Mandalay Resources January 2016 Investor Presentation

JAN2016BUILDING 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 (7.2% yield)*

*Trailing 12 months dividends divided by current market capitalization (Jan. 14, 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 $3.4 $3.0 $2.6

$24.3$18.2

$11.5

$56.8$50.2

$43.3

0

50

100

Q1- 2015 Q2 -2015 Q3 - 2015 Q4 - 2015

US

$ M

M

4

50%

100%

150%

200%

250%

300%

Q3

20

09

Q4

20

09

Q1

20

10

Q2

20

10

Q3

20

10

Q4

20

10

Q1

20

11

Q2

20

11

Q3

20

11

Q4

20

11

Q1

20

12

Q2

20

12

Q3

20

12

Q4

20

12

Q1

20

13

Q2

20

13

Q3

20

13

Q4

20

13

Q1

20

14

Q2

20

14

Q3

20

14

Q4

20

14

Q1

20

15

Q2

20

15

Q3

20

15

Q4

20

15Cu

mu

lati

ve %

Val

ue

Ch

ange

Sin

ce Q

3 2

00

9

Mandalay Cumulative Returns 9.5% Annual Compounded Rate of Return Gold Silver

Delivering Shareholder Value at Mandalay9.5% Compounded Cumulative Total Return to Common Shareholders over past 5-years(1)

MND LAG MND OUTPERFORM

CE

O A

ppoin

ted

Coste

rfie

ld A

cquir

ed

Single

mine

ramp-up

Cerr

o B

ayo

Acquir

ed

Two mine

ramp-up

SIB

Warr

ant R

edem

ption

Div

idend

Initia

ted

Challacollo A

cquir

ed

$60 M

illion G

old

Loan

Bjö

rkdal A

cquir

ed

West F

ace S

econdary

Off

eri

ng

1. 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

5

6

0

2

4

6

8

10

12

14

16

18

20

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

$90,000

Se

p-0

9

Dec-0

9

Mar-

10

Ju

n-1

0

Se

p-1

0

Dec-1

0

Mar-

11

Ju

n-1

1

Se

p-1

1

Dec-1

1

Mar-

12

Ju

n-1

2

Se

p-1

2

De

c-1

2

Mar-

13

Ju

n-1

3

Se

p-1

3

Dec-1

3

Mar-

14

Ju

n-1

4

Se

p-1

4

Dec-1

4

Mar-

15

Ju

n-1

5

Se

p-1

5

Dec-1

5

Vo

lum

e (

millio

ns)

Inve

stm

en

t V

alu

e

Mandalay(1) Mandalay Volume Peer Index(2) Gold Senior(3)

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.

A $10,000 investment on September 24, 2009 would be worth:• Mandalay: $42,334

• Peer Index: $6,350

• Gold Seniors: $2,810

Mandalay has Delivered an Outstanding Total ReturnTo Original Equity Investors(1)

Trading Volume, Ownership and Coverage

Major Shareholders(1)

Holders Shares (Million) Shares (Percentage)

West Face Capital 61.9

GMT Capital 48.8

Sentry Investments 40.4

Plinian + Management 34.2

Vertex One Asset Management 15.7

Large Holders 201.0

Other Holders 209.4

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

15.4%

12.1%10.0%

8.5%

3.9%

50.1%

Source: Bloomberg for volume data

1. As at January 14, 2016. Total shares owned by directors directly = 11.7M (2.86%)7

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

8

-

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 Jan 14, 2016

Millions

(Except

Share Price

Information)

Share price

(Jan 14, 2016 - close) (C$)

0.63/shr

Shares Outstanding 410.4

Options(1) 19.4

Fully Diluted Shares

Outstanding

429.8

Market Capitalization (C$) $258.5

Cash and Cash

Equivalents (US$)

$49.7

Total Interest-Bearing Debt

(US$)

$57.3

Total Enterprise Value

(US$)(2)

$187.6

LTM EBITDA $75.5

Net debt to EBITDA (LTM) 0.76x

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

Q3, 2015 Q3, 2014 9M 2015 9M 2014

Net Cash/All-in cost/oz

Au Eq. at Costerfield, $

553 /

763

747 /

1,047

566 /

777

838 /

1,119


Ag at Cerro Bayo, $

8.31 /

15.18

6.26 /

12.23

8.66 /

15.85

5.87 /

11.81


Au Eq. at Björkdal, $(3)

934 /

1,100

706 /

852(3)

866 /

1,022

-(3)

EBITDA, $ million 11.5 10.5 54.0 43.0

Net Income, $ million 2.2 (0.7) 19.7 10.0

Cash and cash equiv., $

million

49.7 45.2 49.7 45.2

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 = 0.6965 USD (Jan 14, 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.

9

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 10

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 (YTD 2015) Au: 88%

2016 Planned Exploration Budget $3 million

1. As at year-end 2014, filed in Company’s Annual Information Form11

Björkdal Operating Performance and Improvements

$14

$16

$18

$20

$22

280,000

300,000

320,000

340,000

360,000

Q4-14 Q1-15 Q2-15 Q3-15

$/ 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

$/

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

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

12

Underground Grade Improvement #1 – Currently Being Implemented

13

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

14

Improvement #3 –Ore sorting

15

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%


Current throughput 1,400 tpd

Plant recoveries (YTD 2015) Ag: 90.4%, Au: 86.5%


1. As at year-end 2014, filed in Company’s Annual Information Form

16

Cerro Bayo Operating Performance and Improvements

17

$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

$/ T

on

ne

Ton

nes

Per

Qu

arte

r



$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

$/

To

nn

e

Ton

nes

Per

Qu

arte

r



$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

18

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

Target Generation 2016

19

1a

1b

1c

1d 1e

Costerfield Gold-Antimony Mine: Overview


Ownership 100%


Current throughput 420 tpd

Plant recoveries (YTD 2015) Au: 89.6%, Sb: 95.11%



20

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

USD

/ To

nn

e

Ton

ne

s P

er

Qu

arte

r



$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

USD

/ To

nn

e

Ton

nes

Per

Qu

arte

r



$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

21

Challacollo Silver-Gold Project: Overview


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


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

Capital and operating cost estimates being refined

Water well drilling – currently identifying water source

Environmental and cultural baselines ongoing

Community consultations ongoing

Challacollo Development Timeline

2015 2016 2017 2018 2019

Initial Resource Complete

Resource Expansion Testing

Water Source Development

CAPEX / OPEX Optimization

Permitting

Mine Construction

23

24

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

24

JAN2016BUILDING 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,


Robert Doyle,


Dominic Duffy, COO

Mining Engineer with

extensive technical and

operational management

experience

26

Numbers may differ slightly from source documents due to rounding 27

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

28

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

29

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%)

29

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

http://www.bankofcanada.com

http://www.metalprices.com

http://www.yahoo

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)

1. Refer to notes on gold equivalent ounces in the Appendix

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

30