CHALICE MINING LIMITED — Investor Presentation 2020

Dec 2, 2020

==> picture [523 x 540] intentionally omitted <==

==> picture [139 x 115] intentionally omitted <==

ASX: CHN | OTCQB: CGMLF

Advancing the world class Julimar PGE-Ni-Cu-Co-Au discovery

Corporate Presentation – Macquarie Western Australia Forum

3 December 2020

Forward looking statements and disclosures

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

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

This presentation does not include all available Information on Chalice Gold Mines Limited and should not be used in isolation as a guide to investing in the Company. Any potential investor should also refer to Chalice Gold Mines Limited Annual Reports, filings on sedar.com, and to ASX/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 forwardlooking 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 Company’s strategy, the price of O3 Mining securities, 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”, “impending”, “likely” or “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; obtaining access to undertake additional exploration work on EM anomalies located in the Julimar State Forrest; assay results of visually interpreted mineralised intersections; future prices of commodities; geophysical anomalies may or may not be associated with economic mineralisation; results of planned metallurgical test work, grade or recovery rates; accidents; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, movements in the share price of investments and the timing and proceeds realised on future disposals of investments, the impact of the COVID 19 epidemic 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 forwardlooking 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 exploration results for the Julimar Project is extracted from the following ASX announcements:

• “High-grade nickel-copper-palladium sulphide intersected at Julimar Project in WA”, 23 March 2020

• “Preliminary results from second target at Julimar Project”, 24 March 2020

• “Significant nickel-palladium discovery confirmed at Julimar”, 15 April 2020

• “Second diamond hole intersects discovery zone at Julimar”, 20 April 2020

• “Exciting visual results from deep diamond drill hole at Julimar”, 5 May 2020

• “Large-scale PGE system further expanded at Julimar”, 11 May 2020

• “High-grade Ni-Cu-PGEs confirmed in discovery zone at Julimar”, 25 May 2020

• “Extension of wide, high-grade PGE-Ni-Cu matrix zone at Julimar”, 15 June 2020

• “Chalice discovers new high-grade PGE-Cu-Au zone at Julimar”, 9 July 2020

• “Significant extension of high-grade PGE-Ni-Cu-Co zones at Julimar”, 17 August 2020

• “Positive preliminary metallurgical results at Julimar”, 1 September 2020

• "Major new 6.5km-long EM anomaly identified at Julimar", 22 September 2020

• “Significant new PGE-copper-gold horizon defined at Julimar”, 6 October 2020

• “Key Private Properties Secured at Julimar”, 16 November 2020

• “Significant high-grade PGE-Cu-Au extensions at Julimar”, 18 November 2020

The Information in this presentation that relates to the exploration results for the Pyramid Hill Project is extracted from the following ASX announcements:

• “Discovery of new >2km gold trend in air-core drilling at Karri Target indicates potential for a significant gold system”, 12 December 2019

• “Several new gold zones discovered in first drill holes at Ironbark North Target”, 19 December 2019

• “Karri gold trend expanded to over 3km of strike extent”, 13 January 2020

• “Infill AC drilling at Karri returns best intercept to date of 4m at ~4g/t gold”, 3 February 2020

• “New High-Grade Gold Zones at the Large-Scale Karri Target”, 4 March 2020

• “First diamond drill hole at Karri hits primary gold zone”, 7 April 2020

• “Maiden diamond drill program at the Pyramid Hill Gold Project confirms a large gold system at the Karri Prospect”, 29 July 2020

The Information in this presentation that relates to exploration results for the Hawkstone Project (formerly the King Leopold Project) is extracted from the following ASX announcements:

• “Chalice acquires highly prospective nickel sulphide project in west Kimberley region of WA”, 18 June 2019

• “Strong EM Conductors Identified at King Leopold Project”, 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.

2

A unique exploration specialist with a globally significant discovery

==> picture [438 x 386] intentionally omitted <==

Julimar – a new high-grade PGE-Ni-Cu-Co-Au discovery in WA

• Australia’s first major palladium discovery

• Emerging as a major, strategic deposit of critical metals for our clean energy future

• Highly leveraged to battery and hydrogen adoption

• Unrivalled pipeline of greenfield discovery opportunities in Australia

• ‘First mover’ advantage in the new West Yilgarn Ni-CuPGE Province

• Large exploration holdings in Victoria and the Kimberley

• 8 rigs currently drilling across 2 projects

• Well funded, high performance team with an excellent track record

• Proven ability to discover and define mines

• ~A$140M[1] in cash + investments

• 2,200% TSR in previous 12 months

3

1 Pro forma at 15 Dec 2020 following Julimar property acquisition and placement (excluding SPP)

Chalice’s portfolio includes the exciting Julimar discovery in the new West Yilgarn Ni-Cu-PGE Province in WA + a pipeline of generative opportunities

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

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

Julimar Nickel-Copper-PGE Project, WA

• New greenfield PGE-Ni-Cu-Co sulphide discovery in Mar-2020

==> picture [34 x 38] intentionally omitted <==

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

3
----- End of picture text -----

1

• 19m @ 8.4g/t Pd, 2.6% Ni, 1.0% Cu, 0.1% Co in 1[st] hole

• 100% owned, ~26km long intrusive complex ~70km NE of Perth

• 6 rigs drilling, targeting maiden Mineral Resource mid-2021

Pyramid Hill Gold Project, Vic

• New >4km gold trend + 2 gold bearing diorite intrusions

A U S T R A L I A

2

• >5,000km[2] holding NW and NE of Fosterville Gold Mine

• 100% owned, all under cover in unexplored terrane

• 2 diamond rigs drilling at the >4km long Karri Prospect

==> picture [34 x 38] intentionally omitted <==

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

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

Hawkstone Nickel-Copper-Cobalt Project, WA

• New greenfield nickel sulphide opportunity in frontier province

2

3

• >1,800km[2] holding east of Merlin Ni-Cu-Co prospect (IGO/BUX)

• 85-100% owned, several large untested dolerite intrusions

• Maiden drill program recently completed (assays pending)

Several generative exploration opportunities, investments, royalties and non-operated joint ventures

4

Chalice is one of the top performing companies in the ASX All Ordinaries with > 1,600% TSR year-to-date

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

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

==> picture [949 x 418] intentionally omitted <==

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

$100M Capital
CHN Share Price Chart (A$/share) Raise at $3.75
Key properties purchased,
4.50 6 [th] and 7 [th] high-grade
zones discovered
4.00
Significant PGE-Cu-
Au horizon defined
3.50 on Eastern Contact
3.00 6.5km Hartog EM
Anomaly defined within
Major discovery confirmed at Julimar Julimar State Forest
2.50 $30M Capital
with mineralisation in first six holes at
Raise at $1.05
1.6km x 0.7km Gonneville Intrusion Major extension of 3
2.00 high-grade PGE-Ni-
Cu-Co zones
19m @ 8.4g/t Pd, 2.6% Ni,
1.50 1.0% Cu, 0.1% Co from
48m in 1 [st] hole at Julimar
1.00
0.50
0.00
5
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20
----- End of picture text -----

We have a tight capital structure , a strong financial position and a growing institutional register

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

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

==> picture [388 x 260] intentionally omitted <==

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

Top Shareholders [1]
Tim Goyder (Chairman)
Founder in 2006
12% Franklin Templeton Gold &
Precious Metals Fund
6% Long term holder since 2010
5%
Regal Funds Management
52%
25%
Other institutions
Others
----- End of picture text -----

Board of Directors

Key Management

Tim Goyder ( Chairman ) Richard Hacker ( CFO ) Alex Dorsch ( Managing Director ) Kevin Frost ( GM Exploration ) Morgan Ball ( Lead Independent NED ) Bruce Kendall ( GM Development ) Stephen Quin ( Non-Exec Director ) Jamie Armes ( Co Sec ) Garret Dixon ( Non-Exec Director )

Capital Structure and Financials

==> picture [479 x 191] intentionally omitted <==

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

Equity listings
Shares out. 337.9M [2] Market capitalisation
ASX: CHN
Shares (F/D) 355.9M [2] ~A$1.3B (@ A$3.84ps) [2]
OTCQB: CGMLF
Debt Cash [2] Cash & Investments [2]
nil ~A$126M ~A$140M
Key Investments Position Current Value
O3 Mining (TSX-V: OIII) 3.1M (5.1%) ~A$10M
Caspin Resources (ASX: CPN) 6M (10%) ~A$4M
----- End of picture text -----

Research Analyst Coverage

Bell Potter Peter Arden Bridge Street Capital Chris Baker Euroz Hartleys Michael Scantlebury Macquarie Bank Hayden Bairstow Mine Life Resources Bulletin Gavin Wendt Red Cloud Securities Jacob Willoughby Taylor Collison Ryan Armstrong

2 Pro forma cash and share capital position as at 15 December post-settlement of acquisition of the 3 private properties at the Julimar Project (announced on 16 November 2020) and settlement of the placement 6 (announced on 2 December 2020).

1 As of 30 November 2020 (estimate based on top 20 extract of the share register)

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

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

JD006 core specimen at Julimar Ni-Cu-PGE Project, Jun-2020
----- End of picture text -----

Julimar NickelCopper-PGE Project

Western Australia

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

7

High-grade PGE-Ni-Cu-Co was intersected in the very first drill hole at Julimar – a remarkable new discovery in a completely new province

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

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

==> picture [443 x 436] intentionally omitted <==

• ~70km NE of Perth, with direct access to major highway, rail, power and port infrastructure

• ~26km long layered mafic-ultramafic intrusive complex (Julimar Complex) with no previous Ni-Cu-PGE exploration

• • Staked in early 2018 ( 100% owned )

• Exploration so far restricted to the ~1.6km x >0.8km Gonneville Intrusion at the southern end of the Complex on private land

• First drill hole in March 2020 discovered wide, shallow zone of high-grade PGE-nickel-copper-cobalt mineralisation

• >8,000km[2] of new licence applications since the discovery in the new West Yilgarn Ni-Cu-PGE Province (incl. >2,000km[2] around Julimar) – leveraging our competitive advantage to make additional discoveries

8

Gonneville is an exceptional PGE-nickel-copper-cobalt-gold discovery with the potential to deliver a world-class deposit

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

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

• ~1.6km x >0.8km intrusion, open to the northwest, hosting:

• Seven shallow high-grade PGE-Ni-Cu-Co+/Au zones defined to date (G1-G7, using >1g/t Pd cut-off) – all remain open

• 100 isolated high-grade (>1g/t Pd) intersections outside the seven zones

• Widespread PGE mineralisation associated with disseminated sulphides (0.5-2.0g/t PGEs+Au), down to ~800m below surface thus far

• Widespread Pd-rich oxide zone (0.8-1.5g/t Pd) from surface to a depth of ~25m

==> picture [36 x 17] intentionally omitted <==

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

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

• 150 holes for ~40,000m completed to date, assays pending for ~55 holes

• Preliminary metallurgical testwork indicates:

• Sulphide mineralisation amenable to flotation under standard conditions

• Low levels of deleterious elements

• Oxide mineralisation amenable to oxidative leaching under standard conditions

• ~160,000m step-out and resource definition drill program ongoing – 3 RC and 3 diamond rigs

9

Six of the wide high-grade zones defined to date are internal to the intrusion, have significant (350-550m) strike extent and remain open

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

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

G1(discovery), G2, G3, G5, G6, G7 Zones:

• ~3-40m wide

Top of zones ~25m below surface

• Pd-Ni-Cu-Co rich

• Open along strike and down-dip

99x high-grade (>1g/t Pd) intersections to date within the six zones, including:

• 25m @ 8.5g/t Pd , 0.9g/t Pt, 0.1g/t Au, 2.0% Ni , 0.9% Cu , 0.11% Co from 46m (JRC001, G1)

• 14.4m @ 7.7g/t Pd , 1.7g/t Pt , 0.1g/t Au, 1.2% Ni , 0.6% Cu , 0.07% Co from 36.7m (JD016, G1)

• 17.6m @ 5.3g/t Pd, 1.0g/t Pt , 0.1g/t Au, 1.3% Ni , 0.6% Cu , 0.07% Co from 191.4m (JD003, G2)

• 26.3m @ 3.8g/t Pd , 0.9g/t Pt, 0.5% Ni , 0.2% Cu, 0.04% Co from 80.7m (JD010, G2)

• 22.7m @ 4.4g/t Pd , 0.7g/t Pt, 0.5% Ni , 0.3% Cu, 0.04% Co from 83m (JD014, G2)

• 33m @ 2.0g/t Pd , 0.4g/t Pt, 0.5g/t Au , 0.3% Ni, 0.8% Cu , 0.02% Co from 236m (JRC060, G6)

• 24.4m @ 3.3g/t Pd , 0.4g/t Pt, 0.1g/t Au, 0.4% Ni, 0.2% Cu, 0.03% Co from 164.6m (JD006, G2)

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

• 19m @ 3.1g/t Pd , 0.7g/t Pt, 1.1g/t Au , 0.2% Ni, 0.8% Cu , 0.02% Co from 67m (JRC070, G7)

13.7m @ 4.4g/t Pd , 0.9g/t Pt, 0.7% Ni , 0.7% Cu, 0.05% Co from 29.3m (JD006, G3)

10

The high-grade zones have a moderate westerly dip and up to ~340m of dip extent – all remain open

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

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

Drill holes

RC – assayed RC – assays pending DDH – assayed DDH – assays pending

Geology

Cover/Laterite Gabbro Saprolite Granite Serpentinite Sediments Dolerite Dyke

Mineralisation

Oxide >1.0g/t Pd cut-off Sulphide >1.0g/t Pd cut-off Sulphide >0.3g/t Pd cut-off

==> picture [66 x 56] intentionally omitted <==

==> picture [466 x 134] intentionally omitted <==

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

JD013 massive/matrix sulphides
from 239-264m
----- End of picture text -----

11

The high-grade G4 Zone is associated with the intrusion footwall contact and has significant growth potential given limited testing to date

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

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

==> picture [692 x 434] intentionally omitted <==

G4 Zone:

• ~3-50m wide

• Top of zones ~50m below surface

• 800m of strike and up to 500m of dip-extent

• • Open along strike and down-dip

• Pd-Pt-Cu+/-Au rich

• 20x high-grade (>1g/t Pd) intersections to date, including:

50m @ 1.8g/t Pd , 0.5g/t Pt, 0.9g/t Au , 0.2% Ni, 1.1% Cu , 0.02% Co from 112m (JRC089)

25.7m @ 3.9g/t Pd, 2.3g/t Pt, 0.7g/t Au , 0.2% Ni, 0.8% Cu , 0.02% Co from 418.1m (JD006)

33m @ 2.1g/t Pd , 0.5g/t Pt, 0.2g/t Au, 0.2% Ni, 0.5% Cu , 0.02% Co from 81m (JRC048)

7m @ 13.8g/t Pd , 0.3g/t Pt, 0.5g/t Au , 0.2% Ni, 0.2% Cu, 0.02% Co from 83m (JRC064)

• • •

8m @ 2.2g/t Pd, 13.3g/t Pt , 0.1g/t Au, 0.1% Ni, 0.1% Cu, 0.01% Co from 225m (JRC073)

Recent 3m intersection (cut by dyke) of G4 style mineralisation ~800m to the north

• Footwall contact has significant growth potential

• Intrusion is open to north-west

12

Several exciting EM anomalies identified to the north-east of Gonneville, all are yet to be tested (access to the Julimar State Forest awaiting approval)

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

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

==> picture [879 x 439] intentionally omitted <==

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

Historical surface sampling over regional magnetics (TMI-RTP) 2020 Airborne EM (channel 15)
May 2020 Sept 2020
N
----- End of picture text -----

13

==> picture [840 x 54] intentionally omitted <==

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

–
Platinum Group Elements critical metals for our clean energy future
----- End of picture text -----

==> picture [54 x 31] intentionally omitted <==

==> picture [43 x 42] intentionally omitted <==

70% of PGEs used in automotive catalytic converters (pollution control devices)

Palladium based catalytic converters preferred to comply with stricter emissions standards

Catalytic Converter

==> picture [203 x 130] intentionally omitted <==

Hydrogen Fuel Cell Truck

==> picture [39 x 34] intentionally omitted <==

==> picture [38 x 37] intentionally omitted <==

Palladium market has been in deficit for nine consecutive years – recent record price of US$2,856/oz reached in Feb 2020 (current spot price ~US$2,400/oz )

Future demand for PGEs underpinned by the rapid growth predicted in hydrogen production and hydrogen fuel cells – in particular in heavy transport and energy storage sectors

The Platinum Group Elements (PGEs)

==> picture [274 x 173] intentionally omitted <==

==> picture [224 x 12] intentionally omitted <==

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

PGEs identified to date at Julimar
----- End of picture text -----

14

The Julimar Project has the potential to deliver significant jobs, skills and economic diversification to the Wheatbelt region of WA

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

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

==> picture [257 x 171] intentionally omitted <==

==> picture [220 x 146] intentionally omitted <==

==> picture [286 x 169] intentionally omitted <==

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

• The proximity of Julimar to major communities provides a unique opportunity to build a workforce of local permanent residents (drive in, drive out)

• Growing employment opportunities – already having positive economic impact on local and surrounding economies

• Community Fact Sheets have been developed, providing key information on topics such as environment, community consultation, exploration licences and drilling activities

• Active, open and transparent engagement continues with key landowners, Shire and local community representatives

• Numerous case studies of successful major mining projects in or around State Forest areas in WA (Boddington, Alcoa WA, Worsley, Greenbushes)

15

Chalice is a values driven business and aims to achieve excellence in environmental management

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

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

==> picture [419 x 417] intentionally omitted <==

• Chalice is committed to adopting best practice environmental standards and monitoring compliance to ensure standards are upheld

• Engaged leading external environmental consultants to provide expertise for the Julimar Project (MBS Environmental)

• Developed and implemented an environmental site induction for all personnel

• Undertaken baseline flora, fauna, heritage and dieback surveys on private land – a proactive approach

• Investigating low-impact drilling techniques for the State Forest

16

Accelerated drilling and metallurgical testwork program underway – aiming to define a maiden Mineral Resource by mid 2021

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

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

2020 2021 Oct Nov Dec Jan Feb Mar Apr May Jun Julimar State Forest CMP Stage 1 CMP Stage 2 Access Approvals (non-ground disturbing activities) (drilling activities, subject to Stage 1 approval[1] ) Ground EM and soil sampling Reconnaissance (subject to Stage 1 approval[1] ) Recon drilling (subject Drilling to Stage 2 approval) Gonneville RC Drilling 80m step-out + 40x40m infill to ~250m deep to indicated category (3 rigs, Gonneville) Diamond Drilling Step-out + infill beyond 250m deep to indicated category (2-3 rigs, Gonneville) MRE / Metallurgy / Phase 2 sulphide flotation and leach (oxide) testwork Resource and pit-shell modelling Gonneville MRE #1 Mining Studies

CMP = Conservation Management Plan – a plan outlining Chalice’s proposed exploration approach within the Julimar State Forest 1 Access to the Julimar State Forest for exploration or mining activities has not yet been granted. The Company continues to engage with relevant government entities to progress its CMP approval and the above timeline is an estimate only

17

2021 Outlook – we are on track to define a maiden resource at Julimar, build trust with our key stakeholders and leverage our discovery

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

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

Define a maiden JORC Mineral Resource Estimate and outline the potential for a commercially viable mining operation for the Gonneville PGE-Ni-Cu-Co-Au discovery

Make a significant new discovery, which shows strong potential to be economic

Maintain a pipeline of discovery opportunities to complement the current portfolio

Continue to build our operational team, with a focus on internal resourcing and nurture our culture of ownership, sustainable success and ideation

Strengthen our financial position, and continue to exercise discipline on capital management

Continue to build trust with our key stakeholders at the Julimar Project – landowners, indigenous peoples, local communities and governing organisations

Expand our sustainability presence (environmental, social and governance) to uphold our social licence to operate

18

1

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

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

Investment highlights
----- End of picture text -----

The new PGE-Ni-Cu-Co discovery at Julimar in WA has significant scale potential and has opened up a new mineral province – resource drill-out underway

Two rigs drilling at the Pyramid Hill Gold Project in Vic 2 and a maiden drill program recently completed at the Hawkstone Ni-Cu-Co Project in the Kimberley

A major greenfield discovery, ~A$36M returned to 3 shareholders to date and ~A$140M[1] in cash and investments – an excellent track record

1 Pro forma as of 15 December 2020 following Julimar property acquisition and $90m placement as announced (excludes settlement of SPP)

19

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

The Chalice Story

Appendix

20

TEAM

We are a dynamic and entrepreneurial group of accomplished mine finders, project builders and mining managers

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

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

Board of Directors

Key Management

==> picture [61 x 61] intentionally omitted <==

Tim Goyder, Chairman

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

• Founder and largest shareholder of Chalice (~12%)

==> picture [69 x 63] intentionally omitted <==

Richard Hacker, CFO

• Chartered Accountant with 20+ years experience in junior company financing and management

• • Company CFO since 2006

==> picture [69 x 66] intentionally omitted <==

Alex Dorsch, Managing Director

• Previously a Specialist with McKinsey & Company

• Diverse experience in consulting, engineering and corporate advisory in the energy and resources sectors

==> picture [65 x 63] intentionally omitted <==

Kevin Frost, GM Exploration

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

==> picture [61 x 60] intentionally omitted <==

Morgan Ball, Lead Independent Non-Exec Director

• Chartered Accountant with 25+ years experience in the resources, logistics and finance industries

• CFO of Saracen Minerals

==> picture [59 x 66] intentionally omitted <==

Bruce Kendall, GM Development

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

==> picture [57 x 57] intentionally omitted <==

Stephen Quin, Non-Exec Director

• Geologist with 37+ years mining and exploration experience in Canada and across the globe

• President and CEO of Midas Gold Corp

==> picture [59 x 63] intentionally omitted <==

Jamie Armes, Company Secretary

• Chartered Accountant with 20+ years experience in administration of public listed companies in the mining and exploration industry

Garret Dixon, Non-Exec Director

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

• 30+ years experience in resources and mining contracting sectors

• Most recently Executive VP Alcoa & President Bauxite

Supported by a team of ~30 FTEs (project geologists, accountants, specialist geology, mineralogy, metallurgy, mining and environmental consultants)

21

COMPANY HISTORY

Since our 2006 IPO, we have acquired quality assets, advanced projects quickly and generated >A$110M in after-tax proceeds[1] from asset sales

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

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

==> picture [960 x 420] intentionally omitted <==

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

2012 2020
Zara Gold Project in Major PGE-NI-
Eritrea sold for Cu-Co-Au
2006
~ US$114M (pre-tax) 2016 discovery at
$7.5M raised in IPO
Cameron 2018 Julimar Project
on ASX to progress 2009 ~
A$0.10ps / A$25M Gold Project Staked
Chalice &
Zara Gold Project in Ontario sold
capital return to Julimar Nickel-
Higginsville Projects
in Eritrea acquired shareholders for ~A$25M Copper-PGE
for ~A$7M (pre-tax)
Project in
Western
Australia
2 0 0 6 2 0 0 8 2 0 1 0 2 0 1 2 2 0 1 4 2 0 1 6 2 0 1 8 2 0 2 0
2019
Quebec 2020
2017
2009-2011
Gold ~$130M
2007 Acquired East
Chalice & ~A$43M raised to progress Zara to Cadillac Gold Projects raised to
sold to O3 progress
Higginsville DFS Project in
Projects sold Quebec and Mining Julimar
2013
for ~A$12M staked
Cameron Gold
(pre-tax) Pyramid Hill 2018
Project in Ontario
Gold Project A$0.04ps /
acquired for ~
in Victoria A$10.6M
~A$8M
capital return to
22
1 As of 15 June 2020 As of 15 June 2020 shareholders
----- End of picture text -----

1 As of 15 June 2020 As of 15 June 2020

PORTFOLIO

as Chalice’s portfolio includes district-scale precious and base metal projects well as several royalties, investments and non-operated JVs

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

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

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

==> picture [505 x 364] intentionally omitted <==

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

Australia
Hawkstone
Nickel-Copper- Warrego North Copper-Gold JV
(NT Bullion earning 75%)
Cobalt Project
(85-100%) Flinders River
NT Vanadium Project
(100%)
QLD
WA
Barrabarra Nickel-
Copper-PGE Project Mt Jackson Auralia Nickel-
(100%) Gold Project Copper-Gold Project
(100%)
(100%)
Julimar Nickel- SA
Copper-PGE
Viking Gold
Project (100%) NSW
Project (70%)
South West Nickel- Nulla South & Gibb
Copper-PGE Rock Gold JVs
-
Project (70 100%) (Ramelius earning 75%) Pyramid Hill
VIC Gold Project
(100%)
Key Project
----- End of picture text -----

==> picture [51 x 59] intentionally omitted <==

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

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

==> picture [19 x 20] intentionally omitted <==

Generative Project (reconnaissance and targeting) Non-Operated Joint Ventures

==> picture [19 x 19] intentionally omitted <==

==> picture [19 x 20] intentionally omitted <==

Available for JV / sale

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

• Jericho, WA – 1.0% NSR capped

• Bunjarra Well, WA – 1.0% NSR capped

Key Investments

• ~3.1M shares (~5%) in O3 Mining Inc. (TSX-V: OIII)

• ~6M shares (~10%) in Caspin Resources (ASX: CPN)

23

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

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

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

Pyramid Hill Gold Project

Victoria

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

24

Why gold in Victoria? The prospect of finding another Fosterville Gold Mine

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

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

==> picture [492 x 394] intentionally omitted <==

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

Northern Bendigo Zone
(32Moz undiscovered
N
gold endowment)
50km
Chalice tenure
Bendigo Zone
Stawell Zone
Melbourne Zone
Fosterville Gold Mine Zone Boundary
Bendigo ~9Moz Major Regional Faults
~22Moz
Stawell Castlemaine
Gold Mine ~6Moz Historic gold production
>8 Moz
5 – 8 Moz
Woods Point
Ballarat
3 – 5 Moz
~14Moz
1 – 3 Moz
Walhalla
<1 Moz
Melbourne
----- End of picture text -----

>60Moz Au produced since 1850’s from outcropping South Bendigo Zone , at a avg grade of ~15g/t Au

90% of mines had a recovered grade >8.5g/t Au

32Moz Au (P50 mid case) of undiscovered gold to the north in the Northern Bendigo Zone (Vic Govt ‘Gold Undercover[1] ’ estimate)

This area is essentially unexplored – the opportunity

Historic region capturing global attention again thanks to Kirkland Lake Gold’s ultra high-grade Swan Zone discovery at the Fosterville Gold Mine:

2019 operating cash Swan Zone Mineral costs guidance Reserve (Dec-18)

2019 Production ~619koz at ~40g/t Au

US$130150/oz

2.3Moz @ ~50g/t Au

25

SOURCE: 1. Department of Economic Development, Jobs, Transport and Resources, Victoria, Australia, http://earthresources.efirst.com.au/categories.asp?cID=42. 2. Kirkland Lake Gold Press Releases 21 Feb 2019, 9 Jan 2020

As an early mover, Chalice staked a >5,000km[2] essentially unexplored land holding surrounding two world-class gold deposits

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

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

==> picture [544 x 430] intentionally omitted <==

• The success of Fosterville has attracted significant new players into the district:

==> picture [251 x 57] intentionally omitted <==

==> picture [89 x 46] intentionally omitted <==

==> picture [63 x 32] intentionally omitted <==

==> picture [89 x 25] intentionally omitted <==

==> picture [86 x 24] intentionally omitted <==

==> picture [71 x 59] intentionally omitted <==

• Chalice positioned itself early and strategically, with a focus on:

• Unexplored, prospective areas (potential world-class deposits hidden by cover)

• Sparsely populated and less sensitive areas (plains of the Murray Basin) where large-scale mining feasible

26

The world-class gold deposits are controlled by regional scale faults, which continue to the north into Chalice’s tenure → follow the strike

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

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

==> picture [885 x 437] intentionally omitted <==

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

NSW
VIC
Northern Four Eagles
Bendigo
Zone
Tandarra
Extension of these
regional scale faults Fosterville ~9Moz
Karri
under cover evident Melbourne
in regional gravity Zone
geophysics as well Ironbark
as 2D seismic Bendigo ~22Moz
Chalice Gold Prospect
Advanced Gold Prospect
Gold Deposit
Major Fault
Major Fault extension undercover
Ballarat (14Moz) and
Interpreted mineralised fluid flows
Castlemaine (6Moz)
along strike to the south
----- End of picture text -----

27

Dispersion of gold and pathfinder metals such as arsenic and antimony is used to vector towards gold under cover

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

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

Dispersion footprints of major gold deposits in Vic

==> picture [495 x 363] intentionally omitted <==

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

~9
----- End of picture text -----

==> picture [53 x 72] intentionally omitted <==

Our shallow, wide-spaced aircore drilling approach

==> picture [287 x 314] intentionally omitted <==

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

Drill Line 1 Arsenic (we are close)
3-5km Antimony (getting warmer)
Line 2 Gold!
Line 3 A Gold System!!
Identifying continuous
a
dispersion over kilometres
good indicator of a large
gold system beneath…
----- End of picture text -----

28

SOURCE: Duncan, R. 2019, The five key ingredients that make a world-class gold district, Geological Survey of Victoria

Chalice has adopted a systematic value-add approach – ‘find the big gold systems first’

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

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

==> picture [544 x 430] intentionally omitted <==

• Our Project covers hundreds of kilometres of prospective strike:

• Muckleford (>300km)

• Mt William (>75km)

• Percydale (>40km)

• Prior to Chalice most of the area essentially un-drilled

• • Our regional-scale activities commenced in mid-2018:

Phase 1. Screen the thin cover (<100m) areas with widespaced recon Phase 2. Infill and sampling + AC drilling vector towards targets with tier-1 scale potential

Phase 3. Drill-out prospects and revisit other targets

Focus on 2 high-priority prospects → Karri and Ironbark (2[nd] diamond drill program underway)

700 AC holes completed across ~10 targets

• >15 lower-priority targets → drilling on hold for now

29

1. KARRI PROSPECT

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

Initial geological holes have confirmed a large gold system at depth below the >4km long gold trend at the Karri Prospect

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

==> picture [542 x 436] intentionally omitted <==

• Maiden 6 hole diamond program for structure / geology recently completed

• First ever test at depth into a ‘blind target’

• All six diamond drill holes intersected tightly folded, upright stratigraphy and primary .

• gold mineralisation

• Several strike extensive anticlinal structures identified (typical geological setting for highgrade gold deposits in the region)

• Anomalous gold intersected in all holes

• Several high-grade gold zones intersected ~ 1-2km apart

• Results indicate potential for a tier-1 scale gold system

• 2 diamond rigs currently drilling

30

1. KARRI PROSPECT

The initial diamond holes provided a first glance at the geology and compelling targets for the current phase of diamond drilling

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

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

==> picture [451 x 334] intentionally omitted <==

==> picture [479 x 334] intentionally omitted <==

31

1. KARRI PROSPECT

==> picture [123 x 37] intentionally omitted <==

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

Gold Project
----- End of picture text -----

==> picture [97 x 25] intentionally omitted <==

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

AC Drilling over
----- End of picture text -----

==> picture [77 x 25] intentionally omitted <==

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

August 2020
----- End of picture text -----

==> picture [93 x 76] intentionally omitted <==

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

==> picture [196 x 58] intentionally omitted <==

==> picture [91 x 67] intentionally omitted <==

==> picture [668 x 416] intentionally omitted <==

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

AC Drilling Max
Gold Contours
>0.025g/t
>0.1g/t
>1g/t 32
----- End of picture text -----

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

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

Hawkstone field reconnaissance, Jun-2019
----- End of picture text -----

Hawkstone Nickel-CopperCobalt Project

Western Australia

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

33 33

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

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

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

==> picture [888 x 420] intentionally omitted <==

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

600,000mE 700,000mE 800,000mE •
Frontier province highly prospective for
50km magmatic Ni-Cu-Co sulphide
N
•
Minimal modern exploration
•
2015 Merlin discovery by Buxton
WA Resources (ASX: BUX) highlighted
potential of Ruins Dolerite
•
IGO Ltd (ASX: IGO) entered the region
Ruins Area
in late 2018 with a regional JV with
Merlin Ni-Cu-Co Buxton
Prospect
(Buxton-IGO)
•
Chalice a significant
EL Applications over
Hart Dolerite outcrop
Derby • 600km [2] Ruins Area
Ruins acquired in June 2019
Dolerite •
Immediately SE of Merlin
Chalice Tenure
(proven host)
Buxton-IGO JV Tenure
Ruins Dolerite (mafic intrusive) • 1,200km [[2]]
Hart Dolerite (mafic intrusive) made in late 2018
Hawkstone Hart
Kimberley Basin
Project EL Application over
Province map and King Leopold Orogen area of interpreted Dolerite • Conceptual host to
licence holders Canning Basin covered Hart Dolerite Fitzroy Crossing magmatic sulphides
8,200,000mN
8,100,000mN
8,000,000mN
----- End of picture text -----

• Frontier province highly prospective for magmatic Ni-Cu-Co sulphide deposits

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

• Chalice a significant player in the belt :

• Immediately SE of Merlin (proven host)

• 1,200km[[2]] of EL applications made in late 2018

34

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

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

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

==> picture [555 x 431] intentionally omitted <==

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

Merlin
(IGO-Buxton)
Several high-
grade Ni-Cu-Co
drill intercepts
(up to 8% Ni)
King Sound Area
~8km Ruins Dolerite outcrop
Quick Shears
Several airborne EM
(IGO-Buxton)
anomalies identified
Ni-Cu sulphide
outcrop
Waterford Area
Ephesus Target
2 x ~5,000S discrete
shallow MLEM conductors
Hawkstone Nickel occurrence Ruins Dolerite Devonian cover
Project EM Targets Hart Dolerite Paperbark Supersuite
Ruins Area Regional Chalice Tenure Whitewater Volcanics Speewah Group
Geology &
Occurrences IGO-Buxton JV Tenure Marboo Formation
----- End of picture text -----

• Merlin (IGO-Buxton) hosts drill intercepts in Ruins Dolerite with grades up to 8.14% Ni, 5.26% Cu and 0.69% Co

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

• • Ground based MLEM completed, identifying several high-priority EM targets

• 2 x ~5,000 Siemens conductors identified at the ~2.5km x ~1.5km Ephesus Target

• Maiden RC drill program recently completed (assays pending)

35

==> picture [508 x 540] intentionally omitted <==

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

JD006 core specimen at Julimar Ni Drilling at -Cu Julimar -PGE Project, Jun Project, Apr- - 2020 2020
----- End of picture text -----

Julimar NickelCopper-PGE Project

Appendix

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

36

Gonneville plan and cross section C

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

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

==> picture [532 x 433] intentionally omitted <==

37

Gonneville cross sections A and B

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

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

==> picture [468 x 401] intentionally omitted <==

==> picture [458 x 418] intentionally omitted <==

38

The palladium price has surged with the introduction of China 6 emissions standards and the switch from Pt to Pd based catalytic converters

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

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

==> picture [668 x 441] intentionally omitted <==

39

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

==> picture [138 x 115] intentionally omitted <==

ASX: CHN | OTCQB: CGMLF

CONNECT WITH CHALICE

Level 2, 1292 Hay Street West Perth WA 6005, Australia +61 8 9322 3960 +61 8 9322 5800

info@chalicegold.com www.chalicegold.com

@ChaliceGold chalice-gold-mines