Mr. Frazer Bourchier reports

MANDALAY RESOURCES REPORTS Q1 2025 GOLD AND ANTIMONY PRODUCTION IN-LINE WITH 2025 GUIDANCE

Mandalay Resources Corp. has released its solid first quarter production results for the quarter ended March 31, 2025.

First quarter highlights:

• Consolidated gold equivalent production of 22,342 ounces;
  • Costerfield production of 9,549 gold ounces and 161 tonnes of antimony for 11,515 ounce of gold equivalent;
  • Bjorkdal production of 10,827 gold ounces -- two consecutive quarters of increased production;
• Consolidated gold equivalent sold was 25,779 ounces.

Frazer Bourchier, president and chief executive officer, commented: "Mandalay's first quarter results reflect consistent operational execution, with 22,342 gold equivalent ounces produced across both operations. Production rates are expected to increase during the second half of the year, keeping the company on track to meet our annual production guidance of 85,000 to 95,000 gold equivalent ounces."

Ryan Austerberry, chief operating officer, commented: "We are pleased with the start to the year at both sites, with key performance indicators aligning with expectations and improvement initiatives yielding positive results. At Costerfield, we have engaged the same optimization group that successfully supported Bjorkdal last year. The focus will be on reducing variances within mining and maintaining consistent throughput at the plant. Additionally, in the plant, we are expanding sensor technology and automation to enhance preventative maintenance and overall operational efficiency.

"At Bjorkdal, performance continues to improve following the successful completion of the mill conversion project in late 2023. Our recent efforts have been directed at optimizing the crusher circuit to improve mill feed quality, further increasing throughput."

Mr. Bourchier concluded: "Two thousand twenty-five marks a pivotal year for both sites, with mine development and capital investment projects under way. We have allocated $43[-million] to $48-million in sustaining capital to enhance mining flexibility and support long-term growth."

Production for the quarter ended March 31, 2025:

• The company produced a total of 20,376 ounces of gold and 161 tonnes of antimony representing a total of 22,342 gold equivalent ounces produced, compared with 22,346 ounces of gold and 404 tonnes of antimony in the first quarter of 2024, representing a total of 24,936 gold equivalent ounces produced.
• Production at Bjorkdal was 10,827 ounces of gold compared with 10,370 ounces of gold in the first quarter of 2024.
• Production at Costerfield was 9,549 ounces of gold and 161 tonnes of antimony versus 11,976 ounces gold and 404 tonnes antimony in the first quarter of 2024.

Sales for the quarter ended March 31, 2025:

• The company sold a total of 23,386 ounces of gold and 196 tonnes of antimony, representing a total of 25,779 gold equivalent ounces, compared with 23,187 ounces of gold and 326 tonnes of antimony in the first quarter of 2024, representing a total of 25,277 gold equivalent ounces.
• Bjorkdal sold 12,041 ounces of gold versus 10,761 ounces of gold in the first quarter of 2024.
• Costerfield sold 11,345 ounces of gold and 196 tonnes of antimony versus 12,426 ounces of gold and 326 tonnes of antimony in the first quarter of 2024.

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 cashflow. 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, ramping up production from deeper Shepherd veins, both of which will continue to supply high-quality ore to the processing plant and to extend mineral reserves. At Bjorkdal, the company will continue to produce 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.