CHALICE MINING LIMITED — Capital/Financing Update 2020

May 4, 2020

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5 May 2020

Section 708A Notice – Issue of Shares

Chalice Gold Mines Limited (“Chalice” or “the Company”, ASX: CHN | OTCQB: CGMLF) provides this notice under section 708A(5)(e) of the Corporations Act 2001 (Cth) (“ Corporations Act ”) in relation to the issue of 700,000 fully paid ordinary shares (“ Shares ”) following the exercise of unlisted options (as detailed in the Appendix 2A provided to the ASX on 5 May 2020) without disclosure to investors under Part 6D.2 of the Corporations Act.

The Company relies on case 1 in section 708A(5) of the Corporations Act in respect of the issue of fully paid ordinary shares.

As at the date of this notice, the Company has complied with:

• (a) the provisions of Chapter 2M of the Corporations Act as they apply to the Company; and

• (b) section 674 of the Corporations Act.

The Company confirms that, as at the date of this notice, other than as disclosed below there is no information that:

• (a) has been excluded from a continuous disclosure notice given to the ASX in accordance with the ASX Listing Rules; and

• (b) investors and their professional advisers would reasonably require for the purpose of making an informed assessment of:

• (i) the assets and liabilities, financial position and performance, profits and losses and prospects of the Company; and

• (ii) the rights and liabilities attaching to the Shares,

to the extent to which it would be reasonable for investors and their professional advisers to expect to find such information in a disclosure document.

As previously announced, the Company is currently drilling at the Julimar Nickel-Copper-PGE Project in Western Australia and at the Pyramid Hill Gold Project in Victoria, and is awaiting assay results for a number of holes on each Project.

The Company will announce these assay results once received and when it is in a position to complete the collation and interpretation of all data, in accordance with its continuous disclosure obligations, the JORC Code and the ASX Listing Rules.

Authorised for release on behalf of the Company by:

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Alex Dorsch Managing Director

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For further information, please visit http://www.chalicegold.com to view our latest corporate presentation, or contact:

Corporate Enquiries Alex Dorsch, Managing Director Chalice Gold Mines Limited +61 8 9322 3960 info@chalicegold.com

Media Enquiries

Nicholas Read, Principal and Managing Director Read Corporate Investor Relations +61 8 9388 1474 info@readcorporate.com.au

Follow our communications: LinkedIn: https://au.linkedin.com/company/chalice-gold-mines Twitter: https://twitter.com/chalicegold Facebook: https://www.facebook.com/Chalice-Gold-Mines-323740744933099/

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