MND IR July 2023

1. 1
GENERATING FREE
CASH FLOW WITH
EXPLORATION
UPSIDE ACROSS
THE PORTFOLIO
JULY 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. A Profitable Gold Producer Delivering Value and Exploration Upside
3
Costerfield Mine
Australia
Björkdal Mine
Sweden
88,000 – 100,000 AuEq oz
2023E PRODUCTION GUIDANCE(1)
Two producing gold mines in Australia and
Sweden – both mining-friendly, tier-one
jurisdictions
• 2022 consolidated saleable gold equivalent production of
105,906 ounces;
• Company committed to growing its production and
reducing costs to generate significant positive cashflow;
• Costerfield: continue mining the high-grade Youle vein and
the deeper Shepherd veins;
• Björkdal: increase production from the Aurora zone and
other higher-grade areas from the Eastern zone; and
• Record exploration spend in 2023, expected $10M - $14M
1. Assumes average metal prices of: Au $1,797/oz, Sb $10,805/t

4. 4
Demonstrating Operational Success and Organic Growth
• 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 Deeps Central
zone.
-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. 5
Expect to be net debt free in 2021
Generating Free Cash Flow with a Net Cash Position
$91.2M ADJUSTED EBITDA IN 2022
5
$45.0M FREE CASH FLOW IN 2022
$34.2M CASH AS AT Q1 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, will fund
purchases of Common Shares through surplus cash
available from its operations
NET DEBT FREE IN Q1 2022 – MAJOR
CORPORATE GOAL ACHIEVED
-$60,000
-$50,000
-$40,000
-$30,000
-$20,000
-$10,000
$0
$10,000
$20,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2020 2021 2022 2023
USD'000
Consolidated Net Debt/ Cash

6. 2.7
7.9
Mandalay Peer Group (Average)
EV/ TTM Net Cash from OPs
Significantly Undervalued Relative to Peers
6
Source: Company filings.
1. Enterprise value reflects share prices as at Feb 20, 2023, for Peer group and of $2.58 for Mandalay.
Note Peer group: Argonaut Gold, Aura Minerals, Calibre Mining, GCM Mining, Jaguar Mining, Karora Resources, McEwen Mining, Superior Gold, Robex Resources, Victoria Gold and Wesdome Gold Mines
Despite operational and financial success, MND trades at lower value relative to peers
~0.9x
that of
Peers
141
382
Mandalay Peer Group (Average)
Enterprise Value (USD$M)
~0.3x
that of
Peers
7%
10%
-23%
Spot Price of Gold Peer Group (Average) Mandalay
Price Performance since December 31, 2022
159
237
Mandalay Peer Group (Average)
EV/Proven & Probable Au oz
112
176
Mandalay Peer Group (Average)
2023E Production AuEq. ('000)
~0.7x
that of
Peers
~0.4x
that of
Peers
~0.6x
that of
Peers
$1,238
$1,420
Mandalay Peer Group (Average)
2023E AISC (USD$/oz)

7. COSTERFIELD
OPERATIONS

8. Costerfield Gold-Antimony Mine
High-grade Youle vein key
driver to results
• Continuous production since
Mandalay ownership in 2009;
• Processed grades of 12.2 g/t
gold and 2.87% antimony
YE2022;
• Stable production scheduled
over the next 5 years; and
• Highly-prospective land
package with massive
exploration upside
8
OVERVIEW
Location Victoria, Australia
Land package 1,293 hectares
Life of Mine 5 years
2022A/ 2023E Production 64,659 AuEq oz/ 56,000 – 64,000 AuEq oz
2023E Cash costs (1) $650 – $825 per oz AuEq
2023E AISC (1) $925 – $1,075 per oz AuEq
2023E CAPEX $20M – $24M
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

9. Youle Vein:
High-Quality, Low-Cost Production and Organic Growth
Youle and Shepherd providing Costerfield with sustainable organic growth
9
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 Q2 Q3 Q4 Q1
2019 2020 2021 2022 2023
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 Q2 Q3 Q4 Q1 Q2
2019 2020 2021 2022 2023
$USD
per
AuEq
oz
AuEq
oz
Production
Production and Cash Costs
AuEq produced Cash cost per oz AuEq Produced
64,659 AuEq oz PRODUCED YE2022
68,729 AuEq oz PRODUCTION IN YE2021
Costerfield is the second highest grade gold mine in
Australia after neighboring Fosterville mine.

10. Demonstrating Replacement of Mined Ounces with
Resource Growth
10
• 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
expenditure of $7M – $9M, with focus on
target testing and generative exploration

11. COSTERFIELD
EXPLORATION
OPPORTUNITIES

12. Exciting District-Scale High-Grade Exploration Potential
Costerfield exploration program
consists of:
12
Near Mine Veining Extensions
Central Corridor Deeps
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

13. 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
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
13
Historic Mine producing from 1863 - 1938
Current Youle Mine has produced 290,000 oz
at 19.1 g/t AuEq since August 2019
Shepherd South
Potential
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

14. Shepherd: Significant Grades Found Through 5 Veins in 2021 – 2022
14
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.

15. Central Corridor Deeps
15
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.
• 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 2023.
1
2
3

16. BJÖRKDAL
OPERATIONS

17. 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
17
OVERVIEW
Location Skellefteå, Sweden
Land package 12,949 hectares
Life of Mine 9 years
2022A/ 2023E Production 41,247 Au oz/ 49,000 – 54,000 Au oz
2023E Cash costs (1) $975 – $1,125 per Au oz
2023E AISC (1) $1,325 – $1,475 per Au oz
2023E CAPEX $24M – $28M
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

18. Björkdal Gold Mine: Operations
18
Operational focus 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 Q2 Q3 Q4 Q1
2019 2020 2021 2022 2023
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 Q2 Q3 Q4 Q1 Q2
2019 2020 2021 2022 2023
Au
grade
g/t
Au
Production
oz
Production & Grade
Au Production Au grade
41,247 Au oz PRODUCED IN 2022
45,236 Au Oz PRODUCED IN 2021

19. Extension Drilling: Targeting Areas of Elevated Grades and
Veining Continuity
• Anticipated 2023 exploration expenditure of $3M
– $5M
• Aurora and surrounding veining remains the
dominant source of ore at Björkdal
• Exploration focus has transitioned from Aurora
extension to bringing into Resource, other areas
of veining where elevated grade are probable
• Significant high grades have been located within
the Eastern Deeps Extension drilling:
o 783.0 g/t gold over ETW 0.25 m in MU22-032;
o 104.7.0 g/t gold over ETW 0.87 m in MU22-031;
and
o 22.7 g/t gold over ETW 3.19 m in MU22-029.
• 2023: underground drilling will focus further on
this eastern area as well as the
recommencement of Northern Zone drilling,
infilling and extending the identified long lived
veins north of Aurora
19
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 H2 2022 Eastern Deeps and Aurora Upper Testing programs is also
shown.

20. Eastern Deeps Extension Programs
20
EASTERN DEEPS EXTENSION HIGHLIGHTS:
Central Zone Extension
• 47.7 g/t gold over ETW 5.85 m in MU21-052:
o Including 1,056.0 g/t over 0.40 m;
• 47.5 g/t gold over ETW 4.11 m in MU21-047:
o Including 716.0 g/t over 0.31 m; and
• 507.0 g/t gold over ETW 0.23 m in MU21-051;
• 45.5 g/t gold over ETW 1.15 m in MU21-028;
Main Zone Extension
• 174.0 g/t gold over ETW 0.49 m in MU21-010;
• 6.1 g/t gold over ETW 8.85 m in MU21-010; and
• 105.0 g/t gold over ETW 0.21 m in MU21-015.
Lake Zone Extension
• 119.2 g/t gold over ETW 0.44 m in MU21-028;
• 226.0 g/t gold over ETW 0.21 m in MU21-029.
• 92.2 g/t gold over 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

21. Regional exploration in 2023 will focus 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.
21
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
16.7 Mt @ 2.27 g/t (M&I Resource)
Lapptjarm

22. Capital Structure and Key Shareholders
22
CAPITAL STRUCTURE
Share price (CAD$) (1) $2.10 per share
Shares Outstanding 92.2M
Fully Diluted Shares Outstanding (2) 94.1M
Market Capitalization (CAD$) $193.6M
Cash and Cash Equivalents (USD$) (4) $34.2M
Total Interest-Bearing Debt (USD$) (4) $23.5M
Enterprise Value (USD$) (3,4) $132.6M
ANALYST COVERAGE
BMO Capital Markets Brian Quast
Share Price Performance
1. As at June 2, 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$0.74 | 4. From Mandalay’s Financial Statements as of Mar 31, 2023 | 5. Ownership positions are estimates - as at Jan 2023 Note: numbers may be rounded
-
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
0
0.5
1
1.5
2
2.5
3
3.5
4
Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23
Volume
CAD$
Volume Close
KEY SHAREHOLDERS
Jun-23

23. SUMMARY
& HIGHLIGHTS

24. Investment Summary
24
Strong Cash
Flowing Operations
Strong Financial
Performance and
Balance Sheet
High-Potential
Exploration Upside
Positioned for
Future Growth
• Costerfield: High-grade Youle and Shepherd vein major growth catalyst
• Björkdal: Focus on higher-margin ore
• Strong growth in revenue, adjusted EBITDA and adjusted net income
• Generated $45M in free cash flow during YE2022
• Continuing regional exploration highly-prospective targets at both assets
• Defined pipeline for long-term value creation
• Cash position of $34.2M as Q1 2023
• Became net debt free in 2022
• Fully-funded exploration programs
• High potential for future profitability and
growth

25. 25
Edison Nguyen
647.258.9722
e.nguyen@mandalayresources.com
@MandalayAuAg
TSX: MND
OTCQB: MNDJF
mandalayresources.com

26. APPENDICES

27. 27
Shepherd: Grade Continuity Through Shepherd and Extending
the Veining Horizon
Mineralization located 300 m further along trend of
Shepherd and a further 150 m at depth
DRILLING HIGHLIGHTS:
Infill drilling extends high-grade veining to the north and southern portion:
• 234.7 g/t gold over 4.17 m (ETW 1.49 m) in BC262; and
• 377.4 g/t gold over 0.54 m (ETW 0.40 m) in BC371
Mineralization located 300 m to the south along trend of Shepherd and a further
150 m at depth including:
• 332.0 g/t gold over 0.33 m (ETW 0.26 m) in BC274W1
Potential third veining horizon located in three drill holes approximately 40 m
further west of the known Shepherd veining:
• 17.6 g/t gold & 18.6% antimony over 0.17 m (ETW 0.17 m) in BC299
Additional veining located to the east of Youle with high potential for extension:
• 22.2 g/t gold & 16.0% antimony over 0.24 m (ETW 0.12 m) in BC295
Drilling above Youle intercepts an undiscovered and unmined panel of veining
including:
• 27.8 g/t gold & 31.5% antimony over 0.67 m (ETW 0.36 m) in BC328

28. The following regional programs are
expected to recommence in 2023:
• Drilling will continue on high potential
satellite targets which have been
previously underexplored.
• Soil and bedrock geochemical testing
will continue through 2023.
• Active seismic surveys, undertaken in
2022, integrated into targeting models
for 2023.
28
True Blue
Robinson Deeps
West Costerfield
Margaret
MacDonald
Costerfield: Regional Exploration
Antimony Creek

29. Costerfield: Regional Exploration – Robinson Prospect
29
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)

30. 30
Björkdal: Aurora and Northern Extension
AURORA SYSTEM EXTENSION HIGHLIGHTS:
• Indication of extension by 150m up-dip and to the east;
• 89.5 g/t gold over ETW 0.23 m in MU22-027;
• 2.9 g/t gold over ETW 3.05 m; and
• 36.0 g/t gold over ETW 0.15 m in ME22-004.
Section Looking West showing
the Northern Zone veining in
relation to Aurora
Perspective view of the Aurora
System showing the resent
results of the Aurora Extension
program. Drillholes are annotated
with composites over 2.0 g/t Au
when diluted to 1 m.
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; and
• 64.8 g/t gold over 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

31. Non-Core Assets: Chilean Properties
31
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

32. Costerfield Mineral Reserves
32
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. Filed on SEDAR on Mar 31, 2022

33. Björkdal Mineral Reserves
33
Sources: SLR Consulting Ltd. Effective December 31, 2022, documented in an independent NI 43-101 Technical Report. Filed on SEDAR on March 31, 2023.
Mineral Reserves at Björkdal (as of Dec 31, 2022)
Category Tonnes (kt) Au Grade (g/t) Cont. Au (koz)
Proven
Underground 661 1.61 34
Probable
Underground 5,617 2.10 379
Open Pit 2,816 1.12 101
Norrberget Open Pit 170 2.74 15
Stockpile 2,357 0.60 45
Total Probable + Probable 11,662 1.54 574

34. 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
34

35. Management and Board of Directors
35
Frazer Bourchier
President, Chief Executive
Officer & Director
Senior Management
Board of Directors
Nick Dwyer
Chief Financial Officer
Ryan Austerberry
Chief Operations Officer
Chris Davis
Vice President, Operational
Geology & Exploration
Bradford A. Mills
Chairman
Braam Jonker
Lead Independent Director
Dominic Duffy
Director
Rob Doyle
Director
Julie Galloway
Director
Amy Freedman
Director
Frazer Bourchier
President, Chief Executive
Officer & Director