CHALICE MINING LIMITED — Investor Presentation 2020

Feb 27, 2020

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28 February 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 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”, “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 Spectrum Metals securities and future proceeds and timing of potential sale of O3 Mining and Spectrum Metals 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 the exploration results for the Pyramid Hill Project is extracted from the following ASX announcements:

• “Drilling to recommence at the Pyramid Hill Gold Project in late September”, 2 September 2019

• “Extensive gold and arsenic footprint points towards potential gold system at Ironbark Target, Pyramid Hill Gold Project”, 14 November 2019

• “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

• 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.

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A unique, well-
funded exploration
specialist
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Drilling at Pyramid Hill Gold Project, Oct-19
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Chalice has proven ability to:

• Make opportunistic acquisitions

1

• Explore for mines and add value

• Divest assets in a disciplined manner

Which has created significant value to date…

• ~A$107M[1] generated from asset sales

• 2

• ~A$36M returned to shareholders

• No capital raised since 2011

• …and given us the finances to think big:

• ~A$30M in working capital + investments (~A$0.11 per share)[1]

3

• Including ~A$10M in cash[2]

3

1 Estimate as of 27 Feb 2020 2 As of 31 Dec 2019

Capital Structure and Financials

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

Redcloud Securities (Toronto) Mine Life Resource Bulletin (Sydney)

Jacob Willoughby Gavin Wendt

Equity listings Shares Out. 274.1M Market capitalisation[2] ASX: CHN Shares (F/D) 296.9M ~A$68M (@ A$0.25ps) OTCQB: CGMLF Working Capital & Debt Cash[1] Investments[2] nil ~A$9.7M ~A$30M Key Investments Position Investment Current Value[2] Spectrum Metals (ASX: SPX) 97M (7%) ~A$5.6M ~A$14.1M[3] O3 Mining (TSX-V: OIII) 3.1M (7%) - (vend) ~A$7.8M

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4g/t Au
Share Price & Volume History (CHN) intersected
3g/t Au within >4km
intersected
gold trend at
at Ironbark
Karri Target
Target
>2km gold trend
Quebec Projects sold discovered at
for C$12M + royalty Karri Target
20M
10M
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2 Estimate as of 27 Feb 2020 3 Subject to a 15cps takeover bid from Ramelius (ASX: RMS)

1 As of 31 Dec 2019

We are a dynamic group of accomplished mine finders and sound 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 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

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

US$130150/oz

2.7Moz at 31.0g/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 a >5,000km[2] essentially unexplored land holding surrounding two world-class deposits and a number of other high-grade 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 2.7Moz reserve @ 31g/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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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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Interpreted Faults
Murray River
Basement outcrop limit
Bendigo
Pyramid Hill Gold Project
Zone
Gold occurrence
Gold deposit
Chalice target
Stawell Melbourne
Zone Zone
Muckleford
Under Area
cover
Karri
Percydale
Area Ironbark
Outcrop Mt William
Area
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 2.7Moz reserve @ 31g/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 Phase 2. Infill and sampling + AC drilling 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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Drilling at Pyramid Hill Gold Project, Feb-2020
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Pyramid Hill Gold Project

Key results to date

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1. KARRI TARGET

A >4km gold trend has been identified at the Karri Target , which remains open along strike

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• ~180 vertical AC holes completed to date – no historical drilling near target

• 50-85m of Murray Basin cover

• Continuous gold trend over >4km of strike and up to 500m wide

• Up to ~4g/t gold intersected in weathered basement on wide-spaced drill lines

• Early similarities to typical strike extensive gold systems in region like Fosterville and Bendigo

• Gold zone remains open along strike and as yet untested at depth

• 250m x 50m infill AC grid drilling in progress

• Maiden diamond hole for structural / drill planning purposes completed (assays pending)

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1. KARRI TARGET

The extensive gold anomaly within weathered basement is continuous between ~500m spaced drill lines

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SECTION
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1. KARRI TARGET

There are also several subparallel gold trends, all of which remain open along strike and open at depth in fresh rock

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SECTION
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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
Gold Mine Plan View
Plan View Scale OPEN
Comparison
OPEN
Swan Zone Reserve [1]
~2.3Moz @ ~50g/t Au
OPEN
>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
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OPEN
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Source: Kirkland Lake Gold News Release 10 Dec 2019. 1 As of 31 Dec 2018

2. IRONBARK TARGET

Up to 3g/t gold intersected in the first AC drill holes at the Ironbark Target ; initial test at depth currently underway

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• ~100 vertical AC holes completed to date – no historical drilling

• 50-80m of Murray Basin cover

• New 4m composite drill intercepts at Ironbark North:

• 4m @ 3.0g/t Au , within 8m @ 2.0g/t Au

• 8m @ 0.45g/t Au, within 16m @ 0.24g/t Au

• Gold within diorite intrusion and on margins – a simple drill target

• Ironbark intrusion also mineralised with up to 1g/t Au to date

All gold zones remain open

• 250m x 50m infill AC grid drilling in progress

• Maiden diamond program

• underway for structural / drill planning purposes

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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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Gold in the diorites and on the margins

• Several high-grade diorite-associated gold deposits in Eastern Victoria, including:

• Cohen’s Reef (~ 1.5Moz @ 32g/t Au ) → a single gold lode equivalent to half a Fosterville!

• Morning Star ( ~800koz @ 26g/t Au )

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

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The Project has strong commercial drivers for exploration

Highly prospective but essentially unexplored +++ → a new opportunity with huge upside and no 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

++

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So why invest?
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We are drilling targets that have significant scale 1 ’ potential – a discovery could be a ‘ company maker

~A$30M in working capital and investments (~A$0.11ps)[1 ] – we are well funded

2

>A$100M generated from asset sales, ~A$36M returned to shareholders to date – team has a solid technical and commercial track record

3

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1 Estimate as of 27 Feb 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

APPENDIX - 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

22

COMPANY HISTORY

Since our 2006 IPO, we have acquired well, advanced projects quickly and generated >A$100M in after-tax proceeds[1] from asset sales

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2012 Zara Gold Project in Eritrea sold for 2006 2016 ~ US$114M (pre-tax) $7.5M raised in IPO Cameron 2018 on ASX to progress 2009 ~ Gold Project in ~ A$0.10ps / A$25M A$0.04ps / A$10.6M Chalice & Ontario sold Zara Gold Project capital return to capital return to Higginsville Projects for ~A$25M in Eritrea acquired shareholders shareholders (pre-tax) for ~A$7M 2 0 0 6 2 0 0 8 2 0 1 0 2 0 1 2 2 0 1 4 2 0 1 6 2 0 1 8 2 0 2 0 2019 2009-2011 Quebec Gold 2017 2007 ~A$43M raised Projects sold to O3 Acquired East Chalice & to progress Zara to DFS Cadillac Gold Mining Higginsville Project in Quebec Projects sold 2013 and staked for ~A$12M Cameron Gold Pyramid Hill Gold (pre-tax) Project in Ontario Project in Victoria acquired for ~A$8M

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1 As of end 2018

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-
-
Copper Gold Project
Julimar Nickel
(100%)
Project (100%)
NSW
Nulla South & Gibb
Rock Gold JVs
SW Nickel
(Ramelius earning 75%)
Project (100%)
Pyramid Hill
VIC Gold Project
(100%)
Key Project
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TAS
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Generative Project (reconnaissance and targeting) Non-Operated Joint Ventures

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Available for JV / sale

Royalties

• –

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

• East Cadillac, Quebec – 1.0% NSR partial

• Kinebik, Quebec – 1.0% NSR

• Ardeen, Ontario – 0.12-1.0% NSR partial

• Cameron, Ontario – 1.0% NSR partial

• Jericho, WA – 1.0% NSR capped

• Bunjarra Well, WA – 1.0% NSR capped

• Kurrajong Bore, WA – 1.25% NSR

Key Investments

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

• ~97M shares (~7%) in Spectrum Metals Ltd (ASX: SPX)

24

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

25

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

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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

• Field activities to recommence mid2020 due to access constraints

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