CHALICE MINING LIMITED — Investor Presentation 2018

May 13, 2018

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Investor Presentation May 2018 ASX:CHN | TSX:CXN

Forward looking statements and disclosures

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This presentation does not include all available Information on Chalice Gold Mines Limited and should not be used in isolation as a guide to investing in the Company. Any potential investor should also refer to Chalice Gold Mines Limited Annual Reports, filings on sedar.com, and to ASX/TSX releases and take independent professional advice before considering investing in the Company. For further information about Chalice Gold Mines Limited, visit the website at www.chalicegold.com

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. Forward-looking statements relate to future events or future performance and reflect Company management’s expectations or beliefs regarding future events and include, but are not limited to, the estimation of mineral reserve and mineral resources at the East Cadillac Gold Project, the realisation of mineral reserve estimates; the likelihood of exploration success including results of future geophysical surveys, drilling at the Company’s projects and other exploration activities; the timing and costs of future exploration activities on the Company’s exploration projects; the potential to define future mineral resources and, if successful at any of the Company’s exploration projects, the potential viability of any mineral resource so defined; planned expenditures and budgets and the execution thereof; the timing and availability of drill results; potential sites for additional drilling, that general business and economic conditions will not change in a materially adverse manner; 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”, “planning”, “expects” or “does not expect”, “is expected”, “will”, “may”, “would”, “potential”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, “believes”, “occur”, “be achieved”, 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 may include, among others, risks related to actual results of current exploration activities; changes in exploration programs based upon results of exploration; future prices of mineral resources; possible variations in mineral resources or ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; 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.

QP/CP Statement

The information in this report that relates to Chalice’s projects is based on information compiled by Dr. Kevin Frost BSc (Hons), PhD, who is a Member of the Australian Institute of Geoscientists. Dr. Frost 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. Dr. Frost consents to the release of information in the form and context in which it appears here.

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HIGHLIGHTS

Why invest? Chalice is a unique explorer with a substantial exploration portfolio and a A$40M+ cash position – highly leveraged to exploration success

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High calibre portfolio

Value driven exploration

Strong balance sheet

Experienced team

Track record of success

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Strategic exploration footprint across prolific gold and base metals districts in Canada and Australia

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~30,000m drilling ~A$42M* in cash and program completed liquid investments at and two gold end Mar-18 discoveries made in (~16c per share) Q1 2018 in the Abitibi, Quebec

25 strong, highly capable team with mix of technical and commercial experience

Advanced and divested two gold projects for net proceeds of ~A$107M, with ~A$25M returned to shareholders to date

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PORTFOLIO

Chalice’s portfolio includes high potential gold and base metal projects in globally significant geological terranes in Canada and Australia

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Canada

Australia

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Warrego North Copper-Gold
East Cadillac Gold Project, Quebec
3 Project, Northern Territory
1
27km of strike along Larder Lake – Cadillac
Targeting high grade gold-copper IOCG
Fault with >100Moz gold endowment
deposits, NW of >5Moz Tennant Creek Goldfield
Yilgarn Gold Project,
Western Australia
5
Four prospective land holdings in the
Eastern Goldfields and Southern Cross
Pyramid Hill Gold
Kinebik Gold Project, Quebec 4 Project, Victoria
2 30km of strike along the Casa Beradi Fault ~3,350km [2 ] land position, North
with >10Moz gold endowment of the >22Moz Bendigo Goldfield
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Exploration Canada

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EXPLORATION – CANADA – 1. EAST CADILLAC GOLD PROJECT

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The East Cadillac and Kinebik Gold Projects are located in the prolific and globally significant Abitibi greenstone belt with known gold endowment of >210Moz

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1 East Cadillac Gold Project
•
>27km of strike along the Larder
Lake – Cadillac Fault
Douay
>3Moz • Fault is the most prolific gold trend
in the southern Abitibi, with known
gold endowment of >100Moz
•
Combination of earn-in-deals (70-
100%) and 100% owned claims
CANADA
2 Kinebik Gold Project
•
•
100% owned claims
Quebec is a mining friendly jurisdiction, with no state royalty and a ~30% exploration rebate
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• 27km of strike along the Larder Lake – Cadillac Fault

• Fault is the most prolific gold trend in the southern Abitibi, with known gold endowment of >100Moz

• Combination of earn-in-deals (70100%) and 100% owned claims

• 30km of strike along the Casa Beradi Fault

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EXPLORATION – CANADA – 1. EAST CADILLAC GOLD PROJECT

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The East Cadillac Gold Project covers >27km of strike along the Larder Lake – Cadillac Fault, which hosts several globally significant gold mines

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Sigma Lamaque
>11Moz @ ~7g/t Au CANADA
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LaRonde
>12Moz @ ~5g/t Au
Malartic
>10Moz @ ~1.1g/t Au
Goldex East Cadillac
>5Moz @ ~1.7g/t Au Gold Project
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EXPLORATION – CANADA – 1. EAST CADILLAC GOLD PROJECT

Chalice recently expanded its Project land holding to 245km[2] including >27km of strike with the Denain-Pershing option

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•
Denain-Pershing includes several
historical gold showings but is
Denain-Pershing largely unexplored using modern
Claims
exploration techniques
Nordeau West
M&I Res – 30koz Au – 0.2Mt@ 4.2g/t • Project area increased by ~100km [2]
Inf Res – 146koz Au - 1.1Mt @4.1g/t (~68%) immediately east and
contiguous with the current Project
Simon
West boundary
•
Strike coverage along the Larder
Nordeau
East Lake – Cadillac fault increased by
~11km (~70%)
•
Program of sampling / targeting to
be undertaken in Q2-Q3 2018 to
assess the full potential of the
newly-secured ground
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EXPLORATION – CANADA – 1. EAST CADILLAC GOLD PROJECT

Chalice’s 27km of strike at East Cadillac is heavily undervalued relative to our listed peers in the Val-d’Or region

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Enterprise value of Chalice’s listed Val-d’Or peers (C$M)

590 102 Potential revaluation 56 33 23 14 0 Chalice Cartier QMX Gold Alexandria Monarques Gold Probe Metals Eldorado Gold Mines Resources Minerals acquisition of Integra (May-17) Major Agnico 8% Osisko 14% institutional Franklin 12% Agnico 17% Alamos 19% Goldcorp 14% BlackRock 17% Sprott 7% Probe 9% shareholders

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Source: S&P Global Market Intelligence as of close 30-Apr-18

EXPLORATION – CANADA – 1. EAST CADILLAC GOLD PROJECT

Chalice has taken a systematic, ground-up approach to exploration, and has continued to consolidate ground over the last 18 months

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December
2017
May 2018
November 2016
Option deal October 2017 – Farm-in deal with
Option deal with with Khalkos
January 2018 Renforth to earn
October 2016 Richmont (acquired to earn up to
up to 80%
Phase 1 diamond
Option deal with by Monarques Gold) 70%
Globex to earn up to to earn up to 70% drilling (7,700m)
100%
2016 2017 2018
March 2017
Pre-Chalice JORC 2012 MRE May – November
Limited geochemistry at Nordeau West 2017
and shallow drilling November – 3D-IP, Amag,
along main trend December 2016 LIDAR surveys January – March
Footwall claims Bark, MMI soil 2018
pegged (100%) geochemistry Phase 2 diamond
drilling (20,000m)
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EXPLORATION – CANADA – 1. EAST CADILLAC GOLD PROJECT

A regional-scale 27,300m diamond drill program was completed in Q1 2018 and resulted in two new discoveries at Simon West and North Contact

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• Program of 76 drill holes for 27,300m completed on 7[th] April 2018

• Significant intersections included:

• 11.6m at 3.32g/t Au including 1.6m at 18.52g/t Au

• 11.0m at 1.55g/t Au including

  • 4.0m at 3.18g/t Au and 3.0m at 3.32g/t Au

• 1.0m at 12.50g/t Au

• 70% interest earned in the Monarques JV area

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* Refer to ASX announcement of 26-Apr-18 for full details

EXPLORATION – CANADA – 1. EAST CADILLAC GOLD PROJECT

Drilling has confirmed 3.5km of strike is mineralised at Simon West, and a new zone has been identified at the North Contact

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Simon West

North Contact

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* Refer to ASX announcement of 5-Mar-18 for full details

EXPLORATION – CANADA – 2. KINEBIK GOLD PROJECT

The Kinebik Gold Project covers >30km of strike along the Casa Beradi Fault – an underexplored greenstone belt

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• ~187km[2] property area covering > 30km of strike along the Casa Berardi Fault

• Belt hosts several significant gold deposits including:

• Casa Beradi (c. 6Moz) owned by Hecla Mining (NYSE: HL)

• Douay (c. 3Moz) owned by Maple Gold Mines (TVX: MGM)

• Historical exploration almost non-existent

• Numerous soil geochemical and 3D IP anomalies identified to date

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Exploration Australia

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EXPLORATION – AUSTRALIA – 3. WARREGO NORTH GOLD-COPPER PROJECT

The Warrego North Gold-Copper Project is within the highly endowed >6Moz Tennant Creek Iron Oxide Copper Gold (IOCG) district

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Rooster Target
Warrego
7Mt @ 2.5% Copper
7.0g/t Gold
White Devil
1.6Mt @ 14.6g/t Gold
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• Tennant Creek, NT, was historically exploited for high grade IOCG style gold and copper

• Chalice is earning 70% on part of the licences, and has applied for an additional 320km[2] immediately NW of the Warrego Mine, the largest deposit mined in the area

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• Application area includes:

• Chook prospect with encouraging intercepts, including 17m @ 1.02% Cu

• Multiple magnetic anomalies including one particularly strong bulls-eye anomaly (Rooster Target)

• Follow up field work to re-commence in 2H 2018, once targeting phase is completed

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EXPLORATION – AUSTRALIA – 4. PYRAMID HILL GOLD PROJECT

The Pyramid Hill Gold Project includes a district scale 3,350km[2] tenement holding in the highly prospective Bendigo Goldfield

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EL 6661
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• Extends NW of world-class ~22Moz Bendigo Goldfield and NE of the ~4Moz Fosterville Gold Mine, owned by Kirkland Lake Gold (ASX: KLA / TSX: KL)

• Victorian Govt initiative ‘Gold Undercover’ estimated an undiscovered gold endowment of ~ 32Moz Au in the northern Bendigo Zone under Murray Basin cover

• Region is poorly explored under cover, to the North of the outcropping Bendigo zones which host >26Moz of gold

• Multiple high potential structural and gravity targets identified along faults with known gold mineralisation

• Work expected to commence in Q2 2018

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Acquisitions

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ACQUISITIONS

Our business model and track record is sound; we have acquired well, advanced projects quickly and monetised assets at opportune times

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Zara Gold Project in
Eritrea sold for
Zara Gold
~ Cameron Gold
Listed on US$114M , A$25M
Project in
Australian Stock special dividend issued Project in
Eritrea acquired
Exchange for ~A$7M to shareholders Ontario sold for ~ A$25M
2006 2012
2009
2016
2010
2013
2017
2007
Private share placement Cameron Gold
to raise ~ A$9.1M Refocused on
Chalice & Project in Ontario
building exploration
Higginsville acquired for
Listed on Toronto Stock portfolio, acquired
projects sold for ~A$8M
Exchange East Cadillac in
~A$12M
Quebec
Prudent and well-timed asset sales have generated $107M net proceeds to date
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ACQUISITIONS

The search for the next landmark deal continues, with our current focus on advanced gold and base metal projects within our regional footprint

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Acquisition strategy

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Actively pursue asset acquisition and partnership opportunities with cash
flow potential and exploration upside
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Target commodities Target maturity
Drill ready MRE DFS Start-up EOL
Early Expl Adv Expl Pre-Dev Dev Ops Decom
PFS
Gold Nickel
Nickel
Copper Zinc Vanadium
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Target regions
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We aim to expand within our current two region footprint, however additional regions assessed on a case-by-case basis

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Corporate

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CORPORATE

Our capital position is enviable – cashed up and debt free, with the top 20 shareholders controlling ~60% of the company

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Capital Structure

Top Shareholders

Australian listing	ASX: CHN
Canadian listing	TSX: CXN
Shares on Issue	~261M
Shares – fully diluted	~281M
ASX 52 week high/low	A$0.26 / A$0.16
TSX 52 week high/low	C$0.32 / C$0.16
Cash	A$38.2M
Liquid investments	A$3.2M
Market capitalisation	~A$43M
Enterprise value	~(A$1M)
Exploration budget FY17-18	~A$13M

Franklin Resources Inc. Top 20 ASX approx. 63% Others 62% 71% Tim Goyder (Exec Chairman) 9% 12% 17% TSX ASX Liquid Investments	Franklin Resources Inc. Top 20 ASX approx. 63% Others 62% 71% Tim Goyder (Exec Chairman) 9% 12% 17% TSX ASX Liquid Investments
	AusGold (ASX: AUC) 66M (~11%) ~A$2.6M
	Others ~A$0.6M

As of 31-Mar-2018 (rounded)

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CORPORATE

Our board and management team are experienced, driven and highly capable

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Tim Goyder, Executive Chairman

• 40+ year industry veteran

• Long track record of success as an investor, entrepreneur and company director

• Largest shareholder of Chalice (~17%)

Anthony Kiernan, Lead Independent Non-Exec Director, LLB

• Commercial and corporate advisor to several mining/resources companies

• Previously a solicitor with considerable experience in the management and operation of listed public companies

Stephen Quin, Independent Non-Exec Director, PGeo

• 35 years experience in mining and exploration

• President and CEO of Midas Gold Corp

Morgan Ball, Independent Non-Exec Director, BCom, ACA

• Chartered Accountant with 25+ years experience

• Significant mining, commercial and corporate experience

• Chief Financial Officer of Saracen Mineral Holdings (ASX: SAR)

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Alex Dorsch, Chief Executive Officer, BEng (Hons), BFin

• Experienced consultant, engineer and corporate advisor in the energy and resources sectors

• Previously Specialist consultant with McKinsey & Company

Dr Kevin Frost, GM – Exploration, BSc (Hons) PhD MAIG

• Geologist with 30+ years experience

• Highly regarded geologist within proven history of discovery

• Part of the discovery team for the Flying Fox and Spotted Quoll nickel deposits (Western Areas)

Richard Hacker, Chief Financial Officer, BCom, ACA, ACIS

• 20+ years professional, commercial and corporate experience in the resources and energy sector in Australia and the UK

Patrick Lengyel, Exploration Manager – Canada, BSc

• Geologist with 20+ years experience

• Extensive experience in orogenic gold and base metals

• Previously Principal Geologist at Teck Resources Limited

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Thank you

We welcome investors to follow us on our email newsletter, linkedin and twitter

Level 2, 1292 Hay Street, West Perth WA 6005, Australia +61 8 9322 3960

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info@chalicegold.com www.chalicegold.com linkedin.com/company/chalice-gold-mines

twitter.com/chalicegold

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Appendix

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1. EAST CADILLAC GOLD PROJECT

Regional geology and existing mineral resources

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Nordeau West
M&I Res – 30koz Au – 0.2Mt@ 4.2g/t
Inf Res – 146koz Au - 1.1Mt @4.1g/t
Forsan
Simon
West North Nordeau
Contact East
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Chimo Gold Mine
(Cartier Resources)
379koz Au @ 4.8g/t
historical production
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• The information in this report that relates to the East Cadillac Gold Project, Quebec mineral resource estimate is extracted from the announcement entitled “Maiden JORC Resource for Nordeau West deposit provides foundation for expanded exploration program at East Cadillac Gold Project, Quebec” dated 7 March 2017. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. These mineral resource estimates include inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorised as mineral reserves. There is also no certainty that these inferred mineral resources will be converted to the measured and indicated categories through further drilling, or into mineral reserves, once economic considerations are applied.

25

1. EAST CADILLAC GOLD PROJECT

Long section through Chimo mine and Simon West

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26

1. EAST CADILLAC GOLD PROJECT

MMI Soil Geochemistry

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Nordeau West
M&I Res – 30koz Au – 0.2Mt@ 4.2g/t
Inf Res – 146koz Au - 1.1Mt @4.1g/t
Simon
West Forsan
North
Nordeau
Contact
East
Chimo Gold Mine
(Cartier Resources)
379koz Au @ 4.8g/t
historical production
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• Detailed sampling (200m x 200m) completed over known trend of gold mineralisation associated with the Larder Lake-Cadillac Fault (LLCF)

• Good definition of Au and pathfinder geochemical anomalies utilised for priority 1 & 2 drill testing

• Broad reconnaissance sampling (400m x 400m) over 100% Chalice claims located south of the LLCF

• Strong anomalies identified in Pontiac sediment succession require infill sampling (summer 2018 field season) to define drill targets

27

1. EAST CADILLAC GOLD PROJECT

3D-IP inversion

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3D-IP survey showing chargeability iso-surfaces (blue)
Nordeau West
M&I Res – 30koz Au @ 4.2g/t
Inf Res – 146koz Au @ 4.1g/t
Tenement boundary
Nordeau East
Simon West
Planned DDH
Completed DDH
Chimo Gold Mine
(Cartier Resources)
1km
379koz Au @ 4.8g/t
historical production
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• Nordeau West chargeability high (pyrite-arsenopyrite sulfides) shown to be extending at least 6km East through Nordeau East deposit and open along strike • Additional chargeability highs associated with sediment-volcanic contacts to the north and south of Nordeau WestNordeau East trend

28

1. EAST CADILLAC GOLD PROJECT

Aeromagnetic survey (excluding Denain-Pershing claims)

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Nordeau West
M&I Res – 30koz Au – 0.2Mt@ 4.2g/t
Inf Res – 146koz Au - 1.1Mt @4.1g/t
Simon
West Forsan
North
Contact Nordeau
East
Chimo Gold Mine
(Cartier Resources)
379koz Au @ 4.8g/t
historical production
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• Aeromagnetic survey has allowed a synthesis of the main structural features/trends within the greenstone belt succession including:

• First-order east-west orientated shear zones (black, blue dashed) that define a regional structural corridor known as the Larder Lake-Cadillac fault zone (LLCFZ) which is traced for 27km across the project area

• Known gold deposits and occurrences are located on first-order east-west shear zones both within and parallel to the LLCFZ

• Cross-cutting second-order ENE-trending (yellow) and NW (red) brittle-ductile fault zones appear important for controlling the location of known gold deposits and occurrences at the intersection with the firstorder shear zones

• Drilling is prioritised to test soil geochemical and IP anomalies in areas with supporting structural targets

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1. EAST CADILLAC GOLD PROJECT

Ownership summary (Denain-Pershing claims not shown)

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13 agreements signed by Chalice between Oct-16 to May-18 to consolidate the property

Major holdings / agreements

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Chalice (100%)

Richmont / Monarques Gold (earning 70%)

Globex (earning 100%) Globex / Bateman (earning 100%)

Khalkos (earning 70%)

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