CHALICE MINING LIMITED — AGM Information 2022

Nov 22, 2022

ASX Announcement

23 November 2022

AGM Chairman’s Address and Managing Director’s Presentation

Chalice Mining Limited (ASX: CHN | OTCQB: CGMLF) is pleased to provide in accordance with Listing Rule 3.13.3, the Chairman’s Address and the Managing Director and Chief Executive Officer’s Presentation being delivered at the Company’s Annual General Meeting (AGM), commencing at 9.00am AWST today.

Also enclosed are copies of the slides being shown during the formal business of the meeting.

This announcement was authorised for release by the Disclosure Committee.

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 and 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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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

23 November 2022

Chairman’s Address – 2022 Annual General Meeting

On behalf of the Board of Chalice Mining, I am delighted to welcome you to the Company’s 2022 Annual General Meeting.

I’d like to begin by acknowledging the Whadjuk/Noongar People, the Traditional Custodians of the land on which we are meeting, and to pay my respects to their Elders past, present and emerging. I would also like to acknowledge the Whadjuk and Yued Traditional Owners, the custodians of the lands on which our flagship Julimar Project is located just north of Perth.

This is my first AGM as the Company’s Chair since taking over the reins from Tim Goyder last November, and I would like to recognise the immeasurable contribution Tim has made to Chalice’s success. Tim’s incredible legacy – both at Chalice and elsewhere within the mining industry – was recognised at this year’s Diggers & Dealers Mining Forum in Kalgoorlie, where he was the welldeserved recipient of the prestigious GJ Stokes Memorial Award. Congratulations again Tim on receiving that award and thank you for being here today.

I have had the opportunity over the past 12 months to work closely with Chalice’s senior leadership team, ably led by Managing Director Alex Dorsch, and I am deeply impressed both by the calibre of that team and by the remarkable progress we have made as a Company over the past 12 months. We remain one of the most exciting resources opportunities on the ASX.

The Company’s credentials speak for themselves:

Chalice holds a genuine world-class Resource at Julimar, hosting a suite of rare, green metals that are critical to achieving global decarbonisation. Being located here in Western Australia, a Tier-1 mining jurisdiction, provides a supportive and stable regulatory framework to progress development. The quality of the asset is supported by a highly-credentialled employee, contractor and adviser team – many of whom are here today – a robust balance sheet, and a strong, supportive shareholder base that is becoming increasingly global.

Together with the compelling exploration upside at Julimar and elsewhere within the West Yilgarn, Chalice has an outstanding platform for continued growth, and I am pleased to say the Company has made strong progress towards our refreshed purpose, which is “to find the metals needed to decarbonise the world”.

During the past year, the Company has delivered two successive Mineral Resource Estimates for the Julimar Project, which confirmed the Gonneville Deposit as one of the largest nickel sulphide discoveries worldwide in over 20 years and the largest PGE discovery in Australian history.

This Resource provides an outstanding foundation and strong starting point for the initial Gonneville Scoping Study, which is well advanced and targeted for completion before the end of this calendar

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 @chalicemining www.chalicemining.com chalice-mining

T: +61 8 9322 3960

year. The Study will mark a pivotal milestone for Chalice, helping to map the Gonneville Deposit’s development pathway and options, and signalling the start of the Company’s transition towards project development.

As we begin to establish this roadmap for development, it has been pleasing to see a significantly increased level of inbound inquiry from potential strategic partners, off-take partners, financiers and investors, both in the project and at the corporate level. The level of strategic interest has particularly increased since the passing of the US Inflation Reduction Act (IRA), the escalation of the RussiaUkraine conflict and the continued disruption being experienced in global supply chains.

We announced recently that Chalice is considering securing a strategic minority joint venture partner (or indeed multiple partners) to assist in developing a potential mine at Gonneville and, while there can be no certainty of an outcome in this regard, securing a strategic partnership is one of our key objectives for 2023.

In parallel with development studies, we are also continuing a major exploration program aimed at unlocking the full potential of the Julimar Complex. Our exploration team hasn’t really paused in the last two and a half years since the discovery, and yet still there is significant potential to grow the current Resource base and identify further deposits over more than 30km of largely untested strike length. Exploration remains part of our DNA.

Chalice is fully funded for all planned exploration and pre-development activities through to the end of 2023 following the highly successful $100 million capital raising in May. Whilst our share price has not been immune from deteriorating and volatile global market conditions, we remain focussed on value-add activities that we can control within our portfolio. Alex Dorsch, Managing Director and CEO, will discuss this further in his presentation.

Sustainability remains at the core of Chalice’s business and our focus in this area has increased substantially in the past year.

We have a strong and collaborative relationship with the Yued and Whadjuk Traditional Owners to protect the cultural heritage values at Julimar, contrary to what has been reported recently in the media. We also continue to engage very positively with local stakeholders to achieve long-term positive impacts.

We were also proud to present our Biodiversity Strategy for the Julimar Project in our Sustainability Report for 2022, where we outlined our commitment to the goal of science-based no net loss of species or habitat diversity as a result of our operations. This will see us embark on an exciting and innovative program of work at Julimar to add areas of remnant vegetation to the conservation estate and restore cleared land to form ecological corridors and reduce habitat fragmentation.

Looking to our Board, we were delighted to appoint Jo Gaines to the Board as a Non-Executive Director in August, bringing significant expertise in strategic policy and intergovernmental relations and adding to the excellent blend of skill sets and experience we have on the Board.

After working with the Board over the past 12 months, I am delighted to report that the Chalice Board is very capable and effective and works well with management. The Directors routinely go above and beyond in their duties, and I would like to thank them all for their commitment, support and sound advice over the past year.

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Chalice Mining Limited 2

ASX:CHN OTCQB:CGMLF

I would also like to acknowledge the exceptional efforts of the entire hardworking Chalice team, led by Alex Dorsch. Advancing a unique, large asset like Julimar is no mean feat, so well done to all.

I would finally like to thank our loyal shareholders for their continued support during a challenging macro environment in 2022. I am very positive about the outlook for the metals industry and in particular for Chalice, so the coming year is set to be an exciting one as we progress our ambitions to become a leading global supplier of green metals.

Thank you.

Derek La Ferla

Chairman

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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Chalice Mining Limited

ASX:CHN OTCQB:CGMLF

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ASX: CHN | OTCQB: CGMLF

2022 Annual General Meeting

AGM Presentation 23 November 2022

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Agenda

Chairman’s Address MD & CEO Presentation – Item 1 Annual Report

Questions

Item 2 - Resolutions, Proxies and Voting Resolution Questions

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Board of Directors

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Derek La Ferla, Chairman

• Highly regarded ASX200 chair and company director with 30+ years experience as a corporate lawyer

• Chair of Poseidon Nickel and formerly Chair of Sandfire Resources

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Alex Dorsch, Managing Director and CEO

• Diverse experience in consulting, engineering and corporate advisory roles in the energy and resources sectors

• Previously a Specialist with McKinsey & Company

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Morgan Ball, Lead Independent Non-Exec Director

• Chartered Accountant with 25+ years experience in the resources, logistics and finance industries

• Formerly CFO of Northern Star Resources and Saracen Mineral Holdings

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Jo Gaines, Non-Exec Director

• Extensive experience in intergovernmental negotiations and stakeholder engagement

• Chair of the Government Employees Superannuation Board (GESB) and a Director of Development WA

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Linda Kenyon, Non-Exec Director

• Corporate lawyer and senior executive with 30+ years experience

• Formerly Company Secretary and member of Executive Leadership Team at Wesfarmers

Stephen McIntosh, Non-Exec Director

Highly regarded mining executive with 30+ years experience in exploration, major project studies and execution

• Formerly Group Executive and Head of Exploration & Growth at Rio Tinto

Garret Dixon, Non-Exec Director

• 30+ years experience in resources and mining contracting sectors

• Formerly Executive VP Alcoa & President Bauxite

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Online Attendees How to Vote

• When the poll is open, select the vote icon at the top of the screen

• To vote, select either For, Against or Abstain

• You will see a vote confirmation

• To change or cancel your vote “click here to change your vote” at any time until the poll is closed

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Items of Business
2A Re-elect Mr Sam Sample as a Director
FOR AGAINST ABSTAIN
2B Re-elect Ms Jane Citizen as a Director
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Online Attendees How to ask a Question

• To ask a written question select the Q & A icon

• Select the topic your question relates to from the drop-down list

• Type your question in the text box and press the send button

• To ask a verbal question follow the instructions below the broadcast window

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Chairman’s Address

Derek La Ferla

– 2022 a year of achievements against a challenging backdrop

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Managing Director and CEO Presentation

Alex Dorsch

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, 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 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 and objectives; the realisation of mineral resource estimates; the likelihood of further exploration success; the timing of planned exploration and study activities on the Company’s projects; mineral processing strategy; access to sites for planned drilling activities; and the success of future potential mining operations and the timing of the receipt of exploration results and hydrogen establishing a role in long-term energy strategies. In certain cases, forward-looking statements can be identified by the use of words such as, “believe”, “continue”, “could”, “estimate”, “expected”, “future”, “interpreted”, “likely”, “may”, “open”, “plan” or “planned”, “potential”, “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; whether visually identified mineralisation is confirmed by laboratory assays; obtaining appropriate approvals to undertake exploration activities; metal grades being realised; metallurgical recovery rates being realised; 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; 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 the 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 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.

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.

Mineral Resources Reporting Requirements

As an Australian Company with securities quoted 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 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.

Competent 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

• “New Mineralised Zone Intersected at Dampier Target”, 7 July 2022

• “Seismic identifies potential 1.6km extension of Gonneville ”, 6 September 2022

• “Major northern extension of Gonneville Intrusion confirmed”, 19 October 2022

• “Outstanding wide high-grade intersections north of Gonneville”, 23 November 2022

The information in this presentation that relates to Mineral Resources has been extracted from the ASX announcement titled:

• “Updated Gonneville Mineral Resource”, 8 July 2022.

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’s findings are presented have not been materially modified from the relevant original market announcements. Refer to the attached Appendices for further information on the Mineral Resource Estimate and metal equivalents.

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– A globally recognised name in exploration a team with a track record of finding mines and rewarding shareholders

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High-performance, results driven culture (mine finding + commercial DNA)

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– Our purpose to find the metals needed to decarbonise the world

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– Our aspiration to create a world class, multi-district green metals province

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FY2022 Highlights

Shareholder Value

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~3,000% TSR since Julimar discovery

Falcon demerger completed

$100 million raised at $6 per share

Operations

• 136,200m drilled at Julimar, 70% of Resource infilled to Indicated category

A world class, strategic Resource defined with a rare mix of critical green metals:

350Mt @ ~0.58% NiEq or ~1.8g/t PdEq[1]

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– <2yrs from discovery to maiden Resource we have moved quickly

New mineralised intersections at Hooley and Dampier Prospects

First pass exploration completed across majority of West Yilgarn licence holding

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Environment

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~6,000ha surveyed to establish flora/fauna baseline at Julimar

Approvals received for first ever exploration drilling in the Julimar State Forest

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Social
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Zero fatalities or lost time injuries

~$80,000 contributed to local initiatives in Toodyay, Chittering and Northam

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Strong relationships built with Yued and Whadjuk Traditional Owners

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~$2.7 million spent by Chalice and contractors in local businesses

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~22% of current workforce locally based near Julimar

Governance

Appointment of Derek La 29% female representation Ferla, Linda Kenyon and at Board level – 48% Jo Gaines to Board Company wide

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Development of Sustainability strategy and 3 year implementation roadmap

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1: Source: S&P Global Market Intelligence, Capital IQ. 2: Refer to full Mineral Resource Statement on page 32. 3: 3E = Palladium (Pd) + Platinum (Pt) + Gold (Au).

Our share price has increased ~30x since the Julimar discovery, but has underperformed in 2022 in challenging macro conditions

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250.0
200.0
150.0
100.0
50.0
0.0
CHN.ASX Nickel (LME) Palladium (LME) ASX300 Resources Index
Price, Rebased to 100
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24.4%
18.0%
(9.6%)
(28.2%)
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1: Source: IRESS, market data as at 21-Nov-22. Rebased to 100.

FY2023 Strategy

Generate new discoveries in the West Yilgarn

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Define and characterise resources
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De-risk development of the Julimar Project
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Develop our business and market

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Fund the strategy, maintain financial strength
and maximise optionality
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Focus on people and stakeholders

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11Moz 3E [2]
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A strategic, large-scale Resource with rare mix of critical minerals in sulphide mineralogy

100% owned by Chalice , and located in one of the world’s most attractive mining jurisdictions

Direct access to major highway, rail, power, port infrastructure as well as a large local workforce

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Green metals at Julimar are essential for decarbonisation technologies like batteries, electric vehicles and hydrogen

Strategy to explore and develop in parallel; strategic minority JV partnerships considered for funding/technical support

– Exploration upside ~2km of new >30km long intrusive Complex drilled-out to date

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1 14
Refer to full Mineral Resource Statement in Appendix
2 3E = Palladium (Pd) + Platinum (Pt) + Gold (Au)
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Julimar is capturing attention as a strategic asset for Australia and the western world, given its rare palladium-nickel-cobalt content

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Global Palladium Primary Supply Market Share

Julimar is the first major PGE discovery in Australia and one of the few recent large-scale Ni-Cu-PGE discoveries in the western world

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and one of the few recent large-scale Ni-Cu-PGE Russia also
discoveries in the western world accounts for
Russia
~20% of class 1
38% (battery grade)
nickel production
Pd, Pt, Ni and Co are classified as ‘critical minerals’
by most western governments
North
The western world is extremely reliant on Russian America
Palladium supply (~40% of global supply) 15%
Strategically located in one of the world’s most
stable mining jurisdictions and driven by a
commitment t o sustainable development
The Australian Government has committed >$1 billion to Zimbabwe
accelerate strategically significant projects and strengthen 6%
internal critical mineral security and supply chains [(1)]
Julimar
Strategic partner interest in Julimar’s large nickel sulphide South
endowment has increased significantly following the US Africa
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Zimbabwe
6%
Julimar
South
Africa
37%
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Strategic partner interest in Julimar’s large nickel sulphide endowment has increased significantly following the US Inflation Reduction Act (IRA)

• Source: ‘Provision of PGM market intelligence and long term metal price forecasts’ SFA Oxford, March 2021 (1) ‘2022 Critical Minerals Strategy’ Department of Industry, Science, Energy and Resources, Australian Government, March 2022

The growing battery industry needs new, large scale and sustainable – sources of battery-grade nickel a unique opportunity for Julimar

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Battery-grade nickel consumers forecast to become heavily reliant on supply sources that do not meet sustainability standards , i.e. NPI

Estimated avg carbon intensity of nickel sources (kgCO2 eq. per kg Ni)

70 60 With 560kt of contained nickel and growing, Julimar has the potential to become a globally significant source of class 1 nickel, which has a 50 much lower carbon footprint than other sources 40 ~4.5x Julimar’s proximity to WA’s world class power 30 grid and infrastructure make it uniquely positioned to deliver low carbon intensity metals

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Class 1 nickel sources are likely to demand a premium , driven by the need to comply with emissions targets and to satisfy increasing sensitivity to sustainability standards

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Class I nickel Nickel sulphate Ferronickel (FeNi) Nickel Pig Iron (NPI)

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Source: Nickel Institute, Goldman Sachs Global Investment Research via ‘Nickel’s class divide’, April 2022.

Chalice is committed to strong environmental stewardship and has a unique opportunity at Julimar to demonstrate this

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Leading practice low-impact exploration

• Strictly governed by a Conservation Management Plan, according to industry best practice

• Low impact track mounted rigs with a small footprint and no mechanised clearing of vegetation

• Flora, fauna and cultural heritage monitoring is conducted prior to each site mobilisation

Science-based environmental management

• Comprehensive baseline environmental surveys across 6,000ha; covering flora, fauna, and dieback

• Baseline water studies underway; Chalice recognises water is a shared resource

Environmental resilience

• Effectively managing biodiversity, rehabilitation and closure is part of our commitment to responsible mining and future operations

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Julimar Project Biodiversity Goal

To ensure science-based no net loss of species or habitat diversity as a result of our operations

Delivering the Biodiversity Strategy

A detailed implementation plan will be developed over the coming 12 months

Connectivity

Establish ecological corridors

Restoration

Implement restoration initiatives that address habitat fragmentation

Regeneration

Improve carbon sequestration

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The Julimar Project has the potential to deliver significant benefits for the local community and wider region

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Chalice has engaged early, actively and
transparently to build respectful and
collaborative relationships with stakeholders
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Chalice is committed to achieving lasting
social and economic benefits for the
communities in which we operate
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Julimar could deliver jobs, skills and economic diversification to the Wheatbelt region of WA

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Distribution of information to our host communities – Regular Community Newsletter, local advertising, information sheets and meetings

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~$1.2M local procurement and investment contributed by Chalice, plus ~$1.5M spend by direct contractors in the local shires surrounding the Julimar Project (FY22)

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Long-term major economic contribution for WA and nationally direct boost to Australia’s GDP, additional revenue through payroll taxation and mineral royalties

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Dedicated Julimar Project – Pop-Up Office A community hub for questions and information and an opportunity to engage direct with our team

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Developing the framework for a future Community Development Fund, designed to deliver significant long term benefits to local communities

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Potential to create hundreds of new jobs for the Wheatbelt and outer-Perth, plus boost adjacent sectors

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Prioritised local employment with ~22% of current workforce locally based near Julimar (as at 30-June-22)

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A clear pathway for strong stakeholder engagement at every stage through our targeted Community Engagement Strategy

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Attractive semi-rural setting lifestyle or Drive-in-Drive-Out commute, with increased real wages contributing directly to the regional economy

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18
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Julimar has the fourth largest undeveloped nickel sulphide resource in Australia and has significant PGE-Cu-Co credits

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Australian
primary nickel
sulphide
resources in
exploration or
development [1]
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Under offer
3,000
by BHP
2,500
Including all six payable
metals, Julimar has a
2,000
contained nickel
equivalent of ~2,000 kt
1,500
1,000
500
0
Yakabindie West Cosmos Julimar Julimar Avebury West Black Swan Venus Jericho Fisher East Sherlock
Musgrave Restart Jordan Bay
Contained Nickel (kt)
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Source: Company filings.

1: Based on total reported JORC Resource (Measured, Indicated, and Inferred). Includes all exploration and development projects with a contained Ni resource of over 99kt. Please refer to Appendix [Australian Primary Nickel Sulphide Resources slide] for peer comparison information; [Gonneville Mineral Resource Estimate slide] and [Metal equivalent assumptions slide] for the assumptions used for the calculation of metal equivalents.

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19
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The tier-1 scale, near-surface Resource has high-grade optionality and compelling growth potential

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Updated Indicated and Inferred Mineral Resource Estimate[1] :

• 350Mt @ 0.96g/t Pd+Pt+Au (3E), 0.16% Ni, 0.10% Cu, or

• 0.015% Co (~ 0.58% NiEq ~ 1.8g/t PdEq )

• 11Moz 3E , 560kt Ni , 360kt Cu and 54kt Co contained

• Equivalent to ~ 2.0Mt NiEq or ~ 20Moz PdEq contained

• Resource is defined to depth of ~700m, open to the north and at depth

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20
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1 Refer to full Mineral Resource Statement in Appendix

The growth potential at Gonneville was highlighted by recent outstanding wide, high-grade intersections at the northern end of the deposit

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The initial results at Hartog from restricted drill sites have confirmed Gonneville-like sulphide mineralisation in this fault-offset extension of the Julimar Complex – further wide-spaced step-out drilling to commence in the coming weeks

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21
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– The Resource occupies just ~2km of the >30km long Julimar Complex the upside to the north has the potential to transform the project

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WA
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State Forest
Area
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Flinders Target (untested)

• Large coincident Mag-AEM anomaly

• • Access pending

Julimar Complex

• Interpreted >30km long maficultramafic intrusive complex

• Prospective for high-grade magmatic Ni-Cu-PGE sulphides

~18km Baudin-Jansz-Torres strike length (untested)

• Large EM and Ni-Cu-PGE soil anomalies

• • Drilling access pending

~10km Hartog-Dampier strike length (drilling underway)

Gonneville Deposit (Resource stage)

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* 350Mt @ 0.96g/t 3E, 0.16% Ni, 0.10% Cu, 0.015% Co
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• Discovery hole (JRC001): 19m @ 9.6g/t 3E, 2.6% Ni, 1.0% Cu, 0.1% Co from 48m

• 11Moz Pd+Pt+Au (3E), 560kt Ni, 360kt Cu and 54kt Co* contained

• • >900 RC/diamond holes drilled across ~1.9km x 0.9km area

• Open to the north and down-dip

5ppb Pd in soil >700ppm Cr in soil >80ppm Ni in soil >20ppm Cu in soil State Forest boundary

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Two processing options are under evaluation in the ongoing Scoping Study – selective Cu/Ni flotation or Cu flotation + Ni enrichment

Simplified sequential flotation process for higher-grade sulphide mineralisation

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Rougher & Rougher &
Crush & grind cleaner cleaner
Higher-grade sulphide
(fresh) ore (P80 of 38- flotation into flotation into
75µm) Cu-PGE-Au Ni-Co-PGE
concentrate concentrate
Offtake Offtake
#1 #2
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Preliminary testwork to date on 15 sulphide composite samples from several geological domains (including higher-grade and lower-grade samples), demonstrates potential to produce two commercially attractive concentrates for sale from higher-grade sulphide material, with low levels of potentially deleterious elements

Variability testwork, mineralogical investigations and flotation optimisation work continues on the nickel-cobaltPGE concentrate

Simplified flotation and enrichment process for lower-grade disseminated sulphide mineralisation

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Potential
Offtake
Rougher &
Rougher &
cleaner flotation
Disseminated sulphide Crush & grind cleaner flotation
into bulk Ni-Cu- or
(fresh) ore (P80 of 38-75µm) into Cu-PGE-Au Co-PGE
concentrate concentrate Potential bulk Potential bulk Potential Offtake #2 (Ni-Co MHP
concentrate concentrate to battery pCAM refineries):
enrichment
enrichment process 40-50% Ni, 4-5% Co
process
Offtake #1 (Cu smelters): Cu-PGEs
18-22% Cu, 100-150g/t 3E
• Copper and PGE recoveries are robust at lower grades, however more work is
Predicted metallurgical recovery
Metal underway to optimise flotation recovery of nickel and cobalt (and corresponding
range min-avg [1] -max (%)
PGEs which report to the nickel concentrate)
Palladium (~75%/25% into Cu/Ni conc) 55-67-90 • Several processing alternatives to enrich bulk Ni-Cu-Co-PGE concentrate being
Platinum (~25%/75% into Cu/Ni conc) 55-68-90 investigated in order to maximise recovery and payability, and potentially sell nickel-
Gold (to Cu conc) 30-62-65 cobalt intermediate product direct to battery pCAM manufacturers
Nickel (to Ni conc / MHP) 40-55-80 • $2.9M CRC-P grant from Commonwealth Govt to evaluate these ‘midstream’
processing options
Copper (to Cu conc) 88-92-95
1 Average recovery based on average resource grades at >0.6% NiEq cut-off for sulphide (fresh) domain Average recovery based on average resource grades at >0.6% NiEq cut-off for sulphide (fresh) domain 23
Cobalt [2 ] (to Ni conc / MHP) 40-55-80 2 Cobalt is associated with nickel and hence recoveries reflect the nickel grade
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• 1 Average recovery based on average resource grades at >0.6% NiEq cut-off for sulphide (fresh) domain Average recovery based on average resource grades at >0.6% NiEq cut-off for sulphide (fresh) domain 2 Cobalt is associated with nickel and hence recoveries reflect the nickel grade

Initial drilling along the Julimar Complex and the Scoping Study for an potential mine at Gonneville represent significant upcoming milestones

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Chalice has consistently delivered since the Julimar discovery in early 2020

We are rapidly advancing Gonneville towards mine development…

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Julimar Significant Maiden Mineral Drilling Updated discovery and expansion Resource commences Mineral birth of the of tenure Estimate at at greenfield Resource new West (~8,000km[2] ) Gonneville targets along Estimate at Yilgarn Ni-Cuand exploration >30km Gonneville – PGE Province activities Julimar ~2.0Mt NiEq or (~6-9 rigs) Complex ~20Moz PdEq

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Completion of Gonneville Gonneville Scoping Study Pre-Feasibility Mine Proposal – First step to Study begins – commence defining the advancing major development towards an regulatory options for initial mine approvals Gonneville development processes

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Mar-2020 Nov-2021 Jan-2022 Jul-2022
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Late 2022 2 0 2 0 2023+ 2 0 2 2
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… while completing first pass exploration in the new West Yilgarn Province and exploring strategic partnering options

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24
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1 Refer to full Mineral Resource Statement in Appendix. Timeline is indicative and subject to exploration and study outcomes.

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

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Narryer
Burtville
Terrane
Narryer
Terrane
Youanmi
Terrane
Kurnalpi
Terrane
Barrabarra
Kalgoorlie
Terrane
West Yilgarn Ni-
Cu-PGE Province – YILGARN
discovered 2020,
CRATON Kalgoorlie-
~0.5Mt Ni to date
Kurnalpi Ni
Province –
discovered
Gonneville PGE-
Julimar 1965, >25Mt Ni
Ni-Cu-Co Deposit
PERTH
South West
Terrane
South West
N
Nickel Deposits
Chalice Tenure
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Many of the ‘giant’ ortho -magmatic nickel-copper-PGE sulphide deposits such as Norilsk, Jinchuan, Thompson and Voisey’s Bay are located proximal to the margin of cratons

• In WA, the eastern Yilgarn (Archean craton) hosts several world-class nickel sulphide deposits with over 25Mt of Ni discovered since 1965

• ~1,200km long western margin of the Yilgarn presents a similar geological setting, but is almost entirely unexplored

Chalice made the first major ortho-magmatic Ni-Cu-PGE discovery in the region (Julimar), subsequently staking >8,000km[2]

Chalice has ‘first mover’ advantage in this exciting new – province strong potential to deliver more major Ni-Cu-PGE discoveries

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• Hundreds of potential host intrusions already identified in our area – AI assisted screening and prioritisation underway

• Rapid, low-cost exploration approach being used EM, soil/auger sampling and shallow reconnaissance drilling

• Potential for highly variable mineralisation styles (Ni:Cu:PGE metal ratios) across the province

• The prize is significant i.e. Julimar discovery zone massive sulphides grading c. 3.2% Ni, 1.2% Cu, 10g/t 3E

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25
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Source: S&P Global

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New world class, strategic, ‘green metals’ Resource in Western Australia – a ‘once in a generation’ discovery

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Significant exploration upside at Julimar and in – the new West Yilgarn Ni-Cu-PGE Province targeting more shallow high-grade sulphides

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High performance, well funded team with an excellent track record

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2626
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– Item 1 Annual Report

– Agenda Items Item 1

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Annual Report

To consider the Annual Report of the Company and its controlled entities for the financial year ended 30 June 2022, which includes the Financial Report, the Directors' Report and the Auditor's Report.

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28
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Questions

Item 2 - Resolutions

– Resolution 1 Remuneration Report

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To consider and, if thought fit, to pass with or without amendment, as a non-binding ordinary resolution the following:

'That, the Remuneration Report be adopted by Shareholders, on the terms and conditions in the Explanatory Memorandum.'

Proxy Results:

FFOR 99,906,236 securities 99.12%

FAGAINST 436,607 securities 0.43%

FOPEN 448,018 securities 0.44%

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FTOTAL NUMBER
OF VOTES
100,790,861
securities
26.78%
of total issued capital
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ABSTAIN 310,479 securities

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31
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– – Resolution 2 Re-election of Director Morgan Ball

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To consider and, if thought fit, to pass with or without amendment, as an ordinary resolution the following:

'That, Morgan Ball, who retires in accordance with Clause 7.2(a) of the Constitution and Listing Rule 14.4 and for all other purposes, retires and, being eligible and offering himself for reelection, is re-elected as a Director, on the terms and conditions in the Explanatory Memorandum.'

Proxy Results:

FFOR 136,051,752 securities 97.51%

FAGAINST FOPEN 3,030,404 448,738 securities securities 2.17% 0.32%

TOTAL NUMBER OF VOTES 139,530,894 securities 37.08% of total issued capital

ABSTAIN 2,784,118 securities

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32
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– – Resolution 3 Election of Director Jo Gaines

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To consider and, if thought fit, to pass with or without amendment, as an ordinary resolution the following:

'That, in accordance with Clause 7.6(c) of the Constitution and Listing Rule 14.4 and for all other purposes, Jo Gaines, a Director appointed on 17 August 2022, retires at this Meeting and, being eligible and offering herself for election, is elected as a Director, on the terms and conditions in the Explanatory Memorandum.' Proxy Results:

FFOR 141,277,333 securities 99.31%

FAGAINST FOPEN 246,645 731,007 securities securities 0.17% 0.51%

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TOTAL NUMBER
OF VOTES
142,254,985
securities
37.80%
of total issued capital
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ABSTAIN 60,027 securities

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33
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– Resolution 4 Approval of Issue of Performance Rights to Alex Dorsch

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To consider and, if thought fit, to pass with or without amendment, as an ordinary resolution the following:

'That, pursuant to and in accordance with Listing Rule 10.14 and for all other purposes, Shareholders approve the issue of up to 228,938 Performance Rights to Alex Dorsch (or his nominees) under the Existing Plan, on the terms and conditions in the Explanatory Memorandum.' Proxy Results:

FFOR 128,550,948 securities 96.21%

FAGAINST FOPEN 4,644,038 426,071 securities securities 3.48% 0.32%

TOTAL NUMBER OF VOTES 133,621,057 securities 35.51% of total issued capital

ABSTAIN 8,291,140 securities

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34
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– Resolution 5 Ratification of Issue of Placement Shares

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To consider and, if thought fit, to pass with or without amendment, as an ordinary resolution the following:

'That, pursuant to and in accordance with Listing Rule 7.4 and for all other purposes, Shareholders ratify the issue of 16,666,667 Placement Shares, on the terms and conditions in the Explanatory Memorandum.'

Proxy Results:

FFOR 136,200,282 securities 99.44%

FAGAINST FOPEN 331,423 439,666 securities securities 0.24% 0.32%

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F
TOTAL NUMBER
OF VOTES
136,971,371
securities
36.40%
of total issued capital
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ABSTAIN 5,334,861 securities

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35
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– Resolution 6 Approval of New Plan

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To consider and, if thought fit, to pass with or without amendment, as an ordinary resolution the following:

'That, pursuant to and in accordance with exception 13(b) of Listing Rule 7.2 and for all other purposes, Shareholders approve the new employee incentive scheme of the Company known as the "Chalice Mining Limited Employee Securities Incentive Plan” (New Plan) and the issue of Securities under the New Plan, on the terms and conditions in the Explanatory Memorandum.'

Proxy Results:

FFOR 128,298,568 securities 96.43%

FAGAINST FOPEN 4,323,046 423,641 securities securities 3.25% 0.32%

TOTAL NUMBER OF VOTES 133,045,255 securities 35.36% of total issued capital

ABSTAIN 8,866,942 securities

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36
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– Resolution 7 Approval of potential termination benefits under the New Plan

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To consider and, if thought fit, to pass with or without amendment, as an ordinary resolution the following:

‘That, conditional on Resolution 6 being approved, for a period commencing from the date this Resolution is passed and ending upon the expiry of all Securities issued or to be issued under the New Plan, approval be given for all purposes including Part 2D.2 of the Corporations Act for the giving of benefits to any current or future person holding a managerial or executive office of the Company or a related body corporate in connection with that person ceasing to hold such office, on the terms and conditions in the Explanatory Memorandum.’ Proxy Results:

FFOR 118,191,344 securities 90.29%

FAGAINST FOPEN 12,248,554 461,789 securities securities 9.36% 0.35%

TOTAL NUMBER OF VOTES 130,901,687 securities 34.79% of total issued capital

ABSTAIN 11,010,510 securities

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37
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– Resolution 8 Re-insertion of Proportional Takeover Bid Approval Provisions

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To consider and, if thought fit, to pass with or without amendment, as a special resolution the following:

'That, the modification of the Company's Constitution to re-insert the proportional takeover bid approval provisions contained in Schedule 5 of the Constitution for a period of three years from the date of approval of this Resolution is approved under and for the purposes of sections 648G(4) and 136(2) of the Corporations Act and for all other purposes.’

Proxy Results:

FFOR 139,734,228 securities 99.49%

FAGAINST FOPEN 307,395 415,591 securities securities 0.22% 0.30%

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F
TOTAL NUMBER
ABSTAIN
OF VOTES
140,457,214
1,857,798
securities
securities
37.33%
of total issued capital
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Thank You Conclusion of Meeting

Appendix

Gonneville Mineral Resource Estimate (JORC Code 2012), 8 July 2022

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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	8.6	1.9 - 0.06 - - -	- 1.9	0.52 - 0.02 - - -	- 0.54
	Inferred	0.4	1.9 - 0.13 - - -	- 2.0	0.03 - 0.00 - - -	- 0.03
	Subtotal	9.1	1.9 - 0.06 - - -	- 1.9	0.55 - 0.02 - - -	- 0.57
Sulphide (Transitional) 0.4% NiEq	Indicated	14	0.80 0.19 0.03 0.17 0.12 0.024	0.65 2.0	0.37 0.09 0.01 24 17 3	93 0.90
	Inferred	1.1	0.64 0.17 0.03 0.14 0.11 0.016	0.55 1.6	0.02 0.01 0 2 1 0	6 0.06
	Subtotal	15	0.79 0.19 0.03 0.16 0.12 0.023	0.65 1.9	0.39 0.09 0.01 25 18 4	99 0.96
Sulphide (Fresh) 0.4% NiEq	Indicated	220	0.73 0.16 0.03 0.16 0.10 0.016	0.59 1.8	5.1 1.1 0.20 360 230 34	1,300 12
	Inferred	110	0.71 0.15 0.03 0.16 0.11 0.015	0.58 1.7	2.4 0.52 0.10 170 110 16	610 5.9
	Subtotal	320	0.72 0.16 0.03 0.16 0.11 0.015	0.58 1.8	7.5 1.7 0.30 530 340 50	1,900 18
Underground MSO	Indicated	0.03	1.7 0.33 0.08 0.16 0.15 0.016	0.99 3.0	0 0 0 0.1 0.1 0.0	0.3 0
	Inferred	2.9	1.8 0.40 0.06 0.27 0.21 0.021	1.2 3.7	0.17 0.04 0.01 7.6 6.0 0.6	35 0.34
	Subtotal	2.9	1.8 0.40 0.06 0.26 0.21 0.021	1.2 3.7	0.17 0.04 0.01 7.6 6.1 0.6	35 0.34
All	Indicated	240	0.78 0.16 0.03 0.16 0.10 0.015	0.57 1.8	6.0 1.2 0.22 380 240 37	1,400 14
	Inferred	110	0.74 0.16 0.03 0.16 0.11 0.015	0.59 1.8	2.6 0.57 0.11 180 120 17	650 6.3
	Total	350	0.77 0.16 0.03 0.16 0.10 0.015	0.58 1.8	8.6 1.8 0.33 560 360 54	2,000 20

Note some numerical differences may occur due to rounding to 2 significant figures. PdEq oxide (Palladium Equivalent g/t) = Pd (g/t) + 1.27x Au (g/t)

NiEq sulphide (Nickel Equivalent %) = Ni (%) + 0.33x Pd(g/t) + 0.24x Pt(g/t) + 0.29x Au(g/t) + 0.78x Cu(%) + 3.41x Co(%) PdEq sulphide (Palladium Equivalent g/t) = Pd (g/t) + 0.72x Pt(g/t) + 0.86x Au(g/t) + 2.99x Ni(%) + 2.33x Cu(%) + 10.18x Co(%) MSO optimisation defined reasonable shapes that could be extracted by underground mining methods. Includes drill holes drilled up to and including 18 March 2022.

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41
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Higher-grade sulphide component of Gonneville Resource (in pit and underground), 8 July 2022

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Domain Cut-off Grade	Category	Mass	Grade	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)
High-grade Sulphide (Transitional) 0.6% NiEq	Indicated	4.8	1.3 0.31 0.04 0.20 0.18 0.038	0.99 3.0	0.20 0.05 0.01 10 9 2		48 0.46
	Inferred	0.2	1.1 0.26 0.06 0.18 0.18 0.019	0.82 2.4	0.01 0.00 0.00 0 0 0		2 0.02
	Subtotal	5.1	1.3 0.30 0.05 0.20 0.18 0.037	0.98 3.0	0.21 0.05 0.01 10 9 2		50 0.48
High-grade Sulphide (Fresh) 0.6% NiEq	Indicated	52	1.3 0.29 0.06 0.21 0.19 0.019	0.94 2.8	2.2 0.49 0.11 110 99 10		490 4.8
	Inferred	22	1.3 0.29 0.08 0.21 0.23 0.018	0.98 2.9	0.94 0.20 0.05 46 52 4		220 2.1
	Subtotal	74	1.3 0.29 0.07 0.21 0.20 0.019	0.95 2.9	3.1 0.69 0.16 160 150 14		710 6.9
Underground MSO	Indicated	0.03	1.7 0.33 0.08 0.16 0.15 0.016	0.99 3.0	0 0 0 0.1 0.1 0.0		0.3 0
	Inferred	2.9	1.8 0.40 0.06 0.27 0.21 0.021	1.2 3.7	0.17 0.04 0.01 7.6 6.0 0.6		35 0.34
	Subtotal	2.9	1.8 0.40 0.06 0.26 0.21 0.021	1.2 3.7	0.17 0.04 0.01 7.6 6.1 0.6		35 0.34
All	Indicated	57	1.3 0.29 0.06 0.21 0.19 0.020	0.95 2.9	2.4 0.54 0.11 120 110 12		540 5.2
	Inferred	25	1.4 0.30 0.07 0.21 0.23 0.018	1.00 3.0	1.1 0.24 0.06 54 58 5		250 2.5
	Total	82	1.3 0.29 0.07 0.21 0.20 0.020	0.97 2.9	3.5 0.78 0.17 180 170 16		790 7.7

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 sulphide (Nickel Equivalent %) = Ni (%) + 0.33x Pd(g/t) + 0.24x Pt(g/t) + 0.29x Au(g/t) + 0.78x Cu(%) + 3.41x Co(%) PdEq sulphide (Palladium Equivalent g/t) = Pd (g/t) + 0.72x Pt(g/t) + 0.86x Au(g/t) + 2.99x Ni(%) + 2.33x Cu(%) + 10.18x Co(%) MSO optimisation defined reasonable shapes that could be extracted by underground mining methods. Includes drill holes drilled up to and including 18 March 2022.

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Metal equivalent assumptions of Gonneville Resource, 8 July 2022

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Based on metallurgical testwork completed to date for the sulphide domain, it is the Company’s opinion that all the quoted elements included in metal equivalent calculations (palladium, platinum, gold, nickel, copper and cobalt) have a reasonable potential of being recovered and sold.

Only limited samples have been collected from the transitional zone due to its relatively small volume. Therefore, the metallurgical recovery of all metals in this domain are unknown. However, given the relatively small proportion of the transition zone in the Mineral Resource, the impact on the metal equivalent calculation is not considered to be material.

Metal equivalents for the sulphide domains are calculated according to the formula below:

• « NiEq (%) = Ni (%) + 0.33x Pd(g/t) + 0.24x Pt(g/t) + 0.29x Au(g/t) + 0.78x Cu(%) + 3.41x Co(%);

• « PdEq (g/t) = Pd (g/t) + 0.72x Pt(g/t) + 0.86x Au(g/t) + 2.99x Ni(%) + 2.33x Cu(%) + 10.18x Co(%)

Metal recoveries used in the metal equivalent calculations are based on rounded average Resource grades for the higher-grade sulphide domain (>0.6% NiEq cutoff):

• « Pd – 70%, Pt – 70%, Au – 60%, Ni – 55%, Cu – 90%, Co – 55%.

Metal prices used are used are consistent with those used in the Whittle pit optimisation (based on long term consensus analyst estimates):

• « US$1,800/oz Pd, US$1,300/oz Pt, US$1,800/oz Au, US$22,00/t Ni, US$10,500/t Cu and US$75,000/t Co.

Initial metallurgical testwork indicates that only palladium and gold are likely to be recovered in the oxide domain, therefore no NiEq grade has been quoted for the oxide. The PdEq grade for the oxide has been calculated using the formula:

• « PdEq oxide (g/t) = Pd (g/t) + 1.27 x Au (g/t).

Metal recoveries based on limited metallurgical test work completed to date:

• « Pd – 75%, Au – 95%.

• « Metal prices used are consistent with those used in the pit optimisation:

• « US$1,800/oz Pd, US$1,800/oz Au

For additional information on the assumptions used in the calculation of metal equivalents , refer to the ASX announcement titled “Updated Gonneville Mineral Resource” dated 8 July 2022.

Australian Primary Nickel Sulphide Resources (4 Oct 2022)

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	Total Measured (Meas.), Indicated (Ind.) and Inferred (Inf.) resources	Meas.	Ind.	Inf.
Rank Asset Company Stage Source Announcement Date	Tonnage (Mt) Nickel (kt, %) Copper (kt, %) Cobalt (kt, ppm) Gold (koz, g/t) Platinum (koz, g/t) Palladium (koz, g/t) Silver (koz, g/t)	Tonnage (Mt)	Tonnage (Mt)	Tonnage (Mt)
1 Yakabindie BHP Feasibility Annual Report to Shareholders 06-Sep-22	406 2,474 - - - - - - 0.61% - - - - - -	129.6	106	170
2 West Musgrave OZ Minerals Feasibility West Musgrave Mineral Resource and Ore Reserve Statement 23-Sep-22	390 1,200 1,300 47 752 1,003 1,129 10,659 0.30% 0.33% 120 0.06 0.08 0.09 0.85	91	240	59
3 Cosmos IGO Development FY22 Cosmos and Forrestania Resources and Reserves 30-Aug-22	67 656 - - - - - - 0.98% - - - - - -	13.6	38.9	14.5
4 Julimar Chalice Exploration Updated Gonneville Mineral Resource 08-Jul-22	350 560 360 54 330 1,800 8,600 - 0.16% 0.10% 154 0.03 0.17 0.77 -	-	240	110
5 Avebury Restart Mallee Resources Restart Updated Investor Presentation 07-Jul-22	29 264 - 7 - - - - 0.90% - 229 - - - -	-	8.7	20.7
6 Black Swan Poseidon Restart Investor Presentation - Diggers and Dealers Conference 03-Aug-22	30 206 7 5 - - - - 0.69% 0.02% 178 - - - -	1.5	10.1	18.3
7 West Jordan BHP Exploration Annual Report to Shareholders 06-Sep-22	43 224 - - - - - - 0.52% - - - - - -	-	-	43
8 Venus BHP Exploration Annual Report to Shareholders 06-Sep-22	11 189 - - - - - - 1.71% - - - - - -	1.5	7.5	2.1
9 Jericho BHP Exploration Annual Report to Shareholders 06-Sep-22	31 183 - - - - - - 0.59% - - - - - -	-	-	31
10 Fisher East Cannon Resources Exploration Fisher East Resource Increased to 134.1kt Contained Nickel 15-Aug-22	8 134 - - - - - - 1.79% - - - - - -	-	2.8	4.7
11 Sherlock Bay Sabre Resources Exploration Sherlock Bay Ni Scoping Study Delivers Positive Cashflow 27-Jan-22	25 99 22 5 - - - - 0.40% 0.09% 220 - - - -	12.5	6.1	6.1

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Note: Values presented in the above table have been rounded and where totals do not add to their components is due to rounding.

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ABN 47 1 16 648 956

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www.chalicemining.com chalice-mining @ChaliceMining
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