CHALICE MINING LIMITED — Investor Presentation 2019

Feb 28, 2019

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The golden plains of the north Bendigo region
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Investor Presentation
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March 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” and “December 2018 Quarterly Report” released on 26 February,12 July, 27 September 2018 and 18 January 2019 respectively.

The Information in this presentation that relates to exploration results for the East Cadillac Gold 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” and “Chalice prepares for major new drill programme to test large-scale gold targets at East Cadillac Gold Project in Quebec” released on 16 January, 6 March, 31 May, 10 July, 25 October and 20 November 2018 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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District-scale exploration projects in tier-1 high1 grade gold provinces – Bendigo and Val-d’Or

3 rigs currently drilling large-scale greenfield targets

Unique strong financial position

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Drilling at Pyramid Hill Gold Project, Dec-2018
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3

4

c. A$26M in cash and current assets at 31-Dec-18 (~A10cps) – no capital raised since 2011

Track record of value creation

~A$107M generated from well timed asset sales, ~A$36M returned to shareholders since 2012

Proven team

Technically driven and disciplined team with track record of discovery and value creation

3

Portfolio of District-Scale, High Impact Projects in Australia and Canada

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Australia Canada
King Leopold
Nickel-Copper-
PGE Project
(100%)
Flinders River
Vanadium Project
Warrego North
- (100%)
Copper Gold Project
-
(70 100%)
Yilgarn Gold
Project
-
(95 100%)
Auralia Nickel-
-
Copper Gold Project
(100%)
Julimar Nickel- Kinebik Gold
Project
Vanadium Project
(100%)
(100%)
Pyramid Hill
Gold Project East Cadillac
(100%) Gold Project
-
(80 100%)
Key Project
Generative Opportunities and Joint Ventures
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Our strategy is to explore greenfield terranes in premier jurisdictions; aiming to address the 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 Bendigo Zone of Victoria – a domain that has produced >60Moz of high-grade gold

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Pyramid Hill Gold Project
(undercover North
Bendigo Zone)
UPDATE
Stawell
Zone
Bendigo Fosterville
Stawell
Castlemaine
Melbourne
Ballarat Woods Point
Zone
Bendigo Walhalla
Zone
Melbourne Historic gold production
>8 Moz
5 – 8 Moz
3 – 5 Moz
100km 1 – 3 Moz
<1 Moz
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• All historic production (>60Moz) has come from outcropping (easy to find) areas to the South, i.e.:

• Bendigo ~22Moz @ 15g/t Au

• Ballarat ~14Moz @ 12g/t Au

• Castlemaine ~6Moz @ 13g/t Au

• The Bendigo Zone host geology extends to the north however it goes under cover and is poorly explored ( dark green area ) – 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. 60% of the total 7,000km[2 ] prospective area

• 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 Histor y

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Op. cash costs guidance 2019
31.0
Ultra-high grade
Swan Zone
Grade Au (g/t)
discovered
US$170-
Reserve Au (koz)
23.1
190/oz
2,720
Australian top quartile is
~US$600/oz
High grade Eagle
2021 production target Zone discovered 1,700
9.8
>570koz p.a.
7.0
5.6
5.2
4.7
at ~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$30M

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 now a dominant player in this exciting, underexplored district, with a >4,500km[2 ] land holding near Fosterville and Bendigo

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|9
Muckleford Area
•
NW of historic 22Moz
@ 15g/t Au Bendigo
Goldfield and West
of the high-grade
Four Eagles and
Tandarra Projects
•
<50 effective historic
drill holes
•
Reconnaissance
drilling underway
Four Eagles (Catalyst
-
Hancock Prospecting)
Tandarra
(Catalyst
-
Navarre)
Navarre
Minerals
Providence
Gold
Catalyst
Metals
Kirkland
Lake
Exclusion
Zone
Mt William
Muckleford
Percydale
Under
Cover
Outcrop
Newmont
Bendigo
Zone
Stawell
Zone
Melbourne
Zone
Percydale Area
•
NW of historic high-
grade St Arnaud
Goldfield
•
<30 effective historic
drill holes
•
Sampling
programme being
finalised
Mt William Area
•
NE of the 8Moz
ultra-
high grade
Fosterville
Gold Mine of Kirkland
Lake Gold (ASX: KLA |
TSX: KL)
•
<80 effective historic
drill holes
•
Soil sampling
completed, drill
targeting underway
Bendigo
22Moz @ ~15g/t Au
Fosterville
8.6Moz @ ~12g/t Au (incl.
2.7Moz reserve @ 31g/t Au)
Poverty Reef
0.4Moz @ ~92g/t Au
St Arnaud
0.4Moz @ ~15g/t Au|Muckleford Area
•
NW of historic 22Moz
@ 15g/t Au Bendigo
Goldfield and West
of the high-grade
Four Eagles and
Tandarra Projects
•
<50 effective historic
drill holes
•
Reconnaissance
drilling underway||Four Eagles (Catalyst
-
Hancock Prospecting)
Tandarra
(Catalyst
-
Navarre)
Navarre
Minerals
Providence
Gold
Catalyst
Metals
Kirkland
Lake
Exclusion
Zone
Mt William
Muckleford
Percydale
Under
Cover
Outcrop
Newmont
Bendigo
Zone
Stawell
Zone
Melbourne
Zone
Bendigo
22Moz @ ~15g/t Au
Fosterville
8.6Moz @ ~12g/t Au (incl.
2.7Moz reserve @ 31g/t Au)
Poverty Reef
0.4Moz @ ~92g/t Au
St Arnaud
0.4Moz @ ~15g/t Au|9
Mt William Area
•
NE of the 8Moz
ultra-
high grade
Fosterville
Gold Mine of Kirkland
Lake Gold (ASX: KLA |
TSX: KL)
•
<80 effective historic
drill holes
•
Soil sampling
completed, drill
targeting underway|9
Mt William Area
•
NE of the 8Moz
ultra-
high grade
Fosterville
Gold Mine of Kirkland
Lake Gold (ASX: KLA |
TSX: KL)
•
<80 effective historic
drill holes
•
Soil sampling
completed, drill
targeting underway||
|---|---|---|---|---|---|---|
||||||Mt William Area
•
NE of the 8Moz
ultra-
high grade
Fosterville
Gold Mine of Kirkland
Lake Gold (ASX: KLA |
TSX: KL)
•
<80 effective historic
drill holes
•
Soil sampling
completed, drill
targeting underway||
||Percydale Area
•
NW of historic high-
grade St Arnaud
Goldfield
•
<30 effective historic
drill holes
•
Sampling
programme being
finalised||||||
||||||||

Maiden 15,000m reconnaissance drill programme commenced in November at the Muckleford Area, testing three large-scale target areas NW of Bendigo

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1VD Gravity •
Wide spaced (3km+) reconnaissance drill lines underway utilising new, cost
effective multi-purpose AC/RC rig
•
Testing the top 30m of basement within prospective ~5km wide corridors
along major structures (where large gold deposits are situated along strike)
SECTION 14m @ 194ppm As f/ 46m
5,981,870mN
30m @ 220ppm As f/ 70m •
Assays received for 4,700m of 15,000m thus far (~30%)
East Target
•
>20km gravity feature and >12km coherent soil
anomaly overlying Campbelltown Fault
4m @ 54ppm As f/ 123m West Target
West Target • 20-30m cover encountered
•
4 holes hit wide zones of anomalous As (pathfinder)
•
>10km gravity feature overlying Muckleford Fault,
3m @ 57ppm As f/ 96m confirmed to be highly prospective ‘buried hill’
•
South Target 10-40m cover encountered
•
2m @ 0.12g/t Au f/ 45m Anomalous gold intersected ~3km from historic gold
intercepts to the south
South Target
•
1m @ 0.38g/t Au f/ 16m 5m @ 0.11g/t Au f/ 6m >12km coherent soil anomaly overlying Sebastian
Fault (along strike from Bendigo)
East Target
4m @ 94ppm As f/ 16m • 90-110m of cover expected
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• 4 holes hit wide zones of anomalous As (pathfinder)

• Anomalous gold intersected ~3km from historic gold intercepts to the south

10

Catalyst Metals (ASX: CYL) have shown that high-grade discoveries can be made in areas of cover in the North Bendigo Zone

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

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HIGH 2.0
2.00
St Barbara Limited
(ASX: SBM)
1.75 increases to 16%
1.50
1.25
3m @ >100g/t 20m @ 21.4g/t Au
Au at Four and 22m @ 36.5g/t
1.00 Eagles Au at Four Eagles
0.75 16m @ 63.0g/t Au
incl. 12m @ 84g/t
Au at Four Eagles
0.50
0.25
LOW 0.26 St Barbara Limited 11m @ 17.8g/t Au
(ASX: SBM) acquires 5% at Tandarra
0.00
Oct-2015 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19
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• Catalyst’s EV has increased from ~A$30M in 2016 to ~A$110M in ~3 years

• 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

11

Source: S&P Global Market Intelligence

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Drilling at East Cadillac Gold Project, Dec-2017
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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$12 million spent on exploration 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
Malartic Open Pit EAGLE
>16Moz @ ~1.1g/t Au
Goldex East Cadillac
>5Moz @ ~1.7g/t Au Gold Project
14
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The Project has all season access, excellent nearby infrastructure and is within trucking distance to multiple gold processing facilities

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Canadian Malartic
Val-d’Or
Mine (>16Moz)
Gold Deposit/Mine Agnico Eagle &
Yamana
Sigma Lamaque
Mine (>11Moz)
Eldorado
Lac Villebon
Chimo Mine
(power connection Lac Gueguen
and road access)
Cartier Resources
Lac Matchi-Manitou
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~35km by sealed highway from town of Val-d’Or (~30,000 people)

All season access to the property

Geochemistry access May – October

Drilling access on entire property in winter, restricted to non-wetland areas in summer

World class infrastructure including road, rail and power

Multiple gold processing facilities in the region operating at partial capacity

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Previously segmented ownership restricted effective exploration in the district for decades; we have consolidated ownership 80-100% with 14 deals

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East Cadillac Gold Project Historic gold mine
N
Chalice completed DDH
Chalice 100% owned claims
Chalice 2019 phase 1 planned DDH
Globex / Bateman Option claims
(earning up to 100% by Oct-2020) Chalice 2019 phase 2 planned DDH
Renforth Option claims Historic DDH
(earning up to 80% by May-2021)
Val-d’Or
~35km
Chimo Gold Mine
( Cartier Resources, 17%
owned by Agnico Eagle )
379koz Au @ 4.8g/t
historical production
45,000m drilling underway
Exclusion
Area
5km
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Recent soil sampling and 3D-IP survey have identified the new large-scale Legrand and Anderson targets – currently being drilled

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330,000mE 340,000mE • 8,100m diamond drill programme currently
underway on two targets:
Anderson
Legrand Target
North Contact
•
3.4km x 1.3km coherent MMI gold-in-soil
anomaly (peak of 22x background)
•
Coincident 3D-IP chargeability feature
Val-d’Or
~35km
•
Completely untested by drilling
Lac Rapides
•
Similar geochem pathfinder signature and
Simon West structural setting to >16Moz Canadian
Americ Malartic gold mine
Chimo Gold Mine
( Cartier Resources, 17% Scale Comparison
owned by Agnico Eagle ) Canadian Malartic Open Pit
379koz Au @ 4.8g/t
historical production
Marquise Anderson Target
•
Makwa 2.3km x 0.5km coherent MMI gold-in-soil
anomaly, untested by drilling
Legrand
5km • Along strike from multiple large gold
deposits to the west 17
5,320,000mN
5,315,000mN
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Corporate

18

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

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Refined
Zara Gold Project in
strategy to
Eritrea sold for
Zara Gold
~ focus on
Listed on Project in US$114M , 10cps / Cameron exploration,
Australian Eritrea A$25M capital return Gold Project in 4cps / A$10M
to shareholders
Stock acquired for Ontario sold capital return
Exchange ~A$7M for ~ A$25M to shareholders
2006 2009 2012 2016 2018
2007 2010 2013 2017
Cameron Gold
Chalice & Private share Acquired new
Project in
placement to raise district-scale
Higginsville ~ Ontario
A$9M exploration
projects sold
acquired for
for ~A$12M projects in Australia
~A$8M
Listed on Toronto and Canada
Stock Exchange
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Corporate snapshot

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Capital Structure and Financials

Top Shareholders

Capital Structure and Financials		Top Shareholders
Stock Exchanges	ASX: CHN	TSX: CXN			ASX
Shares – on issue	266.6M	Tim Goyder (Exec Chairman)	17%	TSX
Shares – fully diluted	287.1M
Share price (ASX)	A$0.135	Franklin Templeton	12%
52 week high / low (ASX)	A$0.20 / A$0.11
3mth avg daily volume (ASX)	~670,000	Paradice Investment Mgmt	4%
Market capitalisation	A$36.0M
Cash	A$21.3M (A$0.08ps)	Sun Valley Gold	3%
Liquid investments	A$2.3M
Current receivables	A$2.9M	Others	55%	9%	64%
Total current assets	$26.4M (A$0.10ps)

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As of 31 Dec 2018

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

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 and Director of Midas Gold Corp (TSX: MAX)

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)

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• Dr Kevin Frost, GM – Exploration, BSc (Hons) PhD MAIG • Geologist with 30+ years experience

• Highly regarded geologist within proven history of discovery

• Part of the discovery team for the Flying Fox and Spotted Quoll nickel deposits (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

21

Two potentially transformational drill programmes underway in Victoria and Quebec – strong news flow in H1 2019

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Indicative exploration programme
2018 2019
Oct Nov Dec Jan Feb Mar Apr May Jun
BLEG Mt
Geochem
William
Final assays
Geophysics
Pyramid Hill,
Phase 2 AC/RC at
Victoria Drilling 15,000m phase 1 recon AC at Muckleford
Muckleford
Drill targeting
Ph1 AC
at Mt
Drill targeting William
Geochem
3D-IP (Legrand, Lac Rapides,
Geophysics
Makwa)
East Cadillac,
Potential follow up
Quebec
drilling based on results
8,100m phase 1 & 2 recon
Drilling
diamond Legrand, Anderson
Drill targeting and permitting Final assays
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1. Feb 2019

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Com an Hi hli hts p y g g

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1 Two significant drilling programmes underway
2 ~A$21M in cash
3 ~A$100M+ generated from asset sales
4 Team with solid 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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Appendix Pyramid Hill Gold Project, Victoria

25

PYRAMID HILL GOLD PROJECT

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

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Mar 2018 Additional 1700km[2] staked Pre-Chalice (Muckleford expansion Nov 2018 – Minimal modern and Mt William) Feb 2019 exploration and Dec 2017 Reconnaissance limited attempts at drilling at Muckleford 1400km[2] staked in shallow drilling North Bendigo Zone Jul 2018 (15,000m) 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 Kirkland Lake Swan Zone reserve BLEG soil drilling at Mt William Gold hit 8.8m BLEG soil 532koz @ 58.8g/t Au sampling and (tbc) @ 991g/t Au, sampling (Mt ground gravity incl. 0.95m @ William) geophysics 9,115g/t Au (Muckleford)

Pre-Chalice

26

PYRAMID HILL GOLD PROJECT – MUCKLEFORD AREA

Previous gold exploration over the Muckleford Area is limited, with <50 effective drill holes over a 70 x 20km area

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Drilling (LHS)

• Previous gold exploration conducted by Homestake, St Barbara, Providence Metals, Metex over parts of current project tenements includes airborne gravity, surface geochemistry and aircore/RC drilling

• Drill testing largely ineffective due to either very wide spacing of holes along drill lines (200-300m spacing) or lack of drill testing/sampling of the target Castlemaine Group basement (i.e. prospective geology not sampled)

• Approximately 42 effective drill holes over a 70km x 20km area mostly due to lack of penetration of cover sequence

• Almost no effective drill testing under surface geochemical anomalies – holes that did test in vicinity of East Anomaly reported anomalous Au/As

Geophysics (RHS)

Excellent airborne and regional gravity datasets for defining shallow features (i.e. buried basement hills)

Airborne gravity survey shows strong linear breaks which are interpreted to better define the position of the Sebastian and Muckleford faults.

Gravity very important as magnetics show minimal texture due to nature of Castlemaine Gp turbidites

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PYRAMID HILL GOLD PROJECT – MUCKLEFORD AREA

Our exploration approach – wide spaced reconnaissance AC drill lines to complete a first pass test over a very large area cost effectively

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• Commenced maiden 15,000m reconnaissance AC drill programme within the Muckleford Area in Nov-18 to test priority geochemical / geophysical targets in prospective geological / structural settings

• Recon programme designed to test for largescale gold systems (5Moz+):

Strike AC/RC rig on location Dec-18

• Drilling on wide spaced lines, typically 2- 4km apart

• 100-400m hole separation

• Drill to blade refusal, hammer if required to achieve min 30m penetration into Ordovician basement

Wallis AC rig on location Nov-18

• Hole depths up to 170m depending on depth of cover

• Typically drilling on road side verges as much as possible to avoid disturbance to landowners

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The combination of suitable high capacity rig set-up and experienced geological team will maximise chances of discovery undercover

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PYRAMID HILL GOLD PROJECT – MUCKLEFORD AREA

Drilling to date at the West Target has identified a wide zone of strongly elevated Arsenic (pathfinder) over several holes

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• Strong Arsenic anomalism up to 412ppm in Castlemaine Gp Sediments, within coherent and open >50ppm anomaly

• Arsenic an important vector to gold mineralisation

• Assays for several holes pending

• Further drilling planned 3.2km north

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PYRAMID HILL GOLD PROJECT – MUCKLEFORD AREA

Drilling at Muckleford is targeting a Bendigo style deposit (~22Moz @ 15g/t Au) – the size of the prize is significant

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

Schematic cross section showing Saddle and Bedded Reefs
Bendigo
Goldfield New Chum Line Large, high grade deposit
~2.6Moz @ 15.1g/t Au of ~22Moz @ 15g/t Au
Garden Gully Line
~4.8Moz @ 15.0g/t Au World’s largest producer
from 1850 to 1890 Every 100 vertical
metres contained
3-5Moz gold
Hustlers Line
~0.95Moz @ 17.6g/t Au
Sheepshead Line
~0.74Moz @ 11.6g/t Au
Schematic long section
Scale Comparisons
Kalgoorlie ‘Super Pit’ (KCGM)
outline (largest open pit gold
Bendigo mine in Australia) Newmont –
urban area Barrick JV
Canadian Malartic Open Pit
N outline (one of the largest open
pit mines in Canada) Agnico
2km Eagle – Yamana Gold JV
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----- End of picture text -----

Source: Hughes, F.E. 1990, Geology of the Mineral Deposits of Australia and Papua New Guinea , The Australasian Institute of Mining and Metallurgy, Melbourne

PYRAMID HILL GOLD PROJECT – MT WILLIAM AREA

Soil sampling has been completed over the Mt William Area, with several gold-in-soil anomalies found

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• Reconnaissance surface soil sampling completed over Cambrian Volcanics and Castlemaine Gp Sediments of the Bendigo Zone, along Mt William Fault

• Several low level (up to 10ppb) gold anomalies identified parallel to the Mt William Fault and along strike from Catalyst Metals (ASX: CYL) intersection (6m @ 4.2g/t Au from 12m)

• Final interpretation and drill targeting underway

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Appendix

East Cadillac Gold Project, Quebec

32

EAST CADILLAC GOLD PROJECT

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We have taken a systematic, ground-up approach to exploration over the last 2 years since acquisition, targeting a 5Moz+ discovery

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Dec 2017
Option
Nov 2016 May-Sept 2018
deal with Oct 2017 – Jan-Mar 2019
Option deal Khalkos to Jan 2018 Farm-in deal Legrand and
Oct 2016 with Richmont earn up to Nordeau with Renforth to Anderson
(acquired by 70% diamond earn up to 80%. diamond
Option deal with
Monarques drilling Acquisition of drilling
Globex to earn up
Gold) to earn (7,700m) Monarques 30% (8,100m)
to 100%
up to 70%
2016 2017 2018 2019
Mar 2017
Jan-Mar 2018
JORC 2012 May-Nov Jul-Dec 2018
Pre-Chalice Regional
MRE at 2017
Nov 2016 diamond drilling Regional MMI
Limited modern Nordeau
Footwall 3D-IP, Amag, (20,000m), Simon soil sampling,
exploration and only West
claims LIDAR surveys West, North 3D-IP and
shallow drilling
pegged Bark, MMI soil Contact and Amag surveys
concentrated along
main trend (100%) sampling Lac Rapides Legrand and
discoveries Anderson
Targets defined
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EAST CADILLAC GOLD PROJECT

Drilling has highlighted that Chimo may be part of a larger (>5km of strike) gold system, and also yielded several new, wide open mineralised zones

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1
Nordeau West Historical Resource North Contact Mineralised trend
Ind Resource 30koz @ 4.2g/t Au 23.5m @ 1.12g/t Au f/ 180.5m Gold occurrence N
Inf Resource 146koz @ 4.1g/t Au incl. 2.0m @ 6.86g/t Au and
1.0m @ 5.71g/t Au 2017-2018 DDH
Wide open all directions
East Cadillac Gold Project
Val-d’Or
~35km
Simon Far West
3
11.0m @ 1.55g/t Au f/ 183.0m
Nordeau South
Incl. 4.0m @ 3.18g/t Au
Simon West
11.9m @ 3.25g/t Au f/ 235.9m
Incl. 1.6m @ 18.5g/t Au Chimo Gold Mine
( Cartier Resources, 17%
owned by Agnico Eagle ) 2
379koz Au @ 4.8g/t
Lac Rapides
historical production
20.8m @ 0.74g/t Au f/ 316.7m
45,000m drilling underway
5km incl. 3.1m @ 4.27g/t Au
Wide open all directions
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EAST CADILLAC GOLD PROJECT

Drilling confirmed >3.5km of strike is mineralised at Simon West , with multiple steep dipping gold zones with high grade (~18g/t Au) cores

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Plan view – Simon Far West to Nordeau West

Cross section through holes 20-21 (looking west)

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Simon Far West
N
Simon West
Nordeau West
A
B
1km
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Chimo Gold Mine
Mineralised trend ( Cartier Resources, 17%
2017-2018 DDH owned by Agnico Eagle )
379koz Au @ 4.8g/t
historical production
45,000m drilling underway
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B A
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Refer to ASX announcement of 30 May 18 for full details

EAST CADILLAC GOLD PROJECT

The North Contact discovery was made in Q2 2018, with a wide 23m @ 1.1g/t Au hit including 2 high grade cores; wide open in all directions

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Plan view – North Contact Cross section through hole 72 (looking west)
B A
N
23.5m @ 1.12g/t Au f/ 180.5m
incl. 2.0m @ 6.86g/t Au and
1.0m @ 5.71g/t Au
A
B
6.5m @ 1.77g/t Au f/ 157.0m
incl. 3.5m @ 2.10g/t Au
1km
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Mineralised trend 2017-2018 DDH

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Refer to ASX announcement of 30 May 18 for full details

EAST CADILLAC GOLD PROJECT

Geochemistry – MMI soil sampling results – Gold 2018

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MMI samples collected by hand-auger with the preference to collect an inorganic (B Zone) sample below surface organic soils (not possible in wetland areas)

• Soils initially collected on a 400m x 400m reconnaissance grid (regional sampling) or a 200m x 200m grid (LLCF corridor)

• Infill sampling (200m x 200m) completed as a follow-up to any significant 400m x 400m anomalies

Soil results shown as gold response ratio (dividing gold value by the average of the lowest quartile of all the gold values, and rounding to the nearest integer). The response ratio is used because it gives a better indication of the anomalous values

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Anderson
Lac Rapides
Simon West
Marquise
Makwa
Legrand
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East Cadillac MMI soil sampling Au response ratio over regional geology

EAST CADILLAC GOLD PROJECT

Geochemistry – MMI soil sampling results – Arsenic 2018

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MMI samples collected by hand-auger with the preference to collect an inorganic (B Zone) sample below surface organic soils (not possible in wetland areas)

• Soils initially collected on a 400m x 400m reconnaissance grid (regional sampling) or a 200m x 200m grid (LLCF corridor)

• Infill sampling (200m x 200m) completed as a follow-up to any significant 400m x 400m anomalies

Soil results shown as arsenic response ratio (dividing arsenic value by the average of the lowest quartile of all the arsenic values, and rounding to the nearest integer). The response ratio is used because it gives a better indication of the anomalous values

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Anderson
Lac Rapides
Simon West
Marquise
Makwa
Legrand
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East Cadillac MMI soil sampling As response ratio over regional geology

EAST CADILLAC GOLD PROJECT

Geophysics – 3D-IP results – Jan 2019

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3D Orevision Induced Polarisation (3D-IP) survey coverage over 24km of the LLCF

8km extension of the survey completed in Oct-17 to Jan-19

• Strong discrete and strike continuous chargeability anomalies have been identified along the Larder Lake-Cadillac Fault and also coincident with additional faults to the north and south

• Multiple chargeability anomalies have been defined beneath the Legrand MMI soil anomaly

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East Cadillac 3D-IP Pseudo-sections (85 line km shown of planned 115 line km survey)

EAST CADILLAC GOLD PROJECT

Historic Chimo Gold Mine (Cartier Resources: TSX-V: ECR, 17% owned by Agnico Eagle)

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Historic Production - 379,012 oz Au @ ~4.8g/t Au

Depth: from surface to >900m

Surface expression: 1.5km strike within Chimo property boundary

Width: 570m

Thickness: Roughly 5-20m individual zones within ‘clusters’ up to 200m

Style: Orogenic

Narrow high grade quartz veins (orogenic overprint)

2017-2019 Deep Drilling by Cartier Resources testing down dip extension of Chimo workings (CH-46 & 47).

Northern most stope projects dip onto ECG property at approximately 1050m vertical depth

45,000m diamond drilling programme now underway to define resource

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Down-dip extensions onto Chalice ground Down-plunge extensions onto Chalice ground

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Source: https://www.resourcescartier.com/

EAST CADILLAC GOLD PROJECT

Major deposits in the Abitibi – Canadian Malartic

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3.5km
1.5km
Source: Gaillard, N., 2018 Mica composition as a vector
to gold mineralization: Deciphering hydrothermal and
metamorphic effects in the Malartic district, Quebec
http://abitibiroyalties.com
Perrouty, S., 2017, Multi-Parameter Footprints of the
Canadian Malartic Deposit
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Malartic (>16Moz @ ~1.1g/t Au)

Mineralisation Footprint Characteristics

• Depth: from surface to >3,000m

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3km
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• 3.5km strike

• Surface expression:

• Width: 1,500m

• Thickness: >100-200m

• Style: IRGS

• Large alteration footprint (>3.5km)

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EAST CADILLAC GOLD PROJECT

Major deposits in the Abitibi – Sigma-Lamaque

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Sigma-Lamaque (>11Moz @ ~7g/t Au)

Mineralisation Footprint Characteristics

• Depth:

• Surface expression: 500m (Sigma)

• from 300m (Lamaque) to

• Width: Up to 300m

• Thickness: Various (up to 6m stacked shear zones and up to 10-25m thick stacked veins veins)

• Style: IRGS - Orogenic

• Narrow high grade quartz veins (orogenic overprint)

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2km
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Source: Keogh, C., 2018 Eldorado Gold, Sigma Lamaque NI43-101 Armstrong, T., 2007, Century Mining Corp. Annual Information Form

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EAST CADILLAC GOLD PROJECT

Major deposits in the Abitibi – Goldex

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Goldex (>5Moz @ ~1.7g/t Au)

Mineralisation Footprint Characteristics

• Depth: from surface to >300m (M zone only)

• Surface expression: > 250m (M zone)

• Width: >300m

• Thickness: >250m

• Style: IRGS

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Source: Genest, R., 2012 Technical Report on Production of the M and E Zones at Goldex Mine https://www.agnicoeagle.com/

43