CHALICE MINING LIMITED — Investor Presentation 2020

Aug 16, 2020

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Corporate Presentation – 17 August 2020

ASX: CHN | OTCQB: CGMLF

Forward looking statements and disclosures

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

Forward-Looking Statements

This document may contain forward-looking information within the meaning of Canadian securities legislation and forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, forward-looking statements). These forward-looking statements are made as of the date of this document and Chalice Gold Mines Limited (the Company) does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements relate to future events or future performance and reflect Company management’s expectations or beliefs regarding future events and include, but are not limited to, the 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; assay results of visually interpreted mineralised intersections; future prices of commodities; geophysical anomalies may or may not be associated with economic mineralisation; grade or recovery rates; accidents; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, movements in the share price of O3 Mining and future proceeds and timing of potential sale of O3 Mining securities, 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 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

• 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 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

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A unique, well-
funded exploration
specialist
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1

We have a proven generative model:

• Acquire, discover and define mines

• Progress and divest assets with discipline

An excellent track record:

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Drilling discovery hole JRC001 at Julimar Ni-Cu-PGE Project, Mar-2020
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3

4

• A major greenfield PGE-Ni-Cu-Co discovery in WA

• • ~A$110M[1] generated from asset sales

• ~A$36M returned to shareholders

A strong financial position:

• ~A$54M[1] in cash + investments

• Appetite + ability to hunt for ‘company makers’

An unrivalled exploration portfolio:

• Dominant player in two of Australia’s most exciting mineral provinces – the West Yilgarn Ni-Cu-PGE province (WA) and the Bendigo Zone (Vic)

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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, as well as two other district-scale projects

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3
WA Australia
1
VIC 2
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Julimar Nickel-Copper-PGE Project, WA

• New greenfield PGE-nickel-copper-cobalt sulphide discovery

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

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

Pyramid Hill Gold Project, Vic

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

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

• 100% owned, all under cover in unexplored terrane

King Leopold Nickel Project, WA

• New greenfield nickel sulphide opportunity in frontier province

3

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

• 85-100% owned, unexplored terrane

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

4

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 &
11% Precious Metals Fund
Long term holder since 2010
60%
17%
International institutions
Others
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Research Analyst Coverage

Bell Potter

Peter Arden

Bridge Street Capital Euroz Securities

Chris Baker Andrew Clayton

Mine Life Resources Bulletin

Gavin Wendt

Red Cloud Securities

Jacob Willoughby

Sprott Capital Partners

Brock Salier Ryan Armstrong

Taylor Collison

1 As of 30 June 2020

Capital Structure and Financials

Equity listings Shares Out. 307.5M Market capitalisation ASX: CHN Shares (F/D) 325.1M ~A$324M (@ A$1.06ps) OTCQB: CGMLF Debt Cash[2] Cash & Investments[2] nil ~A$46M ~A$54M

Key Investments Position Current Value[2] O3 Mining (TSX-V: OIII) 3.1M (5.3%) ~A$8.3M

Share Price & Volume Chart (CHN)

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Discovery $30M
confirmed Capital
at Julimar Raise
High-grade
Ni-Cu-PGE
discovery
hole at
Julimar
COVID-19
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20M
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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 Nickel-

Copper-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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• ~1 hour drive NE of Perth, with direct access to major highway, rail, power and port infrastructure

• ~26km layered ultramafic-mafic intrusive complex (Julimar Complex) was staked in early 2018 ( 100% owned )

• Complex largely under cover and had never been explored for nickel-copper-PGEs

• Exploration initially focused on a ~1.6km x 0.7km lensshaped , magnetic feature at the southern end of the Complex ( Gonneville Intrusion )

• First drill hole in March 2020 discovered wide, shallow zone of high-grade PGE-nickel-copper-cobalt mineralisation – the start of a new mineral province

• Chalice then expanded its regional licence holding significantly with >2,000km[2] of new licence applications

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The Gonneville Intrusion is a ~1.6km x 0.7km ‘chonolith’ – a favourable
geometry for large-scale orthomagmatic sulphide deposits globally
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Gonneville Intrusion – Magnetic / Gravity Inversion Model, Drilling and new SQUID EM Conductors

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~24km of Julimar
Complex within
State Forest yet to
OPEN
be explored
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OPEN

Magnetics (TMI-RTP)

EM Conductors Priority 1 Priority 2

New untested SQUID EM Targets 500m Gravity

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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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• High-grade massive / matrix sulphide zones:

• Up to ~30m wide over a ~400m x ~300m area

• Grade range of 3-15g/t PGE-Au, 0.53.3% Ni, 0.4-4.5% Cu, 0.03-0.27% Co

• All zones remain open → extensions being tested on an 80m x 80m grid

• Every drill hole has intersected wide Pd-rich disseminated sulphide intervals :

• PGE mineralisation widespread within layered Intrusion, proven to ~450m

• Grade range of 0.5-2g/t PGEs , 0.10.2% Ni, 0.05-0.15% Cu, 0.01-0.03% Co

• Oxide zone enriched in PGEs (1.2-4.5g/t PGEs) from surface to ~25m

• Chalice strategy to explore and define both high-grade and disseminated zones in parallel:

• 2 RC rigs and 1 diamond rig drilling

• SQUID EM / MLEM / DHEM all in use

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Three high-grade zones recently extended with new wide intercepts , adding significant potential down-dip of G1 and along the footwall contact

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• G1 Zone – the discovery zone:

• ~5-40m wide

• 400m strike x up to 340m dip

• • Potentially widening at depth

• • Open at depth and to the south

G2 Zone :

• ~40m wide

• Open to the south

G3 Zone :

• ~10-25m wide

• • Wide-open

G4 Zone:

• ~20m wide

• 300m strike , unknown dip extent

• Wide-open

• Possible footwall contact position → a new highly prospective target horizon

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The four high-grade zones remain open and have significant growth potential; step-out drilling continues on a wide 80m x 80m grid

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G1 Zone – the discovery zone:

• ~5-40m wide

• 400m strike x up to 340m dip

• Potentially widening at depth

• Open at depth and to the south

G2 Zone :

• ~40m wide

• Open to the south

G3 Zone :

• ~10-25m wide

• Wide-open

G4 Zone:

• ~20m wide

• 300m strike , unknown dip extent

• Wide-open

• Possible footwall contact position → a new highly prospective target horizon

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The high-grade G1 Zone is continuous over ~400m of strike and ~340m of dip extent and hosts shallow Pd-Ni rich sulphides

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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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The G1 Zone appears to be widening down-dip to the west, and remains open at depth and open along strike to the south

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G1 Zone specimen samples from JD013 (239-264m) – all assays pending

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The high-grade PGE-Cu-Au dominant G4 Zone appears to be associated with the highly prospective footwall contact of Gonneville Intrusion

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G4 Zone core photos from JD005 (314-321m), ~80m south of JD006 – 10.1m @ 2.9g/t Pd, 0.6g/t Pt, 1.2g/t Au, 0.1% Ni, 1.3% Cu, 0.01% Co

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The wide PGE-Ni-Cu intervals intersected in every drill hole to date indicate the potential for a very large-scale deposit

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The Julimar Complex extends a further ~24km north-east of Gonneville and is yet to be explored (access pending)

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• Vast majority of the Julimar Complex lies within the Julimar State Forest

• Entire complex on Chalice’s granted tenure

• Approval process to gain access underway

• Key target ~10km NE of Gonneville – possible magmatic feeder zone:

• Anomalous Ni/Cu/Pd in soils – suggests prospective ultramafic geology

• Discrete magnetic signature, similar to Gonneville

• Feeder zones considered highly prospective for Ni-Cu-PGE sulphides

• → Airborne EM to be flown in August 2020 over entire area

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Strong demand growth and lack of new sources of supply is driving the critical metal Palladium to record highs

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The Platinum Group Elements (PGE):

Palladium Market

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PGEs Identified
at Julimar
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• Pd in deficit for nine consecutive years – recent record price of US$2,856/oz reached in Feb 2020

• Demand growth (>11.5Moz in 2019) largely driven by gasoline and gasoline-hybrid vehicles

• Supply (~10.8Moz in 2019) predominantly sourced from mines in Russia and South Africa (+75%) – very few new discoveries worldwide

• The most dominant use of PGEs (+70%) is in automotive catalytic converters (pollution control devices)

• Future opportunities are positive in electrification of transport – hybrid and fuel cell vehicles

• Minimal PGE production in Australia – a ‘ critical mineral ’ of strategic importance

Gold vs Palladium Spot Price[*]

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$3,000.00
LBMA-Gold Bullion (US$/oz) LBMA-Palladium (US$/oz)
$2,500.00
$2,000.00
$1,500.00
$1,000.00
$500.00
$0.00
Jul-15 Jul-16 Jul-17 Jul-18 Jul-19
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Jul-19 Jul-20 17

*Source: S&P Global 10 July 2020

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)
200x80m Disseminated
RC Drilling 80m x 40m High-grade + 100x80m Disseminated ~30,000m
~11,000m
80x80m High-grade + New EM
Diamond Drilling 80x40m High-grade ~6,000m
Targets ~2,250m
MRE / Metallurgy / Prelim Rougher Floatation
Flotation testwork / optimisation
Testwork
Mining Studies
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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 the Bendigo gold district of 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 Fosterville Gold Mine:

2019 operating cash Dec-18 Mineral costs guidance Reserve US$1302.7Moz at 150/oz 31.0g/t Au

2019 Production ~619koz at ~40g/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

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 areas essentially un-drilled

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

Phase 1. Screen the thin cover (<100m) areas with widespaced recon sampling + AC drilling

Phase 2. Infill and 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

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

~10 targets

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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 outcropping gold deposits in Vic

Our approach

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~9 Drill Line 1 Arsenic (we are close)
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

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

• Diamond drilling to resume in late Q3 2020

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1. KARRI PROSPECT

The initial diamond holes have provided compelling targets for the next phase of diamond drilling

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1

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

Early exploration at the Pyramid Hill Gold Project in Vic 2 has identified exceptional scale targets, close to Fosterville and along strike from world-class goldfields

>A$110M generated from asset sales, ~A$36M returned 3 to 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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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

ASX : CHN | OTCQB: CGMLF

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The Chalice Story

Appendix

27

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
28
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

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 Executive 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

29

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

Chalice’s portfolio includes key district-scale gold and nickel projects as well as several royalties, investments and non-operated JVs

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Australia
King Leopold Warrego North
-
Nickel Project Copper- Gold Project
(70 100%)
-
(85 100%)
Flinders River
Vanadium Project
NT (100%)
QLD
WA
Barrabarra Nickel-
- Mt Jackson
Copper PGE Project
Gold Project SA
(100%)
(100%)
Auralia Nickel-
Julimar Nickel- -
Copper Gold Project
Copper-PGE (100%)
Project (100%) Nulla South & Gibb NSW
SW Nickel- Rock Gold JVs
Copper-PGE (Ramelius earning 75%)
-
Project (70 100%) 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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CASE STUDY

Gold Road Resources (ASX: GOR) started with greenfield exploration in an underexplored belt and are now a >A$1Bn company

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Gold Road (ASX: GOR) Share Price (A$)

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1.80
HIGH 1.625
1.60 Mining
Feasibility Commenced
Studies
1.40
50: 50 JV with Gold
1.20 Fields for A$350M
Pre-Feasibility
Study
1.00
Gruyere
0.80 Discovery
0.60
First Gold
0.40
Construction
Commenced
0.20
Maiden Resource: 150Mt @ 1.3g/t
LOW 0.07
0.00
Oct-13 Oct-14 Oct-15 Oct-16 Oct-17 Oct-18 Oct-19
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The Gruyere discovery was located in a similar underexplored yet proven mineral province

• 50:50 JV partner with Gold Fields (NYSE: GFI) – a major global miner

• Sale provided GOR with A$350 million in cash plus a 1.5% Net Smelter Return royalty

• Gruyere has a 12yr mine life at 300koz p.a. and is cashed up for new exploration opportunities

• A recent and highly relevant example of how a junior explorer grew rapidly off the back of a single discovery

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Source: S&P Global Market Intelligence, 8-Oct-19

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

Appendix

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

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Chalice is in good company in the district, with the entire Northern Bendigo Zone essentially consolidated by a handful of majors and juniors…

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… the success of Fosterville has attracted significant new players into the district and Chalice has positioned itself early

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The major 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 Priority Target
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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King Leopold field reconnaissance, Jun-2019
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King Leopold Nickel Project

Western Australia

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

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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
King Leopold Hart
Kimberley Basin
Nickel 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
King Leopold Nickel occurrence Ruins Dolerite Devonian cover
Nickel 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 over 4 targets to date

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

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

• Soil sampling and ground EM underway in readiness for maiden drill program in Q3 2020

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