Mr. Dominic Duffy reports

MANDALAY RESOURCES ANNOUNCES THE RESULTS OF ITS ANNUAL AND SPECIAL GENERAL MEETING

Mandalay Resources Corp. has released the results of its annual and special general meeting of shareholders held today virtually. All the resolutions presented at the meeting were approved by the shareholders, with the votes cast by proxy representing 75.67 per cent of the total shares outstanding as of the record date.

Election of directors

The number of directors was fixed at seven members, and each of the seven nominees listed in the company's management information circular dated April 11, 2023, were re-elected to the company's board of directors. Abraham Jonker remains the lead independent director, and Bradford Mills continues as chair. Results of the votes cast by proxy are set out herein.

               VOTING RESULTS FOR ELECTION OF DIRECTORS

Resolution             Votes cast   % for     Votes cast by   % withheld
                     by proxy for            proxy withheld 
 
Bradford A. Mills      70,224,872   99.96            25,673         0.04
Abraham Jonker         70,223,624   99.96            26,921         0.04
Amy Freedman           70,229,724   99.97            20,821         0.03
Dominic Duffy          70,224,512   99.96            26,033         0.04
Frazer Bourchier       70,231,962   99.97            18,583         0.03
Julie Galloway         70,229,924   99.97            20,621         0.03
Robert Doyle           69,340,956   98.71           909,589         1.29

Appointment of auditor

Ernst & Young LLP was reappointed as the auditor of the company to hold office until the close of the next annual meeting of the shareholders, or until its successor is otherwise appointed, and the directors were authorized to fix the auditor's remuneration. Results of the votes cast by proxy are set out herein.

                        VOTING RESULTS FOR AUDITOR

Resolution                Votes cast by   % for    Votes cast by    % withheld
                              proxy for           proxy withheld  

Appointment of auditor       70,246,741   99.99            3,804          0.01

Omnibus plan resolution

The resolution to approve all unallocated securities, rights and other entitlements under the company's omnibus equity incentive plan was passed. Results of the votes cast by proxy are set out herein.

                 VOTING RESULTS FOR OMNIBUS PLAN RESOLUTION

Resolution                  Votes cast by   % for     Votes cast by   % withheld
                                proxy for            proxy withheld  

Omnibus plan resolution        69,929,152   99.54           321,393         0.46

About Mandalay Resources Corp.

Mandalay is a Canadian-based natural resource company with producing assets in Australia (Costerfield gold-antimony mine) and Sweden (Bjorkdal gold mine). The company is focused on expanding its production and reducing costs to generate significant positive cash flow. Mandalay is committed to operating safely and in an environmentally responsible manner, while developing a high level of community and employee engagement.

Mandalay's mission is to create shareholder value through the profitable operation and continuing the regional exploration program, at both its Costerfield and Bjorkdal mines. Currently, the company's main objectives are to continue mining the Youle and Shepherd veins at Costerfield, both of which are expected to continue to supply high-grade ore to the processing plant and to extend Youle's mineral reserves. At Bjorkdal, the company will aim to increase production from the Aurora zone and other higher-grade areas in the coming years to maximize profit margins from the mine.