Mandalay Resources Announces Normal Course Issuer Bid

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 fund purchases of Common Shares through surplus cash available from its operations.

TORONTO, 23/02/2024 (informazione.news - comunicati stampa - industria)

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 fund purchases of Common Shares through surplus cash available from its operations.

Mandalay Resources is a Canadian-based 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.

CONTACT:  For further information or to obtain a copy of the notice filed with the TSX in connection with the bid, please contact: Frazer Bourchier, President and Chief Executive Officer; Edison Nguyen , Director, Business Valuations and Investor Relations, Contact: 647.258.9722

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