TSX:MND

OTCQB:MNDJF

JUNE 2020

EXECUTION FOCUSED

CREATING VALUE

2

This presentation contains "forward-looking statements" within the meaning of applicable securities laws, including statements relating to lifeof mine production plans, exploration plans and the growth and strategy of Mandalay. Actual results and developments may differ materiallyfrom those contemplated by these statements depending on, among other things: exploration results or production results not meetingmanagement’s expectations; capital, production and operating cost results not meeting current plans; and changes in commodity prices andgeneral market and economic conditions. The factors identified above are not intended to represent a complete list of the factors that couldaffect Mandalay. A description of additional risks that could result in actual results and developments differing from those contemplated byforward looking statements in this presentation can be found under the heading “Risk Factors” in Mandalay’s annual information form datedMarch 30, 2020, a copy of which is available under Mandalay’s profile at www.sedar.com. Although Mandalay has attempted to identifyimportant 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 assurancethat forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated insuch 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 Explorationat Mandalay Resources, is a Charted Professional of the Australian Institute of Mining and Metallurgy (MAusIMM CP(Geo)), and a QualifiedPerson 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 informationcontained 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

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

• Q1 2020 production: 14,927 AuEq oz

– 10,620 Au oz and 1,108 Sb t

• Q1 2020 cash costs and AISC: $577 per AuEq oz

and $854 per AuEq oz

• Excellent high-grade exploration potential

Björkdal: Ramping-up Underground

Production

• Q1 2020 production: 10,750 Au oz

• Q1 2020 cash costs and AISC: $1,052 per Au oz and

$1,479 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 Silver1. Assumes metal prices of Au $1,478/oz, Sb $5,931/t

Consolidated Q1 2020 Performance

• Q1 2020 production: 25,677 AuEq oz

• Q1 2020 cash costs and AISC: $846 per Au oz

and $1,191 per Au oz

4

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.

5

2020 PRODUCTION AND COST GUIDANCESIGNIFICANT 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) $1,110 – $1,340 $1,010 – $1,220 $1,090 – $1,360

Capital Expenditures ($M)(4) $17M – $21M $22M – $27M $39M – $48M

6

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

7

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 10,620 Au oz & 1,108 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

2019 Cash Cost/

CAPEX

$1,313 per AuEq. oz /

$19.2M

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

8

COSTERFIELD: THE PATH FORWARDDELIVERING 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

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THE YOULE LODE: DRIVING FUTURE SUCCESSMAJOR 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

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YOULE LONG SECTIONDRILL 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

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DEEP DRILLING AT COSTERFIELDFOSTERVILLE 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

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TARGETING A POTENTIALLY HIGH-GRADE ENVIRONMENTDEEP 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

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DEEP DRILLING AT COSTERFIELDDRILLING PROGRAM ADVANCING STRATIGRAPHY KNOWLEDGE OF THE COSTERFIELD DISTRICT

• First deep drill hole: CD001 completed

at 1,700 m

• New interpretation of the folding

suggests a likely structural setting

exists for a Costerfield size deposit

below Youle and above the fault

• Thick quartz blowout between 1,583 m

– 1,595 m:

o This wide interval of quartz

contained minor pyrite

mineralization and zones of sericite-

chlorite alteration

• Geological learnings from first hole

have been carried over to the deep hole

at Augusta / Cuffley which commenced

in late March 2020

1,545 m

1,580 m

Quartz Blow

1,595 m

14

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

EXCITING DISTRICT POTENTIAL

Potential Endowment

• Testing 2 Mineralized and

Underexplored corridors

Current/Historical Mining

Corridor

16

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 10,750 Au oz

2019 Production 51,498 Au oz

Q1 2020 Cash

Cost/ AISC

$1,052 per Au oz/

$1,479 per Au oz

2019 Cash Cost/

CAPEX

$945 per oz /

$18.6M

P&P Reserves(1) 11.1 mt @ 1.54 g/t Au for

548,000 Au oz

SKELLEFTEÄ, SWEDEN

1. Roscoe Postle Associates, Effective December 31, 2019, documented in an independent NI 43-101 Technical Report filed on March 30, 2020

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BJÖRKDAL: THE PATH FORWARDRAMPING 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

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AURORA ZONE STEERING UNDERGROUND RAMP UPAURORA 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

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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

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AURORA ZONE & PRELIMINARY RESERVESMINERALIZATION 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

21

NEWLY DISCOVERED LAKE ZONE SKARN DEPOSITCONTINUITY OF SKARN TO THE NORTH AND AT DEPTH

• Seven diamond holes drilled helping to

define the down dip extension of the

mineralized body

• Extension of skarn body down dip confirmed

by recent drill results

• Regional evaluation being carried out on

skarn bodies to evaluate potential for high-

grade mineralisation

22

NON-CORE PROPERTIES: CHILEAN ASSETSREALIZING 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

CE Mining25%

GMT Capital18%

Ruffer LLP17%

AzValor11%

West Face5%

Others24%

23

MARKET INFORMATIONCapital Structure

Share price (CAD$)(1) $1.61/shr

Shares Outstanding (M) 91.1

Fully Diluted Shares Outstanding (M)(2) 94.3

Market Capitalization (CAD$M) $146.7

Cash and Cash Equivalents (USD$M)(4) $21.5

Cash held in Escrow (USD$M)(4,5) $5.0

Total Interest-Bearing Debt (USD$M)(4) $77.4

Enterprise Value (US$M)(3,4) $160.9

Major Shareholders(6) Shares (M)

CE Mining 23.2

GMT Capital 16.2

Ruffer LLP 15.3

AzValor 10.3

West Face 4.2

Large Holders (Top 5) 69.2

Other Holders 21.9

TOTAL 91.1

1. As at June 22, 2020

2. Includes: 0.8M RSU and 2.4M 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 March 31, 2020

5. Cash held in escrow relates to the amount drawn under the Syndicated Facility that is set aside to partially

fund the repayment of the five-year exchangeable loan

6. Ownership positions are estimates - as at June 2020

Note: numbers may be rounded

Analyst Coverage

BMO Capital Markets Brian Quast

Mackie Research Capital Stuart McDougall

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INVESTMENT HIGHLIGHTSCOSTERFIELD: 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 $24.5M at 2019

year end affords Mandalay with

the financial flexibility to

continue funding its exploration

programs and sets the Company

up for future profitability and

growth

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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

MANAGEMENT AND BOARD OF DIRECTORSSENIOR MANAGEMENT

Dominic DuffyPresident, Chief Executive

Officer & Director

Nick DwyerChief Financial Officer

Belinda LabatteChief Development Officer

Toni StreczynskiVice President,

Processing & Metallurgy

Chris DavisVice President,

Operational Geology &

Exploration

Bradford A. MillsChairman

Braam JonkerLead Independent Director

Rob DoyleDirector

Peter R. JonesDirector

Amy FreedmanDirector

Terry AckermanDirector

BOARD OF DIRECTORS

Edison Nguyen

647 260 1566

e.nguyen@mandalayresources.com

www.mandalayresources.com

Twitter: @MandalayAuAg

TSX:MNDOTCQB:MNDJF