An anonymous director reports

MANDALAY RESOURCES ANNOUNCES NORMAL COURSE ISSUER BID

The Toronto Stock Exchange (TSX) has approved Mandalay Resources Corp.'s notice of intention to make a normal course issuer bid (NCIB) for a portion of its common shares. The NCIB will be made in accordance with the requirements of the TSX. Mandalay may begin to purchase common shares on or about Feb. 27, 2024. Pursuant to Mandalay's prior NCIB dated Jan. 18, 2023, to Jan. 17, 2024, wherein Mandalay was permitted to acquire up to 4,622,835 common shares, Mandalay purchased 166,600 common shares, effected through the facilities of TSX and alternative Canadian trading systems at the weighted average price per security of $2.37.

As of Feb. 14, 2024, Mandalay had 92,923,925 common shares issued and outstanding. Pursuant to the NCIB, Mandalay is permitted to acquire up to 4,646,196 common shares in the 12-month period commencing Feb. 27, 2024, and ending on Feb. 26, 2025, which represents 5 per cent of the issued and outstanding common shares as of Feb. 14, 2024. Purchases under the NCIB will be made by Mandalay through the facilities of the TSX and alternative Canadian trading systems. The price that Mandalay will pay for any common shares will be the market price of such common shares at the time of acquisition. Pursuant to the TSX rules, the maximum number of common shares that may be purchased during the same trading day is 3,531 common shares, subject to Mandalay's ability to make a one-block purchase of the common shares per calendar week that exceed such limit.

Mandalay has entered into an engagement letter and automatic securities purchase plan with BMO Nesbitt Burns Inc. to execute and facilitate purchases of common shares under the NCIB in a systematic manner, based upon predetermined criteria on an automatic basis regardless of whether the company may, subsequent to adopting the NCIB, be in possession of material non-public information. Any common shares that are purchased under the NCIB will be cancelled upon their purchase by Mandalay. The company will finance purchases of common shares through surplus cash available from its operations.

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 the deeper Shepherd veins into production, 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 in order to maximize profit margins from the mine.

We seek Safe Harbor.