CHALICE MINING LIMITED — Investor Presentation 2019

Aug 21, 2019

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-2019
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Corporate Presentation
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August 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, 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”, “December 2018 Quarterly Report”, “Reconnaissance drilling at Pyramid Hill Gold Project continues to outline high-priority target areas” and “Shallow drilling hits gold in basement and outlines three high priority targets for follow-up at the Pyramid Hill Gold Project, Victoria” released on 26 February 2018,12 July 2018, 27 September 2018, 18 January 2019, 19 March 2019 and 8 July 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

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A unique, well-
funded exploration
business
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1

District-scale exploration projects in high-grade provinces of Australia

• Targeting tier-1 (>US$1bn NPV) discoveries

• Gold undercover in Nth Bendigo Zone (Victoria)

• Nickel sulphides in frontier west Kimberley (WA)

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Drilling at Pyramid Hill Gold Project, Dec-2018
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2

3

Strong financial position

• ~A$33M in working capital and liquid investments at 30-Jun-19 (~A$0.12 per share)

• No capital raised since 2011

Track record of value creation

• ~A$107M after-tax proceeds generated from multiple well timed asset sales

• ~A$36M returned to shareholders since 2012 (A$0.14 per share)

3

The O3 Mining transaction further strengthens Chalice’s balance sheet and allows the company to focus on its opportunities in Australia

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Quebec projects sale

Key terms

Benefits for Chalice

• East Cadillac and Kinebik Gold Projects in Quebec sold to O3 Mining Inc. in July 2019

• O3 is new spin-off from highly regarded Quebecbased Osisko Mining Inc.

• O3 will hold several resource stage gold projects in the Val- d’Or district and elsewhere in the Abitibi

• C$12 million in O3 Mining shares (~A$13.3 million)

• C$1.3 million in tax credits to be reimbursed in cash (expected in late 2019)

• 1.0% NSR royalty on 507 claims within East Cadillac and Kinebik Gold Projects

• Maintain upside exposure through share + royalty interest

• Further strengthens the balance sheet

• Allows Chalice to focus on its two high potentia l gold and nickel sulphide opportunities in Australia

4

Two District-Scale, High Potential Projects in Australia

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Potential Projects in Australia
1 Pyramid Hill Gold Project
2 King Leopold Nickel Project Location Bendigo, Victoria
Location Kimberley, Western Australia
Acquisition 2017 (staked)
Acquisition 2019 (purchase + staked) Area ~5,140km [2]
Area ~1,800km [2] Ownership 100% owned
Ownership 85-100% owned
Stage Reconnaissance AC drilling
Stage Target definition, drilling Q3 2019
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5

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Drilling at Pyramid Hill Gold Project, Dec-2018
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Pyramid Hill Gold Project

Victoria

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6

– a Pyramid Hill is located in the hotly contested Bendigo Zone of Victoria region that has produced >60Moz of high-grade gold

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N
50km
Fosterville
Bendigo 8Moz @ 12g/t Au
22Moz @ 15g/t Au
Stawell Castlemaine Pyramid Hill Gold Project
6Moz @ 13g/t Au Bendigo Zone
Stawell Zone
Woods Point Melbourne Zone
Ballarat
14Moz @ 12g/t Au Zone Boundary
Walhalla Major Regional Faults
Historic gold production
>8 Moz
Melbourne
5 – 8 Moz
3 – 5 Moz
1 – 3 Moz
<1 Moz
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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

• Chalice holds c. 60% of the total 7,000km[2 ] prospective area

• 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’s Fosterville has placed the district back on the global map thanks to bonanza gold grades and ultra-low production costs

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Fosterville Mineral Reserves Histor y

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2019 op. cash costs guidance
31.0
Ultra-high grade
Swan Zone
Grade Au (g/t)
discovered
US$130-
Reserve Au (koz)
23.1
150/oz
2,720
Australian top quartile is
~US$600/oz
High grade Eagle
2019 production guidance Zone discovered 1,700
9.8
570-610koz at
7.0
5.6
5.2
4.7
~30g/t Au 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

Chalice is positioned well in this exciting, underexplored district, with a ~5,140km[2] land holding near Fosterville and Bendigo

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Land use is predominantly low intensity agriculture (mix of crops and grazing)

Muckleford Area

• NW of historic ~ 22Moz Bendigo (mix of crops and grazing)

• high-grade Bendigo Stawell Zone Goldfield and West of Zone Drilling access on private two undercover Chalice targets farming areas for typically ~

• discoveries 9 months a year

• • <50 effective historic All access agreements in drill holes over 100km+ MGA 94 Zone 55 Providence Gold Catalyst place for next phase of of strike! Metals Melbourne drilling to commence Q3 Zone 2019

• • ~35,000m recon AC Muckleford - Four Eagles (Catalyst

• –

• drilling to date three Karri Hancock Prospecting) Mt William Area Exclusion

• large high priority Zone

• Tandarra

• targets outlined • - NE of the ~ 8Moz ultra

• (Catalyst Navarre)

• Percydale Ironbark high grade Fosterville Mt William Gold Mine of Kirkland

• Beech

• Navarre

• Percydale Area Minerals Lake Gold (ASX: KLA |

• • TSX: KL) NW of historic highgrade St Arnaud • <80 effective historic

• Goldfield drill holes

• Poverty Reef

• • <30 effective historic 0.4Moz @ ~92g/t Au • drill holes 0.4Moz @ ~15g/t AuSt Arnaud Fosterville ~4,000m recon AC drilling to date Bendigo 8.6Moz @ ~12g/t Au (incl.

• • Soil sampling complete 22Moz @ ~15g/t Au 2.7Moz reserve @ 31g/t Au)

Drilling access on private farming areas for typically ~ 9 months a year

9

Chalice has defined several large targets under thin cover within the prospective and underexplored northern Bendigo Zone

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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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10

Several gold zones in basement have been intersected at the strike-extensive – Karri and Ironbark Targets 23km step-out AC drilling to commence Q3 2019

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• ~39km of shallow recon AC drilling completed to date

• AC drilling very effective exploration tool undercover:

• ~A$40/m all-in drill costs

• max AC hole depth ~175m

• Shallow gold intersections on drill lines kilometres apart potentially indicates strike extensive gold systems

• Presence of gold in basement indicates the gold is from a primary bedrock source

• Ironbark overlies large gold + pathfinder soil anomaly

• 23km Step-out AC drilling at 0.5 – 1km spaced lines in Q3 2019

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Muckleford Area
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Karri Target (50-70m cover)

Ironbark Target (25-75m cover)

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OPEN N N Karri
~350m wide zone with
>25ppb Au + proximal 4m @ 0.39g/t
Te, Bi, Cu, Zn, Co, S Au f/ 95m
~15km Karri 4m @ 0.23g/t Ironbark
Au f/ 53m
Mineralised Trend
Pyramid Hill Project Tenure
4m @ 0.29g/t
Au f/ 52m 4m @ 0.15g/t Historic mining centre
16m @ 0.15g/t Au f/ 62m Au f/ 76m Advanced gold prospect
Incl. 1m @ 0.66g/t Au 12m @ 0.22g/t Au f/ 81m Gold occurrences
incl. 5m @ 0.45g/t Au
2m @ 0.11g/t Au Incl. 1m @ 1.1g/t Au Limit of outcrop
f/ 74m to BOH
SECTION A-B Granitoid
Mineralised trend
Ironbark Target Soil 8m @ 0.14g/t
Anomaly Outline Au f/ 40m >5ppb Au in soil
8m @ 0.11g/t
Au f/ 84m AC drill hole max Au (g/t)
0.1 – 0.4
30m @ 220ppm 4m @ 0.23g/t Au f/ 129m 0.05 0.025 – 0.1 – 0.05
As f/ 70m
<0.05
4m @ 0.1g/t
Au f/ 4m Chalice drill intercept
Historic drill intercept
Phase 1 AC Drilling over
2km 2km 1VD Gravity – Plan View
OPEN July 2019
Campbelltown Fault
Campbelltown Fault
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11

Initial results at Karri indicate a typical Bendigo Zone style target with a – potentially significant footprint the size of the prize is significant

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Karri Target
~22Moz Bendigo Goldfield
OPEN N
Bendigo
Goldfield
>8Moz Fosterville outline ~350m wide zone with
>25ppb Au + proximal
Gold Mine Te, Bi, Cu, Zn, Co, S
~15km Karri
Mineralised Trend
Fosterville
outline
16m @ 0.15g/t Au f/ 62m
Incl. 1m @ 0.66g/t Au
2m @ 0.11g/t Au
f/ 74m to BOH
SECTION A-B
•
Two drill lines ~7km apart at northern
end returned similar shallow gold
N 30m @ 220ppm 4m @ 0.23g/t Au f/ 129m anomalism across ~350m
Bendigo As f/ 70m
2km
urban area
•
Zones also anomalous in pathfinder
metals such as As, Te, Bi
•
Infill drilling between the lines to 0.5-
Scale
2km 1.0km spacing prioritised
Comparison OPEN 12
~5km UNTESTED
Campbelltown Fault
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A ~650m wide zone of anomalous gold and pathfinders has been intersected at the Ironbark Target , coincident with a >300m 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 and sulphides in the diorite, indicating the intrusion is mineralised

• Smaller mineralised diorite dykes hosted Woods Point ( ~1.6Moz at ~20g/t Au ) and Walhalla ( ~2.3Moz at ~40g/t Au ) in Melbourne Zone

• Quite unique for Bendigo Zone → a new high priority target style

13

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$160M

• Catalyst own ~50% of their two 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

14

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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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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•
50km
•
•
WA
•
Ruins Area
Merlin Ni-Cu-Co
Prospect
(Buxton-IGO)
•
EL Applications over
Hart Dolerite outcrop
Derby
Ruins
Dolerite
Chalice Tenure
Buxton-IGO JV Tenure
Ruins Dolerite (mafic intrusive)
Hart Dolerite (mafic intrusive)
King Leopold Hart
Kimberley Basin
Nickel Project EL Application over
Province map and King Leopold Orogen area of interpreted Dolerite
licence holders Canning Basin covered Hart Dolerite Fitzroy Crossing
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• Frontier province highly prospective for magmatic Ni-Cu-Co sulphide deposits

• Minimal modern exploration

• 2015 Merlin discovery by Buxton Resources (ASX: BUX) highlighted potential of Ruins Dolerite

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

• Chalice now a significant player :

• 600km[2] Ruins Area acquired in June 2019

• Immediately SE of Merlin (proven host)

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

• Conceptual host to magmatic sulphides

16

Chalice’s immediate focus is exploring areas east of Merlin discovery, where several nickel sulphide targets have already been defined

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Merlin
(Buxton-IGO)
Several high-
grade Ni-Cu-Co
drill intercepts
(up to 8% Ni)
King Sound Area
~8km Ruins Dolerite outcrop
Quick Shears
Several airborne EM
(Buxton-IGO)
anomalies identified
Ni-Cu sulphide
outcrop
Ephesus Target
2 x ~5,000S discrete
shallow conductors from
July-2019 MLEM survey
Nickel occurrence Ruins Dolerite Devonian cover
King Leopold
Airborne EM targets Hart Dolerite Paperbark Supersuite
Nickel Project
Regional Geology & Chalice Tenure Whitewater Volcanics Speewah Group
Occurrences
Buxton-IGO JV Tenure Marboo Formation
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• Merlin hosts drill intercepts with grades up to 8.14% Ni, 5.26% Cu and 0.69% Co → Ruins Dolerite hosts high-grade Ni-Cu-Co sulphides

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

• Ground based MLEM completed over 4 targets to date

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

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

• Maiden RC drilling planned to commence in September 2019

17

MLEM at the Ephesus Target identified two high priority EM conductors; targets to be drill tested in Sept 2019

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665,000mE 666,000mE
N
2 x ~5,000S shallow
discrete conductors
Merlin
(IGO-Buxton)
Ephesus 500m
8,123,000mN
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King Leopold Ruins Dolerite (coarse grained) Nickel Project Priority 1 Conductor Ruins Dolerite (medium grained) Ephesus Target July-2019 MLEM Priority 2 Conductor Ruins Dolerite (fine grained) conductors over Marboo Formation satellite imagery

	Plate	ID	Depth to top (m)	Length (m)	Depth Extent (m)	Conductance (Siemens)
	A		163	315	60	4,850
	B C		92 35	100 2,000	300 220	5,024 2,750
	D		101	1,010	228	1,000
	E		90	600	150	1,000
	F		87	437	213	430

• A and B late-time conductors strong, discrete and shallow → high priority targets

• Interpreted source of conductors A and B is massive sulphides

• Further field checking and reconnaissance planned in early Sept 2019 prior to drilling

18

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Corporate

19

Corporate snapshot

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Capital Structure and Financials

|Equity listings & tickers|ASX: CHN | TSX: CXN | OTCQB: CGMLF|
|---|---|
|Shares–on issue|274.1M|
|Shares–fully diluted|294.6M|
|Market capitalisation|~A$53M (@ $0.19ps)|
|Cash and investments|~A$32.8M ($0.12ps)|
|Debt|Nil|
|3mth avg daily vol (ASX)|~730,000|

As of 21 Aug 2019

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4cps
capital
return
20M
10M
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Top Shareholders

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ASX
Tim Goyder (Exec Chairman) 17%
TSX
Franklin Templeton
12%
Gold & Precious Metals Fund
1%
Other Institutions 10%
8%
Others 56% 7% 63%
Directors and Management 18% (24% F/D)
Top 20 51%
As of 27 Jun 2019
Analyst Coverage
Redcloud Klondike Strike Ed Thorose
Patersons Securities Xavier Braud
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20

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Com an Hi hli hts p y g g

Active exploration on large-scale, high 1 grade gold & nickel sulphide targets

2

~A$33M in working capital (~A$0.12ps)

– >A$100M generated from asset sales team 3 with a solid track record

21

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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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Appendix

23

STRATEGY

Our strategy is to explore greenfield terranes in premier jurisdictions; aiming to address the rapid decline in tier 1 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 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

24

Board and management team

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Tim Goyder, Executive Chairman

• 40+ year industry veteran

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

• Largest shareholder of Chalice (~17%)

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

• Geologist with 30+ years experience

• Highly regarded in gold and nickel exploration

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

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

– 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

25

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

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

• ~72 million shares (~5%) in Spectrum Metals (ASX: SPX)

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COMPANY HISTORY & TRACK RECORD

Our track record is sound; we have acquired well, advanced projects quickly and generated A$100M+ in after-tax proceeds from sales

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Refined strategy to Zara Gold Project in focus on earlyEritrea sold for Zara Gold Project ~ stage US$114M (pre-tax) $7.5M raised in IPO in Eritrea acquired Cameron opportunities on ASX to progress for ~A$7M Gold Project in A$0.10ps / A$25M Chalice & Ontario sold A$0.04ps / A$10M capital return to Higginsville Projects for ~ A$25M capital return to shareholders (pre-tax) shareholders 2006 2009 2012 2016 2018 2007 2010 2013 2017 Cameron Gold Chalice & Project in Ontario Acquired new Higginsville ~A$43M raised acquired for district-scale Projects sold to progress Zara to DFS ~A$8M exploration for ~A$12M (2009-2011) projects in Australia (pre-tax) A$7M spent and Quebec Listed on TSX relogging and exploring

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Appendix Pyramid Hill Gold Project, Victoria

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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

Additional 1700km[2] staked Pre-Chalice – (Muckleford expansion Nov 2018 July 2019 Minimal modern and Mt William) May 2019 exploration and Dec 2017 Reconnaissance AC limited attempts at drilling at Muckleford 1400km[2] staked in shallow drilling – North Bendigo Zone Jul 2018 (35,000m Phase 1) scale targets undercover very few (Muckleford) Additional 700km[2] effective drill holes staked (Percydale) 2017 2018 2019 Jul 2017 Mar-Dec 2018 Mar 2019 Kirkland Lake Gold Nov 2017 Field work announced maiden commenced – Oct-Nov 2018 Reconnaissance AC Kirkland Lake Swan Zone reserve BLEG soil drilling at Mt William Gold hit 8.8m @ BLEG soil 532koz @ 58.8g/t Au sampling and (4,000m Phase 1) 991g/t Au, incl. sampling (Mt ground gravity Soil sampling 0.95m @ 9,115g/t William) geophysics (Percydale) Au, ~200m below (Muckleford) Mineral Reserves

Pre-Chalice

Anomalous gold intercepts in bedrock outlining three largescale targets

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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 on 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

2. Ironbark: shallow gold intersections up to 1.1g/t Au under 25-75m of Murray Basin cover, co-incident with a large >5ppb gold-in-soil anomaly

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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Appendix

King Leopold Nickel Project, WA

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KING LEOPOLD NICKEL PROJECT

Airborne EM survey at the King Sound Area has identified a number of strong EM anomalies which require further investigation

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675,000mE 682,500mE
N
~8km Ruins Dolerite outcrop
Several EM anomalies defined
E04/2299
Merlin
(IGO-Buxton)
Ephesus
E04/2325
Marboo Formation
King Leopold EM Response
Nickel Project Airborne EM survey extent Paperbark Supersuite (pV/Am [4] )
King Sound Area Chalice tenure Ruins Dolerite 0.13
July 2019 AEM
results over Interpreted structure Whitewater Volcanics
regional geology Devonian cover 0.001
8,122,500mN
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• SkyTEM airborne survey completed in July-Aug 2019

• Several EM anomalies identified coincident with a ~8km outcropping body of Ruins Dolerite

• Reconnaissance mapping and ground EM planned in early Sept 2019

• Any high priority conductors may be included in maiden RC drill program

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