ALCHEMY RESOURCES LIMITED — AGM Information 2020

Nov 11, 2020

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AGM Presentation 12 November 2020

Turning rocks into gold ASX: ALY

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Karonie RC Karonie RC Drilling Results Overflow / Karonie Drilling Results Yellow Mtn Targets Announced Drilling Commencement ❑ Shares on Issue: 672M ❑ Unlisted Options: 60M (2.5c to 12c) ❑ Share Price: 2.0c (10 Nov 2020) ❑ Market Cap: $13.4M ❑ Cash: $2.3M (30 Sept 2020)

❑	No. of Shareholders:	1,405
❑	Top 20:	62.6%
❑	Northern Star Resources:	11.6%
❑	Neil Watson:	9.7%
❑	Lindsay Dudfield:	7.8%

❑	Lindsay Dudfield:	Non-Executive Chairman
❑	Leigh Ryan:	Managing Director
❑	Liza Carpene:	Non-Executive Director
❑	Anthony Ho:	Non-Executive Director
❑	Bernard Crawford:	Company Secretary / CFO

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• ❑ Staff, administration and corporate costs averaging <$100K per quarter

• ❑ Exploration Expenditure to Total Expenditure Ratio being maintained above 60%

• ❑ 2020 exploration statistics: 256 geochem samples and 698.6m diamond, 2623m RC & 1198m aircore drilling

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• 1,180km[2] (915km[2] granted, 265km[2] under application)

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• Quality gold project in well established gold province 100km east of Kalgoorlie

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Numerous drill targets surrounding Silver Lake’s Aldiss Mining Centre - 0.6Moz @ 1.9g/t Au[1] (Silver Lake Resources ASX: SLR)

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• 38km strike of Claypan Shear Zone

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• ✓ Hosts Bombora resource 1.0Moz @ 1.3g/t Au[2] (Breaker Resources ASX: BRB)

• ✓ Covered by shallow transported alluvium

• ✓ Only 4 lines of RAB drilling to date

• ✓ Wide-spaced, targeted RAB drilling planned

1. Refer to Silver Lake Resources Limited ASX announcement dated 19 August 2020 2. Refer to Breaker Resources Limited ASX announcement dated 2 September 2019 3. Refer to http://www.portergeo.com.au/database/mineinfo.asp?mineid=mn955

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• ❑ Recent drilling focussed along strike to the north and south of Silver Lake’s mining lease (Karonie-Harrys Hill-Tank 0.5Moz @ 1.9g/t Au[2] )

• ✓ Parmelia

• ✓ Taupo

• ✓ KZ5

• ❑ Additional gold targets along strike to the south of Silver Lake’s French Kiss deposit (0.1Moz @ 1.8g/t Au[2] )

• ✓ Esplanade

• ✓ Esplanade South

• ✓ Batavia

• ❑ Operational haul road links Karonie to Silver Lake’s Randalls Gold Processing Facility (~50km to the west)

1. Refer to Alchemy Resources Limited ASX announcements dated 9 December 2019 & 15 July 2020 2. Refer to Silver Lake Resources Limited ASX announcement dated 19 August 2020

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• ❑ Parmelia RC drilling - 26m @ 1.6g/t Au[1]

• ❑ Minz, altered dolerite open in all directions

• ❑ Extension RC drilling results due early Dec

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1. Refer to Alchemy Resources Limited ASX announcement dated 15 July 2020.
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• ❑ KZ5: interpreted VMS system, Alchemy drilling - 26m @ 1.3g/t Au, 0.9% Zn[2]

• ❑ Mineralisation in massive sulphides, open to the north and down dip where previous downhole EM conductivity highs remain untested

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1. Refer to Alchemy Resources Limited ASX announcement dated 9 December 2019

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PARMELIA
TANK SOUTH
Silver Lake Resources Mining Lease
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TAUPO
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Long Section (458050E +/- 500m)

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• ❑ New project under application (520km[2] )

• ❑ Highly prospective geological setting covering greenstones, internal granites, and known gold bearing structures

• ❑ 10km south-east of Carosue Dam 5.4Moz @ 2.0g/t Au[1] (Saracen Mineral Holdings ASX: SAR)

• ❑ 6km west of Rebecca, Duchess and Duke deposits 1Moz

• @ 1.2g/t Au[2] (Apollo Consolidated Limited ASX: AOP)

• ❑ Exploration data compilation underway

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1. Refer to Saracen Mineral Holdings Limited ASX announcement dated 1 August 2019

2. Refer to Apollo Consolidated Limited ASX announcement dated 10 February 2020

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Alchemy 51% : Heron Resources 49%

• $100K spend by May 2021 to earn 80%

• 1,055km[2] granted tenure

Gilmore Suture focus: host to Evolution’s Cowal gold deposit ( 9Moz @ 1.1g/t Au[1] (Evolution Mining Limited ASX: EVO)

• ✓ Overflow Prospect

• ✓ Yellow Mountain Mine

• ✓ Melrose Prospect

West Lynn Project: contains large tonnage, low iron lateritic Ni-Co & Alumina resources (inferred)

• ✓ 21.3Mt @ 0.84% Ni, 0.05% Co[2]

• ✓ 6.6Mt @ 20.8% Al2O3 (HPA)[3]

• ✓ Good initial metallurgical recoveries

• ✓ Excellent exploration upside

• Refer to https://evolutionmining.com.au/reservesresources/

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Refer to Alchemy Resources Limited ASX announcement dated 19 Feb 2019 Refer to Alchemy Resources Limited ASX announcement dated 19 June 2019

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• ❑ Hera-style, shear hosted high grade gold and base metal mineralisation, open down plunge to the south

• ❑ Two diamond holes drilled into down plunge target area both intercepting 12-15m thick shear with qtz v’s & sulphides

• ❑ Downhole EM completed in OFDD004, first assay results expected early December 2020

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Plan showing >1g/t Au grade shell, previous drilling and current drilling (red traces) over satellite image

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OFDD003: sheared quartz-sphalerite
(271.65 - 271.8m)
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OFDD003: sheared quartz vein with semi-massive pyrite-sphalerite-galena (277.4 - 277.6m)

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Ref. Alchemy Resources ASX Announcement 12 October 2020

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• Extensive historic workings located 20km south of the Overflow Prospect

• Thick gold and base metal drill intercepts within an apparent NE-plunging shoot

Interpreted VMS system containing massive sulphides

Strong, untested IP chargeability high located down plunge to the NE – potentially representing disseminated sulphides within a VMS feeder zone

• ❑ Native Title formalities to be completed

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• IP anomaly and NE plunging mineralised shoot to be drill tested early 2021

IP chargeability plan (300m below surface)

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IP chargeability section (6408000N)

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Ref. Alchemy Resources ASX Announcement 9 June 2020

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• ❑ 12km long hydrothermal altn zone containing magn + Mo geochemically similar to porphyry Cu-Au systems (e.g. Cadia-Ridgeway)

• ❑ Magnetic high comprised of hydrothermally altered & brecciated sediments and volcaniclastic rocks

• ❑ Re-Os dating on Mo in alteration zone returned 424Ma (similar age to intrusives & mineralisation at Mineral Hill Mine 10km to east)

• ❑ No drilling >100m deep into altn zone, deeper drilling into Fountaindale intrusive returned gold intercepts and low level copper

• ❑ Fountaindale intrusive a potential apophysis off a larger mineralised intrusion at depth

• ❑ Porphyry Cu-Au and geochemistry experts engaged, and surface IP survey is planned to detect disseminated sulphides and target deeper drilling

Melrose (left) and Cadia-Ridgeway (right) magnetite anomalies at the same scale

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• ❑ Fountaindale intrusive drill intercepts

• ❑ 3.3m @ 3.1g/t Au from 73m

• ❑ 2.5m @ 3.1g/t Au from 70m

• ❑ 2.0m @ 3.1g/t Au from 56m

• ❑ 1m @ 4.5g/t Au from 44m

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3D model of Melrose
magnetite alteration
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Ref. Alchemy Resources ASX Announcement 9 June 2020
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❑ Sandfire Resources NL (ASX: SFR) Joint Venture along strike of DeGrussa

• ❑ 1,400 aircore holes planned to SE of Horseshoe Lights copper mine, due to commence Q4 2020

❑ Alchemy’s 20% interest carried to production, then 20% share of costs repaid from 50% of Alchemy’s share of free cash flow

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• ❑ Superior Gold Inc. (TSX-V: SGI) Joint Venture - Alchemy’s 20% interest carried to production with 20% share of costs repaid from 50% of Alchemy’s share of free cash flow (10% of mining free cash flow until carried costs are repaid)

• ❑ Hermes South deposit - JORC 2012 inferred resource of 114Koz @ 1.6g/t Au[1 ] – mining proposed for Q2 2021[2]

• ❑ Alchemy retains a 1% NSR on 20,000oz beyond 70,000oz of gold production from Hermes[3] (currently at ~53,535oz)[4]

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1 Refer to Alchemy ASX announcement dated 8 May 2019 2 Refer to Alchemy ASX announcement dated 31 July 2020 3 Refer to Alchemy ASX announcement dated 24 February 2015 4 Refer to Superior Gold Inc. website (Int. Analyst Center)

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• ❑ Wide spaced drilling by Sandfire along strike of DeGrussa delineated several gold and base metal anomalies

• ❑ Best gold intercepts include[1] :

5m @ 6.4g/t Au from 100m 5m @ 2.7g/t Au from 65m 5m @ 2.0g/t Au from 65m 5m @ 1.6g/t Au from 65m (* require follow-up drilling)

• ❑ Several DeGrussa style VMS pathfinder element drill targets also remain untested

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Maximum Downhole Copper over Regional Gravity Image

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1 Refer to Alchemy ASX announcements dated 8 July 2019, 23 Sept 2019 and 30 Jan 2020

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Exploration Program	**Nov-20 **	**Dec-20 **	**Jan-21 **	**Feb-21 **	**Mar-21 **	**Apr-21 **	**May-21 **	Jun-21
Overflow diamond drillingresults	✓	✓
Overflow DHEM	✓	✓
Karonie RC drillingresults	✓	✓
Bryah Basin - SFR AC drillingcommencement & results(WA)		✓	✓	✓	✓	✓	✓
Yellow Mountain Mine drillingcommencement(NSW)				✓
Yellow Mountain Mine drilling& results				✓	✓
Melrose IP surveycommencement & results(NSW)					✓	✓
Claypan Shear Zone RAB drillingcommencement(WA)							✓
Claypan Shear Zone RAB drilling& results							✓	✓
✓ Potential ASX Announcement

Western Australia

New South Wales

❑ Karonie Project

❑ Overflow and Yellow Mountain Projects

✓ Parmelia RC drilling

✓ Aldiss / Gilmore AC drilling

• ✓ Claypan Shear Zone RAB drilling

• ✓ Overflow diamond drilling

• ✓ Yellow Mountain Mine RC & diamond drilling

• ✓ Melrose IP survey

❑ Lake Rebecca Project

✓ Data compilation

✓ Exploration program design

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• ❑ Excellent Gold Potential ;

• ✓ Karonie Gold Project – quality drill targets, close to existing resources and processing infrastructure

• ✓ Lake Rebecca Gold Project – newly pegged, quality geological setting, known gold bearing structures and close to existing resources

• ✓ Mining proposed at Hermes & Hermes South gold deposits mid-2021(potential cash inflow for Alchemy)

• ❑ High Quality Gold and Base Metal Targets ;

• ✓ Overflow Project – Hera style high grade gold & base metal drill targets

• ✓ Yellow Mountain Project – prospective porphyry Cu-Au & VMS targets

• ✓ Sandfire Resources Bryah Basin JV – high intensity, fully funded base metal exploration

• ❑ Nickel-Cobalt and Alumina Resources ;

• ✓ Large tonnage Ni-Co & alumina (potential HPA) resources at West Lynn with good exploration upside

• **Enterprise Value of ~$11M = highly leveraged to exploration success within quality projects ***

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ABN 17 124 444 122

Disclaimer

This presentation has been prepared by Alchemy Resources Limited ( Alchemy or the Company ). This document contains background information about Alchemy current at the date of this presentation. The presentation is in summary form and does not purport to be all inclusive or complete. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this presentation.

This presentation is for information purposes only. Neither this presentation nor the information in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction. This presentation may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdictions. Recipients should inform themselves of the restrictions that apply in their own jurisdiction. A failure to do so may result in a violation of securities laws in such a jurisdiction.

This presentation does not constitute investment advice and has been prepared without taking into account the recipient’s investment objectives, financial circumstances or particular needs and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments.

To the fullest extent permitted by law, Alchemy and its officers, employees, agents and advisers do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility for any errors or omissions from this presentation arising out of negligence or otherwise is accepted.

This presentation may include forward looking statements. Forward looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of Alchemy. Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, recipients are cautioned not to place reliance on forward looking statements. Any forward looking statements in this presentation speak only at the date of issue of this presentation. Subject to any continuing obligations under any applicable law and the ASX Listing Rules, Alchemy does not undertake any obligation to update or revise any information or any of the forward looking statements in this presentation of any changes in events, conditions or circumstances on which any such forward looking statement is based.

Competent Person’s Statement

The information in this report that relates to Exploration Results is based on information compiled by Mr Leigh Ryan, who is the Managing Director of Alchemy Resources Limited and holds shares and options in the Company. Mr Ryan is a Member of the Australian Institute of Geoscientists and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (‘JORC Code 2012’). Mr Ryan consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Mineral Resources at the Hermes South Gold Deposit is based on information compiled by Mr Stephen Hyland, a geological consultant working for Superior Gold Inc. Mr Hyland is a Fellow of The Australasian Institute of Mining and Metallurgy, and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (‘JORC Code 2012’). Mr Hyland consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Mineral Resources at the West Lynn Nickel-Cobalt-Alumina Deposit is based on information compiled by Stephen Godfrey, who is an employee of Resource Evaluation Services Pty Ltd, a consultant to Alchemy Resources Limited. Mr Godfrey is a Fellow of the Australasian Institute of Mining and Metallurgy and a member of the Australian Institute of Geoscientists, and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (‘JORC Code 2012’). Mr Godfrey consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to the Mineral Resources is based on information announced to the ASX on 19 February 2019 (West Lynn Ni-Co), 19 June 2019 (West Lynn Al2O3) and 31 July 2020 (Hermes South Au). Alchemy confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements, and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply.

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Table A: Hermes South Joint Venture Indicated and Inferred Mineral Resource Estimate (compliant with the JORC Code 2012 guidelines)

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Hermes South Tonnes (Mt) Grade (g/t Au) Au (Ounces)
Indicated 1.29 1.7 72,000
Inferred 0.95 1.4 42,000
Total 2.24 1.6 114,000
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Notes:

• Joint Venture resource estimate reported on a 100% basis (Superior Gold 80%, Alchemy Resources 20%).

• Top-cuts were applied to the drill hole composite file prior to grades being interpolated

• A lower cut-off of 0.6 g/t Au was used to report the resource

• All figures rounded to reflect the appropriate level of confidence (apparent differences may occur due to rounding)

• Refer to Alchemy ASX announcement dated 8 May 2019

Table B: West Lynn Project Inferred Ni-Co Mineral Resource Estimate (compliant with the JORC Code 2012 guidelines)

Deposit	Tonnes(Mt)	Ni %	Co %	Al %	Fe %
West Lynn	14.7	0.85	0.05	2.4	20.2
Summervale	6.6	0.82	0.04	2.4	19.7
TOTAL	21.3	0.84	0.05	2.4	20

Notes:

• A lower cut-off of 0.6 g/t Au was used to report the resource

• All figures rounded to reflect the appropriate level of confidence (apparent differences may occur due to rounding)

• Refer to Alchemy Resources Limited ASX announcement dated 19 February 2019

Table C: Summervale Inferred Alumina Mineral Resource Estimate (compliant with the JORC Code 2012 guidelines)

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Deposit Tonnes (Mt) Al2O3% Fe2O3% K2O% Na2O% TiO2% SiO2%
Summervale 6.55 20.8 2.8 1.79 0.43 1.15 64.2
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Notes:

• A lower cut-off of 18% Al2O3 was used to report the resource

• All figures rounded to reflect the appropriate level of confidence (apparent differences may occur due to rounding)

• The grades are not screened/beneficiated figures

• Refer to Alchemy Resources Limited ASX announcement dated 19 June 2019

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