The document discusses Mandalay Resources' strategy, operations, and financial performance. Mandalay aims to rapidly generate value through acquiring undervalued assets and improving operations. It operates the Cerro Bayo silver-gold mine in Chile and the Costerfield gold-antimony mine in Australia. In Q3 2013, Mandalay reported EBITDA of $22.9 million and net income of $10.9 million. It plans continued production growth and exploration at its sites to further extend mine lives.

1. DEC
2013
DELIVERING
VALUE AND GROWTH

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 and exploration plans and the growth and strategy of Mandalay. Readers are cautioned not to place undue reliance on
forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on,
among other things, that exploration results at Cerro Bayo, Costerfield, and La Quebrada may not meet management’s expectations, that Cerro
Bayo and Costerfield capital, production and operating cost results may not meet current plans, that reclamation costs associated with
Mandalay’s Furioso property may exceed current estimates, 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. Although Mandalay has
attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forwardlooking 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 program at Costerfield is supervised by Chris Gregory (Member, Australian Institute of Geoscientists accredited Chartered
Professional (Mining)), General Manager of Australasian Business Development for Mandalay and a Qualified Person as defined under National
Instrument 43-101. Mr. Gregory regularly visits Costerfield, supervises the collection and interpretation of scientific and technical information
contained in this presentation..
The exploration programs on the Cerro Bayo and La Quebrada projects are supervised by Ronald Luethe (Member: American Institute of
Professional Geologists and an Idaho Registered Professional Geologist), General Manager of Mandalay Chile Ltda. and a Qualified Person as
defined under National Instrument 43-101. Mr. Luethe visits the Cerro Bayo and La Quebrada projects often, supervises the collection and
interpretation of scientific and technical information contained in this presentation.
Dr. Mark Sander (Member: AusIMM), President of Mandalay, has visited the Costerfield, Cerro Bayo, and La Quebrada projects several times
during 2010, 2011 and 2012 and has supervised the preparation of this presentation.
2

3. Vision
To create exceptional shareholder value through the acquisition of undervalued assets that
can rapidly become cash generative, self fund exploration, establish and maintain high
operating margins and return cash to shareholders within a planned period of time.
Mandalay is committed to operating safely and in an environmentally responsible manner,
while developing a high level of community and employee engagement.
3

4. Locations and Tradeflows
4

5. Mandalay in Today’s Market
 Markedly lower metal prices
 Producers must be responsive to large swings in metal prices
 Focus on growth of sustainable cash margins and return of capital
 Mandalay well positioned for profitability in this environment
 Mandalay strategy robust: low total cost producer
• Low acquisition cost of producing assets
• Low sustaining and incremental expansion capex; no large, risky new project
construction capex
• Low risk, head frame exploration drilling for low discovery cost per ounce
• Low overhead virtual organization
• Operational improvements result in cash cost reductions year-over-year
• With no overextension, no disruptive changes in plans with price declines
 Healthy cash margins: EBITDA of $22.9 million in the third quarter of 2013
 No impairment charges
 Dividend predictable and sustainable – automatically adjusts with metal price at
6% gross revenue
 Strong support for equity
 NCIB program in place: 1,832,100 shares purchased as of September 30, 2013
 Management and insiders own 53.76% of shares outstanding as of August 8, 2013
5

6. Mandalay Q3 2013 Financial Performance
Q3, 2013
Net Cash/All-in Cost/oz Ag at Cerro Bayo, USD
Q3, 2012
6.41 / 12.05
5.00 / 9.54
626 / 873
1,278 / 1,479
EBITDA, USD million
22.9
23.4
Net Income, USD million
10.9
9.0
Cash and cash equiv. at end of period, USD million
27.7
6.4
Net Cash/All-in Cost/oz Au Eq. at Costerfield, USD
Mandalay Q3 2013 Operational Performance
Q3, 2013
Q3, 2012
Saleable Silver oz produced
733,659
804,779
Saleable Gold oz produced
14,442
9,104
966
594
Saleable Antimony t produced
6

7. Management and Board of Directors
Senior Management
Brad Mills, CEO and
Executive Director
Former CEO Lonmin
plc, over 30 years of
experience in Copper,
Gold, PGMs
Sanjay Swarup, CFO
and Executive Director
Former Lonmin plc, over
20 years of industry
experience
Mark Sander, President
28 years of experience in
exploration, strategy and
operating improvements
Dominic Duffy, COO
Mining Engineer with
extensive technical and
operational management
experience
Belinda Labatte,
Corporate Secretary
Over 10 years of
experience in capital
markets and investment
banking
Board of Directors
Braam Jonker,
Chairman
Peter R. Jones,
Independent Director
Tony Griffin,
Independent Director
7
Robert Doyle,
Independent Director

8. Strategy: Rapid Value Generation and Returns
Entry Strategy:
 Acquire high-quality assets at a low cost
relative to ultimate value
Focus and Results
Increase Revenues ($US MM)
 Apply management’s extensive operational
and exploration expertise to turn around, grow
and/or develop the assets
171.8
92.2
 Focus on cash returns to shareholders and
prudent use of leverage
0.3
Operationally, Mandalay is focused on:
 High-margin projects where the Company can
achieve rapid production ramp-ups from
restarts, turn around situations or late-stage
development
20.6
2009
2010
2011
2012
Generate Cash
(EBITDA - $US MM**)
79.9
32.0
-1.0
 Early cash flow to fund exploration, growth and
operational improvements
1.7
2009
 Building critical mass through acquisition
2010
Dividend Payouts ($CAD MM)
Capital strategy: Reduce dilution and return
cash to shareholders
 Announced dividend policy, currently paying
annualized dividend of 6% of gross revenue***
 NCIB: Repurchasing up to 5% of the Company
from operational cash flow over 1 year
2011
2012
$10.9
$3.2
2012 A
**The Company defines EBITDA as earnings before interest, taxes and non cash charges/ (income). EBITDA is presented because the Company
believes it is a useful indicator of relative operating performance. EBITDA should not be considered by an investor as an alternative to net income
or cash flow as determined in accordance with IFRS.
***Annual cash dividend paid quarterly, based on 6% of the Company’s trailing quarter’s gross revenue and the future cash requirements of the Company.
8
2013 A

9. Capital Structure and Ownership
Millions
(Except Share Price Information)
Capital Structure as at November 25, 2013
Share price (Nov. 25, 2013 - close) (CAD$)
0.79/shr
Shares Outstanding
323.3
Options(1)
16.2
Warrants(2)
21.0
Fully Diluted Shares Outstanding
360.5
Market Capitalization (CAD$)
255.4
Cash and Cash Equivalents (CAD$) (as of September 30, 2013)(3)
27.7
Total Debt (CAD$) (as of September 30, 2013)(3)
0
Total Enterprise Value (CAD$)
227.7
Major Shareholders(4)
Holders
%
Shares (Million)
West Face Capital
42.3%
136.9
Plinian + Management
11.0%
35.8
Sprott Asset Management
10.4%
33.5
Arcourt (Byrne)
3.6%
11.7
Baker Steel
3.4%
11.1
(1) Exercise
price: C$0.255 - C$0.83; Expiry date: Dec 7, 2014 - Mar 18, 2018
price: C$0.31 - C$0.465; Expiry date: Nov 30, 2014
(3) Assuming US$ 1 = C$ 1.0421
9
(4) As of November 5, 2013, the directors and executive officers of the Corporation, as a group, beneficially owned, or controlled or directed, directly or indirectly, approximately
173,783,259 Common Shares, representing approximately 53.76% of the outstanding Common Shares
(2) Exercise

10. Management Track Record: Execution, Value Creation
Index (August 3, 2009 = 100)
500
450
Mandalay Resources
Peers*
Gold
Silver
S&P/TSX Composite Index
S&P/TSX Global Mining Index
400
350
300
Q4 2009 - New Management Team
(Mills, Sander & Swarup)
Mandalay: 196%
(total return)
Peers: 80%
Silver: 39%
Gold: 30%
TSX Composite: 22%
TSX Mining: -21%
250
200
150
100
50
Company History and Milestones
2009 Q4
2010
2011
2012
2013
Financial/
Corporate
• Acquired
Costerfield goldantimony mine for
Mandalay stock
• Listed on TSX main
board from TSX-V
• Raised $23 million for
purchase and restart of
Cerro Bayo silver-gold
mine
• Announced Normal
Course Issuer Bid
(“NCIB”) to buy back
5% of Company’s
shares
• Completed
Substantial Issuer
Bid; reduced FD
share count by 8%
• Completed and
Renewed NCIB
• Paid $3.2 million in
dividends
• Extended credit
facility by $10 million
• NCIB renewed
• Paying $10.9 million
in dividends
(2013 est.)
Operational
• Began Production
at Costerfield
(Dec 2009)
• Began production at
Cerro Bayo (Sept 2010)
• Began milling &
shipping at Cerro
Bayo (Jan 2011)
• Increased production
at both projects
• Doubled silver
reserves, boosted
gold reserves 85%
• Reached design
production at both
operations
• Extended Costerfield
mine life to 4 years
• Began ramp up at
Cerro Bayo to 1,400
tpd
*Peer group includes: Coeur Mining, Endeavour Silver, First Majestic Mines, Fortuna Silver, and Primero Mining
Share prices as at November 25, 2013
10

11. Cerro Bayo Silver-Gold Mine
Land package
23,096 hectares
Ownership
100%
2012 silver production
2,911,595 oz
2012 gold production
2013E / 2014E silver production
2013E / 2014E gold production
Current throughput / Goal
P&P Reserves
17,089 oz
2.8 – 3.1 Moz / 3.0 – 3.2 Moz
18,000 – 21,000 oz / 23,000 – 27,000 oz
approx. 1,200 tpd / 1,400 tpd (end Q1 2014)
2.3 Mt @ 241 g/t Ag; 2.2 g/t Au
Current recoveries (Q3 2013)
Ag: 91.06%, Au: 88.64%
$4 – $6 / $6 – $8
2013E Cash costs/oz Ag
net Au credits / 2014E
2013 Planned Exploration
Metres
60,000
Budget
$6-7 million
11

12. Cerro Bayo Operating Performance
100,000
$60
$50
80,000
$40
60,000
USD/ Tonne
$70
$30
40,000
$20
20,000
$10
Q4-11
Cost/ t Mined
Processing $0 and Unit Cost
Rate
Q2-12
120,000 Q4-12 Q2-2013
$70
100,000
$60
$50
80,000
$40
60,000
$30
40,000
$20
20,000
$10
Saleable Silver Produced & Unit Cost
$0
0
Q4-10
t Processed
Q2-11
Q4-11
Cost/ t Processed
1,000,000
Q2-12 Q4-12
800,000
$15
600,000
$10
400,000
$5
200,000
0
$0
Q4-10
Ag oz
12
$20
Q2-13
Q2-11
Q4-11
Cost/ oz Ag net Au
Q2-12
Q4-12
Q2-13
USD/ oz Ag Net Byproduct
t Mined
Q2-11
Ounces Silver Per Quarter
Q4-10
USD/ Tonne
0
Tonnes Per Quarter
Tonnes Per Quarter
Mining Rate and Unit Cost
120,000

13. Cerro Bayo District: Target-rich Land Package
Brillantes
Brillantes
Esperanza
NI43-101 Reserve-Resource veins
 2013 Infill and Step-Out Drilling
2012 New infill from 2011 Blue Sky successes
2013 Scheduled Blue Sky drill targets
Laguna Verde
2013- Field work to prep for 2014 drilling
Coigues
Sb Anomaly
Sb Anomaly
Chatito
Roadside
Cerro Bayo
Lucia
Marcela
Roadside
High level, MadreAquila-Meseta
Guanaco
Aquila
Sinter Hill
Cerro
Viento
Cerro
Viento
13

14. Cerro Bayo: Laguna Verde Area
Carola
DALILA
DAGNY
Trinidad
Tailings
Mill
DELIA NW
Orieta
FABIOLA
YASNA
BIANCA
COYITA
Gabriela
LAGUNA VERDE
DELIA SE.
Producing Mine or Planned Mine
2013 Infill/Extensional Drilling
14
Exploration Vein

15. Dagny vein completely delimited under the lake
Coyita vein extends under the lake to limit of drilling
15

16. Fabiola vein planned drilling under the lake
Yasna vein planned drilling under the lake
16

17. Cerro Bayo M&I resource growth net of depletion
45,000,000
40,000,000
35,000,000
Ozs Ag
30,000,000
25,000,000
20,000,000
15,000,000
10,000,000
5,000,000
0
2010
CUMULATIVE DEPLETION
Delia NW
Yasna
Bianca
2011
Dagny
Delia SE
Coyita
17
2012
Fabiola
Marcela Sur
Dalila

18. Costerfield Gold-Antimony Mine: Overview
Land package
1,293 hectares
Ownership
100%
2012 gold production
18,036 oz
2012 antimony production
2013E gold production / 2014E
2013E antimony production / 2014E
2,481 t
20,000 – 25,000 oz / 37,000 – 43,000 oz
2,800 – 3,000 t / 3,000 – 3,300 t
Current throughput / 2014E
P&P Reserves
340 tpd / 400 tpd
178,000 tonnes @ 8.9 g/t Au; 4.1% Sb
Current recoveries (Q3 2013)
2013E Cash cost/oz Au Eq. (US$) / 2014E
Au: 90.17%, Sb: 95.58%
$950 – $1,000 / $675 – $775
2013 Planned Exploration
Metres
~13,000
Budget
$3.5 million
18

19. Costerfield Operating Performance
$300
AUD/ Tonne
$400
Processing Rate and Unit Cost
$100
35,000
$0
$120
$100
30,000
Q4-09 Q2-10 Q4-10 Q2-11 Q4-11 Q2-12 Q4-12 Q2-13
(Dec.
25,000
only)
20,000
t Mined
Cost/ t Mined
15,000
$80
$60
$40
10,000
Au Equivalent Production and Cost
$20
18,000
16,000
0
$0
14,000
Q4-09 Q2-10 Q4-10 Q2-11 Q4-11 Q2-12 Q4-12 Q2-13
12,000
(Dec.
only)
10,000
8,000
t Processed
Cost/ t Processed
6,000
4,000
2,000
0
Q4-09 Q2-10 Q4-10 Q2-11 Q4-11 Q2-12 Q4-12 Q2-13
(Dec.
only)
Ounces Per Quarter
5,000
Oz Au Eq.
19
Cost/ Au Eq. Oz
$3,000
$2,500
$2,000
$1,500
$1,000
$500
$0
USD/ Oz Au Eq.
40,000
AUD/ Tonne
$200
Tonnes Per Quarter
Tonnes Per Quarter
Mining Rate and Unit Cost
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0

20. Cuffley PEA – Development and Mining Plan
 Subparallel and adjacent to N-lode
 Same mining technique as N-lode
•
•
•
Long hole stoping 10 m lifts
CRF backfill
Better ground conditions
 Well-known productivities and costs
Cuffley Lode
N-lode
E-lode
W-lode
20

21. Cuffley PEA Basis – Extended Mine Life at High Current
Production and Low Current Cost Performance
 Expanded resources in Cuffley
and N-lode (see appendix for
continued exploration potential)
 PEA mine life through Q2 2017
at current production rate and
costs: 10,000 to 12,000 tpm
 Proportion of gravity gold
continues as per experience in
N-lode and projected in Cuffley
 Current plant performance and
costs
 Current smelting agreement
 Metal prices and exchange rates
conform to new realities
21

22. Cuffley PEA Financial Results
 >50,000 oz Au Eq. /yr avg.
 $766/oz Au Eq. cash cost
 $898/oz Au Eq. P&L cost
 Nearly self-funding
 $67 million NPV
Oz Eq
22

23. Costerfield M&I Resource Growth Net Depletion
600
Au Eq Oz (000's)
500
10-Sep-2013
400
300
200
100
0
2005
CUFFLEY
2006
2007
2008
AUGUSTA
2009
Depletion
23
2010
2011
2012
Yearly Depletion
2013
201

24. Costerfield – Long Section
24

25. La Quebrada Copper-Silver Project: Overview
Land package
7,418 hectares
Ownership
Location
100%
45 km NW of La Serena
Mineralization
Elevation
M&I Resource
Cu-Ag mantos
1,000 – 1,500 metres ASL
34.8 Mt @ 10 g/t Ag, 0.6% Cu
25

26. La Quebrada
La Quebrada Total Resources(1)
Rock (t)
Measured
Ag Grade (g/t)
Ag (cont. oz)
Cu Grade (%)
Cu (cont. lb)
0
0
0
0
0
Indicated
34,800,000
10
11,188,272
0.6%
459,360,000
Measured & Indicated
34,800,000
10
11,188,272
0.6%
459,360,000
1,000,000
11
353,652
0.6%
13,200,000
Inferred
Next steps:
 Drilling for modest
expansion of
Casa de Piedra
 District
exploration – new
concepts
Tugal Pit
 Basic engineering
studies
 Conversation for
district
consolidation
(1)
La Quebrada Independent Technical Report filed 16-Aug-2012.
26

27. Discovery-fuelled Organic Growth – 2013E & 2014E
Significant M&I Resource Growth (1,2,3)
Ag (cont. oz)
40,000,000
30,000,000
Au (cont. oz)
600,000
Sb (cont. t)
30,000
600
400,000
20,000
400
200,000
10,000
Cu (cont. lbs MM)
200
20,000,000
10,000,000
0
0
2010
2011
2012
0
0
2010
2011
2012
2013
2010
2011
2012
2010
2013
2011
Costerfield Budget and Production
(2014E)
Antimony (Sb)
Capital Expenditure
(PP&E)
$4-$5
million
$11-$12
million
$13-$14
million
Capital Development
Capitalized Exploration
3,500
3,000
2,500
2,000
1,500
1,000
500
0
2,800 –
3,000
$4-$5
million
$6-$7
million
$8-$9
million
Capital Development
Capitalized Exploration
3,500,000
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
0
37,000–
43,000
50,000
40,000
20,000–
25,000
30,000
1,576
18,036
20,000
10,000
6,678
0
2012
2013E
2014E
2011
Silver (oz)
(2014E)
Capital Expenditure
(PP&E)
3,000 –
3,300
2,481
2011
Cerro Bayo Budget and Production
Gold (oz)
2.9 million
2012
2013E 2014E
Gold (oz)
2.8 - 3.1
million
3.0 - 3.2
million
23,000–
27,000
30,000
25,000
20,000
1.3 million
15,000
17,089
18,00021,000
12,244
10,000
5,000
0
2011
2012
2013E
2014E
1 Source: Roscoe Postle Associates, March 2013, documented in an independent NI 43-101 report filed March 28, 2013
Source for Dalila vein: Internal Company Report, prepared under the supervision of Qualified Person Ron Luethe
2 Source: SRK Consulting (Australia), March 2013, documented in an independent NI 27
43-101 report filed March 28, 2013
3 Source: La Quebrada Independent Technical Report, filed Aug 16, 2012.
Average guidance range graphed for 2013E and 2014E
2011
2012 2013E 2014E
2012

28. Peer Comparison: Production, Cost, Financials
9M 2013A Production
Ag
(oz)
Mandalay Resources
Au
(oz)
9M 2013A Financials
Other
Ag Eq (oz)
(Au + Ag)
Revenue
(US$MM)
EBITDA
(US$MM)
EBITDA Margin
(%)
2,266,995
38,123
2,500 t Sb
4,347,150
127.8
53.8
42.1
12,671,584
181,438
-
22,571,624
577.2
145.9
25.3
Endeavour Silver
4,881,435
57,894
-
8,040,381
208.9
69.9
33.5
First Majestic Mines
7,894,867
-
-
7,894,867
192.3
78.3
40.7
Fortuna Silver
3,171,139
14,191
16,300 t Pb+Zn
3,945,461
101.0
29.4
29.1
Primero Mining
4,450,000
82,886
-
9,002,618
152.6
71.2
46.7
Coeur Mining
P+P Reserves
Ag
(oz)
Mandalay Resources
Au
(oz)
Market Comparables
Other
Reserve Grade
Ag Eq (g/t)
(Au + Ag)
Market
Capitalization FD
(CAD$MM)
EPS
9M Dividend
Paid/Share
18,250,000
214,000
7,200t Sb
361
285.2
$0.07
$0.02429
261,528,000
2,286,000
-
51
1,149.1
($0.67)
$0
Endeavour Silver
23,057,200
222,300
-
253
434.3
$0.26
$0
First Majestic Mines
90,800,000
0
-
161
1,264.7
$0.37
$0
Fortuna Silver
42,700,000
266,100
-
216
479.4
($0.03)
$0
Primero Mining
39,377,000
660,000
-
513
803.3
$0.31
$0
Coeur Mining
Source: Company reports and Bloomberg
Market capitalization as at November 25, 2013
28
Ag Eq oz converted at 55/1 Au/Ag. Metal prices: Ag price of $28.92 and Au price of $1,578

29. Mandalay Compares Favourably to its Peers
Mandalay Resources
600
$25
50%
45%
Coeur Mining
500
Endeavour Silver
400
35%
300
25%
Fortuna Silver
$10
20%
200
15%
$5
10%
100
 Second highest grade
reserves
(Ag Eq oz)
$15
30%
First Majestic Mines
Primero Mining
$20
40%
5%
0
P+P Reserve Grade
Fully Diluted Ag Eq (g/t)
$0
0%
Fully Loaded 9M 2013
Cash Cost/Ag Eq oz
9M 2013 EBITDA Margin
 Second highest EBITDA
margin
$120
$14
$0.030
 Lowest fully loaded cost
(Ag Eq oz)
$100
$12
$0.025
 Second lowest market
cap per estimated annual
production of Ag Eq oz
 Third lowest market cap
per P+P reserves oz
 Highest dividend paid per
share
$10
$80
$0.020
$8
$60
$0.015
$6
$40
$0.010
$4
$20
$0.005
$2
$0
$0.000
$0
Market Cap per 2013E
Ag Eq Production (oz)
Market capitalization as at November 25, 2013
Ag Eq oz converted at 55/1 Au/Ag
Metal prices: Ag price of $28.92 and Au price of $1,578
29
Market Cap per P+P
Reserves (Ag Eq oz)
9M 2013 Dividend Paid per
Share

30. Highlights and Catalysts
Cerro Bayo
 Ramp up to 1,400 tpd on track for Q1 2014
 5 owned rigs drilling now – resource and reserve update in Q1 2014
Costerfield
 Currently at 340 tpd, exceeding design production rate of 250 tpd, significant cost
reduction
 Increased metal production from higher grade ore and higher throughput
 Cuffley lode development proceeding
• First development ore expected Q4 2013
• Growing resources at Cuffley lode and Augusta extensions with 3 rigs
• Resource and reserve update in Q1 2014 (converting Cuffley M&I to P&P)
 Continuing district exploration for longer mine life
La Quebrada
 Infill drilling completed; indicated NI 43-101 Resource filed August 2012
 Metallurgical and engineering studies
 District consolidation
30

31. Investment Proposition
 Execution-focused management with track record of operational and exploration success, growth and
value generation
 High-quality, cash flowing asset portfolio with major exploration upside
 Strong balance sheet, self-funding projects, zero net debt
 Rapid increase in production and margins through low-capex organic growth and operational
efficiencies
 Returning cash to shareholders and reducing dilution wherever possible
 Company paying annual dividend equal to 6% of the Company’s trailing quarter’s gross revenue
 Continued growth through further acquisitions
31

32. DEC
2013
DELIVERING
VALUE AND GROWTH
For more information, please contact:
Greg DiTomaso
Tel: 647.260.1566
Email: g.ditomaso@mandalayresources.com
Company Website: www.mandalayresources.com
Twitter: @MandalayAuAg

33. Mandalay Reserves
Cerro Bayo Reserves (1)
Proven Reserves
Ore
Ag Grade
Ag
Au Grade
Au
(t)
(g/t)
(cont. oz)
(g/t)
(cont. oz)
420,000
356
4,803,000
2.2
30,000
Probable Reserves
1,934,000
216
13,447,000
2.1
133,000
P&P Reserves
2,354,000
241
18,250,000
2.2
163,000
Costerfield Reserves (2)
Proven Reserves
Ore
Sb Grade
(t)
(%)
48,000
6.5
Sb
Au Grade
Au
(cont. t)
(g/t)
(cont. oz)
3,100
11.0
17,000
Probable Reserves
130,000
3.2
4,100
8.1
34,000
P&P Reserves
178,000
4.1
7,200
8.9
51,000
TOTAL RESERVES:
31-December-2012
Mandalay Proven Reserves
Ag
(cont. oz)
Au
(cont. oz)
Sb
(cont. t)
4,803,000
47,000
3,100
Mandalay Probable
Reserves
13,447,000
167,000
4,100
Mandalay P&P Reserves
18,250,000
214,000
7,200
1 Source: Roscoe Postle Associates, March 2013, documented in an independent NI 43-101 report filed March 28, 2013
2 Source: SRK Consulting (Australia), March 2013, documented in an independent NI 43-101 report filed March 28, 2013
33
Numbers may differ slightly from Source documents due to rounding

34. Mandalay Resources
Cerro Bayo Resources (1)
Measured Resources
Indicated Resources
M&I Resources
Inferred Resources
Costerfield Resources (2)
Measured Resources
Indicated Resources
M&I Resources
Inferred Resources
La Quebrada Resources (3)
Measured Resources
Indicated Resources
M&I Resources
Inferred Resources
TOTAL RESOURCES
Measured Resources
Indicated Resources
M&I Resources
Inferred Resources
Resource
(t)
327,000
1,562,000
1,889,000
452,000
Ag Grade
(g/t)
525
334
367
201
Resource
(t)
Sb Grade
(%)
184,000
534,000
718,000
680,000
Resource
(t)
Ag
(cont. oz)
5,521,000
16,754,000
22,275,000
2,922,000
Sb
(cont. t)
4.3%
3.7%
3.9%
2.6%
Cu Grade
(%)
0
34,800,000
34,800,000
1,000,000
0
0.6%
0.6%
0.6%
Ag
(cont. oz)
5,521,000
27,954,000
33,475,000
3,276,000
Au
(cont. oz)
75,000
350,000
425,000
175,000
8,000
20,000
28,000
18,000
Cu
(cont. lb)
Au Grade
(g/t)
3.2
3.2
3.2
2.4
Au Grade
(g/t)
Sb
(cont. t)
8,000
20,000
28,000
18,000
1 Source: Roscoe Postle Associates, March 2013, documented in an independent NI 43-101 report filed March 28, 2013
2 Source: SRK Consulting (Australia), September 10, 2013, documented in an independent NI 43-101 report filed October 20, 2013
34
3 Source: La Quebrada Independent Technical Report filed Aug 16, 2012.
Numbers may not add due to rounding
Au
(cont. oz)
7.1
11.1
10.1
6.4
Ag Grade
(g/t)
0
459,360,000
459,360,000
13,200,000
Au
(cont. oz)
33,000
160,000
194,000
35,000
42,000
190,000
232,000
140,000
Ag
(cont. oz)
0
10
10
11
Cu
(cont. lb)
0
459,360,000
459,360,000
13,200,000
0
11,200,000
11,200,000
354,000

35. Safety, Health, Environment and Community
Safety & Health
Environment & Community
Employees
ACTIONS
•
•
•
•
•
Spending on S&H (including
safety training) tripled in last
two years
Focus on line management
safety leadership, systems and
behaviours
Improved S&H safety
processes & compliance
Implementation of DuPont
safety system in 2013 at both
operations
Extensive training and
equipping of mine rescue team
at Cerro Bayo
•
•
•
•
•
•
Spent over 200% more in 2012
on environment & community
projects as compared to 2011
Commitment to local purchases
& payrolls
Development of new water &
mine waste solutions at
Costerfield
Closure works completion at
Furioso Mine Site
Supplying various workshops for
local community at Cerro Bayo
University scholarships for local
school leavers at Cerro Bayo
•
More prosperous local
communities
Reduced impacted land area
Zero incidences of unpermitted
discharge at both operations
•
•
•
•
Employee selection process
improved
Focus on local hires including
management positions
Increased hours of training in 2012
by +80% as compared to 2011
High level executive coaching for
leadership team
RESULTS
•
•
•
Consolidated lost time injury
frequency rate approximately
halved
Improved return to work
performance
Maintained high levels of
attendance at mine sites
•
•
•
•
•
•
35
3 year collective contract signed
with Cerro Bayo union in 2012
Increased presence of local hires
among workforce and supervisors
Reduced employee turnover at mine
sites
More productive employees, leading
to lower unit costs

36. Target- Operating Plan Sb-Price Market USD
9,000
Actual Sb-Price Market USD
36
Target- Operating Plan Cu-Price LME USD
Actual Cu-Price LME USD
04/Nov/13
29/Oct/13
23/Oct/13
17/Oct/13
11/Oct/13
05/Oct/13
29/Sep/13
Target- Operating Plan Ag-Price LME USD
23/Sep/13
17/Sep/13
11/Sep/13
05/Sep/13
30/Aug/13
24/Aug/13
18/Aug/13
12/Aug/13
10,000
06/Aug/13
ANTIMONY PRICE - DAILY ROTTERDAM WAREHOUSE
31/Jul/13
11,000
04/Nov/13
29/Oct/13
23/Oct/13
17/Oct/13
11/Oct/13
05/Oct/13
29/Sep/13
23/Sep/13
17/Sep/13
11/Sep/13
05/Sep/13
30/Aug/13
24/Aug/13
18/Aug/13
12/Aug/13
06/Aug/13
31/Jul/13
25/Jul/13
19/Jul/13
13/Jul/13
07/Jul/13
01/Jul/13
Ag price USD/oz
GOLD PRICE - DAILY SPOT LME
25/Jul/13
12,000
19/Jul/13
Actual Au-Price LME USD
13/Jul/13
14,000
07/Jul/13
13,000
CU price USD/lb
04/Nov/13
29/Oct/13
23/Oct/13
17/Oct/13
11/Oct/13
05/Oct/13
29/Sep/13
23/Sep/13
17/Sep/13
11/Sep/13
05/Sep/13
30/Aug/13
24/Aug/13
18/Aug/13
12/Aug/13
06/Aug/13
31/Jul/13
25/Jul/13
19/Jul/13
13/Jul/13
07/Jul/13
01/Jul/13
Au price USD/oz
1,800
1,700
1,600
1,500
1,400
1,300
1,200
1,100
1,000
01/Jul/13
04/Nov/13
29/Oct/13
23/Oct/13
17/Oct/13
11/Oct/13
05/Oct/13
29/Sep/13
Target- Operating Plan Au-Price LME USD
23/Sep/13
17/Sep/13
11/Sep/13
05/Sep/13
30/Aug/13
24/Aug/13
18/Aug/13
12/Aug/13
06/Aug/13
31/Jul/13
25/Jul/13
19/Jul/13
13/Jul/13
07/Jul/13
01/Jul/13
Sb price USD/t
Metal Price Update
SILVER PRICE - DAILY SPOT LME
40.00
35.00
30.00
25.00
20.00
15.00
Actual Ag-Price LME USD
COPPER PRICE - DAILY SPOT LME
3.70
3.50
3.30
3.10
2.90
2.70

37. 10 m levels with good
grades extending out
into inferred and
undrilled areas
Intercepts extending
limits of mineralization
Cuffley decline
progress to
July 31, 2013
37

38. Cuffley decline
progress to
July 31, 2013
Enlarged volume of
Indicated Resource
New intercepts confirm
mineralization between
unnamed flat fault and
King Cobra fault; not
yet inferred
38

39. Antimony Facts
 140,000 t/y global market
• Sold either as metal ingots or various grades of antimony oxides and trioxides
• Primary use as fire retardant in fabrics and plastics (trioxides)
• Relatively minor uses in electronics, with possible new uses in development, e.g.
in batteries
• Ingredient of lead alloys as hardener (antimony metal)
• Consumption growth in line with global GDP growth
 Market dominated and prices set by China
• Declining Chinese mine production as reserves depleted and environmental
controls strengthened, closing marginal mines
• Chinese beginning to invest in mines outside China
• Two dominant Chinese smelters, only one of which recovers Au
39

40. Gold Equivalent Ounces Calculation
***Au Eq. oz produced is calculated by multiplying the saleable quantities of Au, Ag, and Sb in the period by the respective average market prices of the commodities in the
period, adding the three amounts to get a “total contained value based on market price”, and then dividing that total contained value by the average market price of Au in the
period. Average Au price in the period is the average of the monthly LME PM fix, average Sb price is the average of the monthly high and low Rotterdam warehouse prices,
and average Ag price is the average of the monthly London Broker’s silver spot price, all reported in www.metalbulletin.com. The monthly commodity prices are calculated as
the average of the daily prices, with holiday and weekend day prices carried forward from the last business day.
Au Eg. oz for each of the low range and high range guidance is calculated by multiplying (i) total Au oz by an assumed US$1,600/oz Au price, (ii) total Ag oz by an assumed
US$32.00/oz Ag price and (iii) total Sb tonnes times an assumed US$12,000/t Sb price, then, in each case, dividing by the assumed US$1,600/oz Au price.
Silver Equivalent Ounces Calculation
Ag Eq oz converted at 54/1 Au/Ag at metal prices: Ag price of $28.92 and Au price of $1,578.00
40