CHALICE MINING LIMITED — Investor Presentation 2021

Oct 4, 2021

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ASX: CHN | OTCQB: CGMLF

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

Australian Nickel Conference

5 October 2021

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Forward looking statements and competent person(s) disclosure

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

Not an offer in the United States This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, registration under the US Securities Act and applicable US state securities laws.

Forward-Looking Statement

This document may contain forward-looking information, including 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 Mining 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 completion of the intended demerger, the estimated timing of drilling in the Julimar State Forest, the fair value of investments ultimately realised, the estimation of mineral reserves and mineral resources, the realisation of mineral resource estimates, estimation of metallurgical recoveries, the forecast timing of the estimation of mineral resources, the likelihood of exploration success at the Company’s projects, the prospectivity of the Company’s exploration projects, the existence of additional EM anomalies within the Julimar Project, the forecast timing of the completion of the Gonneville Scoping Study, the timing of future exploration activities on the Company’s exploration projects, planned expenditures and budgets and the execution thereof, the timing and availability of drill results, potential sites for additional drilling, 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 “aiming”, “could”, “deposit”, “emerging”, “estimate”, “exceptional”, “favourable”, “forecast”, “highly”, “interpreted”, “likely”, “needed”, “planned”, “potential”, “prospects”, “ongoing”, “robustness”, “significant”, ”targeted”, “unrivalled”, “world class” 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; assay results of soil samples; whether geophysical and geochemical anomalies are related to economic mineralisation or some other feature; obtaining appropriate access to undertake additional ground disturbing exploration work on EM anomalies located in the Julimar State Forrest; the results from testing EM anomalies; results of planned metallurgical test work Including results from other zones not tested yet, scaling up to commercial operations; changes in project parameters as plans continue to be refined; changes in exploration programs and budgets based upon the results of exploration, future prices of mineral resources; grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; movements in the share price of investments and the timing and proceeds realised on future disposals of investments, the impact of the COVID 19 epidemic as well as those factors detailed from time to time in the Company’s interim and annual financial statements, all of which are filed and available for review on SEDAR at sedar.com, ASX at asx.com.au and OTC Markets at otcmarkets.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that 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.

Disclaimer

Whilst care has been exercised in preparing and presenting this presentation, to the maximum extent permitted by law, the Company and its representatives:

• Make no representation, warranty or undertaking, express or implied, as to the adequacy, accuracy, completeness or reasonableness of this Presentation;

• Accept no responsibility or liability as to the adequacy, accuracy, completeness or reasonableness of this Presentation; and

• • Accept no responsibility for any errors or omissions from this Presentation.

Competent Person and Qualifying Persons Statement

The Information in this presentation and the interactive 3D model that relates to exploration results for the Julimar Project is extracted from the following ASX announcements:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

• “Chalice secures access to major new targets at Julimar”, 4 January 2021

• “Four new high-grade zones defined as Julimar continues to grow”, 27 January 2021

• ‘More positive results from ongoing metallurgical testwork at Julimar”, 16 February 2021

• “New EM Conductors and Nickel-Copper Soil Anomalies at Hartog”, 25 March 2021

• • “Resource drilling at Julimar delivers further growth in high-grade zones”, 22 April 2021

• “Extensive Ni-Cu Soil Anomalism at Julimar” 9 June 2021

• “Resource drilling continues to define continuous high-grade zones at Julimar”, 2 July 2021

• “Twelfth High-Grade Zone Defined at Julimar”, 2 August 2021

• • “Gonneville High-Grade Zones Extended at Depth”, 28 September 2021

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

• “First Diamond Drill Hole at Karri Hits Primary Gold Zone” 7 April 2020

• “Large gold system confirmed at Karri, Pyramid Hill”, 29 July 2020

• “Chalice announces intention to demerge gold assets”, 12 July 2021

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

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

• “Strong EM Conductors Identified at King Leopold Project”, 20 August 2019

The above announcements are available to view on the Company’s website at chalicemining.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. This announcement is authorised for release by the Disclosure Committee.

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A unique exploration specialist with a globally significant discovery

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• Australia’s first major palladium discovery

• Emerging as a world-class, strategic deposit of critical, ‘green metals’ in a world-class jurisdiction

• Highly leveraged to battery (Ni-Cu-Co) and hydrogen (PGEs-Ni) technology adoption

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• >5,000km[2 ] Pyramid Hill Gold Project in Bendigo Zone of Victoria – several new high-grade gold zones undercover

• ‘Falcon Metals’ Demerger and IPO planned in Q4 2021

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• Proven ability to discover and define mines

• ~A$116M [2] in cash + investments

• ~4,000% TSR since Julimar discovery in March 2020

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2 As at 30 June 2021

1 Subject to shareholder and regulatory approvals

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Julimar is a ‘green
metals’ discovery
These metals are
needed to decarbonise
the global economy and
address climate change
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Highly versatile but rare metal used to remove nitrogen oxides (NOx) from exhausts / hydrogen / ammonia streams. NOx are 300x more potent than CO2 as a greenhouse gas

The key battery cathode material in EVs, high nickel NMC 811 batteries are the favoured chemistry

EV-driven nickel demand is forecast to increase 19x by 2040 ; lack of new sulphide discoveries worldwide in recent years has created a significant forecast supply shortage

~11Moz p.a. palladium market in deficit for nine consecutive years; supply dominated by Russia

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Used extensively in the green energy industry including in renewables, energy storage and EVs

Highly effective catalyst (similar to Pd) in hydrogen applications, including green hydrogen production and fuel cells

Copper demand is forecast to outstrip supply by mid-2021; lack of new largescale discoveries worldwide

Ongoing deficit and supply challenges; supply dominated by South Africa

Source: Johnson Matthey PGM Market Report 2021, BNEF Electric Vehicle Outlook 2020, IEA, S&P Global CM Copper Feb 21.

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Julimar Nickel – Copper-PGE Project Western Australia

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

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• Greenfield project staked in early 2018 ( 100% owned )

• First drill hole in March 2020 intersected 25m @ 8.5g/t Pd, 0.9g/t Pt, 0.1g/t Au, 2.0% Ni, 0.9% Cu, 0.11% Co from 46m

• Discovery made ~70km NE of Perth – named Gonneville

• Gonneville is at the southern end of a >26km long, unexplored layered mafic-ultramafic complex (the Julimar Complex)

• Gonneville discovery made on private farmland; remaining ~24km of strike along the Julimar Complex yet to be drilled (access pending)

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

• Favourable location with direct access to major highway, rail, power, port infrastructure as well as large local workforce

• Gonneville discovery being advanced rapidly in parallel to initial regional exploration ( area almost totally unexplored for Ni-Cu-PGEs )

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The exceptional Gonneville PGE-nickel-copper-cobalt-gold sulphide discovery is just the first along a >26km long intrusive complex

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WA
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Julimar Complex

• Interpreted >26km long maficultramafic intrusive complex

Baudin, Jansz & Torres Targets (untested)

• Large AEM and Ni-Cu soil anomalies comparable to Gonneville

Hartog Target (untested)

• ~6.5km long AEM anomaly, with coincident ground EM and Ni-Cu-soil anomalies comparable to Gonneville

• Drilling targeted to commence in early Q4 2021*

Gonneville Deposit

• ~600 holes drilled across ~1.8km x 0.9km intrusion, open to the north

• 13 shallow, high-grade PGE-Ni-Cu-Co+/-Au zones – 11 remain open

• Maiden Mineral Resource Estimate targeted for mid Q4 2021

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Gonneville is emerging as a world class, strategic deposit of critical metals , with a range of PGE-Ni-Cu-Co-Au mineralisation styles

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• >1.9km x 0.9km x 0.8km intrusion, open to the north and at depth, hosting:

• 13 shallow high-grade PGENi-Cu-Co+/-Au sulphide zones (G1-G13, using >1g/t Pd cut-off) – 11 remain open

• >250 high-grade (>1g/t Pd) sulphide intersections outside the 13 high-grade zones

• Widespread PGE-Ni-Cu mineralisation associated with disseminated sulphides (0.5-2.0g/t PGEs+Au) surrounding the high-grade zones

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

• ~600 holes for ~155,000m completed to date – resource modelling underway

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The 13 high-grade zones have significant strike length and extend from ~25m to ~600m below surface thus far

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3D view looking north-west over the Gonneville Intrusion (grey)

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Wide-spaced step-out drilling is now targeting extensions of the high-grade G1-G6 zones, with ~1,000m of potential plunge extent still untested

3D view looking east-south-east over the Gonneville Intrusion (grey)

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Immediately north of Gonneville, the Hartog Target is the highest priority within the >26km long Julimar Complex – drilling targeted in early Q4 2021

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Hartog

• ~6.5km long gravityAEM anomaly

• ~30 ground EM conductors and multikilometre scale Ni-Cu soil anomalies, comparable to Gonneville prediscovery

• Coherent Cr soil

• anomaly – interpreted as mafic-ultramafic geology

Baudin-Jansz-Torres

• Multiple gravity-AEM anomalies

• Multi-kilometre scale Ni-Cu soil anomalies

• Drilling planned on farmland in Q4 2021

Note: Drilling targeted in early Q4 2021, subject to access approvals

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Preliminary met testwork shows high Pd-Pt-Ni-Cu-Co recoveries into two commercially attractive concentrates using conventional flotation

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Simplified sequential flotation process for high-grade sulphide mineralisation

Rougher & Rougher & High-grade Crush & grind cleaner flotation cleaner flotation sulphide (fresh) ore (P80 of 38-75µm) into Cu-PGE-Au into Ni-Co-PGE concentrate concentrate

• Testwork to date demonstrates potential to produce two commercially attractive concentrates for sale

• Low levels of potentially deleterious elements (As, Cd, Se, Te, Hg, Pb, F, Cl) in concentrates produced to date

Metal	Expected Recovery (%)
Copper (to Cu-PGE-Au con)	80-90
Nickel & Cobalt (to Ni-Co-PGE con)	60-75
Palladium (to both cons)	75-85
Platinum (to both cons)	65-75
Gold (to Cu-PGE-Au con)	35-75

• Variability testwork continues and additional metallurgical sampling underway

Simplified flotation process for disseminated sulphide mineralisation

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Rougher &
Rougher & Potential bulk
Disseminated cleaner flotation
Crush & grind cleaner flotation concentrate
sulphide (fresh) into bulk Ni-Cu-
ore (P80 of 38-75µm) into Cu-PGE-Au Co-PGE enrichment
concentrate process
concentrate
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• Initial testwork indicates the potential to produce two commercially attractive concentrates for sale

• Several processing alternatives to enrich bulk Ni-Cu-Co-PGE concentrate being investigated in order to maximise recovery and smelter payability

• $2.9M CRC-P grant from Commonwealth Govt to evaluate downstream processing options in 2021-2023

• Testwork and flowsheet development work continues ahead of Scoping Study, targeted for completion in H1 2022

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Initial drilling at Hartog in early Q4 and maiden Mineral Resource Estimate in mid Q4 represent significant upcoming milestones

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2021
Q1 Q2 Q3 Q4
Julimar State Forest
Reconnaissance
Ground EM, gravity and soil sampling Infill ground EM and soil sampling
exploration
Environmental Stage 2 CMP [1] assessment
Access approvals
surveys (drilling activities) [2]
Initial recon drilling at Hartog [2 ]
Diamond drilling
(2-4 rigs)
Gonneville
RC drilling 160m x 80m step-out grid → 40m x 40m infill grid to ~250m deep for indicated category resources (2-3 rigs, ~95,000m)
Mar-2020
Step-out +
Diamond drilling Step-out + 40m x 40m infill grid beyond 250m deep for indicated/inferred category resources (4-5 rigs, ~65,000m)
Apr-2020 Geotech / met
Metallurgical Phase 2 – G1-G6 sulphide zone flotation and leach Phase 3 – high-grade sulphide variability, disseminated sulphide flotation, comminution,
testwork Sep-2020 (oxide) testwork bulk concentrate enrichment
Resource modelling Preliminary grade-tonnage and pit-shell modelling MRE#1 modelling MRE #2
Other studies
Mining, processing, marketing, hydrology, hydrogeology, waste rock characterisation and infrastructure
(scoping)
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1 Conservation Management Plan – a plan outlining Chalice’s proposed exploration approach within the Julimar State Forest. 2 Access to the Julimar State Forest for drilling activities has not yet been granted. The Company continues to engage with relevant government entities to progress its CMP approval and the above timeline is an estimate only

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

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

• Chalice has taken a proactive approach to environmental practices

• • Baseline flora, fauna, heritage and dieback surveys completed on farmland

  • Flora, fauna, heritage and dieback surveys completed in Hartog-Baudin areas of the Julimar State Forest,

  • Further flora-fauna surveys planned in northern end of the Julimar State Forest

• Planning low-impact drilling techniques within the Julimar State Forest (small footprint diamond rigs) which do not require any vegetation clearance

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

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

• Community Fact Sheets and Newsletters developed to deliver information on environment, community consultation, exploration licences and exploration activities

• Active, open and transparent engagement continues with key stakeholders

• Growing community funding to achieve long term positive impacts

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The Julimar discovery has kick-started the new West Yilgarn Ni-Cu-PGE Province, which could deliver more major discoveries

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Narryer
Terrane
•
Narryer
•
Youanmi
Burtville Terrane
Terrane
Barrabarra •
YILGARN CRATON •
West Yilgarn
Ni-Cu-PGE
Province Kurnalpi
(~1,200km x Julimar Terrane •
~100km) Kalgoorlie
Terrane
PERTH
South West •
Terrane
•
South West •
N
Chalice Tenure
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Many of the ‘giant’ Ni-Cu-PGE sulphide deposits such as Norilsk, Jinchuan, Thompson and Voisey’s Bay are located proximal to the margin of Archean age cratons

The western margin of the Yilgarn craton (Archean) is almost entirely unexplored for these mineral systems

We made the first discovery (Julimar), so were able to stake a >8,000km[2] licence area along this western margin

Hundreds of potential intrusions already identified within our licence area

Large-scale Ni-Cu-PGE soil anomaly already identified at Barrabarra ( ~300km north of Julimar ) – AC drilling planned in Q4 2021

MLEM to recommence at South West in Q4 2021

Initial airborne EM surveys over remaining Julimar and new Barrabarra areas in Q4 2021

An exciting new province with the potential for several major nickel sulphide discoveries in the years ahead

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Investment highlights
A unique exploration
specialist with a globally
significant discovery
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Our PGE-Ni-Cu-Co-Au discovery at Julimar is emerging as a world class, strategic deposit of critical, ‘green metals’ in Western Australia

Significant exploration upside from the untested ~24km of Julimar Complex and our dominant position within the new West Yilgarn Ni-Cu-PGE Province

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A major discovery and new mineral province being advanced rapidly, ~A$116M[1] in cash and investments and a team with an excellent track record

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1 As at 30 June2021

16

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ABN 47 1 16 648 956

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www.chalicemining.com chalice-mining @ChaliceMining
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Interactive 3D Model: Take a tour of our globally significant PGE-Ni-Cu-CoAu discovery at the Julimar Project, Western Australia

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Click here to explore Julimar in 3D: https://inventum3d.com/c/chalicemining
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The Chalice Story Appendix

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Corporate Snapshot

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Top Shareholders [1]
Tim Goyder (Chairman)
Founder in 2006
11%
45%
Retail & HNWI
44%
Institutional
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Board of Directors Management Tim Goyder ( Chairman ) Richard Hacker ( CFO ) Alex Dorsch ( Managing Director ) Kevin Frost ( GM Exploration ) Morgan Ball ( Lead Independent NED ) Bruce Kendall ( GM Development ) Stephen Quin ( Non-Exec Director ) Michael Elias ( Study Mgr – Julimar ) Garret Dixon ( Non-Exec Director ) Soo Carney ( GM Env and Comm) Stephen McIntosh ( Non-Exec Director ) Chris MacKinnon ( BD and Legal Mgr ) Linda Kenyon (Non-Exec Director) Jamie Armes ( Co Sec )

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Capital Structure and Financials

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Equity listings
ASX: CHN
OTCQB: CGMLF
Debt
nil
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Shares out. 352.9M Market capitalisation Shares (F/D) 361M ~A$2.2Bn (@ A$6ps) Cash[2] Cash & Investments[2] ~A$100M ~A$116M

	Key Investments	Position	Current Value
	Caspin Resources (ASX: CPN)	6.9M (9.24%)	~A$4.8M

Research Analyst Coverage

Research Analyst Coverage
Argonaut Securities	Royce Haese
Bell Potter	David Coates
Macquarie Bank	Hayden Bairstow
Red Cloud Securities	Timothy Lee

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2 As of 30 June 2021

1 As of 31 August 2021(estimate based on top 20 extract of the share register)

Chalice has been one of the standout performers in the sector, with a ~4,000% TSR since the Julimar discovery

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Inclusion in
10.00
S&P/ASX200
9.00
Large EM-soil
anomalies at Hartog
8.00
7.00 Inclusion in
S&P/ASX300
$115M placement &
6.00 $30M placement
SPP at $3.75
at $1.05
5.00
6.5km Hartog EM
Major discovery Anomaly defined within
4.00 confirmed at Julimar Julimar State Forest
3.00 25m @ 8.5g/t Pd,
2.0% Ni, 0.9% Cu,
0.11% Co from 46m
2.00
in 1 [st] hole at Julimar
1.00
0.00
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21
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COMPANY HISTORY

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

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2012 2020
Zara Gold Project in Major PGE-NI-
Eritrea sold for Cu-Co-Au
2006
~ US$114M (pre-tax) 2016 discovery at
$7.5M raised in IPO
Cameron 2018 Julimar Project
on ASX to progress 2009 ~
A$0.10ps / A$25M Gold Project Staked
Chalice &
Zara Gold Project in Ontario sold
capital return to Julimar Nickel-
Higginsville Projects 2021
in Eritrea acquired shareholders for ~A$25M Copper-PGE
for ~A$7M (pre-tax) Further
Project in
$15M raised
Western
via SPP
Australia
2006 2008 2010 2012 2014 2016 2018 2020 2021
2019
Quebec
2017 Gold
2009-2011
2020
2007 Acquired East Projects
~A$43M raised
Chalice & to progress Zara to Cadillac Gold sold to O3 ~$100M
raised to
Higginsville DFS Project in Mining
Projects sold Quebec and progress
2013
Julimar
for ~A$12M staked
Cameron Gold
(pre-tax) Pyramid Hill 2018
Project in Ontario
Gold Project A$0.04ps /
acquired for ~
in Victoria A$10.6M
~A$8M
capital return to
22
1 As of 15 June 2020 As of 15 June 2020 shareholders
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1 As of 15 June 2020 As of 15 June 2020

PORTFOLIO

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

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Julimar Nickel-Copper-PGE Project, WA

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

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• 25m @ 8.5g/t Pd, 2.0% Ni, 0.9% Cu, 0.11% Co in 1[st] hole

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

• Targeting maiden Mineral Resource in mid Q4 2021

Pyramid Hill Gold Project, Vic

• New >4km gold trend + 3 gold bearing diorite intrusions

A U S T R A L I A

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

• 100% owned, all under cover in unexplored terrane

• Intention to demerge w/ other gold projects in Q4 2021

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Hawkstone Nickel-Copper-Cobalt Project, WA

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• New greenfield nickel sulphide opportunity in frontier province

• ~1,600km[2] holding east of Merlin Ni-Cu-Co prospect (IGO/BUX)

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

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

Board of Directors

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Tim Goyder, Chairman

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

• Founder and largest shareholder of Chalice (~11%)

Alex Dorsch, Managing Director and Chief Executive Officer

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

• Previously a Specialist with McKinsey & Company

Morgan Ball, Lead Independent Non-Exec Director

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

• CFO of Northern Star Resources

Stephen Quin, Non-Exec Director

• Mining geologist with 35+ years mining and exploration experience in Canada and across the globe

• Formerly President and CEO of Midas Gold Corp

Garret Dixon, Non-Exec Director

• 30+ years experience in resources and mining contracting sectors

• • Formerly Executive VP Alcoa & President Bauxite

Stephen McIntosh, Non-Exec Director

• Highly regarded mining executive with 30+ years experience in exploration, major project studies and execution

• Formerly Group Executive and Head of Exploration at Rio Tinto

Linda Kenyon, Non-Exec Director

• Corporate lawyer and senior executive with 30+ years experience

• • Formerly Company Secretary and member of Executive Leadership Team at Wesfarmers

Derek La Ferla , Independent Non-Executive Director

• Highly regarded ASX200 chair and company director

• Chair at Sandfire and Poseidon Nickel

• To succeed Tim Goyder as Chair following the AGM in Nov 2021 (subject to shareholder approval)

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The Team

Management

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Richard Hacker, CFO

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

• • Company CFO since 2006

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Dr Kevin Frost, GM Exploration

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

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Bruce Kendall, GM Development

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

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Michael Elias, Study Manager – Julimar

• Study Director with 30+ years experience in mining sector

• • Specialist in study management, project development and management consulting

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Dr Soolim Carney, GM Environment and Community

• Environment, health and safety, indigenous affairs, govt relations and community specialist with 20+ years experience

• Former Regional Environment Manager for Alcoa Australia

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Chris MacKinnon, Business Development and Legal Manager

• 15 years experience as a corporate lawyer and finance advisor in the resources industry

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Jamie Armes, Company Secretary

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

2021-22 STRATEGY

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Sustainability
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Generative Exploration
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Project Definition
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Business
Development
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People
and Culture
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Deliver a sustainability

Build trust-based and inclusive relationships with our external stakeholders. Increase engagement and investment with the communities in which we operate to achieve long term positive impacts

Define comprehensive baseline environmental standards for the Julimar Project

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strategy based on responsible practices and shared value. Maintain our social licence to operate

Make another major ‘green Unlock new targets and insights metal’ discovery within the within the new West Yilgarn portfolio Ni-Cu-PGE Province Define a maiden JORC Secure access to the Mineral Resource Julimar State Forest for Estimate for the initial low-impact drilling

Assess and define the Deliver a Scoping Study for initial stage of development processing flowsheet alternatives for the at Gonneville, advancing the various mineralisation project to maximise shareholder value and styles at Gonneville optionality

Mineral Resource Estimate for the Gonneville PGE-Ni-CuCo-Au Deposit

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We are aiming to define
Julimar to maximise value and
optionality , continue to build 25
trust with our key stakeholders
and leverage our discovery
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Complete proposed gold Evaluate and acquire demerger to deliver a synergistic assets to standalone, ASX-listed gold complement our company targeting tier-1 portfolio discoveries in VIC and WA

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

Preserve our generative

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exploration capability whilst continuing to build a core project study team

The palladium price has surged with the introduction of China 5/6 emissions standards and the switch from Pt to Pd based catalytic converters

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• Palladium is a very versatile but rare metal

• Demand currently dominated by ICE catalytic converters

• Tightening emissions standards (particularly on NOx emissions) has led to Pd based catalysts being preferred since 2006

• Tighter emissions standards have already been flagged by Europe

• Hybrid BEV catalytic converters require higher metal loadings than ICEs

• Palladium has widespread applications in a green hydrogen economy , including:

• Green hydrogen production using proton-exchange membrane electrolysers

• Hydrogen or ammonia purification (scrubbing of NOx)

• Storage and detection

• Fuel cells

• Hence palladium (along with the other PGEs) is becoming a strong focus in green hydrogen adoption

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Pyramid Hill Gold Project Victoria

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

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Northern Bendigo Zone
(32Moz undiscovered
N
gold endowment)
50km
Chalice tenure
Bendigo Zone
Stawell Zone
Melbourne Zone
Fosterville Gold Mine Zone Boundary
Bendigo ~9Moz Major Regional Faults
~22Moz
Stawell Castlemaine
Gold Mine ~6Moz Historic gold production
>8 Moz
5 – 8 Moz
Woods Point
Ballarat
3 – 5 Moz
~14Moz
1 – 3 Moz
Walhalla
<1 Moz
Melbourne
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>60Moz Au produced since 1850’s from outcropping South Bendigo Zone , at a avg grade of ~15g/t Au 90% of mines had a recovered grade >8.5g/t Au

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

This area is under thin Murray Basin cover and is essentially unexplored – the opportunity

Historic region capturing global attention again thanks to Kirkland Lake Gold’s ultra high-grade Swan Zone discovery at the Fosterville Gold Mine[2] :

2020 operating cash Swan Zone Mineral costs guidance Reserve (Dec-19)

2020 Production

US$130150/oz

1.6Moz @ ~39g/t Au

~640koz at ~34g/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 across its >5,000km[2] land holding – ‘find the big gold systems first’

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• Project covers hundreds of kilometres of prospective strike, along crustal scale faults that host multiple tier-1 gold deposits

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

• Our regional-scale activities commenced in mid2018, focussed on shallow (<100m) areas of cover:

Phase 1. Screen the thin cover (<100m) areas with wide-spaced recon sampling + Phase 2. Infill and AC drilling vector towards targets with tier-1 Phase 3. Drill-out scale potential prospects and revisit other targets Infill AC and diamond drilling on 4 highpriority prospects → Karri, Ironbark, >1100 AC holes Banksia and Wandoo completed >10 lower-priority targets → across ~10 target Further AC drilling to refine areas

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Several high-grade gold zones have been intersected on wide-spaced drill holes at the Karri Prospect , including 5.1m @ 14g/t Au

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Three gold bearing diorite intrusions have been discovered at the Ironbark Prospect , prospective for high-grade Walhalla-Woods Point style deposits

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764,000 mE 766,000 mE
Karri N
~22km
20m @ 0.64g/t f. 104m Ironbark North
incl. 8m @ 1.39g/t
8m @ 2.02g/t f. 102m 6m @ 3.84g/t f. 56m OPEN
Ironbark East
9m @ 0.91g/t f. 61m
8m @ 0.45g/t f.64m incl. 3m @ 1.41g/t
7m @ 0.59g/t f. 99m to EOH Section
5,963,775mN
29m @ 0.82g/t f.
97m incl.13m @
1.52g/t to EOH
Ironbark South
1m @ 4.04g/t f. 73m
(transported)
1m @ 3.92g/t f. 73m
(transported)
0.4m @ 2.68g/t f. 162m
5m @ 0.40g/t f. 81m
incl. 1m @ 1.2g/t OPEN
1km
MGA Zone 54
(approx. position)
Campbelltown Fault
5,964,000 mN
5,962,000 mN
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M ax gold in AC drill hole (g/t)

Pyramid Hill Gold Project

1.0

• Diamond hole collar New drill int ercept (Au) Prev drill int ercept (Au) Ironbark 50km

Ironbark Prospect Plan View – Drilling over TM I RTP M agnet ics July 2021

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0.5 – 1.0
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• 0.25 – 0.5

• 0.1 – 0.25

• <0.1

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Hawkstone NickelCopper-Cobalt Project Western Australia

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The Hawkstone Nickel-Copper-Cobalt Project covers ~1,600km[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
Resources (ASX: BUX) highlighted
WA
potential of Ruins Dolerite
•
IGO Ltd
Ruins Area late 2018 with a regional JV with Buxton
Merlin Ni-Cu-Co
•
Prospect Chalice a significant
(Buxton-IGO)
EL Applications over
•
Hart Dolerite outcrop ~500km [[2]]
Derby in June 2019
Ruins
Dolerite • Immediately SE of Merlin
(proven host)
Chalice Tenure
Buxton-IGO JV Tenure
•
1,100km [[2]]
Ruins Dolerite (mafic intrusive) made in late 2018
Hart Dolerite (mafic intrusive) Hart
Hawkstone
Project Kimberley Basin EL Application over Dolerite • Conceptual host to
Province map and King Leopold Orogen area of interpreted magmatic sulphides
licence holders Canning Basin covered Hart Dolerite Fitzroy Crossing
8,200,000mN
8,100,000mN
8,000,000mN
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• Frontier province highly prospective for magmatic Ni-Cu-Co sulphide deposits

• 2015 Merlin discovery by Buxton Resources (ASX: BUX) highlighted potential of Ruins Dolerite

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

• Chalice a significant player in the belt :

   - ~500km[[2]] Ruins Area acquired in June 2019
  

  • Immediately SE of Merlin (proven host)

  • 1,100km[[2]] of EL applications made in late 2018

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

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Merlin
(IGO-Buxton)
Several high-
grade Ni-Cu-Co
drill intercepts
(up to 8% Ni)
King Sound Area
~8km Ruins Dolerite outcrop
Quick Shears
Several airborne EM
(IGO-Buxton)
anomalies identified
Ni-Cu sulphide
outcrop
Waterford Area
Ephesus Target
2 x ~5,000S discrete
shallow MLEM conductors
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Hawkstone Nickel occurrence Ruins Dolerite Devonian cover
Project EM Targets Hart Dolerite Paperbark Supersuite
Ruins Area Regional Chalice Tenure Whitewater Volcanics Speewah Group
Geology &
Occurrences IGO-Buxton JV Tenure Marboo Formation
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• Merlin (IGO-Buxton) hosts drill intercepts in Ruins Dolerite with grades up to 8.14% Ni, 5.26% Cu and 0.69% Co[1]

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

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

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

• Maiden drill program at Ephesus in Sept-21

• Buxton Resources Ltd (ASX:BUX) announcement 11 March 2019.

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