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Mandalay Resources Corporation Announces the Results of its Annual General and Special Meeting of Shareholders

TORONTO, May 20, 2020 (GLOBE NEWSWIRE) -- Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND, OTCQB: MNDJF) is pleased to announce the results of its Annual General and Special Meeting of Shareholders (the “Meeting”) held today in Toronto, Ontario. All of the resolutions presented at the Meeting were approved by the shareholders, with the votes cast by proxy representing 82.17% of the total shares outstanding as of the proxy cut-off date, May 15, 2020.

Election of Directors

The number of directors was fixed at seven members and each of the seven nominees listed in the Company’s management information circular dated April 3, 2020 (the “Circular”) were re-elected to the Company’s Board of Directors. Abraham Jonker remains the lead independent director and Bradford Mills continues as Chair. The vote was conducted by a show of hands. Results of the votes cast by proxy are set out below.

Resolution Votes Cast by Proxy For % For Votes Cast by Proxy Withheld % Withheld
Abraham Jonker 74,245,710 99.55 334,224 0.45
Amy Freedman 74,401,831 99.76 178,103 0.24
Bradford A. Mills 74,542,716 99.95 37,218 0.05
Dominic Duffy 74,555,651 99.97 24,283 0.03
Peter R. Jones 74,542,314 99.95 37,620 0.05
Robert Doyle 74,542,861 99.95 37,073 0.05
Terrell Ackerman 74,540,756 99.95 39,178 0.05

Appointment of Auditors

Ernst & Young LLP was re-appointed as the auditor of the Company to hold office until the close of the next Annual Meeting of the Shareholders, or until their successor is otherwise appointed, and the directors were authorized to fix the auditor’s remuneration. The vote was conducted by a show of hands. Results of the votes cast by proxy are set out below.

Resolution Votes Cast by Proxy For % For Votes Cast by Proxy Withheld % Withheld
Appointment of Auditors 74,832,277 99.98 16,414 0.02

Omnibus Equity Incentive Plan

The resolution to approve the Company’s Omnibus Equity Incentive plan was passed. The vote was conducted by a show of hands. Results of the votes cast by proxy are set out below.

Resolution Votes Cast by Proxy For % For Votes Cast by Proxy Against % Against
Approval of Omnibus Equity Incentive Plan 74,247,524 99.55 332,410 0.45

For Further Information:

Dominic Duffy
President and Chief Executive Officer

Edison Nguyen
Manager, Analytics and Investor Relations

Contact:
647.260.1566

About Mandalay Resources Corporation:

Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia and Sweden, and care and maintenance and development projects in Chile. The Company is focused on growing production at its gold and antimony operation in Australia, and gold production from its operation in Sweden to generate near-term cash flow.