CHALICE MINING LIMITED — AGM Information 2021

Nov 23, 2021

ASX Announcement

24 November 2021

AGM Address and Presentation

Chalice Mining Limited (“ the Company ”, ASX: CHN | OTCQB: CGMLF) is pleased to provide a copy of the Chairman’s Address and the Managing Director and Chief Executive Officer’s Presentation to be made at the Company’s AGM today.

This announcement has been authorised for release by the Disclosure Committee.

For further information, please visit www.chalicemining.com or contact:

Corporate Enquiries

Alex Dorsch Managing Director and CEO Chalice Mining Limited +61 8 9322 3960 info@chalicemining.com

Media Enquiries

Follow our communications

Nicholas Read LinkedIn: chalice-mining Principal and Managing Director Twitter: @chalicemining Read Corporate Investor Relations +61 8 9388 1474 info@readcorporate.com.au

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Registered Office ABN 47 116 648 956 Level 3, 46 Colin Street, West Perth WA 6005, Australia PO Box 428, West Perth WA 6872

info@chalicemining.com www.chalicemining.com

@chalicemining chalice-mining

T: +61 8 9322 3960 F: +61 8 9322 5800

ASX Announcement

24 November 2021

Chairman’s Address – 2021 Annual General Meeting

On behalf of the Board and the entire Chalice team, I am delighted to welcome you to the Company’s 2021 Annual General Meeting.

The past year has been a truly remarkable period for Chalice.

Amongst numerous other highlights, 2021 saw Chalice join the ASX-200 – making us one of the first exploration stage companies ever to reach this milestone and, in the process, cementing our position as one of the best-performing stocks on the ASX over the past 18 months.

The Company’s incredible growth and success has been driven primarily by the spectacular and rapidly evolving PGE-nickel-copper-cobalt-gold discovery at our Julimar Project, located just ~70km north-east of Perth and surrounded by world-class infrastructure.

The recent announcement of our Maiden Resource Estimate for the Gonneville deposit has attracted headlines around the world – and justifiably so. It confirms that Gonneville is the largest nickel sulphide discovery worldwide in over 20 years, and the largest PGE discovery in Australian history – but exploration of the district has only just begun.

The Resource been a game-changer not only for Chalice, but also across the broader mining and exploration industry globally. It is hard to recall a recent discovery which has had such profound implications for Western Australia.

One of the strongest themes emerging in the mining industry is the need for ‘green metals’ and their critical role in decarbonising the global economy. Our tier-1 scale discovery at Julimar is uniquely positioned to satisfy the immense future demand for these metals and we are justifiably proud of this.

Chalice’s ability to deliver on all fronts throughout this year is a credit to our team’s commitment, and I am very grateful to them and the families who support them. Their achievements are even more admirable given the ongoing challenges of the COVID-19 pandemic.

Which leads me to my retirement as your Chairman.

When Chalice was established in 2006, a small but highly motivated founding team set out to build an ambitious, technically-driven and disciplined exploration company.

Since then, we have been dedicated to making a world-class mineral discovery – and today I can confidently say we have well and truly delivered on that goal! I believe this is a logical time for me to hand over the reins as Chairman.

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Registered Office ABN 47 116 648 956

Level 3, 46 Colin Street, West Perth WA 6005, Australia PO Box 428, West Perth WA 6872

T: +61 8 9322 3960 info@chalicemining.com F: +61 8 9322 5800 www.chalicemining.com

@chalicemining chalice-mining

I am immensely proud of Chalice’s achievements over the last 15 years and I would like to personally thank everyone who has worked alongside me and played a role in getting the Company to where it is today.

I step aside knowing that your Company in is very capable hands, led by our Managing Director and CEO Alex Dorsch, and supported by a dynamic team with an enviable and rare mix of tenacity and experience. I continue to remain a major shareholder in Chalice and the Company’s number one supporter – I will be paying very close attention!

I am thrilled to welcome Derek La Ferla as my successor. We are incredibly fortunate to have Derek joining Chalice at such a pivotal time, and I believe we have found the perfect candidate for the job.

Today, we also say farewell to Stephen Quin, who will retire as a Director of Chalice after 11 years on the Board. I would like to sincerely thank Stephen for his significant contribution, guidance, and dedication to Chalice through good and bad times in the mining cycle. It has been a great pleasure to have been able to work with Stephen through what has been an exceptional period of growth for the Company.

We also continue to add depth, experience and capability to the Chalice Board, with the addition of two highly-regarded Non-Executive Directors in Stephen McIntosh and Linda Kenyon. I would like to take this opportunity to formally welcome you to the Board.

Last but not least, I would like to say thank you to all of our shareholders, both old and new. I feel we have yet another exciting year ahead, and I look forward to joining you on the other side of the fence at the 2022 AGM.

Thank you.

For further information, please visit www.chalicemining.com or contact:

Corporate Enquiries

Media Enquiries

Follow our communications

Alex Dorsch Nicholas Read LinkedIn: chalice-mining Managing Director & CEO Principal and Managing Director Twitter: @chalicemining Chalice Mining Limited Read Corporate Investor Relations +61 8 9322 3960 +61 8 9388 1474 info@chalicemining.com info@readcorporate.com.au

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Chalice Mining Limited

ASX:CHN OTCQB:CGMLF

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ASX: CHN | OTCQB: CGMLF

2021 Annual General Meeting

Managing Director and Chief Executive Officer Presentation

• 9.00am AWST, Wednesday, 24 November 2021

Forward looking statements and competent person(s) disclosure

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

Forward-Looking Statement

This presentation may contain forward-looking information, including forward looking information within the meaning of Canadian securities legislation and forward-looking 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 report and Chalice Mining 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 impact of the discovery on the Julimar Project’s capital payback; the Company’s strategy; the estimated timing of drilling in the Julimar State Forest; the Company’s intended activities at the Julimar Project; and the success of future mining operations. In certain cases, forward-looking statements can be identified by the use of words such as, “affords”, “anticipates”, “believe”, “considered”, “continue”, “could”, “establishes”, “estimate”, “expected”, “future”, “interpreted”, “likely”, “looking”, “may”, “open”, “plan” or “planned”, “potential”, “robust”, “targets”, “will” 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; whether geophysical and geochemical anomalies are related to economic mineralisation or some other feature; obtaining appropriate access to undertake additional ground disturbing exploration work on EM anomalies located in the Julimar State Forrest; the results from testing EM anomalies; results of planned metallurgical test work Including results from other zones not tested yet, scaling up to commercial operations; changes in project parameters as plans continue to be refined; changes in exploration programs and budgets based upon the results of exploration, changes in commodity prices; economic conditions; grade or recovery rates; political and social risks, accidents, labour disputes and other risks of the mining industry; delays or difficulty in obtaining governmental approvals, necessary licences, permits or financing to undertake future mining development activities; changes to the regulatory framework within which Chalice operates or may in the future; movements in the share price of investments and the timing and proceeds realised on future disposals of investments, the impact of the COVID 19 pandemic 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 forwardlooking 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 forward-looking 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.

note that it is a requirement of the ASX listing rules that the reporting of mineral resources in Australia is in accordance with the JORC Code and that Chalice’s mineral resource estimates comply with the JORC Code. The requirements of JORC Code differ in certain material respects from the disclosure requirements of United States securities laws. The terms used in this announcement are as defined in the JORC Code. The definitions of these terms differ from the definitions of such terms for purposes of the disclosure requirements in the United States. As a reporting issuer in the province of Ontario, Chalice is also subject to certain Canadian disclosure requirements and standards, including the requirements of NI 43-101. The Julimar Project is a material mineral project for the purposes of NI43-101.

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 “Chalice secures access to major new targets at Julimar”, 4 January 2021

• “Four new high-grade zones defined as Julimar continues to grow”, 27 January 2021

• ‘More positive results from ongoing metallurgical testwork at Julimar”, 16 February 2021 “New EM Conductors and Nickel-Copper Soil Anomalies at Hartog”, 25 March 2021

• “Resource drilling at Julimar delivers further growth in high-grade zones”, 22 April 2021 “Extensive Ni-Cu Soil Anomalism at Julimar” 9 June 2021

• “Resource drilling continues to define continuous high-grade zones at Julimar”, 2 July 2021 “Twelfth High-Grade Zone Defined at Julimar”, 2 August 2021

“Gonneville High-Grade Zones Extended at Depth”, 28 September 2021

The information in this presentation that relates to Mineral Resources has been extracted from the ASX announcement titled “Tier-1 Scale Maiden Mineral Resource at Julimar” dated 9 November 2021.

Disclaimer

Whilst care has been exercised in preparing and presenting this presentation, to the maximum extent permitted by law, the Company and its representatives:

• Make no representation, warranty or undertaking, express or implied, as to the adequacy, accuracy, completeness or reasonableness of this Presentation;

• Accept no responsibility or liability as to the adequacy, accuracy, completeness or reasonableness of this Presentation; and

• • Accept no responsibility for any errors or omissions from this Presentation.

The above announcements are available to view on the Company’s website at chalicemining.com

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the original release continue to apply and have not materially changed. 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.

Mineral Resources Reporting Requirements

As an Australian Company with securities listed on the Australian Securities Exchange (ASX), Chalice is subject to Australian disclosure requirements and standards, including the requirements of the Corporations Act 2001 and the ASX. Investors should

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A globally recognised
specialist explorer
and developer
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• New tier-1 scale, pit constrained maiden PGE-Ni-Cu-Co sulphide Resource[3] for the Gonneville Deposit:

330Mt @ ~ 0.58% NiEq or ~ 1.6g/t PdEq for

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equivalent to ~ 1.9Mt NiEq or ~ 17Moz PdEq

• Largest nickel sulphide discovery worldwide since 2000

• Largest PGE discovery in Australian history

• Highly leveraged to battery (Ni-Cu-Co) and hydrogen (PGEs-Ni) technology adoption

• Gonneville covers only 7% of >26km long Julimar Complex – 24km yet to be tested

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• Proven ability to discover and define mines

• ~A$86M [2] in cash + investments

• ~6,000% TSR since Julimar discovery in March 2020

• 1 3E = Palladium (Pd) + Platinum (Pt) + Gold (Au)

• 2 As at 30 Sept 2021

• 3 Refer to full Mineral Resource Statement in Appendix

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Chalice has been one of the standout performers in the sector, with a ~6,000% TSR since the Julimar discovery

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12.00 Inclusion in
S&P/ASX200 ~1.9Mt NiEq or
~17Moz PdEq
Maiden
Resource at
10.00
Large EM-soil Julimar
anomalies at Hartog
8.00 Inclusion in
S&P/ASX300
$30M placement at
$1.05 $115M placement
& SPP at $3.75
6.00
6.5km Hartog EM
Anomaly defined within
Major discovery
Julimar State Forest
confirmed at Julimar
4.00
25m @ 8.5g/t Pd,
2.0% Ni, 0.9% Cu,
0.11% Co from 46m
2.00 in 1 [st] hole at Julimar
0.00
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21
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Value
Shareholder
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Operations
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Environment
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Social
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~650% Total Shareholder

Return – one of the top performing companies on the ASX

Tier-1 scale Maiden

Resource defined for the Gonneville deposit – 10Moz Pd+Pt+Au, 530kt Ni, 330kt Cu, 53kt Co. Large highgrade component affords significant optionality in development

Conservation Management Plan (CMP) and submission of second CMP to enable further exploration drilling activities within the Julimar State Forest

~$0.5M spent by Chalice

locally plus ~$1.5M spend by contractors in the local shires surrounding the Julimar Project

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$115 million raised from

largely institutional investors – strong balance sheet and capital discipline maintained

Julimar confirmed as a world-class Ni-Cu-PGE Project, host to a strategic deposit of critical ‘green metals’ – metals needed to decarbonise the global economy and address climate change

• Zero reportable environmental incidents

100% compliance of all environmental licence conditions

Stakeholder Engagement Plan

implemented – proactive information sharing campaigns and stakeholder briefings ongoing

Chalice was included in the S&P/ASX 200 index in June 2021

Several multi-kilometre targets defined along the ~26km Julimar Complex . ~24km of the maficultramafic intrusive complex remains untested with drilling

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Awarded ‘Explorer of the Year’ by MiningNews and ‘ Best Emerging Company ’ by the Diggers and Dealers Mining Forum

Expanded our holdings in the West Yilgarn Ni-Cu-PGE Province to >8,000km[2] , leveraging our competitive ‘first mover’ advantage

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The Chalice Way
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Sustainability
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Generative Exploration
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Project Definition
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Business
Development
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People
and Culture
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Deliver a sustainability

strategy based on responsible practices and shared value. Maintain our social licence to operate

Make another major ‘green metal’ discovery within the portfolio

Secure access to the

Julimar State Forest for initial low-impact drilling

Complete proposed gold demerger Falcon Metals a standalone, ASX-listed gold company targeting tier-1 discoveries in VIC and WA

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

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Build trust-based and inclusive

Define comprehensive baseline environmental standards for the Julimar Project

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relationships with our external stakeholders. Increase engagement and investment with the communities in which we operate to achieve long term positive impacts

Unlock new targets and insights

within the new West Yilgarn Ni-Cu-PGE Province

Deliver a Scoping Study for initial stage of development at Gonneville, advancing the project to maximise shareholder value and optionality

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Assess and define the processing flowsheet alternatives for the

various mineralisation styles at Gonneville

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We are aiming to define
Julimar to maximise value and
optionality , continue to build 7
trust with our key stakeholders
and leverage our discovery
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Evaluate and acquire synergistic assets to complement our portfolio

Preserve our generative

exploration capability whilst continuing to build a core project study team

ideation

The proposed gold demerger will result in two separate ASX-listed companies – Priority Offer closes on 1 December 2021

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• The Demerger will result in two independent ASX listed companies – Chalice and Falcon – each with a management team focused on pursuing its own strategy

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• Chalice shareholders will have the opportunity to vote on the Demerger at the Extraordinary General Meeting on 3 December 2021

- Chalice Directors unanimously recommend that Chalice shareholders vote in favour of the Demerger Resolution

• Chalice shareholders will be entitled to receive 1 share in Falcon for each ~3 existing shares held in Chalice (1 for 3)[1]

• Concurrent with the demerger, Falcon is seeking to raise a minimum of $15 million and up to $30 million via an IPO:

Post Demerger Overview

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Chalice In-specie IPO Capital Raise:
Shareholders $15-30m
100%
Chalice Mining Falcon Metals
(ASX: CHN) (ASX: FAL)
100%
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Projects

• Chalice shareholders have the opportunity to maintain an undiluted interest through a priority entitlement, or take up additional interest (subject to capacity)

• Pyramid Hill Gold Project, Victoria (100% owned)

• Viking Gold Project, WA (earning 70% interest)

• Mt Jackson Gold Project (100% owned)

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1. Eligible Chalice shareholders to receive 1 Falcon Metals share for every 3.025 Chalice shares held on the In Specie Record Date (subject to amount of shares on issue on that date)

We believe that this is a logical separation of different projects, with the potential to unlock shareholder value

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Logical separation of gold projects from Chalice’s Ni-Cu-PGE projects, allowing shareholders to gain separate exposure to the different commodity groups

Independent Board and Management to respectively prioritise resources and focus their efforts to drive shareholder value

Enables Chalice shareholders to continue to participate in the growth of the demerged gold projects through a well-financed standalone entity

Unlocks value potential for the demerged gold projects which are currently underappreciated by the market

Enables greater flexibility to adopt an appropriate capital structure for each company, given they are at different stages in the project lifecycle with distinct investor and financier priorities

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Julimar NickelCopper-PGE Project

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Julimar is a ‘green
metals’ project
These metals are
extremely scarce, but are
needed to decarbonise
the global economy and
address climate change
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Palladium

Highly versatile but scarce metal used to remove nitrogen oxides (NOx) from exhausts / hydrogen / ammonia streams. NOx are 300x more potent than CO2 as a greenhouse gas

~11Moz p.a. palladium market in deficit for last nine consecutive years; supply dominated by Russia

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Copper

Used extensively in the green energy industry including in renewables, energy storage and EVs

Copper market expected to be in major deficit in Q4 2021; lack of new largescale discoveries worldwide

Nickel

The key battery cathode material in electric vehicles, high nickel NMC 811 batteries are the favoured chemistry

EV-driven nickel demand is forecast to increase 19x by 2040 ; lack of new sulphide discoveries worldwide in recent years has created a significant forecast supply shortage

Platinum

Highly effective catalyst (similar to Pd) in hydrogen applications, including green hydrogen production and fuel cells

Ongoing deficit and supply challenges; supply dominated by South Africa

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Source: Johnson Matthey PGM Market Report 2021, BNEF Electric Vehicle Outlook 2020, IEA, S&P Global CM Copper Feb 21.

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Julimar is a province-defining new
greenfield discovery in the world’s
premier mining jurisdiction
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First drill hole discovery in March 2020: 25m @ 8.5g/t Pd, 0.9g/t Pt, 0.1g/t Au, 2.0% Ni, 0.9% Cu, 0.11% Co from 46m

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Greenfield project staked in early 2018 ( 100% owned )

Maiden resource for Gonneville based on ~ 520 holes ( ~137,000m ), drilling continuing with 6 rigs and assays are pending for ~160 holes

Discovery made ~70km NE of – Perth in Western Australia named Gonneville

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Gonneville is on Chalice owned farmland at the southern end of the >26km long, largely unexplored Julimar Intrusive Complex

Studies being advanced for an initial mining development at Gonneville while the full extent of the mineral system is defined

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Project has direct access to major highway, rail, power, port infrastructure as well as a large local workforce

Gonneville covers just ~7% of the 26km long Julimar Complex – the upside to the north has the potential transform the project

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3D view (looking NW) of the Julimar Complex (airborne EM) and the Gonneville Deposit

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Initial drilling at Hartog and Scoping Study for Gonneville in Q2 2022 represent significant upcoming milestones

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	2021	2021	2021	2021	2021	2021	2022	2022	2022	2022	2022
	Q3				Q4		Q1		Q2	Q3	Q4
Hartog-Baudin-Jansz-Torres targets
Access approvals	Stage 2 CMP1
Initial recon at Hartog-Baudin targets2						Diamond drilling
Initial recon at Jansz-Torres targets						AC drilling
Gonneville
Resource definition (40m spacing, ~250m deep)	R				C drilling
Infill drilling (<40m spacing)								RC drilling
Extensional drilling (80m spacing, 300m to 800m deep)	Diam (incl drilling for				ond drilling metallurgical samples)
Resource modelling	MRE #1								MRE #2
Scoping study	Sco				ping Study for initial development
Pre-feasibility study
Permitting approvals							Mining Licence application

1 Conservation Management Plan – a plan outlining Chalice’s proposed exploration approach within the Julimar State Forest. 2 Access to the Julimar State Forest for drilling activities has not yet been granted. The Company continues to engage with relevant government entities to progress its CMP approval and the above timeline is an estimate only

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Chalice is committed to strong environmental stewardship with staged exploration designed to minimise impact

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Utilising low-impact drilling techniques in the Julimar State Forest (small footprint diamond rigs) which do not require any vegetation clearance

Numerous case studies of successful mining projects in or around State Forest areas

Chalice is committed to strong environmental stewardship :

• Comprehensive program of baseline environmental surveys ongoing since 2020; covering flora, fauna, dieback, cultural heritage

• Development of Biodiversity Strategy underway an appropriate strategy to offset direct impacts and strengthen the reserve system in the area

• Baseline surface and groundwater studies underway; water studies is a priority focus for Chalice to ensure that water is responsibly managed as a shared resource

Key Environmental work in 2021:

• Zero significant or reportable environmental incidents

• 100% compliance with tenement conditions and Conservation Management Plan (CMP) requirements

• Approval of first CMP for Julimar Project

• Specialist botanists and zoologists have conducted baseline flora and fauna surveys over ~5,700ha in the Julimar region

• Baseline noise monitoring conducted

• Yued and Whadjuk Traditional Owners recently completed cultural heritage surveys across the proposed exploration areas

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Since the Julimar discovery, Chalice has engaged early with local communities to build respectful and collaborative relationships

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In FY2021, Chalice partnered with:

• Toodyay District High School, WA

• Toodyay Agricultural Show, WA

• Toodyay Christmas Street Party 2020, WA

• Toodyay Football Club, WA

• Marsupial Mammas and Pappas – Wildlife Rehabilitation, WA

• Bolgart Golf Club, WA

• Bears Lagoon/Serpentine Football Club, VIC

• Calivil Bowls Club, VIC

Growing community funding to achieve long term positive impacts

Proximity to major communities provides a unique opportunity to build a workforce of local permanent residents ( drive in, drive out )

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

Community Fact Sheets and Newsletters developed to deliver information on project activities, environmental practices and community events

Active, open and transparent engagement continues with key stakeholders

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The Julimar discovery has kick-started the new West Yilgarn Ni-Cu-PGE Province, which could deliver more major discoveries

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Narryer
Terrane
•
Narryer
•
Yamarna
Youanmi
Terrane
Terrane
Barrabarra Burtville •
Terrane
YILGARN CRATON •
West Yilgarn
Ni-Cu-PGE
Province Kurnalpi
(~1,200km x Terrane •
Julimar
~100km)
Kalgoorlie
Terrane
PERTH
South West •
Terrane
•
South West •
N
Chalice Tenure
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Many of the ‘giant’ Ni-Cu-PGE sulphide deposits such as Norilsk, Jinchuan, Thompson and Voisey’s Bay are located proximal to the margin of Archean age cratons

The western margin of the Yilgarn craton (Archean) is almost entirely unexplored for these mineral systems

We made the first discovery (Julimar), so were able to stake a >8,000km[2] licence area along this western margin

Hundreds of potential intrusions already identified within our licence area

Large-scale Ni-Cu-PGE soil anomaly already identified at Barrabarra ( ~300km north of Julimar ) – AC drilling underway

MLEM to recommence at South West in Q4 2021

Initial airborne EM surveys over remaining Julimar and new Barrabarra areas in Q4 2021

An exciting new province with the potential for several major nickel sulphide discoveries in the years ahead

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Investment Highlights
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New world class, strategic, ‘green metals’ Resource in Western Australia

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Significant exploration upside at Julimar and in the new West Yilgarn Ni-Cu-PGE Province

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~A$86M[1] in cash and investments and a team with an excellent track record

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1 As at 30 Sept 2021

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Julimar NickelCopper-PGE Project Appendix

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Gonneville is a tier-1 scale, pit-constrained, strategic green metals Resource with high-grade optionality and compelling growth potential

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3D view (looking ENE) of Gonneville Resource domains and pit shell

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Maiden Indicated and Inferred Mineral Resource Estimate[1] :

• 330Mt @ 0.94g/t Pd+Pt+Au (3E), 0.16% Ni, 0.10% Cu, 0.016% Co (~ 0.58% NiEq or ~ 1.6g/t PdEq )

• 10Moz 3E , 530kt Ni , 330kt Cu and 53kt Co contained

• Equivalent to ~ 1.9Mt NiEq or ~ 17Moz PdEq contained

• 150Mt (~45%) of the resource is within the Indicated category

• Resource is constrained within a resource pit shell and reported above a 0.4% NiEq cut-off grade (sulphide) and a 0.9g/t Pd cut-off grade (oxide)

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1 Refer to full Mineral Resource Statement in Appendix

The Resource includes a significant high-grade sulphide component in-pit, starting from a depth of ~30m

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3D view (looking NE) of Gonneville high-grade sulphide Resource domains (>0.6% NiEq) and pit shell

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High-grade sulphide

component of Resource[1] , reported above a 0.60% NiEq cut-off grade:

• 74Mt @ 1.8g/t 3E, 0.22% Ni, 0.21% Cu, 0.021% Co (~ 1.0% NiEq or ~ 2.8g/t PdEq );

• 4.2Moz 3E, 160kt Ni, 150kt Cu, 15kt Co (~ 760kt NiEq or ~ 6.6Moz PdEq ) contained

• This higher-grade component affords the project significant

• optionality in development and could potentially

materially enhance project economics in the initial years of operations

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1 Refer to full Mineral Resource Statement in Appendix

Flat grade-tonnage curve highlights the significant high-grade component – providing the project with development optionality

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500 2.5
450
450 2.1
410 2.1
2.0
1.9
400 2.0
1.8
1.8
1.7
350 330 1.6
1.6
1.5
1.5
300 1.4 1.5
1.3
1.3
1.2
250
220 1.1
1.0
200 0.9 1.0
0.8
0.7
150
0.6
0.5 0.6
140
98
100 0.5
74
62
53
45
50 39 34 31 28 25 23 20 18 16 15 13 12 11
- 0.0
0.30 0.35 0.40 0.45 0.50 0.55 0.60 0.65 0.70 0.75 0.80 0.85 0.90 0.95 1.00 1.05 1.10 1.15 1.20 1.25 1.30 1.35 1.40
Cut-off Grade (NiEq %)
Mass (Mt)
Grade (NiEq %)
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Tonnes Nieq %

The Deposit remains open on private farmland, with ongoing drilling already demonstrating the potential for material growth

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3D view (looking E) of Gonneville high-grade sulphide Resource domains (>0.8% NiEq) and pit shell

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Gonneville maiden Mineral Resource Estimate (JORC Code 2012), 9 Nov 2021

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Domain Cut-off Grade	Category	Mass	Grade	Grade	Contained Metal	Contained Metal
		(Mt)	Pd (g/t) Pt (g/t) Au (g/t) Ni (%) Cu (%) Co (%)	NiEq (%) PdEq (g/t)	Pd (Moz) Pt (Moz) Au (Moz) Ni (kt) Cu (kt) Co (kt)	NiEq (kt) PdEq (Moz)
Oxide 0.9g/t Pd	Indicated
	Inferred	8.8	1.8 0.06	1.9	0.51 0.02	0.52
	Subtotal	8.8	1.8 0.06	1.9	0.51 0.02	0.52
Sulphide (Transitional) 0.4% NiEq	Indicated	7.7	0.68 0.16 0.03 0.18 0.11 0.019	0.60 1.6	0.17 0.04 0.01 14 8.1 1.5	46 0.40
	Inferred	8.0	0.97 0.25 0.03 0.17 0.14 0.029	0.79 2.1	0.25 0.06 0.01 14 11 2.3	63 0.55
	Subtotal	16	0.83 0.20 0.03 0.18 0.12 0.024	0.70 1.9	0.42 0.10 0.02 27 19 3.8	110 0.95
Sulphide (Fresh) 0.4% NiEq	Indicated	150	0.74 0.18 0.03 0.16 0.10 0.016	0.61 1.6	3.5 0.82 0.14 240 150 23	890 7.7
	Inferred	160	0.69 0.16 0.02 0.16 0.10 0.016	0.58 1.6	3.6 0.82 0.12 270 160 26	940 8.2
	Subtotal	310	0.72 0.17 0.03 0.16 0.10 0.016	0.59 1.6	7.1 1.6 0.26 510 310 49	1,800 16
All	Indicated	150	0.74 0.17 0.03 0.17 0.10 0.016	0.61 1.6	3.7 0.86 0.15 250 160 25	930 8.1
	Inferred	180	0.76 0.15 0.03 0.16 0.09 0.016	0.56 1.6	4.4 0.89 0.15 280 170 28	1,000 9.3
	Total	330	0.75 0.16 0.03 0.16 0.10 0.016	0.58 1.6	8.1 1.7 0.30 530 330 53	1,900 17

Note some numerical differences may occur due to rounding to 2 significant figures.

NiEq (%) = Ni (%) + 0.37 x Pd (g/t) + 0.24 x Pt (g/t) + 0.25 x Au (g/t) + 0.65 x Cu (%) + 3.24 x Co (%). PdEq (g/t) = Pd (g/t) + 0.66 x Pt (g/t) + 0.67 x Au (g/t) + 2.71 x Ni (%) + 1.76 x Cu (%) + 8.78 x Co (%). Includes drill holes drilled up to and including 31 July 2021.

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Higher-grade sulphide component of Gonneville Resource, 9 Nov 2021

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Domain Cut-off Grade	Category	Mass	Grade	Grade	Contained Metal	Contained Metal
		(Mt)	Pd (g/t) Pt (g/t) Au (g/t) Ni (%) Cu (%) Co (%)	NiEq (%) PdEq (g/t)	Pd (Moz) Pt (Moz) Au (Moz) Ni (kt) Cu (kt) Co (kt)	NiEq (kt) PdE q (Moz)
High-grade Sulphide (Transitional) 0.60% NiEq	Indicated	1.8	1.2 0.28 0.05 0.27 0.19 0.030	1.0 2.8	0.07 0.02 0 4.9 3.4 0.55	18 0.16
	Inferred	3.8	1.5 0.39 0.05 0.21 0.19 0.044	1.1 3.0	0.18 0.05 0.01 7.9 7.2 1.7	42 0.37
	Subtotal	5.6	1.4 0.35 0.05 0.23 0.19 0.040	1.1 3.0	0.25 0.06 0.01 13 11 2.2	61 0.53
High-grade Sulphide (Fresh) 0.60% NiEq	Indicated	36	1.4 0.35 0.07 0.21 0.21 0.019	1.0 2.8	1.6 0.40 0.08 76 76 6.9	370 3.2
	Inferred	32	1.3 0.30 0.06 0.22 0.21 0.019	1.0 2.7	1.4 0.32 0.06 73 67 6.3	320 2.8
	Subtotal	68	1.4 0.33 0.06 0.22 0.21 0.019	1.0 2.8	3.0 0.72 0.14 150 140 13	700 6.0
All 0.60% NiEq	Indicated	38	1.4 0.35 0.07 0.22 0.21 0.020	1.0 2.8	1.7 0.42 0.08 81 80 7.4	390 3.4
	Inferred	36	1.4 0.31 0.06 0.22 0.21 0.022	1.0 2.8	1.6 0.36 0.06 80 74 8.0	370 3.2
	Total	74	1.4 0.33 0.06 0.22 0.21 0.021	1.0 2.8	3.3 0.78 0.15 160 150 15	760 6.6

Note some numerical differences may occur due to rounding to 2 significant figures. This higher-grade component is contained within the reported global Mineral Resource. NiEq (%) = Ni (%) + 0.37 x Pd (g/t) + 0.24 x Pt (g/t) + 0.25 x Au (g/t) + 0.65 x Cu (%) + 3.24 x Co (%). PdEq (g/t) = Pd (g/t) + 0.66 x Pt (g/t) + 0.67 x Au (g/t) + 2.71 x Ni (%) + 1.76 x Cu (%) + 8.78 x Co (%). Includes drill holes drilled up to and including 31 July 2021.

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Immediately north of Gonneville, the compelling Hartog Target is the highest priority – access approval expected shortly

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Hartog

• ~6.5km long gravityAEM anomaly

• ~30 ground EM conductors and multikilometre scale Ni-Cu soil anomalies, comparable to Gonneville prediscovery

• Coherent Cr soil

• anomaly – interpreted as mafic-ultramafic geology

Baudin-Jansz-Torres

• Multiple gravity-AEM anomalies

• Multi-kilometre scale Ni-Cu soil anomalies

• Drilling planned on farmland in Q4 2021

Note: Drilling within the Julimar State Forest is subject to access approvals

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Preliminary met testwork shows high Pd-Pt-Ni-Cu-Co recoveries into two commercially attractive concentrates using conventional flotation

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Simplified sequential flotation process for high-grade sulphide mineralisation

High-grade sulphide (fresh) ore Crush & grind (P80 of 38- 75µm) Rougher & cleaner flotation into Cu-PGE-Au concentrate Rougher & cleaner flotation into Ni-Co-PGE concentrate Sale Sale	Metal Expected Recovery (%)
	Copper (to Cu-PGE-Au con) 80-90 Nickel & Cobalt (to Ni-Co-PGE con) 60-75 Palladium (to both cons) 75-85 Platinum (to both cons) 65-75 Gold (to Cu-PGE-Au con) 35-75

• Testwork to date demonstrates potential to produce two commercially attractive concentrates for sale

• Low levels of potentially deleterious elements (As, Cd, Se, Te, Hg, Pb, F, Cl) in concentrates produced to date

• Variability testwork continues and additional metallurgical sampling underway

Simplified flotation process for disseminated sulphide mineralisation

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Sale
Rougher &
Rougher &
cleaner flotation
Disseminated sulphide Crush & grind cleaner flotation
into bulk Ni-Cu-
(fresh) ore (P80 of 38-75µm) into Cu-PGE-Au Co-PGE
concentrate Potential bulk
concentrate Potential bulk
concentrate
concentrate Sale
enrichment
enrichment process
process
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• Initial testwork indicates the potential to produce two commercially attractive concentrates for sale

• Several processing alternatives to enrich bulk Ni-Cu-Co-PGE concentrate being investigated in order to maximise recovery and payability

• $2.9M CRC-P grant from Commonwealth Govt to evaluate downstream processing options in 2021-2023

• Testwork and flowsheet development work continues ahead of Scoping Study, targeted for completion in Q2 2022

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Palladium has surged with the introduction of China 5/6 emissions standards and the switch from Pt to Pd based catalytic converters

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• Demand currently dominated by ICE catalytic converters

• Tightening emissions standards (particularly on NOx emissions) has led to Pd based catalysts being preferred since 2006

• Tighter emissions standards have already been flagged by Europe

• Hybrid BEV catalytic converters require higher metal loadings than ICEs

• Palladium has widespread applications in a green hydrogen economy , including:

• Green hydrogen production using proton-exchange membrane (PEM) electrolysers

• Hydrogen or ammonia purification (scrubbing of NOx)

• Storage and detection

• Hydrogen fuel cells

• Supply concentrated in Russia (Norilsk) and South Africa (by-product from Pt mines)

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Interactive 3D Model & Video: Take a tour of our globally significant Julimar Ni-Cu-PGE Project in Western Australia

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Click here to explore Julimar in 3D: https://inventum3d.com/c/chalicemining

Click here to watch the Julimar Project Video: https://youtu.be/QRcnTSsG9Hs

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ABN 47 1 16 648 956

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www.chalicemining.com chalice-mining @ChaliceMining
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