INVESTORS 2021 The Annual General Meeting of shareholders to be held on Wednesday, May 26, 2021, at 9:00 a.m. (Eastern Time). To proactively deal with the public health impact of COVID-19, and to limit and mitigate risks to the health and safety of our stakeholders, the Company will hold the Annual General Meeting in a virtual-only format. Notice of Availability of Proxy Material English Form of Proxy English Management Information Circular English NI Card English CEO’s Message to Shareholders English Virtual Meeting Guide English These materials contain “forward-looking statements” within the meaning of applicable securities laws, including statements regarding the Company’s production of gold and antimony for the 2021 fiscal year. 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, 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 31, 2021, a copy of which is available under Mandalay’s profile at www.sedar.com. In addition, there can be no assurance that any inferred resources that are discovered as a result of additional drilling will ever be upgraded to proven or probable reserves. 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. WHY INVEST INVESTOR CENTRE INVESTOR PRESENTATIONS STOCK INFORMATION FINANCIAL REPORTS QUARTERLY CALL RECORDINGS ANALYST COVERAGE ANNUAL INFORMATION FORM EVENTS AGM 2021 2020 2019 SUBSCRIBE TO EMAIL UPDATES SIGN UP MANDALAY RESOURCES 76 Richmond Street East Suite 330 Toronto, ON M5C 1P1 Canada PHONE +1 647 260 1566 ABOUT US OPERATIONS SUSTAINABILITY INVESTORS MEDIA NEWS CONTACT INFORMATION TO ENTREPRENEURS © 2021 Mandalay Resources All Rights Reserved.