CHALICE MINING LIMITED — Investor Presentation 2020

Oct 11, 2020

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ASX: CHN | OTCQB: CGMLF

Julimar – a globally significant PGE-Ni-Cu-Co discovery in WA

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Diggers and Dealers Mining Forum

12-14 October 2020

Forward looking statements and disclosures

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

Forward-Looking Statements

This document may contain forward-looking information within the meaning of Canadian securities legislation and forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, forward-looking statements). These forward-looking statements are made as of the date of this document and Chalice Gold Mines Limited (the Company) does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements relate to future events or future performance and reflect Company management’s expectations or beliefs regarding future events and include, but are not limited to, the 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 forwardlooking 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 forwardlooking 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 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 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.

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A unique exploration specialist with a globally significant discovery

A new high-grade PGE-Ni-Cu-Co discovery in WA

• Julimar – Australia’s first major palladium discovery

• • A suite of critical metals for our clean energy future

• Rare combination of new district and new mineral province

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Unrivalled pipeline of greenfield discovery opportunities in Australia

• Unique advantage in new West Yilgarn Ni-Cu-PGE Province

• • Large exploration holdings in exciting frontier provinces

• • 7 rigs currently drilling across 3 projects

Well funded, high performance team with an excellent track record

• Proven ability to discover and define mines

• • ~A$54M[1] in cash + investments

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1 As of 30 June 2020

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

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Julimar Nickel-Copper-PGE Project, WA

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

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• 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

• 4 rigs drilling, aiming for maiden MRE 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

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• >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

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1
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Hawkstone Nickel-Copper-Cobalt Project, WA

• New greenfield nickel sulphide opportunity in frontier province

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

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

• Maiden drill program underway

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

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We have a tight capital structure and a strong financial position

Top Shareholders[1]

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Tim Goyder (Chairman)
Long term holder since 2006
12%
Franklin Templeton Gold &
Precious Metals Fund
9% Long term holder since 2010
5%
Regal Funds Management
56%
18%
Other institutions
Others
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Board of Directors Key Management Tim Goyder ( Chairman ) Richard Hacker ( CFO ) Alex Dorsch ( Managing Director ) Kevin Frost ( GM Exploration )

Capital Structure and Financials

Equity listings Shares out. 308.7M Market capitalisation ASX: CHN Shares (F/D) 325.9M ~A$833M (@ A$2.70ps) OTCQB: CGMLF Debt Cash[2] Cash & Investments[2] nil ~A$46M ~A$54M Key Investments Position Current Value O3 Mining (TSX-V: OIII) 3.1M (5.3%) ~A$10M

Share Price & Volume Chart (CHN)

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High-grade PGE-Ni- Major discovery $30M Capital New 6.5km EM
Cu-Co discovery confirmed at Raise anomaly at Julimar
hole at Julimar Julimar
Major extension of
3 high-grade zones
at Julimar
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Morgan Ball ( Non-Exec Director ) Bruce Kendall ( GM Development ) Stephen Quin ( Non-Exec Director ) Jamie Armes ( Co Sec )

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20M
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Garret Dixon ( Non-Exec Director )

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1 As of 29 September 2020

2 As of 30 June 2020

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JD006 core specimen at Julimar Ni-Cu-PGE Project, Jun-2020
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Julimar NickelCopper-PGE Project

Western Australia

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

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

• ~26km long layered ultramafic-mafic 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

• Discovery marked the start of the new West Yilgarn Ni-CuPGE Province

• >8,000km[2] of new licence applications since the discovery (incl. >2,000km[2] around Julimar) – leveraging our competitive advantage to make additional discoveries

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

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• ~1.6km x ~0.8km intrusion, open to the north-west

• Five shallow high-grade PGE-Ni-Cu-Co+/Au zones defined to date (G1-G5) – all remain open

• New Pd-Cu+/-Au Eastern Contact horizon extends over ~1.2km of strike , further infill drilling underway

• Widespread PGE-rich disseminated sulphides within intrusion, down to ~600m below surface so far

• Widespread PGE-rich oxide zone from surface to ~25m

• 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

• Step-out and resource definition drill program ongoing with 2 RC and 2 diamond rigs

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The five wide high-grade zones defined to date strike over up to ~550m and remain open along strike and down-dip

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OPEN Julimar Nickel-Copper-PGE Project
Gonneville G1-G5 Zones 3D View
(looking North-East)
5 October 2020
Mineralisation Drill holes
>0.3g/t Pd cut-off RC – assayed
>1.0g/t Pd cut-off RC – assays pending
DDH – assayed
DDH – assays pending
OPEN
G1-3, G5
OPEN
OPEN
OPEN
G4
OPEN
OPEN
OPEN
assays pending
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G1 (discovery) and G2 Zones:

• ~5-40m wide

• Pd-Ni dominant

• Open along strike and down-dip

• 33m @ 6.5g/t Pd , 0.7g/t Pt, 1.6% Ni , 0.7% Cu, 0.09% Co from 44m (JRC001)

• 45.1m @ 2.9g/t Pd , 0.8g/t Pt, 0.4% Ni, 0.3% Cu, 0.03% Co from 223.9m (JD013)

• 17.6m @ 5.3g/t Pd , 1g/t Pt, 1.3% Ni , 0.6% Cu, 0.07% Co from 191.4m (JD003)

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

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

• 9m @ 5.7g/t Pd , 1.1g/t Pt, 1.1% Ni , 1.5% Cu , 0.06% Co from 103m (JRC019)

• • 15m @ 2.4g/t Pd , 0.5g/t Pt, 0.6% Ni, 0.6% Cu, 0.04% Co from 56m (JRC006)

G3 and G5 Zones :

• ~5-15m wide

• Pd dominant

• Open along strike and down-dip

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

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Four of the high-grade zones are internal to the intrusion and have up to ~340m of dip extent – all remain open

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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

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JD013 massive/matrix sulphides
from 239-264m
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The G4 Zone and the newly identified Eastern Contact host several wide PGECu intervals associated with the intrusion contact

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G4 Zone:

• ~20m wide

• Pd-Pt-Cu+/-Au dominant

• Open along strike and down-dip

• Associated with contact

• 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)

• 23.9m @ 1.7g/t Pd , 0.4g/t Pt, 0.5g/t Au , 0.1% Ni, 0.7% Cu , 0.02% Co from 313.0m to EOH (JD005)

• Other PGE assays (Ir, Os, Rh, Ru) pending

Eastern Contact:

• Several wide-spaced PGECu+/-Au intersections along ~1.2km of strike

• Associated with contact

• Further infill drilling required to define zones – now underway

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The Eastern Contact target position includes several wide-spaced PGE-Cu+/Au intersections along ~1.2km of strike

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JD002 massive sulphides at
~49.5m
- -
(pyrrhotite pentlandite
chalcopyrite)
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JD002 matrix/net-textured
sulphides at ~90.5m
- -
(pyrrhotite pentlandite
chalcopyrite)
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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 Drill holes RC – assayed RC – assays pending DDH – assayed DDH – assays pending

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Initial test of the new deep EM target (Conductor ‘X’) intersected disseminated sulphides ~800m beyond the high-grade G1-G5 Zones

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Several large EM anomalies recently identified to the north-east of Gonneville, all are yet to be tested (access pending)

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Historical surface sampling over regional magnetics (TMI-RTP) 2020 Airborne EM (channel 15)
May 2020 Sept 2020
N
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– Platinum Group Elements critical metals for our clean energy future

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

Palladium based catalytic converters preferred to comply with stricter emissions standards

Catalytic Converter

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Hydrogen Fuel Cell Truck

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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 fuel cells – in particular in heavy transport and energy storage sectors

The Platinum Group Elements (PGEs)

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PGEs identified to date at Julimar
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Accelerated drilling and metallurgical testwork program underway – aiming to define a maiden Mineral Resource by June 2021

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2020 Jul Aug Sept Oct Nov Dec Julimar Project, WA Access Approvals Julimar State Forest CMP Stage 1 Julimar State Forest Geophysics DHEM Airborne EM Soil Sampling Julimar State Forest (access pending) RC Drilling 200x80m over entire intrusion 80m step-out and 40x40m infill to ~250m deep (2 rigs) Diamond Drilling 80m step-out and infill beyond 250m deep (2 rigs) MRE / Metallurgy / Prelim rougher floatation testwork Flotation / leach – testwork / optimisation Mining Studies

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1

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Investment highlights
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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 underway at the Hawkstone Ni-Cu-Co Project in the Kimberley

A major greenfield discovery, ~A$36M returned to 3 shareholders to date and ~A$54M[1] in cash and investments – an excellent track record

1 As of 30 June 2020

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ASX: CHN | OTCQB: CGMLF

CONNECT WITH CHALICE @ChaliceGold chalice-gold-mines

Level 2, 1292 Hay Street West Perth WA 6005, Australia

+61 8 9322 3960 +61 8 9322 5800

info@chalicegold.com www.chalicegold.com

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The Chalice Story

Appendix

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TEAM

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

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We have people who know how to find mines…

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People who know how to finance and commercialise them

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Dr Kevin Frost

GM – Exploration, BSc (Hons) PhD MAIG

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

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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%)

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Bruce Kendall

GM – Development, BSc (Hons) MAIG

• 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)

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Alex Dorsch Managing Director, BEng (Hons), BFin

• Previously a Specialist with McKinsey & Company

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

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Supported by a significant team of staff project geologists and mining consultants

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Richard Hacker

Chief Financial Officer, BCom, ACA, ACIS

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

• • Company CFO since 2006

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COMPANY HISTORY

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

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2012 2020
Zara Gold Project in Major Ni-Cu-
Eritrea sold for PGE discovery
2006
~ US$114M (pre-tax) 2016 at Julimar
$7.5M raised in IPO
Cameron 2018 Project
on ASX to progress 2009 ~
A$0.10ps / A$25M Gold Project Staked
Chalice &
Zara Gold Project in Ontario sold 2020
capital return to Julimar Nickel-
Higginsville Projects
in Eritrea acquired shareholders for ~A$25M Copper-PGE A$30M raised
for ~A$7M (pre-tax) to progress
Project in
Julimar
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
2017 2019
2009-2011
2007 ~A$43M raised Acquired East Quebec Gold
Chalice & to progress Zara to Cadillac Gold Projects sold to
Higginsville DFS Project in O3 Mining
Quebec and
Projects sold 2013
staked
for ~A$12M Cameron Gold
Pyramid Hill 2018
(pre-tax) Project in Ontario
Gold Project A$0.04ps /
acquired for ~
in Victoria A$10.6M
~A$8M
capital return to
shareholders 21
1 As of 15 June 2020 As of 15 June 2020
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1 As of 15 June 2020 As of 15 June 2020

STRATEGY

Our strategy is to systematically acquire and explore in premier terranes; aiming to address the rapid decline in tier-1 scale discoveries worldwide

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Exploration Expenditures and Primary Gold discovered globally

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Declining trend
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Tier-1 scale discoveries (>US$1bn NPV) now represent only ~2% of all discoveries worldwide; Only one in Australia in last 10 years (Swan Zone at Fosterville)

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Peaks in discoveries precede the peaks in exploration spend. So the best time to get in [to explorers], is when exploration spend bottoms out and starts rising… which is now! MinEx Consulting, Nov 2018

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PORTFOLIO

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

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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%) SA
(100%)
Julimar Nickel-
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
Generative Project (reconnaissance and targeting)
Non-Operated Joint Ventures TAS
Available for JV / sale
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Royalties

• –

• Nyanzaga, Tanzania A$5 million payment receivable upon commercial production from Orecorp Limited (ASX: ORR)

• East Cadillac, Quebec – 1.0% NSR partial

• Kinebik, Quebec – 1.0% NSR

• Ardeen, Ontario – 0.12-1.0% NSR partial

• Cameron, Ontario – 1.0% NSR partial

• 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)

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Drilling at Pyramid Hill Gold Project, Oct-2019
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Pyramid Hill Gold Project

Victoria

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

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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
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>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

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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

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

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• 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

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

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

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Dispersion footprints of major gold deposits in Vic

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~9
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Our shallow, wide-spaced aircore drilling approach

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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…
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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’

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• 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 (maiden diamond drill program completed)

700 AC holes completed across ~10 targets

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

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1. KARRI PROSPECT

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

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• 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

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1. KARRI PROSPECT

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

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1. KARRI PROSPECT

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Gold Project
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AC Drilling over
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August 2020
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AC Drilling Max
Gold Contours
>0.025g/t
>0.1g/t
>1g/t 32
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Hawkstone field reconnaissance, Jun-2019
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Hawkstone Nickel-CopperCobalt Project

Western Australia

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

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600,000mE 700,000mE 800,000mE •
Frontier province highly prospective for
50km magmatic Ni-Cu-Co sulphide
N
•
Minimal modern exploration
•
2015 Merlin discovery by Buxton
WA Resources (ASX: BUX) highlighted
potential of Ruins Dolerite
•
Independence Group (ASX: IGO)
Ruins Area
entered the region in late 2018 with a
Merlin Ni-Cu-Co regional JV with Buxton
Prospect
(Buxton-IGO)
• Chalice now a significant player :
EL Applications over
Hart Dolerite outcrop
Derby • 600km [2] Ruins Area
Ruins acquired in June 2019
Dolerite •
Immediately SE of Merlin
Chalice Tenure
(proven host)
Buxton-IGO JV Tenure
Ruins Dolerite (mafic intrusive) • 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
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• Frontier province highly prospective for magmatic Ni-Cu-Co sulphide deposits

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

• Immediately SE of Merlin (proven host)

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

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

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Merlin
(IGO-Buxton)
Several high-
grade Ni-Cu-Co
drill intercepts
(up to 8% Ni)
King Sound Area
~8km Ruins Dolerite outcrop
Quick Shears
Several airborne EM
(IGO-Buxton)
anomalies identified
Ni-Cu sulphide
outcrop
Waterford Area
Ephesus Target
2 x ~5,000S discrete
shallow MLEM conductors
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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
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• Merlin (IGO-Buxton) hosts drill intercepts in Ruins Dolerite with grades up to 8.14% Ni, 5.26% Cu and 0.69% Co

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

• Ground based MLEM completed, 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 underway

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