CHALICE MINING LIMITED — Investor Presentation 2019

Dec 2, 2019

3 December 2019

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Investor Presentation – December 2019

Chalice Gold Mines Limited (“Chalice” or “the Company”) (ASX: CHN | TSX: CXN | OTCQB: CGMLF) advises that its Managing Director, Alex Dorsch, will be presenting at the following conferences this week:

• Resources Rising Stars Summer Series – Sydney Conference , at 1.30pm on Tuesday 3[rd] December 2019 at the Sheraton Grand, Sydney.

• Resources Rising Stars Summer Series – Brisbane Conference , at 12pm on Thursday 5[th] December 2019 at the Stamford Plaza Hotel, Brisbane.

The Resources Rising Stars event series is considered a flagship conference for junior and mid-tier resources companies, providing Chalice with the opportunity to connect with a large investor community.

Attached is a copy of the presentation that will be provided to attendees.

Authorised for release on behalf of the Company by:

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Alex Dorsch Managing Director

For further information, please visit chalicegold.com or contact: Nicholas Read, Principal and Managing Director Alex Dorsch, Managing Director Read Corporate Investor Relations Chalice Gold Mines Limited +61 8 9388 1474 +61 8 9322 3960 info@readcorporate.com.au info@chalicegold.com

Follow our communications: LinkedIn: https://au.linkedin.com/company/chalice-gold-mines Twitter: https://twitter.com/chalicegold Facebook: https://www.facebook.com/Chalice-Gold-Mines-323740744933099/

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Corporate Presentation – Resources Rising Stars
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3-5 December 2019

ASX : CHN | TSX: CXN | OTCQB: CGMLF

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/OTCQB releases and take independent professional advice before considering investing in the Company. For further information about Chalice Gold Mines Limited, visit the website at 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 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 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”, “prospects” “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 or planned exploration activities; changes in exploration programmes based upon results of exploration; future prices of commodities; geophysical anomalies may or may not be associated with economic mineralisation; grade or recovery rates; accidents; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, movements in the share price of O3 Mining and Spectrum Metals securities and future proceeds and timing of potential sale of O3 Mining and Spectrum Metals securities, as well as those factors detailed from time to time in the Company’s interim and annual financial statements, all of which are filed and available for review on SEDAR at sedar.com, ASX at asx.com.au and OTC Markets at otcmarkets.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Competent Person and Qualifying Persons Statement

The Information in this presentation that relates to the exploration results for the Pyramid Hill Project is extracted from ASX announcements entitled “Chalice identifies two 12km+ gold-in-soil anomalies at Pyramid Hill Project, Bendigo”, “Chalice set to drill large-scale gold targets at Pyramid Hill Gold Project, Victoria”, “Reconnaissance drilling at Pyramid Hill Gold Project continues to outline high-priority target areas”, “Shallow drilling hits gold in basement and outlines three high priority targets for follow-up at the Pyramid Hill Gold Project, Victoria”, “Drilling to recommence at the Pyramid Hill Gold Project in late September” and “Extensive gold and arsenic footprint points towards potential gold system at Ironbark Target, Pyramid Hill Gold Project” released on 12 July 2018, 27 September 2018, 19 March 2019, 8 July 2019, 2 September 2019 and 14 November 2019 respectively.

The Information in this presentation that relates to exploration results for the King Leopold Project is extracted from ASX announcement entitled “Chalice acquires highly prospective nickel sulphide project in west Kimberley region of WA” and “Strong EM Conductors Identified at King Leopold Project” released on 18 June 2019 and 20 August 2019.

The above announcements are available to view on the Company’s website at chalicegold.com. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant original market announcements. The Company confirms that the form and context in which the Competent Person and Qualified Person’s findings are presented have not been materially modified from the relevant original market announcements.

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2

1

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A unique, well-
funded exploration
business
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Drilling at Pyramid Hill Gold Project, Oct-19
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2

3

We are exploring for tier-1 scale (>US$1bn NPV) discoveries in frontier areas

• Gold undercover in northern Victoria

• Nickel sulphides in the Kimberley (WA)

We have the finances to think big

• ~A$30M in working capital and investments (~A$0.11 per share)[1]

• No capital raised since 2011

We have a track record of value creation

• ~A$107M generated from asset sales

• ~A$36M returned to shareholders to date

3

1 As of 30 Sept 2019

We have a tight capital structure and a very strong financial position

Top Shareholders

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ASX
TSX
Tim Goyder (Exec Chairman) 17%
Franklin Templeton
11%
Gold & Precious Metals Fund
Other Institutions 9% 1% 10%
Others 58% 5% 63%
Research Analyst Coverage
Redcloud Securities (Toronto) Jacob Willoughby
Patersons Securities (Perth) Xavier Braud
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Capital Structure and Financials

Equity listings Shares on Issue 274.1M Market capitalisation ASX: CHN | TSX: CXN | Shares (F/D) 291.2M ~A$46M (@ A$0.17ps) OTCQB: CGMLF Working Capital & Debt Cash Investments nil ~A$14.7M ~A$30.4M

Share Price & Volume History (CHN)

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$0.25
4cps
capital
$0.20 return
$0.15
$0.10
$0.05
$0.00
15,000,000
10,000,000
5,000,000
0
4
Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19
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As of 30 Sept 2019

We are targeting big discoveries in underexplored provinces of Australia

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1
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Pyramid Hill Gold Project, VIC

• Highly prospective but essentially unexplored → a new opportunity with huge upside

• +++

• High-grade district + operating mines nearby → strong commercial drivers for exploration

• +++

• +++ 5,190km[2 ] area → potential for dozens of discoveries

• +++ 100% owned → shareholders will get the entire uplift of a discovery

• Moderate cost exploration due to cover → AC drilling has excellent ‘ bang for your buck ’

• ++

++

• All on farmland → year-round access, Chalice maintains strong social licence

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2
1
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2
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King Leopold Nickel Project, WA

• +++ Highly prospective but essentially unexplored → a new opportunity

• +++ Large-scale + high-grade targets → strong commercial drivers for exploration

• +++ 1,800km[2 ] area → potential for multiple discoveries

• ++ 85-100% owned → shareholders will own the lions’ share of a discovery

• ++ Moderate cost exploration due to remoteness, climate and terrain

• + Restricted access due to remoteness and climate (~6 month season)

5

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Drilling at Pyramid Hill Gold Project, Oct-2019
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Pyramid Hill Gold Project

Victoria

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6

Pyramid Hill is located in the hotly contested Bendigo Zone of Victoria – a historic >60Moz region that is now capturing global attention once again

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N
Chalice’s tenure covers
60% of the ~7,000km [2]
50km
prospective covered area
Northern Bendigo
Chalice tenure
Zone
Bendigo Zone
Stawell Zone
Melbourne Zone
Fosterville Zone Boundary
Bendigo 8Moz @ 12g/t Au Major Regional Faults
22Moz @ 15g/t Au
Stawell Castlemaine
Historic gold production
6Moz @ 13g/t Au
>8 Moz
5 – 8 Moz
Woods Point
Ballarat
3 – 5 Moz
14Moz @ 12g/t Au
1 – 3 Moz
Walhalla
<1 Moz
Melbourne
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>60Moz of gold production has come from outcropping (easier to find) areas in the South Bendigo Zone , at an average grade of ~15g/t Au

The host geology and major regional N-S structures extend to the north under thin, highly variable Murray Basin cover (darker shaded areas), however this area is poorly explored – this is the opportunity

Victorian Govt ‘Gold Undercover[1] ’ estimated an undiscovered gold endowment of 32Moz Au (P50 mid case) in this northern Bendigo Zone

Historic region now capturing global attention once again thanks to Kirkland Lake Gold’s Fosterville turnaround story

7

SOURCE: Department of Economic Development, Jobs, Transport and Resources, Victoria, Australia, 1 http://earthresources.efirst.com.au/product.asp?pID=973&cID=42

Kirkland Lake Gold’s Fosterville Gold Mine has placed the district back on the map thanks to bonanza gold grades and ultra-low production costs

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Fosterville Mineral Reserves History

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2019 op. cash costs guidance
US$130-
150/oz
Australian 1 [st] quartile is
~US$570/oz
2019 production guidance
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570-610koz at ~30g/t Au

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31.0
Ultra-high grade
Swan Zone
Grade Au (g/t)
discovered
Reserve Au (koz)
23.1
2,720
High grade Eagle
1,700
Zone discovered
9.8
7.0
5.6
5.2
4.7
491
207 231 182 244
Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18
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Current Mineral Reserve
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2.7Moz at 31.0g/t Au includes Swan Zone reserve of 2.34Moz at 49.6g/t Au

Regional exploration budget 2019

A$15M+

Fosterville Large Ore Deposit Exploration programme

8

SOURCE: Kirkland Lake Gold MD&A 31 Dec 2017, Press Release 11 Dec 2018, 21 Feb 2019, 30 Jul 2019 & 6 Nov 2019, S&P Global Market Intelligence July 2019

Chalice has a commanding ~5,190km[2] land holding in this exciting, underexplored district; we are targeting Fosterville style discoveries

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Interpreted Faults
Chalice is in good company in the district, with
Murray RiverBasement outcrop limit the entire North Bendigo province essentially
Chalice tenure Bendigo
Zone consolidated by a handful of majors and juniors…
Gold occurrence Stawell
Zone
Gold deposit
Chalice target
Providence
Catalyst Metals –
Gold
Hancock Prospecting Catalyst Melbourne
Metals – Zone
St Barbara
Muckleford
-
Under Four Eagles (Catalyst
cover Hancock Prospecting)
Karri Exclusion
Zone
Tandarra
-
Percydale (Catalyst Navarre)
Outcrop Mt William
Navarre
Minerals Ironbark Beech
Inglewood
0.2Moz @ ~24g/t Au
St Arnaud 0.4Moz @ ~92g/t AuPoverty Reef We are in the early stages of exploration in the
0.4Moz @ ~15g/t Au
district, but the long term prize is substantial and
Fosterville
Bendigo 8.6Moz @ ~12g/t Au (incl. we are fully funded for the near term
22Moz @ ~15g/t Au
2.7Moz reserve @ 31g/t Au)
9
143.5° 144.5°
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Along with Kirkland Lake Gold, neighbour Catalyst Metals (ASX: CYL) has also shown that high-grade discoveries in this area can create significant value

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Catalyst Metals (ASX: CYL) Share Price (A$)

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3.25 Hancock Prospecting
HIGH 3.05
Pty increases to 15%
3.00
2.75 St Barbara Limited Hancock
(ASX: SBM) Prospecting Pty
2.50 increases to 16% Ltd acquires 11%
2.25
2.00
1.75 3m @ >100g/t 20m @ 21.4g/t Au
Au at Four and 22m @ 36.5g/t
1.50
Eagles Au at Four Eagles
1.25 8m @ 174.5g/t Au
at Four Eagles
1.00
0.75
16m @ 63.0g/t Au
0.50
incl. 12m @ 84g/t
11m @ 17.8g/t Au
0.25 St Barbara Limited Au at Four Eagles
at Tandarra
LOW 0.26 (ASX: SBM) acquires 5%
0.00
Jan-2016 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20
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• Catalyst’s EV has increased from ~A$30M to ~A$235M in ~4yrs

• Catalyst own ~50% of their key projects:

• Four Eagles (50:50 JV with Hancock Prospecting)

• Tandarra (51:49 JV with Navarre Minerals ASX: NML)

• Both are in the undercover North Bendigo Zone – a proof of concept for exploration in this area

Both were discovered with shallow reconnaissance AC drilling along prospective fault corridors – exactly how Chalice is exploring

10

Source: S&P Global Market Intelligence, 29-Nov-19

Chalice has defined several large targets under thin cover and is mid way through its ~25,000m Phase 2 reconnaissance AC drill program

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NSW
VIC
Four Eagles
Northern
Bendigo
Zone
Karri
Tandarra
Fosterville
Melbourne
Beech
Ironbark Zone
Sebastian
Bendigo
Chalice Gold Target
Advanced Gold Prospect
Gold Deposit
Major Fault
Major Fault extension undercover
Interpreted mineralised fluid flows
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11

~ AC drilling at the Ironbark Target has defined a 500 x 500m gold footprint coincident with a diorite intrusion, open to SW and NE

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Pyramid Hill Gold Project
Muckleford
Area Ironbark Target N
AC Drilling over 1VD RTP Aeromagnetics
November 2019
OPEN
12m @ 0.22g/t Au f/ 76m
incl. 1m @ 1.1g/t Au DIORITE 4m @ 0.39g/t Au f/ 72m
5,962,500mN 16m @ 0.11g/t Au f/ 72m
4m @ 0.71g/t Au f/ 72m
16m @ 0.12g/t Au f/ 72m
60m @ 0.07g/t Au f/ 36m
OPEN 4m @ 0.34g/t Au f/ 40m &
24m @ 0.12g/t Au f/ 64m
8m @ 0.17g/t Au f/ 84m
AC drillhole max Au (g/t)
>0.25
0.1 – 0.25
0.05 – 0.01
0.025 – 0.05
<0.025
Phase 2 drill intercept in basement
5,961,000mN 500m Previous drill intercept in basement
APPROX. ANOMALOUS ARSENIC OUTLINE MGA Zone 54 Planned Phase 3 AC holes
764,000mE 766,000mE
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• ~4,400m of AC drilled into basement to date → more drilling required to adequately test

• Target under 35-75m of Murray Basin cover

• Contiguous zone of anomalous gold over ~500 x 500m diorite intrusion – open in all directions

Gold zone surrounded by ~3.2 x 2.2km anomalous arsenic zone → large-scale footprint

Additional 3000 – 5000m AC planned in Q4 2019 to test strike extent to SW and refine target for maiden diamond program

12

The relationship between the diorite intrusion and mineralisation is still not fully understood, however early indications point to a sizeable target

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• Hole PA245 hit gold bearing quartz veining in the diorite, indicating the intrusion is mineralised

• Smaller mineralised diorite dykes were associated with historic Cohen’s Reef deposit in Walhalla ( ~1.5Moz at ~32g/t Au ) in Melbourne Zone

• Potential ENE trending fault could be responsible for Castlemaine Group sediments overlying diorite intrusion

• Concept to be tested with maiden diamond program in Q1 2020

13

Karri a Anomalous gold and pathfinders intersected at in Phase 1 point to potentially significant footprint – the size of the prize is significant

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N
350m wide zone with
>25ppb Au + proximal
>8Moz Fosterville Te, Bi, Cu, Zn, Co, S Muckleford
Area
Gold Mine
Fosterville
~15km Karri
outline
mineralised trend
Pyramid Hill Project Tenure
Granitoid
16m @ 0.15g/t Mineralised trend
2m @ 0.11g/t Au Au f/ 62m
Phase 1 AC max Au (g/t)
f/ 74m to BOH Incl. 1m @
0.1 – 1.1
0.66g/t Au
0.05 – 0.1
0.025 – 0.05
<0.05
Phase 1 AC drill intercept
4m @ 0.23g/t Historic drill intercept
N 30m @ 220ppm Au f/ 129m
Phase 2 AC (assays pending)
As f/ 70m
2km
Pyramid Hill Gold Project
Scale Karri Target
2km AC Drilling over 1VD Gravity
August 2019
Comparison
Campbelltown Fault
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>8Moz Fosterville Gold Mine

• ~6,500m of AC completed in Phase 1

• Two drill lines ~7km apart at northern end of target returned similar shallow gold anomalism across a ~350m wide zone

• Zones also anomalous in pathfinder metals such as As, Te, Bi

• ~5,700m of AC completed in Phase 2 thus far

• Currently infill drilling to 0.5-1.0km spacing in Phase 2 to refine mineralised footprint at top of basement – all assays pending

14

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King Leopold field reconnaissance, Jun-2019
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King Leopold Nickel Project

Western Australia

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15

The King Leopold Nickel Project covers 1,800km[2] in the frontier and largely unexplored King Leopold Orogen of the west Kimberley

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600,000mE 700,000mE 800,000mE •
Frontier province highly prospective for
50km magmatic Ni-Cu-Co sulphide
N
•
Minimal modern exploration
•
2015 Merlin discovery by Buxton
WA Resources (ASX: BUX) highlighted
potential of Ruins Dolerite
•
Independence Group (ASX: IGO)
Ruins Area
entered the region in late 2018 with a
Merlin Ni-Cu-Co regional JV with Buxton
Prospect
(Buxton-IGO)
• Chalice now a significant player :
EL Applications over
Hart Dolerite outcrop
Derby • 600km [2] Ruins Area
Ruins acquired in June 2019
Dolerite •
Immediately SE of Merlin
Chalice Tenure
(proven host)
Buxton-IGO JV Tenure
Ruins Dolerite (mafic intrusive) • 1,200km [[2]]
Hart Dolerite (mafic intrusive) made in late 2018
King Leopold Hart
Kimberley Basin
Nickel Project EL Application over
Province map and King Leopold Orogen area of interpreted Dolerite • Conceptual host to
licence holders Canning Basin covered Hart Dolerite Fitzroy Crossing magmatic sulphides
8,200,000mN
8,100,000mN
8,000,000mN
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• Frontier province highly prospective for magmatic Ni-Cu-Co sulphide deposits

• Independence Group (ASX: IGO) entered the region in late 2018 with a regional JV with Buxton

• Immediately SE of Merlin (proven host)

• 1,200km[[2]] of EL applications made in late 2018

16

Chalice’s immediate focus is the Ruins Area, where several nickel sulphide targets have already been defined

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Merlin
(IGO-Buxton)
Several high-
grade Ni-Cu-Co
drill intercepts
(up to 8% Ni)
King Sound Area
~8km Ruins Dolerite outcrop
Quick Shears
Several airborne EM
(IGO-Buxton)
anomalies identified
Ni-Cu sulphide
outcrop
Waterford Area
Ephesus Target
2 x ~5,000S discrete
shallow MLEM conductors
King Leopold Nickel occurrence Ruins Dolerite Devonian cover
Nickel Project EM Targets Hart Dolerite Paperbark Supersuite
Ruins Area Regional Chalice Tenure Whitewater Volcanics Speewah Group
Geology &
Occurrences IGO-Buxton JV Tenure Marboo Formation
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• Merlin (IGO-Buxton) hosts drill intercepts in Ruins Dolerite with grades up to 8.14% Ni, 5.26% Cu and 0.69% Co

• 11 airborne EM targets defined by Chalice to date along strike to SE and E of Merlin

• Ground based MLEM completed over 4 targets to date

• 7 airborne EM targets yet to be surveyed with ground EM

• 2 x ~5,000 Siemens conductors identified at Ephesus target

• Field activities to recommence mid2020 due to access constraints

17

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So why invest?
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We are drilling targets that have significant scale 1 ’ potential – a discovery will ‘ move the needle

~A$30M in working capital and investments – (~A$0.11ps)[1] we are well funded

2

>A$100M generated to date – team has a solid technical and commercial track record

3

18

1 As of 30 Sept 2019

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Thank You

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

info@chalicegold.com

www.chalicegold.com linkedin.com/company/chalice-gold-mines twitter.com/chalicegold

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ASX : CHN | TSX: CXN | OTCQB: CGMLF

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Appendix

20

PORTFOLIO

Chalice’s portfolio also includes several generative exploration opportunities, non-operated JVs, royalties and investments

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Australia
King Leopold Warrego North
-
Nickel Project Copper- Gold Project
- (70 100%)
(85 100%)
Flinders River
Vanadium Project
(100%)
Barrabarra
Nickel Project Mt Jackson
(100%) Gold Project
(100%)
Auralia Nickel-
-
Copper Gold Project
Julimar Nickel
(100%)
Project (100%)
Nulla South & Gibb
Rock Gold JVs
SW Nickel
(Ramelius earning 75%)
Project (100%)
Pyramid Hill
Gold Project
(100%)
Key Project
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Generative Project (reconnaissance and targeting) Non-Operated Joint Ventures

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Royalties

• –

• Nyanzaga, Tanzania A$5 million payment receivable upon commercial production from Orecorp Limited (ASX: ORR)

• East Cadillac, Quebec – 1.0% NSR partial

• Kinebik, Quebec – 1.0% NSR

• Ardeen, Ontario – 0.12-1.0% NSR partial

• Cameron, Ontario – 1.0% NSR partial

• Jericho, WA – 1.0% NSR

• Bunjarra Well, WA – 1.0% NSR

• Kurrajong Bore, WA – 1.25% NSR

Strategic Investments

• ~3.1M shares (~7%) in O3 Mining Inc. (TVX: OIII)

• ~97M shares (~7%) in Spectrum Metals (ASX: SPX)

21

STRATEGY

Our strategy is to systematically acquire and explore in premier terranes; aiming to address the rapid decline in tier-1 scale discoveries worldwide

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Exploration Expenditures and Primary Gold discovered globally

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Declining trend
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Tier-1 scale discoveries (>US$1bn NPV) now represent only ~2% of all discoveries worldwide; Only one in Australia in last 10 years (Swan Zone at Fosterville)

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Peaks in discoveries precede the peaks in exploration spend. So the best time to get in [to explorers], is when exploration spend bottoms out and starts rising… which is now! MinEx Consulting, Nov 2018

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CASE STUDY

Gold Road Resources (ASX: GOR) started with greenfield exploration in an underexplored belt and are now a >A$1Bn company

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Gold Road (ASX: GOR) Share Price (A$)

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

1.80
HIGH 1.625
1.60 Mining
Feasibility Commenced
Studies
1.40
50: 50 JV with Gold
1.20 Fields for A$350M
Pre-Feasibility
Study
1.00
Gruyere
0.80 Discovery
0.60
First Gold
0.40
Construction
Commenced
0.20
Maiden Resource: 150Mt @ 1.3g/t
LOW 0.07
0.00
Oct-13 Oct-14 Oct-15 Oct-16 Oct-17 Oct-18 Oct-19
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The Gruyere discovery was located in a similar underexplored yet proven mineral province

• 50:50 JV partner with Gold Fields (NYSE: GFI) – a major global miner

• Sale provided GOR with A$350 million in cash plus a 1.5% Net Smelter Return royalty

• Gruyere has a 12yr mine life at 300koz p.a. and is cashed up for new exploration opportunities

• A recent and highly relevant example of how a junior explorer grew rapidly off the back of a single discovery

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Source: S&P Global Market Intelligence, 8-Oct-19

PYRAMID HILL GOLD PROJECT

We commenced activities in Victoria in Q2 2018 and are in the reconnaissance phase, targeting a 5Moz+ gold discovery undercover

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Pre-Chalice

Minimal modern exploration and Dec 2017 limited attempts at 1400km[2] staked in shallow drilling North Bendigo Zone undercover – very few (Muckleford) effective drill holes 2017

Jul 2017

Kirkland Lake Gold Nov 2017 announced maiden Kirkland Lake Swan Zone reserve Gold hit 8.8m @ 532koz @ 58.8g/t Au 991g/t Au, incl. 0.95m @ 9,115g/t Au, ~200m below Mineral Reserves

Mar 2018

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Additional 1700km[2] staked (Muckleford expansion and Mt William)

Nov 2018 – July 2019 May 2019 Anomalous gold Reconnaissance AC intercepts in bedrock drilling at Muckleford outlining three large(35,000m Phase 1) scale targets

Jul 2018 scale targets Additional 700km[2] staked (Percydale) 2018 2019 Mar-Dec 2018 Mar 2019 Oct 2019 Field work commenced – Reconnaissance AC Phase 2 AC Oct-Nov 2018 BLEG soil drilling at Mt William drilling at BLEG soil sampling and (4,000m Phase 1) Muckleford sampling (Mt ground gravity Soil sampling (25,000m) William) geophysics (Percydale) (Muckleford)

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PYRAMID HILL GOLD PROJECT

The gold deposits of the Bendigo Zone are controlled by major regional faults in a N-S orientation

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• Conformable linear trends of gold occurrences associated with N-S trending, steep westerly dipping regional faults

• Basement host rocks comprise turbiditic quartz sandstones and shales which have undergone tight regional folding (E-W compression)

• Auriferous quartz veining is structurally controlled with mineralisation occurring along faults, within tension gashes or along fold crests as stacked saddle or trough reefs

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PYRAMID HILL GOLD PROJECT

The Bendigo Zone gold deposits are from the same class of orogenic gold deposits but show subtle differences related to structure & host rock control

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Schematic Cross Section
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Fosterville
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Bendigo
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Longitudinal Section

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N
Bendigo
Fosterville
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Source: Fosterville Mine figures originate from various Kirkland Lake (ASX: KLA / NYSE: KL) presentations. Bendigo cross section: (Herman, 1914). Bendigo longitudinal section: (Thomas, 1953)

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PYRAMID HILL GOLD PROJECT

The historically neglected northern Bendigo Zone basement resides under Murray Basin cover, presenting a sizeable exploration opportunity

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•
•
•
Bendigo
Zone
Melbourne •
Zone
Stawell
Zone
St Arnaud
0.4Moz @ ~15g/t Au
Poverty Reef
0.4Moz @ ~92g/t Au
Fosterville
8.6Moz @ ~12g/t Au
Bendigo (incl. 2.7Moz reserve
22Moz @ ~15g/t Au @ 31g/t Au)
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The continuation of the Bendigo Zone geology to the north under cover is well established

The major regional faults which control the location of the main gold camps have been shown to extend to the north, through crustal scale 2D seismic and gravity surveys

Depth of cover is highly variable, majority of Chalice’s tenure has 10m to ~150m of cover

Significant gold discoveries have been made under Murray Basin cover (e.g. Four Eagles and Tandarra), showing that exploration under cover can be successful

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PYRAMID HILL GOLD PROJECT

The 2007 Gold Undercover Report outlined the huge discovery potential undercover – prior to Fosterville Swan Zone discovery

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Northern Bendigo
Zone
~7000km [2] area
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Parameter	P90	P50 (mean)	P10
No. of significant goldfields undercover	15	25	32
Undiscovered gold endowment (Moz)	9	32	58

• Monte Carlo simulation model used to extrapolate known gold endowment in outcrop areas into the 7,000km[2 ] northern Bendigo Zone undercover

• Model limited to 1km depth and ignored potential undiscovered gold in outcrop zones

• Model was created prior to the epizonal ultra high-grade gold discovery at depth at Fosterville, hence is likely to be conservative

SOURCE: Department of Economic Development, Jobs, Transport and Resources, Victoria, Australia, 1 http://earthresources.efirst.com.au/product.asp?pID=973&cID=42

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PYRAMID HILL GOLD PROJECT

Wide-spaced shallow AC drilling aims to hit alteration halos and secondary dispersion zones in basement, which typically surround gold zones in Victoria

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Conceptual cross section along phase 1 drill lines (representative scale)

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~100m Secondary dispersion within weathered basement Au + pathfinders

Primary mineralised zone High-grade Au + pathfinders

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Outer carbonate halo CO2, Mn

Inner sulphide + phyllic alteration halo Pathfinders (i.e. As, Sb, S, Hg)

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Adapted from Arne et al. (2008). Lithogeochemical haloes surrounding central Victorian gold deposits (Geoscience Victoria Gold Undercover Report 4) . Department of Primary Industries, Victoria.

PYRAMID HILL GOLD PROJECT

Reconnaissance AC drilling has identified four large-scale targets to date at the Muckleford Area

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1. Ironbark: shallow gold intersections up to 1.1g/t Au under 25-75m of Murray Basin cover, within a ~450m diameter diorite intrusion, co-incident with a large >5ppb gold-in-soil anomaly (Walhalla-Woods Point style target)

2. Karri: shallow gold intersections up to 0.66g/t Au over ~15km of strike, under 50-70m of Murray Basin cover, ~20km west of Four Eagles

3. Beech: outlined by highly anomalous As and Sb (gold pathfinders) in basement, ~25km north-west of Bendigo (~22Moz Au) along the Sebastian Fault

4. Jarrah: elevated gold intersections up to 0.38g/t Au within Murray Basin gravels (no bedrock source found yet), under 30-40m of Murray Basin cover

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