Mandalay Resources Corporation reported production results for the fourth quarter and full year of 2021. In the fourth quarter of 2021, the Company produced a total of 25,596 ounces of gold, 830 tonnes of antimony and 50,556 ounces of silver representing a total of 32,362 ounces of gold equivalent, versus 24,488 ounces of gold and 858 tonnes of antimony in the fourth quarter of 2020, representing a total of 27,351 ounces of gold equivalent. Production at Björkdal was 11,190 ounces of gold in the fourth quarter of 2021 as compared to 12,252 ounces of gold in the fourth quarter of 2020. Production at Costerfield was 13,397 ounces of gold and 830 tonnes of antimony in the fourth quarter of 2021 versus 12,236 ounces gold and 858 tonnes antimony in the fourth quarter of 2020. Production at Cerro Bayo was 1,009 ounces of gold and 50,556 ounces of silver in the fourth quarter of 2021 versus no production in the fourth quarter of 2020. In the fourth quarter of 2021, the Company sold a total of 28,570 ounces of gold, 1,334 tonnes of antimony and 39,614 ounces of silver, representing a total of 38,904 ounces of gold equivalent, versus 21,689 ounces of gold and 915 tonnes of antimony in the fourth quarter of 2020, representing a total of 24,742 ounces of gold equivalent. Björkdal sold 10,749 ounces of gold in the fourth quarter of 2021 versus 10,746 ounces of gold in the fourth quarter of 2020. Costerfield sold 17,057 ounces of gold and 1,334 tonnes of antimony in the fourth quarter of 2021 versus 10,943 ounces of gold and 915 tonnes of antimony in the fourth quarter of 2020. Cerro Bayo sold 764 ounces of gold and 39,614 ounces of silver in the fourth quarter of 2021 versus no sales in the fourth quarter of 2020.

For the year, the company produced a total of 98,292 ounces gold, 3,380 tonnes antimony and 266,596 ounces of silver, representing a total of 123,002 ounces of gold equivalent production, versus 90,254 ounces gold and 3,903 tonnes of antimony, representing a total of 103,444 ounces of gold equivalent in 2020. Production at Björkdal was 45,236 ounces gold. Production at Costerfield was 47,753 ounces gold and 3,380 tonnes antimony. Production at Cerro Bayo was 5,303 ounces of gold and 266,596 ounces of silver. The company sold 100,203 ounces gold, 3,627 tonnes antimony and 217,034 ounces of silver, representing a total of 126,241 ounces of gold equivalent, versus 87,432 ounces gold and 3,744 tonnes antimony, representing a total of 99,935 ounces of gold equivalent in 2020. Björkdal sold 46,254 ounces gold. Costerfield sold 49,585 ounces gold and 3,627 tonnes antimony. Cerro Bayo sold 4,364 ounces gold and 217,034 ounces silver.