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Mandalay Resources Corporation Provides Year-End 2020 Reserves and Resources for Costerfield and Björkdal Operations Grows gold reserves at Costerfield by 25%; maintains long mine life at Björkdal TORONTO, Feb. 23, 2021 (GLOBE NEWSWIRE) Mandalay Resources Corporation ( Mandalay or the Company ) (TSX: MND, OTCQB: MNDJF) is pleased to announce updated Mineral Resources and Reserves estimates for its Costerfield gold-antimony mine in Victoria, Australia and its Björkdal gold mine in Skellefteå, Sweden as at December 31, 2020. All dollar amounts in this press release are in U.S. dollars unless otherwise noted. Highlights: Costerfield Proven and Probable Mineral Reserves for contained gold and antimony increased by 25% and 22%, respectively, net of depletion for 2020 production;

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