ALCHEMY RESOURCES LIMITED — Investor Presentation 2021

Feb 15, 2021

CORPORATE PRESENTATION FEBRUARY 2021

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 Lindsay Dudfield, who is the Non-Executive Chairman of Alchemy Resources Limited and holds shares and options in the Company. Mr Dudfield is a Member 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 Dudfield 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.

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Why Invest in Alchemy Resources (ASX: ALY)

Investment Rationale

Dominant land position in WA

915km[2] granted tenements and 265km[2] (under application)

Low Risk jurisdiction

Close to infrastructure & operations (NST, SLR, BRB)

Near term production potential via JV’s

• Superior Gold (TSX-V: SGI) Joint Venture (ALY 20% interest) at Hermes South & 1% NSR on Hermes[1]

• Sandfire Resources NL Joint Venture (ALY 20% interest) Along strike of DeGrussa, free carried to production

NSW Gold and Base metals: (ALY 80%)

• large scale potential for polymetallic world class discoveries

Low valuation compared to exploration peers

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1 Refer to Alchemy ASX announcement dated 24 February 2015

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Indicative Exploration Timeline – strong pipeline of news flow*

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KARONIE	Q1 2021	Q2 2021	Q3 2021	Q4 2021
Karonie RC drilling (Parmelia, KZ5, Taupo, K4)		
Claypan Shear Zone RAB drilling		
Karonie RC drilling (Esplanade, Challenger, Warrior)			
BRYAH BASIN JV’s
Superior Gold JV Mining at Hermes South			
Sandfire JV Bryah Aircore Drilling			
COBAR BASIN & LACHLAN FOLD BELT
Yellow Mountain Mine diamond drilling			
Melrose IP Survey		
Overflow Diamond drilling follow-up			
LAKE REBECCA (expected mid-2021)
Data review		
Reconnaissance soils / mapping			
Aircore drilling				

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* 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

Corporate Overview

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CAPITAL STRUCTURE SHARES ON ISSUE 672M MARKET CAP2 $13.5M CASH(31 DEC 2020) $1.7M ENTERPRISE VALUE $11.7M OPTIONS (2.5c – 5c) 48M MAJOR SHAREHOLDERS NORTHERN STAR RESOURCES 11.6% NEIL WATSON 9.7% LINDSAY DUDFIELD 7.8%	BOARD & MANAGEMENT LINDSAY DUDFIELD NON-EXECUTIVE CHAIRMAN JAMES WILSON CHIEF EXECUTIVE OFFICER LIZA CARPENE NON-EXECUTIVE DIRECTOR ANTHONY HO NON-EXECUTIVE DIRECTOR BERNARD CRAWFORD COMPANY SECRETARY / CHIEF FINANCIAL OFFICER	BOARD & MANAGEMENT LINDSAY DUDFIELD NON-EXECUTIVE CHAIRMAN JAMES WILSON CHIEF EXECUTIVE OFFICER LIZA CARPENE NON-EXECUTIVE DIRECTOR ANTHONY HO NON-EXECUTIVE DIRECTOR BERNARD CRAWFORD COMPANY SECRETARY / CHIEF FINANCIAL OFFICER
	LINDSAY DUDFIELD	NON-EXECUTIVE CHAIRMAN
	JAMES WILSON	CHIEF EXECUTIVE OFFICER
	LIZA CARPENE	NON-EXECUTIVE DIRECTOR
	ANTHONY HO	NON-EXECUTIVE DIRECTOR
	BERNARD CRAWFORD	COMPANY SECRETARY / CHIEF FINANCIAL OFFICER

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2 Based on the closing price of ALY shares of $0.02ps on 15/2/21

Western Australia: Gold Projects

KARONIE:

• Along strike from Aldiss Mining Centre (ASX: SLR)

• 90km of prospective strike, vastly under-explored

CLAYPAN:

• South of Breaker Resources (ASX: BRB)

LAKE REBECCA (under application) :

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

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

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Karonie

KARONIE

• Along strike from SLR’s Aldiss Mining Centre (560koz)[3]

• High grade Gold discoveries

• Established Gold Province

• Under drilled – significant alluvial cover

CLAYPAN

• 38km strike of Claypan Shear

• <10km South from BRB’s Lake Roe discovery (1Moz)[4]

• Only 4 lines of RAB drilling to date

• Wide spaced targeted RAB drilling planned

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3 Refer to Silver Lake Resources ASX Announcement 19 August 2020

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4 Refer to Breaker Resources ASX Announcement 2 September 2019

Karonie

PARMELIA, KZ5, TAUPO

Along strike from Silver Lake Resources Aldiss Mining Operation

• Taupo - 26m @ 1.8g/t Au[5]

• KZ5 – 20m @ 1.6g/t Au[5]

• Parmelia 26m @ 1.6g/t Au[5]

• All zones open along strike and at depth

ESPLANADE - BATAVIA

• 3m @ 14.6g/t Au[5]

• 1m @ 17.8g/t Au[5]

• 8m @ 2.1g/t Au[5]

• Some targets not tested since 2004

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5 Refer to Alchemy Resources Limited ASX announcements dated 9 December 2019, 15 July 2020 and 24 May 2016

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Karonie – Parmelia Prospect

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6 Refer to Silver Lake Resources Limited ASX announcement dated 21 September 2020

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Karonie: Parmelia/KZ5

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1. Refer to Alchemy Resources Limited ASX announcement dated 9 Dec 2020.

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8. Refer to Alchemy Resources Limited ASX announcement dated 9 December 2019
PARMELIA TAUPO
(ALY)
ALY
SLR New Discovery
Tenement 4.05m @ 10.2g/t Au TANK Silver Lake Resources Mining Lease
Boundary SOUTH Long Section (458050E +/- 500m)
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Lake Rebecca

LAKE REBECCA

• New project under application

• Strategic landholding in a

• multi-million ounce corridor

• 10km from NST’s Carosue Dam operations

• (4.6Moz @ 2g/t Au[9] )

• 6km West of ASX: AOP’s 1Moz @ 1.2g/t Au[10]

• Significant tenure along the Claypan and Keith Kilkenny Fault zones

• Exploration data compilation underway

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9 Refer to Saracen Mineral Holdings Limited ASX announcement dated 4 August 2020 . 10 Refer to Apollo Consolidated Limited ASX announcement dated 10 February 2020

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Bryah Basin JV’s

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11 Refer to Alchemy ASX announcement dated 24 February 2015 12 Refer to Alchemy ASX announcement dated 8 May 2019

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New South Wales Projects: Cobar Basin & Lachlan Fold Belt

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LACHLAN / COBAR BASIN (ALY 80%[13] )

• OVERFLOW (high grade Au + base metals)

• YELLOW MOUNTAIN (Cu-Au porphyry)

• MELROSE (Cu-Au porphyry)

• WEST LYNN

lateritic Ni-Co & Alumina resource

• 21.3Mt @ 0.84% Ni, 0.05% Co[14]

• 6.6Mt @ 20.8% Al2O3 (HPA)[15]

13 Refer to Alchemy Resources Limited ASX announcement dated 11 Feb 2021 14 Refer to Alchemy Resources Limited ASX announcement dated 19 Feb 2019 15 Refer to Alchemy Resources Limited ASX announcement dated 19 June 2019

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Melrose

MELROSE

• 12km long alteration zone geochemically similar to large porphyry Cu-Au systems such as Cadia

• No drilling >100m deep into alteration zone

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

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Yellow Mountain Cu-Au porphyry

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YELLOW MOUNTAIN

Extensive historic workings : Historic drilling intercepts[16]

• 52m @ 0.54g/t Au, 0.31% Cu

• 35g/t Ag, 1.15% Pb and 1.28% Zn (from 14m)

• 40m @ 0.49g/t Au, 0.34% Cu 29g/t Ag, 1.18% Pb, 1.81% Zn (from 64m)

• 16.5m @ 1.08g/t Au, 0.48% Cu 52g/t Ag, 2.04% Pb, 3.48% Zn (from 198m)

Untested IP chargeability high Drilling planned to test the IP target in 2021

16 Ref. Alchemy Resources ASX Announcement 9 June 2020

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NSW Projects – Overflow

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OVERFLOW

• High grade gold

• Best historic intercept

  • 6m @ 7.6g/t Au[17]

  • 10m @ 4.4g/t Au[17]

• Significant base metal

• mineralisation

• Open down plunge to the

• south

• Drill testing mid-CY2021

17 Ref. Alchemy Resources ASX Announcement 14 December 2020

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Appendix 1: Mineral Resources

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

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

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)

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

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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