• Operations

Chile

Cerro Bayo Mine (currently on care and maintenance)

On October 8, 2019, Mandalay entered into a binding exploration option agreement with Equus Mining whereby Equus has the option acquire the Cerro Bayo mine for a 19% stake in Equus and a 2.25% NSR (once 50 Koz AuEq. have been produced). Equus would also cover 50% of the previously mentioned reclamation liability on acquisition of the property. There is a $13 million reclamation bond requirement over the next five years, of which Mandalay has committed $2.5 million.

Challacollo Mine

On November 12, 2019, Mandalay entered into a definitive sale agreement with Aftermath Silver for C$10.5 million (C$7.5 million in non-contingent consideration in the form of cash and shares plus a 3% NSR on Challacollo, capped at C$3.0 million).

La Quebrada

This is a copper silver development property located in the Coquimbo region of Chile, neighbouring the Minera San Jeronimo owned Tugal open pit with current indicated resource of 459M lb Cu and 11.2M oz Ag.