CHALICE MINING LIMITED — Investor Presentation 2019

Oct 23, 2019

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Gold and Alternative Investments Conference
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Sydney – 24 October 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 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.

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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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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

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

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2
1
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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)

4

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

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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
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Share Price & Volume History (CHN)

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$0.25
$0.20
$0.15
$0.10
$0.05
$0.00
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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
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As of 30 Sept 2019

We are a dynamic group of accomplished mine finders and sound commercial managers

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Tim Goyder, Executive Chairman

• 40+ year industry veteran with track record of success as an investor, entrepreneur and company director

• Largest shareholder of Chalice (~17%)

• Chairman of Liontown Resources (ASX: LTR), DevEx Resources (ASX: DEV)

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

• Geologist with 30+ years experience

• Highly regarded in gold and nickel exploration

• Co-recipient of AMEC’s Prospector of the Year Award in 2009 for the discovery of the Spotted Quoll nickel sulphide deposit in WA (Western Areas)

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Alex Dorsch, Managing Director, BEng (Hons), BFin

• Company CEO since March 2018

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

• Previously Specialist consultant with McKinsey & Company

Morgan Ball, Lead 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)

Stephen Quin, Independent Non-Exec Director, PGeo

• Mining Geologist with 35 years experience

• Significant international experience in exploration, feasibility, mine development, financing and operations

• President, CEO, Director of Midas Gold Corp (TSX: MAX)

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Bruce Kendall, GM – Corporate Development, BSc (Hons) MAIG

• Geologist with 20+ years experience

• Extensive technical and executive experience in mining

• Co-recipient of AMEC’s Prospector of the Year Award in 2012 for the discovery of the world-class Tropicana gold deposit in WA (AngloGold Ashanti)

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

• Chartered Accountant with 20+ years experience

• Significant commercial and corporate experience in the resources and energy sector in Australia and the UK

• • Company CFO since 2006

Patrick Lengyel, Exploration Manager – Canada, BSc

• Geologist with 20+ years experience

• Extensive international experience in orogenic gold and base metals

• Previously Principal Geologist at Teck Resources Limited

6

Since our 2006 IPO, we have acquired well, advanced projects quickly and generated >A$100M in after-tax proceeds from asset sales

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Refined strategy to focus on exploration opportunities A$0.04ps / ~ A$10.6M capital return to shareholders 2018

Zara Gold Project in Eritrea sold for ~ opportunities US$114M (pre-tax) $7.5M raised in IPO Cameron on ASX to progress A$0.04ps / ~ A$0.10ps / ~ A$25M Gold Project in Chalice & Zara Gold Project capital return to Ontario sold Higginsville Projects in Eritrea acquired ~ shareholders shareholders for A$25M for ~A$7M (pre-tax) 2006 2009 2012 2016 2018 2007 2010 2013 2017 ~A$43M raised to progress Zara to DFS Cameron Gold Acquired new districtChalice & (2009-2011) Project in Ontario scale exploration Higginsville acquired for projects in Australia and Projects sold ~A$8M Quebec for ~A$12M (pre-tax) A$7M spent relogging and exploring

7

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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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8

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
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
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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

9

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

10

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

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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 11
SOURCE: S&P Global Market Intelligence 17 Oct 2019
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Chalice has defined several large targets under thin cover after completing regional soil sampling, ground geophysics and one phase of recon AC drilling

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

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• ~39km of shallow recon AC drilling completed in Phase 1

• AC drilling very effective exploration tool undercover:

• ~A$40/m all-in drill costs

• max hole depth ~200m

• Gold intersected in weathered basement indicates the gold is from a primary bedrock source

• Ironbark overlies large gold + pathfinder soil anomaly , centred around several interpreted intrusions

• Shallow gold intersections on drill lines kilometres apart at Karri potentially indicates a strike extensive gold system

• ~25km Phase 2 AC drill program underway

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Muckleford Area
Karri
Ironbark
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1. Ironbark Target (25-75m cover)

2. Karri Target (50-70m cover)

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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
Ironbark
~15km Karri
mineralised trend
4m @ 0.29g/t
Au f/ 52m 4m @ 0.15g/t
Au f/ 76m
5m @ 0.45g/t Au f/ 81m 16m @ 0.15g/t Pyramid Hill Project Tenure
Incl. 1m @ 1.1g/t Au Au f/ 62m
4m @ 0.23g/t Incl. 1m @ Limit of outcrop
Au f/ 53m
0.66g/t Au
2m @ 0.11g/t Au f/ Granitoid
74m to BOH
Mineralised trend
Under Cover
Outcrop
Phase 1 AC max Au (g/t)
0.1 – 0.4
0.05 – 0.1
30m @ 220ppm 4m @ 0.23g/t Au f/ 129m
Ironbark Target As f/ 70m 0.025 – 0.05
>5ppb Au in <0.05
soil outline
Chalice drill intercept
8m @ 0.14g/t Historic drill intercept
Au f/ 40m
Phase 2 AC (in progress)
8m @ 0.11g/t Au f/ 84m 1km 2km 13
Campbelltown Fault
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1. A ~650m wide zone of anomalous gold and pathfinders was intersected at the Ironbark Target , coincident with a ~380m diameter diorite intrusion

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• 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)

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2. 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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Karri Target (50-70m cover)

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~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
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• 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

15

Catalyst Metals (ASX: CYL) have shown that high-grade discoveries undercover in this area can drive significant value for shareholders

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

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2.50 HIGH 2.40
Hancock
2.25 St Barbara Limited Prospecting Pty
(ASX: SBM)
Ltd acquires 11%
2.00 increases to 16%
1.75
1.50
3m @ >100g/t 20m @ 21.4g/t Au
Au at Four and 22m @ 36.5g/t
1.25
Eagles Au at Four Eagles
8m @ 174.5g/t Au
1.00 at Four Eagles
0.75 16m @ 63.0g/t Au
incl. 12m @ 84g/t
0.50 Au at Four Eagles
0.25 St Barbara Limited 11m @ 17.8g/t Au
LOW 0.26 (ASX: SBM) acquires 5% at Tandarra
0.00
Jan-2016 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19
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• Catalyst’s EV has increased from ~A$30M to ~A$180M

• 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

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

16

Source: S&P Global Market Intelligence, 30-Jun-19

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

Western Australia

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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) • 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
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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)

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

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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 mid-2020 due to access constraints

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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

20

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

22

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; None in Australia in last 10 years.

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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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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

Strategic Investments

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

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

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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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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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Mar 2018

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

Additional 1700km[2] staked (Muckleford expansion Nov 2018 – July 2019 and Mt William) May 2019 Anomalous gold Reconnaissance AC intercepts in bedrock drilling at Muckleford outlining three large- Jul 2018 (35,000m Phase 1) 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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~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. 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 (typical Bendigo style target)

2. Ironbark: shallow gold intersections up to 1.1g/t Au under 25-75m of Murray Basin cover, within a ~380m diameter diorite intrusion, co-incident with a large >5ppb gold-in-soil anomaly (Walhalla-Woods Point style target)

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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