2024 MND IR PPT_FINAL_September 2024.pdf

MND IR PPT Sept 2024

1. 1
GOLD AND ANTIMONY
PRODUCTION
BUILDING A MID-TIER
PRODUCER
SEPTEMBER 2024

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 28, 2024, 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.
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TSX: MND

3. Strong Platform to Build a Mid-Tier Producer
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TSX: MND
(1)As at July 31, 2024, unaudited
Diversified gold and antimony production in top-tier jurisdictions
Proven leadership to drive growth
Consistent cost-effective resource growth
Strong free cash flow generation: $32M H1 2024
$48M
1
in cash with no debt

4. 4
Cashflow from
Production
Organic
Exploration
Mergers and
Acquisitions
Vision and Growth Strategy
Vision
To build a recognized and respected mid-tier gold producer
that generates attractive financial returns, synchronous with
ensuring the well-being of all stakeholders
Growth Strategy
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5. Proven Management Team to Drive Growth
5
Ryan
Austerberry
Chief Operating
Officer
▪18+ years in technical roles, project
management and GM of Björkdal and
Costerfield
Chris Davis
VP of Operational
Geology & Expl.
▪20+ years in narrow vein gold and polymetallic
exploration primarily in eastern Australia
Edison Nguyen
Director, Business
Valuations & IR
▪10+ years in capital markets and investor
relations with a focus on the mining industry
Frazer Bourchier
President, CEO, &
Director
▪35+ years in mining including Detour
Gold, Nevsun Resources, Wheaton
Precious, Intrepid Mining, Placer Dome
and most recently Harte Gold
Scott Trebilcock
EVP & Chief
Development Officer
▪25+ years as a process engineer,
management consultant, and mining
executive
Hashim Ahmed
EVP & Chief
Financial Officer
▪20+ years of management, accounting
and corporate finance including Barrick,
Jaguar Mining and Nova Royalties
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CEO, CFO and CDO bringing over 80 years of experience
Proven success of value creation at both large and small companies
Growth strategy to build a mid-tier gold producer

6. Production in Top-Tier Jurisdictions
6
2024E Production and Cost Guidance:
o90,000 – 100,000 oz AuEq
oCash/ oz AuEq: $1,050 – $1,170 | AISC/ oz AuEq: $1,450 – $1,580
•No royalties or streams
•Costerfield: 30 km from Fosterville in the Victorian Gold Belt
•Björkdal:adjacent to Boliden operations
Costerfield: 100% owned
Björkdal: 100% owned
(1)AuEq production per average gold and antimony prices, as determined by LME and Rotterdam warehouse, respectively
(2)Mid-point graphed for 2024
(3)Exclusive of Cerro Bayo, asset placed under care and maintenance in 2017 and subsequently sold in 2021
Established Track Record of Production
1,2,3
koz AuEq | US$/oz AuEq
Costerfield Björkdal AISC
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7. Re-rating Underway and Outperforming
7
0.24x
0.26x
0.28x
0.35x
0.36x
0.44x
0.56x
0.61x
0.62x
0.66x
0.75x
0.77x
0.91x
Aris Mining
Gold Resource
Minera Alamos
Orezone
Mineros
Mandalay
Aura
McEwen
Calibre
Alkane
St. Barbara
Jaguar
Pantoro
n.a
n.a
n.a
n.a
1.7x
2.1x
3.0x
3.4x
3.9x
4.4x
5.2x
6.1x
9.6x
Mineros
Gold Resource
McEwen
St. Barbara
Mandalay
Orezone
Jaguar
Alkane
Aura
Aris Mining
Calibre
Pantoro
Minera Alamos
P/NAV Ratio
1
P/2024 CF Ratio
1
Median: 3.4x
17%
22%
50%
GDXJ
Gold
Mandalay
YTD Share Performance
Median: 0.44x
(1)Source: Scotiabank, August 2024
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8. 8
Cash Flow Generation and Strong Balance Sheet
8
(1)As at July 31, 2024, unaudited
Strong Financial Position
1
$48M
IN CASH
$35M
UNDRAWN REVOLVING
CREDIT FACILITY
+$200M
OPERATING CASH FLOW LAST 3 YEARS
$54M
OPERATING CASHFLOW IN H1 2024
Solid Cash Flow Generation
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$0M
DEBT
Costerfield gravity gold

9. Proven, Cost-Effective Resource Growth
9
Mine Life Extension Potential + Regional Discovery Upside
$7.5M
AVG. ANNUAL
EXPLORATION SPEND
1
$12M – $15M
2024E CONSOLIDATED
EXPLORATION SPEND
Costerfield
•2-to-5-year Reserve life since 2012
•Total discovery cost for M&I Resources:$42/oz AuEq
2
Björkdal
•Increase M&I Resources since 2015 while replacing Reserves
•Total discovery cost for M&I Resources:$15/oz Au
3

(1)Consolidated since 2015
(2)From 2010 to 2023
(3)From 2016 to 2023
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Costerfield M+I vs. Exploration CAPEX
Björkdal M+I vs. Exploration CAPEX

10. COSTERFIELD
High Gold Grade and Antimony
Producer in Australia

47,000 – 53,000
2024E PRODUCTION OZ AUEQ
$21M – $25M
2024E CAPEX
$850 – $970
2024E CASH COST/ OZ AUEQ
$1,080 – $1,260
2024E AISC/ OZ AUEQ
1
(1)Includes exploration spend

11. Antimony: A Critical Mineral
11
Antimony Price Chart
US$/t
Historical Annual Antimony Production from Costerfield
Tonnes Sb
Source: Company filings, S&P Capital IQ
Common Uses
•High-end fire retardant
•Hardener for solar panel glass
•Lead-antimony alloys improve electrical
conductivity for batteries
Pricing
•Strong price performance driven by lack of
mine supply world-wide
•Costerfield produces an attractive, clean
concentrate product
Demand
•Historicallydriven by demand for flame
retardants
•Increasing electric vehicle usage projected to
induce more lead-acid battery demand
Supply
•Collectively, China and Russia produce 78% of
the world’s antimony
Declining grade as mining transitions from
Youle to Shepherd zone has contributed to
decrease in annual production
Only Significant Western Producer of
Antimony
$10,000
$12,000
$14,000
$16,000
$18,000
$20,000
$22,000
$24,000
$26,000
$28,000
Jan-22 Jan-23 Jan-24
Avg: 2,800 t2,481
3,275
3,639 3,712 3,598
3,115
2,173 2,032
3,903
3,380
2,292 1,860
1,300
2012201320142015201620172018201920202021202220232024E
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12. Costerfield: Targeting Near Mine Extension
12
Shepherd Surrounds:
•Extensions near multiple Shepherd veins
Brunswick Deeps:
•Shepherd and Youle style veins at depth
and to the north of Brunswick
Cuffley Deeps + Sub KC:
•Testing strike and depth extensions
1
2
3
259 g/t Au
over 0.19 m
1,361 g/t Au
over 0.09 m
Fostervillepotential for significant
mineralization at depth
Two of six historic drillholes intercepted
mineralization in Sub KC
INTERCEPT A’:
INTERCEPT B’:
A’
B’
1
2
3
3
A
A
$9M – $11M
2024 FORECAST SPEND
1
(1)Near mine and regional spend
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A

13. 13
Costerfield: Multiple Regional Targets
Potential for More Costerfield-Style Deposits Within 100% Owned Claim Area
New Production Corridor – True Blue:
•Successfully tested over a 1.5 km strike length
Brunswick Extension:
•Northern and Southern extension of Brunswick
Costerfield Plunge:
•Kinematic modeling highlights new potential domain
Browns and Robinsons:
•Drilling on satellite targets containing historic mines
1
2
3
1
2
2
3
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4
4

14. 14
BJÖRKDAL
Long Mine Life with Higher Gold Grade
Opportunities in Sweden
43,000 – 47,000
2024E PRODUCTION OZ AU
$20M – $24M
2024E CAPEX
$1,270 – $1,390
2024E CASH COST/ OZ AU
$1,690 – $1,850
2024E AISC/ OZ AU
1
(1)Includes exploration spend

15. Björkdal: Targeting Near Mine Resource Growth
15
Higher Gold Grade Resources:
•Eastern Extension Zone: higher gold
grades, open at depth
•Björkdal Shear: potential new domain
Bulk Mining Resources:
•Key targets: Aurora depth extension
and Boreal Zone
•Bulk targets can improve production
through increased orebody widths and
location
1
2
3
1
3
2
0.52m @ 51g/t
300m from development
0.25m @ 783g/t
180m from development
0.49m @ 174g/t
200m from development
0.50m @ 125g/t
400m from development
$3M – $4M
2024 FORECAST SPEND
1
(1)Near mine and regional spend
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16. Regional Exploration Focus:
•Northern Prospect: structurally akin to
multi-million-ounce Björkdal deposit
•Eastern Prospects: favourable
conditions for gold mineralization
•Southern Prospects: mineralization
potential with gold-bearing structures
and zones rich in base metals
•Björkdal style: gold in sheeted quartz veining
•Boliden style: VMS copper gold targets sharing
structural connection with historic Boliden
mineralization
•Target generation: base of till drilling, ground
magnetics and induced polarization surveys
16
Björkdal: Multiple Regional Targets
Boliden OP-UG (1925-66)
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
StorhedenBjörkdal
16.7 Mt @ 2.27 g/t Au
(M&I Resource)
Lapptjarm
1
1
2
2
2
2
3
3
3
3
3
3
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17. 17
CORPORATE

18. Capital Structure and Key Shareholders
18
CAPITAL STRUCTURE
Share price (CAD$)
1
$2.86 per share
Shares Outstanding 93M
Fully Diluted Shares Outstanding
2
96M
Market Capitalization (CAD$) $265M
Cash and Cash Equivalents (US$)
3
$48M
Enterprise Value

(US$)
4
$156M
ANALYST COVERAGE
BMO Capital Markets Brian Quast
(1)September 04, 2024
(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)As at July 31, 2024, unaudited equipment leases owning
(4)Using exchange rate of CAD$1 = USD$0.74
(5)Ownership positions are estimates - as at Jan 2023 Note: numbers may be rounded
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KEY SHAREHOLDERS
5
CE Mining 25%
GMT Capital 20%
Ruffer LLP 19%
AzValor 12%
Mandalay 6-month Share Price Performance
CAD$
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50

19. Strong Platform to Build a Mid-Tier Producer
19
TSX: MND
(1)As at July 31, 2024, unaudited
Diversified gold and antimony production in top-tier jurisdictions
Proven leadership to drive growth
Consistent cost-effective resource growth
Strong free cash flow generation: $32M H1 2024
$48M
1
in cash with no debt

20. 20
APPENDIX

21. Experienced Board of Directors
21
Dominic Duffy
Director
▪30+ year of extensive technical and
operational management experience at
Coeur d’Alene Mines and Hecla Mining
Company
▪Formerly President and CEO of
Mandalay Resources
Rob Doyle
Director
▪40+ years of experience in international
resource exploration, development,
and production
▪Currently holds CPA, CA, and C.Dir
designations
Julie Galloway
Director
▪25+ years of corporate legal
experience in the mining industry
▪Previously held SVP, General Counsel,
and Corporate Secretary positions at
various mining companies
Bradford Mills
Chairman
▪40+ years Founder and MD of
Plinian Capital, a resourcePE firm
▪Previously held roles as CEO of
Mandalay and Lonmin, and
President of BHP Billiton’s copper
group
Amy Freedman
Lead Independent
Director
▪15 years of experience in capital
markets and current partner at Ewing
Morris and Company
▪Former director at Park Lawn and
CEO of Kingsdale Advisors
Frazer Bourchier
President, CEO, &
Director
▪35+ years in the mining including
Detour Gold, Nevsun Resources,
Wheaton Precious, Intrepid Mining,
Placer Dome and most recently CEO
of Harte Gold
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22. 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
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23. ESG: 2023 Highlights
23
Environmental
•Reduced GHG at Costerfield by 15% since 2021
•100% of electricity from fossil-free sources at Björkdal
•Zero significant environmental incidents
Social
•The best safety record to date. LTIFR: 2 per million hours worked
•Local employment rate above 80% at Costerfield
•Local employment rate above 72% at Björkdal
Governance
•29% women on our Board, surpassing our target of 25%
•Ratio of independent directors is 57%
•Anonymous and confidential whistleblower reporting system
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24. Costerfield: Reserves and Resources
24
Category
Tonnes
(kt)
Au
(g/t)
Sb
(%)
Au
(koz)
Sb
(kt)
Proven UG 330 12.4 2.2 131 7.3
Proven Stockpile 29 5.2 1.0 5 0.3
Probable 200 8.1 1.5 52 3.0
P+P 559 10.5 1.9 188 10.6
Measured UG 388 15.9 4.1 198 16.0
Measured Stockpile 29 5.2 1.0 5 0.3
Indicated 548 7.2 2.3 127 12.5
M&I 965 10.6 3.0 330 28.8
Inferred 286 7.0 1.8 64 5.1
(1)SLR Consulting Ltd. Effective December 31, 2023, documented in an independent NI 43-101 Technical Report filed on SEDAR on March 31,2024.
Reserves and Resources as of December 31, 2023
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25. Björkdal: Reserves and Resources
25
Category Tonnes (kt) Au (g/t) Au (koz)
Proven UG 451 1.52 22
Probable
UG 5,922 1.63 311
Björkdal OP 2,816 1.12 101
Norberg OP 170 2.74 15
Stockpile 2,159 0.60 41
P+P 11,518 1.32 490
Measured UG 526 2.39 40
Indicated
UG 11,084 2.6 926
OP 2,724 2.35 206
Stockpile 2,537 0.6 45
M&I 16,691 2.27 1,218
Inferred 4,855 1.7 265
Reserves and Resources as of Dec 31, 2023
1
(1)SLR Consulting Ltd. Effective December 31, 2023, Please see February 22, 2024, news release for further details.
TSX: MND

26. 26
CONTACT

27. 27
Edison Nguyen
Director, Business Valuations and IR
(647) 258 – 9722
[email protected]
@MandalayAuAg
TSX: MND
OTCQB: MNDJF
mandalayresources.com