CHALICE MINING LIMITED — Capital/Financing Update 2021

Apr 18, 2021

19 April 2021

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Key private properties secured at Julimar

Chalice Mining Limited (“Chalice” or “the Company”, ASX: CHN | OTCQB: CGMLF) is pleased to advise that, further to the announcement dated 16[th] November 2020, it has entered into binding agreements to acquire four additional key private properties at its 100%-owned Julimar Nickel-Copper-PGE Project in Western Australia.

The four properties cover a combined area of ~723 hectares. Total consideration comprises $11.25 million in cash and 1,033,294 fully paid ordinary Chalice shares. The agreements are on terms considered customary for agreements of this nature, and settlement is not subject to any material conditions precedent.

With these most recent acquisitions, Chalice has acquired a combined total of ~1,668 hectares (~17km[2] ) of private land at the southern end of the Julimar Project, that covers all of the current known mineralisation at the Gonneville Intrusion, the geological host to Chalice’s recent major PGE-Ni-Cu-Co-Au discovery.

Authorised for release on behalf of the Company by:

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Alex Dorsch Managing Director

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

Corporate Enquiries Media Enquiries Alex Dorsch Nicholas Read Managing Director Principal and Managing Director Chalice Mining Limited Read Corporate Investor Relations +61 8 9322 3960 +61 8 9388 1474 info@chalicemining.com info@readcorporate.com.au

Follow our communications: LinkedIn: chalice-mining Twitter: @chalicemining

Registered Office

ABN 47 116 648 956

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Level 2, 1292 Hay Street West Perth, Western Australia GPO Box 2890, Perth WA 6001

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

@chalicemining chalice-mining

Forward Looking Statements

This report 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 Company’s strategy, the fair value of investments ultimately realised, the estimation of mineral reserve and mineral resources, the realisation of mineral resource estimates, estimation of metallurgical recoveries, the forecast timing of the estimation of mineral resources, the likelihood of exploration success at the Company’s projects, the prospectivity of the Company’s exploration projects, the existence of additional EM anomalies within the project, the timing of future exploration activities on the Company’s exploration projects, planned expenditures and budgets and the execution thereof, the timing and availability of drill results, potential sites for additional drilling, the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage.

In certain cases, forward-looking statements can be identified by the use of words such as “appears”, “considered”, “encompasses”, “will”, “interpreted”, “may”, “potential”, “potentially”, “highly”, “plan” or “planned”, “prospective”, “promising”, “targeted”, “to expand”, 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 forwardlooking statements.

Such factors may include, among others, risks related to actual results of current or planned exploration activities; assay results of soil samples; 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 based upon the results of exploration, future prices of mineral resources; grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; movements in the share price of investments and the timing and proceeds realised on future disposals of investments, the impact of the COVID 19 epidemic as well as those factors detailed from time to time in the Company’s interim and annual financial statements, all of which are filed and available for review on SEDAR at sedar.com, ASX at asx.com.au and OTC Markets at otcmarkets.com.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that 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.

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Chalice Mining Limited ABN 47 116 648 956

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