CHALICE MINING LIMITED — AGM Information 2020

Nov 24, 2020

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ASX: CHN | OTCQB: CGMLF

Chalice Gold Mines Ltd – Annual General Meeting Managing Director’s Presentation 9:00am AWST, Wednesday, 25 November 2020

Forward looking statements and disclosures

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This presentation does not include all available Information on Chalice Gold Mines Limited and should not be used in isolation as a guide to investing in the Company. Any potential investor should also refer to Chalice Gold Mines Limited Annual Reports, filings on sedar.com, and to ASX/OTCQB releases and take independent professional advice before considering investing in the Company. For further information about Chalice Gold Mines Limited, visit the website at chalicegold.com

Forward-Looking Statements

This document may contain forward-looking information within the meaning of Canadian securities legislation and forwardlooking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, forward-looking statements). These forward-looking statements are made as of the date of this document and Chalice Gold Mines Limited (the Company) does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements relate to future events or future performance and reflect Company management’s expectations or beliefs regarding future events and include, but are not limited to, the Company’s strategy, the price of O3 Mining securities, the likelihood of exploration success including results of future geophysical surveys, drilling at the Company’s projects and other exploration activities; the timing and costs of future exploration activities on the Company’s exploration projects; the potential to define future mineral resources and, if successful at any of the Company’s exploration projects, the potential viability of any mineral resource so defined; planned expenditures and budgets and the execution thereof; the timing and availability of drill results; potential sites for drilling, that general business and economic conditions will not change in a materially adverse manner; the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “planning”, “expects” or “does not expect”, “is expected”, “will”, “may”, “would”, “potential”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “prospects” “anticipates” or “does not anticipate”, “believes”, “occur”, “impending”, “likely” or “be achieved”, or variations of such words and phrases or statements that certain actions, events or results may, could, would, might or will be taken, occur or be achieved or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors may include, among others, risks related to actual results of current or planned exploration activities; changes in exploration programmes based upon results of exploration; obtaining access to undertake additional exploration work on EM anomalies located in the Julimar State Forrest; assay results of visually interpreted mineralised intersections; future prices of commodities; geophysical anomalies may or may not be associated with economic mineralisation; results of planned metallurgical test work, grade or recovery rates; accidents; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, movements in the share price of investments and the timing and proceeds realised on future disposals of investments, the impact of the COVID 19 epidemic as well as those factors detailed from time to time in the Company’s interim and annual financial statements, all of which are filed and available for review on SEDAR at sedar.com, ASX at asx.com.au and OTC Markets at otcmarkets.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forwardlooking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Competent Person and Qualifying Persons Statement

The Information in this presentation that relates to exploration results for the Julimar Project is extracted from the following ASX announcements:

• “High-grade nickel-copper-palladium sulphide intersected at Julimar Project in WA”, 23 March 2020

• “Preliminary results from second target at Julimar Project”, 24 March 2020

• “Significant nickel-palladium discovery confirmed at Julimar”, 15 April 2020

• “Second diamond hole intersects discovery zone at Julimar”, 20 April 2020

• “Exciting visual results from deep diamond drill hole at Julimar”, 5 May 2020

• “Large-scale PGE system further expanded at Julimar”, 11 May 2020

• “High-grade Ni-Cu-PGEs confirmed in discovery zone at Julimar”, 25 May 2020

• “Extension of wide, high-grade PGE-Ni-Cu matrix zone at Julimar”, 15 June 2020

• “Chalice discovers new high-grade PGE-Cu-Au zone at Julimar”, 9 July 2020

• “Significant extension of high-grade PGE-Ni-Cu-Co zones at Julimar”, 17 August 2020

• “Positive preliminary metallurgical results at Julimar”, 1 September 2020

• "Major new 6.5km-long EM anomaly identified at Julimar", 22 September 2020

• “Significant new PGE-copper-gold horizon defined at Julimar”, 6 October 2020

• “Key Private Properties Secured at Julimar”, 16 November 2020

• “Significant high-grade PGE-Cu-Au extensions at Julimar”, 18 November 2020

The Information in this presentation that relates to the exploration results for the Pyramid Hill Project is extracted from the following ASX announcements:

• “Discovery of new >2km gold trend in air-core drilling at Karri Target indicates potential for a significant gold system”, 12 December 2019

• “Several new gold zones discovered in first drill holes at Ironbark North Target”, 19 December 2019

• “Karri gold trend expanded to over 3km of strike extent”, 13 January 2020

• “Infill AC drilling at Karri returns best intercept to date of 4m at ~4g/t gold”, 3 February 2020

• “New High-Grade Gold Zones at the Large-Scale Karri Target”, 4 March 2020

• “First diamond drill hole at Karri hits primary gold zone”, 7 April 2020

• “Maiden diamond drill program at the Pyramid Hill Gold Project confirms a large gold system at the Karri Prospect”, 29 July 2020

The Information in this presentation that relates to exploration results for the Hawkstone Project (formerly the King Leopold Project) is extracted from the following ASX announcements:

• “Chalice acquires highly prospective nickel sulphide project in west Kimberley region of WA”, 18 June 2019

• “Strong EM Conductors Identified at King Leopold Project”, 20 August 2019

The above announcements are available to view on the Company’s website at chalicegold.com. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant original market announcements.

The Company confirms that the form and context in which the Competent Person and Qualified Person’s findings are presented have not been materially modified from the relevant original market announcements.

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2020 – a transformative year for Chalice

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We made a major new highgrade PGE-Ni-Cu-Co-Au discovery at Julimar in WA

We assembled an unrivalled pipeline of greenfield discovery opportunities in Australia

We grew our high performance team and maintained capital discipline

We delivered exceptional returns for shareholders

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• Australia’s first major palladium discovery

• Emerging as a major deposit of critical metals for our clean energy future

• Highly leveraged to battery and hydrogen adoption

• ‘First mover’ advantage in the new West Yilgarn Ni-Cu-PGE Province

• Large exploration holdings in Victoria and the west Kimberley

• 7 rigs currently drilling across 2 projects

• Proven ability to discover and define mines

• ~A$50M[1] in cash + investments

• • Completed an oversubscribed A$30 million (before costs) private placement major institutional and sophisticated investors

• 1,500% TSR year-to-date

• One of the top performing companies on the ASX All Ordinaries index in 2020

• • Multiple awards received, recognising the exceptional Julimar discovery and transformational growth Chalice has experienced in 2020

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1 As of 30 September 2020

Chalice is one of the top performing companies in the ASX All Ordinaries with > 1,500% TSR year-to-date

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Key properties purchased,
CHN Share Price Chart (A$/share) 6 [th] and 7 [th] high-grade
zones discovered
4.50
Significant PGE-Cu-
Au horizon defined
4.00
on Eastern Contact
3.50 6.5km Hartog EM
Anomaly defined within
Julimar State Forest
3.00 Major extension of 3
high-grade PGE-Ni-
Major discovery confirmed at Julimar
2.50 with mineralisation in first six holes at $30M Capital Cu-Co zones
1.6km x 0.7km Gonneville Intrusion Raise at $1.05
2.00
19m @ 8.4g/t Pd, 2.6% Ni,
1.0% Cu, 0.1% Co from
1.50
48m in 1 [st] hole at Julimar
1.00
0.50
0.00
4
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20
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2021 Outlook – we are on track to define a maiden resource at Julimar, build trust with our key stakeholders and leverage our discovery

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Define a maiden JORC Mineral Resource Estimate and outline the potential for a commercially viable mining operation for the Gonneville PGE-Ni-Cu-Co-Au discovery

Make a significant new discovery, which shows the potential to be economic

Maintain a pipeline of discovery opportunities to complement the current portfolio

Continue to build our team with a focus on internal resourcing and nurture our culture of ownership, sustainable success and ideation

Maintain our strong financial position and exercise discipline on capital management

Continue to build trust with our key stakeholders at the Julimar Project – landowners, indigenous peoples, local communities and governing organisations

Expand our sustainability presence (environmental, social and governance) to uphold our social licence to operate

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Chalice’s portfolio includes the exciting Julimar discovery in the new West Yilgarn Ni-Cu-PGE Province in WA + a pipeline of generative opportunities

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Julimar Nickel-Copper-PGE Project, WA

• New greenfield PGE-Ni-Cu-Co sulphide discovery in Mar-2020

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• 19m @ 8.4g/t Pd, 2.6% Ni, 1.0% Cu, 0.1% Co in 1[st] hole

• 100% owned, ~26km long intrusive complex ~70km NE of Perth

• 5 rigs drilling, aiming for maiden MRE mid-2021

Pyramid Hill Gold Project, Vic

• New >4km gold trend + 2 gold bearing diorite intrusions

A U S T R A L I A

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• >5,000km[2] holding NW and NE of Fosterville Gold Mine

• 100% owned, all under cover in unexplored terrane

• 2 diamond rigs drilling at the >4km long Karri Prospect

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1
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Hawkstone Nickel-Copper-Cobalt Project, WA

• New greenfield nickel sulphide opportunity in frontier province

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• >1,800km[2] holding east of Merlin Ni-Cu-Co prospect (IGO/BUX)

• 85-100% owned, several large untested dolerite intrusions

• Maiden drill program recently completed (assays pending)

Several generative exploration opportunities, investments, royalties and non-operated joint ventures

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We have a tight capital structure , a strong financial position and a growing institutional register

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Top Shareholders [1]
Tim Goyder (Chairman)
Founder in 2006
12% Franklin Templeton Gold &
Precious Metals Fund
8% Long term holder since 2010
5%
Regal Funds Management
55%
20%
Other institutions
Others
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Board of Directors

Key Management

Tim Goyder ( Chairman ) Richard Hacker ( CFO ) Alex Dorsch ( Managing Director ) Kevin Frost ( GM Exploration ) Morgan Ball ( Non-Exec Director ) Bruce Kendall ( GM Development ) Stephen Quin ( Non-Exec Director ) Jamie Armes ( Co Sec ) Garret Dixon ( Non-Exec Director )

Capital Structure and Financials

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Equity listings
Shares out. 308.7M Market capitalisation
ASX: CHN
Shares (F/D) 325.9M ~A$1.15B (@ A$3.72ps)
OTCQB: CGMLF
Debt Cash [2] Cash & Investments [2]
nil ~A$39.5M ~A$50M
Key Investments Position Value [2]
O3 Mining (TSX-V: OIII) 3.1M (5.1%) ~A$10M
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Research Analyst Coverage

Bell Potter Peter Arden Bridge Street Capital Chris Baker Euroz Securities Michael Scantlebury Macquarie Bank Hayden Bairstow Mine Life Resources Bulletin Gavin Wendt Red Cloud Securities Jacob Willoughby Taylor Collison Ryan Armstrong

1 As of 5 October 2020

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2 As of 30 September 2020

Chalice is a values driven business and aims to achieve excellence in environmental management

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• Chalice is committed to adopting best practice environmental standards and monitoring compliance to ensure standards are upheld

• Engaged leading external environmental consultants to provide expertise for the Julimar Project (MBS Environmental)

• Developed and implemented an environmental site induction for all personnel

• Undertaken baseline flora, fauna, heritage and dieback surveys on private land – a proactive approach

• Investigating low-impact drilling techniques for the State Forest

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The Julimar Project has the potential to deliver significant jobs, skills and economic diversification to the Wheatbelt region of WA

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• The proximity of Julimar to major communities provides a unique opportunity to build a workforce of local permanent residents (drive in, drive out)

• Growing employment opportunities – already having positive economic impact on local and surrounding economies

• Community Fact Sheets have been developed, providing key information on topics such as environment, community consultation, exploration licences and drilling activities

• Active, open and transparent engagement continues with key landowners, Shire and local community representatives

• Numerous case studies of successful major mining projects in or around State Forest areas in WA (Boddington, Alcoa WA, Worsley, Greenbushes)

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JD019 core specimen at Julimar Ni-Cu-PGE Project, Nov-2020
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Julimar NickelCopper-PGE Project

Western Australia

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High-grade PGE-Ni-Cu-Co was intersected in the very first drill hole at Julimar – a remarkable new discovery in a completely new province

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• ~70km NE of Perth, with direct access to major highway, rail, power and port infrastructure

• ~26km long layered ultramafic-mafic intrusive complex (Julimar Complex) with no previous Ni-Cu-PGE exploration

• Staked in early 2018 ( 100% owned )

• Exploration so far restricted to the ~1.6km x 0.8km Gonneville Intrusion at the southern end of the Complex on private land

• First drill hole in March 2020 discovered wide, shallow zone of high-grade PGE-nickel-copper-cobalt mineralisation

• >8,000km[2] of new licence applications since the discovery in the new West Yilgarn Ni-Cu-PGE Province (incl. >2,000km[2] around Julimar) – leveraging our competitive advantage to make additional discoveries

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Gonneville is an exceptional PGE-nickel-copper-cobalt-gold discovery with the potential to deliver a world-class deposit

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• ~1.6km x >0.8km intrusion, open to the northwest, hosting:

• Seven shallow high-grade PGE-Ni-CuCo+/-Au zones defined to date (G1-G7) – all remain open

• Further isolated high-grade intersections yet to be fully defined with infill

• Widespread PGE mineralisation associated with disseminated sulphides, down to ~800m below surface thus far

• Widespread PGE-rich oxide zone from surface to a depth of ~25m

• Preliminary metallurgical testwork indicates:

• Sulphide mineralisation amenable to flotation under standard conditions

• Low levels of deleterious elements

• Oxide mineralisation amenable to oxidative leaching under standard conditions

• ~70,000m step-out and resource definition drill program ongoing with 3 RC and 2 diamond rigs

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Six of the wide high-grade zones defined to date are internal to the intrusion, have significant (350-550m) strike extent and remain open

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G1(discovery), G2, G3, G5, G6, G7 Zones:

• ~5-40m wide

• Top of zones ~25m below surface

• Pd-Ni-Cu-Co rich

• Open along strike and down-dip

• 25m @ 8.5g/t Pd , 0.9g/t Pt, 0.1g/t Au, 2.0% Ni , 0.9% Cu , 0.11% Co from 46m (JRC001, G1)

• 14.4m @ 7.7g/t Pd , 1.7g/t Pt , 0.1g/t Au, 1.2% Ni , 0.6% Cu , 0.07% Co from 36.7m (JD016, G1)

• 17.6m @ 5.3g/t Pd, 1.0g/t Pt , 0.1g/t Au, 1.3% Ni , 0.6% Cu , 0.07% Co from 191.4m (JD003, G2)

• 26.3m @ 3.8g/t Pd , 0.9g/t Pt, 0.5% Ni , 0.2% Cu, 0.04% Co from 80.7m (JD010, G2)

• 22.7m @ 4.4g/t Pd , 0.7g/t Pt, 0.5% Ni , 0.3% Cu, 0.04% Co from 83m (JD014, G2)

• 33m @ 2.0g/t Pd , 0.4g/t Pt, 0.5g/t Au , 0.3% Ni, 0.8% Cu , 0.02% Co from 236m (JRC060, G6)

• 24.4m @ 3.3g/t Pd , 0.4g/t Pt, 0.1g/t Au, 0.4% Ni, 0.2% Cu, 0.03% Co from 164.6m (JD006, G2)

• 19m @ 3.1g/t Pd , 0.7g/t Pt, 1.1g/t Au , 0.2% Ni, 0.8% Cu , 0.02% Co from 67m (JRC070, G7)

• • 13.7m @ 4.4g/t Pd , 0.9g/t Pt, 0.7% Ni , 0.7% Cu, 0.05% Co from 29.3m (JD006, G3) 13

The six high-grade zones have a moderate westerly dip and up to ~340m of dip extent – all remain open

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Drill holes

RC – assayed RC – assays pending DDH – assayed DDH – assays pending

Geology

Cover/Laterite Gabbro Saprolite Granite Serpentinite Sediments Dolerite Dyke

Mineralisation

Oxide >1.0g/t Pd cut-off Sulphide >1.0g/t Pd cut-off Sulphide >0.3g/t Pd cut-off

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JD013 massive/matrix sulphides
from 239-264m
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The high-grade G4 Zone is associated with the intrusion footwall contact and has significant growth potential given limited testing to date

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G4 Zone:

• ~5-50m wide

• Top of zones ~50m below surface

• 800m of strike and up to 500m of dipextent – wide-open

Pd-Pt-Cu+/-Au rich

50m @ 1.8g/t Pd , 0.5g/t Pt, 0.9g/t Au , 0.2% Ni, 1.1% Cu , 0.02% Co from 112m (JRC089)

25.7m @ 3.9g/t Pd, 2.3g/t Pt, 0.7g/t Au , 0.2% Ni, 0.8% Cu , 0.02% Co from 418.1m (JD006)

33m @ 2.1g/t Pd , 0.5g/t Pt, 0.2g/t Au, 0.2% Ni, 0.5% Cu , 0.02% Co from 81m (JRC048)

7m @ 13.8g/t Pd , 0.3g/t Pt, 0.5g/t Au , 0.2% Ni, 0.2% Cu, 0.02% Co from 83m (JRC064)

8m @ 2.2g/t Pd, 13.3g/t Pt , 0.1g/t Au, 0.1% Ni, 0.1% Cu, 0.01% Co from 225m (JRC073)

Other PGE assays (Ir, Os, Rh, Ru) pending

Recent 3m intersection of G4 style mineralisation ~800m to the north

• Footwall contact has significant growth potential

• Intrusion is open to north-west

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Several exciting EM anomalies identified to the north-east of Gonneville, all are yet to be tested (access to the Julimar State Forest awaiting approval)

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Historical surface sampling over regional magnetics (TMI-RTP) 2020 Airborne EM (channel 15)
May 2020 Sept 2020
N
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–
Platinum Group Elements critical metals for our clean energy future
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70% of PGEs used in automotive catalytic converters (pollution control devices)

Palladium based catalytic converters preferred to comply with stricter emissions standards

Catalytic Converter

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Hydrogen Fuel Cell Truck

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Palladium market has been in deficit for nine consecutive years – recent record price of US$2,856/oz reached in Feb 2020 (current spot price ~US$2,300/oz )

Future demand for PGEs underpinned by the rapid growth predicted in hydrogen fuel cells – in particular in heavy transport and energy storage sectors

The Platinum Group Elements (PGEs)

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PGEs identified to date at Julimar
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Accelerated drilling and metallurgical testwork program underway – aiming to define a maiden Mineral Resource by June 2021

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2020 2021
Oct Nov Dec Jan Feb Mar Apr May Jun
Access Julimar State Forest CMP Stage 1 Julimar State Forest CMP Stage 2
Approvals (non-ground disturbing activities) (drilling, pending Stage 1 approval)
DHEM on key step-out holes Julimar State Forest MLEM
Geophysics (Gonneville) (access pending)
Julimar State Forest recon
Soil Sampling
(access pending)
RC Drilling 80m step-out + 40x40m infill to ~250m deep to indicated category (3 rigs, Gonneville)
Diamond Drilling Step-out + infill beyond 250m deep to indicated category (2-3 rigs, Gonneville)
MRE / Metallurgy Phase 2 sulphide flotation and leach (oxide) testwork Gonneville MRE #1
Resource and pit-shell modelling (Gonneville)
(Gonneville)
/ Mining Studies
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Drilling at Pyramid Hill Gold Project, Oct-2019
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Pyramid Hill Gold Project

Victoria

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Why gold in Victoria? The prospect of finding another Fosterville Gold Mine

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Northern Bendigo Zone
(32Moz undiscovered
N
gold endowment)
50km
Chalice tenure
Bendigo Zone
Stawell Zone
Melbourne Zone
Fosterville Gold Mine Zone Boundary
Bendigo ~9Moz Major Regional Faults
~22Moz
Stawell Castlemaine
Gold Mine ~6Moz Historic gold production
>8 Moz
5 – 8 Moz
Woods Point
Ballarat
3 – 5 Moz
~14Moz
1 – 3 Moz
Walhalla
<1 Moz
Melbourne
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>60Moz Au produced since 1850’s from outcropping South Bendigo Zone , at a avg grade of ~15g/t Au

90% of mines had a recovered grade >8.5g/t Au

32Moz Au (P50 mid case) of undiscovered gold to the north in the Northern Bendigo Zone (Vic Govt ‘Gold Undercover[1] ’ estimate)

This area is essentially unexplored – the opportunity

Historic region capturing global attention again thanks to Kirkland Lake Gold’s ultra high-grade Swan Zone discovery at the Fosterville Gold Mine:

2019 operating cash Swan Zone Mineral costs guidance Reserve (Dec-18)

2019 Production ~619koz at ~40g/t Au

US$130150/oz

2.3Moz @ ~50g/t Au

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SOURCE: 1. Department of Economic Development, Jobs, Transport and Resources, Victoria, Australia, http://earthresources.efirst.com.au/categories.asp?cID=42. 2. Kirkland Lake Gold Press Releases 21 Feb 2019, 9 Jan 2020

Chalice has adopted a systematic value-add approach – ‘find the big gold systems first’

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• Our Project covers hundreds of kilometres of prospective strike:

• Muckleford (>300km)

• Mt William (>75km)

• Percydale (>40km)

• Prior to Chalice most of the area essentially un-drilled

• • Our regional-scale activities commenced in mid-2018:

Phase 1. Screen the thin cover (<100m) areas with widespaced recon Phase 2. Infill and sampling + AC drilling vector towards targets with tier-1 scale potential

Phase 3. Drill-out prospects and revisit other targets

Focus on 2 high-priority prospects → Karri and Ironbark (2[nd] diamond drill program underway)

700 AC holes completed across ~10 targets

• >15 lower-priority targets → drilling on hold for now

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Initial geological holes have confirmed a large gold system at depth below the >4km long gold trend at the Karri Prospect

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• Maiden 6 hole diamond program for structure / geology completed in H1 2020

• First ever test at depth into a ‘blind target’

• All six diamond drill holes intersected tightly folded, upright stratigraphy and primary .

• gold mineralisation

• Several strike extensive anticlinal structures identified (typical geological setting for highgrade gold deposits in the region)

• Anomalous gold intersected in all holes

• Several high-grade gold zones intersected ~ 1-2km apart

• Results indicate potential for a tier-1 scale gold system

• 2 diamond rigs currently drilling

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1

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Investment highlights
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The new PGE-Ni-Cu-Co discovery at Julimar in WA has significant scale potential and has opened up a new mineral province – resource drill-out underway

Two rigs drilling at the Pyramid Hill Gold Project in Vic 2 and a maiden drill program recently completed at the Hawkstone Ni-Cu-Co Project in the Kimberley

A major greenfield discovery, ~A$36M returned to 3 shareholders to date and ~A$50M[1] in cash and investments – an excellent track record

1 As of 30 September 2020

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Thank You

Questions?

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ASX: CHN | OTCQB: CGMLF

CONNECT WITH CHALICE @ChaliceGold chalice-gold-mines

Level 2, 1292 Hay Street West Perth WA 6005, Australia

+61 8 9322 3960 +61 8 9322 5800

info@chalicegold.com www.chalicegold.com