Mandalay Resources Corporation Ontario British Columbia

In addition, there can be no assurance that any Inferred resources that are discovered as a result of additional drilling will ever be upgraded to proven or probable reserves. 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.

Appendix

Table 1.  Significant Intercepts from the North Zone Below Marble drilling program.

DRILL HOLE ID

FROM (M)

TO (M)

INTERVAL (M)

ESTIMATED TRUE WIDTH (M)

AU GRADE (G/T)

AU (G/T) OVER MIN. 1M WIDTH

MU23-042

10.90

11.85

0.95

0.48

3.1

1.5

MU23-042

30.30

33.40

3.10

1.06

1.7

1.7

MU23-042

36.00

36.75

0.75

0.61

3.5

2.1

MU23-042

109.60

110.15

0.55

0.28

2.6

0.7

MU23-042

418.40

419.50

1.10

0.55

2.5

1.4

MU23-042

451.20

452.40

1.20

0.60

0.8

0.5

MU23-043

15.35

15.85

0.50

0.38

1.6

0.6

MU23-043

18.00

18.35

0.35

0.35

7.6

2.6

MU23-043

21.15

22.10

0.95

0.54

1.2

0.7

MU23-043

204.15

205.30

1.15

0.39

2.8

1.1

MU23-044

12.60

13.10

0.50

0.38

8.5

3.2

MU23-044

17.40

18.05

0.65

0.65

2.2

1.4

MU23-044

31.90

33.80

1.90

1.22

13.7

13.7

MU23-044

168.00

169.20

1.20

0.41

5.8

2.4

MU23-044

201.00

201.50

0.50

0.35

4.4

1.5

MU23-044

250.75

251.30

0.55

0.35

2.8

1.0

MU23-044

253.45

256.15

2.70

0.70

4.4

3.1

MU23-044

262.70

263.10

0.40

0.28

4.8

1.3

MU23-044

309.60

310.20

0.60

0.39

2.7

1.0

MU23-044

380.10

381.00

0.90

0.45

1.4

0.6

MU23-044

424.70

426.20

1.50

1.30

1.1

1.1

MU23-044

427.55

428.00

0.45

0.26

3.5

0.9

MU23-044

482.90

483.55

0.65

0.59

12.7

7.5

MU23-044

523.10

523.60

0.50

0.35

2.0

0.7

MU23-044

529.10

531.75

2.65

2.29

6.3

6.3

MU23-044

534.45

535.30

0.85

0.70

0.8

0.6

MU23-044

539.70

540.35

0.65

0.56

1.9

1.0

MU23-044

540.85

541.35

0.50

0.43

1.6

0.7

MU23-044

542.75

543.30

0.55

0.45

2.0

0.9

MU23-044

544.20

548.40

4.20

3.22

3.2

3.2

MU23-044

549.30

550.00

0.70

0.54

1.0

0.5

MU23-044

556.40

557.35

0.95

0.32

2.0

0.6

MU23-044

562.00

562.50

0.50

0.47

19.5

9.2

MU23-044

594.85

595.60

0.75

0.43

1.3

0.6

MU23-058

81.70

82.15

0.45

0.29

2.9

0.8

MU23-058

141.60

142.70

1.10

0.52

5.5

2.9

MU23-058

228.05

229.70

1.65

0.83

2.3

1.9

MU23-058

239.80

241.20

1.40

0.24

21.7

5.2

MU23-058

246.50

247.65

1.15

0.58

15.3

8.9

MU23-058

259.80

260.45

0.65

0.22

3.7

0.8

MU23-058

268.80

269.40

0.60

0.50

125.0

62.5

MU23-058

273.60

274.00

0.40

0.31

5.9

1.8

MU23-058

306.00

309.15

3.15

2.02

2.6

2.6

MU23-058

357.65

360.60

2.95

1.25

2.9

2.9

MU23-058

378.10

378.60

0.50

0.41

3.8

1.6

MU23-058

401.30

402.10

0.80

0.40

1.3

0.5

MU23-059

252.10

253.00

0.90

0.69

9.3

6.4

MU23-059

284.50

285.40

0.90

0.52

1.6

0.8

MU23-059

346.60

347.00

0.40

0.33

8.2

2.7

MU23-059

366.60

367.50

0.90

0.82

1.9

1.5

MU23-059

373.10

373.70

0.60

0.46

1.6

0.7

MU23-059

404.85

405.60

0.75

0.53

21.9

11.6

MU23-059

417.50

418.75

1.25

1.02

3.3

3.3

MU23-059

439.05

439.60

0.55

0.48

1.9

0.9

MU23-059

467.20

467.90

0.70

0.54

8.6

4.6

MU23-059

494.15

495.00

0.85

0.73

1.0

0.7

MU23-059

495.85

496.50

0.65

0.56

1.6

0.9

MU23-059

506.85

508.75

1.90

1.46

4.5

4.5

MU23-059

543.55

544.00

0.45

0.34

2.8

1.0

MU23-059

559.40

560.00

0.60

0.49

7.3

3.6

MU23-059

564.50

565.60

1.10

0.95

0.8

0.8

MU23-059

567.50

568.10

0.60

0.52

2.9

1.5

MU23-059

591.35

592.30

0.95

0.48

2.4

1.1

MU23-061

173.00

173.70

0.70

0.78

2.5

1.9

MU23-061

239.40

240.00

0.60

0.46

10.5

4.8

MU23-061

332.15

333.00

0.85

0.65

3.0

1.9

MU23-061

403.65

404.50

0.85

0.55

1.0

0.5

MU23-061

407.90

408.35

0.45

0.29

2.9

0.8

MU23-061

479.10

479.60

0.50

0.43

1.5

0.6

MU23-061

482.70

483.50

0.80

0.51

2.0

1.0

MU23-061

549.20

550.15

0.95

0.50

2.1

1.1

MU24-006

121.70

122.35

0.65

0.42

6.2

2.6

MU24-006

224.55

225.45

0.90

0.58

1.2

0.7

MU24-006

304.30

304.80

0.50

0.32

1.9

0.6

MU24-006

334.40

335.70

1.30

1.13

0.9

0.9

MU24-006

354.70

355.80

1.10

0.71

43.9

31.0

MU24-006

522.90

523.60

0.70

0.61

1.3

0.8

MU24-006

559.60

562.00

2.40

2.08

1.4

1.4

MU24-006

570.20

570.95

0.75

0.57

5.3

3.0

MU24-006

588.05

588.65

0.60

0.56

9.1

5.1

MU24-007

59.95

61.10

1.15

0.49

1.2

0.6

MU24-007

83.30

84.00

0.70

0.54

1.3

0.7

MU24-007

414.10

415.00

0.90

0.64

1.3

0.8

MU24-007

417.20

417.85

0.65

0.59

3.0

1.8

MU24-007

423.10

423.70

0.60

0.54

1.6

0.8

MU24-007

424.80

429.20

4.40

3.99

1.4

1.4

MU24-007

437.40

437.90

0.50

0.43

6.1

2.7

MU24-007

441.00

441.60

0.60

0.52

2.1

1.1

MU24-007

459.50

460.40

0.90

0.58

1.2

0.7

MU24-007

515.60

516.45

0.85

0.65

1.4

0.9

MU24-007

520.05

520.95

0.90

0.58

8.0

4.6

MU24-007

563.10

564.00

0.90

0.64

7.4

4.7

MU24-008

50.00

50.90

0.90

0.69

1.0

0.7

MU24-008

272.25

272.80

0.55

0.48

1.1

0.5

MU24-008

278.15

279.00

0.85

0.55

0.9

0.5

MU24-008

329.00

329.55

0.55

0.35

3.4

1.2

MU24-008

349.50

350.10

0.60

0.39

2.0

0.8

MU24-008

434.50

435.40

0.90

0.58

0.9

0.5

MU24-008

580.85

581.45

0.60

0.54

1.2

0.6

MU24-008

614.50

618.35

3.85

3.62

6.1

6.1

MU24-008

621.00

621.80

0.80

0.57

1.7

1.0

MU24-009

216.35

217.10

0.75

0.57

4.5

2.6

MU24-009

229.35

230.30

0.95

0.73

2.6

1.9

MU24-009

260.40

261.35

0.95

0.73

2.0

1.5

MU24-009

290.60

291.40

0.80

0.61

2.9

1.8

MU24-009

307.60

309.20

1.60

1.03

1.2

1.2

MU24-009

312.90

313.60

0.70

0.40

10.5

4.2

MU24-009

327.05

328.00

0.95

0.32

6.9

2.2

MU24-009

376.80

377.70

0.90

0.52

25.0

12.9

MU24-009

404.70

405.30

0.60

0.39

1.3

0.5

MU24-009

483.00

483.80

0.80

0.61

0.8

0.5

MU24-009

492.45

493.00

0.55

0.48

1.9

0.9

MU24-009

568.30

569.00

0.70

0.35

4.0

1.4

MU24-010

185.40

186.30

0.90

0.64

4.2

2.7

MU24-010

199.00

200.30

1.30

0.55

5.4

3.0

MU24-010

255.25

255.95

0.70

0.49

2.5

1.3

MU24-010

274.35

275.25

0.90

0.69

1.7

1.2

MU24-010

329.05

329.75

0.70

0.40

3.4

1.4

MU24-010

355.85

356.55

0.70

0.54

9.3

5.0

MU24-010

412.00

412.70

0.70

0.49

1.9

0.9

MU24-010

414.40

415.00

0.60

0.46

2.8

1.3

MU24-010

416.60

417.80

1.20

0.92

15.0

13.8

MU24-010

486.15

486.90

0.75

0.57

0.9

0.5

MU24-010

517.75

518.90

1.15

0.94

178.9

168.5

MU24-010

522.70

523.30

0.60

0.52

2.6

1.4

MU24-010

528.00

529.80

1.80

1.63

4.1

4.1

MU24-010

539.20

543.10

3.90

2.76

39.6

39.6

MU24-010

558.20

559.20

1.00

0.57

1.1

0.6

MU24-010

566.20

566.70

0.50

0.25

2.0

0.5

MU24-010

572.40

573.00

0.60

0.30

9.7

2.9

MU24-023

48.70

49.40

0.70

0.45

3.8

1.7

MU24-023

232.10

232.90

0.80

0.51

1.1

0.5

MU24-023

490.50

491.20

0.70

0.45

1.1

0.5

MU24-023

501.40

502.00

0.60

0.46

1.2

0.5

MU24-023

523.15

523.80

0.65

0.56

1.1

0.6

MU24-023

532.00

532.90

0.90

0.64

3.7

2.3

MU24-023

535.90

536.40

0.50

0.43

1.9

0.8

MU24-023

541.60

545.25

3.65

3.16

2.7

2.7

MU24-023

566.30

567.50

1.20

0.77

2.4

1.8

MU24-023

575.75

576.50

0.75

0.53

1.8

1.0

MU24-023

578.40

579.10

0.70

0.49

1.6

0.8

MU24-023

586.25

588.15

1.90

1.22

5.9

5.9

MU24-024

275.10

276.00

0.90

0.58

7.7

4.4

MU24-024

408.70

409.50

0.80

0.69

43.0

29.8

MU24-024

485.00

485.80

0.80

0.69

69.4

48.1

MU24-024

497.50

498.00

0.50

0.25

7.7

1.9

MU24-024

507.80

508.80

1.00

0.77

1.8

1.4

MU24-024

579.50

581.40

1.90

1.46

2.3

2.3

MU24-024

587.00

587.60

0.60

0.56

7.3

4.1

MU24-024

594.00

595.40

1.40

1.21

2.9

2.9

MU24-025

231.00

231.65

0.65

0.33

5.5

1.8

MU24-025

298.95

299.50

0.55

0.39

3.2

1.2

MU24-025

357.00

357.90

0.90

0.58

2.0

1.1

MU24-025

370.70

371.30

0.60

0.46

1.1

0.5

Notes:

1.

Where true widths are greater than 1m, grades are not diluted and are presented as the grade over the composite true width.

2.

Composites that are below 0.5 g/t Au when diluted to 1 m are not reported in this table.

Table 2. Significant Intercepts from the Main Zone infill drilling program.

DRILL HOLE ID

FROM (M)

TO (M)

INTERVAL (M)

ESTIMATED TRUE WIDTH (M)

AU GRADE (G/T)

AU (G/T) OVER MIN. 1M WIDTH

MU24-018

68.70

69.30

0.60

0.52

3.8

2.0

MU24-018

108.70

109.20

0.50

0.43

22.9

9.9

MU24-018

128.85

129.20

0.35

0.30

3.3

1.0

MU24-018

145.50

146.50

1.00

0.77

7.6

5.8

MU24-018

150.90

151.70

0.80

0.61

0.8

0.5

MU24-018

156.80

157.30

0.50

0.43

9.6

4.1

MU24-018

164.80

165.60

0.80

0.61

9.4

5.8

MU24-018

180.50

181.25

0.75

0.48

1.7

0.8

MU24-018

192.60

193.50

0.90

0.58

3.0

1.7

MU24-018

195.50

196.40

0.90

0.58

1.3

0.7

MU24-018

199.00

200.00

1.00

0.64

2.1

1.3

MU24-018

201.00

201.90

0.90

0.58

0.9

0.5

MU24-018

212.00

213.00

1.00

0.94

1.1

1.0

MU24-018

219.20

220.00

0.80

0.73

2.1

1.5

MU24-018

259.40

260.30

0.90

0.78

0.9

0.7

MU24-018

262.60

265.70

3.10

0.80

16.8

13.5

MU24-018

290.15

292.00

1.85

1.60

115.8

115.8

MU24-018

295.00

299.00

4.00

3.76

1.2

1.2

MU24-018

320.20

321.50

1.30

0.84

1.6

1.3

MU24-019

81.00

82.10

1.10

1.03

9.9

9.9

MU24-019

119.80

121.40

1.60

1.03

6.9

6.9

MU24-019

154.00

156.25

2.25

1.95

3.1

3.1

MU24-019

169.05

170.10

1.05

0.91

1.9

1.7

MU24-019

182.35

184.20

1.85

0.93

7.7

7.2

MU24-019

195.70

198.50

2.80

1.80

1.9

1.9

MU24-019

204.00

204.50

0.50

0.38

12.0

4.6

MU24-019

221.75

224.30

2.55

1.64

2.1

2.1

MU24-019

251.30

251.90

0.60

0.46

1.9

0.9

MU24-019

255.10

255.80

0.70

0.54

1.7

0.9

MU24-019

291.60

292.20

0.60

0.52

2.3

1.2

MU24-019

302.35

302.85

0.50

0.17

67.6

11.6

MU24-020

134.00

134.40

0.40

0.20

12.1

2.4

MU24-020

147.60

148.15

0.55

0.52

2.3

1.2

MU24-020

157.00

159.30

2.30

1.48

1.0

1.0

MU24-020

174.20

177.00

2.80

1.80

4.9

4.9

MU24-020

183.60

184.45

0.85

0.65

1.9

1.2

MU24-020

188.65

189.20

0.55

0.42

1.4

0.6

MU24-020

190.00

191.00

1.00

0.77

4.4

3.4

MU24-020

201.90

202.50

0.60

0.46

1.2

0.6

MU24-020

208.90

211.00

2.10

1.97

1.0

1.0

MU24-020

235.75

237.60

1.85

0.63

6.3

4.0

MU24-020

264.65

266.20

1.55

1.34

43.0

43.0

MU24-021

81.00

82.00

1.00

0.87

1.4

1.2

MU24-021

101.80

102.60

0.80

0.69

1.2

0.8

MU24-021

119.60

120.55

0.95

0.82

12.0

9.9

MU24-021

191.85

192.75

0.90

0.78

1.1

0.8

MU24-021

197.00

198.00

1.00

0.87

1.0

0.9

MU24-021

209.00

209.70

0.70

0.61

9.9

6.0

MU24-021

219.50

220.10

0.60

0.52

3.8

2.0

MU24-021

233.70

234.30

0.60

0.52

21.4

11.1

MU24-021

263.30

264.10

0.80

0.69

1.0

0.7

MU24-022

194.10

194.50

0.40

0.35

59.3

20.5

MU24-022

230.00

231.00

1.00

0.87

1.5

1.3

MU24-022

254.00

255.00

1.00

0.87

1.7

1.4

MU24-022

284.00

285.00

1.00

0.87

0.8

0.7

Notes:

1.

Where true widths are greater than 1 m, grades are not diluted and are presented as the grade over the composite true width.

2.

Composites that are below 0.5 g/t Au when diluted to 1 m are not reported in this table.

Table 3. Significant Intercepts from the Aurora Extension drilling program.

DRILL HOLE ID

FROM (M)

TO (M)

INTERVAL (M)

ESTIMATED TRUE WIDTH (M)

AU GRADE (G/T)

AU (G/T) OVER MIN. 1M WIDTH

MU23-053

411.90

414.15

2.25

1.92

3.8

3.8

MU23-053

433.00

434.00

1.00

0.85

0.9

0.7

MU23-053

436.15

437.15

1.00

0.85

1.9

1.6

MU23-054

257.55

258.20

0.65

0.22

3.7

0.8

MU23-054

265.40

266.10

0.70

0.24

3.2

0.8

MU23-054

339.50

340.00

0.50

0.17

7.8

1.3

MU23-054

403.30

406.55

3.25

1.63

1.9

1.9

MU23-054

463.00

463.80

0.80

0.40

4.6

1.8

MU23-055

246.70

247.20

0.50

0.32

8.0

2.6

MU23-055

266.30

267.20

0.90

0.58

1.2

0.7

MU23-055

298.35

298.75

0.40

0.14

31.3

4.4

MU23-055

341.00

342.10

1.10

0.55

1.2

0.7

MU23-055

348.85

350.40

1.55

0.78

3.2

2.5

MU23-055

417.30

418.35

1.05

0.67

1.7

1.2

MU23-056

264.10

265.90

1.80

0.61

1.9

1.1

MU23-056

430.15

431.45

1.30

0.55

57.3

31.5

MU23-056

435.50

436.15

0.65

0.50

17.6

8.8

MU23-056

462.00

462.90

0.90

0.57

2.4

1.4

MU23-056

488.80

489.10

0.30

0.19

4.6

0.9

MU23-057

296.40

296.90

0.50

0.25

2.5

0.6

MU23-057

373.00

373.70

0.70

0.54

2.0

1.1

MU23-057

476.50

477.10

0.60

0.16

3.6

0.6

MU24-001

124.40

125.40

1.00

0.50

2.2

1.1

MU24-001

325.20

327.60

2.40

1.70

3.9

3.9

MU24-001

416.00

416.55

0.55

0.50

1.5

0.8

MU24-002

64.10

64.80

0.70

0.61

1.3

0.8

MU24-002

346.60

347.20

0.60

0.52

4.4

2.3

MU24-003

19.40

20.00

0.60

0.34

13.3

4.6

MU24-003

154.30

155.30

1.00

0.64

0.8

0.5

MU24-003

331.00

331.85

0.85

0.60

1.6

1.0

MU24-003

442.60

443.60

1.00

0.77

1.4

1.0

MU24-004

18.75

19.10

0.35

0.25

42.7

10.6

MU24-004

73.05

74.05

1.00

0.34

1.5

0.5

MU24-004

296.65

296.95

0.30

0.15

5.6

0.8

MU24-004

344.80

352.20

7.40

3.70

3.4

3.4

MU24-004

390.45

390.80

0.35

0.15