CHALICE MINING LIMITED — Capital/Financing Update 2022

Sep 5, 2022

ASX Announcement

6 September 2022

Seismic identifies potential 1.6km extension of Gonneville

2D seismic indicates the Gonneville Intrusion could extend down plunge to the north-west for ~1.6km and beyond, highlighting significant growth potential

==> picture [493 x 25] intentionally omitted <==

----- Start of picture text -----

Highlights
----- End of picture text -----

• « Significant results received from recent 2D seismic at the Julimar Ni-Cu-PGE Project in WA , which highlights the growth potential immediately north of the current Gonneville Resource.

• « 2D seismic over the Hartog area has highlighted the potential plunge extension of the Gonneville Intrusion ~1.6km north-west of the Resource and ~500m below surface:

• « Interpreted position is to the west and below Hartog drilling to date ;

• « Given sulphide-rich nature of the Gonneville Intrusion, this extension could significantly expand the deposit to this point and potentially beyond ( open to the north );

• « Step-out drilling to validate the seismic interpretation will commence shortly .

• « Drilling at the Dampier Target has confirmed encouraging evidence of widespread sulphide mineralisation, indicating a fertile mineral system ~10km north of Gonneville :

• « 9.6m @ 0.2g/t 3E[1] , 0.4% Ni , 0.2% Cu, 0.03% Co ( ~0.7% NiEq[2] ) from 203m (HD013) incl:

  • « 4.2m @ 0.3g/t 3E, 0.6% Ni, 0.3% Cu, 0.05% Co ( ~1.1% NiEq ) from 208.4m (HD013)

• « 41.6m @ 0.5g/t 3E, 0.1% Ni, 0.1% Cu, 0.01% Co ( ~0.4% NiEq ) from 63m (HD013), incl:

  • « 4m @ 1.7g/t 3E , 0.1% Ni ( ~0.6% NiEq ) from 64m.

• « Initial reconnaissance diamond drilling 6-10km north of Gonneville, has expanded a wide ‘Gonneville-type’ ultramafic horizon over ~5.5km of strike length , providing a large-scale target horizon for further exploration drilling.

• « 27 planned sites are yet to be drilled across the ~10km Hartog-Dampier strike length, with testing of the north-west Gonneville extension and Hann-Hooley area prioritised – seven drill rigs are currently operating.

• « The Gonneville Scoping Study is evaluating a smaller ‘starter mine’ concept as well as a larger bulk mine concept, ensuring that a broad range of options are appropriately evaluated – the study is now expected to be completed in late 2022.

Overview

Chalice Mining Limited (“Chalice” or “the Company”, ASX: CHN | OTCQB: CGMLF) is pleased to provide an update on exploration and pre-development activities at its 100%-owned Julimar Nickel-

1 3E = Pd+Pt+Au

2 NiEq (Nickel Equivalent %) = Ni (%) + 0.33x Pd(g/t) + 0.24x Pt(g/t) + 0.29x Au(g/t) + 0.78x Cu(%) + 3.41x Co(%)

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

Copper-Platinum Group Element (PGE) Project , located ~70km north-east of Perth in Western Australia.

Exploration

Exploration activities are continuing across the >30km long Julimar Complex, with four diamond drill rigs currently drilling across the 10km long Hartog-Dampier strike length and three rigs continuing resource definition drilling at the Gonneville PGE-Ni-Cu-Co-Au Deposit (Figure 1).

==> picture [495 x 442] intentionally omitted <==

Figure 1. Southern Julimar Complex plan view – drill holes, MLEM, interpreted surface geology over regional magnetics.

• A 2D seismic survey was recently completed over the Gonneville-Hartog area, with results indicating:

• « The Gonneville Intrusion is interpreted to extend to a depth of ~1km at the Julimar State Forest boundary, well beyond the limit of current Resource drilling (Figure 2).

• « The possible northern plunge extent of the Gonneville Intrusion is interpreted ~1.6km north of the current limit of the Resource (Figure 3). This is considered an exciting outcome which could materially expand the footprint of the Gonneville Deposit, given that the Gonneville Intrusion has so far proven to be consistently well mineralised.

2

Chalice Mining Limited

ASX:CHN OTCQB:CGMLF

Drilling at the Hartog Target to date has not tested this extension and, as such, deeper step-out drilling will commence shortly. If confirmed, the Gonneville Intrusion would also remain open further north beyond the northern 2D seismic line.

==> picture [485 x 273] intentionally omitted <==

Figure 2. Seismic Line 1 – Gonneville-JSF boundary with interpreted geology and drilling.

==> picture [483 x 264] intentionally omitted <==

Figure 3. Seismic Line 2 – Hartog (1.6km north of Line 1) with interpreted geology and drilling.

The seismic interpretation has concluded that the Gonneville Intrusion has a chonolith-like geometry, which is similar to other major ultramafic-mafic orthomagmatic systems worldwide that host

==> picture [77 x 121] intentionally omitted <==

----- Start of picture text -----

3
----- End of picture text -----

Chalice Mining Limited 3

ASX:CHN OTCQB:CGMLF

significant nickel-copper deposits, including Norilsk-Talnakh, Kabanga and Jinchuan (Barnes et al, 2016[3] ).

A total of 28 drill holes have been completed to date at the Hartog, Hooley, Hann and Dampier targets with assays pending for 11 holes (HD018-24, 26, 28-30).

Seven drill holes have been completed at the Dampier Target to date, with drilling intersecting broad intervals of elevated PGEs associated with disseminated sulphides within a ~20-150m wide ‘Gonneville-type’ ultramafic intrusive sequence. The presence of elevated base metals (Ni, Cu, Co) in localised zones towards the interpreted base of the intrusive is considered highly encouraging.

Initial follow-up drilling has focused on testing down-hole EM (DHEM) conductors with results to date indicating only localised zones of sulphide-rich mineralisation. Further results are required to better quantify the distribution of sulphide mineralisation from this initial program.

Drilling along strike of Dampier at the Hann and Hooley targets (~3.5km and ~5km south-west) has intersected a similar ultramafic intrusive unit, with broad intervals of disseminated sulphides encountered. All assays are pending for two completed holes in this area and further drilling is underway to test this large-scale prospective horizon.

A total of 17 diamond drill holes have been completed at the Hartog Target with assays pending for nine completed holes. Drilling has targeted MLEM conductors which have been explained by sulphidic sediments interlayered with basalt and gabbro. Drilling is now focused on testing the potential northern extension of Gonneville Deposit into the Julimar State Forest.

Chalice's ongoing exploration drilling program in the Julimar State Forest is utilising small footprint diamond drill rigs and does not involve any mechanised clearing of vegetation or excavation. Comprehensive flora, fauna and culture heritage surveys and monitoring are being used according to industry best practice. The low-impact program is strictly governed by a Conservation Management Plan approved by the WA Government in late 2021.

Gonneville Scoping Study

Chalice is continuing work on the Gonneville Scoping Study, based on the updated Mineral Resource Estimate (MRE) completed in July 2022. The study is evaluating a smaller ‘starter mine’ concept as well as a larger bulk mine concept, ensuring that a broad range of options are appropriately scoped.

Given the large size, variability (in terms of both mineralogy and grade) and growth potential of the Resource with further drilling, the study is investigating several alternative development scenarios, including:

• « Open pit and underground mining methods (and combinations of both with various mining equipment sizing considerations);

• « Two potential processing flowsheets:

• « Sequential Cu/Ni flotation of higher-grade sulphide mineralisation, producing two products for off-take:

  • « A Cu-PGE-Au concentrate for sale to copper smelter(s); and,

  • « A Ni-Co-PGE concentrate for sale to nickel smelter(s).

• « Sequential Cu/Ni flotation, plus Ni concentrate enrichment using a single-stage pressure oxidation process (‘midstream processing’), producing two products for off-take:

  • « A Cu-PGE-Au concentrate for sale to copper smelter(s); and,

  • « A Ni-Co Mixed Hydroxide Precipitate (MHP) for sale to battery cathode pre-cursor manufacturers.

3 Barnes SJ, Cruden A.R, Arndt, A & Saumur, B., 2016. The mineral system approach to magmatic Ni-Cu-PGE sulphide deposits. Ore Geology Reviews 76, 296-316

4

Chalice Mining Limited

ASX:CHN OTCQB:CGMLF

• « A broad range of processing plant throughputs and concentrate production rates.

Due to the complexity of modelling all of these alternatives, ongoing nickel off-take discussions and ongoing skills shortages within the WA resource sector, several of the cases are yet to be modelled. In light of these delays, the Gonneville Scoping Study is now expected to be completed in late 2022.

Given the strategic nature of the project and scale of the Resource, key work scopes completed by specialist consultants as part of the Scoping Study will be independently reviewed as part of the Company’s quality assurance process.

Project strategy and forward plan

Chalice’s strategy for the Julimar Project is to advance development studies and regulatory approvals for the Gonneville Deposit (as the likely starter mine for the project) in parallel with exploration activities across the full >30km extent of the Julimar Complex. The Company has also commenced discussions with several potential strategic technical and funding partners on the Gonneville starter mine.

The following activities are continuing at the project:

• « Resource definition and extensional diamond drilling at Gonneville with two drill rigs.

• « Detailed infill RC Resource definition drilling over a small area of the Gonneville Deposit to improve the understanding of the short-range variability and continuity of higher-grade zones.

• « Reconnaissance diamond drilling across the Hartog-Hooley-Hann-Dampier targets with four rigs.

• « Moving Loop Electromagnetic (MLEM) and Down-hole EM (DHEM) surveys across the Julimar Complex.

• « Access discussions for the Bindoon Training Area which covers the high-priority Flinders Target, ~25km NE of Gonneville.

• « Mine development studies to support a Scoping Study for the initial development stage of the Gonneville Deposit.

• « Baseline surveys of ground water, surface water, flora, fauna and dieback are underway, as part of a long-term baseline and monitoring program to support engineering studies and environmental assessments.

Technical discussion

2D Seismic survey results

Results from a recently completed 2D seismic survey have been received and integrated with drillhole geology to provide a semi-regional interpretation of the Gonneville-Hartog geology.

2D seismic surveying was undertaken along two east-west lines ~1.6km apart, and along a northsouth tie line. Line 1 was located on Julimar Road (~1.6km north of the Gonneville-JSF boundary), which was the site of low-priority drill testing as part of the early evaluation of the Hartog Target. Line 2 was located along the JSF boundary at the northern extent of the Gonneville Intrusion, where a fence of RC/DD holes provide a solid geology model to guide seismic interpretation.

Line 2, when integrated with the geology from drilling, indicates that the Gonneville Intrusion comprises two seismically-distinct domains: a lower homogenous ultramafic-dominant domain and an upper gabbro-leucogabbro domain that shows layer-parallel reflectors (Figure 2). The Gonneville Intrusion is interpreted to extend ~1.5km down-dip, well below the current limit of Resource drilling, with the lower (footwall) contact appearing to flatten to ~10-15° below ~0.9km depth.

The change in the geometry of the Gonneville Intrusion at depth is potentially significant and may indicate a more prospective setting for the deposition of sulphide mineralisation along the relatively shallow-dipping base of the intrusion.

5

Chalice Mining Limited

ASX:CHN OTCQB:CGMLF

Line 1 (Hartog) appears to show the Gonneville Intrusion commences at a depth of ~500m and extends ~1.6km down-dip or to a depth of ~1.4km (Figure 3). This geometry is consistent with an interpreted plunge of 30° north-west which parallels the plunge of the high-grade G1/G2 and G4 sulphide zones at Gonneville.

The interpreted intrusion shows similar internal domains to Line 2, which are interpreted to represent lower ultramafic and an upper gabbro-leucogabbro zones. On this basis, it is interpreted that previous drill-holes at Hartog (HD001-006, 11) were too shallow and too far east to intersect the downplunge extension of the interpreted Intrusion.

Results from the seismic interpretation suggest that the Gonneville Intrusion is partially bounded by well-defined structures. A prominent mylonite zone intersected in drilling along the hanging wall contact between leucogabbro and felsic gneiss is evident as a strong reflector. Other major regional structures are evident from the seismic data and appear to demarcate a greenstone sequence which hosts the Gonneville Intrusion. The entire sequence is cut by late-stage granitoid intrusions at depth.

Several potential diamond drill sites have been identified to test the seismic interpretation and intersect the potential down-plunge extent of the Gonneville Intrusion ~800m-1.6km north of the current Resource. This drilling will commence shortly and aims to determine the limits of the Gonneville intrusive system.

Dampier Target

A total of seven diamond drill holes have been completed at the Dampier Target, located 10km north-east of Gonneville (Figure 1). Drilling has been initially focused on testing discrete EM conductors (ground and down-hole) located within a ~750m strike/ ~300m depth extent of a prominent aeromagnetic trend.

Drilling has outlined a layered ultramafic intrusive unit ~20-150m wide and containing broad zones of trace-5% pyrrhotite-dominant disseminated sulphide mineralisation hosted in a wide range of intrusive rock-types including interlayered olivine pyroxenite, harzburgite and lesser gabbro.

Assays have been received for HD013, which intersected a broad zone of disseminated sulphides and a lowermost zone of heavily disseminated to matrix sulphides proximal to the base (eastern contact) of the ultramafic intrusive. Encouraging zones of anomalous PGEs and base metals were returned including:

• « 41.6m @ 0.3g/t Pd, 0.2g/t Pt, 0.1% Ni, 0.1% Cu, 0.01% Co (0.5g/t 3E, 0.4% NiEq) from 63m, incl:

• « 4m @ 1.1g/t Pd, 0.5g/t Pt, 0.1% Ni (1.7g/t 3E, 0.6% NiEq) from 64m

• « 17.6m @ 0.3g/t Pd, 0.1g/t Pt, 0.1g/t Au, 0.1% Ni, 0.1% Cu, 0.01% Co (0.5g/t 3E, 0.4% NiEq) from 87m;

• « 16m @ 0.2g/t Pd, 0.1g/t Pt, 0.1g/t Au, 0.1% Ni, 0.2% Cu, 0.01% Co (0.3g/t 3E, 0.4% NiEq) from 115m, incl:

• « 5m @ 0.3g/t Pd, 0.1g/t Pt, 0.1g/t Au, 0.1% Ni, 0.2% Cu, 0.01% Co (0.5g/t 3E, 0.5% NiEq) from 118m (HD013);

• « 9.6m @ 0.1g/t Pd, 0.1g/t Pt, 0.4% Ni, 0.2% Cu, 0.03% Co (0.2g/t 3E, 0.7% NiEq) from 203m, incl:

• « 4.2m @ 0.2g/t Pd, 0.1g/t Pt, 0.6% Ni, 0.3% Cu, 0.05% Co (0.3g/t 3E, 1.1% NiEq) from 208.4m;

Elevated base metals (Ni, Cu, Co) occur in heavily disseminated to matrix sulphides proximal to the footwall contact, which is the presumed base of the intrusion.

Results are pending for HD019, drilled ~130m down-dip of HD013, which intersected broad zones of 1-3% disseminated sulphides (pyrrhotite-dominant) in olivine pyroxenite-harzburgite from 100-210m and 245-302m.

The volume percent of sulphides are visual estimates made by qualified geologists and appropriate caution should be considered when interpreting the significance of these results. Laboratory assays are required to determine the significance of mineralisation.

Chalice Mining Limited 6

ASX:CHN OTCQB:CGMLF

Assays are pending for four of the seven completed drill holes completed at Dampier and are expected be received in approximately 8 weeks.

The intersection of broad zones of disseminated sulphide mineralisation within an intrusive sequence with similar geochemical characteristics to the Gonneville Intrusion highlights the fertile nature of the broader Julimar Complex.

A drone aeromagnetic survey has recently been flown over the Dampier area with the aim of better defining the position and likely strike extensions of this horizon towards the Hann-Hooley targets in the south-west and the Baudin Target to the north-east.

Hooley and Hann Targets

The Hooley and Hann targets, located ~5km and ~3.5km south-west of Dampier (Figure 1), have been tested with one diamond drill hole each to provide an initial geological test of a prominent magnetic trend interpreted as an ultramafic-mafic intrusion.

Both holes successfully intersected intrusive rock types containing disseminated sulphides (trace-3%; pyrrhotite-chalcopyrite):

• « HD021 (Hann) intersected a ~120m wide zone of leucogabbro, gabbro, pyroxenite with minor disseminated sulphides (1-2% pyrrhotite, trace chalcopyrite) in pyroxenite (161-180m and 202221m).

• « HD030 (Hooley) intersected a ~155m wide sequence of pyroxenite-harzburgite with a zone of 1- 3% disseminated sulphides (pyrrhotite-chalcopyrite) over 110-156m down-hole.

• All assays for the two completed holes are pending and are expected be received in approximately 8 weeks.

The intersection of ultramafic rock types hosting broad zones of disseminated sulphides is considered highly encouraging, as this intrusion has similar rock types to the one intersected at Dampier.

Further drilling is underway to test targets within this strike extensive intrusive succession, which has a Gonneville-like affinity. Drilling is continuing to test targets along the Hann-to-Hooley ultramafic horizon.

Hartog Target

Drilling continues to test predominantly MLEM targets across a ~3km x 1.5km area located directly north of Gonneville (Figure 1). Drilling has intersected a sequence of mafic intrusives (gabbrodolerite), ultramafic (pyroxenite-norite), basalt and intercalated sulphidic sediments.

The majority of the MLEM targets have been explained by sulphidic sediments which occur close to the margins of the gabbro-dolerite and ultramafic intrusives. Minor zones of disseminated/stringer sulphides (pyrrhotite-chalcopyrite) have been intersected in ultramafic-mafic intrusives but no significant results (assays or visual) have been identified in drill holes completed to date.

The geology intersected in the Hartog area to date is consistent with that below the Gonneville footwall contact, which together with the seismic interpretation, suggest that all holes have been drilled too far to the east in the intrusive sequence. As such, drilling to test the north-west extension of Gonneville is now prioritised.

Gonneville Resource/Extensional Drilling

Two diamond rigs are continuing wide-spaced extensional drilling at the Gonneville Deposit, to test down-plunge extensions of the high-grade zones outside the current Resource.

Detailed infill RC Resource definition drilling is being completed over a small area of the Gonneville Deposit to improve the Company’s understanding of the range variability and continuity of higher grade sulphide zones. This will provide important information for future resource estimates and allow a more accurate assessment of selective mining methods.

7

Chalice Mining Limited

ASX:CHN OTCQB:CGMLF

Authorised for release by the Disclosure Committee of the Company.

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

About the Julimar Nickel-Copper-PGE Project

The 100%-owned Julimar Nickel-Copper-PGE Project is located ~70km north-east of Perth in Western Australia and is surrounded by world-class infrastructure. The Project was staked in early 2018 as part of Chalice’s global search for high-potential nickel sulphide exploration opportunities.

Chalice discovered the Gonneville deposit in the very first drill hole at the project in March 2020, intersecting shallow high-grade PGE-nickel-copper-cobalt-gold sulphide mineralisation. Gonneville is located on private farmland at the southern end of the newly discovered >30km long Julimar Complex.

In November 2021, Chalice defined a tier-1 scale, pit-constrained maiden Mineral Resource Estimate (Resource) for Gonneville. The maiden Resource confirmed Gonneville is one of the largest recent nickel-copper-PGE sulphide discoveries worldwide, and the largest PGE discovery in Australian history – demonstrating the potential for Julimar to become a strategic, long-life ‘green metals’ asset.

In July 2022, the Resource for Gonneville was updated to 350Mt @ 0.96g/t 3E, 0.16% Ni, 0.10% Cu, 0.015% Co (~0.58% NiEq or ~1.8g/t PdEq ) (refer to ASX Announcement on 8 July 2022 and Appendix A).

The Resource includes a significant higher-grade sulphide component, affording the project significant optionality in development and the potential to materially enhance project economics in the initial years of operations.

The Gonneville Resource is interpreted to cover just ~7% of the interpreted Julimar Complex strike length, with initial large scale exploration activities underway over the remaining strike length. As such the region is considered highly prospective for further orthomagmatic Ni-Cu-PGE discoveries.

The significant Julimar discovery has defined the new West Yilgarn Ni-Cu-PGE Province, an almost entirely unexplored mineral province which is interpreted to extend for ~1,200km along the western margin of the Yilgarn Craton. Chalice holds an unrivalled >8,000km[2] land position in this exciting new area and is leveraging its competitive ‘first mover’ advantage.

8

Chalice Mining Limited

ASX:CHN OTCQB:CGMLF

==> picture [483 x 603] intentionally omitted <==

Figure 4. Julimar Complex, Gonneville deposit, Project tenure and nearby infrastructure.

==> picture [77 x 121] intentionally omitted <==

----- Start of picture text -----

9
----- End of picture text -----

Chalice Mining Limited 9

ASX:CHN OTCQB:CGMLF

Competent Persons and Qualifying Persons Statement

The information in this announcement that relates to Exploration Results in relation to the Julimar Nickel-Copper-PGE Project is based on and fairly represents information and supporting documentation compiled by Dr. Kevin Frost BSc (Hons) PhD, a Competent Person, who is a Member of the Australian Institute of Geoscientists. Dr. Frost is a full-time employee of the Company as General Manager – Discovery and Growth and has sufficient experience that is relevant to the activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves, and is a Qualified Person under National Instrument 43-101 – ‘Standards of Disclosure for Mineral Projects’. The Qualified Person has verified the data disclosed in this release, including sampling, analytical and test data underlying the information contained in this release. Dr Frost consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.

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

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

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

The Information in this announcement that relates to Mineral Resources has been extracted from the ASX announcement titled “Updated Gonneville Mineral Resource” dated 8 July 2022. This announcement is available to view on the Company’s website at www.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 announcement and 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 announcement. Refer to Appendix A and Appendix B for further information on the Mineral Resource Estimate and metal equivalents.

Forward Looking Statements

This announcement may contain forward-looking statements and forward information, including forward looking information within the meaning of Canadian securities legislation and forwardlooking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, forward-looking statements). These forward-looking statements are made as of the date of this announcement 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 exploration success; the timing of planned exploration and study activities on the Company’s projects; access to sites for planned drilling activities; and the success of future potential mining operations; the timing of the receipt of exploration results.

In certain cases, forward-looking statements can be identified by the use of words such as, “considered”, “could”, “estimate”, “expected”, “for”, “future”, “if”, “is”, “indicate”, “interpreted”, “likely”, “may”, “open”, “optionality”, “plan” or “planned”, “progressing”, “potential”, “provides”, ‘strategy”, “targets”, “will” or variations of such words and phrases or statements that certain actions,

10

Chalice Mining Limited

ASX:CHN OTCQB:CGMLF

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; 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. The Company also refers to the “Key Risks” section of its institutional capital raise presentation released to the ASX on 24 May 2022.

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.

11

Chalice Mining Limited

ASX:CHN OTCQB:CGMLF

Table 1. Key drill intersections – Hartog-Dampier targets

Hole ID	From (m)	To (m)	Interval (m)	Pd (g/t)	Pt (g/t)	Au (g/t)	Ni (%)	Cu (%)	Co (%)	Ni Eq (%)	3E (g/t)	Cut-off
HD009	306.0	308.0	2.0	0.62	0.18	0.01	0.15	0.05	0.02	0.49	0.82	>0.4% NiEq
HD009	318.0	320.0	2.0	0.15	0.03	0.01	0.21	0.21	0.02	0.50	0.18	>0.4% NiEq
HD010	454.8	483.0	28.2	0.25	0.16	0.05	0.09	0.10	0.01	0.34	0.46	>0.4% NiEq
Incl	454.8	458.0	3.2	0.74	0.68	0.05	0.05	0.04	0.01	0.53	1.48	>1g/t 3E
HD010	491.0	497.3	6.3	0.11	0.03	0.05	0.14	0.15	0.01	0.35	0.19	>0.4% NiEq
HD011	239.2	242.0	2.8	0.18	0.48	0.02	0.10	0.01	0.01	0.31	0.68	>0.4g/t 3E
HD013	63.0	104.6	41.6	0.34	0.17	0.04	0.12	0.08	0.01	0.39	0.55	>0.4% NiEq
Incl	64.0	68.0	4.0	1.13	0.54	0.02	0.07	0.02	0.01	0.63	1.69	>0.6% Nieq
HD013	87.0	104.6	17.6	0.30	0.13	0.06	0.13	0.11	0.01	0.42	0.49	>0.4g/t 3E
HD013	115.0	131.0	16.0	0.17	0.08	0.06	0.12	0.16	0.01	0.38	0.31	>0.4% NiEq
Incl	118.0	123.0	5.0	0.26	0.12	0.11	0.14	0.18	0.01	0.47	0.49	>0.4g/t 3E
HD013	191.1	197.0	5.9	0.10	0.05	0.01	0.18	0.14	0.02	0.40	0.15	>0.4% NiEq
HD013	203.0	212.6	9.6	0.12	0.06	0.01	0.36	0.21	0.03	0.68	0.19	>0.4% NiEq
Incl	208.4	212.6	4.2	0.16	0.07	0.02	0.57	0.31	0.05	1.05	0.25	>0.6% NiEq

Table 3. New drill hole collar, survey data and assaying status – Hartog-Dampier targets.

Target	Hole ID	Type	Easting (m)	Northing (m)	RL (m)	Depth (m)	Survey type	Azi (°)	Dip (°)	Assay status
Hamelin	HD007	DDH	428809	6518790	285	396.4	GPS	90	-60	Reported - NSA
Hamelin	HD008	DDH	428793	6519071	293.7	324.4	GPS	53	-60	Reported - NSA
Dampier	HD009	DDH	430277.2	6521853.6	281.1	498.5	GPS-RTK	130	-60	Reported
Dampier	HD010	DDH	430025	6521853.1	292.5	660.4	GPS-RTK	160	-52	Reported
Hartog	HD011	DDH	426210	6514960	310.8	558.8	GPS	92	-55	Reported
Hartog	HD012	DDH	425916	6516708	312.5	393.6	GPS	90	-80	Reported - NSA
Dampier	HD013	DDH	430085.0	6521534.6	289.6	453.4	GPS-RTK	125	-55	Reported
Hartog	HD014	DDH	425002	6514107	290.0	376.0	GPS	169	-70	Assays pending
Hartog	HD015	DDH	425597	6514407	315.6	399.0	GPS	130	-51	Assays pending
Dampier	HD016	DDH	430088.4	6521851.6	289.8	582.2	GPS-RTK	160	-54	Assays pending
Hartog	HD017	DDH	425218	6514084	304.5	309.8	GPS	67	-75	Assays pending
Hartog	HD018	DDH	425644	6514581	318.2	336.4	GPS	129	-68	Assays pending
Dampier	HD019	DDH	430084.3	6521534.7	289.8	387.4	GPS-RTK	121	-74	Assays pending
Hartog	HD020	DDH	426581	6514259	265.1	369.9	GPS	104	-51	Assays pending
Hann	HD021	DDH	427673	6519877	315.7	396.7	GPS	148	-65	Assays pending
Dampier	HD022	DDH	430114	6521520	289.3	378.4	GPS	133	-52	Assays pending
Dampier	HD023	DDH	429760	6521850	297.0	711.4	GPS	151	-50	Assays pending
Hartog	HD024	DDH	426021	6513925	263.7	333.5	GPS	144	-56	Assays pending
Hartog	HD026	DDH	425769	6513755	254.0	387.7	GPS	91	-60	Assays pending
Hartog	HD028	DDH	424826	6514654	274.8	390.0	GPS	115	-55	Assays pending
Hartog	HD029	DDH	425692	6513756	254.9	249.5	GPS	90	-60	Assays pending
Hooley	HD030	DDH	426356	6518622	296.8	444.5	GPS	95	-60	Assays pending

Chalice Mining Limited 12

ASX:CHN OTCQB:CGMLF

Appendix A Mineral Resource Estimate – Julimar Project

Table 2. Gonneville Mineral Resource Estimate (JORC Code 2012), 8 July 2022.

Domain Cut-off Grade
	Category	Mass	Grade		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) - 0.54 - 0.03 - 0.57 93 0.90 6 0.06 99 0.96 1,300 12 610 5.9 1,900 18 0.3 0 35 0.34 35 0.34 1,400 14 650 6.3 2,000 20
Oxide 0.9g/t Pd	Indicated	8.6	1.9 - 0.06 - - -	- 1.9	0.52 - 0.02 - - -
	Inferred	0.4	1.9 - 0.13 - - -	- 2.0	0.03 - 0.00 - - -
	Subtotal	9.1	1.9 - 0.06 - - -	- 1.9	0.55 - 0.02 - - -
	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
Sulphide 0.4%
	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
(Transitional) NiEq
	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
	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
Sulphide 0.4%
	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
(Fresh) NiEq
	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
	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
Underground MSO	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
	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
	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
All	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
	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

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.

13

Chalice Mining Limited

ASX:CHN OTCQB:CGMLF

Appendix B

Metal Equivalents – Julimar Project

The Gonneville Resource is quoted in both nickel equivalent (NiEq) and palladium equivalent (PdEq) terms to take into account the contribution of multiple potentially payable metals. The cut-off grade for the sulphide domain was determined using NiEq in preference over PdEq, due to the assumed requirement for sulphide flotation to recover the metals.

PdEq is quoted given the relative importance of palladium by value at the assumed prices. Separate metal equivalent calculations are used for the oxide and transitional/sulphide zones to take into account the differing metallurgical recoveries in each zone.

Oxide Domain

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

Transitional and Fresh Sulphide Domains

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 transitional and 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 cut-off): « Pd – 70%, Pt – 70%, Au – 60%, Ni – 55%, Cu – 90%, Co – 55%.

Metal prices used are consistent with those used in the Whittle pit optimisation (based on P20-30 long term analyst estimates):

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

14

Chalice Mining Limited

ASX:CHN OTCQB:CGMLF

Appendix C JORC Table 1

A-1 Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation Commentary
Sampling techniques	Nature and quality of sampling (eg. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • HQ diamond core was half cored with samples taken over selective intervals ranging from 0.2m to 1.2m (typically 1.0m).
	Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Qualitative care taken when sampling diamond drill core to sample the same half of the drill core.
	Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg. submarine nodules) may warrant disclosure of detailed information. • Mineralisation is easily recognised by the presence of sulphides. Diamond drill core sample intervals were selected on a qualitative assessment of sulphide content
Drilling techniques	Drill type (eg. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). • Diamond drill core is HQ size (63.5mm diameter) or PQ size (85mm). Triple tube has been used from surface until competent bedrock and then standard tube thereafter. • Core orientation is by an ACT Reflex (ACT II RD) tool
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed. • Individual recoveries of diamond drill core samples were assessed quantitively by comparing measured core length with expected core length from drillers mark. Generally core recovery was excellent in fresh rock and approaching 100%. Core recovery in oxide material is often poor due to sample washing out. Core recovery in the oxide zone averages 60%
	Measures taken to maximise sample recovery and ensure representative nature of the samples. • With diamond drilling triple tube coring in the oxide zone is undertaken to improve sample recovery. This results in better recoveries but recovery is still only moderate to good. • Diamond core samples were consistently taken from the same side of the core

15

Chalice Mining Limited

ASX:CHN OTCQB:CGMLF

Appendix C JORC Table 1

Criteria	JORC Code explanation Commentary
	Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. • There is no evidence of a sample recovery and grade relationship in unweathered material.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • All drill holes were logged geologically including, but not limited to; weathering, regolith, lithology, structure, texture, alteration and mineralisation. Logging was at an appropriate quantitative standard for infill drilling and resource estimation.
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • Logging is considered qualitative in nature. • Diamond drill core is photographed wet before cutting.
	The total length and percentage of the relevant intersections logged. • All holes were geologically logged in full.
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken. • Diamond core was sawn in half and sampled over 0.2<1.2m intervals (mostly 1m).
	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • Not applicable
	For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Sample preparation is industry standard and comprises oven drying, jaw crushing and pulverising to -75 microns (80% pass).
	Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Field duplicates were collected from diamond drilling at an approximate ratio of one in twenty five. • Diamond drill core field duplicates collected as ¼ core.
	Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. • In the majority of cases the entire hole has been sampled and assayed. • Duplicate sample results were compared with the original sample results and there is no bias observed in the data.
	Whether sample sizes are appropriate to the grain size of the material being sampled. • Drill sample sizes are considered appropriate for the style of mineralisation sought and the nature of the drilling program.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • Diamond drill core underwent sample preparation and geochemical analysis by ALS Perth. Au-Pt-Pd was analysed by 50g fire assay fusion with an ICP-AES finish (ALS Method code PGM-ICP24). A 34-element suite was analysed by ICP-MS following a four- acid digest (ALS method code ME- ICP61 including Ag, Al, As, Ba, Be, Bi, Ca, Cd, Co, Cr, Cu,Fe, Ga,K,La,Mg,

16

Chalice Mining Limited

ASX:CHN OTCQB:CGMLF

Appendix C JORC Table 1

Criteria	JORC Code explanation Commentary
	Mn, Mo, Na, Ni, P, Pb, S, Sb, Sc, Sr, Th, Ti, Tl, U, V, W, Zn, Zr. Additional ore- grade analysis was performed as required for elements reporting out of range for Ni, Cr, Cu (ALS method code ME-OG-62) and Pd, Pt (ALS method code PGM-ICP27). • These techniques are considered total digests.
	For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Not applicable as no data from such tools or instruments are reported
	Nature of quality control procedures adopted (eg. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie. lack of bias) and precision have been established. • Certified analytical standards and blanks were inserted at appropriate intervals for diamond core with an insertion rate of >5%. All QAQC samples display results within acceptable levels of accuracy and precision.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel. • Significant drill intersections are checked by the Project Geologist and then by the General Manager Exploration. Significant intersections are cross-checked with the logged geology and drill core after final assays are received.
	The use of twinned holes. • No twinning undertaken for drill holes
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Primary drill data was collected digitally using OCRIS software before being transferred to the master SQL database. • All procedures including data collection, verification, uploading to the database etc are captured in detailed procedures and summarised in a single document.
	Discuss any adjustment to assay data • No adjustments were made to the lab reported assay data.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Drill hole collar locations are initially recorded by Chalice employees using a handheld GPS with a +/- 3m margin of error. • RTK-DGPS collar pick-ups replace handheld GPS collar pick-ups and have +/-20 mm margin of error. • Planned and final hole coordinates are compared after pick up to ensure that the original target has been tested.

17

Chalice Mining Limited

ASX:CHN OTCQB:CGMLF

Appendix C JORC Table 1

Criteria	JORC Code explanation Commentary
	Specification of the grid system used. • The grid system used for the location of all drill holes is GDA94 - MGA (Zone 50).
	Quality and adequacy of topographic control. • RLs for reported holes were derived from RTK-DGPS pick-ups.
Data spacing and distribution	Data spacing for reporting of Exploration Results. • Diamond drill hole spacing is variable given the early stage of exploration drilling.
	Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Results diamond drilling at Dampier, Hartog, Hann and Hooley are not considered sufficient to assume geological or grade continuity.
	Whether sample compositing has been applied. • No compositing undertaken for diamond drill.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • Diamond drill holes at Dampier, Hartog, Hann and Hooley were typically oriented within 30° of orthogonal to the interpreted dip and strike of the known strike. The orientation of any mineralisation intersected is unknown.
	If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. • The orientation of the drilling is not considered to have introduced sampling bias.
Sample security	The measures taken to ensure sample security. • Samples were collected in polyweave bags at the core cutting facility. The polyweave bags have five samples each and are cable tied. • Filled bags were collected into palletised bulk bags at the field office and delivered directly from site to ALS laboratories in Wangara, Perth by a Chalice contractor several times weekly.
Audits or reviews	The results of any audits or reviews of sampling techniques and data. • None completed for the Dampier, Hartog, Hann and Hooley drilling programs.

A-2 Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary	Commentary
	Type, reference name/number,	•	Exploration activities are ongoing over
Mineral	location and ownership including		E70/5119. The holder CGM (WA) Pty
tenement and	agreements or material issues with third		Ltd is a wholly owned subsidiary of
land tenure	parties such as joint ventures,		Chalice Mining Limited
status	partnerships, overriding royalties, native	•	Portions of E70/5119 cover the Julimar
	title interests, historical sites, wilderness		StateForest,in whichChalicehas an

18

Chalice Mining Limited

ASX:CHN OTCQB:CGMLF

Appendix C JORC Table 1

Criteria	JORC Code explanation Commentary
	or national park and environmental settings. approved Conservation Management Plan and Native Vegetation Clearing Permit. • E70/5119 partially overlaps ML1SA, a State Agreement covering Bauxite mineral rights only. • There are no known encumbrances other than the ones noted above.
	The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. • There are no known impediments to operating on the tenements where they cover private freehold land. • The tenements are in good standing.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties. • There is no previous exploration at Gonneville and only limited exploration has been completed by other exploration parties in the vicinity of the targets identified by Chalice to date. • Chalice has compiled historical records dating back to the early 1960’s which indicate only three genuine explorers in the area, all primarily targeting Fe-Ti-V mineralisation. • Over 1971<1972, Garrick Agnew Pty Ltd undertook reconnaissance surface sampling over prominent aeromagnetic anomalies in a search for ‘Coates deposit style’ vanadium mineralisation. Surface sampling methodology is not described in detail, nor were analytical methods specified, with samples analysed for V2O5, Ni, Cu, Cr, Pb and Zn, results of which are referred to in this announcement. • Three diamond holes were completed by Bestbet Pty Ltd targeting Fe-Ti-V situated approximately 3km NE of JRC001. • Bestbet Pty Ltd undertook 27 stream sediment samples within E70/5119. Elevated levels of palladium were noted in the coarse fraction (<5mm+2mm) are reported in this release. Finer fraction samples did not replicate the coarse fraction results. • A local AMAG survey was flown in 1996 by Alcoa using 200m line spacing which has been used by Chalice for targeting purposes. • A local AMAG survey was flown in 1996 by Alcoa using 200m line spacing which has been used by Chalice for targeting purposes.

19

Chalice Mining Limited

ASX:CHN OTCQB:CGMLF

Appendix C JORC Table 1

Criteria	JORC Code explanation Commentary
	• An Alcoa and CRA JV completed seven diamond holes in the 1970s targeting a magnetic high to the north of E70/5119 and the east of E70/5351testing for vanadium (Boomer Hill).
Geology	Deposit type, geological setting and style of mineralisation. • The target deposit type is an orthomagmatic Ni-Cu-PGE sulphide deposit, within the Yilgarn Craton. The style of sulphide mineralisation intersected consists of massive, matrix, stringer and disseminated sulphides typical of metamorphosed and structurally overprinted orthomagmatic Ni sulphide deposits.
Drill hole Information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: Easting and northing of the drill hole collar Elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar Dip and azimuth of the hole Down hole length and interception depth hole length. • Provided in body of text.
	If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. • No material information has been excluded.
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg. cutting of high grades) and cut-off grades are usually Material and should be stated. • Significant intercepts are reported using a >0.3% NiEq length-weighted or a >0.4g/t 3E (Pd + Pt +Au) cut off. A maximum of 4m internal dilution has been applied. • Higher grade internal intervals are reported using either >0.6% NiEq or >1g/t 3E length-weighted cut off. A maximum of 4m internal dilution has been applied.
	Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • Not applicable
	The assumptions used for any reporting of metal equivalent values should be clearly stated. • Metal price assumptions used in the metal equivalent calculations are: US$1,700/oz Pd, US$1,300/oz Pt,

20

Chalice Mining Limited

ASX:CHN OTCQB:CGMLF

Appendix C JORC Table 1

Criteria	JORC Code explanation Commentary
	US$1,700/oz Au, US$18,500/t Ni, US$9,000/t Cu, US$60,000/t Co. • Metallurgical recovery assumptions used in the metal equivalent calculation for the sulphide (fresh) material are: Pd – 75%, Pt – 65%, Au – 50%, Ni – 60%, Cu – 80%, Co - 60%. • Hence for the sulphide material NiEq = Ni % + 0.37x Pd g/t + 0.24 x Pt g/t + 0.25 x Au g/t + 0.65 x Cu % +3.24 x Co %
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • Diamond drill holes were typically oriented within 30° of orthogonal to the interpreted dip and strike of the known zone of mineralisation. However, some holes were drilled at less optimal azimuths due to site constraints.
	If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg. ‘down hole length, true width not known’). • All widths are quoted down-hole. True widths vary depending on the orientation of the hole and the orientation of the mineralisation.
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. • Refer to figures in the body of text.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. • All holes including those without significant intercepts have been reported.
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. • A 2D seismic survey was undertaken by HiSeis Pty Ltd in May 2022 along two east-west lines and 1 north-south tie line • The seismic survey was undertaken by a high-power Vibroseis source with geophones placed at 5m intervals along/adjacent to lines. • HiSeis provided processed/filtered data including Pseudo Relief, Cosine Phase, Laplacian Edge Detection and Amplitude Envelope grids which were utilised for the domain and line interpretation • Velocity measurements were collected from core samples to allow a time to depth conversion and calculated acoustic impedance

21

Chalice Mining Limited

ASX:CHN OTCQB:CGMLF

Appendix C JORC Table 1

Criteria	JORC Code explanation Commentary
	• All meaningful data has been included
Further work	The nature and scale of planned further work (eg. tests for lateral Exts or depth Exts or large-scale step-out drilling). • Diamond drilling will continue to test high-priority targets including EM conductors. Further drilling along strike and down dip may occur at these and other targets depending on results.
	Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. • Any potential extensions to mineralisation are shown in the figures in the body of the text.

22

Chalice Mining Limited

ASX:CHN OTCQB:CGMLF