AUG2015BUILDING VALUE

ACROSS THE CYCLE

TSX // MND

This presentation contains "forward-looking statements" within the meaning of applicable securities laws, including statements relating to life of

mine production plans, exploration plans and the growth and strategy of Mandalay. Actual results and developments may differ materially from

those contemplated by these statements depending on, among other things: exploration results or production results not meeting management’s

expectations; capital, production and operating cost results not meeting current plans; and changes in commodity prices and general market and

economic conditions. The factors identified above are not intended to represent a complete list of the factors that could affect Mandalay. A

description of additional risks that could result in actual results and developments differing from those contemplated by forward looking

statements in this news release can be found under the heading “Risk Factors” in Mandalay’s annual information form dated March 31, 2015 and

in its final prospectus dated September 2, 2014, copies of which are available under Mandalay's profile at www.sedar.com. Although Mandalay

has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-

looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be

no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those

anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Quality Control and AssuranceQuality control and assurance programs are implemented in line with the standards of National Instrument 43-101.

The exploration program at Costerfield is supervised by Chris Gregory (Member, Australian Institute of Geoscientists accredited Chartered

Professional (Mining)), General Manager of Australasian Business Development for Mandalay and a Qualified Person as defined under National

Instrument 43-101. Mr. Gregory regularly visits Costerfield, supervises the collection and interpretation of scientific and technical information

contained in this presentation.

The exploration programs on the Cerro Bayo project is supervised by Ronald Luethe (Member: American Institute of Professional Geologists and

an Idaho Registered Professional Geologist), General Manager of Mandalay Chile Ltda. and a Qualified Person as defined under National

Instrument 43-101. Mr. Luethe visits the Cerro Bayo project often, supervises the collection and interpretation of scientific and technical

information contained in this presentation.

Dr. Mark Sander (Member: AusIMM), President of Mandalay, has visited the Costerfield, Cerro Bayo, Challacollo, and Björkdal and has

supervised the preparation of this presentation.

All currency references in US$ unless otherwise indicated

Forward-looking Statements

2

2009

• Costerfield, Australia

• Gold & Antimony

2010• Cerro Bayo, Chile

• Silver & Gold

2013

• Challacollo, Chile

• Silver & Gold

2014

• Björkdal, Sweden

• Gold

$3.2 $11.1 $9.5$20.6

$92.2

$171.8 $166.9$184.6

$1.7

$32.0

$79.9$67.7 $64.4

0

50

100

150

200

2010 2011 2012 2013 2014

US

$ M

M

A Profitable, Dividend-Paying Company (4.9% Yield*)

3

We create exceptional shareholder value through the acquisition of undervalued assets that can rapidly

become cash generative, self fund exploration, establish and maintain high operating margins and

return cash to shareholders within a planned period of time. Mandalay is committed to operating safely

and in an environmentally responsible manner, while developing a high level of community and

employee engagement.

(1)The Company defines EBITDA as earnings before interest, taxes and non cash charges/ (income). EBITDA should not be considered by an investor as an alternative to net income

or cash flow as determined in accordance with IFRS.(2)Annual cash dividend paid quarterly, based on 6% of the Company’s trailing quarter’s gross revenue and the future cash requirements of the Company

* Current annualized dividend yield after announcement

TIMELINE

2015 Quarterly

Financial

Measures

Revenue,

EBITDA(1) &

Dividends(2)

Revenue

EBITDA

Dividends$4.0 $3.4 $3.0

$24.3$18.2

$56.7$50.8

0

50

100

Q1- 2015 Q2 -2015 Q3 - 2015 Q4 - 2015

US

$ M

M

4

15,854 63,351

107,941 126,908

253,796

520,175 633,000

771,500

1,123,367

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

0

50,000

100,000

150,000

200,000

250,000

300,000

2010 2011 2012 2013 2014 2015E

Oz A

u E

q. Y

ear-

En

d

Reserv

es

Oz A

u E

q. A

nn

ual

Pro

du

cti

on

4

Reserves

Production

154,810

167,000 –

185,000 EGrowing Production and Reserves

Costerfield M&I Resource Additions & Depletion (Au Eq oz)

Bjorkdal M&I Resource Additions & Depletion (Au oz) Cerro Bayo M&I Resource Additions & Depletion (Ag oz)

Challacollo M&I Resource Additions & Depletion (Ag oz)

50%

100%

150%

200%

250%

300%

Q3

20

09

Q4

20

09

Q1

20

10

Q2

20

10

Q3

20

10

Q4

20

10

Q1

20

11

Q2

20

11

Q3

20

11

Q4

20

11

Q1

20

12

Q2

20

12

Q3

20

12

Q4

20

12

Q1

20

13

Q2

20

13

Q3

20

13

Q4

20

13

Q1

20

14

Q2

20

14

Q3

20

14

Q4

20

14

Q1

20

15

Q2

20

15Cu

mu

lati

ve %

Val

ue

Ch

ange

Sin

ce Q

3 2

00

9

Mandalay Cumulative Returns 16.4% Annual Compounded Rate of Return Gold Silver

5

16.4% Compounded Cumulative Total Shareholder Return through Entire Bottom-to-Bottom Price Cycle

MND LAG MND OUTPERFORM

CE

O A

ppoin

ted

Coste

rfie

ld A

cquir

ed

Single

mine

ramp-up

Cerr

o B

ayo

Acquir

ed

Two mine

ramp-up

SIB

Warr

ant R

edem

ption

Div

idend

Initia

ted

Challacollo A

cquir

ed

$60 M

illion G

old

Loan

Bjö

rkdal A

cquir

ed

West F

ace S

econdary

Off

eri

ng

Source: MetalPrices.com for metal spot prices

Index: September 30, 2009 = 100. Mandalay share price: $0.42

Graph updated quarterly, prices as at the last trading day of each respective quarter

(1) Exercise price: C$0.26 - C$1.13; Expiry date: Aug 26, 2015 - Mar 24, 2020

(2) As of May 11, 2015, the directors and executive officers of the Corporation, as a group, beneficially owned, or controlled or directed, directly or indirectly, approximately

125,750,876 Common Shares, representing approximately 30.7% of the outstanding Common Shares.

(3) Using exchange rate of 1 CAD = 0.76 USD 6

Capital Structure and Ownership

Major Shareholders(2)

Holders % Shares (Million)

West Face Capital 17.3 71.0

GMT Capital 13.9 57.0

Sentry Investments 10.6 43.4

Sprott Asset Management 10.2 41.9

Plinian + Management 8.3 34.2

Vertex One Asset Management 3.8 15.7

Resolute Funds 3.7 15.2

Shares, options, and warrants as at Aug 5, 2015Millions

(Except Share Price Information)

Share price (Aug 5, 2015 - close) (C$) 0.80/shr

Shares Outstanding 409.3

Options(1) 21.5

Fully Diluted Shares Outstanding 431.3

Market Capitalization (C$) 328.3

Cash and Cash Equivalents (US$) 52.3

Total Debt (US$) 60.0

Total Enterprise Value (US$) 257.2

Operational Locations

7

Mining friendly operational jurisdictions

Financial Performance

8

Operational Performance

Q2, 2015 2014YE Q2, 2014 2013YE

Saleable Silver oz produced 597,489 3,329,519 741,382 3,145,537

Saleable Gold oz produced 26,418 77,900 14,079 50,240

Saleable Antimony t produced 842 3,639 855 3,275

Q2, 2015 2014YE Q2, 2014 2013YE

Net Cash/All-in cost/oz Ag at Cerro Bayo, $ 7.61 / 14.84 5.30 / 11.36 5.83 /12.08 6.84 / 12.07

Net Cash/All-in cost/oz Au Eq. at

Costerfield, $

578 / 795 771 / 1,035 989 / 1,278 819 / 1,062

Net Cash/All-in cost/oz Au Eq. at

Björkdal, $(1)

884 / 1,035 870 / 1,023 -(1) -(1)

EBITDA, $ million 18.2 64.4 16.4 67.7

Net Income, $ million 5.1 17.2 5.0 29.4

Cash and cash equiv., $ million 52.3 49.0 69.0 33.5

Mandalay Performance

(1) Björkdal Acquired September 10, 2014

Site all-in costs include total cash operating costs, royalty expense, depletion, depreciation, accretion and write-off of exploration and evaluation.

9

Total Cerro Bayo Costerfield Björkdal

Saleable gold

production (oz)

101,000 – 116,000 23,000 – 27,000 32,000 – 37,000 46,000 – 52,000

Saleable silver

production (million oz)

2.7 – 3.1 2.7 – 3.1 -- --

Saleable antimony

production (t)

3,200 – 3,500 -- 3,200 – 3,500 --

Gold equivalent

production (oz)

167,000 – 185,000 -- -- --

Cash cost $/oz silver

net by-product

-- 6.00 – 8.00 -- --

Cash cost $/oz gold or

gold equivalent

-- -- 625 – 750 850 – 950

Capital expenditures

($ million)

38 – 44 12 – 14 16 – 18 10 – 12

Exploration ($ million) 7 3 1 3

Mandalay 2015 Full Year Production and Cost Guidance

Björkdal Gold Mine: Overview

10

Land package 6,862 hectares

Ownership 100%

2014 gold production 14,549 oz (attributed to Mandalay)

2015E gold production 46,000 – 52,000 oz

P&P Reserves(1) 6.5 Mt @ 2.05 g/t Au (432,000 oz Au)

Current throughput 3,500 tpd

Plant recoveries (YTD 2015) Au: 89%

2015E cash costs Au / 2014A(2) $850 - $950 / $870

1 Refer to notes on reserves in the Appendix2 Bjorkdal acquired Sept. 10, 2014

2015 Planned Exploration

Budget $3 million

Björkdal Operating Performance

11

$15

$16

$17

$18

$19

$20

$21

280,000

300,000

320,000

340,000

360,000

Q4-14 Q1-15 Q2-15

$/ T

on

ne

Ton

nes

Per

Qu

arte

r

Mining Rate and Unit Cost

t Mined Cost/ t Mined

$0

$5

$10

$15

$20

310,000

315,000

320,000

325,000

330,000

335,000

340,000

Q4-14 Q1-15 Q2-15

$/

Ton

ne

Ton

ne

s P

er Q

uar

ter

Processing Rate and Unit Cost

t Processed Cost/ t Processed

$700

$750

$800

$850

$900

$950

11,000

11,200

11,400

11,600

11,800

12,000

12,200

12,400

Q4-14 Q1-15 Q2-11

$/

oz

Au

Ou

nce

s G

old

Pe

r Q

uar

ter

Saleable Gold Produced and Unit Cost

Au oz Cost/ oz Au

Björkdal Value Creation Plan

12

Goal: Allow for a

revised mine plan

that improves

planned delivered

grades from mine to

mill, so more gold will

be produced from the

current capacities,

resulting in an

expected decrease in

cost per ounce

Produce a more

refined resource

model to support

more selective

underground &

open pit mining

techniques

Goal: Margin

expansion by

producing more gold

at reduced cost per

ounce from the same,

largely fixed-cost

operation. Optimized

mill feed grade

expected to improve

recoveries

Increase grade of

mill feed through

selective mining

and “ore sorting”

technologies

Goal: Extend

mineralization along

strike and down dip

by increasing the rate

of infill drilling on

currently defined

Inferred Mineral

Resources

Increase ore

reserves

Introduce best

practice mapping,

drilling, sampling,

and modelling of

high nugget-effect

gold deposits

Goal: Provide factual

basis for more

selective mining to

increase mill grades;

will also reduce total

exploration cost by

accelerating wide-

spaced and infill drilling

while reducing

exploration by large-

scale drifting across

and on veins

Timeline

Q1 2015 - COMPLETE Q2 2015 - COMPLETE 2016 2016

Björkdal – Emerging new thinking – Au “skarn”

N

5 km

Björkdal

mine

Granodiorite

instrusion

‘Marble’

Volcaniclastic

Rocks

Mafic intrusion

Volcanic Rocks

Sedimentary

succession

(mudstones and

sandstones)

B

B’A

A’

13

Rönnberget

Prospect

Cerro Bayo Silver-Gold Mine

14

Land package 23,106 hectares

Ownership 100%

2014 silver production 3,329,519 oz

2014 gold production 27,600 oz

2015E silver production 2.7 – 3.1 Moz

2015E gold production 23,000 – 27,000 oz

P&P Reserves(1) 2.4 Mt @ 220 g/t Ag; 2.13 g/t Au

Current throughput 1,400 tpd

Plant recoveries (YTD 2015) Ag: 90%, Au: 86.21%

2015E cash costs/oz Ag net Au credits / 2014A $6.00 - $8.00 / $5.30

2015 Planned Exploration

Budget $3 million

(1) Refer to notes on reserves in the Appendix

Cerro Bayo Operating Performance

15

$0

$20

$40

$60

$80

0

50,000

100,000

150,000

Q4-10 Q2-11 Q4-11 Q2-12 Q4-12 Q2-2013

Q4-2013

Q2-2014

Q4-2014

Q2-2015

$/ T

on

ne

Ton

nes

Per

Qu

arte

rMining Rate and Unit Cost

t Mined Cost/ t Mined

$0

$20

$40

$60

0

50,000

100,000

150,000

Q4-10 Q2-11 Q4-11 Q2-12 Q4-12 Q2-13 Q4-13 Q2-14 Q4-14 Q2-15

$/

Ton

ne

Ton

nes

Per

Qu

arte

r

Processing Rate and Unit Cost

t Processed Cost/ t Processed

$0

$5

$10

$15

$20

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

Q4-10 Q2-11 Q4-11 Q2-12 Q4-12 Q2-13 Q4-13 Q2-14 Q4-14 Q2-15

$/ o

z A

g N

et B

ypro

du

ct

Ou

nce

s Si

lver

Per

Qu

arte

r

Saleable Silver Produced & Unit Cost

Ag oz Cost/ oz Ag net Au

Emerging Extensions and New Veins Under Laguna Verde

16

COYITA

YASNA

Indicated

Slow drilling of long holes under lake

Coyita and Yasna only partially

infilled/extended in 2014– 3.4 Moz

added in reserves

We expect at least as much again as

we complete drilling

COYITA

YASNA

Costerfield Gold-Antimony Mine: Overview

17

2015 Planned Exploration

Budget $1 million

Land package 1,293 hectares

Ownership 100%

2014 gold production 35,751 oz

2014 antimony production 3,639 t

2015E gold production 32,000 – 37,000 oz

2015E antimony production 3,200 – 3,500 t

P&P Reserves(1) 430,000 tonnes @ 8.1 g/t Au; 3.6% Sb

Current throughput 400 tpd

Plant recoveries (YTD 2015) Au: 89.47%, Sb: 95.0%

2015E Cash cost/oz Au Eq. / 2014A $625 - $750 / $771

(1) Refer to notes on reserves in the Appendix

Costerfield Operating Performance

18

$0

$100

$200

$300

$400

05,000

10,00015,00020,00025,00030,00035,00040,00045,00050,000

Q4-09

(Dec.only)

Q2-10

Q4-10

Q2-11

Q4-11

Q2-12

Q4-12

Q2-13

Q4-13

Q2-14

Q4-14

Q2-15

USD

/ To

nn

e

Ton

ne

s P

er

Qu

arte

r

Mining Rate and Unit Cost

t Mined Cost/ t Mined

$0

$20

$40

$60

$80

$100

$120

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

Q4-09

(Dec.only)

Q2-10

Q4-10

Q2-11

Q4-11

Q2-12

Q4-12

Q2-13

Q4-13

Q2-14

Q4-14

Q2-15

USD

/ T

on

ne

Ton

nes

Per

Qu

arte

r

Processing Rate and Unit Cost

t Processed Cost/ t Processed

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

02,0004,0006,0008,000

10,00012,00014,00016,00018,00020,000

USD

/ O

z A

u E

q.

Ou

nce

s P

er

Qu

arte

r

Au Equivalent Production and Cost

Oz Au Eq. Cost/ Au Eq. Oz

Near-mine Expansion – “Western Corridor”

Untested potential to the west of current mining operations between major

regional faults and below the King Cobra Fault.

Untested potential in

King Cobra-Adder

Corridor

Potential below King Cobra

(one intercept so far)

Approx.

Intended

Drill

Holes

Approx.

Intended

Drill

Holes

19

Challacollo Silver-Gold Project: Overview

20

Land package 20,378 hectares

Ownership 100%

Location 130 km SE of Iquique, Chile

Mineralization Epithermal, oxidized Ag-Au

Elevation approx. 1,500 metres ASL

Resource Indicated: 4.7 mt @ 200 g/t Ag;

Inferred: 1.6 mt @134 g/t Ag

21

Current status

• Mineral resource estimate – complete

• Mine plan – complete

• Metallurgy – complete – 92-93% Ag recovery, 70% Au recovery

• Site layout, plant design – complete

• Capital and operating cost estimates being refined

• Water well drilling – currently identifying water source

• Environmental and cultural baselines ongoing

• Community consultations ongoing

Next milestones

• Identify water source

• Submission of EIA (after identification of water source)

Challacollo Development Activities

22

Lolon Vein – Inferred Potential Remaining to Infill + Open on Strike and at Depth

Short Hole

200 m

Fault Gap

OPEN

OPEN

OPEN

Challacollo Emerging Extensions and New Vein Targets

Mill site

Vein

Lucy

Vein

Detailed

Mapping

23

0

10

20

30

40

50

60

Nu

mb

er

of

Alt

ern

ativ

es

Cumulative Total Value Q3 2009 – Q2 2015

24

Long-Term performance – Mandalay at About the 95th

Percentile of Value Generators of all Categories of Mining Investment Over Five-Year Period

95th percentile: 254%

88 of 126 LOST value

Median: 73% (lost value)

Mean: 151% (gained value)

Mandalay return: 252%

25

How We Will Deploy Your Capital When You Invest With Us Acquire new assets counter-cyclically – only at a deep discount to value that we can deliver

• Base case returns at least 2x the investment

• Upside case 3-5x over 3-5 years based on specific testable hypotheses

• Keep portfolio evergreen – exit assets that do not fit

Execute focused operational improvement projects at each site

• Exploration – project portfolio targeted on discovery of near-term reserves

• Mining – projects focused on safer, more mechanised mining with higher extraction,

lower dilution and reduced cost

• Metallurgical – projects focused on higher recovery, higher availability, higher quality

products with higher payables and reduced costs

• Commercial – create more diverse customers paying better terms

Apply relentless, disciplined financial management

• Low cash cost and overheads for high EBITDA margins

• Low DD&A for high P&L margins – low acquisition cost, focused CAPEX & exploration

• Prudent, low-cost leverage to fund growth when needed

• Minimize shareholder dilution

• Return cash to shareholders: dividends = 6% of trailing qtr. revenues

AUG2015BUILDING VALUE

ACROSS THE CYCLE

TSX // MND

For more information, please contact:

Greg DiTomaso

Director, Investor Relations

Tel: 647.260.1566

Email: g.ditomaso@mandalayresources.com

Company Website: www.mandalayresources.com

Twitter: @MandalayAuAg

27

Management and Board of Directors

Senior Management

Board of Directors

Brad Mills, CEO and

Executive Director

Former CEO Lonmin

plc, over 30 years of

experience in Copper,

Gold, PGMs

Mark Sander, President

28 years of experience in

exploration, strategy and

operating improvements

Sanjay Swarup, CFO

and Executive Director

Former Lonmin plc, over

20 years of industry

experience

Belinda Labatte,

Head of Stakeholder

Engagement & Corporate

Affairs

Over 10 years of experience

in capital markets

Braam Jonker,

Chairman

Peter R. Jones,

Independent Director

Tony Griffin,

Independent Director

Robert Doyle,

Independent Director

Dominic Duffy, COO

Mining Engineer with

extensive technical and

operational management

experience

Numbers may differ slightly from source documents due to rounding 28

Mandalay Reserves

Cerro Bayo Reserves(1) Ore (t) Ag Grade (g/t) Ag (cont. oz) Au Grade (g/t) Au (cont. oz)

Proven Reserves 374,000 209 2,513,000 1.7 21,000

Probable Reserves 2,035,000 222 14,549,000 2.2 144,000

P&P Reserves 2,409,000 220 17,062,000 2.13 165,000

Costerfield Reserves (2) Ore (t) Sb Grade (%) Sb (cont. t) Au Grade (g/t) Au (cont. oz)

Proven Reserves 98,000 4.5 4,400 10.4 32,000

Probable Reserves 333,000 3.3 11,200 7.4 80,000

P&P Reserves 431,000 3.6 15,600 8.1 112,000

1 Source: Cerro Bayo - Roscoe Postle Associates, Effective December 31, 2014, documented in an independent NI 43-101 Technical Report, Filed on March 31, 20152 Source: Costerfield - SRK Consulting (Australia), Effective December 31, 2014, documented in an independent NI 43-101 Technical Report Filed on March 31, 20153 Source: Björkdal – Roscoe Postle Associates, Effective December 31, 2014, documented in an independent NI 43-101 Technical Report Filed on March 31, 2015

TOTAL RESERVES

31-December-2014Ag (cont. oz) Au (cont. oz) Sb (cont. t)

Mandalay Proven Reserves 2,513,000 53,000 4,400

Mandalay Probable Reserves 14,549,000 656,000 11,200

Total Mandalay P&P Reserves 17,062,000 709,000 15,600

Björkdal Reserves (3) Ore (t) Au Grade (g/t) Au (cont. oz)

Proven - - -

Probable 6,544,000 2.05 432,000

Total 6,544,000 2.05 432,000

29

Mandalay Resources

Cerro Bayo Resources (1) Resource (t) Ag Grade (g/t) Ag (cont. oz) Au Grade (g/t) Au (cont. oz)

Measured Resources 310,000 316 3,143,000 2.6 26,000

Indicated Resources 1,685,000 323 17,525,000 3.2 178,000

M&I Resources 1,995,000 322 20,668,000 3.2 204,000

Inferred Resources 585,000 218 4,112,000 2.2 43,000

Costerfield Resources (2) Resource (t) Sb Grade (%) Sb (cont. t) Au Grade (g/t) Au (cont. oz)

Measured Resources 213,000 4.5% 9,600 10.2 70,000

Indicated Resources 786,000 3.3% 26,300 6.9 175,000

M&I Resources 999,000 3.6% 35,900 7.5 245,000

Inferred Resources 519,000 2.6% 13,700 5.3 89,000

TOTAL RESOURCES Ag (cont. oz) Au (cont. oz) Sb (cont. t)Measured Resources 3,143,000 96,000 9,600

Indicated Resources 47,725,000 1,039,000 26,300

Total M&I Resources 50,868,000 1,135,000 35,900

Total Inferred Resources 11,003,000 221,000 13,700

1 Source: Cerro Bayo - Roscoe Postle Associates, Effective December 31, 2014, documented in an independent NI 43-101 Technical Report Filed on March 31, 20152 Source: Costerfield - SRK Consulting (Australia), Effective December 31, 2014, documented in an independent NI 43-101 Technical Report Filed on March 31, 2015

Challacollo Resources (3) Resource (t) Au Grade (g/t) Ag Grade (g/t) Au (cont. oz) Ag (cont. oz)Measured Resources - - - - -

Indicated Resources 4,700,000 0.3 200 48,000 30,200,000

M&I Resources 4,700,000 0.3 200 48,000 30,200,000

Inferred Resources 1,600,000 0.3 134 16,000 6,900,000

3 Source: Challacollo – Roscoe Postle Associates, Effective December 31, 2014, documented in an independent NI 43-101 Technical Report Filed on March 31, 2015

4 Source: Björkdal – Roscoe Postle Associates, Effective December 31, 2014, documented in an independent NI 43-101 Technical Report Filed on March 31, 2015

Björkdal Resources (4) Resource (t) Au Grade (g/t) Au (cont. oz)

Measured Resources - - -

Indicated Resources 7,135,000 2.78 638,000

M&I Resources 7,135,000 2.78 638,000

Inferred Resources 1,200,000 1.89 73,000

MND (252% value change) outperformed through the entire 2009 - 2014 bottom-to-bottom price cycle:

1. All 6 Currencies (AUD, CAD, GBP, CLP, EU, CNY): 76 – 110%

2. All 3 Precious Metals– (Au, Ag, Pt): 84 – 117%

3. All 4 Base Metals (Pb, Zn, Cu, Ni): 67 – 104%

4. All 6 Gold Mutual Funds: 62 – 77%

5. All 6 Resource/Basic Material Mutual Funds: 93 – 186%

6. All 6 “Big Diversified” Miners: 49 – 119%

7. All 5 “Prospect Generator” Companies: 32 – 165%

8. All 4 “Royalty/Streaming” Companies: 73 – 192%

9. All 3 “Mega Gold” Miners (>$US10 B market cap): 35 – 63%

10. All 9 “Big Gold” Miners (USD1-10B market cap): 15 – 248%

11. 4 of 7 “Mid-Tier Gold” Miners USD0.5-1B market cap): 21 – 5,846%

12. 9 of 10 “Junior Gold” Miners (<USD500M market cap): 33 – 256%

13. 8 of 10 “Gold Developers”: 1 – 557%

14. 7 of 8 “Big Silver” Miners (>USD400M market cap): 28 – 260%

15. All 2 “Mid Tier Silver” Miners (USD200-400M market cap: 36 – 84%

16. All 5 “Junior Silver” Miners (<USD200M market cap): 20 – 64%

17. All 4 “Silver Developers”: 3 – 157%

18. All 5 “Big Copper” Miners (>USD7B market cap): 68 – 223%

19. All 8 “Mid-Tier Base Metals” Co. (USD0.25-1B market cap): 7 – 225%

20. All 5 “Base Metals Developers”: 10 – 81%

21. All 9 “PGM Minera and Developers”: 1 – 172%

30

Mandalay versus:

• 125 alternative investments

• In 21 different strategy categories

• Over the 23 quarters from Q3 2009 to

Q2 2015 (period that Plinian has led

Mandalay)

Value metric is:

• For currencies, change in exchange

rate with USD as listed in

www.bankofcanada.com

• For metal prices, change in USD metal

price per lb., oz., or t as listed in

www.metalprices.com

• For mutual funds, change in share

price plus dividends paid as listed in

www.finance.yahoo.com

• For companies, common shareholder

equity value assuming market

purchase of shares, excluding warrants

and special dividends but including

ordinary dividends and stock splits as

listed in www.finance.yahoo.com

Strong Annual Production Growth

31

109,337

1,318,655

2,911,595 3,145,537

3,329,519

0500,000

1,000,0001,500,0002,000,0002,500,0003,000,0003,500,000

2010 2011 2012 2013 2014 2015E

Silver (oz)

334

12,244

17,089

21,482

27,600

0

5,000

10,000

15,000

20,000

25,000

30,000

2010 2011 2012 2013 2014 2015E

Gold (oz)

7,661 6,678

18,036

28,758

35,751

0

10,000

20,000

30,000

40,000

2010 2011 2012 2013 2014 2015E

Gold (oz)Costerfield Production(2015E)

Cerro Bayo Production(2015E)

1,106

1,571

2,481

3,275

3,639

0

1,000

2,000

3,000

4,000

2010 2011 2012 2013 2014 2015E

Antimony (Sb)

Björkdal Production(2015E)

14,549

0

10,000

20,000

30,000

40,000

50,000

60,000

2010 2011 2012 2013 2014 2015E

Gold (oz)

15,854

63,351

107,941126,908

154,810

0

40,000

80,000

120,000

160,000

200,000

2010 2011 2012 2013 2014 2015E

Total MND Production (AuEq oz)(1)

(1) Refer to notes on gold equivalent ounces in the Appendix

167,000 - 185,000

32,000 –

37,000

23,000 –

27,000

46,000 -

52,000

3,200 –

3,500

2,700,000 –

3,100,000