Mandalay Resources Announces the Results of its Annual General Meeting

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May 28, 2024, 16:30 ET

TORONTO, May 28, 2024 /PRNewswire/ - 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 39.14% 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 18, 2024, 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	36,400,647	99.91 %	34,611	0.09 %
Abraham Jonker	36,412,170	99.94 %	23,088	0.06 %
Amy Freedman	36,289,155	99.60 %	146,103	0.40 %
Dominic Duffy	36,302,582	99.64 %	132,676	0.36 %
Frazer Bourchier	36,410,390	99.93 %	24,868	0.07 %
Julie Galloway	36,411,330	99.93 %	23,928	0.07 %
Robert Doyle	35,882,067	98.48 %	553,191	1.52 %

Appointment of Auditors

KPMG LLP was 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	36,413,358	99.94 %	21,900	0.06 %

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 regional exploration programs, at both its Costerfield and Björkdal mines. Currently, the Company's main objectives are to continue mining the high-grade Youle and Shepherd veins at Costerfield, and to extend Mineral Reserves. At Björkdal, the Company will aim to increase production from the Eastern Extension area and other higher-grade areas in the coming years, in order to maximize profit margins from the mine.

SOURCE Mandalay Resources Corporation