CHALICE MINING LIMITED — Investor Presentation 2019

Oct 28, 2019

==> picture [130 x 108] intentionally omitted <==

==> picture [960 x 322] intentionally omitted <==

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

International Mining and Resources Conference
----- End of picture text -----

Melbourne – 29 October 2019

ASX : CHN | TSX: CXN | OTCQB: CGMLF

Forward looking statements and disclosures

==> picture [117 x 67] intentionally omitted <==

==> picture [959 x 13] intentionally omitted <==

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 secures extensive strategic position in highly prospective northern Bendigo region, Victoria”, “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” and “Drilling to recommence at the Pyramid Hill Gold Project in late September” released on 26 February 2018,12 July 2018, 27 September 2018, 19 March 2019, 8 July 2019 and 2 September 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.

==> picture [62 x 65] intentionally omitted <==

2

1

==> picture [294 x 116] intentionally omitted <==

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

A unique, well-
funded exploration
business
----- End of picture text -----

==> picture [135 x 113] intentionally omitted <==

==> picture [479 x 315] intentionally omitted <==

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

Drilling at Pyramid Hill Gold Project, Oct-19
----- End of picture text -----

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

==> picture [403 x 342] intentionally omitted <==

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

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

Capital Structure and Financials

==> picture [477 x 142] intentionally omitted <==

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

Equity listings
Shares on Issue 274.1M Market capitalisation
ASX: CHN | TSX: CXN |
Shares (F/D) 291.2M ~A$53M (@ A$0.19ps)
OTCQB: CGMLF
Working Capital &
Debt Cash
Investments
nil ~A$14.6M
~A$30.4M
----- End of picture text -----

Share Price & Volume History (CHN)

==> picture [26 x 168] intentionally omitted <==

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

$0.25
$0.20
$0.15
$0.10
$0.05
$0.00
----- End of picture text -----

==> picture [475 x 68] intentionally omitted <==

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

15,000,000
10,000,000
5,000,000
0
Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19
----- End of picture text -----

4

As of 30 Sept 2019

1

Pyramid Hill Gold Project, VIC

We are targeting big discoveries in underexplored provinces of Australia

• +++ Highly prospective but underexplored → a new opportunity

• +++ Large-scale + high-grade targets → strong commercial drivers for exploration +++ 5,190km[2 ] area → potential for multiple discoveries +++ 100% owned → shareholders will get the entire uplift of a discovery ++ Low cost exploration (A$40/m AC) → excellent ‘ bang for your buck ’

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

==> picture [271 x 208] intentionally omitted <==

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

2
1
----- End of picture text -----

==> picture [86 x 94] intentionally omitted <==

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

1
----- End of picture text -----

==> picture [51 x 60] intentionally omitted <==

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

2
----- End of picture text -----

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 lion’s share of a discovery ++ Moderate cost exploration due to remoteness, climate and terrain + Restricted access due to remoteness and climate (~6 month season)

5

==> picture [510 x 540] intentionally omitted <==

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

Drilling at Pyramid Hill Gold Project, Oct-2019
----- End of picture text -----

Pyramid Hill Gold Project

Victoria

==> picture [270 x 255] intentionally omitted <==

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

==> picture [117 x 67] intentionally omitted <==

==> picture [959 x 13] intentionally omitted <==

==> picture [495 x 394] intentionally omitted <==

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

N
Chalice’s tenure covers
60% of the ~7,000km [2]
50km
prospective covered area
Chalice tenure
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
----- End of picture text -----

>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

==> picture [117 x 67] intentionally omitted <==

==> picture [959 x 13] intentionally omitted <==

Fosterville Mineral Reserves History

==> picture [209 x 186] intentionally omitted <==

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

2019 op. cash costs guidance
US$130-
150/oz
Australian 1 [st] quartile is
~US$570/oz
2019 production guidance
----- End of picture text -----

570-610koz at ~30g/t Au

==> picture [62 x 65] intentionally omitted <==

==> picture [477 x 323] intentionally omitted <==

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

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

==> picture [140 x 10] intentionally omitted <==

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

Current Mineral Reserve
----- End of picture text -----

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, S&P Global Market Intelligence July 2019

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

==> picture [117 x 67] intentionally omitted <==

==> picture [959 x 13] intentionally omitted <==

==> picture [960 x 431] intentionally omitted <==

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

Chalice is in good company in the district…
Bendigo
Company Enterprise Value (A$)
Zone
Stawell
Zone
Newmont Goldcorp ~55,000M
Chalice targets
Kirkland Lake Gold ~13,000M
Catalyst Metals ~180M
MGA 94 Zone 55 Providence
Gold Catalyst
Metals - Melbourne Navarre Minerals ~55M
Hancock Zone
Prospecting
Muckleford Chalice Gold Mines ~20M
-
Four Eagles (Catalyst
Hancock Prospecting)
Karri
Exclusion
Tandarra Zone ~32Moz (P50) yet to be … we are one of the largest
(Catalyst-Navarre) discovered undercover holders of prospective,
Percydale Ironbark
Mt William
underexplored tenure
Beech
MineralsNavarre >60Moz produced from undercover, but we also have
outcrop areas the lowest Enterprise Value…
We are in the early stages of exploration in the
Poverty Reef
0.4Moz @ ~92g/t Au
district, but the long term prize is substantial
St Arnaud
0.4Moz @ ~15g/t Au Fosterville
Bendigo 8.6Moz @ ~12g/t Au (incl.
22Moz @ ~15g/t Au 2.7Moz reserve @ 31g/t Au)
Catalyst own 50% of their projects → effective EV = ~360M 9
SOURCE: S&P Global Market Intelligence 17 Oct 2019
----- End of picture text -----

Chalice has defined several large targets under thin cover after completing regional soil sampling, ground geophysics and one phase of recon AC drilling

==> picture [117 x 67] intentionally omitted <==

==> picture [959 x 13] intentionally omitted <==

==> picture [62 x 65] intentionally omitted <==

==> picture [678 x 437] intentionally omitted <==

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

NSW
VIC
Northern
Bendigo
Zone
Karri
Fosterville
Melbourne
Beech
Ironbark Zone
Bendigo
Chalice Gold Target
Advanced Gold Prospect
Gold Deposit
Major Fault
Major Fault extension undercover
Interpreted mineralised fluid flows
----- End of picture text -----

10

Drilling is underway at the high priority Ironbark and Karri Targets, where anomalous gold was intersected in wide-spaced shallow holes in Q2 2019

==> picture [117 x 67] intentionally omitted <==

==> picture [959 x 13] intentionally omitted <==

==> picture [944 x 425] intentionally omitted <==

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

Ironbark Target (25-75m cover) Karri Target (50-70m cover) Muckleford Area
1VD RTP Aeromagnetics 1VD Gravity
N N
Karri
350m wide zone with1km
>25ppb Au + proximal
Diorite Intrusive Te, Bi, Cu, Zn, Co, SMGA94 Zone 54
Targets
•
~39km of shallow recon AC
Ironbark
~15km Karri
mineralised
drilling completed in Phase
trend
4m @ 0.29g/t
Au f/ 52m 4m @ 0.15g/t 1 (Nov 2018 to Jun 2019)
Au f/ 76m
5m @ 0.45g/t Au f/ 81m 16m @ 0.15g/t Pyramid Hill Project Tenure •
Incl. 1m @ 1.1g/t Au 4m @ 0.23g/t Incl. 1m @ Au f/ 62m Limit of outcrop We have barely ‘scratched
Au f/ 53m
0.66g/t Au the surface’ so far
2m @ 0.11g/t Au f/ Granitoid
74m to BOH
Mineralised trend
•
Under Cover ~25km Phase 2 AC drill
Outcrop
Phase 1 AC max Au (g/t) program underway
0.1 – 0.4
0.05 – 0.1 •
Ironbark 30m @ 220ppm 4m @ 0.23g/t Au f/ 129m ~6km completed thus far
Target As f/ 70m 0.025 – 0.05
<0.05
>5ppb Au in • First assays expected mid-
soil outline Chalice drill intercept
Nov
8m @ 0.14g/t Historic drill intercept
Au f/ 40m
Phase 2 AC (in progress)
8m @ 0.11g/t Au f/ 84m 1km 2km 11
Campbelltown Fault
----- End of picture text -----

1. A ~650m wide zone of anomalous gold and pathfinders was intersected at the Ironbark Target , coincident with a ~380m diameter diorite intrusion

==> picture [117 x 67] intentionally omitted <==

==> picture [959 x 13] intentionally omitted <==

==> picture [686 x 423] intentionally omitted <==

• Petrography confirmed the intrusion as a highly prospective Fe-rich diorite

• • Hole 245 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, however this is a first for the Bendigo Zone

• Step-out drilling in progress (assays pending)

12

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

==> picture [117 x 67] intentionally omitted <==

==> picture [959 x 13] intentionally omitted <==

Karri Target (50-70m cover)

==> picture [612 x 415] intentionally omitted <==

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

~22Moz Bendigo Goldfield
1VD Gravity
Bendigo N
Goldfield
outline
>8Moz Fosterville
Gold Mine 350m wide zone with1km
>25ppb Au + proximal
Te, Bi, Cu, Zn, Co, SMGA94 Zone 54
Fosterville
outline
~15km Karri
mineralised trend
16m @ 0.15g/t
Au f/ 62m
Incl. 1m @
0.66g/t Au
2m @ 0.11g/t Au f/
74m to BOH
N
Bendigo 30m @ 220ppm 4m @ 0.23g/t Au f/ 129m
2km As f/ 70m
urban area
Scale
Comparison Campbelltown Fault 2km
----- End of picture text -----

==> picture [322 x 243] intentionally omitted <==

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

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

• Infill drilling to 0.5-1.0km spacing to refine mineralised footprint at top of basement in Q4 2019

13

==> picture [510 x 540] intentionally omitted <==

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

King Leopold field reconnaissance, Jun-2019
----- End of picture text -----

King Leopold Nickel Project

Western Australia

==> picture [270 x 255] intentionally omitted <==

14

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

==> picture [117 x 67] intentionally omitted <==

==> picture [959 x 13] intentionally omitted <==

==> picture [900 x 425] intentionally omitted <==

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

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) • 1200km [[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
----- End of picture text -----

• 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)

• 1200km[[2]] of EL applications made in late 2018

15

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

==> picture [117 x 67] intentionally omitted <==

==> picture [959 x 13] intentionally omitted <==

==> picture [566 x 431] intentionally omitted <==

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

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

• 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 mid-2020 due to access constraints

16

==> picture [421 x 540] intentionally omitted <==

==> picture [540 x 116] intentionally omitted <==

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

So why invest?
----- End of picture text -----

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

17

1 As of 30 Sept 2019

==> picture [510 x 540] intentionally omitted <==

==> picture [130 x 108] intentionally omitted <==

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

==> picture [18 x 16] intentionally omitted <==

==> picture [25 x 18] intentionally omitted <==

ASX : CHN | TSX: CXN | OTCQB: CGMLF