Mandalay Resources Announces the Results of its Annual General Meeting

Rhea-AI Summary

Mandalay Resources announced the outcomes of its Annual General Meeting held on May 28, 2024. The shareholders approved all the resolutions presented, with proxy votes representing 39.14% of outstanding shares. Seven directors were re-elected, including Bradford Mills as Chair and Abraham Jonker as lead independent director. KPMG LLP was reappointed as the company's auditor. Mandalay Resources is focused on increasing production and reducing costs at its Australian and Swedish mines, aiming for high-grade exploration and maximizing profit margins.

Positive

• Shareholders approved all resolutions presented at the Annual General Meeting.
• Seven directors were re-elected with high approval rates, ensuring continuity in leadership.
• Bradford Mills continues as Chair and Abraham Jonker remains as lead independent director.
• KPMG LLP was reappointed as the auditor, securing experienced financial oversight.
• Mandalay is committed to increasing production and reducing costs at its Costerfield and Björkdal mines.
• The company aims to mine high-grade veins and extend Mineral Reserves at Costerfield.
• Mandalay plans to increase production from higher-grade areas at Björkdal to maximize profit margins.

Negative

• Proxy votes represented only 39.14% of the total shares outstanding, indicating shareholder participation.
• Robert Doyle received the lowest approval rate among directors at 98.48%, suggesting some shareholder dissatisfaction.

TORONTO, May 28, 2024 /PRNewswire/ - Mandalay Resources Corporation ("Mandalay" or "the Company") (TSX: MND) (OTCQB: MNDJF) is pleased to announce the results of its Annual General Meeting of Shareholders (the "Meeting") held today virtually. All the resolutions presented at the Meeting were approved by the shareholders, with the votes cast by proxy representing 39.14% of the total shares outstanding as of the record date.

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 18, 2024, were re-elected to the Company's Board of Directors. Abraham Jonker remains the lead independent director and Bradford Mills continues as Chair. Results of the votes cast by proxy are set out below.

Resolution	Votes Cast by Proxy For	% For	Votes Cast by Proxy Withheld	% Withheld
Bradford A. Mills	36,400,647	99.91 %	34,611	0.09 %
Abraham Jonker	36,412,170	99.94 %	23,088	0.06 %
Amy Freedman	36,289,155	99.60 %	146,103	0.40 %
Dominic Duffy	36,302,582	99.64 %	132,676	0.36 %
Frazer Bourchier	36,410,390	99.93 %	24,868	0.07 %
Julie Galloway	36,411,330	99.93 %	23,928	0.07 %
Robert Doyle	35,882,067	98.48 %	553,191	1.52 %

Appointment of Auditors

KPMG LLP was 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. 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	36,413,358	99.94 %	21,900	0.06 %

About Mandalay Resources Corporation:

Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia (Costerfield gold-antimony mine) and Sweden (Björkdal gold mine). The Company is focused on growing its production and reducing costs to generate significant positive cashflow. Mandalay is committed to operating safely and in an environmentally responsible manner, while developing a high level of community and employee engagement.

Mandalay's mission is to create shareholder value through the profitable operation and regional exploration programs, at both its Costerfield and Björkdal mines. Currently, the Company's main objectives are to continue mining the high-grade Youle and Shepherd veins at Costerfield, and to extend Mineral Reserves. At Björkdal, the Company will aim to increase production from the Eastern Extension area and other higher-grade areas in the coming years, in order to maximize profit margins from the mine.

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SOURCE Mandalay Resources Corporation

FAQ

What were the results of Mandalay Resources' Annual General Meeting on May 28, 2024?

All resolutions were approved, including the re-election of seven directors and the reappointment of KPMG LLP as auditors.

Who were re-elected to Mandalay Resources' Board of Directors?

Bradford Mills, Abraham Jonker, Amy Freedman, Dominic Duffy, Frazer Bourchier, Julie Galloway, and Robert Doyle were re-elected.

What percentage of votes did Bradford Mills receive for his re-election?

Bradford Mills received 99.91% of the votes cast by proxy.

Who is the auditor for Mandalay Resources following the Annual General Meeting?

KPMG LLP was reappointed as the auditor.

What are Mandalay Resources' main objectives for their mines?

Mandalay aims to mine high-grade veins at Costerfield and increase production from high-grade areas at Björkdal to maximize profit margins.