CHALICE MINING LIMITED — Capital/Financing Update 2024

Sep 2, 2024

ASX Announcement

3 September 2024

Gold-copper exploration strategy for the West Yilgarn

New multi-kilometre scale gold targets defined and extensive new prospective greenstone belts recognised at the Barrabarra Project

Highlights

• « Recent West Yilgarn exploration refocus to gold-copper targeting delivers highly prospective, large-scale targets for drill testing.

• « Two new multi-kilometre scale gold targets identified at the 100%-owned, ~4,600km[2] Barrabarra Project , located ~80km east of Geraldton in WA.

• « Recherche West Target: an untested, ~15km long east-west trending gold-plus-pathfinder (As, Ag) soil geochemical anomaly associated with a previously unrecognised greenstone belt.

• « Warspite Target: an untested ~2km long gold-plus-pathfinder (Bi, Te, Pd) soil geochemical anomaly aligned along a prospective structure.

• « A new regional geological interpretation at Barrabarra compiled from outcrop mapping, ultradetailed aeromagnetics and airborne gravity surveys has revealed extensive areas of interpreted Archaean greenstone belt geology, transected by prominent regional-scale structures.

• « The regional geological setting at Barrabarra is comparable with other greenstone belts in the South West and Youanmi terranes of the Yilgarn which host significant gold and copper deposits, such as Boddington (~40Moz Au) , owned by Newmont Corporation (ASX: NEM).

• « Reconnaissance exploration is continuing across the Project, with aircore (AC) drilling scheduled to commence in Q4 CY24 , following the cropping season.

• « >40 additional magmatic Ni-Cu-PGE-Au targets across the West Yilgarn continue to be refined with infill sampling and geophysical surveys.

Overview

Chalice Mining Limited (“Chalice” or “the Company”, ASX: CHN) has refined its gold-copper exploration strategy in the West Yilgarn and is pleased to advise that reconnaissance exploration across its ~4,600km[2] Barrabarra Project in WA has identified two significant new gold targets and extensive areas of newly recognised greenstone belt geology.

The Recherche West and Warspite gold targets have been identified from regional soil geochemical surveys undertaken over prominent magnetic and structural trends identified from the Company’s high quality geophysical and geological datasets.

Chalice has conducted a significant multi-year, multi-commodity reconnaissance exploration program in the area since 2021 as part of its broader strategic focus on unlocking the mineral potential of the West Yilgarn Province beyond the tier-1 Gonneville deposit. The newly identified areas are almost entirely undrilled, highlighting the gold-copper prospectivity of the region.

Registered Office

ABN 47 116 648 956

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

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

@chalicemining chalice-mining

Chalice Mining CEO and Managing Director, Alex Dorsch, said: “The discovery of the Gonneville deposit effectively unlocked a new mineral province along the western margin of the Yilgarn Craton – one that is still at an early stage in its discovery history. Building on the Gonneville discovery, Chalice’s exploration team has made solid progress in identifying new areas with strong discovery potential.

“This work has culminated in delineation of two new very large gold targets, one of which is hosted within an unrecognised greenstone belt, and another in the Koolanooka greenstone belt, both of which are planned for drilling later this year.

“We intend to systematically explore these targets to see if we can make further breakthrough discoveries. Given the size of the deposits found to date in the West Yilgarn – Gonneville with >17Moz PGE-Au and Boddington with >40Moz of gold – we believe this low-cost exploration is clearly worth pursuing in parallel with ongoing Pre-Feasibility work on the Gonneville Project.”

West Yilgarn Province

Chalice’s ~10,000km[2] West Yilgarn licence holding was predominantly staked in early 2020 following the greenfield Gonneville PGE-Ni-Cu-Co discovery by Chalice’s geologists. The licence holding has been subsequently expanded over time through new staking and earn-in agreements.

The entire licence holding was effectively unexplored pre-Chalice, providing an exceptional opportunity for new greenfield discoveries.

Province-scale greenfield exploration activities commenced in 2021, with the Company systematically acquiring project-wide geophysical surveys (airborne electromagnetics, ultra-detailed aeromagnetics, Falcon airborne gravity), conducting in-field geological reconnaissance and completing large surface geochemical surveys, primarily targeting magmatic Ni-Cu-Co-PGE sulphide, orogenic Au-Cu and intrusive-related/hydrothermal Au-Cu mineral systems.

The work completed by Chalice to date has highlighted >40 greenfield targets across the Province.

Barrabarra exploration results

A significant outcome of recent regional targeting at ~4,600km[2] Barrabarra Project is a project-wide interpreted geology map which shows extensive areas of unrecognised greenstone belt geology within granite-gneiss basement (Figure 1).

The Company has utilised a proprietary database to better direct its targeting along interpreted crustal scale structures which are a known first-order control on the localisation of ore deposits.

The regional geological setting at Barrabarra is comparable with other greenstone belts in the South West and Youanmi terranes of the Yilgarn which host significant gold and copper deposits, such as Boddington (~40Moz Au) – owned by Newmont Corporation (ASX: NEM).

The region is also transected by prominent first order regional structures and secondary splays which are typically prospective for orogenic gold and/or hydrothermal copper-gold.

The Company has undertaken regional ~1km spaced soil sampling over discrete magnetic anomalies and gravity highs interpreted to be ultramafic-mafic intrusions, and subsequently expanded the search space to screen regional and second order structures and structurally complex greenstone belts with ~1km x 100m spaced soil geochemical lines infilled to ~400m x 100-50m for target definition.

The Project contains abundant lateritic soils which have been the preferred sample media for surface geochemical programs to facilitate low-cost on-ground exploration.

Sampling to date has generated over 11 magmatic Ni-Cu-PGE soil anomalies and two new highpriority gold targets – Recherche West and Warspite.

Chalice Mining Limited

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Barrabarra Project
Deflector
Interpreted geology and soil Christmas Gift Au-Cu
geochemistry over regional
AMAG RTP 1VD
Mugga King
Gullewa
Greenstone
Belt
~15km long Recherche
Untested, newly recognised West gold trend (untested)
greenstone geology
~2km long Warspite
Target (untested)
Koolanooka
Greenstone Belt
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Figure 1. Barrabarra Project interpreted solid geology, sampling areas to date and targets over regional 1VD magnetics

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Chalice Mining Limited

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Recherche West Target

The Recherche West Target is a new ~15km long Au plus Ag-As pathfinder trend, which has been identified on 400m x 100-50m spaced soil sample grid, over a prominent east-west trend of complex aeromagnetic anomalies associated with a poorly exposed greenstone belt succession comprising metasediments, ultramafic-mafic intrusions and intermittent banded iron formation (BIF) (Figure 2).

The gold anomaly is coherent at 5-10ppb Au level with a peak result of 235ppb Au. The gold anomalism is coincident with Ag and As, which are typical pathfinders for orogenic gold mineralisation.

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Figure 2. Recherche West interpreted geology, aeromagnetics and Au-in-soil contour anomalies

A program of extensional soil geochemical sampling (400m x 100m) is planned to be undertaken over Recherche West to extend coverage along the eastern and southern parts of the current survey area, which remains open.

An initial ~6,000m AC drill program at Recherche West is expected to commence in Q4 after the cropping season, with drilling designed to test beneath peak soil Au+/-Ag-As anomalism on multi-km spaced lines.

Subject to results, provision will be made for additional drill coverage along this ~15km long target area.

Warspite Target

The Warspite Target is a new ~2km long NNW trending gold anomaly at the 10ppb Au level with a peak of 75ppb Au, which has been identified on 400m x 100m spaced soil sample grid, over areas of the Koolanooka greenstone belt not previously sampled.

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The Koolanooka greenstone belt consists of metabasalt/gabbro, ultramafic, metasediments and BIF bounded by granite-gneiss basement (Figure 3).

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Figure 3. Warspite and Suliven Targets, interpreted geology over aeromagnetics.

An analysis of the entire soil database shows background gold level of ~2ppb, so the Warspite anomaly is highly anomalous at ~5x background. The anomaly is associated with coincident Bi, Te and Pd which are metals commonly associated with hydrothermal alteration.

The anomaly is entirely covered by lateritic soils which appear to be residual and infill sampling is warranted to better define lines for initial AC drill testing.

Gold mineralisation has been intersected in the area in shallow 1990’s RAB drilling by Equinox/BHP to the north of Warspite at the Suliven Prospect. The best result from this program was 8m @ 2.68g/t Au from 32m. Drilling was testing a discrete, smaller scale 10ppb gold-in-soil geochemical anomaly. Gold mineralisation is associated with ~5-10% quartz-carbonate veining in saprolite after metabasalt.

Ground-truthing has identified metabasalt/gabbro subcrop located west of the Warspite anomaly showing that the underlying geology is likely to be a mafic/sediment succession and hence similar geology to that hosting the Sulliven Prospect.

The main magnetic anomalies in the region are associated with BIF which show broad scale folding along NNW trending fold axes. The Warspite anomaly appears to be aligned parallel to the regional axial planar foliation which is potentially a favourable structural setting for orogenic gold mineralisation.

A drone aeromagnetic survey (25m spaced flight lines) was undertaken at Warspite to better understand the prospect scale structural setting. The anomaly appears to be aligned parallel to a magnetic anomaly interpreted as BIF, although the main anomalism is associated with a discrete jog or break at the southern end, which is interpreted as a fault (Figure 4) and a highly prospective structural setting.

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Figure 4. Warspite Au-in-soil anomalism over magnetics

Additionally, the gold anomaly appears to have been terminated to the north by an interpreted east-west trending cross-fault, and therefore the localisation of the gold anomaly between intersecting structures further highlights a potentially prospective setting for orogenic gold mineralisation.

A program of infill soil sampling (100m x 50m) is scheduled to be commence over Warspite shortly to better define peak areas of Au plus pathfinder anomalism. An initial ~1,000m AC drill program at Warpsite is expected to commence in Q4 after cropping season, with drilling designed to test beneath peak soil Au-Bi, Te, Pd anomalism on ~400m spaced lines.

Forward plan

AC drill programs are scheduled for Q4 CY24 at Barrabarra after cropping activities, with timing subject to heritage clearance, statutory government approvals and landholder consents. Barrabarra is located mostly over broad-acre farmland and the Company has been very successful with obtaining access to undertake its regional exploration programs.

Exploration across the West Yilgarn is continuing in parallel with the Gonneville Project Pre-Feasibility Study, which is evaluating a staged, high-grade development scenario, with ongoing critical path workstreams including metallurgical testwork, flowsheet development, geo-met domaining and regulatory approvals.

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

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

Corporate Enquiries Media Enquiries Follow our communications Ben Goldbloom Nicholas Read LinkedIn: chalice-mining GM Corporate Development 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

Competent Person Statement

The information in this announcement that relates to new Exploration Results in relation to the Barrabarra 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 (#4530). Dr. Frost is a full-time employee of the Company, is entitled to participate in Chalice’s Employee Securities Incentive Plan and holds securities in Chalice. Dr Frost has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and 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. Dr Frost consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

Forward Looking Statements

This announcement may contain forward-looking statements and forward information, (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 the Company’s expectations or beliefs regarding future events and include, but are not limited to: the impact of the discovery on the Gonneville Project’s capital payback; the Company’s planned strategy, expenditure and corporate objectives; estimated timing of the Gonneville Project development schedule; the formal arrangements contemplated by the Memorandum of Understanding with Mitsubishi Corporation, the realisation of Mineral Resource Estimates; timing of anticipated production and final investment decision; sustainability initiatives; climate change scenarios; the likelihood of further exploration success; the timing and cost of planned exploration and study activities on the Company’s projects; mineral processing strategy; access to sites for planned drilling activities; planned production and operating costs profiles; estimated carbon emissions; planned capital requirements; the success of future potential mining operations and the timing of results from planned exploration programs and metallurgical testwork.

In certain cases, forward-looking statements can be identified by the use of words such as, “commence”, “continue”, “estimated”, “expected”, “for”, “is”, “may”, “plan” or “planned”, “potential”, “scheduled”, “strategy”, “target” or “targeted”, “to”, “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 forwardlooking statements.

Such factors may include, among others, risks related to actual results of current or planned exploration and development activities; whether geophysical and geochemical anomalies are related to economic mineralisation or some other feature; obtaining appropriate approvals to undertake exploration and development activities; metal grades being realised; metallurgical recovery rates being realised; results of planned metallurgical test work including results from other

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domains not tested yet; the outcomes of feasibility studies, scaling up to commercial operations; the speculative nature of mineral exploration and development; changes in project parameters as plans continue to be refined and feasibility studies are undertaken; changes in exploration and study programs and budgets based upon the results; successful completion of the objectives contemplated in the Memorandum of Understanding with Mitsubishi Corporation; changes in commodity prices and 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 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.

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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Appendix 1: JORC Table 1 – Barrabarra Project

Section 1 Sampling Techniques and Data

	Criteria	JORC Code explanation	Commentary
	Sampling	Nature and quality of sampling (e.g. cut channels,	Soil samples were collected from
	techniques	random chips, or specific specialised industry	below the surface organic layer at a
		standard measurement tools appropriate to the	depth of approximately 20-30cm.
		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.	Soil samples are sieved on site with either the +2mm-5mm fraction (Ni targets) or -2mm fraction (Au targets) retained for geochemical
		Include reference to measures taken to ensure	analysis.
		sample representivity and the appropriate calibration of any measurement tools or systems used.	Soil samples weights are approximately 1-1.5kg. All sieved material was collected in
		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	calico bags. The soil sampling techniques utilised are considered standard industry practice. Orientation work was undertaken to define the appropriate fraction sizes and laboratory methods
		there is coarse gold that has inherent sampling	Historical results reported within this
		problems. Unusual commodities or mineralisation	announcement are not subject to
		types (eg. submarine nodules) may warrant	the same sampling methodology as
		disclosure of detailed information.	Chalice samples. Information on
			sampling methodology is variably
			reported within source WAMEX
			reports collated by GSWA.
	Drilling	Drill type (eg. core, reverse circulation, open-hole	No drilling results reported
	techniques	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).
	Drill sample	Method of recording and assessing core and chip	No drilling results reported
	recovery	sample recoveries and results assessed.
		Measures taken to maximise sample recovery and
		ensure representative nature of the samples.
		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.
	Logging	Whether core and chip samples have been	Soil sample sites are described
		geologically and geotechnically logged to a level	noting landform and nature of soil
		of detail to support appropriate Mineral Resource	media
		estimation, mining studies and metallurgical studies.	Soil sample descriptions are considered qualitative in nature
		Whether logging is qualitative or quantitative in
		nature. Core (or costean, channel, etc)
		photography.
		The total length and percentage of the relevant
		intersections logged.
	Sub-sampling	If core, whether cut or sawn and whether quarter,	Sample preparation of Chalice
	techniques	half or all core taken.	samples follows industry best
	and sample preparation	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	practice standards at accredited laboratories.
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		For all sample types, the nature, quality and	Sample preparation comprises oven
		appropriateness of the sample preparation	drying.
		technique.	Soil samples at -2mm were sieved in
		Quality control procedures adopted for all sub-	the laboratory to -53um to obtain a
		sampling stages to maximise representivity of	fine fraction for analysis
		samples.	Field duplicates were taken from
		Measures taken to ensure that the sampling is	selected sample sites
		representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.	Soil samples collected on a 400m x 100-50m grid over interpreted prospective geology on land with
		Whether sample sizes are appropriate to the grain	granted access.
		size of the material being sampled.	Sample sizes (~1-1.5 kg) are
			considered appropriate for the
			technique.
			Historical results reported within this
			announcement are not subject to
			the same sub-sampling
			methodology as Chalice samples.
			Information on sampling
			methodology is variably reported
			within source WAMEX reports
			collated by GSWA.
	Quality of	The nature, quality and appropriateness of the	Recherche West soil samples
	assay data and	assaying and laboratory procedures used and	submitted to ALS laboratories for Pt,
	laboratory tests	whether the technique is considered partial or	Pd, Au by 50g lead collection fire
		total.	assay ICP finish (PGM-ICP24) and 51
		For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument	elements to trace level by aqua regia digest by 25g ICP-MS finish (AuME-TL43)
		make and model, reading times, calibrations	Warspite soil samples submitted to
		factors applied and their derivation, etc.	ALS laboratories for Pt, Pd, Au by 50g
		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	lead collection fire assay ICP finish (PGM-ICP24) and 48 elements by four acid digest ICP-MS finish (ME- MS61).
		have been established.	All techniques are considered total
			for elements assayed.
			Certified analytical standards,
			blanks and field duplicates were
			inserted at appropriate intervals in
			sample batches
			Approximately 6% of the soil samples
			submitted for analysis comprise
			QAQC control samples.
			Historical results reported within this
			announcement are not subject to
			the same sampling methodology
			and QAQC as Chalice samples.
			Information on sampling
			methodology is variably reported
			within source WAMEX reports
			collated by GSWA.
	Verification of	The verification of significant intersections by	No drilling results reported
	sampling and assaying	either independent or alternative company personnel.	Primary soil sampling data was collected digitally in the field by GIS
		The use of twinned holes.	based software which automatically
		Documentation of primary data, data entry procedures, data verification, data storage	feeds into the master Chalice SQL database.
		(physical and electronic) protocols.	No assay data has been adjusted
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	Discuss any adjustment to assay data.
Location of	Accuracy and quality of surveys used to locate	Soil sample locations are recorded
data points	drill holes (collar and down-hole surveys),	by Chalice employees and cross-
	trenches, mine workings and other locations used	checked against handheld GPS
	in Mineral Resource estimation.	localities using a handheld tablet
	Specification of the grid system used. Quality and adequacy of topographic control.	computer with an in-built GPS system, with a +/- 5m tolerance. Photographs are taken of all sample
		sites for verification of regolith type
		and can be used to validate the
		location of a sample visually.
		The grid system used for the location
		of all soil sample sites is GDA94 -
		MGA (Zone 50).
		Nominal RLs were assigned from 1
		sec (30m) satellite data
		Historical results reported within this
		announcement were attributed
		location information from source
		WAMEX reports by Chalice staff.
		These WAMEX reports are publicly
		available through GSWA.
Data spacing	Data spacing for reporting of Exploration Results.	Soil samples collected on a 400m x
and distribution	Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral	100m (Warspite) or 400m x 100-50m (Recherche West) grid, over interpreted prospective geology.
	Resource and Ore Reserve estimation	It is unknown how representative the
	procedure(s) and classifications applied.	sampling method has been at this
	Whether sample compositing has been applied.	early stage of exploration.
		No compositing undertaken for soil
		samples.
Orientation of	Whether the orientation of sampling achieves	The orientation of the soil sampling
data in relation	unbiased sampling of possible structures and the	lines is not considered to have
to geological	extent to which this is known, considering the	introduced sampling bias.
structure	deposit type.	Sampling grids were designed
	If the relationship between the drilling orientation	orthogonally to the strike of
	and the orientation of key mineralised structures is	aeromagnetic anomalies.
	considered to have introduced a sampling bias, this should be assessed and reported if material.	No compositing undertaken on soil samples
Sample security	The measures taken to ensure sample security.	Samples are collected in polyweave
		bags and delivered directly from site
		to the assay laboratories in
		Wangara, Perth by a Chalice
		employee or contractors
Audits or	The results of any audits or reviews of sampling	No review has been carried out to
reviews	techniques and data.	date

Section 2 Reporting of Exploration Results

	Criteria	JORC Code explanation	Commentary
	Mineral	Type, reference name/number, location	Exploration activities are ongoing over
	tenement and	and ownership including agreements or	E70/5264 5355, 5356, 5666 & 5667 and the
	land tenure	material issues with third parties such as	tenements are in good standing. The
	status	joint ventures, partnerships, overriding	holder CGM (West Yilgarn) Pty Ltd is a
		royalties, native title interests, historical	wholly owned subsidiary of Chalice
		sites, wilderness or national park and	Mining Limited with no known
		environmental settings.	encumbrances
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		The security of the tenure held at the time	Current exploration is on privately held
		of reporting along with any known	freehold land.
		impediments to obtaining a licence to operate in the area.	Access for non-ground disturbing exploration activities is approved by the
			relevant landholders.
	Exploration done	Acknowledgment and appraisal of	Previous exploration on E70/5666,
	by other parties	exploration by other parties.	E70/5667 and E70/5264 (Recherche West)
			has been limited. No previous explorer
			has surface sampled across the areas of
			gold anomalism recently soil sampled by
			Chalice. BHP first collected 23 soil and
			stream samples and 2 costeans in the
			vicinity in 2003. Devereux Syndicate took
			17 rock samples in 2009. Sons of Gwalia
			collected 12 soil samples in 2003.
			Additionally, 17 soil and 11 lag samples
			were collected by Quadrio and CSIRO
			respectively at an unknown time. None of
			the above sampling was undertaken over
			what Chalice has now identified as an
			area of anomalism.
			Previous exploration on E70/5355 and
			E70/5356 (Warspite) has been completed
			by exploration companies preceding
			Chalice. Significantly, in 1996-97 a Joint
			Venture between BHP and Equinox
			resources identified the Suilven anomaly
			located 15km North of Chalice’s recently
			identified Warspite anomaly. Exploration
			by BHP included soil sampling and RAB
			drilling, resulting in the delineation of 8m
			@ 2.68g/t Au identified in an interpreted
			saprolitic meta-basalt with 5-10% quartz
			veining. (WAMEX Annual Report - A52820)
			Most other exploration activities within the
			proximity of the leases have focused on
			exploring for iron ore.
			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.
	Geology	Deposit type, geological setting and style	The target deposit type is a Yilgarn style
		of mineralisation.	shear hosted orogenic gold
			mineralisation.
	Drill hole	A summary of all information material to	No drilling results reported
	Information	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.
		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
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		report, the Competent Person should	No material information has been
		clearly explain why this is the case.	excluded.
	Data	In reporting Exploration Results, weighting	Soil assay results are reported only
	aggregation methods	averaging techniques, maximum and/or minimum grade truncations (eg. cutting of	Metal equivalent values are not reported
		high grades) and cut-off grades are usually
		Material and should be stated.
		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.
		The assumptions used for any reporting of
		metal equivalent values should be clearly
		stated.
	Relationship	These relationships are particularly	No drilling results reported
	between	important in the reporting of Exploration
	mineralisation	Results.
	widths and intercept lengths	If the geometry of the mineralisation with respect to the drill hole angle is known, its
		nature should be reported.
		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’).
	Diagrams	Appropriate maps and sections (with	Refer to figures in the body of text.
		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.
	Balanced	Where comprehensive reporting of all	All significant results from the Perenjori soil
	reporting	Exploration Results is not practicable,	sampling program are reported.
		representative reporting of both low and
		high grades and/or widths should be
		practiced to avoid misleading reporting of
		Exploration Results.
	Other substantive	Other exploration data, if meaningful and	50m Airborne Magnetic and 400m AGG
	exploration data	material, should be reported including (but	data have been flown across the
		not limited to): geological observations;	broader Barrabarra project. This has
		geophysical survey results; geochemical	identified what is interpreted to be a
		survey results; bulk samples – size and	previously unappreciated E-W trending
		method of treatment; metallurgical test	greenstone trend at Recherche West.
		results; bulk density, groundwater,	Reconnaissance mapping and rock chip
		geotechnical and rock characteristics;	sampling has been undertaken across
		potential deleterious or contaminating	the trend. Mapping has identified mafic
		substances.	lithologies, with occasional sediments in
			float and large areas of lateritic duricrust
			cover, flanked granitic intrusives.
			25m line spaced UAV Magnetic survey
			data collected over the Warspite Au
			anomaly,
			All relevant and material data and results
			are reported
	Further work	The nature and scale of planned further	Extensional soil sampling (400m x 100-
		work (eg. tests for lateral extensions or	50m) over the east and south margin of
			the Recherche West Au anomaly
	SX:CHN		13	C

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depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

Infill soil sampling at 100m x 50m spacing is planned over the Warspite anomaly. Initial AC drill test of both targets subject to heritage clearance, statutory government approvals and land owner consents

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