Mr. Frazer Bourchier reports

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

Mandalay Resources Corp. will release its third quarter 2023 financial results after market close on Nov. 8, 2023, followed by a conference call with Frazer Bourchier, president and chief executive officer of Mandalay, for investors and analysts on Nov. 9, 2023, at 8 a.m. Toronto time.

Analysts and interested investors may join by using the following dial-in number.

Participant number (North America toll-free):  1-877-270-2148

Conference ID:  10183607

Alternatively, you may register for the webcast.

A replay of the conference call will be available until 11:59 p.m. Toronto time on Nov. 16, 2023, using the following dial-in numbers.

Encore number (Canada toll-free):  855-669-9658

Encore replay code:  3729475

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 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 continue 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 the deeper Shepherd veins into production, both of which are expected to continue to supply high-grade ore to the processing plant, and 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.