DELIVERING

VALUE AND GROWTH

MAR2014

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

mine production plans and exploration plans and the growth and strategy of Mandalay. Readers are cautioned not to place undue reliance on

forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on,

among other things, that exploration results at Cerro Bayo, Costerfield, and La Quebrada may not meet management’s expectations, that Cerro

Bayo and Costerfield capital, production and operating cost results may not meet current plans, that reclamation costs associated with

Mandalay’s Furioso property may exceed current estimates, 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. 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 and La Quebrada projects are 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 and La Quebrada projects 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, and La Quebrada projects several times

during 2010, 2011, 2012 and 2013 and has supervised the preparation of this presentation. He has also visited the Challacollo project in 2013

and 2014.

Forward-looking Statements

2

Vision

3

To 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.

Locations and Tradeflows

4

**The Company defines EBITDA as earnings before interest, taxes and non cash charges/ (income). EBITDA is presented because the Company

believes it is a useful indicator of relative operating performance. EBITDA should not be considered by an investor as an alternative to net income

or cash flow as determined in accordance with IFRS.

***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. 5

Strategy: Rapid Value Generation and Returns

Focus and ResultsEntry Strategy:

Acquire high-quality assets at a low cost

relative to ultimate value

Apply management’s extensive operational

and exploration expertise to turn around, grow

and/or develop the assets

Focus on cash returns to shareholders and

prudent use of leverage

Operationally, Mandalay is focused on:

High-margin projects where the Company can

achieve rapid production ramp-ups from

restarts, turn around situations or late-stage

development

Early cash flow to fund exploration, growth and

operational improvements

Building critical mass through acquisition

Capital strategy: Reduce dilution and return

cash to shareholders

Announced dividend policy, currently paying

annualized dividend of 6% of gross revenue***

NCIB: Repurchasing up to 5% of the Company

from operational cash flow over 1 year

Dividend Declarations ($CAD MM) and Return on Invested Capital

$10.9

$2.3

Mandalay Q4 2013 Financial Performance

6

Mandalay Q4 2013 Operational Performance

Q4, 2013 2013YE Q4, 2012 2012YE

Saleable Silver oz produced 878,542 3,145,537 895,222 2,911,595

Saleable Gold oz produced 12,117 50,240 10,927 35,125

Saleable Antimony t produced 805 3,275 785 2,481

*Cash position of USD$33.5 prior to purchase of Challacollo mining project in February 2014.

Q4, 2013 2013YE Q4, 2012 2012YE

Net Cash/All-in Cost/oz Ag at Cerro Bayo,

USD

6.74 / 11.51 6.84 / 12.07 5.17 / 10.71 5.67 / 10.70

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

Costerfield, USD

850 / 1,085 819 / 1,062 943 / 1,153 1,112 / 1,304

EBITDA, USD million 13.9 67.7 28.8 79.9

Net Income, USD million 4.4 29.4 22.4 41.7

Cash and cash equiv. at end of period,

USD million*

33.5 33.5 17.3 17.3

Discovery-fuelled Organic Growth

7

Significant M&I Resource Growth (1,2,3,4)

P&P Reserve Growth (1,2,3,4)

1 Source: Cerro Bayo - Roscoe Postle Associates, Feb. 2014, documented in an independent NI 43-101 report to be filed within 45 days of Feb. 13, 2014

2 Source: Costerfield - SRK Consulting (Australia), Feb 2014, documented in an independent NI 43-101 report to be filed within 45 days of Feb. 13, 2014

3 Source: Challacollo – Roscoe Postle Associates, Dec. 20, 2013, in a report filed Feb. 7, 2014

4 Source: La Quebrada – Independent Technical Report filed 16-Aug-2012

Total Reserves: 31-December-2013Ag

(cont. oz)

Au

(cont. oz)

Sb

(cont. t)

Mandalay Proven Reserves 4,705,000 61,000 3,000

Mandalay Probable Reserves 13,197,000 240,000 12,000

Mandalay P&P Reserves 17,902,000 301,000 15,000

Production Growth 2014E

8

Costerfield Budget and Production(2014E)

Cerro Bayo Budget and Production(2014E)

Challacollo Budget (2014E)

(1) Exercise price: C$0.255 - C$0.83; Expiry date: Dec 7, 2014 - Mar 18, 2018(2) Exercise price: C$0.31 - C$0.465; Expiry date: Nov 30, 2014(3) Assuming USD$ 1 = CAD$ 1.1140(4) As of November 5, 2013, the directors and executive officers of the Corporation, as a group, beneficially owned, or controlled or directed, directly or indirectly, approximately

173,783,259 Common Shares, representing approximately 53.76% of the outstanding Common Shares

Capital Structure and Ownership

9

Major Shareholders(4)

Holders % Shares (Million)

West Face Capital 40.3% 136.9

Plinian + Management 10.5% 35.8

Sprott Asset Management 9.9% 33.5

Silver Standard 3.5% 12.0

Arcourt (Byrne) 3.4% 11.7

Baker Steel 3.3% 11.1

Capital Structure as at March 12, 2014Millions

(Except Share Price Information)

Share price (Mar. 12, 2014 - close) (CAD$) 0.96/shr

Shares Outstanding 340.1

Options(1) 15.8

Warrants(2) 15.9

Fully Diluted Shares Outstanding 371.8

Market Capitalization (CAD$) 326.5

Cash and Cash Equivalents (CAD$) (as of Dec. 31, 2013)(3) 37.3

Total Debt (CAD$) (as of Dec. 31, 2013)(3) 0

Total Enterprise Value (CAD$) 289.2

10

Management Track Record: Execution, Value Creation

Company History and Milestones

2009 Q4 2010 2011 2012 2013 2014

Financial/

Corporate

• Acquired

Costerfield

gold-antimony

mine for

Mandalay

stock

• Listed on TSX

main board from

TSX-V

• Raised $23

million for

purchase and

restart of Cerro

Bayo silver-gold

mine

• Announced

Normal Course

Issuer Bid

(“NCIB”) to buy

back 5% of

Company’s

shares

• Completed

Substantial Issuer

Bid; reduced FD

share count by 8%

• Completed and

Renewed NCIB

• Paid $3.2 million in

dividends

• Extended credit

facility by $10

million

• NCIB renewed

• Paying $10.9

million in

dividends

(2013 est.)

• Completed

Challacollo

acquisition

Operational • Began

Production at

Costerfield

(Dec 2009)

• Began

production at

Cerro Bayo

(Sept 2010)

• Began milling &

shipping at

Cerro Bayo (Jan

2011)

• Increased

production at

both projects

• Doubled silver

reserves, boosted

gold reserves 85%

• Reached design

production at both

operations

• Extended

Costerfield mine

life to 4 years

• Began ramp up at

Cerro Bayo to

1,400 tpd

• Cerro Bayo ramp

up expected

completion: Q1

2014

• Feasibility at

Challacollo

Mandalay: 256%

(total return)

Peers: 137%

Silver: 49%

Gold: 43%

TSX Composite: 30%

TSX Mining: -11%

*Peer group includes: Coeur Mining, Endeavour Silver, First Majestic Mines, Fortuna Silver, and Primero Mining

Share prices as at March 12, 2014

Q4 2009 - New Management Team

(Mills, Sander & Swarup)

Cerro Bayo Silver-Gold Mine

11

Land package 23,096 hectares

Ownership 100%

2013 silver production 3,145,537 oz

2013 gold production 21,482 oz

2014E silver production 3.0 – 3.2 Moz

2014E gold production 23,000 – 27,000 oz

Current throughput / Goal approx. 1,200 tpd / 1,400 tpd (end Q1 2014)

P&P Reserves 2.5 Mt @ 224 g/t Ag; 2.2 g/t Au

Plant recoveries (FY 2013) Ag: 90.9%, Au: 87.8%

2013A Cash costs/oz Ag

net Au credits / 2014E

$6.84 / $6 – $8

2014 Planned Exploration

Budget $3 – 4 million

Cerro Bayo Operating Performance

12

13

Cerro Bayo District: Target-rich Land Package

NI43-101 Reserve-Resource veins

2013 Infill and Step-Out Drilling

2012 New infill from 2011 Blue Sky successes

2013 Scheduled Blue Sky drill targets

2013- Field work to prep for 2014 drilling

Lucia

ChatitoSb Anomaly

Roadside

Brillantes

Cerro

Viento

Aquila

Sinter Hill

Laguna Verde

High level, Madre-

Aquila-Meseta

Cerro Bayo

Guanaco

Esperanza

Sb Anomaly

MarcelaRoadside

Cerro

Viento

Brillantes

Coigues

LAGUNA VERDE

Emerging Extensions and New Veins Under Laguna Verde

Veins with Reserves

Surface Trace

Veins with Reserves

Underground Trace

Target Extensions

Under Laguna Verde

Reported Drill

Intercepts

14

Cerro Bayo M&I Resource Growth Net of Depletion

151 Source: Cerro Bayo - Roscoe Postle Associates, Feb. 2014, documented in an independent NI 43-101 report to be filed within 45 days of Feb.13, 2014

0

5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

30,000,000

35,000,000

2010 2011 2012 2013

OZS

Ag

END OF YEAR MEASURED PLUS INDICATED RESOURCES

Cerro Bayo M+I Resource Additions vs Depletion (Ag Ozs)

CUMULATIVE DEPLETION Dagny Fabiola Delia NW

Delia SE Marcela Sur Yasna Coyita

Dalila Bianca Trinidad Raul

2.4 X

Net

Add

Cerro Bayo Resources (1)Resource

(t)

Ag

Grade

(g/t)

Ag

(cont. oz)

Au

Grade

(g/t)

Au

(cont. oz)

Measured Resources 411,000 423 5,596,000 3.6 48,000

Indicated Resources 1,633,000 308 16,172,000 3.2 167,000

M&I Resources 2,044,000 331 21,768,000 3.3 214,000

Inferred Resources 433,000 400 5,580,000 3.3 46,000

Cerro Bayo

Reserves (1)

Ore

(t)

Ag

Grade

(g/t)

Ag

(cont. oz)

Au

Grade

(g/t)

Au

(cont.

oz)

Proven Reserves 516,000 283 4,705,000 2.5 41,000

Probable Reserves 1,967,000 209 13,197,000 2.1 134,000

P&P Reserves 2,483,000 224 17,901,000 2.2 174,000

Costerfield Gold-Antimony Mine: Overview

16

2014 Planned Exploration

Budget $4 – 5 million

Land package 1,293 hectares

Ownership 100%

2013 gold production 28,758 oz

2013 antimony production 3,275 t

2014E gold production 37,000 – 43,000 oz

2014E antimony production 3,000 – 3,300 t

Current throughput / 2014E 400 tpd / 400 tpd

P&P Reserves 420,000 tonnes @ 9.2 g/t Au; 3.6% Sb

Plant recoveries (FY 2013) Au: 89.98%, Sb: 95.37%

2013A Cash cost/oz Au Eq. (US$) / 2014E $819/ $675 – $775

Costerfield Operating Performance

17

Cuffley Mine Plan

18

Subparallel and adjacent to N-lode

Same mining technique as N-lode

• Long hole stoping 10 m lifts

• CRF backfill

Cuffley Lode

N-lode

W-lode

E-lode

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

2009 2010 2011 2012 2013

OZ

Au

Eq.

END OF YEAR MEASURED PLUS INDICATED RESOURCES

Costerfield M+I Resource Additions vs Depletion (AuEq Ozs)

CUMULATIVE DEPLETION Augusta Brunswick Cuffley

19

Costerfield M&I Resource Growth Net of DepletionCosterfield

Resources (1)

Categories

Resource

(t)

Sb

Grade

(%)

Sb

(cont. t)

Au

Grade

(g/t)

Au

(cont. oz)

Measured 191,000 4.3% 8,000 8.4 51,000

Indicated 605,000 3.7% 22,000 9.6 187,000

M&I 796,000 4.1% 32,000 9.3 238,000

Inferred 569,000 3.8% 22,000 7.4 135,000

Costerfield

Reserves (1)

Categories

Ore

(t)

Sb

Grade

(%)

Sb

(cont. t)

Au

Grade

(g/t)

Au

(cont. oz)

Proven 71,000 4.4% 3,000 8.3 20,000

Probable 350,000 3.4% 12,000 9.4 106,000

P&P 420,000 3.6% 15,000 9.2 126,000

Source: Costerfield - SRK Consulting (Australia), Feb. 2014, documented in an independent NI 43-101 report to be filed within 45 days of Feb. 13, 2014

3.8 X

Net

Add

20

Costerfield – Long Section

Challacollo Silver-Gold Project: Overview

21

Land package 4,000 hectares

Ownership 100%

Location 130 km SE of Iquique, Chile

Mineralization Epithermal, oxidized Ag-Au

Elevation approx. 1,500 metres ASL

Resource Indicated: 1 mt @ 242 g/t Ag;

Inferred: 4 mt @193 g/t Ag

22

Plan funded from cash flow

• 12 mo Feasibility Study: $7 – $8 million

Environmental, community, cultural baselines for permitting

Drill 8,000 m for infilling existing Inferred Resource and extensions

Resource update

Metallurgical testing– crushing, grinding, agitation leach

Mine design, plant design

Capital and operating costing

Financial case and conversion to reserves

• Permitting

Submission of EIA Q1, 2015

Receipt of permits – goal EOY 2015

• Build

12 months build (est.) in 2016

• Production

First production – Goal: Q1 2017

Challacollo Development Plan

23

Lolon Vein

Lolon Vein satellite image

Source: NI 43-101 Technical Report on the Challacollo Silver-Gold Project, Region 1, Chile. Effective date January 30, 2014. Filed on SEDAR

February 7, 2014.

24

Peer Comparison: Production, Cost, Financials

* Financial data 9M 2013

Source: Company reports and Bloomberg

Market capitalization as at March 12, 2014

Ag Eq oz converted at 55/1 Au/Ag. Metal prices: Ag price of $28.92 and Au price of $1,578

P+P Reserves Market Comparables

Ag

(oz)

Au

(oz)

Other Reserve Grade

Ag Eq (g/t)

(Au + Ag)

Market

Capitalization FD

(CAD$MM)

EPS Last 12M

Dividend

Paid/Share

Mandalay Resources 18,250,000 214,000 7,200t Sb 361 353.2 $0.09 $0.03429

Coeur Mining 261,528,000 2,286,000 - 51 1,084.7 ($1.02) $0

Endeavour Silver 23,057,200 222,300 - 253 635.0 ($0.45) $0

First Majestic Mines 90,800,000 0 - 161 1,516.2 $0.18 $0

Fortuna Silver* 42,700,000 266,100 - 216 635.7 $0.06 $0

Primero Mining 39,377,000 660,000 - 513 1,087.5 $0.00 $0

2013A Production 2013A Financials

Ag

(oz)

Au

(oz)

Other Ag Eq (oz)

(Au + Ag)

Revenue

(US$MM)

EBITDA

(US$MM)

EBITDA Margin

(%)

Mandalay Resources 3,145,537 50,240 3,275 t Sb 5,886,848 166.9 67.7 40.6

Coeur Mining 17,012,000 262,217 - 31,319,691 746.0 192.8 25.8

Endeavour Silver 6,813,069 75,578 - 10,936,931 276.8 100.0 36.1

First Majestic Mines 10,641,465 10,040 16,000 t Pb+Zn 11,189,291 251.3 70.1 27.9

Fortuna Silver* 4,631,264 21,242 19,000 t Pb+Zn 5,790,319 101.0 29.4 29.1

Primero Mining 6,050,000 111,983 - 12,160,276 200.3 87.3 43.6

25

Mandalay Compares Favourably to its Peers

* Financial data 9M 2013 for Fortuna Silver

Market capitalization as at March 12, 2014

Ag Eq oz converted at 55/1 Au/Ag

Metal prices: Ag price of $28.92 and Au price of $1,578

Second highest grade

reserves

(Ag Eq oz)

Second highest EBITDA

margin

Lowest fully loaded cost

(Ag Eq oz)

Second lowest market

cap per estimated annual

production of Ag Eq oz

Second lowest market

cap per P+P reserves oz

Highest dividend paid per

share

26

Investment Proposition Execution-focused management with track record of acquisition, operational and exploration success,

growth and value generation

High-quality, cash flowing asset portfolio with major exploration upside and full project pipeline

Strong balance sheet, self-funding Challacollo development, zero net debt

Rapid increase in production and margins through low-capex organic growth and operational

efficiencies

Returning cash to shareholders and reducing dilution – share buyback program in place

Company dividend policy based on 6% trailing revenues

Continued growth through further acquisitions

DELIVERING

VALUE AND GROWTH

MAR2014

For more information, please contact:

Greg DiTomaso

Tel: 647.260.1566

Email: g.ditomaso@mandalayresources.com

Company Website: www.mandalayresources.com

Twitter: @MandalayAuAg

28

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,

Corporate Secretary

Over 10 years of

experience in capital

markets and investment

banking

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

29

Mandalay Reserves

Cerro Bayo Reserves (1)Ore

(t)

Ag Grade

(g/t)

Ag

(cont. oz)

Au Grade

(g/t)

Au

(cont. oz)

Proven Reserves 516,000 283 4,705,000 2.5 41,000

Probable Reserves 1,967,000 209 13,197,000 2.1 134,000

P&P Reserves 2,483,000 224 17,901,000 2.2 174,000

Costerfield Reserves (2)Ore

(t)

Sb Grade

(%)

Sb

(cont. t)

Au Grade

(g/t)

Au

(cont. oz)

Proven Reserves 71,000 4.4 3,000 8.3 20,000

Probable Reserves 350,000 3.4 12,000 9.4 106,000

P&P Reserves 420,000 3.6 15,000 9.2 126,000

TOTAL RESERVES:

31-December-2013

Ag

(cont. oz)

Au

(cont. oz)

Sb

(cont. t)

Mandalay Proven Reserves 4,705,000 61,000 3,000

Mandalay Probable Reserves 13,197,000 240,000 12,000

Mandalay P&P Reserves 17,902,000 301,000 15,000

1 Source: Roscoe Postle Associates, Feb. 2014 documented in an independent NI 43-101 report to be filed within 45 days of Feb. 13, 2014

2 Source: SRK Consulting (Australia), Feb 2014, documented in an independent NI 43-101 report to be filed within 45 days of Feb. 13, 2014

30

Mandalay Resources

Cerro Bayo Resources (1)Resource

(t)

Ag Grade

(g/t)

Ag

(cont. oz)

Au Grade

(g/t)

Au

(cont. oz)

Measured Resources 411,000 423 5,596,000 3.6 48,000

Indicated Resources 1,633,000 308 16,172,000 3.2 167,000

M&I Resources 2,044,000 331 21,768,000 3.3 214,000

Inferred Resources 433,000 400 5,580,000 3.3 46,000

Costerfield Resources (2)Resource

(t)Sb Grade

(%)

Sb

(cont. t)

Au Grade

(g/t)

Au

(cont. oz)

Measured Resources 191,000 4.3% 8,000 8.4 51,000

Indicated Resources 605,000 3.7% 22,000 9.6 187,000

M&I Resources 796,000 4.1% 32,000 9.3 238,000

Inferred Resources 569,000 3.8% 22 ,000 7.4 135,000

TOTAL RESOURCESAg

(cont. oz)Au

(cont. oz)Sb

(cont. t)Cu

(cont. lb)

Measured Resources 5,596,000 99,000 8,000 0

Indicated Resources 35,372,000 367,000 22,000 459,000,000

M&I Resources 40,968,000 465,000 32,000 459,000,000

Inferred Resources 30,280,000 221,000 22,000 13,000,000

1 Source: Cerro Bayo - Roscoe Postle Associates, Feb. 2014 documented in an independent NI 43-101 report to be filed within 45 days of Feb. 13, 2014

2 Source: Costerfield - SRK Consulting (Australia), Feb 2014, documented in an independent NI 43-101 report to be filed within 45 days of Feb. 13, 2014

La Quebrada Resources (4)Resource

(t)Cu Grade

(%)

Cu

(cont. lb)

Ag Grade

(g/t)

Ag

(cont. oz)Measured Resources 0 0 0 0 0

Indicated Resources 34,800,000 0.6% 459,000,000 10 11,200,000

M&I Resources 34,800,000 0.6% 459,000,000 10 11,200,000

Inferred Resources 1,000,000 0.6% 13,000,000 11 400,000

Challacollo Resources (3)Resource

(t)Au Grade

(g/t)

Ag Grade

(g/t)

Au

(cont. oz)

Ag

(cont. oz)Measured Resources - - - - -Indicated Resources 1,030,000 0.4 242 13,000 8,000,000 M&I Resources 1,030,000 0.4 242 13,000 8,000,000 Inferred Resources 3,900,000 0.3 193 40,000 24,300,000

3 Source: Challacollo – Roscoe Postle Associates, Dec. 20, 2013, in a report filed February 7, 2014.

4 Source: La Quebrada – Independent Technical Report filed 16-Aug-2012.

Significant Resource Increase Net of Depletion in 2013

Measured and Indicated

• Contained Sb increased by 52%

• Contained Au increased by 31%

• Contained Ag increased by 18%

Inferred

• Contained Ag increased by 811%

• Contained Au increased by 26%

• Contained Sb increased by 13%

Source of Additions

• Infilling Cuffley and N-lode

• Acquiring Challacollo

• Expanding Marcela etc.

Source of Additions

• Acquiring Challacollo

• Fabiola and Yasna extensions

31

32

Safety, Health, Environment and Community

Safety & Health Environment & Community Employees

ACTIONS

• Spending on S&H (including

safety training) tripled in last

two years

• Focus on line management

safety leadership, systems and

behaviours

• Improved S&H safety

processes & compliance

• Implementation of DuPont

safety system in 2013 at both

operations

• Extensive training and

equipping of mine rescue team

at Cerro Bayo

• Spent over 200% more in 2012

on environment & community

projects as compared to 2011

• Commitment to local purchases

& payrolls

• Development of new water &

mine waste solutions at

Costerfield

• Closure works completion at

Furioso Mine Site

• Supplying various workshops for

local community at Cerro Bayo

• University scholarships for local

school leavers at Cerro Bayo

• Employee selection process

improved

• Focus on local hires including

management positions

• Increased hours of training in 2012

by +80% as compared to 2011

• High level executive coaching for leadership team

RESULTS

• Consolidated lost time injury

frequency rate approximately

halved

• Improved return to work

performance

• Maintained high levels of

attendance at mine sites

• More prosperous local

communities

• Reduced impacted land area

• Zero incidences of unpermitted

discharge at both operations

• 3 year collective contract signed

with Cerro Bayo union in 2012

• Increased presence of local hires

among workforce and supervisors

• Reduced employee turnover at mine

sites

• More productive employees, leading

to lower unit costs

Metal Price Update

33*Source: Bloomberg, accessed February 21, 2014

Antimony Facts

34

140,000 t/y global market

• Sold either as metal ingots or various grades of antimony oxides and trioxides

• Primary use as fire retardant in fabrics and plastics (trioxides)

• Relatively minor uses in electronics, with possible new uses in development, e.g.

in batteries

• Ingredient of lead alloys as hardener (antimony metal)

• Consumption growth in line with global GDP growth

Market dominated and prices set by China

• Declining Chinese mine production as reserves depleted and environmental

controls strengthened, closing marginal mines

• Chinese beginning to invest in mines outside China

• Two dominant Chinese smelters, only one of which recovers Au

Gold Equivalent Ounces Calculation

35

***Au Eq. oz produced is calculated by multiplying the saleable quantities of Au, Ag, and Sb in the period by the respective average market prices of the commodities in the period,

adding the three amounts to get a “total contained value based on market price”, and then dividing that total contained value by the average market price of Au in the period.

Average Au price in the period is the average of the monthly LME PM fix, average Sb price is the average of the monthly high and low Rotterdam warehouse prices, and average

Ag price is the average of the monthly London Broker’s silver spot price, all reported in www.metalbulletin.com. The monthly commodity prices are calculated as the average of the

daily prices, with holiday and weekend day prices carried forward from the last business day.

Au Eg. oz for each of the low range and high range guidance is calculated by multiplying (i) total Au oz by an assumed US$1,600/oz Au price, (ii) total Ag oz by an assumed

US$32.00/oz Ag price and (iii) total Sb tonnes times an assumed US$12,000/t Sb price, then, in each case, dividing by the assumed US$1,600/oz Au price.

Silver Equivalent Ounces CalculationAg Eq oz converted at 54/1 Au/Ag at metal prices: Ag price of $28.92 and Au price of $1,578.00