Forward-looking Statements. Quality Control and Assurance

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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 news release can be found under the heading Risk Factors in Mandalay s annual information form dated March 3, 216 and in its final prospectus dated September 2, 214, copies of which are available under Mandalay's profile at Although Mandalay has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forwardlooking 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 The exploration programs at Costerfield and Björkdal 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 Mr. Gregory regularly visits Costerfield and Björkdal, and supervises the collection and interpretation of scientific and technical information contained in this presentation. The exploration programs at the Cerro Bayo and Challacollo projects are supervised by Scott Manske, Chief Cordilleran Geologist of Mandalay Resources, and an Oregon registered Professional Geologist. A Qualified Person as defined by NI 43-11, he has reviewed and approved the technical and scientific information on these projects contained in the presentation. Dr. Mark Sander (Member: AusIMM), President and CEO of Mandalay, has visited the Costerfield, Cerro Bayo, Challacollo, and Björkdal and has supervised the preparation of this presentation. All currency references in US$ unless otherwise indicated 2

3 A Values-Based and Value-Focused Company Profitable and Dividend-Paying: (3.3% yield)* We create exceptional shareholder value through the acquisition of undervalued assets that can rapidly become cash generative, self-fund exploration, establish and maintain high operating margins and return cash to shareholders within a planned period of time. Mandalay is committed to operating safely and in an environmentally responsible manner, while developing a high level of community and employee engagement 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 or stakeholders, and coordinated across the Company for maximum effect *Trailing 12 months dividends divided by current market capitalization (June 8, 216) 3

4 Designed for Value: How We are Different Acquire only when we see 3-5X value uplift in 3-5 years Target cash cost of production: 5% of reversion to mean metal price Au <$7/oz Ag<$1/oz 1% ownership of all operations; no private royalties, no streams Flat, virtual, low-cost organizational structure; local GM accountability Direct relationships and sales contracts with customers Dividend-paying: 6% of trailing quarterly revenue No hedging of metal prices Lightly levered with low-interest, gold-convertible bonds Stingy with equity: only $33 million equity raised to date Disciplined management processes operated with integrity Compensation systems based on value-add 4

5 US$ MM US$ MM Delivering Strong Financial Results Across Price Cycle TIMELINE Costerfield, Australia Gold & Antimony Cerro Bayo, Chile Silver & Gold Challacollo, Chile Silver & Gold Björkdal, Sweden Gold Revenue, EBITDA (1) & Cash from Operations 216 Quarterly Financial Measures Revenue EBITDA Cash from Operations $2.6 $92.2 $32. $3.6 $171.8 $166.9 $79.9 $61.2 $184.6 $194.5 $67.7 $75.9 $64.4 $68. $73.4 $52.4 $1.7 -$ $5.4 $17.3 Q1-216 $7.3 Record Revenue 2 nd best EBITDA & Cash from Operations 1. The Company defines EBITDA as earnings before interest, taxes and non cash charges/ (income). EBITDA should not be considered by an investor as an alternative to net income or cash flow as determined in accordance with IFRS. 5

6 Au Eq. Oz/Qtr Oz Au Eq. Annual Production Based on Matched Production and Reserve Growth $/Oz Au Eq. (Cost) or Au (Price) Oz Au Eq. Year-End Reserves 3, 25, 2, 15, 1, 254, 52, 5, 15,854 63, , 17, , 126,98 1,123, 154,81 1,7, 166, , 18, (1) E 1,2, 1,, 8, 6, 4, 2, With Continuing Low Cash and All-In Production Costs 6, 5, 4, 1 mine restart Reducing volatility with growing number of operations 1 mine restart 1 mine transformation 2 mines producing 2 mines producing 1 mine transformation 1,9 1,7 1,5 3, P&L Margin 1,3 1,1 2, 1, EBITDA Margin Production Cash Cost AISC Average Au price metal price assumptions: $1,22/oz Au, $16.87/oz Ag and $6,82/t Sb 6

7 US$/oz Au Eq. P&P Added And Adding Reserves Cost-Effectively Mandalay Cost of Acquiring and Exploring for Reserves Acquisition + Exploration adds at cumulative average $78/oz Au Eq. (for developed & producing reserves) Exploration adds at cumulative average $5/oz Au Eq Cumulative Cost per oz Au Eq. Acquired or Discovered Cost Per oz Au Eq. Discovered in yr Cost Per oz Au Eq. Acquired in yr metal price assumptions: $1,22/oz Au, $16.87/oz Ag and $6,82/t Sb 7

8 Investment Value Volume (millions) Creating Superior Value for Shareholders 3% 25% 2% 15% 1% 5% Q3 29 Q1 21 Cumulative Total Return (% Value Change)* Q3 21 Q1 211 Q3 211 Q1 212 Q3 212 Q1 213 Q3 213 Q1 214 Q3 214 Q1 215 Mandalay Cumulative Returns 13.8% Annual Compounded Rate of Return Gold Silver Q3 215 Q1 216 $14,, $12,, $1,, $8,, $6,, $4,, $2,, $ Dividends Paid (USD)** H-216 6% of revenues (dividend contribution) Record Dividends Total Return vs. Peers and Seniors $1, Mandalay (1) Peer Index (2) Gold Senior (3) $8, $6, $4, $2, $ Sep-9 Sep-1 Sep-11 Sep-12 Sep-13 Sep-14 Sep A $1, investment on September 24, 29 would be worth (4): Mandalay: $65,442 Peer Index: $1,41 Gold Seniors: $6,948 *Q3 21 to Q1 216, includes all dividends paid. Source: MetalPrices.com for metal spot prices Index: September 3, 29 = 1. Mandalay share price: $.89. Graph updated quarterly, prices as at the last trading day of each respective quarter. **Annual cash dividend paid quarterly, based on 6% of the Company s trailing quarter s gross revenue 8and the future cash requirements of the Company 1. Adjusted for reinvested dividends. Assumes investment in Mandalay made as part of private placement announced on 24-Sep-9 to fund acquisition of Costerfield and accounts for warrant exchange offer of.47 shares per warrant. End date as at January 14, Peer Index: Argonaut, Dundee PM, Kirkland, Lake Shore, OceanaGold, Perseus, Primero, Timmins. 3. Gold Seniors: Agnico Eagle, AngloGold, Barrick, Goldcorp, Gold Fields, Kinross, Newcrest, Newmont, Polyus, Yamana. (4) End date as at April 19, 216.

9 Trading Volume, Ownership and Coverage Volume 3-day Average Daily Volume 1,135,637 1-day Average Daily Volume 1,89,675 Major Shareholders (1) Holders Shares (Million) Shares (Percentage) GMT Capital 62.4 Sentry Investments 42.1 Ruffer LLP 42. Plinian + Management + Directors 37.5 West Face Capital 35.3 Large Holders (Top-5) Other Holders TOTAL % 1.1% 9.% 15.% 8.5% 47.3% Analyst Coverage BMO Desjardins Haywood Raymond James Firm Analyst Brian Quast Mike Parkin Ben Asuncion Chris Thompson Average Daily Volume across all trading platforms Ownership positions as at May 19, 216 9

10 Strong Balance Sheet As at June 8, 216 Share price (June 8, close) (C$) Millions (Except Share Price Info) 1.5/shr Shares Outstanding Options (1) 21. Fully Diluted Shares Outstanding Market Capitalization (C$) $437.2 Cash and Cash Equivalents (US$) $4.7 Total Interest-Bearing Debt (US$) $58. Total Enterprise Value (US$) (2) $362.7 Net Debt (US$) $17.3 Last 12 Months EBITDA (US$) $61. Net Debt to EBITDA (Last 12 Mos.).28x 1. Exercise Price: C$.58 C$1.13 expiry dates ranging from April 11, Mar 24, Market Capitalization converted to US$ using exchange rate of 1 CAD =.79 USD (June 8, 216) Debt and EBITDA numbers as at end Q

11 Reiterating Corporate Consolidated Guidance Corporate Consolidated Guidance Production, Investment & Costs 216E Au oz Saleable Production 1, 115, Ag oz Saleable Production 2.9 million 3.3 million Sb oz Saleable Production 3, 3,5 Total Forecast Production Au Eq oz 165, 18, (1) Total cash costs per saleable Au Eq oz $778 Total capex spend $31 million $37 million Total exploration spend $7 million Unique to the Mandalay Portfolio: With our flat, virtual, mobile low-overhead structure can scale to more operations without increasing overhead Operational diversification benefits from only 2-3 operating mines in portfolio We can handle one new operation in intensive turnaround at a time Björkdal is moving out of the intensive care phase; time to consider acquisition Having three operations in solid jurisdictions, we can diversify jurisdictions metal price assumptions: $1,22/oz Au, $16.87/oz Ag and $6,82/t Sb 11

12 Costerfield Gold-Antimony Mine: Turnaround Complete Land package 1,293 hectares Ownership 1% Number of Employees (1) 172 direct, 4 contractors: 176 total Current throughput (Q1-216) 435 tpd Plant recoveries (Q1-216) Au: 9.6%, Sb: 95.35% 216 Planned Exploration Budget $2 million 1. As at year-end 215, filed in Company s Annual Information Form 12

13 Ounces Per Quarter USD/ Oz Au Eq. Tonnes Per Quarter USD/ Tonne Tonnes Per Quarter USD/ Tonne Costerfield Continuous Improvement New Records 5, 4, 3, 2, 1, 5, 4, 3, 2, Mining Rate and Unit Cost Transformation Q4-9 Q4-1 Q4-11 Q4-12 Q4-13 Q4-14 Q4-15 (Dec. only) t Mined Cost/ t Mined 1, Start-up Q4-9 Q4-1 Q4-11 Q4-12 Q4-13 Q4-14 Q4-15 (Dec. only) t Processed Cost/ t Processed 2, 15, 1, 5, Q4-9 (Dec. only) Start-up Processing Rate and Unit Cost Cont. Impr. Au Equivalent Production and Unit Cost Q4-1 Q4-11 Q4-12 Q4-13 Q4-14 Q4-15 Oz Au Eq. Cont. Impr. Cost/ Au Eq. Oz $ $4 $3 $2 $1 $ $15 $1 $5 $ $3, $2, $1, 13 Costerfield Operational Improvements: Record High Rate Record Low Cost Improved mine output/mill throughput from 17 tpd to 45 tpd (capped by grid power and site grinding capacity) Changed mining method from cut-and-fill to blast-hole stoping with cemented rock fill (greater production, lower unit costs) Introduced contract capital development for faster and lower cost results Increased sub-level spacing from 5 1 m Replaced mechanized mining fleet Introduced mobile crusher to decrease particle size of mill feed (better recoveries, higher throughput) Grew mine life from zero reserves to roughly 4 years while mining continuously for 6 years Operations continue setting records and new targets being tested

14 Costerfield Exploration: Sub-King Cobra Drill Results Find High Grades in Three Zones WESTERN CENTRAL EASTERN EASTERN CENTRAL WESTERN 14

15 Björkdal Gold Mine: Emerging from Intensive Care Land package 12,949 hectares Ownership 1% Number of Employees (1) 169 direct, 58 contractors: 227 total Current throughput (Q1-216) 3,56 tpd Plant recoveries (Q1-216) Au: 88.4% 216 Planned Exploration Budget $3 million 1. As at year-end 215, filed in Company s Annual Information Form 15

16 Ounces Gold Per Quarter $/ oz Au Tonnes Per Quarter $/ Tonne Tonnes Per Quarter $/ Tonne Björkdal Operating Performance and Improvements 4, Mining Rate and Unit Cost $3 Björkdal 215 Operational Improvements: 3, 2, 1, Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 t Mined Cost/ t Mined 34, 33, 32, 31, Q4-14 t Processed Q1-15 Q2-15 Cost/ t Processed Q3-15 Q , 1, 5, Au oz Processing Rate and Unit Cost Saleable Gold Produced and Unit Cost Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Cost/ oz Au Grade Control showing in Q1 results $2 $1 $ $2 $1 $ $1, $95 $9 $85 $8 $75 $7 Record High Rate Record Low Cost Introduced best practice mapping, drilling, sampling, and modelling of high nuggeteffect gold deposits Produced a more refined resource model to support more selective underground & open pit mining techniques Establishing a local assay lab for faster grade control turnaround 216 Planned Improvements: Increasing grade of mill feed through more selective underground and open pit mining at an increasing rate (making up for discarding waste) Pilot optical ore sorting IN PROGRESS Pilot coarse and ultra-fine gold float DONE 16

17 Development Advance (m) Transitioning to Proper Longitudinal Grade Control Sampling every round results in discarding 3-4% of material 25 Accelerating Underground Development x Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Underground metres - Monthly 17

18 Ore sorting at Björkdal Stockpiled Mixed Low-Grade Material Pilot studies confirm that: Au is contained in fragments of white quartz vein material, not in black wallrock material Can optically sort out 4+% of black rock and only lose a few % of gold recovery Potential to upgrade low-grade material or even high-grade material to increase mill head grade, producing more gold from existing mill capacity Onsite pilot plant in operation as of May 2 on 6, 8, t test; good visual results after first days Expect test results in July-August Sorted Waste no veins Sorted Ore with veins Bulk Test Start Grade End Grade Times Upgraded Waste Rejection Gold Retained g/t Au g/t Au (%) (%) Underground Ore Stockpile Ore

19 Encouraging Visual Results of Pilot-Scale On-Site Test During May Commissioning Unsorted low-grade material conveyor feed to sorter Waste No vein fragments, presumed very low-grade Ore Abundant vein fragments, presumed increased grade 19

20 Björkdal Processing Improvements Completed: Sampling survey on milling and gravity gold circuits to identify improvement opportunities Laboratory flotation recovery study on effect of fineness of grind, % solids, and residence time key for decision-making on possible future flotation circuit expansion Pilot on-site testing of coarse and ultra fine gold flotation 216 Planned Improvements: Milling/Flotation material flow stability survey to identify areas where automation can be implemented to improve recovery Introduction of high chrome grinding media for increased wear resistance, grinding media cost saving and improved pulp chemistry for improved flotation recovery Flotation circuit and ancillary equipment expansion study to determine OPEX and CAPEX for a planned flotation circuit expansion. Goal: improve flotation recovery and concentrate grade 2

21 Björkdal 215 Drill Results Expanding limits of Au mineralization NYLUNDS NYLUNDS 21

22 Cerro Bayo Silver-Gold Mine Land package 23,16 hectares Ownership 1% Number of Employees (1) 398 direct, 133 contractors: 531 total Current throughput (Q1-216) 1,157 tpd Plant recoveries (Q1-216) Ag: 91.5%, Au: 87.9% 216 Planned Exploration Budget $2 million 1. As at year-end 215, filed in Company s Annual Information Form 22

23 Oz Ag/Quarter $/ oz Ag Net Byproduct Tonnes Per Quarter $/ Tonne Tonnes Per Quarter $/ Tonne Cerro Bayo Operating Performance and Improvements 15, 1, 5, Mining Rate and Unit Cost Q4-1 Q2-11 Q4-11 Q2-12 Q4-12 Q2-13 Q4-13 Q2-14 Q4-14 Q2-15 Q4-15 t Mined Cost/ t Mined 15, 1, 5, Processing Rate and Unit Cost Q4-1 Q2-11 Q4-11 Q2-12 Q4-12 Q2-13 Q4-13 Q2-14 Q4-14 Q2-15 Q4-15 t Processed Cost/ t Processed $1 $5 $ $5 $ Cerro Bayo Operational Improvements: Record High Rate Record Low Cost Shifted the mining method from shrinkage stoping to completely mechanized blast hole open stoping; Ramped up throughput from tpd 1,4 tpd from three mines Installed flotation automation system to maximize silver and gold recoveries Extended mine life from 3 years at 1,2 tpd to 5 years at 1,4 tpd while mining continuously for 4 years 1,5, 1,, 5, Ag oz Saleable Silver Produced & Unit Cost Q4-1 Q2-11 Q4-11 Q2-12 Q4-12 Q2-13 Q4-13 Q2-14 Q4-14 Q2-15 Q4-15 Cost/ oz Ag net Au $2 $15 $1 $5 $ 23

24 Emerging Extensions and New Veins Under Laguna Verde Slow drilling of long holes under lake Coyita and Yasna only partially infilled/extended in Moz added in reserves We expect at least as much again as we complete drilling COYITA YASNA YASNA Indicated COYITA 24

25 New Target Testing 216 Brillantes Planned Drill Holes: 14 Drilling planned for 1H 216 Multiple, multi-km outcropping veins with better appearance than historic Laguna Verde ore veins at surface and excellent stratigraphic control showing we are above favorable ore horizon Cerro Bayo E. Planned Drill Holes: 18 Multiple, multi-km outcropping veins adjacent to historic CB mining area Laguna Verde Norte Planned Drill Holes: 11 Wide spaced target testing (blue holes) under previously undrilled parts of lake 25

26 Challacollo Silver-Gold Project 216 Water exploration and water rights transfer Exploration and optimization Land package 2,378 hectares Ownership 1% Location Mineralization Number of Employees (1) Elevation 13 km SE of Iquique, Chile Epithermal, oxidized Ag-Au 6 direct: 6 total Approx. 1,5 ASL 1. As at year-end 214, filed in Company s Annual Information Form 26

27 Invest with Us: How We Will Deploy Your Capital Acquire new assets counter-cyclically only at a deep discount to value that we can deliver Base case returns at least 2x the investment Upside case 3-5x over 3-5 years based on specific testable hypotheses Keep portfolio evergreen exit assets that do not fit Execute focused operational improvement projects at each site Exploration project portfolio targeted on discovery of near-term reserves Mining projects focused on safer, more mechanised mining with higher extraction, lower dilution and reduced cost Metallurgical projects focused on higher recovery, higher availability, higher quality products with higher payables and reduced costs Commercial create more diverse customers paying better terms Apply relentless, disciplined financial management Low cash cost and overheads for high EBITDA margins Low DD&A for high P&L margins low acquisition cost, focused CAPEX & exploration Prudent, low-cost leverage to fund growth when needed Minimize shareholder dilution Return cash to shareholders: dividend = 6% trailing qtr. revenues Engage all stakeholders in a values-based and value-focused organization 27

28 For more information, please contact: Greg DiTomaso Director, Investor Relations Tel: Company Website:

29 Management and Board of Directors Senior Management Mark Sander, President and CEO 29 years of experience in exploration, strategy and operating improvements Board of Directors Sanjay Swarup, CFO Former Lonmin plc, over 2 years of industry experience Dominic Duffy, COO Mining Engineer with extensive technical and operational management experience Belinda Labatte, Head of Stakeholder Engagement & Corporate Affairs Over 1 years of experience in capital markets Brad Mills, Executive Chairman Braam Jonker, Independent Director Peter R. Jones, Independent Director Robert Doyle, Independent Director Mark Sander, Director Amy Freedman, Independent Director 29

30 Mandalay Reserves Cerro Bayo Reserves (1) Ore (t) Ag Grade (g/t) Ag (cont. oz) Au Grade (g/t) Au (cont. oz) Proven Reserves 133, , , Probable Reserves 1,93, 23 14,41, , P&P Reserves 2,36, ,876, , Costerfield Reserves (2) Ore (t) Sb Grade (%) Sb (cont. t) Au Grade (g/t) Au (cont. oz) Proven Reserves 125, 4.4 5, , Probable Reserves 366, , , P&P Reserves 491, , , Björkdal Reserves (3) Ore (t) Au Grade (g/t) Au (cont. oz) Proven Probable 7,12, , Total 7,12, , TOTAL RESERVES 31-December-215 Ag (cont. oz) Au (cont. oz) Sb (cont. t) Mandalay Proven Reserves 835, 57, 4.4 Mandalay Probable Reserves 14,41, 648, 11.2 Total Mandalay P&P Reserves 14,876, 75, Source: Cerro Bayo - Roscoe Postle Associates, Effective December 31, 215, documented in an independent NI Technical Report filed March 3, Source: Costerfield - SRK Consulting (Australia), Effective December 31, 215, documented in an independent NI Technical Report to filed March 3, Source: Björkdal Roscoe Postle Associates, Effective December 31, 215, please refer to Mandalay Resources press release dated Feb. 29, 216 Numbers may differ slightly from source documents due to rounding 3

31 Mandalay Resources Cerro Bayo Resources (1) Resource (t) Ag Grade (g/t) Ag (cont. oz) Au Grade (g/t) Au (cont. oz) Measured Resources 132, 25 1,65, , Indicated Resources 1,699, ,211, , M&I Resources 1,832, 31 18,276, , Inferred Resources 511, 181 2,984, , Challacollo Resources (3) Resource (t) Au Grade (g/t) Ag Grade (g/t) Au (cont. oz) Ag (cont. oz) Measured Resources Indicated Resources 4,7, , 3,2, M&I Resources 4,7, , 3,2, Inferred Resources 1,6, , 6,9, Costerfield Resources (2) Resource (t) Sb Grade (%) Sb (cont. t) Au Grade (g/t) Au (cont. oz) Measured Resources 247, , , Indicated Resources 798, , , M&I Resources 1,45, , , Inferred Resources 491, 2. 9, , Björkdal Resources (4) Resource (t) Au Grade (g/t) Au (cont. oz) Measured Resources Indicated Resources 7,524, , M&I Resources 7,524, , Inferred Resources 1,552, , TOTAL RESOURCES Ag (cont. oz) Au (cont. oz) Sb (cont. t) Measured Resources 1,65, 16, 11, Indicated Resources 47,411, 1,13, 27, Total M&I Resources 48,476, 1,119, 38, Total Inferred Resources 9,884, 215, 9,7 1 Source: Cerro Bayo - Roscoe Postle Associates, Effective December 31, 215, documented in an independent NI Technical Report filed March 3, Source: Costerfield - SRK Consulting (Australia), Effective December 31, 215, documented in an independent NI Technical Report Filed March 3, Source: Challacollo Mining Plus, Effective December 31, 215, documented in an 31 independent NI Technical Report filed Mar. 31, Source: Björkdal Roscoe Postle Associates, Effective December 31, 215, please refer to Mandalay Resources press release dated Feb. 29, 216

32 Balance Sheet and Current Results As at June 8, 216 Share price (Jun 8, 216-close) (C$) Millions (Except Share Price Info) 1.5/shr Shares Outstanding Options (1) 21. Fully Diluted Shares Outstanding Market Capitalization (C$) $437.2 Cash and Cash Equivalents (US$) $4.7 Total Interest-Bearing Debt (US$) $58. Total Enterprise Value (US$) (2) $362.7 Net Debt (US$) $17.3 Last 12 Months EBITDA (US$) $61. Net Debt to EBITDA (Last 12 Mos.).28x Operational Performance Saleable Ag oz produced Saleable Au oz produced Saleable Sb t produced Financial Performance Net Cash/All-in cost/oz Au Eq. at Costerfield, $ Net Cash/All-in cost/oz Ag at Cerro Bayo, $ Q1, 216 Q1, YE 214YE 515,216 59,755 2,545,984 3,329,519 28,954 27,74 19,12 77,9 1, 969 3,712 3,639 Q1, 216 Q1, YE 214YE 512 / / Net Cash/All-in cost/oz 821 / Au Eq. at Björkdal, $ (3) 1, / / / 1, / / / 1, / 1, / / 1,24 (3) EBITDA, $ million Net Income, $ million Cash and cash equiv., $ million Exercise Price: C$.58 C$1.13 expiry dates ranging from April 11, Mar 24, Market Capitalization converted to US$ using exchange rate of 1 CAD =.79 USD (June 8, 216) 3. Björkdal Acquired September 1, 214. Site all-in costs include total cash operating costs, royalty expense, 32 depletion, depreciation and accretion. Björkdal Q1-215 all-in cost and net profit figures are restated for additional depletion recognized at 215 year end. Debt and EBITDA numbers as at end Q1-216

33 Current Operational Locations: Mining-friendly Jurisdictions Metal Gold, Antimony Ownership 1% 215 Production & Cash Cost 216E Production & Cost P&P Reserves (1) 42,491 oz Au 3,712 t Sb $559/oz Au Eq. 26, 3, oz Au 3, 3,5 t Sb $65 $72/oz Au Eq. 491, 9.2 g/t Au; 3.9% Sb Metal Silver, Gold Ownership 1% 215 Production & Cash Cost 216E Production & Cost P&P Reserves (1) 2,545,984 oz Ag 22,572 oz Au $7.5/oz Ag net Au 24, 3, oz Au MM oz Ag $6-$72/oz Au Eq g/t Ag; 2.16 g/t Au Metal Gold Ownership 1% 215 Production & Cash Cost 216E Production & Cost P&P Reserves (1) 216E Corporate Consolidated Guidance Production, Investment and Costs 216E Au oz Saleable Production 1, 115, Ag oz Saleable Production 2.9 million 3.3 million Sb oz Saleable Production 3, 3,5 Total Forecast Production Au Eq oz 165, 18, (2) 44,39 oz $884/oz Au 5, 55, oz $85-97/oz Au g/t Au Total cash costs per saleable Au Eq oz $778 Total capex spend Total exploration spend 1. Refer to notes in the Appendix metal price assumptions: $1,22/oz Au, $16.87/oz Ag and $6,82/t Sb $31 million $37 million 33 $7 million

34 MND (242% value change) outperformed through the entire bottom-to-bottom price cycle*: Mandalay versus: 159 alternative investments In 23 different strategy categories Over the 26 quarters from Q3 29 to Q1 216 (period that Plinian has led Mandalay) Value metric is: For currencies, change in exchange rate with USD as listed in For metal prices, change in USD metal price per lb., oz., or t as listed in For mutual funds, change in share price plus dividends paid as listed in For companies, common shareholder equity value assuming market purchase of shares, excluding warrants and special dividends but including ordinary dividends and stock splits as listed in 1. All 6 Currencies (AUD, CAD, GBP, CLP, EU, CNY): 78 16% 2. All 3 Precious Metals (Au, Ag, Pt): % 3. All 4 Base Metals (Pb, Zn, Cu, Ni): 48 93% 4. All 7 Gold Mutual Funds: 59 74% 5. All 6 Resource/Basic Material Mutual Funds: 79 17% 6. All 6 Big Diversified Miners: 42 99% 7. 5 of 6 Prospect Generator Companies: 6 243% 8. 3 of 4 Royalty/Streaming Companies: % 9. All 3 Mega Gold Miners (>$US1 B market cap): 44 6% 1. 8 of 9 Big Gold Miners (USD1-1B market cap): % of 9 Mid-Tier Gold Miners USD.5-1B market cap): 24 9,2% of 19 Junior Gold Miners (<USD5M market cap): 29 1,44% of 16 Gold Developers : 1 58% of 8 Big Silver Miners (>USD4M market cap): % 15. All 2 Mid Tier Silver Miners (USD2-4M market cap: 35 16% 16. All 5 Junior Silver Miners (<USD2M market cap): % 17. All 7 Silver Developers : 3 197% 18. All 6 Big Copper Miners (>USD7B market cap): % 19. All 11 Base Metals Developers : 8 14% 2. All 6 Mid-Tier Base Metals (USD.25-1B market cap): 14 19% 21. All 6 Junior Base Metals (<USD25M market cap): 3 86% 22. All 9 PGM Mineral and Developers : 1 158% 23. All 1 Junior Aluminum Company : 3 83% *Q3 21 to Q1 216, includes all dividends paid. Source: MetalPrices.com for metal spot prices Index: September 3, 29 = 1. Mandalay share price: $.89. Prices as at the last trading day of each respective quarter. 34

35 Strong Annual Production Growth 2, 16, 12, 8, 4, 15,854 Costerfield Production (216E) Cerro Bayo Production (216E) 63,351 3,5, 3,, 2,5, 2,, 1,5, 1,, 5, Total MND Production (AuEq oz) (1) 166, , - 18, 154,81 126,98 17, E 4, 3, 2, 1, 1,16 19,337 Antimony (Sb) 1,571 Silver (oz) 1,318,655 2,481 3,639 3,712 3,275 3, 3, E 3,329,519 2,9, 2,911,595 3,145,537 3,3, 2,545, E 5, 4, 3, 2, 1, 3, 25, 2, 15, 1, 5, 35,751 42,491 28,758 26, 3, 18,36 7,661 12, E 334 Gold (oz) 6,678 Gold (oz) 17,89 21,482 27,6 22,572 24, 3, E Björkdal Production (216E) metal price assumptions: $1,22/oz Au, $16.87/oz Ag and $6,82/t Sb 35 6, 5, 4, 3, 2, 1, Gold (oz) 14,549 44,39 5, - 55, E