CHALICE MINING LIMITED — Investor Presentation 2019

May 19, 2019

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The golden plains of the north Bendigo region
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Corporate Presentation – 121 Mining Investment London
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20 May 2019

ASX : CHN

TSX : CXN

Forward looking statements and disclosures

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

Forward-Looking Statements

This document may contain forward-looking information within the meaning of Canadian securities legislation and forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, forward-looking statements). These forward-looking statements are made as of the date of this document and Chalice Gold Mines Limited (the Company) does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements relate to future events or future performance and reflect Company management’s expectations or beliefs regarding future events and include, but are not limited to, the estimation of mineral reserve and mineral resources at the East Cadillac Gold Project, the realisation of mineral reserve estimates; the likelihood of exploration success including results of future geophysical surveys, drilling at the Company’s projects and other exploration activities; the timing and costs of future exploration activities on the Company’s exploration projects; the potential to define future mineral resources and, if successful at any of the Company’s exploration projects, the potential viability of any mineral resource so defined; planned expenditures and budgets and the execution thereof; the timing and availability of drill results; potential sites for additional drilling, that general business and economic conditions will not change in a materially adverse manner; the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “planning”, “expects” or “does not expect”, “is expected”, “will”, “may”, “would”, “potential”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, “believes”, “occur”, “be achieved”, or variations of such words and phrases or statements that certain actions, events or results may, could, would, might or will be taken, occur or be achieved or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors may include, among others, risks related to actual results of current exploration activities; changes in exploration programmes based upon results of exploration; future prices of mineral resources; possible variations in mineral resources or ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; the ultimate outcome for shareholders of any Class Ruling received from the Australian Tax Office (“ATO”) in relation to any proposed capital return, as well as those factors detailed from time to time in the Company’s interim and annual financial statements, all of which are filed and available for review on SEDAR at sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

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” and “Reconnaissance drilling at Pyramid Hill Gold Project continues to outline high-priority target areas” released on 26 February 2018,12 July 2018, 27 September 2018, 18 January 2019 and 19 March 2019 respectively.

The Information in this presentation that relates to exploration results for the East Cadillac Project is extracted from ASX announcements entitled “Chalice expands exploration drilling programme at East Cadillac Gold Project after identifying 14 new high-priority targets”, “Significant new gold intersections at East Cadillac Project, Quebec confirm mineralisation over ~3.5km”, “Two new gold discoveries expand the district-scale potential of East Cadillac Gold Project, Canada“, “New phase of exploration underway at East Cadillac Project in Quebec”, “Newly defined large-scale gold anomalies prioritised for drill testing at East Cadillac Gold Project, Quebec”, “Chalice prepares for major new drill programme to test large-scale gold targets at East Cadillac Gold Project in Quebec” and “Exploration update – East Cadillac Gold Project, Quebec” released on 16 January 2018, 6 March 2018, 31 May 2018, 10 July 2018, 25 October 2018, 20 November 2018 and 26 April 2019 respectively.

The above announcements are available to view an the Company’s website at www.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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A unique,
well-funded
explorer
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Drilling at Pyramid Hill Gold Project, Dec-2018
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District-scale exploration projects in high-grade gold provinces within tier-1 jurisdictions

• Targeting 5Moz+ high-grade gold discoveries in greenfield but ‘near-mine’ districts – Bendigo (Victoria) and Val-d’Or (Quebec)

Unique strong financial position

• ~A$23M working capital at 31-Mar-19 (~A$0.09 per share)

• No capital raised (no dilution) since 2011

Strong track record of value creation

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

• 2 capital returns completed to shareholders since 2012 (~A$36M)

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Two District-Scale, High Potential Projects
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Project Pyramid Hill Gold Project

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East Cadillac Gold Project

Location Bendigo, Victoria Acquisition Staked in late 2017 and subsequently expanded Area 5,140km[2] Ownership 100% owned Stage Early reconnaissance exploration drilling

Val-d’Or, Quebec

Optioned in late 2016 and subsequently expanded 255km[2]

80-100% owned

Advanced exploration drilling

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

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.

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

Victoria

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Pyramid Hill is located in the hotly contested northern goldfields of Victoria – a 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) in this northern Bendigo Zone

• Chalice holds c. 70% 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

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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 History

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Op. cash costs guidance 2019
US$170-
190/oz
Australian top quartile is
~US$600/oz
2021 production target
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>570koz p.a. 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

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SOURCE: Kirkland Lake Gold MD&A 31 Dec 2017, Press Release 11 Dec 2018, Press Release 21 Feb 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 farming two undercover areas for up to 9 months discoveries year

• • <50 effective historic drill holes over 100km+ MGA 94 Zone 55 Providence Gold Catalyst Mt William Area

• of strike! Metals Melbourne Zone • - NE of the 8Moz ultra

• • Phase 1 recon drilling Muckleford - Four Eagles (Catalyst high grade Fosterville

• underway Hancock Prospecting) Gold Mine of Kirkland

• Exclusion Zone Lake Gold (ASX: KLA |

• Tandarra -

• (Catalyst Navarre) TSX: KL)

• Percydale Area Percydale Mt William • <80 effective historic

• • NW of historic high- Navarre drill holes grade St Arnaud Minerals Goldfield Newmont • Phase 1 recon drilling complete (assays

• • <30 effective historic pending)

• drill holes Poverty Reef Kirkland

• 0.4Moz @ ~92g/t Au Lake

• • Soil sampling St Arnaud Fosterville 0.4Moz @ ~15g/t Au 8.6Moz @ ~12g/t Au (incl.

• underway Bendigo 2.7Moz reserve @ 31g/t Au) 22Moz @ ~15g/t Au

Drilling access on farming areas for up to 9 months a year

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Chalice is drilling several large targets within the prospective northern Bendigo Zone under 20-80m of Murray Basin cover

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NSW
VIC
Four Eagles
Northern
Bendigo
Zone
Tandarra
Fosterville
Melbourne
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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Wide spaced recon AC drilling at Muckleford has identified multiple high priority zones of interest under thin cover

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• Three areas under thin cover targeted with wide-spaced drill lines in 35,000m AC phase 1

• c. A$40/m all-inclusive drill costs

• Assays received for ~18,260m thus far (~52%)

• >30km gravity feature at eastern margin of granite

• • Several large gold-in-soil anomalies

West Target

• 20-50m of cover

• Several discrete gravity features

• Coherent gold-in-soil anomaly

East Target

• 20-50km along strike from Bendigo

• 60-80m of cover at top of ‘buried hill’

• >10km discrete gravity feature with several historic shallow gold and pathfinder intercepts

South Target

• 30-40m of cover at top of ‘buried hill’

• Infill and step-out drilling at 0.5 – 1km spacing planned in phase 2

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Drilling at East Cadillac Gold Project, Jan-2019

East Cadillac Gold Project

Quebec

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East Cadillac is located in the prolific Abitibi greenstone belt; a belt with known gold endowment of >210Moz

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•
•
Douay
>3Moz
•
•
CANADA
•
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Chalice controls >27km of strike along the Larder Lake – Cadillac Fault – the most prolific gold trend in the southern Abitibi ( >100Moz of gold endowment)

Every 40-50km along this structure to the west lies a significant gold district

Minimal modern exploration applied in the area, largely due to segmented ownership – this is the opportunity

14 earn-in / purchase agreements executed since late 2016 to consolidate ownership 80100%

• ~C$13 million spent by Chalice on the Project since late 2016

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The Project is along strike from several globally significant gold mines and surrounds a historic high-grade gold mine

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LaRonde
>12Moz @ ~5g/t Au
Sigma Lamaque CANADA
>11Moz @ ~7g/t Au
Chimo
0.4Moz @ ~5g/t Au
17% owned by
Agnico Eagle
YAMANA /
AGNICO EAGLE
AGNICO under offer
Malartic Open Pit EAGLE from Osisko
>16Moz @ ~1.1g/t Au
Goldex East Cadillac
>5Moz @ ~1.7g/t Au Gold Project
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Drilling has identified several new, wide open mineralised zones; demonstrating the potential for a new gold district

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Simon West Prospect Nordeau West Prospect
11.9m @ 3.25g/t Au f/ 235.9m Ind Resource 30koz @ 4.2g/t Au
N
Incl. 1.6m @ 18.5g/t Au Inf Resource 146koz @ 4.1g/t Au
Potential open-pit concept Open at depth •
North Contact (new zone)
23.5m @ 1.12g/t Au f/ 180.5m
incl. 2.0m @ 6.86g/t Au and
1.0m @ 5.71g/t Au
Wide open in all directions
Potential open-pit concept
Val-d’Or
~35km
Mineralised trend
Major Fault
•
Minor Fault
Gold Occurrence
Simon Far West (new zone) Chalice DDH
11.0m @ 1.55g/t Au f/ 183.0m
East Cadillac Project Area
Incl. 4.0m @ 3.18g/t Au
Open to west and at depth Geology
•
Chimo Gold Mine
( Cartier Resources, 17%
owned by Agnico Eagle )
379koz Au @ 4.8g/t
Lac Rapides (new zone)
historical production
20.8m @ 0.74g/t Au f/ 316.7m
incl. 3.1m @ 4.27g/t Au
5km
Wide open in all directions
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North Contact and Simon West are considered high priority targets for further follow-up work

Shallow, open-pit concepts being investigated

Projectwide targeting phase underway

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3D-IP has been completed over ~24km of strike , and shows multiple untested chargeability trends

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North Contact N
Nordeau West
2.5km
>3km
untested
•
trend Strong discrete and
strike continuous
Poorly tested
Val-d’Or
trend chargeability
~35km anomalies identified
•
Anomalies on poorly
tested Larder Lake-
Cadillac Fault and
Simon West
untested new
Windward Fault
Marilynne
•
Large untested
( Cartier Resources, 17% Chimo Gold Mine Lac Rapides chargeability feature
owned by Agnico Eagle ) extends over 3km to
3D-IP Chargeability (mV/V)
379koz Au @ 4.8g/t
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historical production the East of the high
0 priority North Contact
Major Fault Prospect
Minor Fault
Legrand
Gold Occurrence Untested
trend
Chalice DDH
East Cadillac Project Area
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Corporate

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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 Zara Gold Project in to focus on Eritrea sold for Zara Gold Project ~ early-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 A10cps / A$25M Chalice & Ontario sold A4cps / 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 Canada Listed on TSX relogging and exploring

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Corporate snapshot

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Capital Structure

|Equity listings & tickers|ASX: CHN | TSX: CXN|
|---|---|
|Shares – on issue|266.6M|
|Shares – fully diluted|287.1M|
|Share price (ASX)|A$0.12|
|52 week high / low (ASX)|A$0.165 / A$0.11|
|3mth avg daily volume (ASX)|~660,000|
|Market capitalisation|~A$32M|

As of 10 May 2019

Financials (A$)

Cash	$21.7M ($0.08ps)
Liquid investments	$0.9M
Current receivables	$1.1M
Total working capital	$22.8M ($0.09ps)

Top Shareholders

		ASX	ASX
Tim Goyder (Exec Chairman)	17%	TSX
Franklin Templeton Gold & Precious Metals Fund	12%
Other Institutions	8% 1% 10%
Others	6% 57%		63%
Directors and Management	18% (24% F/D)
Top 20	51%

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As of 31 Mar 2019

As of 20 Mar 2019

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Com an Hi hli hts p y g g

Aggressive exploration on district-scale projects 1 in tier-1 high-grade gold provinces

• 2 ~A$22M in cash

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

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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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