ALCHEMY RESOURCES LIMITED — AGM Information 2021

Nov 17, 2021

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ANNUAL GENERAL MEETING PRESENTATION ASX: ALY www.alchemyresources.com.au

DISCLAIMER

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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 James Wilson, who is the Chief Executive Officer of Alchemy Resources Limited and holds shares and options in the Company. Mr Wilson 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 Wilson 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 West Lynn and Summervale estimates were completed by Stephen Godfrey of Resource Evaluation Services, who is a Fellow of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. 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 (Summervale 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.

The information in this report that relates to Karonie Mineral Resources is based on information compiled by Richard Maddocks, a Competent Person who is a Fellow of The Australasian Institute of Mining and Metallurgy. Richard Maddocks is an employee of Auranmore Consulting. Richard Maddocks has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Richard Maddocks consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Page 1

Investment Snapshot

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Dominant position in WA Gold Belts

• Strategic 1,800km[2] package of prospective gold and base metals tenements along the Keith Kilkenny shear

• ALY commands the largest position of the three main groups which controls this land package

Near term production via JV’s

• Superior Gold Joint Venture to mine the Hermes + Hermes South deposit in early 2022

• Sandfire Resources NL Joint Venture (ALY 20% interest) free carried to production

NSW Gold and Base metals: (ALY 80%)

• –

• Large Scale potential from Cu-Au porphyries some not explored since 1986

Low valuation compared to exploration peers

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Page 2

Corporate Overview

CAPITAL STRUCTURE	CAPITAL STRUCTURE
SHARES ON ISSUE(post rights issue)	952M
MARKET CAP1	$11.4M
CASH(post rights issue)**	$3.5M
ENTERPRISE VALUE **	$8.1M

MAJOR SHAREHOLDERS

NORTHERN STAR RESOURCES

NEIL WATSON

LINDSAY DUDFIELD

TOP 20 60%

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BOARD & MANAGEMENT

NON-EXECUTIVE CHAIRMAN LINDSAY DUDFIELD Geologist, +30 years experience, Exec Director Jindalee Resources, NED Energy Metals CHIEF EXECUTIVE OFFICER JAMES WILSON Geologist, +20 years experience, former gold analyst for prominent WA broking houses NON-EXECUTIVE DIRECTOR LIZA CARPENE Former Company Secretary NST, Current NED Mincor Resources ANTHONY HO NON-EXECUTIVE DIRECTOR JESSAMYN LYONS / CARLY TERZANIDIS JOINT COMPANY SECRETARY

JESSAMYN LYONS / CARLY TERZANIDIS

Page 3

1 Based on the closing price of ALY shares of $0.012ps on 17/11/21 ** Current shares on issue as at 17/11/2021– Entitlement's issue underway – refer ASX announcement 11 October 2021

Western Australia: Gold Projects

A STRATEGIC LAND PACKAGE IN ONE OF AUSTRALIAS MOST WELL ENDOWED GOLD BELTS…

KARONIE:

• 110km east of Kalgoorlie 1,238km[2] tenement package

• Heavy haulage roads, rail and 3G coverage

• 90km of prospective strike, vastly under-explored

• 111koz Maiden Resource released in September

LAKE REBECCA (Under Application):

• 562km[2] land package

• 6km West of Rebecca Project (ASX: AOP)

• 10km East from Carosue Dam operations (ASX: NST)

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LAKE
REBECCA
KARONIE
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Page 3Page 4

Lake Rebecca – an M&A hot spot

LAKE REBECCA - (ALY 100%)

• Strategic landholding in a multi-million ounce corridor

• 6km West of AOP 1.1Moz @ 1.2g/t Au[1 ] and north of BRB 1.37Moz @ 1.5g/t Au[2]

• 10km from NST’s Carosue Dam operations

• (4.3Moz @ 2g/t Au[3] )

• Significant tenure along the Claypan and Keith Kilkenny Fault zones

• Exploration data compilation underway

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1 Refer to Apollo Consolidated Limited ASX announcement dated 20 April 2021 2 Refer to Breaker Resources Ltd ASX Announcement 29[th] April 2021 3 Refer to Northern Star Resources ASX announcement dated 3 May 2021

Page 5

Karonie

KARONIE

• Along strike from SLR’s Aldiss Mining Centre (560koz)[4]

• Established Gold Province

• Previous explorers focussed heavily on RAB/Aircore (ineffective)

• Under drilled – significant alluvial cover

• 38km strike coverage of the Claypan Shear

• <10km South from BRB’s Lake Roe discovery (1.4Moz)[5]

• Wide spaced targeted Aircore drilling planned for Manhattan Prospect

• Maiden Resource announced in August sets a platform for growth

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4 Refer to Silver Lake Resources ASX Announcement 19 August 2020 5 Refer to Breaker Resources ASX Announcement 29 April 2021

Page 6

Karonie – Maiden Resource completed

PARMELIA, KZ5, TAUPO

Along strike from SLR:ASX Aldiss Mining Operation

• Maiden 111,100oz Resource (0.8g/t cut-off)[7]

• Taupo – 441kt @ 1.4g/t Au for 20koz

• KZ5 – 1.9Mt @ 1.2g/t Au for 71koz

• Parmelia – 644kt @ 1.0g/t Au for 21koz

KARONIE – ESPLANADE – BATAVIA

• 3m @ 14.6g/t Au[6]

• 1m @ 17.8g/t Au[6]

• 8m @ 2.1g/t Au[6]

• Majority of targets tested with RAB/Aircore

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6 Refer to Alchemy Resources Limited ASX announcements dated 9 December 2019, 15 July 2020 and 24 May 2016 7 Refer to Alchemy Resources Limited ASX announcements dated 31 August 2021

Page 7

Karonie: KZ5 & Parmelia

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KZ5
PARMELIA
PROSPECT
PROSPECT
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Karonie: Taupo simple geometry and good grade

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TAUPO PROSPECT

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Page 9

Karonie: Sparse drilling

MINIMAL HISTORIC DRILLING

• Previous explorers focused on near surface

supergene targets

• Large majority of drilling was RAB and Aircore which was not able to penetrate into fresh rock or loose

alluvial cover

• 190 holes drilled >100m depth over the entire tenement package within the 90km strike extent

• 59 of the 190 holes are within existing resource

areas

• 131 of the 190 holes are considered regional drilling

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Karonie: Hi-Res magnetics

High resolution drone magnetics completed in October 2020

• High resolution 40m and 20m line spacing magnetics were flown throughout the Aldiss Corridor adjacent to Silver Lake Resources Aldiss Mine.

• Magnetics picks up the dolerite host rock in the region

• Numerous new targets at the new Karonie East target along the North-east trending structures adjacent to the mine area.

• Historic RAB drilling at Karonie East did not penetrate

• younger cover in the majority of the holes drilled.

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Bryah Basin JV’s – near term cashflow potential from Hermes

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8 Refer to Alchemy ASX announcement dated 24 February 2015 9 Refer to Alchemy ASX announcement dated 8 May 2019

Page 12

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New South Wales Projects: Cobar Basin & Lachlan Fold Belt (ALY 80%)

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HIGH QUALITY PROSPECTS:

• MELROSE (IRGS Au-Cu)

• YELLOW MOUNTAIN (Cu-Au porphyry, VMS)

• OVERFLOW (high grade Au + base metals)

• WEST LYNN / SUMMERVALE

• lateritic Ni-Co & Alumina resource

• 21.3Mt @ 0.84% Ni, 0.05% Co[10]

• 6.6Mt @ 20.8% Al2O3 (HPA)[11]

10 Refer to Alchemy Resources Limited ASX announcement dated 19 Feb 2019 11 Refer to Alchemy Resources Limited ASX announcement dated 19 June 2019

Page 13

Melrose – Challenging 80 year old geological model

MELROSE MAGNETIC ANOMALY (“MMA”)

• 12km long alteration zone geochemically analogous to large IRGS systems such as Kidston, Mungana

• No drilling >100m deep into alteration zone – failed to identify the mafic intrusive anomaly

• 7 strongly anomalous Cu anomalies (>450ppm), 3 with coincident Au anomalism >0.1g/t Au

• Interpreted mafic at shallow depth and potential for Beshi/VMS style mineralization

• Large Induced Polarisation (IP) survey and geochem is planned to detect buried sulphides and target deeper drilling

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Page 14

Yellow Mountain Mine Prospect

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Extensive historic workings not drilled since 1986 , many drillholes not tested for gold

: Historic drilling intercepts[12]

• 52m @ 0.54g/t Au, 0.31% Cu

• 35g/t Ag, 1.15% Pb and 1.28% Zn

• 40m @ 0.49g/t Au, 0.34% Cu 29g/t Ag, 1.18% Pb, 1.81% Zn

Untested IP chargeability high Grab samples 0f 7.15% Cu, 6.4% Pb recovered in mullock stockpiles at surface[13]

12 Refer to Alchemy Resources ASX Announcement 9 June 2020 13 Refer to Alchemy Resources ASX Announcement 2 August 2021

Page 15

NSW Projects – Overflow(ing) with potential

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OVERFLOW

• 20km north of Yellow Mt

• Best historic intercept

  • 6m @ 7.6g/t Au[14]

  • 10m @ 4.4g/t Au[14]

• Mineralisation traced over

• a 700m strike extent

• Open down plunge

• Drill testing early CY2022

14 Refer to Alchemy Resources ASX Announcement 14 December 2020

Page 16

Indicative Exploration Timeline – strong pipeline of news flow*

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KARONIE(ALY 100%)	Q4 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022
Karonie Aircore & RC drilling	Karo		nie East	Gilmore and	Western Brown
Karonie detailed UAV Magnetics
Gilmore EIS Co-funding decision
BRYAH BASIN JV’s(ALY 20%)
Superior Gold JV (Hermes South Exploration)
Sandfire JV Aircore / RC Drilling
COBAR BASIN & LACHLAN FOLD BELT (ALY 80%)
Melrose & Overflow RC/DDH Drilling
Melrose Drilling EIS Co-funding decision			~~Drill~~	~~ing~~
Overflow Diamond drilling EIS Co-funding decision				Dri	lling
LAKE REBECCA (ALY 100%)
Tenement Access Agreements
Reconnaissance soils / mapping
Aircore drilling

Page 17

* The indicative timetable is based on ALY’s current intentions and from company announcements regarding Joint Venture interests, is indicative only and is subject to change

Alchemy – Investment Thesis

Enterprise Value ~$10m highly leveraged to exploration success

BRYAH BASIN (WA)

Superior Gold JV – Near term cash-flow potential

Sandfire Resources – Free carried with extensive exploration underway

WEST LYNN / SUMMERVALE Large tonnage Ni-Co & alumina resources with exploration upside

LACHLAN / COBAR BASIN (NSW) Multiple untested high tenor Cu-Au porphyries at Yellow Mountain. Overflow – Hera style high grade gold and base metals

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KARONIE / LAKE REBECCA (WA)

111koz Resource adjacent to existing operations, close to infrastructure and milling

Numerous new structural targets to test starting in early January 2022

Page 18

Appendix 1: Mineral Resources

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)

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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
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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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Page 19

Appendix 1: Mineral Resources

Table D: Karonie Project Inferred Resource

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Notes:

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

• Refer to Alchemy ASX announcement dated 31 August 2021

21 Page 20

Appendix 2: Alchemy WA Gold Tenure – majority control of the belt for 154km of strike

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ENQUIRIES:

CONTACT: JAMES WILSON, CEO

E: james@alchemyresources.com.au

P: 08 9481-4400

W: alchemyresources.com.au