Mr. Frazer Bourchier reports

MANDALAY RESOURCES APPOINTS SCOTT TREBILCOCK AS EVP AND CHIEF DEVELOPMENT OFFICER TO SUPPORT GROWTH STRATEGY

Mandalay Resources Corp. has appointed Scott Trebilcock as executive vice-president and chief development officer, effective immediately.

Frazer Bourchier, president and chief executive officer, stated: "Scott's appointment signals Mandalay's transition to a new phase of growth and its vision to become a critical player within a consolidated gold sector. Scott brings both extensive industry technical expertise and business transactional acumen, which will serve Mandalay well, as we pursue opportunities to build a new mid-tier gold producer. Scott and I have worked closely together in the past, including at Nevsun Resources Ltd., where he was involved in its eventual sale to Zijin Mining for $1.9-billion in 2018."

Mr. Trebilcock commented: "I am excited to join Mandalay and help advance its growth strategy. The company has a solid multiasset operational foundation and the advantage of a strong capital structure, a supportive shareholder base and a lean management team. I look forward to working alongside Frazer and supporting the Mandalay team and board in leading the company into its next phase of growth."

Mr. Trebilcock has over 25 years of experience as a process engineer, management consultant and mining executive. Mr. Trebilcock was chief development officer of Nevsun Resources, responsible for strategy, corporate development and investor relations. Prior to joining Mandalay, Mr. Trebilcock was consulting on strategy and corporate development matters to various mining companies. Mr. Trebilcock was also previously the chief executive officer of junior gold developer Kore Mining Ltd., and is a founder and director of several junior gold exploration companies.

Mr. Trebilcock holds a BSc in chemical engineering and an MBA, both from Queen's University, and is a chartered director.

About Mandalay Resources Corp.

Mandalay is a Canadian-based resource company with producing assets in Australia (Costerfield gold-antimony mine) and Sweden (Bjorkdal gold mine). The company is focused on increasing 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 extend the 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 to maximize profit margins from the mine.

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