Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND, OTCQB: MNDJF) is pleased to announce the results of its Annual General Meeting of Shareholders (the “Meeting”) held today virtually. All the resolutions presented at the Meeting were approved by the shareholders, with the votes cast by proxy representing 67.63% of the total shares outstanding as of the record date.

Election of Directors

The number of directors was fixed at seven members and each of the seven nominees listed in the Company’s Management Information Circular dated April 14, 2022, were re-elected to the Company’s Board of Directors. Abraham Jonker remains the lead independent director and Bradford Mills continues as Chair. Results of the votes cast by proxy are set out below.

Resolution Votes Cast by Proxy For % For Votes Cast by Proxy Withheld % Withheld
Bradford A. Mills 61,552,120 99.953 29,193 0.047
Abraham Jonker 61,551,313 99.951 30,000 0.049
Amy Freedman 61,547,538 99.945 33,775 0.055
Dominic Duffy 61,552,678 99.954 28,635 0.046
Julie Galloway 61,546,238 99.943 35,075 0.057
Robert Doyle 61,548,120 99.946 33,193 0.054
Terrell Ackerman 61,552,080 99.953 29,233 0.047

Appointment of Auditors

Ernst & Young LLP was re-appointed as the auditor of the Company to hold office until the close of the next Annual Meeting of the Shareholders, or until their successor is otherwise appointed, and the directors were authorized to fix the auditor’s remuneration. Results of the votes cast by proxy are set out below.

Resolution Votes Cast by Proxy For % For Votes Cast by Proxy Withheld % Withheld
Appointment of Auditors 62,336,857 99.992 5,284 0.008

For Further Information:

Dominic DuffyPresident and Chief Executive Officer

Edison NguyenDirector, Business Valuations and Investor Relations

Contact:647.260.1566 ext. 1

About Mandalay Resources Corporation:

Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia (Costerfield gold-antimony mine) and Sweden (Björkdal 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 Björkdal mines. Currently, the Company’s main objectives are to continue mining the high-grade Youle vein at Costerfield, bring online the deeper Shepherd veins, both of which will continue to supply high-grade ore to the processing plant, and to extend Youle Mineral Reserves. At Björkdal, 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.

Mandalay Resources (TSX:MND)
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