MND Investor Presentation_July 2019

1. JULY 2019
TSX:MND
OTCQB:MNDJD
POSITIONING MANDALAY
FORARENEWED FUTURE

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 news release can be found under the heading “Risk Factors” in
Mandalay’s annual information form dated March 28, 2019, its short form base shelf prospectus dated February 12, 2018, and prospectus supplement dated
February 12, 2019, copies of which are 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 Gregory (Member, Australian Institute of Geoscientists, VP of Operational Geology
for Mandalay and a “Qualified Person” as defined under National Instrument 43-101. Mr. Gregory regularly visits Mandalay’s properties, and supervises the
collection and interpretation of scientific and technical information contained in this presentation.
Dominic Duffy, President and CEO of Mandalay, has visited Costerfield, Cerro Bayo, Challacollo, and Björkdal and has supervised the preparation of this
presentation.
All currency references in US$ unless otherwise indicated.
Forward-looking Statements

3. The Mandalay Portfolio Today
3
Producing assets with organic growth profile and exploration upside
• Costerfield grew P&P Reserves and is bringing Youle
vein into operation
• Björkdal focused on higher-margin ounces
Chilean Properties
• Cerro Bayo (production suspended)
• Non-binding HOA signed with Equus
Mining
• Challacollo
• Feasibility-stage project
• Non-binding LOI signed with Aftermath
Silver
Costerfield: Over 100% production increase planned by 2021
• High-grade Youle lode added to Reserves
• Production from Youle expected in Q4 2019
• 2019E production (AuEq): 41,000-51,000 oz
• 2019E cash costs: $790-$920/oz
• Excellent high-grade exploration potential
(ON CARE AND MAINTENANCE)
Björkdal: Ramping-up Production
• 2019E production: 50,000-56,000 oz gold
• 2019E cash costs: $800-$950/oz
• Current mine life: 10+ years
• Exploration breakthrough of Aurora zone
opening up significant exploration
potential

4. Significant Production Growth Trajectory
Goal to double production from 2018-2021 with decreasing costs
➢ Growing production from 81,568 oz gold equivalent in 2018 to 131-162,000 oz gold equivalent in 2021
• Costerfield: Production from high-grade Youle lode (expected in Q4-2019) major growth catalyst
• Björkdal: Increasing volume of higher-grade UG feed & increasing development rate in Aurora for stoping
The Mandalay Story
4
High-Potential Exploration Upside
Exciting exploration targets with transformative potential – currently being drilled
➢ Costerfield: Searching for high grade gold deep and shallow mineralization
• Commenced deep-hole drilling program to test for high-grade mineralization at Youle and Cuffley lodes
• Continuing regional exploration program on known targets to find additional Youle-like deposits
➢ Björkdal
• Discovery of the Aurora zone – significantly wider and higher-grade mineralization than current workings
• Currently unconstrained veining at depth, previously thought to be unmineralized above marble
• Commenced drilling program to expand Aurora, which could have material impact on the operation
• Continuing drilling into high-grade skarn bodies throughout the property
Fully-Funded
Cash position of US$37 million puts Mandalay in a strong position to achieve all Corporate objectives
➢ Completed March 2019 financing sufficient to fund working capital requirements, debt restructuring,
exploration and general corporate purposes

5. 2019: Transition, Growth, and Rejuvenation
5
Björkdal Costerfield Consolidated
Oz Au Eq., ‘000* 50,000-56,000 41,000-51,000 91,000-107,000
Cash cost, $/oz Au Eq 800-950 790-920 850-980
All-in Cost, $/oz Au Eq 1,030-1,180 1,050-1,180 1,130-1,280
Capital Expenditures, $/million** 18-22 21-25 39-47
*2019E Au Eq assumes metal prices: Au $1,200/oz and Sb $8,200/t
**Capital expenditures includes exploration at Björkdal and Costerfield; consolidated cost guidance includes expected Corporate G&A
Guidance shows expected year-over-year production and cost improvements
Gold
73,000–86,000 oz
Total
Gold Equivalent
91,000-107,000 oz
AIC
Per oz Gold
Equivalent
$1,130-$1,280
Cash Cost
Per oz Gold
Equivalent
$850-$980
2019E Guidance
Antimony
2,600-3,100 t
Gold
67,329 oz
Antimony
2,173 t
Total
Gold Equivalent
81,568 oz
AIC
Per oz Gold
Equivalent
$1,537
Cash Cost
Per oz Gold
Equivalent
$1,148
2018 Performance

6. Significant Organic Production Growth 2019-2021
6
81,568
91,000 -107,000
108,000-127,000
131,000-162,000
2018 2019E 2020E 2021E
Mandalay Production Guidance 2019-2021
(in gold equivalent ounces, range midpoints graphed)
Costerfield Bjorkdal
2019E 2020E 2021E
Björkdal
Gold produced (oz) 50,000-56,000 53,000-59,000 55,000-65,000
Costerfield
Gold produced (oz) 23,000-30,000 40,000-49,000 60,000-75,000
Antimony produced (t) 2,600-3,100 2,200-2,800 2,400-3,300
Consolidated
Gold eq* produced (oz) 91,000-107,000 108,000-127,000 131,000-162,000
*Assumes metal prices of: Au $1,200/oz, Sb $8,200/t.
➢ Major production increase
expected from bringing
Youle vein on-line
(expected Q4-2019)
➢ Björkdal to ramp-up
underground production;
production increases
expected due to mining
wider, higher-grade
Aurora zone and higher-
grade skarn

7. Solid Financial Footing Addresses Liquidity and Growth
C$54 million financing completed in March 2019 strengthens Mandalay’s
financial position and allows the Company to de-risk and grow the business
7
Proposed Use of Net Proceeds (US$M, numbers rounded)
Current outstanding liabilities 2
Exploration 4
Capital expenditures:
Costerfield Youle development to mid-2019 5
Björkdal Tailings Storage Facility Lift 5
Björkdal Environmental Permit Bonding 3
General Corporate Purposes(1) 20
TOTAL 39
➢ Net proceeds intended to fund working capital requirements, debt restructuring, exploration at
high potential areas at both mines, and general corporate purposes
Notes:
(1) US$15M of these funds will initially be held in reserve to satisfy the Company’s obligations in respect of the Gold Bonds and may be released for other corporate purposes (i) to the extent that
the principal outstanding amount of the Gold Bonds is less than US$15M at any time or (ii) with CE Mining’s prior consent. When and if these funds are released from the Gold Bond Reserve,
they may be deployed for various corporate purposes including repayment of the Company’s other debt obligations, general working capital requirements (including to the extent necessary as a
result of any ongoing negative cash flow from operations), and funding additional exploration activities and any unanticipated capital expenditure obligations.

8. 8
Costerfield: Major Production Increases Planned
Land package 1,293 hectares
Ownership 100%
P&P Reserves(1) 537,000 t @ 10.4 g/t Au; 3.2% Sb for 180,000 oz Au and 17,200 t Sb
2018 Production 35,849 oz Au Eq. (21,610 oz Au, 2,173 t Sb)
2019E Production 41,000-51,000 oz Au Eq. (23,000 – 30,000 oz Au, 2,600 – 3,100 t Sb)
Keys to 2019:
➢ Development and production from
Youle top priority
(production expected Q4 2019)
➢ Increased interest in Victorian gold
mining due to recent exploration
discoveries
➢ Exploration to incorporate several
highly prospective targets
(1) Source: SRK Consulting (Australia), Effective December 1, 2018, documented in an independent NI 43-101 Technical Report filed February 6, 2019
35,849
41,000-51,000
55,000-68,000
76,000-100,000
2018 2019E 2020E 2021E
CosterfieldGoldEq.Production(oz)
Costerfield Production Expected to
More than Double by 2021E

9. 9
The Youle Lode: Driving Future Success
➢ Youle vein lies approximately 800 m north of Brunswick Lode
➢ Drilling has allowed for a high grade reserve to be formed around Youle which is still open to the
North and at depth
➢ Development to Youle vein initiated Q3, 2018, on schedule
➢ Extensional exploration program initiated
MND
mining
2009-2018
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
Proven + Probable 537 10.4 3.2 180 17.2
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 - - - - -
Probable 267 14.1 3.3 121.2 8.8
Proven + Probable 267 14.1 3.3 121.2 8.8
Mineral Reserves at Youle (Costerfield) (as of Dec. 1, 2018)
(1) Source: SRK Consulting (Australia), Effective December 1, 2018, documented in an independent NI 43-101 Technical Report filed on February 6, 2019
YOULE
Development in
progress

10. 10
Youle Long Section
➢ Currently known mineralized shoot
• Approx. 600 m strike
• Approx. 200 m dip
➢ High-grade continuous core defined by
multiple intercepts
• Multiple intercepts over 50 g/t AuEq
over 1.8 m minimum mining width
Hole True Width
(m)
Gold
(g/t)
Sb
(%)
AuEq (g/t) over min. 1.8 m mining width
BC047 1.4 152.0 18.1 142.7
BC036W1 1.65 93.9 31.1 136.4
BC032 0.66 338.8 14.4 133.1
BC021A 0.58 272.1 13.3 94.7
BC011 3.5 14.7 10.9 65.9
Youle drilling highlights

11. 11
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 this zone in the Sub KC Drilling with 2 of 4 intercepts returning high
gold grades supporting the analogy
Deep Drilling at Costerfield: Fosterville Comparison
Fosterville
Deposits
Costerfield
Deposits
Fosterville
Costerfield
30 km
Fosterville and Costerfield are fundamentally similar in mineral source, fluid composition,
fluid transportation system and fluid trap environment

12. 12
Where to Target a Potential High Grade Environment
➢ We have intersected a high grade
mineralized corridor with two of the
previously drilled deep holes under the
Cuffley lode
➢ 2 proposed deep holes 1,200 m from surface
with wedging will aid in providing information
on potential and future targets
CSK007 – 0.08m @ 1,361 g/t Au
CSK012 – 0.18m @ 259 g/t Au
(Deepest hole and intercept in the
district)
Fosterville Swan zone
starting at 950m below
surface
Resource outlines
CSK007 and CSK012
Proposed Targets

13. 13
Radiometric Data (K/Th)
TB
DC
KN
BR
MD
True Blue
Damper Creek
Brown’s Diggings
Robinson’s Reef
MacDonald’s Reef
King Cobra North
Current/Historical Endowment
Potential Endowment
➢ 2 Mineralized and
Underexplored corridors
Youle
Brunswick
Cuffley
Augusta
Margaret
Exciting District Potential
Youle

14. 14
Björkdal: Ramping-up with Focus on Profitability
Land package 12,949 hectares
P&P Reserves(1) 11,384,000 t @ 1.58 g/t Au for 580,000oz
(1) Source: Roscoe Postle Associates, Effective December 31, 2018, documented in an independent NI 43-101 Technical Report filed March 28, 2019
44,039
48,143
62,018
45,719
50,000-56,000
53,000-59,000
55,000-65,000
2015 2016 2017 2018 2019E 2020E 2021E
BjörkdalGoldProduction(ounces)
Björkdal Gold Production Expected to Rise 2019E-2021E
(midpoints of guidance graphed)
2019 Focus at Björkdal:
➢ Increase the percentage of production from underground
➢ Focus on increased Au production from wider, higher-grade
Aurora zone and higher-grade skarn mineralization
➢ Gain better understanding of high-grade skarn mineralization, and
Aurora deposit though exploration
➢ Pausing open pit operations to focus on higher margin
underground and take advantage low grade surface stockpiles

15. Björkdal Exploration Strategy Paying Off
New discovery of Aurora zone provides the potential to mine high-tonnage
and higher-grades underground at lower costs
15
➢ Aurora zone significantly wider and consistently higher-grade than current mill feed
➢ Currently known mineralization over 300 m horizontally and 300 m
➢ Mineralization open in all directions
➢ Aurora zone readily accessible, four levels currently being developed
➢ Large step-out drilling occurring above currently known mineralization and infill drilling at depth
➢ Preliminary processing results show no challenges for gold recoveries
Hole True Width (m) Gold (g/t)
DOD2018-123 11.46 4.97
DOD2018-062 8.64 7.1
MU8-037 4.29 9.21
DOD2018-169 4.9 9.04
MU8-041 2.63 (diluted to 3m) 10.97
Several Aurora Zone Drill Highlights

16. Aurora Zone: Long Section & Preliminary Reserve
16
➢ Probable Reserves Added:
920kt @ 2.34 g/t Au (69,000 oz
Au)
➢ Indicated Resources Added:
765kt @ 3.16 g/t Au (78,000 oz
Au)
➢ Inferred Resources Added:
206kt @ 3.37 g/t Au (22,000 oz
Au)
➢ 2019 exploration focus:
o Extensional drilling up-dip
o Deep infill drilling
o Step out drilling north of
Aurora
o High-grade skarn drilling
Preliminary Mineral Resource and Reserve added for Aurora in Feb 2019(1)
(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

17. 17
Exploration Breakthrough: Mineralization Above Marble
Historically, marble has been considered to constrain the mineralization at
Björkdal. Recent drilling has shown vein continuation above the marble contact
Mineralization extending hundreds of metres
beyond area previously thought to be constrained
Unexplored area and one area of
focus for 2019 drilling campaign
Marble contact

18. 18
Chilean Assets: Cerro Bayo & Challacollo
Land package 23,106 hectares
Ownership 100%
P&P Reserves(1) 856,000 t @ 284 g/t Ag; 2.34 g/t Au
2016 Production 13,792 oz Au, 1,731,031 oz Ag
(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
➢ Operations remain on Care and Maintenance
➢ Permitting ongoing for potential restart of operations
➢ Signed Non-Binding Heads of Agreement for Option to Purchase with Equus Mining
Cerro Bayo Silver-Gold Mine
Challacollo Silver-Gold Project
➢ August 2018: Signed non-binding LOI with Aftermath Silver for sale of Challacollo Project for total
consideration of C$11,625,000
➢ 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 MM t @ 200 g/t Ag for 30 MM oz Ag

19. Adjusting the Mandalay Portfolio
19
➢ Realizing value from non-core assets
• Ulu, Nunavut: Option agreement signed; received both payments
• Norrliden: Exploring alternatives for sale
• Lupin, Nunavut – Undergoing reclamation with submission of final
closure plan
o C$5.3M cash reduction in Reclamation Deposit released to MND in Q3 2018
o As of Jan 28, 2019 Mandalay received Minister sign-off for a further C$3.2M
reduction in bonding, funds released in April 2019
o Current reclamation bond stands at C$26.1 million
• La Quebrada, Chile – Active process ongoing
➢ Exploring options for development/restart assets
• Challacollo
o Executed non-binding LOI for sale of asset
• Cerro Bayo
o Signed Non-Binding Heads of Agreement for Option to Purchase with Equus
Mining

20. 1. Exercise Price: C$0.11 – C$0.91 expiry dates ranging from Mar 24, 2020 – Jun 30, 2026.
2. Market Capitalization converted to US$ using exchange rate of 1 CAD = 0.76 USD (July 3, 2019), numbers rounded.
3. Cash and Cash Equivalent and Total Interest-Bearing Debt numbers from Mandalay’s Financial Statements as of March 31, 2019
20
Mandalay Current Capitalization as of July 3, 2019
Millions
(Except Share Price Info)
Share price (July 3, 2019 - close) (C$) $1.24/shr
Shares Outstanding 91.0
Stock Options(1) 2.0
RSUs 0.3
Fully Diluted Shares Outstanding 93.4
Market Capitalization (C$) $112.8
Approximate Cash and Cash Equivalents (US$)(3) $37.0
Approximate Total Interest-Bearing Debt (US$)(3) $62.5
Total Enterprise Value (US$)(2,3) $111.3
Subsequent to Q1 2019 quarter end, C$3.2 million cash was released to Mandalay by way of a reduction to its
reclamation bond obligations
10:1 share consolidation was made effective on July 2, 2019

21. 21
Major Shareholders(1)
Holders Shares (Million) Shares (Percentage)
CE Mining 23.2
GMT Capital 15.9
Ruffer LLP 15.3
AzValor 10.8
West Face 4.2
Large Holders (Top-5) 69.4
Other Holders 21.6
TOTAL 91.0
Strong Sponsorship and Support from Major Shareholders
1. Ownership positions are estimates - as at July 3, 2019 – Ownerships and percentages rounded to one decimal place.
25.5%
17.4%
16.8%
4.6%
11.9%23.8%

22. For more information, please contact:
Edison Nguyen
Tel: 647.260.1566
Email: e.nguyen@mandalayresources.com
Company Website: www.mandalayresources.com
Twitter: @MandalayAuAg
TSX:MND
OTCQB:MNDJD

23. 23
A Values-Based and Value-Focused Company
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