Mandalay September PPT

1. TSX:MND
OTCQB:MNDJF
SEPT 2020
EXECUTION FOCUSED
CREATING VALUE

2. 2
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.
Forward-looking Statements

3. MANDALAY PORTFOLIO AT A GLANCE
3
Costerfield: Major Production Uplift From
High-Grade Youle Vein
• Production initiated high-grade Youle vein
• Continual uplift in production over the next 12
months
• H1 2020 production: 28,429 AuEq oz
– 20,973 Au oz and 2,054 Sb t
• H1 2020 cash costs and AISC: $604 per AuEq oz
and $935 per AuEq oz
• Excellent high-grade exploration potential
Björkdal: Ramping-up Underground
Production
• H1 2020 production: 22,000 Au oz
• H1 2020 cash costs and AISC: $1,065 per Au oz and
$1,490 per Au oz
• Exploration breakthrough of Aurora zone
opening significant production and exploration
potential
TWO PRODUCING ASSETS WITH ORGANIC GROWTH POTENTIAL AND EXPLORATION UPSIDE
Non-Core Properties
• Cerro Bayo (care and maintenance)
o Definitive option agreement signed with
Equus Mining
• Challacollo (feasibility-stage project)
o Definitive sale agreement signed with
Aftermath Silver
1. Assumes metal prices of Au $1,478/oz, Sb $5,931/t
Consolidated H1 2020 Performance
• H1 2020 production: 50,429 AuEq oz
• H1 2020 cash costs and AISC: $867 per AuEq oz
and $1,244 per AuEq oz

4. SIGNIFICANT IMPROVEMENTS IN 2020
4
ESTABLISHING SUSTAINABLE CASHFLOWS TO FUND ORGANIC GROWTH OPPORTUNITIES
1. Adjusted EBITDA is a non-IFRS performance measures and does not include intercompany transfer pricing recharge costs. Please refer to the Company’s financial
statements for further details
$-
$5,000
$10,000
$15,000
$20,000
$25,000
Q3 Q4 Q1 Q2
2019 2020
USD$('000)
Adjusted EBITDA(1)
Costerfield Björkdal Consolidated
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
0
5,000
10,000
15,000
20,000
25,000
30,000
Q3 Q4 Q1 Q2
2020
USD$/oz
ProductionAuEqoz
Production and Cash Costs Performance
Costerfield Production Björkdal Production
Costerfield Cash Cost Björkdal Cash Cost
All-time record in quarterly
adjusted EBITDA at
Costerfield

5. 5
COVID-19 PANDEMIC AND MANAGEMENT CONTROLS
SAFE PRODUCTION AND SAFE WORKING CONDITIONS
Priority remains the health and safety of our employees, contractors and the communities in which we
operate. Our management teams have taken comprehensive measures to reinforce safe work procedures
and business continuity plans are in place with site-specific contingency considerations, should they be
needed. Mandalay will continue monitoring information from governments and health organizations.
The following protocols are in place at our operations:
• Surveyed workforce to identify at high-risk employees;
• Established clear policies for any workers displaying signs of illness. Employees or contractors cannot
come to work if displaying any symptoms;
• Intermittent on-site temperature checks;
• Where possible, employees to work from home, and flexible work arrangements are in place to reduce
contact between persons and maintain social distancing guidelines;
• Sites have reviewed hygiene and sanitization protocols and increased frequency in cleaning of common
and high-traffic zones. Additional hand washing stations installed;
• Implementing risk management processes for crew shift changes to ensure social distancing protocols
and reduction in movement of employees between crews; and
• Restricting visitors to essential visitors only.

6. 6
2020 PRODUCTION AND COST GUIDANCE
SIGNIFICANT ORGANIC PRODUCTION GROWTH AT COSTERFIELD
• Costerfield: High-grade Youle vein continuing to ramp-up production through 2020, leading into further
increased production in 2021
• Björkdal: Steady ramp-up from the Aurora zone as more levels are developed and stoping is increased
1. Assumes metal prices of: $1,478/oz, Sb $5,931/t. Consolidated costs per Au Eq. oz includes corporate overhead spending and total care and
maintenance costs at Cerro Bayo
2. Cash and all-in sustaining costs are a non-IFRS measure
3. Consolidated all-in sustaining cost guidance includes expected corporate overhead spending and care and maintenance costs
4. Capital expenditures includes exploration at Björkdal and Costerfield; consolidated cost guidance includes expected Corporate G&A
Costerfield Björkdal Consolidated
Production
Gold (oz) 32,000 – 38,000 51,000 – 57,000 83,000 – 95,000
Antimony (t) 3,000 – 3,500 - 3,000 – 3,500
Gold Equivalent (oz)(1) 44,000 – 52,000 51,000 – 57,000 95,000 – 109,000
Cash Costs ($USD/oz)(2) $725 – $875 $750 – $900 $765 – $915
All-in sustaining Costs ($USD/oz)(2,3) $1,010 – $1,220 $1,110 – $1,340 $1,090 – $1,360
Capital Expenditures ($M)(4) $17M – $21M $22M – $27M $39M – $48M

7. 7
STRONGER BALANCE SHEET VIA SYNDICATED US$65M
CREDIT FACILITY
PROVIDING SHORT TERM FINANCIAL FLEXIBILITY AND LONG TERM BALANCE SHEET MANAGEMENT
Three Year Term
• Entered into a Syndicated
Facility with HSBC Bank
Canada and Macquarie Bank
Limited on March 16, 2020
• Use of proceeds: repaying the
pre-existing HSBC Revolver
Facility, repurchasing or
redeeming Gold Bonds, general
corporate and working capital
purposes
Hedging Programs
• Commencing in July 2020, a
total of 150,000 ounces of
saleable gold or 50,000 ounces
per year for three years is
hedged:
o A zero-cost collar hedge for
75,000 ounces of saleable
gold with a floor price of
US$1,550 per ounce and a
ceiling of US$1,617 per
ounce; and
o Australian dollar gold
forward contract for the
remaining 75,000 ounces of
salable gold at AU$2,390
per ounce
Gold Bonds for Cancellation
• Entered into a bond purchase
agreement with a holder of a
significant portion of the
outstanding Gold Bonds to
which Mandalay has
purchased for cancellation
• As a result of the above, under
the agreements relating to the
Gold Bonds, Mandalay has
exercised its rights and
redeemed all remaining Gold
Bonds

8. 8
COSTERFIELD MINE
Snapshot
Land package 1,293 hectares
Product Gold and Antimony
Mining Method Long-hole stoping with
cemented rock fill
Life of Mine 3 - 4 years
Processing Capacity 140,000 tonnes per annum
Q1 2020 Production/
Q2 2020 Production
10,620 Au oz & 1,108 Sb t/
10,353 Au oz & 946 Sb t
2019 Production 15,258 Au oz & 2,032 Sb t
Q1 2020 Cash Cost/
AISC
$577 per AuEq. Oz/
$854 per AuEq. Oz
Q2 2020 Cash Cost/
AISC
$662 per AuEq. Oz/
$1,025 per AuEq. Oz
P&P Reserves(1) 474,000 t @ 13.4 g/t Au,
3.8% Sb for 204,000 Au oz
and 17,800 Sb t
VICTORIA, AUSTRALIA
1. SRK Consulting (Australia), Effective December 31, 2019, documented in an independent NI 43-101 Technical Report filed on March 30, 2020

9. 9
COSTERFIELD: THE PATH FORWARD
DELIVERING ON PRODUCTION UPLIFT AND A FOCUSED EXPLORATION PROGRAM
Deep Hole DrillingRamping up Youle Exploring High Potential
Targets
• Development and
production from Youle top
priority to significantly
increase processed grade
• First programmed holes
completed under Youle vein
• Program has recommenced
with the second hole
targeting underneath
Cuffley/Augusta veining
• Drill several highly
prospective targets from
surface including:
Extension of Youle, the
Damper Gully, True Blue,
and Brown’s & Robinson’s
areas
Please view our June 2020
Exploration video

10. 10
THE YOULE LODE: DRIVING FUTURE SUCCESS
MAJOR PRODUCTION INCREASES EXPECTED FROM YOULE RAMP UP
• Youle vein lies within the North-South
trend also containing August and Cuffley
veins
• Drilling has allowed for a high-grade
reserve to be formed around Youle which
is still open to the North and at depth
• Currently developing on multiple levels
with first stoping commenced in late June
2020
• Extensional exploration 2020 has
intercepted high grade veining to the North
of the current mine design
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
P+P 474 13.4 3.8 204 17.8
Mineral Reserves at Costerfield (as of Dec. 1, 2018)
Category Tonnes
(kt)
Au Grade
(g/t)
Sb Grade
(%)
Cont. Au
(koz)
Cont. Sb
(kt)
Proven 76 8.4 4.0 20 3.1
Probable 461 10.8 3.1 160 14.2
P+P 537 10.4 3.2 180 17.2
Sources: 2018 Reserves: SRK Consulting (Australia), Effective December 1, 2018, documented in an independent NI 43-101 Technical Report filed on February 6, 2019.
2019 Reserves SRK Consulting (Australia), Effective December 31, 2019, documented in an independent NI 43-101 Technical Report filed on March 30, 2020
Area mined:
2009 - 2018
Areas currently mining
Youle

11. 11
YOULE LONG SECTION
DRILL INTERCEPTS ON YOULE DEMONSTRATING CONTINUITY OF HIGH-GRADE
Currently known mineralized
shoot: Approx. 600 m strike
Approx. 250 m down dip
High-grade continuous core
defined by multiple intercepts
over 50 g/t AuEq over 1.8 m
minimum mining width
The high-grade Youle ore body
extends to the north with
substantial grades intercepted:
• 21.7 g/t gold and 1.7%
antimony over a true width of
1.23 m in BC099; and
• 44.3 g/t gold and 26.3%
antimony over a true width of
1.07 m in BC100

12. 12
DEEP DRILLING AT COSTERFIELD
FOSTERVILLE AND COSTERFIELD ARE FUNDAMENTALLY SIMILAR IN MINERAL SOURCE, FLUID
COMPOSITION, FLUID TRANSPORTATION SYSTEM AND FLUID TRAP ENVIRONMENT
Fosterville
Costerfield
30 km
Fosterville Deposits Costerfield Deposits
Could there be similar style gold mineralisation at Costerfield?
• Key similarities in the upper Costerfield system that Mandalay has mined
• A litho-geochemical (carbonaceous shales) environment exists, at depth, that is similar to the Fosterville
high-grade (Swan zone) environment
• Mandalay has intercepted mineralisation in the sub King Cobra drilling with 2 of 4 historical intercepts
returning high gold grades supporting the analogy

13. 13
TARGETING A POTENTIALLY HIGH-GRADE ENVIRONMENT
DEEP HOLE DRILLING PROGRAM TO TEST FOR HIGH-GRADE MINERALIZATION AT DEPTH
2014:
• Previously
intersected a high-
grade mineralized
vein with two deep
holes drilled under
Cuffley vein
2019:
• Began deep hole
program with first
deep hole under
Youle vein
(completed)
2020:
• Second deep hole
under
Cuffley/Augusta
vein commenced in
late March 2020
CSK007: 0.08 m @ 1,361 g/t Au and
CSK012: 0.19m @ 345 g/t Au

14. 14
DEEP DRILLING AT COSTERFIELD
DRILLING PROGRAM ADVANCING STRATIGRAPHY KNOWLEDGE OF THE COSTERFIELD DISTRICT
• First deep drill hole: CD001 completed
at 1,700 m with a wedge hole
(CD001W1) covering ground above the
initial hole targeting an inferred
anticline to the east.
• The predicted anticline was found to be
in a truncated state exhibiting
pervasive alteration and some quartz
stockwork veining.
• Whilst interpreted to be the feeder
zone for fluids enriching Youle veining,
the altered zone was not itself
enriched.
• This information has been incorporated
into the deeps targeting geological
model for definition of the next hole.
• CD002 commenced in March 2020
targeting the same fluid corridor under
Cuffley.
972 m
1,007 m
Strong
Alteration and
Stockwork
Veining
1,023 m
CD001W1
King Cobra
Fault Alteration
Zone

15. 15
COSTERFIELD REGIONAL TESTING
EARLY SUCCESS OF THE BROWN’S PROSPECT DRILLING PROGRAM
Brown’s drilling program still underway:
• Two out of five holes completed (total of
623 m has been drilled of the 1,200 m
program)
• First drill hole intercepted 14.51 g/t Au,
over 1.27 m (true width) in diamond drill
hole BWN001
• BWN001 & BWN002 were drilled below
the historic Felix Brown mine
• Indications suggest that current
intercepts are high in the system

16. EXCITING DISTRICT POTENTIAL
Potential Endowment
• Testing 2 Mineralized and
Underexplored corridors
Current/Historical Mining
Corridor

17. 17
BJÖRKDAL MINE
Snapshot
Land package 12,949 hectares
Product Gold
Mining Method Longhole open stoping
Life of Mine 10+ years
Processing Capacity 1.3 million tonnes
per annum
Q1 2020 Production/
Q2 2020 Production
10,750 Au oz/
11,250 Au oz
2019 Production 51,498 Au oz
Q1 2020 Cash Cost/
AISC
$1,052 per Au oz/
$1,479 per Au oz
Q2 2020 Cash Cost/
AISC
$1,078 per oz/
$1,500 per Au oz
P&P Reserves(1) 11.1 mt @ 1.54 g/t Au for
548,000 Au oz
SKELLEFTEÅ, SWEDEN
1. Roscoe Postle Associates, Effective December 31, 2019, documented in an independent NI 43-101 Technical Report filed on March 30, 2020

18. 18
BJÖRKDAL: THE PATH FORWARD
RAMPING UP UNDERGROUND PRODUCTION AND DELINEATING THE AURORA ZONE
Mining selectivityRamping up
Underground and
Stockpile Production
Exploring High Potential
Targets
• Ramp-up underground
tonnage in 2020 to 1Mtpa
• Supplement underground
material with stockpiled
low-grade ore (approx.
0.64 g/t Au) for total
processing capacity of
1.3Mtpa
• Increase Aurora’s
contribution to overall mill
feed
o Increase development
at Aurora and stoping
ramp-up over 2020
• Supplement feed with high-
grade skarn production
• Extend the mineralisation
of Aurora zone. Currently
open to extension laterally
and horizontally, with focus
on high-grade at depth
• Test extension of the Lake
Zone skarn deposit
• Extension drilling to North
of Aurora
Please view our June 2020
Exploration video

19. 19
AURORA ZONE STEERING UNDERGROUND RAMP UP
AURORA ZONE PROVIDES THE POTENTIAL TO MINE HIGH-TONNAGE AND HIGHER-GRADES MORE
COST EFFECTIVELY
• Aurora zone significantly wider and
consistently higher-grade than current mill
feed
• Currently known mineralization over 500 m
horizontally and 400 m vertically
• Aurora zone readily accessible; six levels
currently being developed
• Large step-out drilling occurring below and
East and West of currently known
mineralization
• Preliminary processing results show no
challenges for gold recoveries
• Stoping has been initiated on first level
Aurora Zone and the
Northern target test
drilling in relation to
mine development

20. 20
UNCONSTRAINED ABOVE THE MARBLE
MINERALIZATION EXTENDING HUNDREDS OF METRES ABOVE THE MARBLE CONTACT
Marble contact
Unexplored and an area of focus
for the exploration program
Mineralized zone:
historically thought to be
constrained by marble

21. 21
AURORA ZONE & PRELIMINARY RESERVES
MINERALIZATION OPEN IN ALL DIRECTIONS
• Underground drilling campaign focused on
extending existing Aurora zone
• Drill results demonstrated potential for Aurora
to extend both up and down dip along strike
in both directions
• High grade mineralization continuity has
been confirmed at depth and to the east in
early 2020
Preliminary Mineral Resource and Reserve added
for Aurora in Feb 2019(1)
• 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
(1) 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

22. 22
NON-CORE PROPERTIES: CHILEAN ASSETS
REALIZING VALUE FROM NON-CORE ASSETS
Cerro Bayo Silver-Gold Mine
• Operations remain 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 and
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 of CAD$10.5M (including
a 3% royalty on concessions valued at
CAD$3M)
• Aftermath Silver’s management team
has significant industry experience and
complementary skillsets that Mandalay
believes are necessary to create
additional 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 and
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

23. CE Mining
25%
GMT
Capital
20%
Ruffer LLP
17%
AzValor
11%
West Face
5%
Others
22%
23
MARKET INFORMATION
Capital Structure
Share price (CAD$)(1) $1.84/shr
Shares Outstanding (M) 91.2
Fully Diluted Shares Outstanding (M)(2) 94.0
Market Capitalization (CAD$M) $167.8
Cash and Cash Equivalents (USD$M)(4) $20.9
Total Interest-Bearing Debt (USD$M)(4) $69.0
Enterprise Value (US$M)(3,4) $174.0
Major Shareholders(6) Shares (M)
CE Mining 23.2
GMT Capital 18.0
Ruffer LLP 15.3
AzValor 10.5
West Face 4.2
Large Holders (Top 5) 71.2
Other Holders 19.9
TOTAL 91.1
1. As at Sept 09, 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$0.75
4. From Mandalay’s Financial Statements as of June 30, 2020
5. Ownership positions are estimates - as at Aug 2020
Note: numbers may be rounded
Analyst Coverage
BMO Capital Markets Brian Quast
Mackie Research Capital Stuart McDougall

24. 24
INVESTMENT HIGHLIGHTS
COSTERFIELD: HIGH-GRADE YOULE VEIN THE MAJOR GROWTH CATALYST
BJÖRKDAL: RAMPING UP UNDERGROUND PRODUCTION, FOCUSING ON HIGHER-CASH MARGIN ORE
High-Potential
Exploration Upside
Major Production Uplift /
Stable operations
Fully-Funded
• Growing production from
81,568 oz gold equivalent in
2018 to 95 – 109,000 AuEq oz
in 2020
• Costerfield: significant
production growth expected via
Youle vein
• Björkdal: Focusing on
profitability. Increasing
underground production with
higher-grade ore from Aurora
zone
• Continuing regional
exploration programs on
known targets; seeking
repetition of mineralization
Costerfield:
• Deep hole drilling below
Youle and Cuffley
• Testing shallow targets
around old-workings
• Untested targets focus in
2020
Björkdal:
• Extensional drilling at Aurora
• Defining mineralization and
assessing economics of the
high-grade skarn deposit
• Cash position of $20.9M as at
Q2 2020 affords Mandalay with
the financial flexibility to
continue funding its exploration
programs and sets the Company
up for future profitability and
growth

25. 25
A VALUES-BASED AND VALUE-FOCUSED COMPANY
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
WE ARE SUCCESSFUL WHEN:

26. 26
MANAGEMENT AND BOARD OF DIRECTORS
SENIOR MANAGEMENT
Dominic Duffy
President, Chief Executive
Officer & Director
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
Rob Doyle
Director
Peter R. Jones
Director
Amy Freedman
Director
Terry Ackerman
Director
BOARD OF DIRECTORS

27. Edison Nguyen
647 260 1566
e.nguyen@mandalayresources.com
www.mandalayresources.com
Twitter: @MandalayAuAg
TSX:MND
OTCQB:MNDJF