Mandalay Resources Corporation Announces CEO Transition Plan and Senior Management Promotions

TORONTO, Dec. 06, 2022 (GLOBE NEWSWIRE) -- Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND, OTCQB: MNDJF) today announced that Dominic Duffy has advised the board of directors of his decision to resign as President and Chief Executive Officer for personal reasons. Mr. Duffy will continue to serve as CEO and assist with the transition of leadership until his departure in July 2023. He will also remain on the board in a non-executive capacity after his departure as CEO. Mandalay’s board of directors have engaged a recruiting firm to lead the search process for Mr. Duffy’s successor.

Mandalay is also pleased to announce that, effective December 15, 2022, Ryan Austerberry will be promoted to the role of Chief Operating Officer. Mr. Austerberry is currently the General Manager of Mandalay’s Costerfield mine and was previously the General Manager of Mandalay’s other operating mine, Björkdal. Adam Self, the current Mine Manager at Costerfield, will replace Mr. Austerberry as Costerfield’s General Manager.

Bradford Mills, Executive Chairman, commented:

“On behalf of everyone at Mandalay, I would like to extend our deepest thanks to Dominic for his strategic vision, leadership and dedication to Mandalay over the past 12 years. In particular, Dominic played a crucial role in Mandalay’s turnaround over the past four years, leading a dramatic improvement of our operating performance and financial results.

“When Dominic was appointed CEO in 2018, Mandalay was facing significant operational and liquidity issues. He led Mandalay through these challenges by successfully recapitalizing the Company, disposing of our non-core assets, transforming both operations and achieving significant exploration success, particularly at Costerfield. His efforts led to the Company’s remarkable performance since then, and he leaves Mandalay in a very strong financial position with two producing mines that are generating significant free cash flow and have significant additional exploration potential. We are also glad that Dominic has agreed to continue to serve as a director following his departure as CEO, which will ensure leadership continuity and maintain a strong technical presence on the Mandalay board.