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FEB2016BUILDING VALUE
ACROSS THE CYCLE
TSX // MND
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 31, 2015 and
in its final prospectus dated September 2, 2014, copies of which are 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 AssuranceQuality control and assurance programs are implemented in line with the standards of National Instrument 43-101.
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 43-101. 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 43-101, he has reviewed and approved the
technical and scientific information on these projects contained in the presentation.
Dr. Mark Sander (Member: AusIMM), President 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
Forward-looking Statements
2
A Values-Based and Value-Focused Company
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 co-ordinated across the
Company for maximum effect
Profitable and Dividend-Paying (5.1% yield)*
*Trailing 12 months dividends divided by current market capitalization (Feb. 18, 2016)
3
2009
• Costerfield, Australia
• Gold & Antimony
2010
• Cerro Bayo, Chile
• Silver & Gold
2013
• Challacollo, Chile
• Silver & Gold
2014
• Björkdal, Sweden
• Gold
Delivering Financial Value at Mandalay
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.
2. Annual cash dividend paid quarterly, based on 6% of the Company’s trailing quarter’s gross revenue and the future cash requirements of the Company
TIMELINE
2015 Quarterly
Financial
Measures
Revenue,
EBITDA(1) &
Dividends(2)
Revenue
EBITDA
Dividends$4.0 $3.3 $3.0 $2.6
$24.3$18.2
$11.5 $14.0
$56.8$50.2
$43.3 $43.6
0
50
100
Q1- 2015 Q2 -2015 Q3 - 2015 Q4 - 2015
US
$ M
M
4
$3.2 $11.1 $9.5 $12.9$20.6
$92.2
$171.8 $166.9$184.6 $194.5
$1.7
$32.0
$79.9$67.7 $64.4 $68.0
0
50
100
150
200
250
2010 2011 2012 2013 2014 2015
US
$ M
M
1. Adjusted for reinvested dividends. Assumes investment in Mandalay made as part of private placement announced on 24-Sep-09 to fund acquisition of Costerfield and accounts for warrant exchange offer of 0.47
shares per warrant. End date as at January 14, 2016. 2. 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.
Mandalay Shareholders Realize a Superior Total Return on their Investment
5
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
2010 2011 2012 2013 2014 2015
Dividends Paid (USD)
6% of revenues (dividend contribution)
$0
$20,000,000
$40,000,000
$60,000,000
$80,000,000
2010 2011 2012 2013 2014 2015
Cash Generated From Operations (USD)
Cash generated from operations
50%
100%
150%
200%
250%
300%
Q3
2009
Q1
2010
Q3
2010
Q1
2011
Q3
2011
Q1
2012
Q3
2012
Q1
2013
Q3
2013
Q1
2014
Q3
2014
Q1
2015
Q3
2015
Mandalay Cumulative Returns9.5% Annual Compounded Rate of ReturnGoldSilver
Cumulative Total Return (% Value Change)*
* Q3 2010 to Q4 2015, includes all dividends paid. Source: MetalPrices.com for metal spot prices Index: September 30, 2009 = 100. Mandalay share price: $0.64.
Graph updated quarterly, prices as at the last trading day of each respective quarter.
0
2
4
6
8
10
12
14
16
18
20
$0
$20,000
$40,000
$60,000
$80,000
$100,000
Volu
me (
mill
ions)
Invest
ment Valu
e
Mandalay(1) Peer Index(2) Gold Senior(3)
Total Return vs. Peers and Seniors
A $10,000 investment on September 24, 2009 would be worth:• Mandalay: $42,334 / Peer Index: $6,350 / Gold Seniors: $2,810
Trading Volume, Ownership and Coverage
Major Shareholders(1)
Holders Shares (Million) Shares (Percentage)
West Face Capital 61.9
GMT Capital 61.2
Sentry Investments 40.4
Plinian + Management 34.2
Vertex One Asset Management 15.7
Large Holders 213.4
Other Holders 197.0
TOTAL 410.4
Analyst Coverage
Firm Analyst
BMO Brian Quast
Desjardins Mike Parkin
Haywood Ben Asuncion
Raymond James Chris Thompson
Volume
30-day Average Daily Volume 527,764
100-day Average Daily Volume 271,575
15.1%
14.9%9.8%
8.3%
3.8%
48.0%
Source: Bloomberg for volume data
1. As at January 14, 2016. Total shares owned by directors directly= 11.7M (2.86%)
6
Growing Value – Reserves Increasing Faster Than Production
Adding Reserves Cost Effectively• Acquiring built-out assets for about $160/oz Au Eq. in Proven & Probable
• Discovering mine-site reserves for $10-$50/oz Au Eq. in Proven & Probable
15,854 63,351
107,941 126,908
154,810 166,679
253,796
520,175 633,000
771,500
1,123,367
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
0
50,000
100,000
150,000
200,000
250,000
300,000
2010 2011 2012 2013 2014 2015 2016E
Oz A
u E
q. Y
ear-
En
d R
eserv
es
Oz A
u E
q. A
nn
ual P
rod
ucti
on
7
-
20
40
60
80
100
120
140
160
180
2010 2011 2012 2013 2014
US
D/o
z P
&P
Ad
de
d
MANDALAY COST OF ACQUIRING AND EXPLORING FOR RESERVES
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
165,000 –
180,000(1)
1. 2016 metal price assumptions: $1,202/oz Au, $16.87/oz Ag and $6,820/t Sb
As at Feb 18, 2016
Millions
(Except
Share Price
Information)
Share price
(Feb 18, 2016 - close) (C$)
0.85/shr
Shares Outstanding 410.4
Options(1) 18.9
Fully Diluted Shares
Outstanding
429.3
Market Capitalization (C$) $348.9
Cash and Cash
Equivalents (US$)
$49.2
Total Interest-Bearing Debt
(US$)
$57.9
Total Enterprise Value
(US$)(2)
$263.2
LTM EBITDA $68.0
Net debt to EBITDA (LTM) 0.85x
Q4, 2015 Q4, 2014 2015YE 2014YE
Saleable Ag oz
produced
725,243 1,021,189 2,545,984 3,329,519
Saleable Au oz
produced
28,948 31,636 109,102 77,900
Saleable Sb t
produced
937 926 3,712 3,639
Operational Performance
Financial Performance
Balance Sheet and Current Results
1. Exercise Price: C$0.33 – C$1.13 expiry dates ranging from Mar 11, 2016 - Mar 24, 2020
2. Using exchange rate of 1 CAD = 0.7297 USD (Feb 18, 2016)
3. Björkdal Acquired September 10, 2014. Site all-in costs include total cash operating costs, royalty expense, depletion, depreciation, accretion
and write-off of exploration and evaluation.
8
Q4, 2015 Q4, 2014 2015YE 2014YE
Net Cash/All-in cost/oz
Au Eq. at Costerfield, $
540 /
760
608 /
884
559 /
773
772 /
1,036
Net Cash/All-in cost/oz
Ag at Cerro Bayo, $
4.58 /
11.75
3.95 /
10.37
7.50 /
14.69
5.30 /
11.36
Net Cash/All-in cost/oz
Au Eq. at Björkdal, $(3)
940 /
1,224
901 /
1,051
884 /
1,128
870 /
1,024(3)
EBITDA, $ million 14.0 21.5 68.0 64.4
Net Income, $ million (3.1) 7.6 14.7 17.6
Cash and cash equiv., $
million
49.2 49.0 49.2 49.0
Operational Locations: Mining-friendly Jurisdictions
Metal Gold
Ownership 100%
2015
Production
44,039 oz
P&P
Reserves(1)
6.5 Mt @ 2.05 g/t Au
(432,000 oz Au)
Metal Silver, Gold
Ownership 100%
2015
Production
2,545,984 oz Ag
22,572 oz Au
P&P
Reserves(1)
2.4 Mt @ 220 g/t Ag;
2.13 g/t Au
Metal Gold, Antimony
Ownership 100%
2015
Production
42,491 oz Au
3,712 t Sb
P&P
Reserves(1)
430,000 tonnes @
8.1 g/t Au; 3.6% Sb
2016E
Au oz Saleable Production 100,000 – 115,000
Ag oz Saleable Production 2.9m – 3.3m
Sb oz Saleable Production 3,000 – 3,500
Total Forecast Production Au Eq oz 165,000 – 180,000(2)
Total cash costs per saleable Au Eq oz $778
Total capex spend $31m – $37m
Total exploration spend $7m
2016E Guidance – Production, Investment and Costs
1. Refer to notes in the Appendix
2. 2016 metal price assumptions: $1,202/oz Au, $16.87/oz Ag and $6,820/t Sb 9
Björkdal Gold Mine: Overview
Land package 6,862 hectares
Ownership 100%
Number of Employees(1) 145 direct, 65 contractors: 210 total
Current throughput 3,500 tpd
Plant recoveries (2015) Au: 88%
2016 Planned Exploration Budget $3 million
1. As at year-end 2014, filed in Company’s Annual Information Form10
Björkdal Operating Performance and Improvements
$0
$10
$20
$30
0
100,000
200,000
300,000
400,000
Q4-14 Q1-15 Q2-15 Q3-15 Q4-15
$/ T
on
ne
To
nn
es
Pe
r Q
ua
rte
r
Mining Rate and Unit Cost
t Mined Cost/ t Mined
$0
$10
$20
310,000
320,000
330,000
340,000
Q4-14 Q1-15 Q2-15 Q3-15 Q4-15
$/
Ton
ne
To
nn
es
Pe
r Q
ua
rte
r
Processing Rate and Unit Cost
t Processed Cost/ t Processed
$700
$750
$800
$850
$900
$950
$1,000
0
5,000
10,000
15,000
Q4-14 Q1-15 Q2-15 Q3-15 Q4-15
$/ o
z A
u
Ou
nce
s G
old
Per
Qu
arte
r
Saleable Gold Produced and Unit Cost
Au oz Cost/ oz Au
Björkdal 2015 Operational Improvements:
Introduced best practice mapping, drilling,
sampling, and modelling of high nugget-
effect 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
2016 Planned Improvements:
Increasing grade of mill feed through more
selective underground and open pit mining
Pilot ore sorting
Pilot ultra-fine float
11
Underground Grade Improvement #1 – Currently Being Implemented
12
In first 3 weeks of on-vein selectivity, entire sample set totals
12,890 t @ 2.37 g/t Au and historic practice would send the
entire tonnage to plant. With new selectivity,
9,154 t above >0.7 @ 3.18 g/t Au, will be sent to the mill
2,239 t @ 0.49 g/t Au, will be stockpiled
1,497 t @ 0.23 g/t, will be sent to waste
Next step is to implement same selective mining for stoping ore
?
Improvement #2 – Move to 3.5m Drifts on 15m Levels (Currently 5m Drifts on 20m Levels)
5 X 5
3.5 X 3.5
15 m levels
20 m levels
Now that Au hosted in vein walls disproved, smaller
drifts on the right mineralized veins clearly will reduce
dilution
Closer levels (15 m vs old 20 m) will reduce exits of
subvertical veins out of stopes
Will take time to clear 18 mo of inventory at old
geometry
13
Improvement #3 –Ore sorting
14
Stockpiled Mixed Low-Grade Material
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 1.93 2.97 1.54 43.0 87.0
Stockpile Ore 0.81 1.11 1.37 30.0 96.0
Pilot studies confirm that
Au is contained in
fragments of white quartz
vein material, not in black
wallrock material
Can optically sort out 40+%
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 scheduled for
Q2, 2016
Cerro Bayo Silver-Gold MineLand package 23,106 hectares
Ownership 100%
Number of Employees(1) 429 direct, 120 contractors: 549 total
Current throughput 1,400 tpd
Plant recoveries (2015) Ag: 90.9%, Au: 87.3%
2016 Planned Exploration Budget $2 million
1. As at year-end 2014, filed in Company’s Annual Information Form
15
Cerro Bayo Operating Performance and Improvements
16
$0
$50
$100
0
50,000
100,000
150,000
Q4-10 Q2-11 Q4-11 Q2-12 Q4-12 q2-13 Q4-13 Q2-14 Q4-14 Q2-15 Q4-15
$/ T
on
ne
Ton
nes
Per
Qu
arte
r
Mining Rate and Unit Cost
t Mined Cost/ t Mined
$0
$50
0
50,000
100,000
150,000
Q4-10 Q2-11 Q4-11 Q2-12 Q4-12 Q2-13 Q4-13 Q2-14 Q4-14 Q2-15 Q4-15
$/
To
nn
e
Ton
nes
Per
Qu
arte
r
Processing Rate and Unit Cost
t Processed Cost/ t Processed
$0
$5
$10
$15
$20
0
500,000
1,000,000
1,500,000
Q4-10 Q2-11 Q4-11 Q2-12 Q4-12 Q2-13 Q4-13 Q2-14 Q4-14 Q2-15 Q4-15 $/ o
z A
g N
et B
ypro
du
ct
Oz
Ag/
Qu
arte
r
Saleable Silver Produced & Unit Cost
Ag oz Cost/ oz Ag net Au
Cerro Bayo Operational Improvements:
Shifted the mining method from shrinkage
stoping to completely mechanized blast hole
open stoping;
Ramped up throughput from 0 tpd – 1,400 tpd
from three mines
Installed flotation automation system to
maximize silver and gold recoveries
Extended mine life from 3 years at 1,200 tpd
to 5 years at 1,400 tpd while mining
continuously for 4 years
Emerging Extensions and New Veins Under Laguna Verde
17
COYITA
YASNA
Indicated
Slow drilling of long holes under lake
Coyita and Yasna only partially
infilled/extended in 2014 – 3.4 Moz
added in reserves
We expect at least as much again as
we complete drilling
COYITA
YASNA
18
New Target Testing 2016 Brillantes
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.
Multiple, multi-km
outcropping veins adjacent
to historic CB mining area
Laguna Verde
Wide spaced target testing
(blue holes) under
previously undrilled parts of
lake
Costerfield Gold-Antimony Mine: Overview
Land package 1,293 hectares
Ownership 100%
Number of Employees(1) 163 direct, 64 contractors: 227 total
Current throughput 420 tpd
Plant recoveries (2015) Au: 89.77%, Sb: 95.14%
2016 Planned Exploration Budget $2 million
1. As at year-end 2014, filed in Company’s Annual Information Form
19
Costerfield Operating Performance and Improvements
$0
$100
$200
$300
$400
0
10,000
20,000
30,000
40,000
50,000
Q4-09(Dec. only)
Q4-10 Q4-11 Q4-12 Q4-13 Q4-14 Q4-15
USD
/ To
nn
e
Ton
ne
s P
er
Qu
arte
r
Mining Rate and Unit Cost
t Mined Cost/ t Mined
$0
$50
$100
$150
0
10,000
20,000
30,000
40,000
50,000
Q4-09(Dec. only)
Q4-10 Q4-11 Q4-12 Q4-13 Q4-14 Q4-15
USD
/ To
nn
e
Ton
nes
Per
Qu
arte
r
Processing Rate and Unit Cost
t Processed Cost/ t Processed
$0
$1,000
$2,000
$3,000
0
5,000
10,000
15,000
20,000
Q4-09(Dec.only)
Q4-10 Q4-11 Q4-12 Q4-13 Q4-14 Q4-15 USD
/ O
z A
u E
q.
Ou
nce
s P
er
Qu
arte
r
Au Equivalent Production and Cost
Oz Au Eq. Cost/ Au Eq. Oz
Costerfield Operational Improvements:
Improved mill throughput from 170 tpd
(end-2009) to 420 tpd (mid-2015)
Changed mining method from cut-and-fill to
blast-hole stoping with cemented rock fill
(greater production, lower unit costs)
Switched mining development team with
contractors
Increased sub-level spacing from 5 – 10 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
Continue target testing
20
Challacollo Silver-Gold Project: Overview
Land package 20,378 hectares
Ownership 100%
Location 130 km SE of Iquique, Chile
Mineralization Epithermal, oxidized Ag-Au
Number of Employees(1) 6 direct: 6 total
Elevation Approx. 1,500 ASL
1. As at year-end 2014, filed in Company’s Annual Information Form
21
Challacollo Development Timeline
2015 2016 2017 2018 2019
Initial Resource Complete
Resource Expansion Testing
Water Source Development
CAPEX / OPEX Optimization
Permitting
Mine Construction
22
Current status
Initial Mineral resource estimate – complete
Initial Mine plan – complete
Metallurgy – complete – 92-93% Ag
recovery, 70% Au recovery
Site layout, plant design – complete
2016 Planned activities
Capital and operating cost estimates
being updated
Water well drilling – permitting water
exploration program followed by drilling
Field geophysical program
Environmental and cultural baselines
ongoing
23
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
23
FEB2016BUILDING VALUE
ACROSS THE CYCLE
TSX // MND
For more information, please contact:
Greg DiTomaso
Director, Investor Relations
Tel: 647.260.1566
Email: [email protected]
Company Website: www.mandalayresources.com
Twitter: @MandalayAuAg
Management and Board of Directors
Senior Management
Board of Directors
Brad Mills, CEO and
Executive Director
Former CEO Lonmin
plc, over 30 years of
experience in Copper,
Gold, PGMs
Mark Sander, President
29 years of experience in
exploration, strategy and
operating improvements
Sanjay Swarup, CFO
and Executive Director
Former Lonmin plc, over
20 years of industry
experience
Belinda Labatte,
Head of Stakeholder
Engagement & Corporate
Affairs
Over 10 years of experience
in capital markets
Braam Jonker,
Chairman
Peter R. Jones,
Independent Director
Tony Griffin,
Independent Director
Robert Doyle,
Independent Director
Dominic Duffy, COO
Mining Engineer with
extensive technical and
operational management
experience
25
Numbers may differ slightly from source documents due to rounding 26
Mandalay Reserves
Cerro Bayo Reserves(1) Ore (t) Ag Grade (g/t) Ag (cont. oz) Au Grade (g/t) Au (cont. oz)
Proven Reserves 374,000 209 2,513,000 1.7 21,000
Probable Reserves 2,035,000 222 14,549,000 2.2 144,000
P&P Reserves 2,409,000 220 17,062,000 2.13 165,000
Costerfield Reserves (2) Ore (t) Sb Grade (%) Sb (cont. t) Au Grade (g/t) Au (cont. oz)
Proven Reserves 98,000 4.5 4,400 10.4 32,000
Probable Reserves 333,000 3.3 11,200 7.4 80,000
P&P Reserves 431,000 3.6 15,600 8.1 112,000
1 Source: Cerro Bayo - Roscoe Postle Associates, Effective December 31, 2014, documented in an independent NI 43-101 Technical Report, Filed on March 31, 20152 Source: Costerfield - SRK Consulting (Australia), Effective December 31, 2014, documented in an independent NI 43-101 Technical Report Filed on March 31, 20153 Source: Björkdal – Roscoe Postle Associates, Effective December 31, 2014, documented in an independent NI 43-101 Technical Report Filed on March 31, 2015
TOTAL RESERVES
31-December-2014Ag (cont. oz) Au (cont. oz) Sb (cont. t)
Mandalay Proven Reserves 2,513,000 53,000 4,400
Mandalay Probable Reserves 14,549,000 656,000 11,200
Total Mandalay P&P Reserves 17,062,000 709,000 15,600
Björkdal Reserves (3) Ore (t) Au Grade (g/t) Au (cont. oz)
Proven - - -
Probable 6,544,000 2.05 432,000
Total 6,544,000 2.05 432,000
27
Mandalay Resources
Cerro Bayo Resources (1) Resource (t) Ag Grade (g/t) Ag (cont. oz) Au Grade (g/t) Au (cont. oz)
Measured Resources 310,000 316 3,143,000 2.6 26,000
Indicated Resources 1,685,000 323 17,525,000 3.2 178,000
M&I Resources 1,995,000 322 20,668,000 3.2 204,000
Inferred Resources 585,000 218 4,112,000 2.2 43,000
Costerfield Resources (2) Resource (t) Sb Grade (%) Sb (cont. t) Au Grade (g/t) Au (cont. oz)
Measured Resources 213,000 4.5% 9,600 10.2 70,000
Indicated Resources 786,000 3.3% 26,300 6.9 175,000
M&I Resources 999,000 3.6% 35,900 7.5 245,000
Inferred Resources 519,000 2.6% 13,700 5.3 89,000
TOTAL RESOURCES Ag (cont. oz) Au (cont. oz) Sb (cont. t)Measured Resources 3,143,000 96,000 9,600
Indicated Resources 47,725,000 1,039,000 26,300
Total M&I Resources 50,868,000 1,135,000 35,900
Total Inferred Resources 11,003,000 221,000 13,700
1 Source: Cerro Bayo - Roscoe Postle Associates, Effective December 31, 2014, documented in an independent NI 43-101 Technical Report Filed on March 31, 20152 Source: Costerfield - SRK Consulting (Australia), Effective December 31, 2014, documented in an independent NI 43-101 Technical Report Filed on March 31, 2015
Challacollo Resources (3) Resource (t) Au Grade (g/t) Ag Grade (g/t) Au (cont. oz) Ag (cont. oz)Measured Resources - - - - -
Indicated Resources 4,700,000 0.3 200 48,000 30,200,000
M&I Resources 4,700,000 0.3 200 48,000 30,200,000
Inferred Resources 1,600,000 0.3 134 16,000 6,900,000
3 Source: Challacollo – Mining Plus, Effective December 31, 2014, documented in an independent NI 43-101 Technical Report Filed on March 31, 2015
4 Source: Björkdal – Roscoe Postle Associates, Effective December 31, 2014, documented in an independent NI 43-101 Technical Report Filed on March 31, 2015
Björkdal Resources (4) Resource (t) Au Grade (g/t) Au (cont. oz)
Measured Resources - - -
Indicated Resources 7,135,000 2.78 638,000
M&I Resources 7,135,000 2.78 638,000
Inferred Resources 1,200,000 1.89 73,000
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MND (180% value change) outperformed through the entire 2009 - 2015 bottom-to-bottom price cycle:
1. All 6 Currencies (AUD, CAD, GBP, CLP, EU, CNY): 74 – 105%
2. All 3 Precious Metals – (Au, Ag, Pt): 68 – 106%
3. All 4 Base Metals (Pb, Zn, Cu, Ni): 50 – 84%
4. All 7 Gold Mutual Funds: 54 – 71%
5. All 6 Resource/Basic Material Mutual Funds: 66 – 171%
6. All 6 “Big Diversified” Miners: 29 – 97%
7. All 6 “Prospect Generator” Companies: 4 – 180%
8. All 4 “Royalty/Streaming” Companies: 65 – 185%
9. All 3 “Mega Gold” Miners (>$US10 B market cap): 27 – 51%
10. All 9 “Big Gold” Miners (USD1-10B market cap): 10 – 182%
11. 5 of 9 “Mid-Tier Gold” Miners USD0.5-1B market cap): 18 – 7,468%
12. 14 of 18 “Junior Gold” Miners (<USD500M market cap): 16 – 430%
13. 13 of 16 “Gold Developers”: 8 – 467%
14. 7 of 8 “Big Silver” Miners (>USD400M market cap): 14 – 207%
15. All 2 “Mid Tier Silver” Miners (USD200-400M market cap: 21 – 66%
16. All 5 “Junior Silver” Miners (<USD200M market cap): 11 – 75%
17. All 5 “Silver Developers”: 3 – 157%
18. 5 of 6 “Big Copper” Miners (>USD7B market cap): 35 – 214%
19. All 10 “Base Metals Developers”: 8 – 65%
20. 5 of 6 “Mid-Tier Base Metals” (USD0.25-1B market cap): 31 – 270%
21. All 6 “Junior Base Metals” (<USD250M market cap): 2 – 64%
22. All 9 “PGM Mineral and Developers”: 1 – 128%
23. All 1 “Junior Aluminum Company”: (26%)
28
Mandalay versus:
• 155 alternative investments
• In 23 different strategy categories
• Over the 25 quarters from Q3 2009 to
Q4 2015 (period that Plinian has led
Mandalay)
Value metric is:
• For currencies, change in exchange
rate with USD as listed in
www.bankofcanada.com
• For metal prices, change in USD metal
price per lb., oz., or t as listed in
www.metalprices.com
• For mutual funds, change in share
price plus dividends paid as listed in
www.finance.yahoo.com
• 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 www.finance.yahoo.com
Strong Annual Production Growth
109,337
1,318,655
2,911,595 3,145,5373,329,519
2,545,984
0500,000
1,000,0001,500,0002,000,0002,500,0003,000,0003,500,000
2010 2011 2012 2013 2014 2015 2016E
Silver (oz)
334
12,244
17,089
21,482
27,600
22,572
0
5,000
10,000
15,000
20,000
25,000
30,000
2010 2011 2012 2013 2014 2015 2016E
Gold (oz)
7,661 6,678
18,036
28,758
35,75142,491
0
10,000
20,000
30,000
40,000
50,000
2010 2011 2012 2013 2014 2015 2016E
Gold (oz)Costerfield Production(2016E)
Cerro Bayo Production(2016E)
1,106
1,571
2,481
3,275
3,639 3,712
0
1,000
2,000
3,000
4,000
2010 2011 2012 2013 2014 2015 2016E
Antimony (Sb)
Björkdal Production(2016E)
14,549
44,039
0
10,000
20,000
30,000
40,000
50,000
60,000
2010 2011 2012 2013 2014 2015 2016E
Gold (oz)
15,854
63,351
107,941126,908
154,810 166,679
0
40,000
80,000
120,000
160,000
200,000
2010 2011 2012 2013 2014 2015 2016E
Total MND Production (AuEq oz)(1)
165,000 - 180,000
26,000 –
30,000
24,000 –
30,000
50,000 -
55,000
3,000 –
3,500
2,900,000 –3,300,000
29