MND Investor Presentation Oct/Nov 2015

NOV2015BUILDING VALUE

ACROSS THE CYCLE

TSX // MND

This presentation contains "forward-looking statements" within the meaning of applicable securities laws, including statements relating to life ofmine production plans, exploration plans and the growth and strategy of Mandalay. Actual results and developments may differ materially fromthose contemplated by these statements depending on, among other things: exploration results or production results not meeting management’sexpectations; capital, production and operating cost results not meeting current plans; and changes in commodity prices and general market andeconomic conditions. The factors identified above are not intended to represent a complete list of the factors that could affect Mandalay. Adescription of additional risks that could result in actual results and developments differing from those contemplated by forward lookingstatements in this news release can be found under the heading “Risk Factors” in Mandalay’s annual information form dated March 31, 2015 andin its final prospectus dated September 2, 2014, copies of which are available under Mandalay's profile at www.sedar.com. Although Mandalayhas 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 beno assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from thoseanticipated 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 Bjorkdal are supervised by Chris Gregory (Member, Australian Institute of Geoscientists, VP ofOperational Geology for Mandalay and a “Qualified Person” as defined under National Instrument 43-101. Mr. Gregory regularly visits Costerfieldand Bjorkdal, 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 MandalayResources, and an Oregon registered Professional Geologist. A “Qualified Person” as defined by NI 43-101, he has reviewed and approved thetechnical 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 hassupervised the preparation of this presentation.

All currency references in US$ unless otherwise indicated

Forward-looking Statements

2

A Values-Based and Value-Focused Company

3

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)*

* Current annualized dividend yield based on $0.80 share price (Oct. 19, 2015)

2009 2010 2013 2014• Costerfield, Australia• Gold & Antimony

• Cerro Bayo, Chile• Silver & Gold

• Challacollo, Chile• Silver & Gold

• Björkdal, Sweden• Gold

Delivering Value at Mandalay

4

(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)

RevenueEBITDADividends

$4.0 $3.4 $3.0

$24.3$18.2

$56.8 $50.2

0

50

100

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

US$

MM

5

Source: Yahoo Finance1. Index start date: September 30, 2009 share price at $0.42. Index end date: October 29, 2015 at $0.80. Includes share price appreciation and all dividends paid.2. Total shares owned by directors directly = 11.6M (2.83%)

0

5

10

15

20

$0$5,000

$10,000$15,000$20,000$25,000$30,000$35,000

30-Sep-09 30-Sep-10 30-Sep-11 30-Sep-12 30-Sep-13 30-Sep-14 30-Sep-15

Volu

me

(milli

ons)

Inve

stm

ent V

alue Volume Total Return

A $10,000 investment made in Mandalay on September 30, 2009 would be worth $21,600(1) today

$21,600

Investing in Mandalay Shareholder Return, Trading Volume, Ownership and Coverage

Major Shareholders(2)

Holders % Shares (Million)

West Face Capital 16.9 69.3

GMT Capital 11.5 47.0

Sentry Investments 9.9 40.4

Plinian + Management 8.3 33.9

Vertex One Asset Management 3.8 15.7

Large Holders 50.4 206.3

Other Holders 49.6 203.5

TOTAL 100 409.8

Analyst Coverage

Firm Analyst

BMO Brian Quast

Desjardins Mike Parkin

GMP (London) Brock Salier

Haywood Ben Asuncion

Raymond James Chris Thompson

Volume

30-day Average Daily Volume 216,767

60-day Average Daily Volume 244,975

6

15,854 63,351 107,941 126,908

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 2015E

Oz

Au E

q. Y

ear-

End

Res

erve

s

Oz

Au E

q. A

nnua

l Pr

oduc

tion

6

ReservesProduction

154,810

167,000 –185,000 EGrowing

Production and Reserves

Costerfield M&I Resource Additions & Depletion (Au Eq oz)

Bjorkdal M&I Resource Additions & Depletion (Au oz) Cerro Bayo M&I Resource Additions & Depletion (Ag oz)

Challacollo M&I Resource Additions & Depletion (Ag oz)

Exercise Price: C$0.33 – C$1.13 Mar 11, 2016 - Mar 24, 2020(1) Using exchange rate of 1 CAD = 0.7538 USD

7

Capital Structure

As at Oct 29, 2015 Millions (Except Share Price Information)

Share price (Oct 29, 2015 - close) (C$) 0.80/shr

Shares Outstanding 410.4

Options(1) 19.5

Fully Diluted Shares Outstanding 429.9

Market Capitalization (C$) 328.3

Cash and Cash Equivalents (US$) 52.3

Gold Loan Debt (US$) 54.3

Other Debt (US$) 3.1

Total Enterprise Value (US$) 254.5

Current Assets (US$) 111.6

Current Liabilities (US$) 82.4

Financials (as at end-Q2, 2015) Millions (Except Ratios)

Working Capital (US$) 29.2

Current Ratio 1.35

Debt to Equity Ratio 1:4

EBITDA (last 12 months)/ Net Debt (LT Debt and borrowings) 1.30:1

Operational Locations: Mining-friendly Jurisdictions

8

Metal Gold

Ownership 100%

YTDProduction

33,574 oz

P&P Reserves(1)

6.5 Mt @ 2.05 g/t Au (432,000 oz Au)

Metal Silver, Gold

Ownership 100%

YTDProduction

1,820,741 oz Ag15,671 oz Au

P&P Reserves(1)

2.4 Mt @ 220 g/t Ag; 2.13 g/t Au

Metal Gold, Antimony

Ownership 100%

YTDProduction

30,909 oz Au2,775 t Sb

P&P Reserves(1)

430,000 tonnes @ 8.1 g/t Au; 3.6% Sb

s in the Appendix(1) Cash costs are silver net of gold credits(2) Cash costs are in gold equivalent

Björkdal (Au) Production 46,000 – 52,000 oz

Cerro Bayo (Au + Ag) Production 2.7 - 3.1 Moz Ag + 23,000 – 27,000 oz Au

Costerfield (Au + Sb) Production 32,000 – 37,000 oz Au + 3,200 – 3,500 t Sb

Total Forecast Production (Au Eq) 167,000 – 185,000

Björkdal 2015E cash cost/oz Au $850 - $950

Björkdal 2015E Capex $10 - $12 million

Cerro Bayo 2015E cash cost/oz Ag (net Au credits) $6.00 - $8.00

Cerro Bayo 2015E Capex $12 – $14 million

Costerfield 2015E cash cost/oz Au Eq $625 - $750

Costerfield 2015E Capex $16 - $18

2015E Guidance – Production and Costs

Financial Performance

9

Operational Performance

Q3, 2015 Q3, 2014 9M 2015 9M 2014Saleable Silver oz produced 632,498 823,379 1,820,741 2,308,330

Saleable Gold oz produced 25,996 18,990 80,154 46,264

Saleable Antimony t produced 964 1,000 2,775 2,713

Q2, 2015 Q2, 2014 HY 2015 HY 2014

Net Cash/All-in cost/oz Ag at Cerro Bayo, $ 7.61 / 14.84 5.83 /12.08 8.63 / 16.00 5.82 / 11.69

Net Cash/All-in cost/oz Au Eq. at Costerfield, $

578 / 795 989 / 1,278 572 / 784 892 / 1,162

Net Cash/All-in cost/oz Au Eq. at Björkdal, $(1)

884 / 1,035 -(1) 840 / 987 -(1)

EBITDA, $ million 18.2 16.4 42.5 32.4

Net Income, $ million 5.1 5.0 17.5 10.7

Cash and cash equiv., $ million 52.3 69.0 52.3 69.0

Mandalay Performance

(1) Björkdal Acquired September 10, 2014Site all-in costs include total cash operating costs, royalty expense, depletion, depreciation, accretion and write-off of exploration and evaluation.

Björkdal Gold Mine: Overview

10

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: 89%

2015 Planned Exploration Budget $3 million

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

Björkdal Operating Performance and Improvements

11

$14

$16

$18

$20

$22

280,000

300,000

320,000

340,000

360,000

Q4‐14 Q1‐15 Q2‐15

$/ Ton

ne

Tonn

es Per Qua

rter

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

$/ Ton

ne

Tonn

es Per Qua

rter

Processing Rate and Unit Cost

t Processed Cost/ t Processed

$700

$750

$800

$850

$900

$950

11,000

11,500

12,000

12,500

Q4‐14 Q1‐15 Q2‐15

$/ oz Au

Oun

ces Gold Pe

r Qua

rter

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

12

Exploration 2016 – Regional Program

Rönnberget

Nylunds

Storheden

Björkdal Open Pit

Björkdal Underground

Cerro Bayo Silver-Gold Mine

13


Ownership 100%


Current throughput 1,400 tpd

Plant recoveries (YTD 2015) Ag: 90%, Au: 86.21%



Cerro Bayo Operating Performance and Improvements

14

$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

$/ Ton

ne

Tonn

es Per Qua

rter



$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

$/ Ton

ne

Tonn

es Per Qua

rter



$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 $/ oz Ag Net Byp

rodu

ct

Oz Ag/Qua

rter

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

15

COYITA

YASNAIndicated

Slow drilling of long holes under lakeCoyita 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

16

1a

1b

1c

1d 1e

Costerfield Gold-Antimony Mine: Overview

17


Ownership 100%


Current throughput 420 tpd

Plant recoveries (YTD 2015) Au: 89.47%, Sb: 95.0%



Costerfield Operating Performance and Improvements

18

$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

nne

Tonn

es Per Qua

rter



$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

nne

Tonn

es Per Qua

rter



$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 USD

/ Oz Au Eq

.

Oun

ces Pe

r Qua

rter

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

Challacollo Silver-Gold Project: Overview

19


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


20

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 2019Initial Resource Complete

Resource Expansion Testing

Water Source Development

CAPEX / OPEX Optimization

Permitting

Mine Construction

Challacollo Emerging Extensions and New Vein Targets

Mill siteVein

LucyVein

Detailed Mapping

21

50%

100%

150%

200%

250%

300%

Q3 2009

Q4 2009

Q1 2010

Q2 2010

Q3 2010

Q4 2010

Q1 2011

Q2 2011

Q3 2011

Q4 2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

Q1 2013

Q2 2013

Q3 2013

Q4 2013

Q1 2014

Q2 2014

Q3 2014

Q4 2014

Q1 2015

Q2 2015

Q3 2015Cu

mulative % Value

Cha

nge Since Q3 2009

Mandalay Cumulative Returns 11 % Annual Compounded Rate of Return Gold Silver

22

11% Compounded Cumulative Total Shareholder Return through Entire Bottom-to-Bottom Price Cycle

MND LAG MND OUTPERFORM

CE

O A

ppoi

nted

Cos

terfi

eld

Acqu

ired

Single mine

ramp-upC

erro

Bay

oA

cqui

red

Two mineramp-up

SIB

War

rant

Red

empt

ion

Div

iden

dIn

itiat

ed

Cha

llaco

llo A

cqui

red

$60

Mill

ion

Gol

dLo

anB

jörk

dal A

cqui

red

Wes

t Fac

e Se

cond

ary

Offe

ring

Source: MetalPrices.com for metal spot pricesIndex: September 30, 2009 = 100. Mandalay share price: $0.42Graph updated quarterly, prices as at the last trading day of each respective quarter

23

Invest with Us: How We Will Deploy Your CapitalAcquire 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 fitExecute 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 termsApply 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. revenuesEngage all stakeholders in a values-based and value-focused organization

NOV2015BUILDING VALUE

ACROSS THE CYCLE

TSX // MND

For more information, please contact:

Greg DiTomasoDirector, Investor RelationsTel: 647.260.1566Email: [email protected] Website: www.mandalayresources.comTwitter: @MandalayAuAg

25

Management and Board of DirectorsSenior Management

Board of Directors

Brad Mills, CEO and Executive DirectorFormer CEO Lonmin plc, over 30 years of experience in Copper, Gold, PGMs

Mark Sander, President28 years of experience in exploration, strategy and operating improvements

Sanjay Swarup, CFO and Executive DirectorFormer Lonmin plc, over 20 years of industry experience

Belinda Labatte, Head of Stakeholder Engagement & Corporate AffairsOver 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, COOMining Engineer with extensive technical and operational management experience

Numbers may differ slightly from source documents due to rounding 26

Mandalay ReservesCerro 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 21,000Probable Reserves 2,035,000 222 14,549,000 2.2 144,000P&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 32,000Probable Reserves 333,000 3.3 11,200 7.4 80,000P&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 RESERVES31-December-2014 Ag (cont. oz) Au (cont. oz) Sb (cont. t)

Mandalay Proven Reserves 2,513,000 53,000 4,400Mandalay Probable Reserves 14,549,000 656,000 11,200Total 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 2.05 432,000Total 6,544,000 2.05 432,000

27

Mandalay ResourcesCerro 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 26,000Indicated Resources 1,685,000 323 17,525,000 3.2 178,000M&I Resources 1,995,000 322 20,668,000 3.2 204,000Inferred 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 70,000Indicated Resources 786,000 3.3% 26,300 6.9 175,000M&I Resources 999,000 3.6% 35,900 7.5 245,000Inferred 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 9,600Indicated Resources 47,725,000 1,039,000 26,300Total M&I Resources 50,868,000 1,135,000 35,900Total 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 30,200,000M&I Resources 4,700,000 0.3 200 48,000 30,200,000Inferred Resources 1,600,000 0.3 134 16,000 6,900,000

3 Source: Challacollo – Roscoe Postle Associates, Effective December 31, 2014, documented in an independent NI 43-101 Technical Report Filed on March 31, 20154 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 2.78 638,000M&I Resources 7,135,000 2.78 638,000Inferred Resources 1,200,000 1.89 73,000

28

MND (192% value change) outperformed through the entire 2009 - 2014 bottom-to-bottom price cycle:

1. All 6 Currencies (AUD, CAD, GBP, CLP, EU, CNY): 76 – 107%2. All 3 Precious Metals– (Au, Ag, Pt): 65 – 112%3. All 4 Base Metals (Pb, Zn, Cu, Ni): 57 – 85%4. All 6 Gold Mutual Funds: 55 – 71%5. All 6 Resource/Basic Material Mutual Funds: 74 – 162%6. All 6 “Big Diversified” Miners: 33 – 106%7. All 6 “Prospect Generator” Companies: 4 – 169%8. All 4 “Royalty/Streaming” Companies: 66 – 179%9. All 3 “Mega Gold” Miners (>$US10 B market cap): 24 – 47%10. All 9 “Big Gold” Miners (USD1-10B market cap): 10 – 183%11. 5 of 9 “Mid-Tier Gold” Miners USD0.5-1B market cap): 19 – 7,143%12. 15 of 18 “Junior Gold” Miners (<USD500M market cap): 16 – 463%13. 12 of 15 “Gold Developers”: 7 – 410%14. 7 of 8 “Big Silver” Miners (>USD400M market cap): 14 – 195%15. All 2 “Mid Tier Silver” Miners (USD200-400M market cap: 28 – 69%16. All 5 “Junior Silver” Miners (<USD200M market cap): 14 – 58%17. All 5 “Silver Developers”: 4 – 148%18. 4 of 5 “Big Copper” Miners (>USD7B market cap): 35 – 193%19. 9 of 10 “Mid-Tier Base Metals” (USD0.25-1B market cap): 1 – 198%20. All 7 “Base Metals Developers”: 10 – 65%21. All 9 “PGM Mineral and Developers”: 1 – 154%

28

Mandalay versus:• 146 alternative investments• In 21 different strategy categories• Over the 24 quarters from Q3 2009 to

Q3 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

29

109,337

1,318,655

2,911,595 3,145,537

3,329,519

0500,000

1,000,0001,500,0002,000,0002,500,0003,000,0003,500,000

2010 2011 2012 2013 2014 2015E

Silver (oz)

334

12,24417,089

21,48227,600

05,000

10,00015,00020,00025,00030,000

2010 2011 2012 2013 2014 2015E

Gold (oz)

7,661 6,678

18,036

28,75835,751

0

10,000

20,000

30,000

40,000

2010 2011 2012 2013 2014 2015E

Gold (oz)Costerfield Production(2015E)

Cerro Bayo Production(2015E)

1,1061,571

2,4813,275

3,639

0

1,000

2,000

3,000

4,000

2010 2011 2012 2013 2014 2015E

Antimony (Sb)

Björkdal Production(2015E)

14,549

010,00020,00030,00040,00050,00060,000

2010 2011 2012 2013 2014 2015E

Gold (oz)

15,854

63,351

107,941126,908

154,810

040,00080,000

120,000160,000200,000

2010 2011 2012 2013 2014 2015E

Total MND Production (AuEq oz)(1)

(1) Refer to notes on gold equivalent ounces in the Appendix

167,000 - 185,000

32,000 –37,000

23,000 –27,000

46,000 -52,000

3,200 –3,500

2,700,000 –3,100,000