INVESTORS NEWS November 9, 2021 Mandalay Resources Corporation Announces Financial Results for the Third Quarter of 2021 more November 4, 2021 Mandalay Resources Corporation Announces Target Release Date for Third Quarter 2021 Financial Results and Conference Call more October 26, 2021 Mandalay Resources Corporation Reports High-Grade Gold Discovered at the Brown’s Prospect – 2 km From the Shepherd Discovery and Youle Mine more TSX: MND From To Zoom1M3M6M1YYTDMAX Zoom Out ChartFrom Invalid date to Invalid dateUse left and right arrows to move selectionFrom Invalid dateUse left and right arrows to move left selectionTo Invalid dateUse left and right arrows to move right selectionUse TAB to select grip buttons or left and right arrows to change selection Volume Chart created using amCharts library Last $ Prev Close $ Volume $ Change $ % Change % 52 Week High $ 52 Week Low $ High $ Low $ Last Trade Updated At CAPITAL STRUCTURE Mandalay Resources Corporation TSX: MND Shares Outstanding 91.2 M Fully Diluted Shares Outstanding 1 94.0 M Cash and Cash Equivalents USD 2 20.9 M Total Interest-Bearing Debt USD 2 69.0 M Includes: 0.8M RSU and 1.7M employee stock options with exercise prices of: CAD$0.61 — CAD$9.10 and expiry dates from Mar 23, 2021 — Jun 30, 2027. From Mandalay's Financial Statements as of June 30, 2020 Ownership positions are estimates — as at August 2020 Note: Numbers may be rounded ANALYST COVERAGE BMO Capital Markets Brian Quast Mackie Research Capital Stuart McDougall MAJOR SHAREHOLDERS (3) CE Mining 23.2 M GMT Capital 16.2 M Ruffer LLP 15.3 M AzValor 10.3 M West Face 4.2 M Large Holders (Top 5) 69.2 M Other Holders 21.9 M TOTAL 91.1 M 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.