA Adjusted net income (loss)
20% GROWTH IN ADJUSTED EBITDA VS. Q1 2021
$31.3M ADJUSTED EBITDA – 58% MARGIN
$54.2M REVENUE Q1 2022
C$0.19 ADJUSTED INCOME PER SHARE IN Q1 2022
$13.9 ADJUSTED NET INCOME GENERATED IN Q1 2022
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
$28.0M FREE CASH FLOW IN Q1 2022
$50.4M CASH AS AT Q1 2022
Debt: three-year, $65M syndicated facility with HSBC
Bank Canada and Macquarie Bank (currently $40.1M
after Q1 2022 repayment) repayments are $3.8M
quarterly with a bullet payment of $28.8M in Q1 2023
-20,000
-10,000
-
10,000
20,000
30,000
40,000
50,000
60,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2019 2020 2021 2022
USD'000
Quarterly Cash Flows and Cash Balance
Free cash flow Cash and cash equivalents
$71.4M in free cash flow generated
NET DEBT FREE IN Q1 2022 – MAJOR
CORPORATE GOAL ACHIEVED
$50.4M
$28.0M
Capital Structure and Key Shareholders
7
CAPITAL STRUCTURE
Share price (CAD$) (1) $2.82 per share
Shares Outstanding 91.8M
Fully Diluted Shares Outstanding (2) 94.1M
Market Capitalization (CAD$) $258.9M
Cash and Cash Equivalents (USD$) (4) $50.4M
Total Interest-Bearing Debt (USD$) (4) $45.7M
Enterprise Value (USD$) (3,4) $202.4M
ANALYST COVERAGE
BMO Capital Markets Brian Quast
Mackie Research Capital Stuart McDougall
Share Price Performance
1. As at July 4, 2022 | 2. Includes: 0.6M RSU, 0.5 PSU, 0.3 DSU and 2.2M 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$0.80 | 4. From Mandalay’s Financial Statements as of March 31, 2022 | 5. Ownership positions are estimates - as at June 2022 Note: numbers may be rounded
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1.5
2
2.5
3
3.5
4
Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22
Volume
CAD$
Volume Close
KEY SHAREHOLDERS
Significantly Undervalued Relative to Peers
8
Source: Company filings.
1. Enterprise value reflects share prices as at July 5, 2022, for Peer group and of $2.79 for Mandalay. Mandalay’s 2022E gold equivalent production midpoint graphed.
Note Peer group: Argonaut Gold, Aura Minerals, Calibre Mining, GCM Mining, Great Panther Mining, Jagurar Mining, Karora Resources, McEwen Mining, Robex Resources, Superior Gold, Victoria Gold and Wesdome Gold Mines
Despite operational and financial success, MND trades at lower value relative to peers
202
310
Mandalay Peer Group (Average)
Enterprise Value (USD$M)
~0.6x
that of
Peers
124
164
Mandalay Peer Group (Average)
2022E Production AuEq. ('000)
~0.7x
that of
Peers
$1,200 $1,278
Mandalay Peer Group (Average)
2022E AISC (USD$/oz)
-3%
-30%
22%
Spot Price of Gold Peer Group (Average) Mandalay
YTD Price Performace
~0.9x
that of
Peers
3.6
6.0
Mandalay Peer Group (Average)
EV/ 12 Month Net Cash from OPs
~0.6x
that of
Peers
COSTERFIELD
OPERATIONS
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 3.98% Sb YE2021
• 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
2021A/ 2022E Production 68,729 AuEq oz/ 67,000 – 74,000 AuEq oz
2022E Cash costs (1) $560 – $710 per oz AuEq
2022E AISC (1) $830 – $980 per oz AuEq
2022E CAPEX $21M – $25M
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
5.45% 4.18% 4.10% 3.47% 3.85% 3.96% 4.06% 3.99% 3.61%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2020 2021 2022
Milled Head Grade
Mill head grade Au
Mill head grade Sb
Demonstrated History of Replacing Mined Ounces
and Resource Growth
11
• Has maintained an approximate 3 – 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 over 11
years)
• 2022 to be largest exploration spend at
Costerfield +$7M, 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
Youle Vein:
High-Quality, Low-Cost Production and Organic Growth
Youle providing Costerfield with sustainable organic growth year-over-year
12
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
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
2019 2020 2021 2022
$USD
per
AuEq
oz
AuEq
oz
Production
Production and Cash Costs
AuEq produced Cash cost per oz AuEq Produced
68,729 AuEq oz PRODUCED IN YE2021
58,148 AuEq oz PRODUCTION IN YE2020 – 18% INCREASE
11.84g/t Au & 3.96% Sb GRADES IN YE2021
11.60 Au g/t & 4.25% Sb in YE2020
COSTERFIELD
EXPLORATION
OPPORTUNITIES
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
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
1. Shepherd: Significant Grades Found Through 5 Veins in 2021
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.
2. Central Corridor Deeps
17
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 2022.
• 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 2022.
1
2
3
1. Source: Kitco News September 3, 2021, “Richest gold mines in the world in Q1 2021 – report”
The following regional programs are
expected to recommence in 2022:
• The Margaret program is currently
underway and will continue in early
2022.
• Drilling will recommence on satellite
targets containing historic mines,
insufficient drill testing and
encouraging geochemical signatures.
• Soil and bedrock geochemical testing
will continue through 2022.
• An active seismic survey profile will be
undertaken across the field enhancing
depth and regional targeting.
18
Browns
True Blue
Robinsons
West Costerfield
Margaret
MacDonald
3. Regional Exploration
Antimony Creek
3. Regional Exploration: Robinson Prospect
19
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)
Three Keys to Value Creation at Costerfield
20
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 900m and
1,000m.
• Deep hole program recommenced in 2021 targeting under Shepherd discovery
Surface drilling on highly-prospective targets
• Shepherd and Brown’s targets returned significant results in 2021.
• 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
BJÖRKDAL
OPERATIONS
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
22
OVERVIEW
Location Skellefteå, Sweden
Land package 12,949 hectares
Life of Mine 9 years
2021A/ 2022E Production 45,236 Au oz/ 51,000 – 56,000 Au oz
2022E Cash costs (1) $980 – $1,130 per Au oz
2022E AISC (1) $1,400 – $1,550 per Au oz
2022E CAPEX $29M – $33M
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
Björkdal Gold Mine: Operations
23
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
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
2019 2020 2021 2022
Au
grade
g/t
Au
Production
oz
Production & Grade
Au Production Au grade
45,236 Au oz PRODUCED IN YE2021
45,296 Au Oz PRODUCED IN YE2020
Extension Drilling: Targeting Areas of Elevated Grades and
Veining Continuity
• 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
• 2022: 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
24
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.
Eastern Extension Programs
25
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
26
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
Regional exploration in 2022 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.
27
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
The Path Forward
28
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 1.2Mtpa in 2022
• 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 Main, Central and
Lake (Eastern) zones
Underground production ramp-up, delineation and development of the Aurora zone currently underway
• Exploration update videos available here
SUMMARY
& HIGHLIGHTS
Strategy
30
1. 2. 3. 4.
Investment Summary
31
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 $28M in free cash flow in Q1 2022
• Continuing regional exploration highly-prospective targets at both assets
• Defined pipeline for long-term value creation
• Cash position of $50.4M as Q1 2022
• Became net debt free in Q1 2022
• Fully-funded exploration programs
• High potential for future profitability and
growth
32
Edison Nguyen
647.260.1566
e.nguyen@mandalayresources.com
@MandalayAuAg
TSX: MND
OTCQB: MNDJF
mandalayresources.com
APPENDICES
Non-Core Assets: Chilean Properties
34
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
Costerfield Mineral Reserves
35
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
Björkdal Mineral Reserves
36
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
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
37
Management and Board of Directors
38
Dominic Duffy
President, Chief Executive
Officer & Director
Senior Management
Board of Directors
Nick Dwyer
Chief Financial 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
Julie Galloway
Director
Amy Freedman
Director
Terry Ackerman
Director

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July 2022 MND IR PPT.pdf

  • 1. 1 GENERATING POSITIVE FREE CASH FLOW WITH EXPLORATION SUCCESS ACROSS THE PORTFOLIO JULY 2022
  • 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 118,000 – 130,000 AuEq oz 2022E PRODUCTION GUIDANCE(1) Two producing gold mines in Australia and Sweden – both mining-friendly, tier-one jurisdictions • Exceeded full-year 2021 production guidance with a consolidated saleable gold equivalent production of 123,002 ounces – highest total since 2017; • 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 beginning to reap the benefits of higher grade, wider Aurora zone; and • Exploration success at Björkdal, finding higher grades at depth to north-east 1. Assumes average metal prices of: Au $1,750/oz, Sb $13,000/t
  • 4. 4 Demonstrated Operational Turnaround and Organic Growth NINE CONSECUTIVE QUARTERS of excellent operational results • Y-o-Y production improvements since 2019 demonstrates the stability at Björkdal and growing quality of Costerfield • Sustainable cash cost reductions as a result of higher-grade material and improved underground operations • For 2022: • Costerfield: ramp up at Youle and initiate production from the high-gold grade deposit Shepherd. • Björkdal: increase stoping rates within the lower, higher grade levels of the Aurora zone and 0 500 1,000 1,500 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 2019A 2020A 2021A 2022E USD$/oz Production AuEq oz Production and Cash Cost Performance 27% CAGR in production* 2022 CONSOLIDATED COST GUIDANCE Cash cost $700 – $900 per oz AuEq All-in sustaining cost $1,100 – $1,300 per oz AuEq Capital expenditures $50M – $58M *Compound annual growth rate 2019 – 2021 ** Average cash cost for 2022E graphed. Costerfield: $560 – $710 AuEq oz produced. Björkdal: $980 – $1,130 Au oz produced. Costerfield: 67,000 – 74,000 AuEq. oz Björkdal: 51,000 – 56,000 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 2019 2020 2021 2022 USD'000 Quarterly Financial Performance Revenue Adjusted EBITDA Adjusted net income (loss) 20% GROWTH IN ADJUSTED EBITDA VS. Q1 2021 $31.3M ADJUSTED EBITDA – 58% MARGIN $54.2M REVENUE Q1 2022 C$0.19 ADJUSTED INCOME PER SHARE IN Q1 2022 $13.9 ADJUSTED NET INCOME GENERATED IN Q1 2022
  • 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 $28.0M FREE CASH FLOW IN Q1 2022 $50.4M CASH AS AT Q1 2022 Debt: three-year, $65M syndicated facility with HSBC Bank Canada and Macquarie Bank (currently $40.1M after Q1 2022 repayment) repayments are $3.8M quarterly with a bullet payment of $28.8M in Q1 2023 -20,000 -10,000 - 10,000 20,000 30,000 40,000 50,000 60,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2019 2020 2021 2022 USD'000 Quarterly Cash Flows and Cash Balance Free cash flow Cash and cash equivalents $71.4M in free cash flow generated NET DEBT FREE IN Q1 2022 – MAJOR CORPORATE GOAL ACHIEVED $50.4M $28.0M
  • 7. Capital Structure and Key Shareholders 7 CAPITAL STRUCTURE Share price (CAD$) (1) $2.82 per share Shares Outstanding 91.8M Fully Diluted Shares Outstanding (2) 94.1M Market Capitalization (CAD$) $258.9M Cash and Cash Equivalents (USD$) (4) $50.4M Total Interest-Bearing Debt (USD$) (4) $45.7M Enterprise Value (USD$) (3,4) $202.4M ANALYST COVERAGE BMO Capital Markets Brian Quast Mackie Research Capital Stuart McDougall Share Price Performance 1. As at July 4, 2022 | 2. Includes: 0.6M RSU, 0.5 PSU, 0.3 DSU and 2.2M 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$0.80 | 4. From Mandalay’s Financial Statements as of March 31, 2022 | 5. Ownership positions are estimates - as at June 2022 Note: numbers may be rounded 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1.5 2 2.5 3 3.5 4 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Volume CAD$ Volume Close KEY SHAREHOLDERS
  • 8. Significantly Undervalued Relative to Peers 8 Source: Company filings. 1. Enterprise value reflects share prices as at July 5, 2022, for Peer group and of $2.79 for Mandalay. Mandalay’s 2022E gold equivalent production midpoint graphed. Note Peer group: Argonaut Gold, Aura Minerals, Calibre Mining, GCM Mining, Great Panther Mining, Jagurar Mining, Karora Resources, McEwen Mining, Robex Resources, Superior Gold, Victoria Gold and Wesdome Gold Mines Despite operational and financial success, MND trades at lower value relative to peers 202 310 Mandalay Peer Group (Average) Enterprise Value (USD$M) ~0.6x that of Peers 124 164 Mandalay Peer Group (Average) 2022E Production AuEq. ('000) ~0.7x that of Peers $1,200 $1,278 Mandalay Peer Group (Average) 2022E AISC (USD$/oz) -3% -30% 22% Spot Price of Gold Peer Group (Average) Mandalay YTD Price Performace ~0.9x that of Peers 3.6 6.0 Mandalay Peer Group (Average) EV/ 12 Month Net Cash from OPs ~0.6x that of Peers
  • 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 3.98% Sb YE2021 • 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 2021A/ 2022E Production 68,729 AuEq oz/ 67,000 – 74,000 AuEq oz 2022E Cash costs (1) $560 – $710 per oz AuEq 2022E AISC (1) $830 – $980 per oz AuEq 2022E CAPEX $21M – $25M 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 5.45% 4.18% 4.10% 3.47% 3.85% 3.96% 4.06% 3.99% 3.61% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2020 2021 2022 Milled Head Grade Mill head grade Au Mill head grade Sb
  • 11. Demonstrated History of Replacing Mined Ounces and Resource Growth 11 • Has maintained an approximate 3 – 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 over 11 years) • 2022 to be largest exploration spend at Costerfield +$7M, 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
  • 12. Youle Vein: High-Quality, Low-Cost Production and Organic Growth Youle providing Costerfield with sustainable organic growth year-over-year 12 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 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 2019 2020 2021 2022 $USD per AuEq oz AuEq oz Production Production and Cash Costs AuEq produced Cash cost per oz AuEq Produced 68,729 AuEq oz PRODUCED IN YE2021 58,148 AuEq oz PRODUCTION IN YE2020 – 18% INCREASE 11.84g/t Au & 3.96% Sb GRADES IN YE2021 11.60 Au g/t & 4.25% Sb in YE2020
  • 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 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. 2. Central Corridor Deeps 17 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 2022. • 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 2022. 1 2 3 1. Source: Kitco News September 3, 2021, “Richest gold mines in the world in Q1 2021 – report”
  • 18. The following regional programs are expected to recommence in 2022: • The Margaret program is currently underway and will continue in early 2022. • Drilling will recommence on satellite targets containing historic mines, insufficient drill testing and encouraging geochemical signatures. • Soil and bedrock geochemical testing will continue through 2022. • An active seismic survey profile will be undertaken across the field enhancing depth and regional targeting. 18 Browns True Blue Robinsons West Costerfield Margaret MacDonald 3. Regional Exploration Antimony Creek
  • 19. 3. Regional Exploration: Robinson Prospect 19 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)
  • 20. Three Keys to Value Creation at Costerfield 20 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 900m and 1,000m. • Deep hole program recommenced in 2021 targeting under Shepherd discovery Surface drilling on highly-prospective targets • Shepherd and Brown’s targets returned significant results in 2021. • 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 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 22 OVERVIEW Location Skellefteå, Sweden Land package 12,949 hectares Life of Mine 9 years 2021A/ 2022E Production 45,236 Au oz/ 51,000 – 56,000 Au oz 2022E Cash costs (1) $980 – $1,130 per Au oz 2022E AISC (1) $1,400 – $1,550 per Au oz 2022E CAPEX $29M – $33M 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
  • 23. Björkdal Gold Mine: Operations 23 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 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 2019 2020 2021 2022 Au grade g/t Au Production oz Production & Grade Au Production Au grade 45,236 Au oz PRODUCED IN YE2021 45,296 Au Oz PRODUCED IN YE2020
  • 24. Extension Drilling: Targeting Areas of Elevated Grades and Veining Continuity • 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 • 2022: 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 24 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.
  • 25. Eastern Extension Programs 25 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
  • 26. 26 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
  • 27. Regional exploration in 2022 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. 27 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
  • 28. The Path Forward 28 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 1.2Mtpa in 2022 • 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 Main, Central and Lake (Eastern) zones Underground production ramp-up, delineation and development of the Aurora zone currently underway • Exploration update videos available here
  • 31. Investment Summary 31 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 $28M in free cash flow in Q1 2022 • Continuing regional exploration highly-prospective targets at both assets • Defined pipeline for long-term value creation • Cash position of $50.4M as Q1 2022 • Became net debt free in Q1 2022 • Fully-funded exploration programs • High potential for future profitability and growth
  • 34. Non-Core Assets: Chilean Properties 34 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
  • 35. Costerfield Mineral Reserves 35 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
  • 36. Björkdal Mineral Reserves 36 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
  • 37. 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 37
  • 38. Management and Board of Directors 38 Dominic Duffy President, Chief Executive Officer & Director Senior Management Board of Directors Nick Dwyer Chief Financial 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 Julie Galloway Director Amy Freedman Director Terry Ackerman Director