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CHALICE MINING LIMITED Interim / Quarterly Report 2015

Apr 14, 2015

64649_rns_2015-04-14_70a4b0fb-8fed-48cc-bf5b-8138db50e75f.pdf

Interim / Quarterly Report

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ABN 47 116 648 956

ASX Announcement

March 2015 Quarterly Report

Highlights:

  • Preparation of a Preliminary Economic Assessment (PEA) continues for the Cameron Gold Project in Ontario, Canada with encouraging initial results demonstrating potential reductions in capital and operating costs .

  • The PEA has been expanded to allow for cutting and assaying of previously un-sampled historical drill core . The PEA is now expected to be completed in Q3 2015 following completion of a revised Mineral Resource.

  • Business development and exploration activities continued .

  • 2015 field season to commence in May 2015 at Cameron aimed at increasing near-mine ounces and enhancing project economics : 10 priority near-mine exploration targets defined.

  • The Company’s exposure to the US$ has resulted in a year-to-date $4.8M foreign exchange gain .

  • Chalice’s balance sheet remains strong with cash of A$41M at 31 March 2015.

Overview :

During the March Quarter, Chalice Gold Mines Limited (ASX: CHN, TSX: CXN – “Chalice” or “the Company”) continued both business development and exploration activities in Canada, where the Company is currently focusing on advancing the Cameron Gold Project (“Cameron”) and targeting additional high-potential opportunities.

1. Cameron Gold Project

The Cameron Gold Project (Figure 1) represents an advanced resource project located in the highly mineralised southern part of western Ontario in Canada, approximately 80km south-east of the town of Kenora. The Project has a number of attractive attributes, including good grades (diluted open pit grade of 2g/t Au – Measured and Indicated Resource of 675,900oz plus Inferred Resources of 591,300oz) (refer Table 1 for full details), low political risk in a mature mining jurisdiction with low costs, conventional metallurgy, and a mid-sized gold project that is well within Chalice’s funding and development capability.

Cameron Gold Project – Preliminary Economic Assessment (PEA)

As outlined in the Company’s December 2014 Quarterly Report, Chalice is undertaking a Preliminary Economic Assessment (“PEA”) for the Cameron Gold Project to take advantage of the improving Canadian Dollar gold price, declining costs across the industry and other recently identified opportunities to improve the project’s economics.

The engineering and costing aspects of the study are largely completed with initial results demonstrating significant reductions in both the capital estimate and operating costs compared to the original PEA released by Coventry Resources Limited, the previous owner of the deposit, in 2013.

As part of the PEA process, the Company is aiming to de-risk the existing Mineral Resource by re-sampling and assaying core from historical drilling which has previously not been assayed. The Company has identified an extensive amount of historical, previously un-sampled drill core which has the potential to be included in a re-modelled and upgraded Mineral Resource.

Chalice Gold Mines Limited, Level 2, 1292 Hay Street, West Perth, Western Australia T: +618 9322 3960 F: +618 9322 5800 E: [email protected]

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www.chalicegold.com

Cutting and assaying this drill core will take approximately three months, after which the drilling data will be included in a new Mineral Resource. Accordingly, it is now expected that the results of the PEA will be released in Q3 2015, not in Q2 as previously foreshadowed.

Royalty Buy-back

During the Quarter, Chalice exercised its right to buy-back two-thirds, or 2%, of the existing 3% Net Smelter Return royalty (“NSR”) relating to the Cameron Gold deposit for C$2 million (~A$2.05 million). The acquisition of the NSR is expected to increase the Net Present Value (NPV) of the project. Following the acquisition of the NSR royalty, the Cameron deposit will now carry only a 1% NSR in addition to a separate smaller royalty of C$0.30 per short tonne of ore mined and milled.

Exploration Activities

Planning for the upcoming exploration field season, commencing in May 2015, continued during the Quarter.

A disciplined target generation and ranking exercise completed during the previous quarter has identified a range of targets, 10 of which have been prioritised as they have the potential to increase open pittable ounces within a 25km trucking distance of the Cameron mine, and therefore materially improve the economics of the project.

The targets to be followed-up have been defined from co-incidental geochemical (MMI, rock chips, till), aeromagnetic and previous drill anomalism. The follow-up exploration program will follow a process of additional rock chip sampling, trenching and drilling. This will occur between May and September 2015 and is estimated to cost up to $2.3 million.

To enable exploration activities to commence, exploration plan applications have been submitted to the Ministry of Northern Development and Mines (MNDM) for Pipestone, Brookes Lake, West Cedartree and Cameron (Figure 2) and MNDM has forwarded these to First Nation communities for comment.

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Figure 1: The Cameron Gold Project

2

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Figure 2: Cameron Gold Project Exploration Work Plan Applications

Deposit Description Cut-off
**Goldg/t **
Class Tonnes Gold g/t Gold Oz
Cameron Open Cut 0.5g/t Measured 2,872,000 2.3 212,400
RL>=750m Indicated 5,417,000 1.76 306,600
Meas+Indic 8,289,000 1.95 519,700
Inferred 881,000 2.07 58,600
Underground 1.75g/t Measured 157,000 2.77 14,000
RL<750m Indicated 559,000 3.23 58,100
Meas+Indic 716,000 3.13 72,100
Inferred 5,709,000 2.78 510,300
Dubenski Open Cut 1.00g/t Measured
RL>=180m Indicated 806,000 2.28 59,100
Meas+Indic 806,000 2.28 59,100
Inferred 392,000 1.44 18,200
Dogpaw Open Cut 0.5g/t Measured
RL>=210m Indicated 247,000 3.02 24,000
Meas+Indic 247,000 3.02 24,000
Inferred 64,000 2.26 4,700

3

Deposit Description Cut-off
**Goldg/t **
Class Tonnes Gold g/t Gold Oz
Total Measured 3,029,000 2.33 226,900
Indicated 7,029,000 1.98 447,500
Meas+Indic 10,058,000 2.09 675,900
Inferred 7,046,000 2.61 591,300

Table 1 – Cameron Gold Project Mineral Resource

The information in this report that relates to Exploration Results in relation to the Cameron Gold Project is based on information compiled by Mr Gary Snow, who is a Fellow of the Australasian Institute of Mining and Metallurgy and is a Fellow of the Australian Institute of Geoscientists. Mr Snow is a full-time employee of the company and has sufficient experience in the field of activity being reported 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. Mr Snow consents to the release of information in the form and context in which it appears here.

The information relating to the Cameron Gold Project Mineral Resource is extracted from the ASX Announcement entitled “Chalice Files Updated 43-101 Technical Report” released on 29 July 2014 and is available to view at www.chalicegold.com. The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not materially modified from the original market announcement.

2. Rainy River Project

Chalice acquired an extensive group of claims in the Rainy River area as part of the Coventry acquisition in 2014. Till and MMI sampling identified low-order anomalies including a single coherent gold anomaly at Conqueror. During the Quarter, six diamond drill holes for 1,188m were drilled to test the anomaly at Conqueror and a pre-existing gold-in-till anomaly. There were no significant intersections and no further work is planned.

Subsequent to quarter-end, the Company gave notice of withdrawal from four option agreements at Rainy River with the remaining tenure subject to review.

3. Zara Project – US$2 million Deferred Consideration

Following completion of the sale of the Zara Gold Project in 2012 to China SFECO Group, Chalice is to receive payment of US$2 million upon first gold pour at the Koka gold mine. China SFECO Group has recently confirmed that construction at Koka is progressing with first production expected in late 2015. Payment is expected shortly thereafter.

4. GeoCrystal Limited (24% equity interest in GeoCrystal; 36% if all options are exercised) – Webb Diamond Project

During the Quarter, Meteoric Resources Limited (ASX: MEI) announced exploration results at the Webb Diamond Project in Western Australia. Please refer to Meteoric Resources’ ASX announcement dated 26 March 2015 at www.asx.com.au (ASX code MEI) titled “Webb Exploration Update” or visit www.meteoric.com.au.

5. Share Buy-back

In the March 2015 Quarter, Chalice advised that it has completed the Company’s on-market share buy-back program. Overall, Chalice acquired 13,036,591 shares for a total of approximately $1.8 million. As at 31 March 2015, the issued capital of the Company is 282,710,802.

6. Tenement schedules

In accordance with ASX Listing Rule 5.3, please refer to Appendix 1 for listing of tenements.

4

7. Discussion on Quarterly Cash flow

Chalice’s cash reserves were A$41 million as at 31 March 2015.

During the Quarter, the Company spent $0.5 million (YTD: $2 million) on exploration and evaluation activities, $0.6 million (YTD: $1.9 million) on administration and overhead costs (which includes $0.5 million in redundancy and termination payments) and $0.3 million (YTD: $1.2 million) on business development activities.

As discussed in Section 1, the Company also bought back a royalty over the Cameron project for C$2.0 million (A$2.05 million). The impact of foreign exchange rates on the Company’s USD cash balances was a favourable movement of $1.6 million for the Quarter.

Further details are available in the attached Appendix 5B.

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TIM GOYDER Managing Director 15 April 2015

For further information, please contact: Tim Goyder, Managing Director Chalice Gold Mines Limited Telephone +61 9322 3960

For media inquiries, please contact: Nicholas Read Read Corporate Telephone: +618 9388 1474

Forward Looking Statements

This document may contain forward-looking information within the meaning of Canadian securities legislation and forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking statements”). These forward-looking statements are made as of the date of this document and Chalice Gold Mines Limited (the Company) does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by law or regulation.

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, statements regarding the quantum and price of shares to be acquired under a share buyback, the estimation of mineral reserves and mineral resources, the realisation of mineral reserve estimates, the likelihood of exploration success, the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage.

In certain cases, forward-looking statements can be identified by the use of words such as plans, expects or does not expect, is expected, budget, scheduled, estimates, forecasts, intends, anticipates or does not anticipate, or believes, or variations of such words and phrases or statements that certain actions, events or results may, could, would, might or will be taken, occur or be achieved or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others; risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of mineral resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry, 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. 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.

5

Appendix 1 – Tenement schedules

The following information is provided in accordance with ASX Listing Rule 5.3 for the quarter ended 31 March 2015:

1. Listing of tenements held:

Location Project Tenement
No.
Registered Holder Nature of
interest
Australia Gnaweeda E51/0926 Chalice Gold Mines Limited and
Teck Australia PtyLtd
12.03%
E51/0927 Chalice Gold Mines Limited and
Teck Australia PtyLtd
12.03%
Canada Refer Appendix 2.

2. Listing of tenements acquired (directly or beneficially) during the quarter:

Location Project Tenement No. Registered Holder Nature of Interest
Canada Refer Appendix 3.

3. Tenements relinquished, reduced or lapsed (directly or beneficially) during the quarter:

Location Project Tenement
Type
Tenement
No.
Registered Holder Nature of Interest
Canada Rainy
River
Claim 4267980 English, Perry (on behalf of
Rubicon Minerals)
0% - option
agreement
Claim 4267981 English, Perry (on behalf of
Rubicon Minerals)
0% - option
agreement
Claim 4267982 English, Perry (on behalf of
Rubicon Minerals)
0% - option
agreement
Claim 4267983 English, Perry (on behalf of
Rubicon Minerals)
0% - option
agreement
Claim 4265461 Coventry Rainy River Inc. owned
Claim 4265462 Coventry Rainy River Inc. owned
Claim 4265463 Coventry Rainy River Inc. owned
Claim 4254472 Coventry Resources Ontario
Inc.
owned
Claim 4254480 Coventry Resources Ontario
Inc.
owned
Claim 4254481 Coventry Resources Ontario
Inc.
owned
Claim 4254482 Coventry Resources Ontario
Inc.
owned
Claim 4254483 Coventry Resources Ontario
Inc.
owned
Claim 4254484 Coventry Resources Ontario
Inc.
owned
Australila Balagundi E27/429 Alphabrass Resources Pty Ltd 0% - right to earn a
70% participating
interest in the
Balagundi joint
venture.
E27/341 Alphabrass Resources Pty Ltd 0% - right to earn a
70% participating
interest in the
Balagundi joint
venture.

6

Appendix 2 - Tenements held (Canada)

Project Tenement Type Patent, PIN Number Claim Number Registered Holder Percentage Ownership
Cameron MiningLease 108400 CLM305. Claim K465069-K465075, K465351-K465358,
K519950-K519965,K561022-K561025,K666295
Cameron Gold Operations Ltd 100%
Cameron MiningLease 108400 CLM306, Claim K386816-K386818, K386888-K386900,
K533901-K533908,K666294
Cameron Gold Operations Ltd 100%
West Cedar MiningLease 107495 K314926,K351875-K351876,K314928-K314931,K273821 Cameron Gold Operations Ltd 100%
Cameron Patented miningclaim PA8441,42185-0720(LT) K2766 Cameron Gold Operations Ltd 100%
Cameron Patented miningclaim PA8442,42185-0722(LT) K2767 Cameron Gold Operations Ltd 100%
Cameron Patented miningclaim PA8443,42185-0724(LT) K2768 Cameron Gold Operations Ltd 100%
Cameron Patented miningclaim PA9901,42185-0726(LT) K4712 Cameron Gold Operations Ltd 100%
West Cedar Patented miningclaim 42185-0208(LT) K9990 Cameron Gold Operations Ltd 100%
West Cedar Patented miningclaim 42185-0586(LT) K9991 Cameron Gold Operations Ltd 100%
West Cedar Patented miningclaim 42185-0585(LT) K9992 Cameron Gold Operations Ltd 100%
West Cedar Patented miningclaim 42185-0577(LT) K9993 Cameron Gold Operations Ltd 100%
West Cedar Patented miningclaim 42185-0587(LT) K9994 Cameron Gold Operations Ltd 100%
West Cedar Patented miningclaim 42185-0578(LT) K9995 Cameron Gold Operations Ltd 100%
West Cedar Patented miningclaim 42185-0588(LT) K9996 Cameron Gold Operations Ltd 100%
West Cedar Patented miningclaim 42185-0579(LT) K9997 Cameron Gold Operations Ltd 100%
West Cedar Patented miningclaim 42185-0581(LT) K9999 Cameron Gold Operations Ltd 100%
West Cedar Patented miningclaim 42185-0807(LT) K10000 Cameron Gold Operations Ltd 100%
West Cedar Patented miningclaim 42185-0583(LT) K10010 Cameron Gold Operations Ltd 100%
West Cedar Patented miningclaim 42185-0584(LT) K10011 Cameron Gold Operations Ltd 100%
West Cedar Patented miningclaim 42185-0580(LT) K10058 Cameron Gold Operations Ltd 100%
West Cedar Patented miningclaim 42185-0796(LT) K10024 Cameron Gold Operations Ltd 100%
West Cedar Patented miningclaim 42185-0799(LT) K10025 Cameron Gold Operations Ltd 100%
West Cedar Patented miningclaim 42185-0801(LT) K10026 Cameron Gold Operations Ltd 100%
West Cedar Patented miningclaim 42185-0803(LT) K10027 Cameron Gold Operations Ltd 100%
West Cedar Patented miningclaim 42185-0593(LT) K10028 Cameron Gold Operations Ltd 100%
West Cedar Patented miningclaim 42185-0594(LT) K10029 Cameron Gold Operations Ltd 100%
West Cedar Patented miningclaim 42185-0595(LT) K10030 Cameron Gold Operations Ltd 100%
Cameron MLO 10384 K4709 Cameron Gold Operations Ltd 100%
Cameron MLO 10405 K4711 Cameron Gold Operations Ltd 100%
Cameron MLO 10406 K4710 Cameron Gold Operations Ltd 100%
Cameron MLO 10407 K4712 Cameron Gold Operations Ltd 100%

7

Project Tenement Type Patent, PIN Number Claim Number Registered Holder Percentage Ownership
Cameron MLO 3366 K2767 Cameron Gold Operations Ltd 100%
Cameron MLO 3367 K2768 Cameron Gold Operations Ltd 100%
West Cedar MLO 11143 K9990, K9992, K9993, K9996, K9999, K10000, K10011,
K10058
Cameron Gold Operations Ltd 100%
Cameron Claim 1105444 Cameron Gold Operations Ltd 100%
Cameron Claim 1105445 Cameron Gold Operations Ltd 100%
Cameron Claim 1161574 Cameron Gold Operations Ltd 100%
Cameron Claim 1161575 Cameron Gold Operations Ltd 100%
Cameron Claim 1210120 Cameron Gold Operations Ltd 100%
Cameron Claim 1210121 Cameron Gold Operations Ltd 100%
Cameron Claim 1210122 Cameron Gold Operations Ltd 100%
Cameron Claim 1210123 Cameron Gold Operations Ltd 100%
Cameron Claim 1210124 Cameron Gold Operations Ltd 100%
Cameron Claim 1210125 Cameron Gold Operations Ltd 100%
Cameron Claim 1210126 Cameron Gold Operations Ltd 100%
Cameron Claim 1210128 Cameron Gold Operations Ltd 100%
Cameron Claim 1210129 Cameron Gold Operations Ltd 100%
Cameron Claim 1210130 Cameron Gold Operations Ltd 100%
Cameron Claim 1210131 Cameron Gold Operations Ltd 100%
Cameron Claim 1210132 Cameron Gold Operations Ltd 100%
Cameron Claim 1210133 Cameron Gold Operations Ltd 100%
Cameron Claim 1210134 Cameron Gold Operations Ltd 100%
Cameron Claim 1210135 Cameron Gold Operations Ltd 100%
Cameron Claim 1210136 Cameron Gold Operations Ltd 100%
Cameron Claim 4254297 Cameron Gold Operations Ltd 100%
Cameron Claim 4258281 Cameron Gold Operations Ltd 100%
Cameron Claim 4258282 Cameron Gold Operations Ltd 100%
Cameron Claim 4258283 Cameron Gold Operations Ltd 100%
Cameron Claim 4258284 Cameron Gold Operations Ltd 100%
Cameron Claim 4258285 Cameron Gold Operations Ltd 100%
Cameron Claim 4258286 Cameron Gold Operations Ltd 100%
Cameron Claim 4258287 Cameron Gold Operations Ltd 100%
Cameron Claim 4258288 Cameron Gold Operations Ltd 100%
Cameron Claim 4258289 Cameron Gold Operations Ltd 100%
Project Tenement Type Patent, PIN Number Claim Number Registered Holder Percentage Ownership
Cameron Claim 4258290 Cameron Gold Operations Ltd 100%
Cameron Claim 4258291 Cameron Gold Operations Ltd 100%
Cameron Claim 4258292 Cameron Gold Operations Ltd 100%
Cameron Claim 4258421 Cameron Gold Operations Ltd 100%
Cameron Claim 4258422 Cameron Gold Operations Ltd 100%
Cameron Claim 4258423 Cameron Gold Operations Ltd 100%
Cameron Claim 4258424 Cameron Gold Operations Ltd 100%
Cameron Claim 4258425 Cameron Gold Operations Ltd 100%
Cameron Claim 4258426 Cameron Gold Operations Ltd 100%
Cameron Claim 4258427 Cameron Gold Operations Ltd 100%
Cameron Claim 4258428 Cameron Gold Operations Ltd 100%
Cameron Claim 4258429 Cameron Gold Operations Ltd 100%
Cameron Claim 4258430 Cameron Gold Operations Ltd 100%
Cameron Claim 4258431 Cameron Gold Operations Ltd 100%
Cameron Claim 4258432 Cameron Gold Operations Ltd 100%
Cameron Claim 4258433 Cameron Gold Operations Ltd 100%
Cameron Claim 4258434 Cameron Gold Operations Ltd 100%
Cameron Claim 4258435 Cameron Gold Operations Ltd 100%
Cameron Claim 4258436 Cameron Gold Operations Ltd 100%
Cameron Claim 4258437 Cameron Gold Operations Ltd 100%
Cameron Claim 4258438 Cameron Gold Operations Ltd 100%
Cameron Claim 4258439 Cameron Gold Operations Ltd 100%
Cameron Claim 4258440 Cameron Gold Operations Ltd 100%
Cameron Claim 4258441 Cameron Gold Operations Ltd 100%
Cameron Claim 4258442 Cameron Gold Operations Ltd 100%
Cameron Claim 4258443 Cameron Gold Operations Ltd 100%
Cameron Claim 4258444 Cameron Gold Operations Ltd 100%
Cameron Claim 4258445 Cameron Gold Operations Ltd 100%
Cameron Claim 4258446 Cameron Gold Operations Ltd 100%
Cameron Claim 4258447 Cameron Gold Operations Ltd 100%
Cameron Claim 4258448 Cameron Gold Operations Ltd 100%
Cameron Claim 4258449 Cameron Gold Operations Ltd 100%
Cameron Claim 4258450 Cameron Gold Operations Ltd 100%
Project Tenement Type Patent, PIN Number Claim Number Registered Holder Percentage Ownership
Cameron Claim 4257392 Cameron Gold Operations Ltd 100%
Cameron Claim 4255667 Cameron Gold Operations Ltd 100%
Cameron Claim 4255668 Cameron Gold Operations Ltd 100%
Cameron Claim 4255669 Cameron Gold Operations Ltd 100%
Cameron Claim 4283921 Cameron Gold Operations Ltd 100%
Cameron Claim 4283922 Cameron Gold Operations Ltd 100%
Cameron Claim 4283923 Cameron Gold Operations Ltd 100%
Cameron Claim 4283924 Cameron Gold Operations Ltd 100%
Cameron Claim 4283925 Cameron Gold Operations Ltd 100%
Cameron Claim 4283926 Cameron Gold Operations Ltd 100%
Cameron Claim 4283927 Cameron Gold Operations Ltd 100%
Cameron Claim 4283928 Cameron Gold Operations Ltd 100%
Cameron Claim 4283929 Cameron Gold Operations Ltd 100%
Cameron Claim 4283930 Cameron Gold Operations Ltd 100%
Cameron Claim 4283931 Cameron Gold Operations Ltd 100%
Cameron Claim 4283932 Cameron Gold Operations Ltd 100%
Cameron Claim 4283933 Cameron Gold Operations Ltd 100%
Cameron Claim 4283934 Cameron Gold Operations Ltd 100%
Cameron Claim 4283935 Cameron Gold Operations Ltd 100%
Cameron Claim 4283936 Cameron Gold Operations Ltd 100%
Cameron Claim 4283937 Cameron Gold Operations Ltd 100%
Cameron Claim 4283938 Cameron Gold Operations Ltd 100%
Cameron Claim 4283939 Cameron Gold Operations Ltd 100%
Cameron Claim 4283940 Cameron Gold Operations Ltd 100%
Cameron Claim 4283941 Cameron Gold Operations Ltd 100%
Cameron Claim 4283942 Cameron Gold Operations Ltd 100%
Cameron Claim 4283943 Cameron Gold Operations Ltd 100%
Cameron Claim 4283944 Cameron Gold Operations Ltd 100%
Cameron Claim 4283945 Cameron Gold Operations Ltd 100%
Cameron Claim 4283946 Cameron Gold Operations Ltd 100%
Cameron Claim 4283947 Cameron Gold Operations Ltd 100%
Cameron Claim 4283948 Cameron Gold Operations Ltd 100%
Cameron Claim 4283949 Cameron Gold Operations Ltd 100%
Project Tenement Type Patent, PIN Number Claim Number Registered Holder Percentage Ownership
Cameron Claim 4283950 Cameron Gold Operations Ltd 100%
West Cedar Claim 3000802 Cameron Gold Operations Ltd 100%
West Cedar Claim 3000803 Cameron Gold Operations Ltd 100%
West Cedar Claim 3000804 Cameron Gold Operations Ltd 100%
West Cedar Claim 1149862 Cameron Gold Operations Ltd 100%
West Cedar Claim 1196649 Cameron Gold Operations Ltd 100%
West Cedar Claim 3001240 Cameron Gold Operations Ltd 100%
West Cedar Claim 3001298 Cameron Gold Operations Ltd 100%
West Cedar Claim 3010497 Cameron Gold Operations Ltd 100%
West Cedar Claim 3012199 Cameron Gold Operations Ltd 100%
Cameron MiningLease 108466 CLM289. Claims K527548-K527567,Nucanolan Property Cameron Gold Operations Inc. 100%
Cameron Claim 4248906 BARKAUSKAS, EDWARD ANTHONY (40%). BERGEN, CINDRA LEE (
60%)
Earningin,option agreement
West Cedar MiningLease 107494 K314927, K314932, K351873, K351874, K351877,
K351878
Cameron Gold Operations Ltd 100%
RainyRiver Claim 4254475 CoventryResources Ontario Inc. 100%
RainyRiver Claim 4254476 CoventryResources Ontario Inc. 100%
RainyRiver Claim 4254477 CoventryResources Ontario Inc. 100%
RainyRiver Claim 4254478 CoventryResources Ontario Inc. 100%
RainyRiver Claim 4254479 CoventryResources Ontario Inc. 100%
Ardeen Claim 1022635 Pele Gold Corporation 51%
Ardeen Claim 1022636 Pele Gold Corporation 51%
Ardeen Claim 1022637 Pele Gold Corporation 51%
Ardeen Claim 1135465 Pele Gold Corporation 51%
Ardeen Claim 1135466 Pele Gold Corporation 51%
Ardeen Claim 1157496 Pele Gold Corporation 51%
Ardeen Claim 1157497 Pele Gold Corporation 51%
Ardeen Claim 1157666 Pele Gold Corporation 51%
Ardeen Claim 1157667 Pele Gold Corporation 51%
Ardeen Claim 1157668 Pele Gold Corporation 51%
Ardeen Claim 1157670 Pele Gold Corporation 51%
Ardeen Claim 1157671 Pele Gold Corporation 51%
Ardeen Claim 1164874 Pele Gold Corporation 51%
Ardeen Claim 1164875 Pele Gold Corporation 51%
Ardeen Claim 1164876 Pele Gold Corporation 51%
Project Tenement Type Patent, PIN Number Claim Number Registered Holder Percentage Ownership
Ardeen Claim 1164877 Pele Gold Corporation 51%
Ardeen Claim 1172315 Pele Gold Corporation 51%
Ardeen Claim 1172316 Pele Gold Corporation 51%
Ardeen Claim 1172317 Pele Gold Corporation 51%
Ardeen Claim 1172340 Pele Gold Corporation 51%
Ardeen Claim 1172345 Pele Gold Corporation 51%
Ardeen Claim 1172346 Pele Gold Corporation 51%
Ardeen Claim 1172347 Pele Gold Corporation 51%
Ardeen Claim 1172348 Pele Gold Corporation 51%
Ardeen Claim 1172349 Pele Gold Corporation 51%
Ardeen Claim 1172350 Pele Gold Corporation 51%
Ardeen Claim 1172355 Pele Gold Corporation 51%
Ardeen Claim 1172356 Pele Gold Corporation 51%
Ardeen Claim 1172365 Pele Gold Corporation 51%
Ardeen Claim 1172366 Pele Gold Corporation 51%
Ardeen Claim 1172367 Pele Gold Corporation 51%
Ardeen Claim 1172368 Pele Gold Corporation 51%
Ardeen Claim 1172369 Pele Gold Corporation 51%
Ardeen Claim 1172375 Pele Gold Corporation 51%
Ardeen Claim 1172385 Pele Gold Corporation 51%
Ardeen Claim 1172386 Pele Gold Corporation 51%
Ardeen Claim 1172387 Pele Gold Corporation 51%
Ardeen Claim 1172388 Pele Gold Corporation 51%
Ardeen Claim 1172395 Pele Gold Corporation 51%
Ardeen Claim 1172396 Pele Gold Corporation 51%
Ardeen Claim 1195937 Pele Gold Corporation 51%
Ardeen Claim 1195940 Pele Gold Corporation 51%
Ardeen Claim 1196147 Pele Gold Corporation 51%
Ardeen Claim 1196239 Pele Gold Corporation 51%
Ardeen Claim 1196240 Pele Gold Corporation 51%
Ardeen Claim 1196870 Pele Gold Corporation 51%
Ardeen Claim 1196921 Pele Gold Corporation 51%
Ardeen Claim 1196923 Pele Gold Corporation 51%
Project Tenement Type Patent, PIN Number Claim Number Registered Holder Percentage Ownership
Ardeen Claim 1196924 Pele Gold Corporation 51%
Ardeen Claim 1202036 Pele Gold Corporation 51%
Ardeen Claim 1202264 Pele Gold Corporation 51%
Ardeen Claim 1202265 Pele Gold Corporation 51%
Ardeen Claim 1202302 Pele Gold Corporation 51%
Ardeen Claim 1205201 Pele Gold Corporation 51%
Ardeen Claim 1205202 Pele Gold Corporation 51%
Ardeen Claim 1205203 Pele Gold Corporation 51%
Ardeen Claim 1205204 Pele Gold Corporation 51%
Ardeen Claim 1205287 Pele Gold Corporation 51%
Ardeen Claim 1209440 Pele Gold Corporation 51%
Ardeen Claim 1209441 Pele Gold Corporation 51%
Ardeen Claim 1209470 Pele Gold Corporation 51%
Ardeen Claim 1209697 Pele Gold Corporation 51%
Ardeen Claim 1209698 Pele Gold Corporation 51%
Ardeen Claim 1209770 Pele Gold Corporation 51%
Ardeen Claim 1210243 Pele Gold Corporation 51%
Ardeen Claim 1210245 Pele Gold Corporation 51%
Ardeen Claim 1210776 Pele Gold Corporation 51%
Ardeen Claim 1210792 Pele Gold Corporation 51%
Ardeen Claim 1215147 Pele Gold Corporation 51%
Ardeen Claim 1215148 Pele Gold Corporation 51%
Ardeen Claim 1215149 Pele Gold Corporation 51%
Ardeen Claim 1215450 Pele Gold Corporation 51%
Ardeen Claim 1215451 Pele Gold Corporation 51%
Ardeen Claim 1215452 Pele Gold Corporation 51%
Ardeen Claim 1215453 Pele Gold Corporation 51%
Ardeen Claim 1215454 Pele Gold Corporation 51%
Ardeen Claim 1215751 Pele Gold Corporation 51%
Ardeen Claim 1215752 Pele Gold Corporation 51%
Ardeen Claim 1215758 Pele Gold Corporation 51%
Ardeen Claim 1215760 Pele Gold Corporation 51%
Ardeen Claim 1215831 Pele Gold Corporation 51%
Project Tenement Type Patent, PIN Number Claim Number Registered Holder Percentage Ownership
Ardeen Claim 1215859 Pele Gold Corporation 51%
Ardeen Claim 1217105 Pele Gold Corporation 51%
Ardeen Claim 1224629 Pele Gold Corporation 51%
Ardeen Claim 3001505 Pele Gold Corporation 51%
Ardeen Claim 3001506 Pele Gold Corporation 51%
Ardeen Claim 3001507 Pele Gold Corporation 51%
Ardeen Claim 677468 Pele Gold Corporation 51%
Ardeen Claim 677469 Pele Gold Corporation 51%
Ardeen Claim 677470 Pele Gold Corporation 51%
Ardeen Claim 677471 Pele Gold Corporation 51%
Ardeen Claim 677472 Pele Gold Corporation 51%
Ardeen Claim 677473 Pele Gold Corporation 51%
Ardeen Claim 677474 Pele Gold Corporation 51%
Ardeen Claim 677475 Pele Gold Corporation 51%
Ardeen Claim 677476 Pele Gold Corporation 51%
Ardeen Claim 677477 Pele Gold Corporation 51%
Ardeen Claim 677478 Pele Gold Corporation 51%
Ardeen Claim 677479 Pele Gold Corporation 51%
Ardeen Claim 786521 Pele Gold Corporation 51%
Ardeen Claim 786522 Pele Gold Corporation 51%
Ardeen Claim 786523 Pele Gold Corporation 51%
Ardeen Claim 786524 Pele Gold Corporation 51%
Ardeen Claim 786525 Pele Gold Corporation 51%
Ardeen Claim 786526 Pele Gold Corporation 51%
Ardeen Claim 786527 Pele Gold Corporation 51%
Ardeen Claim 786528 Pele Gold Corporation 51%
Ardeen Claim 786529 Pele Gold Corporation 51%
Ardeen Claim 786541 Pele Gold Corporation 51%
Ardeen Claim 786542 Pele Gold Corporation 51%
Ardeen Claim 786543 Pele Gold Corporation 51%
Ardeen Claim 786544 Pele Gold Corporation 51%
Ardeen Claim 786545 Pele Gold Corporation 51%
Ardeen Claim 813157 Pele Gold Corporation 51%
Project Tenement Type Patent, PIN Number Claim Number Registered Holder Percentage Ownership
Ardeen Claim 813158 Pele Gold Corporation 51%
Ardeen Claim 813159 Pele Gold Corporation 51%
Ardeen Claim 813160 Pele Gold Corporation 51%
Ardeen Claim 813161 Pele Gold Corporation 51%
Ardeen Claim 813162 Pele Gold Corporation 51%
Ardeen Claim 813163 Pele Gold Corporation 51%
Ardeen Claim 813164 Pele Gold Corporation 51%
Ardeen Claim 813165 Pele Gold Corporation 51%
Ardeen Claim 813166 Pele Gold Corporation 51%
Ardeen Claim 835178 Pele Gold Corporation 51%
Ardeen Claim 835179 Pele Gold Corporation 51%
Ardeen Claim 835184 Pele Gold Corporation 51%
Ardeen Claim 835185 Pele Gold Corporation 51%
Ardeen Claim 835186 Pele Gold Corporation 51%
Ardeen Claim 835187 Pele Gold Corporation 51%
Ardeen Claim 835188 Pele Gold Corporation 51%
Ardeen Claim 835189 Pele Gold Corporation 51%
Ardeen Claim 835190 Pele Gold Corporation 51%
Ardeen Claim 835195 Pele Gold Corporation 51%
Ardeen Claim 835196 Pele Gold Corporation 51%
Ardeen Claim 835197 Pele Gold Corporation 51%
Ardeen Claim 835304 Pele Gold Corporation 51%
Ardeen Claim 835305 Pele Gold Corporation 51%
Ardeen Claim 835306 Pele Gold Corporation 51%
Ardeen Claim 835307 Pele Gold Corporation 51%
Ardeen Claim 835308 Pele Gold Corporation 51%
Ardeen Claim 835309 Pele Gold Corporation 51%
Ardeen Claim 835310 Pele Gold Corporation 51%
Ardeen Claim 835311 Pele Gold Corporation 51%
Ardeen Claim 835312 Pele Gold Corporation 51%
Ardeen Claim 835313 Pele Gold Corporation 51%
Ardeen Claim 863760 Pele Gold Corporation 51%
Ardeen Claim 873515 Pele Gold Corporation 51%
Project Tenement Type Patent, PIN Number Claim Number Registered Holder Percentage Ownership
Ardeen Claim 873516 Pele Gold Corporation 51%
Ardeen Claim 873517 Pele Gold Corporation 51%
Ardeen Claim 873518 Pele Gold Corporation 51%
Ardeen Claim 873519 Pele Gold Corporation 51%
Ardeen Claim 873520 Pele Gold Corporation 51%
Ardeen Claim 873522 Pele Gold Corporation 51%
RainyRiver Claim 4250316 CoventryRainyRiver Inc. 100%
RainyRiver Claim 4250319 CoventryRainyRiver Inc. 100%
RainyRiver Claim 4260559 English,PerryVern Earningin,option agreement
RainyRiver Claim 4260560 English,PerryVern Earningin,option agreement
RainyRiver Claim 4260561 English,PerryVern Earningin,option agreement
RainyRiver Claim 4260562 English,PerryVern Earningin,option agreement
RainyRiver Claim 4260563 English,PerryVern Earningin,option agreement
RainyRiver Claim 4260564 English,PerryVern Earningin,option agreement
RainyRiver Claim 4260565 English,PerryVern Earningin,option agreement
RainyRiver Claim 4205809 English,PerryVern Earningin,option agreement
RainyRiver Claim 4205814 English,PerryVern Earningin,option agreement
RainyRiver Claim 4205815 English,PerryVern Earningin,option agreement
RainyRiver Claim 4205816 English,PerryVern Earningin,option agreement
RainyRiver Claim 4205817 English,PerryVern Earningin,option agreement
RainyRiver Claim 4205818 English,PerryVern Earningin,option agreement
RainyRiver Claim 4214438 English,PerryVern Earningin,option agreement
RainyRiver Claim 4214439 English,PerryVern Earningin,option agreement
RainyRiver Claim 4214440 English,PerryVern Earningin,option agreement
RainyRiver Claim 4214441 English,PerryVern Earningin,option agreement
RainyRiver Claim 4214442 English,PerryVern Earningin,option agreement
South Cedar Claim 4254638 English,PerryVern Earningin,option agreement
South Cedar Claim 4257501 English,PerryVern Earningin,option agreement
South Cedar Claim 4257508 English,PerryVern Earningin,option agreement
South Cedar Claim 4257510 English,PerryVern Earningin,option agreement
South Cedar Claim 4257511 English,PerryVern Earningin,option agreement
South Cedar Claim 4257515 English,PerryVern Earningin,option agreement
South Cedar Claim 4257516 English,PerryVern Earningin,option agreement
South Cedar Claim 4257517 English,PerryVern Earningin,option agreement
Project Tenement Type Patent, PIN Number Claim Number Registered Holder Percentage Ownership
South Cedar Claim 4260366 English,PerryVern Earningin,option agreement
South Cedar Claim 4260515 English,PerryVern Earningin,option agreement
South Cedar Claim 4260516 English,PerryVern Earningin,option agreement
South Cedar Claim 4263609 English,PerryVern Earningin,option agreement
South Cedar Claim 4272273 English,PerryVern Earningin,option agreement
South Cedar Claim 4266941 English,PerryVern Earningin,option agreement
South Cedar Claim 4266942 English,PerryVern Earningin,option agreement
South Cedar Claim 4266943 English,PerryVern Earningin,option agreement
South Cedar Claim 4266944 English,PerryVern Earningin,option agreement
West Cedar Claim 4260514 English,PerryVern Earningin,option agreement
RainyRiver Patent 56046-0077 Shane & Rachel McQuaker Earningin,Option agreement
RainyRiver Patent 56046-0079 Jan Wullum Earningin,Option agreement
RainyRiver Patent 56046-0086 Gene Boyce Earningin,Option agreement
RainyRiver Patent 56046-0076 Stevan Michael Earningin,Option agreement
RainyRiver Patent 56046-0031 KipSharp Earningin,Option agreement
RainyRiver Patent 56046-0034 Wade Kempka Earningin,Option agreement
RainyRiver Patent 56046-0038 Wade & Shane Kempka & Madison Earningin,Option agreement
RainyRiver Patent 56046-0044 Wade & Shane Kempka & Madison Earningin,Option agreement
Cameron Gold Claim 4274088 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Cameron Gold Claim 4274089 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Cameron Gold Claim 4274090 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Cameron Gold Claim 4274091 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Cameron Gold Claim 4274092 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Cameron Gold Claim 4274093 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Cameron Gold Claim 4274094 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Cameron Gold Claim 4274095 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Cameron Gold Claim 4274096 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Cameron Gold Claim 4274074 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Cameron Gold Claim 4276500 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Cameron Gold Claim 4276506 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Cameron Gold Claim 4276512 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Cameron Gold Claim 4276513 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Cameron Gold Claim 4276514 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Project Tenement Type Patent, PIN Number Claim Number Registered Holder Percentage Ownership
Cameron Gold Claim 4276515 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Cameron Gold Claim 4276516 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Cameron Gold Claim 4276517 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Cameron Gold Claim 4276518 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Cameron Gold Claim 4276519 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Cameron Gold Claim 4276522 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Cameron Gold Claim 4276523 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Cameron Gold Claim 4267651 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Cameron Gold Claim 4267652 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Cameron Gold Claim 4267653 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Cameron Gold Claim 4267654 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Cameron Gold Claim 4267655 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Cameron Gold Claim 4267656 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Cameron Gold Claim 4267657 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Cameron Gold Claim 4283111 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Cameron Gold Claim 4283112 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Cameron Gold Claim 4283113 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Cameron Gold Claim 4283114 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Cameron Gold Claim 4283115 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Cameron Gold Claim 4283116 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Cameron Gold Claim 4283117 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Cameron Gold Claim 4283118 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Cameron Gold Claim 4283119 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Cameron Gold Claim 4283120 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Cameron Gold Claim 4283731 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Cameron Gold Claim 4283732 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Cameron Gold Claim 4283734 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Cameron Gold Claim 4283735 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Cameron Gold Claim 4283736 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Cameron Gold Claim 4283737 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement
Cameron Gold Claim 4283738 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, Option agreement

Appendix 3 - Tenements acquired (Canada)

Project Tenem
ent
**Type **
Tenement No. Registered Holder Nature of Interest Interest at
beginning of
quarter
Interest at end of
quarter
Cameron Gold Claim 4274088 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, option
agreement
0% 0%
Cameron Gold Claim 4274089 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, option
agreement
0% 0%
Cameron Gold Claim 4274090 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, option
agreement
0% 0%
Cameron Gold Claim 4274091 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, option
agreement
0% 0%
Cameron Gold Claim 4274092 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, option
agreement
0% 0%
Cameron Gold Claim 4274093 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, option
agreement
0% 0%
Cameron Gold Claim 4274094 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, option
agreement
0% 0%
Cameron Gold Claim 4274095 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, option
agreement
0% 0%
Cameron Gold Claim 4274096 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, option
agreement
0% 0%
Cameron Gold Claim 4274074 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, option
agreement
0% 0%
Cameron Gold Claim 4276500 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, option
agreement
0% 0%
Cameron Gold Claim 4276506 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, option
agreement
0% 0%
Cameron Gold Claim 4276512 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, option
agreement
0% 0%
Cameron Gold Claim 4276513 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, option
agreement
0% 0%
Cameron Gold Claim 4276514 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, option
agreement
0% 0%
Cameron Gold Claim 4276515 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, option
agreement
0% 0%
Cameron Gold Claim 4276516 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, option
agreement
0% 0%
Cameron Gold Claim 4276517 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, option
agreement
0% 0%
Cameron Gold Claim 4276518 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, option
agreement
0% 0%
Cameron Gold Claim 4276519 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, option
agreement
0% 0%

19

Project Tenem
ent
**Type **
Tenement No. Registered Holder Nature of Interest Interest at
beginning of
quarter
Interest at end of
quarter
Cameron Gold Claim 4276522 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, option
agreement
0% 0%
Cameron Gold Claim 4276523 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, option
agreement
0% 0%
Cameron Gold Claim 4267651 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, option
agreement
0% 0%
Cameron Gold Claim 4267652 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, option
agreement
0% 0%
Cameron Gold Claim 4267653 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, option
agreement
0% 0%
Cameron Gold Claim 4267654 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, option
agreement
0% 0%
Cameron Gold Claim 4267655 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, option
agreement
0% 0%
Cameron Gold Claim 4267656 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, option
agreement
0% 0%
Cameron Gold Claim 4267657 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, option
agreement
0% 0%
Cameron Gold Claim 4283111 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, option
agreement
0% 0%
Cameron Gold Claim 4283112 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, option
agreement
0% 0%
Cameron Gold Claim 4283113 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, option
agreement
0% 0%
Cameron Gold Claim 4283114 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, option
agreement
0% 0%
Cameron Gold Claim 4283115 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, option
agreement
0% 0%
Cameron Gold Claim 4283116 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, option
agreement
0% 0%
Cameron Gold Claim 4283117 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, option
agreement
0% 0%
Cameron Gold Claim 4283118 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, option
agreement
0% 0%
Cameron Gold Claim 4283119 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, option
agreement
0% 0%
Cameron Gold Claim 4283120 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, option
agreement
0% 0%
Cameron Gold Claim 4283731 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, option
agreement
0% 0%
Cameron Gold Claim 4283732 English,PerryVern(on behalf of Rubicon Minerals Corporation) Earning in, option
agreement
0% 0%

20

Tenem Interest at
ent Nature of Interest beginning of Interest at end of
Project **Type ** Tenement No. Registered Holder quarter quarter
Earning in, option
Cameron Gold Claim 4283734 English,PerryVern(on behalf of Rubicon Minerals Corporation) agreement 0% 0%
Earning in, option
Cameron Gold Claim 4283735 English,PerryVern(on behalf of Rubicon Minerals Corporation) agreement 0% 0%
Earning in, option
Cameron Gold Claim 4283736 English,PerryVern(on behalf of Rubicon Minerals Corporation) agreement 0% 0%
Earning in, option
Cameron Gold Claim 4283737 English,PerryVern(on behalf of Rubicon Minerals Corporation) agreement 0% 0%
Earning in, option
Cameron Gold Claim 4283738 English,PerryVern(on behalf of Rubicon Minerals Corporation) agreement 0% 0%

21

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

Rule 5.5

Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/2013

Name of entity

Chalice Gold Mines Limited

ABN
47 116 648 956
Quarter ended (“current quarter”)
47 116 648 956 31 March 2015

Consolidated statement of cash flows

Cash flows related to operating activities
1.1
Receipts from product sales and related
debtors
1.2
Payments for (a) exploration & evaluation
(b) development
(c) production
(d) administration
1.3
Dividends received
1.4
Interest and other items of a similar nature
received
1.5
Interest and other costs of finance paid
1.6
Income taxes paid
1.7
Other (provide details if material)
Net Operating Cash Flows
Current quarter
$A’000
Year to date
(9 months)
$A’000
20
(492)
-
-
(561)
-
195
-
-
(333)
72
(2,017)
-
-
(1,921)
-
396
-
(379)
(1,225)
(1,171) (5,074)
Cash flows related to investing activities
1.8
Payment for purchases of:
(a) prospects
(b) equity investments
(c) other fixed assets
1.9
Proceeds from sale of:
(a) prospects
(b) equity investments
(c) other fixed assets
1.10
Loans to other entities
1.11
Loans repaid by other entities
1.12
Other (provide details if material)
Net investing cash flows
1.13
Total operating and investing cash flows
(carried forward)
-
-
(14)
-
-
-
-
-
(2,052)
(725)
-
(25)
-
-
449
-
-
(2,052)
(2,066) (2,353)
(3,237) (7,427)
  • See chapter 19 for defined terms.

01/05/2010 Appendix 5B Page 1

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

1.13
Total operating and investing cash flows
(brought forward)
(3,237) (7,427)
Cash flows related to financing activities
1.14
Proceeds from issues of shares, options, etc.
1.15
Proceeds from sale of forfeited shares
1.16
Proceeds from borrowings
1.17
Repayment of borrowings
1.18
Dividends paid
1.19
Other (provide details if material)
Net financing cash flows
-
-
-
-
-
(10)
-
-
-
-
-
(517)
(10) (517)
Net increase (decrease) in cash held
1.20
Cash at beginning of quarter/year to date
1.21
Exchange rate adjustments to item 1.20
1.22
Cash at end of quarter
(3,247)
42,696
1,585
(7,944)
44,204
4,774
41,034 41,034

Payments to directors of the entity, associates of the directors, related entities of the entity and associates of the related entities

1.23
1.24
Aggregate amount of payments to the parties included in item 1.2
Aggregate amount of loans to the parties included in item 1.10
Current quarter
$A'000
157
-
1.25 Explanation necessaryfor an understandingof the transactions
Item 1.7 - represents costs associated with business development activities.
Item 1.12 - represents the consideration payment of CAD$2 million for the acquisition of two-thirds
of the 3% royalty over the Cameron deposit.
Item 1.19 – represents costs associated with the on-market buy-back and minimum holding share
buyback.
Item 1.23 - Amounts paid to related parties includes remuneration, directors’ fees and consulting
fees paid to directors.

Non-cash financing and investing activities

  • 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

Nil

  • See chapter 19 for defined terms.

Appendix 5B Page 2

01/05/2013

Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

Nil

Financing facilities available

Add notes as necessary for an understanding of the position.

3.1
Loan facilities
3.2
Credit standby arrangements
Amount available
$A’000
Amount used
$A’000
Nil
Nil
Nil
Nil

Estimated cash outflows for next quarter

  • $A’000

  • 4.1 Exploration and evaluation 950 4.2 Development - 4.3 Production - 4.4 Administration 410 Total 1,360

Reconciliation of cash

Reconciliation of cash at the end of the quarter (as
shown in the consolidated statement of cash flows)
to the related items in the accounts is as follows.
Current quarter
$A’000
Previous quarter
$A’000
5.1
Cash on hand and at bank
5.2
Deposits at call
5.3
Bank overdraft
5.4
Other (provide details)
9,019 8,471
32,015 34,225
- -
- -
Total: cash at end of quarter(item 1.22) 41,034 42,696
  • See chapter 19 for defined terms.

01/05/2010 Appendix 5B Page 3

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

Changes in interests in mining tenements and petroleum tenements

6.1
Interests in mining
tenements and
petroleum
tenements
relinquished,
reduced or lapsed
6.2
Interests in mining
tenements and
petroleum
tenements
acquired or
increased
Tenement reference
and location
Nature of interest
(note (2))
Interest at
beginning
ofquarter
Interest at end of
quarter
Canada:
Rainy River Project
Claims:
- 4267980
- 4267981
- 4267982
- 4267983
- 4265461
- 4265462
- 4265463
- 4254472
- 4254480
- 4254481
- 4254482
- 4254483
- 4254484
Australia:
Balagundi Project
E27/429
E27/341
0% - option agreement
0% - option agreement
0% - option agreement
0% - option agreement
Owned
Owned
Owned
Owned
Owned
Owned
Owned
Owned
Owned
0% - right to earn a 70%
participating interest in
the
Balagundi
joint
venture.
0%
0%
0%
0%
100%
100%
100%
100%
100%
100%
100%
100%
100%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
Canada:
Refer Appendix 1.

Issued and quoted securities at end of current quarter Description includes rate of interest and any redemption or conversion rights together with prices and dates.

Total number Number quoted Issue price per
security (see
note3) (cents)
Amount paid up
per security (see
note3) (cents)
7.1
Preference
+securities
(description)
Nil Nil N/A N/A
  • See chapter 19 for defined terms.

Appendix 5B Page 4

01/05/2013

Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

7.2
Changes during
quarter
(a) Increases
through issues
(b) Decreases
through returns
of capital, buy-
backs,
redemptions
N/A N/A N/A N/A
7.3
+Ordinary
securities
7.4
Changes during
quarter
(a) Increases
through issues
(b) Decreases
through returns
of capital, buy-
backs
282,710,802 282,710,802 N/A N/A
Nil
Nil
Nil
Nil
N/A
N/A
N/A
N/A
7.5
+Convertible
debt
securities
(description)
7.6
Changes during
quarter
(a) Increases
through issues
(b) Decreases
through
securities
matured,
converted
Nil N/A N/A N/A
Nil
Nil
Nil
Nil
N/A
N/A
N/A
N/A
7.7
Options
(unlisted)
Performance
Rights
1,050,000
500,000
Nil
Nil
Exercise price
$0.30
$0.25
Expiry date
30 June 2016
31 October 2017
3,530,707 Nil N/A 30 June 2018
7.8
Issued during
quarter
Options
Performance
Rights
7.9
Exercised
during quarter
Options
Performance
Rights
7.10
Expired during
quarter
Options
Nil Nil N/A N/A
Nil Nil N/A N/A
Nil Nil N/A N/A
Nil Nil N/A N/A
Nil Nil N/A N/A
  • See chapter 19 for defined terms.

01/05/2010 Appendix 5B Page 5

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

Performance
Rights
(479,873) Nil N/A 30 June 2016
7.11
Debentures
(totals only)
Nil Nil
7.12
Unsecured
notes(totals
only)
Nil Nil

Compliance statement

  • 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 5).

  • 2 This statement does give a true and fair view of the matters disclosed.

Sign here: Date: 15 April 2015 (Company secretary) Print name: Leanne Stevens

Notes

  • 1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

  • 2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements and petroleum tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement or petroleum tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

  • 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .

  • 4 The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report.

  • 5 Accounting Standards ASX will accept, for example, the use of International Financial Reporting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

== == == == ==

  • See chapter 19 for defined terms.

Appendix 5B Page 6

01/05/2013

Appendix 1 – Interests in mining tenements acquired or increased

Location Project Tenem
ent
Type
Tenement No. Registered Holder Nature of Interest Interest at
beginning of
quarter
Interest at end of
quarter
Canada Cameron Gold Claim 4274088 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Cameron Gold Claim 4274089 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Cameron Gold Claim 4274090 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Cameron Gold Claim 4274091 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Cameron Gold Claim 4274092 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Cameron Gold Claim 4274093 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Cameron Gold Claim 4274094 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Cameron Gold Claim 4274095 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Cameron Gold Claim 4274096 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Cameron Gold Claim 4274074 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Cameron Gold Claim 4276500 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Cameron Gold Claim 4276506 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Cameron Gold Claim 4276512 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Cameron Gold Claim 4276513 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Cameron Gold Claim 4276514 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Location Project Tenem
ent
Type
Tenement No. Registered Holder Nature of Interest Interest at
beginning of
quarter
Interest at end of
quarter
Cameron Gold Claim 4276515 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Cameron Gold Claim 4276516 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Cameron Gold Claim 4276517 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Cameron Gold Claim 4276518 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Cameron Gold Claim 4276519 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Cameron Gold Claim 4276522 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Cameron Gold Claim 4276523 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Cameron Gold Claim 4267651 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Cameron Gold Claim 4267652 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Cameron Gold Claim 4267653 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Cameron Gold Claim 4267654 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Cameron Gold Claim 4267655 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Cameron Gold Claim 4267656 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Cameron Gold Claim 4267657 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Cameron Gold Claim 4283111 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Cameron Gold Claim 4283112 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Location Project Tenem
ent
Type
Tenement No. Registered Holder Nature of Interest Interest at
beginning of
quarter
Interest at end of
quarter
Cameron Gold Claim 4283113 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Cameron Gold Claim 4283114 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Cameron Gold Claim 4283115 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Cameron Gold Claim 4283116 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Cameron Gold Claim 4283117 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Cameron Gold Claim 4283118 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Cameron Gold Claim 4283119 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Cameron Gold Claim 4283120 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Cameron Gold Claim 4283731 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Cameron Gold Claim 4283732 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Cameron Gold Claim 4283734 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Cameron Gold Claim 4283735 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Cameron Gold Claim 4283736 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Cameron Gold Claim 4283737 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%
Cameron Gold Claim 4283738 English, Perry Vern (on behalf of Rubicon
Minerals Corporation)
Earning in, option
agreement
0% 0%