CHALICE MINING LIMITED — Investor Presentation 2020

May 4, 2020

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Exciting new Ni-Cu-PGE discovery in WA and an emerging gold province in Vic
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5 May 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, receipt of tax credits and the value of future tax credits, 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; 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, 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

• 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

• 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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Drilling discovery hole JRC001 at Julimar Ni-Cu-PGE Project, Mar-2020
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Chalice has proven ability to:

• Acquire assets, make discoveries and define commercial mines

1

• Divest assets in a disciplined manner

Which has created significant value to date…

2

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

• ~A$36M returned to shareholders

• …given us the finances to think big…

• 3 ~A$25M[1] in working capital + investments

• No capital raised since 2011

…and dominate key exploration provinces:

• 3 district-scale greenfield precious / base metal projects in Australia

4

• Run by highly credentialled team

3

1 Estimate as of 27 April 2020

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Chalice’s portfolio includes three district-scale precious / base metal projects in premier terranes of Australia

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

• New greenfield nickel-copper-PGE sulphide discovery

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

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

Pyramid Hill Gold Project, Vic

• New >4km gold trend identified, 2 diamond rigs drilling

• 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 along strike

• 3 from an isolated Ni-Cu-Co prospect (Merlin – Buxton/IGO)

• >1,800km[2] holding in frontier province

• 85-100% owned

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)
$9.2M invested in 2006-2011
17%
Franklin Templeton Gold
11% & Precious Metals Fund
$12.3M invested in 2010
62%
10%
Other institutions
Others
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Research Analyst Coverage

Bridge Street Capital Chris Baker Euroz Securities Andrew Clayton Mine Life Resources Bulletin Gavin Wendt Redcloud Securities Jacob Willoughby Sprott Capital Partners Brock Salier

Capital Structure and Financials

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Equity listings
Shares Out. 274.8M Market capitalisation [2]
ASX: CHN
Shares (F/D) 296.9M ~A$330M (@ A$1.20ps)
OTCQB: CGMLF
Working Capital &
Debt Cash [2]
Investments [2]
nil ~A$18.7M
~A$25.4M
Key Investments Position Current Value
O3 Mining (TSX-V: OIII) 3.1M (7%) ~A$7.0M
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Discovery
confirmed
at Julimar
High-grade
Ni-Cu-PGE
3g/t Au discovery
intersected hole at
at Ironbark Julimar
Target
COVID-19
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Share Price & Volume Chart (CHN)

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20M
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5

2 Estimate as of 27 Apr 2020

1 As of 31 Dec 2019

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 (~17%)

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Bruce Kendall

GM – Corporate 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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Drilling discovery hole JRC001 at Julimar Ni-Cu-PGE Project, Mar-2020
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Julimar NickelCopper-PGE Project

Western Australia

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

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N
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~26km x 7km
Julimar Intrusive
Complex
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Gonneville
Ni-Cu-PGE
discovery
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Perth
20km
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WA
Granted tenure
Application tenure
Major road
Rail
Major fault
Minor fault
City / town
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Julimar NickelCopper-PGE Project

Tenure and nickel occurrences over regional magnetics (TMI-RTP) April 2020

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

• ~26km x 7km layered ultramafic-mafic intrusive complex was staked in early 2018 ( 100% owned )

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

• In mid-2019 recon, MLEM and soil geochemistry completed over a ~1.6km x 0.7km lens-shaped , magnetic feature ( Gonneville Intrusive )

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

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

8

The discovery hole at Gonneville targeted a strong, discrete MLEM conductor and intersected a wide high-grade Ni-Cu-PGE zone from 44m

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• JRC001 intersected:

• 33m @ 6.5g/t Pd, 0.7g/t Pt 1.6% Ni , 0.7% Cu, 0.1% Co from 44m, incl.

  • 13m @ 8.85g/t Pd, 1.09g/t Pt 3.15% Ni , 1.19% Cu in massive sulphides

• Massive sulphides correlated with MLEM model (Conductor ‘E’)

• A very strong conductive zone → zone ‘blind’ at depth

• A further 5x high-priority MLEM targets then drilled:

• A new, wide, high-grade zone of palladium-nickel-copper mineralisation intersected ~60m east of JRC001

• Every drill hole assayed to date has intersected broad PGE intervals

• → A significant Ni-Cu-PGE discovery and the start of a new province

9

The intrusive has a highly prospective geometry, with similarities to globally significant magmatic Ni-Cu+/-PGE sulphide deposits

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Julimar Nickel-Copper-PGE Project
Gonneville Intrusive – Aeromagnetic Inversion 3D Model
Plan View April 2020
N Side View
North South
State Forest Private Land
0.1SI Shell
APPROXIMATE
LIMIT OF
MLEM
OPEN
~1,600m ~650m
~1,600m
EM Conductors
APPROXIMATE
LIMIT OF MLEM Priority 1
500m Priority 2
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• Gonneville modelled as a ~1.6km long x ~0.7km wide x ~0.6km deep chonolith body • A favourable geometry for largescale magmatic sulphide deposits globally, e.g.:

• Jinchuan (China)

• Kabanga (Tanzania)

• ~24km of the intrusive complex to the north yet to be explored (State Forest)

10

Two parallel high-grade Ni-Cu-PGE zones identified thus far, both remain open along strike and at depth

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• JRC006, 60m east of discovery hole JRC001, intersected:

• 41m @ 2.6g/t Pd, 0.4g/t Pt, 0.5% Ni, 0.4% Cu, 0.03% Co from 39m (sulphide) to limit of assays

• This eastern zone may have been intersected in JD003 ~200m to the north , down-plunge

• Untested shallow conductive response in MLEM ~200m to south

• JD003 in disseminated sulphides down to ~460m (in progress)

• Diamond drilling + DHEM continues

• RC drilling to recommence mid-May

• SQUID EM program underway

• Assays pending for 7 holes and all other PGEs

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The wide high-grade Ni-Cu-PGE zones have a steep westerly dip and remain wide open

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JD002 massive sulphides at ~49.5m (assays pending)

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(pyrrhotite-pentlandite-chalcopyrite)
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JD002 matrix/net-textured sulphides at ~90.5m (assays pending)

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(pyrrhotite-pentlandite-chalcopyrite)
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Strong demand growth and lack of new sources of supply is driving Palladium to record highs

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Overview of PGEs and Uses

PGE Market and Pricing

• The platinum group elements (PGE) are platinum (Pt), palladium (Pd), iridium (Ir), osmium (Os), rhodium (Rh) and ruthenium (Ru)

• PGEs are co-products or by-products in most cases, and they are substitutes for each other in several industrial applications

• London Platinum and Palladium Market (LPPM) sets market prices

• Palladium market has been in deficit for nine consecutive years , and this acute supply shortage combined with demand for catalytic converters led to a record high of US$2,856/oz in Feb 2020

• Processing and separation of PGEs usually occurs via flotation and smelting, similar to nickel and copper

• The most dominant use of palladium (+80%) is in automotive catalytic converters

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

Palladium Demand and Supply

• The palladium and platinum markets are interlinked with regard to supply as well as demand

• Palladium is very rare , and hence is currently one of the most valuable precious metals

• Demand (~11.5Moz in 2019) largely driven by use as an auto-catalyst in gasoline and gasoline-hybrid vehicles, which have outsold diesel vehicles recently

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

• Current PGE pricing (Metals Daily, 29 April 2020):

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Pt = US$775/oz Pd = US$1,940/oz Ir = US$1570/oz
Os = US$400/oz Rh = US$8,000/oz Ru = US$265/oz
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• 3,000

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Gold vs Palladium Spot Price
2,500
LBMA-Gold Bullion (US$/oz)
LBMA-Palladium (US$/oz)
2,000
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1,500
1,000
500
0
28-Apr-15 28-Apr-16 28-Apr-17 28-Apr-18 28-Apr-19 28-Apr-20
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Source: S&P Global as at 28-Apr-2020

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The Project has strong
commercial drivers for
exploration
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+++

+++

+++

+++

+++

++

A new Ni-Cu-PGE province in unrecognised complex → never explored for magmatic sulphides and all upside preserved

Ni-Pd rich magmatic sulphide discoveries are exceptionally rare

Chalice has expanded its regional holding to >2,000km[2] → significant regional upside

100% owned → shareholders get entire uplift

Located on Perth’s doorstep → direct access to established infrastructure in a tier-1 mining jurisdiction

Project on private land and State Forest → year-round access

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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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15

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

16

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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Interpreted Faults
Murray River
Basement outcrop limit
Bendigo
Pyramid Hill Gold Project
Zone
Gold occurrence
Gold deposit
Chalice target
Providence
Catalyst Metals –
Gold
Stawell Hancock Prospecting Catalyst Melbourne
Zone Metals – Zone
St Barbara
Muckleford
-
Under Area Four Eagles (Catalyst
cover Hancock Prospecting)
Karri Tender
Release
Tandarra Area
-
Percydale (Catalyst Navarre)
Area Ironbark
Outcrop Mt William
Navarre
Area
Minerals
Inglewood
0.2Moz @ ~24g/t Au
Poverty Reef
St Arnaud 0.4Moz @ ~92g/t Au
0.4Moz @ ~15g/t Au
Fosterville Gold Mine
Bendigo ~9Moz @ ~12g/t Au (incl.
22Moz @ ~15g/t Au 2.1Moz reserve @ 21.8g/t Au)
143.5° 144.5°
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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 Phase 3. Drill-out scale potential prospects and revisit other targets

Currently drilling 2 highpriority targets → Karri and Ironbark (>300 holes completed thus far)

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350 AC holes completed across ~12 targets >15 lower-priority targets → drilling on hold for now

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1. KARRI PROSPECT

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First diamond drill hole intersected a wide zone of primary gold suggesting a significant gold system below the >4km long gold trend

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OPEN Muckleford
Area
• ~
N Maiden 7 hole diamond program for
Karri structure / geology in progress
Ironbark
•
OPEN First ever test at depth into a ‘blind target’
25km
11.45m @ 1.02g/t f/ 284m
incl. 2.55m @ 2.29g/t
•
SECTION PHD001 intersected:
Granitoid
Max gold in AC drill hole (g/t Au) o 2.55m @ 2.29g/t Au within 11.45m @
5,986,000mN
>1.0 1.02g/t Au from 284m
0.1 – 1.0
0.05 – 0.1
~4km 0.025 – 0.05 • Associated with stockwork quartz veining in
<0.025
>1.0g/t gold trend Castlemaine Group sediments – similar to
>0.1g/t gold trend other major gold systems in the region
OPEN >0.025g/t gold trend
•
Suggests a significant gold system below the
AC drill hole – assays pending
DDH – assayed >4km long gold trend
DDH – assays pending
DDH – planned
5,984,000mN
OPEN New DDH intercept (Au) • on
UNTESTED Drilling continues with two diamond rigs
AREA 2D seismic line – results pending 500m-1km spaced drill lines
Bendigo
(22Moz)
~65km Pyramid Hill Gold Project •
Assays pending for a further three diamond
Ironbark
~22km 1km Karri Prospect – Plan View holes
Drilling over 1VD Gravity
MGA94 Zone 54 April 2020 18
766,000mE 768,000mE
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• Suggests a significant gold system below the >4km long gold trend

1. KARRI PROSPECT

The gold zone is associated with a tight upright fold hinge – a characteristic feature of the large gold systems in the Bendigo Zone

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1. KARRI PROSPECT

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The gold footprint at Karri indicates the
potential for a sizeable gold system beneath
→ the size of the prize is significant
OPEN
N
~9Moz Fosterville Karri Target OPEN OPEN
Gold Mine Plan View
Plan View Scale
Comparison
Swan Zone [1]
~2.3Moz @ ~50g/t Au
>1.0g/t gold trend
>3g/t Au Resource grade >0.1g/t gold trend
shells surface projection (2018)
>0.025g/t gold trend
Reserve Stopes (2018)
Fault
Mined Development (2019)
AC drill hole – assays pending
Mined open pit
Fault
1km
20
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Source: Kirkland Lake Gold News Release 10 Dec 2019. 1 As of 31 Dec 2018

2. IRONBARK TARGET

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Two distinct, large diorite intrusions identified at the Ironbark Target ; up to 3g/t gold intersected in the first AC drill holes

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764,000 mE 765,000 mE Karri 766,000 mE Muckleford •
Area ~100 vertical AC holes completed to
4m @ 0.21g/t f/ 124m to EOH ~22km date – no historical drilling
Karri
SECTION • 50-80m of Murray Basin cover
20m @ 0.85g/t f/ 16m @ 0.24g/t f/ 64m Ironbark
102m to EOH
incl. 8m @ 0.45g/t
incl. 8m @ 2.0g/t
25km
•
New 4m composite drill intercepts at
12m @ 0.17g/t
f/ 104m incl. Cultural magnetic Ironbark North:
responses (fences)
8m @ 0.23g/t
•
Ironbark North 4m @ 3.0g/t Au , within 8m @
2.0g/t Au
Diorite intrusion outline • 8m @ 0.45g/t Au, within 16m @
Max gold in AC drill hole (g/t) 0.24g/t Au
>0.25
•
0.1 – 0.25 Ironbark intrusion also mineralised
0.05 – 0.01 with up to 1g/t Au to date
Ironbark 0.025 – 0.05
OPEN <0.025 •
Gold within diorite intrusion and on
New drill intercept (Au)
4m @ 0.39g/t f/ 72m margins – simple drill targets
Previous drill intercept (Au)
• All gold zones remain open
4m @ 0.71g/t f/ 72m
12m @ 0.22g/t f/ 76m
incl. 1m @ 1.1g/t •
250m x 50m infill AC grid drilling in
60m @ 0.07g/t f/ 36m OPEN progress
4m @ 0.34g/t f/ 40m & Pyramid Hill Gold Project
N 24m @ 0.12g/t f/ 64m •
Ironbark Target – Plan View Maiden diamond program for
500m diorite intrusionPossible 3 [rd] AC Drilling over TMI RTP structural / drill planning purposes in
Ground/Aeromagnetics
MGA Zone 54 February 2020 progress 21
5,964,000 mN
5,963,000 mN
5,962,000 mN
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2. IRONBARK TARGET

High-grade gold in diorite is common in Eastern Victoria, however Chalice’s discovery of gold in the Ironbark diorites is the first in the Bendigo Zone

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Pyramid Hill Gold Project
Ironbark North Target – Cross Section (5,964,100mN +/- 50m)
December 2019
West East
100m
16m @ 0.24g/t f/ 64m
200m OPEN incl. 8m @ 0.45g/t
20m @ 0.85g/t f/
102m to EOH
4m @ 0.21g/t f/ incl. 8m @ 2.0g/t
124m to EOH
100m
~675m
Murray Basin (cover) Anomalous gold zone (>0.1g/t Au)
Olney Fm (cover) Anomalous gold zone (>0.025g/t Au)
Castlemaine Group (Ordovician basement) Anomalous Arsenic (>50ppm As)
Diorite intrusive (basement) Anomalous Antimony (>50ppm Sb)
Base of transported cover New AC drill intercept (Au)
763,925mE 764,800mE
115m 124m 128m 122m 122m 106m 123m 127m 125m 126m
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• Gold in the diorites and on the margins

• Several historic highgrade diorite-associated gold deposits in Eastern Victoria, including:

• Cohen’s Reef

(~ 1.5Moz @ 32g/t Au ) → a single gold lode equivalent to half a Swan Zone!

• Morning Star ( ~800koz @ 26g/t Au )

• Both Ironbark diorite intrusions have a much larger footprint than those in Eastern Victoria

22

The Pyramid Hill Gold Project has strong commercial drivers for exploration

+++

+++

+++

+++

++

++

Highly prospective but essentially unexplored → a new no opportunity with huge upside and legacy brownfield issues

High-grade district + operating mines nearby → strong commercial drivers for exploration

5,000km[2 ] area with >300km of prospective strike → potential for dozens of discoveries

100% owned

→ shareholders will get entire uplift of a discovery

Moderate cost exploration due to cover, however air-core drilling has excellent ‘ bang for your buck ’

Almost exclusively broadacre farmland → year-round access with no environmentally sensitive ‘no-go’ areas . Chalice maintains strong social licence to operate

23

Forward plan – systematic exploration programs to continue in WA and VIC

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2020 Apr May Jun Jul Aug Sept
Julimar Project, WA
Access Approvals State Forest and private land
SQUID
Geophysics DHEM EM DHEM
Soil Sampling Gonneville
Gonneville
RC Drilling Phase 1 Gonneville Phase 2
Diamond Drilling Gonneville Phase 1 Phase 2
Mineralogy / Metallurgy Mineralogy and preliminary met testwork
Pyramid Hill Project, VIC
Ironbark
Diamond Drilling Karri (7 holes) (2 holes)
Geological Interp Karri 3D model incl. 2D seismic interp
Open file compilation
Regional Targeting (applications) NCVGGR award
24
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So why invest in Chalice?
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The new Julimar Ni-Cu-PGE discovery in WA has and has excellent 1 significant scale potential infrastructure access

Early exploration at the Pyramid Hill Gold Project in Vic 2 has identified a 4km long gold trend, 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$25M[1] in working capital and investments – an excellent track record

25

1 As at 27 April 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

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

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 Eritrea sold for 2006 ~ US$114M (pre-tax) 2016 $7.5M raised in IPO Cameron 2018 on ASX to progress 2009 ~ A$0.10ps / A$25M Gold Project Staked Julimar Project Chalice & Zara Gold Project in Ontario sold capital return to Nickel-CopperHigginsville Projects in Eritrea acquired shareholders for ~A$25M PGE Project in for ~A$7M (pre-tax) 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

2020 Significant Ni-Cu-PGE 2016 discovery Cameron 2018 at Julimar Gold Project Staked Julimar Project in Ontario sold Nickel-Copperfor ~A$25M PGE Project in (pre-tax) Western Australia

28

1 As of 27 Apr 2020

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 Project Mt Jackson
(100%) Gold Project SA
(100%)
Auralia Nickel-
Julimar Nickel- -
Copper Gold Project
Copper-PGE (100%)
Project (100%) Nulla South & Gibb NSW
Rock Gold JVs
SW Nickel
(Ramelius earning 75%)
Project (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

• Kurrajong Bore, WA – 1.25% NSR

Key Investments

• ~3.1M shares (~7%) in O3 Mining Inc. (TSX-V: OIII)

29

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

30

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

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Drilling at Pyramid Hill Gold Project, Feb-2020
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Pyramid Hill Gold Project

Appendix

31

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

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Interpreted Faults
Murray River
Basement outcrop limit
Bendigo
Pyramid Hill Gold Project
Zone
Gold occurrence
Gold deposit
Providence
Catalyst Metals –
Gold
Stawell Hancock Prospecting Catalyst Melbourne
Zone Metals – Zone
St Barbara
-
Under Four Eagles (Catalyst
cover Hancock Prospecting)
Tender
Release
Tandarra Area
-
(Catalyst Navarre)
Outcrop
Navarre
Minerals
Inglewood
0.2Moz @ ~24g/t Au
Poverty Reef
St Arnaud 0.4Moz @ ~92g/t Au
0.4Moz @ ~15g/t Au
Fosterville Gold Mine
Bendigo ~9Moz @ ~12g/t Au (incl.
22Moz @ ~15g/t Au 2.1Moz reserve @ 21.8g/t Au)
143.5° 144.5°
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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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Dispersion of gold and pathfinder metals such as arsenic and antimony is used to vector towards gold under cover

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Outcropping dispersion footprints
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Under cover
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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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34

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

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King Leopold field reconnaissance, Jun-2019
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King Leopold Nickel Project

Western Australia

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35

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

36

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

• Field activities to recommence mid2020 due to access constraints

37