Mr. Frazer Bourchier reports

MANDALAY RESOURCES PROVIDES TARGET RELEASE DATE FOR SECOND QUARTER 2023 FINANCIAL RESULTS AND CONFERENCE CALL

Mandalay Resources Corp.'s second quarter 2023 financial results will be released after market close on Aug. 9, 2023, followed by a conference call and webcast with Frazer Bourchier, president and chief executive officer of Mandalay, for investors and analysts on Aug. 10, 2023, at 8 a.m. (Toronto time).

Analysts and interested investors are recommended to join the conference call by registering your name and phone number on-line to receive an instant automated call on your phone, to avoid any wait time to talk to an operator also go on-line.

You may also join by using the following dial-in numbers for an operator:

Participant number (North America toll-free):  888-664-6383

Participant number (local):  416-764-8650

Conference ID:  71127844

A replay of the conference call will be available until 11:59 p.m. (Toronto time), Aug. 17, 2023, and can be accessed using the following dial-in numbers:

Encore number (North America toll-free):  888-390-0541

Encore number (local):  416-764-8677

Encore replay code:  127844

About Mandalay Resources Corp.

Mandalay Resources 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 growing 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 high-grade Youle vein at Costerfield, bring on-line the deeper Shepherd veins, both of which will continue to supply high-grade ore to the processing plant, and to extend Youle mineral reserves. At Bjorkdal, the company will aim to increase production from the Aurora zone and other higher-grade areas in the coming years, in order to maximize profit margins from the mine.