Mandalay Resources Appoints Scott Trebilcock as EVP and Chief Development Officer to Support Growth Strategy

TORONTO, ON – October 31, 2023 – Mandalay Resources Corporation (“Mandalay” or “the Company”) (TSX: MND, OTCQB: MNDJF) is pleased to announce the appointment of Scott Trebilcock as Executive Vice President and Chief Development Officer, effective immediately.

Frazer Bourchier, President and CEO stated:

“Scott’s appointment signals Mandalay’s transition to a new phase of growth and its vision to become a critical player within a consolidated gold sector. Scott brings both extensive industry technical expertise and business transactional acumen which will serve Mandalay well as we pursue opportunities to build a new mid-tier gold producer. Scott and I have worked closely together in the past, including at Nevsun Resources Ltd., where he was involved in its eventual sale to Zijin Mining for $1.9 billion in 2018.”

Scott Trebilcock, EVP and CDO commented:

“I am excited to join Mandalay and help advance its growth strategy. The Company has a solid multi-asset operational foundation and the advantage of a strong capital structure, a supportive shareholder base, and a lean management team. I look forward to working alongside Frazer and supporting the Mandalay team and Board in leading the Company into its next phase of growth.”

Mr. Trebilcock has over 25 years of experience as a process engineer, management consultant, and mining executive. Mr. Trebilcock was Chief Development Officer of Nevsun Resources Ltd., responsible for strategy, corporate development and investor relations. Prior to joining Mandalay, Mr. Trebilcock was consulting on strategy and corporate development matters to various mining companies. Mr. Trebilcock was also previously the CEO of junior gold developer KORE Mining Ltd. and is a founder and Director of several junior gold exploration companies.

Mr. Trebilcock holds a B.Sc. in Chemical Engineering and an MBA, both from Queen’s University and is a Chartered Director.

For Further Information:

Frazer Bourchier
President and Chief Executive Officer

Edison Nguyen
Director, Business Valuations and IR

NT4