CHALICE MINING LIMITED — Investor Presentation 2021

Jul 14, 2021

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ASX: CHN | OTCQB: CGMLF

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

Noosa Mining and Exploration Investor Conference

15 July 2021

Forward looking statements and competent person 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 Annual Reports, filings on sedar.com, and to 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

Forward-Looking Statements

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 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 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 pandemic, the receipt of appropriate regulatory approvals associated with the proposed demerger, finalisation of legal, financial and taxation advice associated with the demerger 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:

• 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 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

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 Alex Dorsch, Managing Director.

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

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A unique exploration specialist with a globally significant discovery

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Drilling at Julimar Ni-Cu-PGE Project, Mar-2021
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Julimar – a new high-grade PGE-Ni-Cu-Co-Au discovery in WA

• Australia’s first major palladium discovery

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

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

• Intention to demerge a highly prospective portfolio of Australian gold projects[1]

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

• • Demerger and IPO planned in Q4 2021

• Well funded, high performance team with an excellent track record

• Proven ability to discover and define mines

• ~A$133M[2] in cash + investments

• ~ 5,000% TSR since Julimar discovery in March 2020

1 Subject to shareholder and regulatory approvals 2 As at 31 March 2021

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Julimar is a ‘green metals’ discovery – metals which are needed to
decarbonise the global economy and address climate change
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Palladium Nickel

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Used to remove nitrogen oxides from exhaust fumes, which are 300x more potent than CO 2 as a greenhouse gas

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

Palladium market in deficit for nine consecutive years; supply dominated by Russia

EV-driven nickel demand is forecast to increase 14x by 2030; lack of new sulphide discoveries worldwide

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Copper Platinum

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Used extensively in the green Highly effective catalyst in energy industry including in hydrogen applications, renewables, energy storage including green hydrogen and EVs production and fuel cells Copper demand is forecast to Ongoing deficit and supply outstrip supply by mid-2021; challenges; supply dominated lack of new large-scale by South Africa

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

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

Chalice has been one of the standout performers in the sector, with a ~5,000% TSR since the Julimar discovery

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CHN Share Price Chart (A$/share)

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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 Capital
SPP at $3.75
Raise 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
2.00
46m in 1 [st] hole at Julimar
1.00
0.00
5
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
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JD019 core specimen at Julimar Ni-Cu-PGE Project, Nov-2020
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Julimar NickelCopper-PGE Project

Western Australia

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High-grade PGE-Ni-Cu-Co was intersected in the very first drill hole at Julimar – a remarkable new discovery which defined a new mineral 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 maficultramafic 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 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 undertaken on private farmland

• Flora, fauna surveys undertaken in parts of the Julimar State Forest, with heritage and dieback surveys planned

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

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 exceptional Gonneville PGE-nickel-copper-cobalt-gold 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 & Drummond 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 late Q3 2021*

Gonneville Deposit

• ~450 holes drilled across ~1.8km x >0.9km intrusion, open to the north

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

• Maiden MRE targeted for early Q4 2021

• Subject to access approvals

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

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• ~1.8km x 0.9km x >0.8km

• intrusion, open to the north and at depth, hosting:

• Eleven shallow high-grade PGE-Ni-Cu-Co+/-Au zones (G1-G11, using >1g/t Pd cutoff) – all remain open

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

• Widespread PGE mineralisation associated with disseminated sulphides (0.52.0g/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

• ~450 holes for ~120,000m completed to date

• ~160,000m step-out and resource definition drill program ongoing – 3 RC and 4 diamond rigs

• Maiden MRE targeted for early Q4 2021

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The eleven high-grade zones have significant strike length and extend from ~25m to ~550m below surface thus far (zones remain open)

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

3D view looking north-west over the Gonneville Intrusion (grey)
	Max zone dimensions
	Zone Strike extent Dip extent
	G1 400m 390m G2 500m 400m G3 500m 280m G4 1250m 600m G5 700m 270m G6 875m 450m G7 250m 350m G8 400m 290m G9 450m 150m G10 400m 300m G11 1200m 300m
	11 • G1-G2 (red) are Pd- Ni-Cu-Co rich and internal to the intrusion • G3, G5 and G7-10 (red) are Pd dominant and internal to the intrusion • G4, G6 and G11 (orange) are Pd-Cu rich and proximal to the footwall contact of the intrusion

The high-grade zones are Pd rich with variable Ni-Cu-Co-Pt-Au and in some places are up to ~40m thick

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

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>850 high-grade intersections to date (>1g/t Pd cut-off), including:

• 25m @ 8.5g/t Pd , 0.9g/t Pt, 0.1g/t Au, 2.0% Ni , 0.9% Cu , 0.11% Co from 46m (JRC001, G1)

• 50m @ 1.8g/t Pd , 0.5g/t Pt, 0.9g/t Au , 0.2% Ni, 1.1% Cu , 0.02% Co from 112m (JRC089, G4)

• 39m @ 3.8g/t Pd , 0.6g/t Pt, 0.3% Ni, 0.2% Cu, 0.02% Co from 290m (JD023, G1-G2)

• 34.5m @ 2.8g/t Pd , 0.7g/t Pt, 0.4g/t Au, 0.2% Ni, 1.9% Cu , 0.02% Co from 139.8m (JD019, G4)

• 33m @ 2.0g/t Pd , 0.4g/t Pt, 0.5g/t Au , 0.3% Ni, 0.8% Cu , 0.02% Co from 236m (JRC060, G6)

• 20m @ 2.9g/t Pd, 1.5g/t Pt, 0.8g/t Au , 0.1% Ni , 0.8% Cu , 0.01% Co from 97m (JRC121, G11)

• 18m @ 4.6g/t Pd , 0.5g/t Pt, 0.4% Ni, 0.1% Cu, 0.03% Co from 121m (JRC112, G10)

• 19m @ 3.1g/t Pd , 0.7g/t Pt, 1.1g/t Au , 0.2% Ni, 0.8% Cu , 0.02% Co from 67m (JRC070, G7)

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Infill drilling across multiple high-grade zones continues to support the geological model and robustness of the deposit

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Immediately north of Gonneville, the Hartog Target is the highest priority within the ~26km long Julimar Complex – drilling targeted in late Q3 2021

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Hartog

• ~6.5km long gravityAEM anomaly

• ~30 ground EM conductors and multi-kilometre scale Ni-Cu soil anomalies,

comparable to Gonneville prediscovery

• Coherent Cr soil

• anomaly –

• interpreted as maficultramafic geology

Baudin-JanszDrummond

• Multiple gravity-AEM anomalies

• Multi-kilometre scale Ni-Cu soil anomalies

• MLEM in progress

Note: Drilling targeted in Q3 2021, subject to access approvals

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Sulphide

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

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Locked-cycle testwork results on G1-G2 composite (head grade 3.7g/t Pd, 0.7g/t Pt, 0.15g/t Au, 0.63% Ni, 0.36% Cu, 0.04% Co), cycle no. 5

Simplified sequential flotation process

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Sulphide Crush & grind
(fresh) ore (P80 of 53µm)
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Rougher Cleaner
flotation flotation
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		Copper-PGE-Au	Copper-PGE-Au	concentrate
Cu grade (%)	Cu recovery (%)	Pd grade (g/t)	Pd recovery (%)	Pt grade (g/t)	Pt recovery (%)	Au grade (g/t)	Au recovery (%)
24.7	80.9	173	60.2	22.1	37.6	1.98	90.8

			Nickel-PGE	concentrate
Ni grade (%)	Ni recovery (%)	Pd grade (g/t)	Pd recovery (%)	Pt grade (g/t)	Pt recovery (%)	Co grade (%)	Co recovery (%)
12.2	70.7	24.1	26.1	6.9	36.3	1.0	73.0
TOTAL PGE	Recovery		Pd: 86.3%		Pt: 73.9%

Approach

Phase 2 metallurgical testwork program commenced in Q4 2020 – investigating flotation of sulphide mineralisation and leaching of oxide mineralisation, as well as detailed mineralogical analysis to determine PGE deportment

• Two commercially attractive, high-grade Cu-PGE-Au and Ni-PGE concentrates produced

• Tests to date indicate good concentrate grades and metal recoveries are likely using a conventional sequential flotation flowsheet – optimisation work now underway

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

• Leach tests indicate 76% Pd and 95% Au extraction into solution

Oxide

• Further work underway to determine effect on PGE recovery over a range of grind sizes and temperatures, as well as the optimal techniques to recover metals from solution

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Accelerated resource drilling and preliminary studies underway – aiming to define a maiden Mineral Resource in early Q4 2021

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2021
Q1 Q2 Q3 Q4
Julimar State Forest
Reconnaissance
Ground EM, gravity and soil sampling
exploration
Environmental Stage 2 CMP [1] assessment
Access approvals
surveys (drilling activities) [2]
Diamond drilling Initial recon drilling at Hartog [2]
Gonneville
Mar-
RC drilling 2020 160m x 80m step-out grid → 40m x 40m infill grid to ~250m deep for indicated category resources (3 rigs, ~95,000m)
Apr-
Diamond drilling Step-out + 40m x 40m infill grid beyond 250m deep for indicated/inferred category resources (4-5 rigs, ~65,000m)
2020
Metallurgical Sept- Phase 2 – G1-G6 sulphide zone flotation and leach
Phase 3 – G7-G11 sulphide zone, disseminated sulphide flotation testwork
testwork 2020 (oxide) testwork
Resource modelling MRE #1 (prelim) – Resource and pit-shell modelling MRE #2
Gonneville MRE #1
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

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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
Terrane
(~1,200km x Julimar
~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 soil anomaly already identified at Barrabarra ( ~300km north of Julimar ) – AC drilling planned

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

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Investment highlights
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Our PGE-Ni-Cu-Co-Au discovery at Julimar is emerging 1 as a very large, strategic deposit of critical, ‘green metals’ in Western Australia

Significant exploration upside from the untested ~24km 2 of Julimar Complex and our dominant position within the new West Yilgarn Ni-Cu-PGE Province

A strategic discovery and new mineral province being 3 advanced rapidly, ~A$133M[1] in cash and investments and a team with an excellent track record

1 As at 31 March 2021

18 Drilling at Julimar Ni-Cu-PGE Project, Apr-2021

Interactive 3D Model: Take a 3D tour of our globally significant PGE-Ni-Cu-CoAu discovery at the Julimar Project, Western Australia

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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%
48%
41%
Institutional
Retail & HNWI
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Capital Structure and Financials

Equity listings ASX: CHN OTCQB: CGMLF	Shares out. 346.9M Shares (F/D) 361M Market capitalisation ~A$2.6B (@ A$7.35ps)
Debt nil Cash2 ~A$121M Cash & Investments2 ~A$133M
Key Investments Position Current Value
Caspin Resources (ASX: CPN) 6M (9.2%) ~A$6M

Board of Directors Key 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 ) Jamie Armes ( Co Sec )

Research Analyst Coverage

Bell Potter	David Coates
Euroz Hartleys	Michael Scantlebury
Macquarie Bank	Hayden Bairstow
Mine Life Resources Bulletin	Gavin Wendt
Red Cloud Securities	Timothy Lee

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2 As of 31 March 2021

1 As of 30 June 2021(estimate based on top 20 extract of the share register)

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
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 2 0 2 1
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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3
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1

• 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

• 7 rigs drilling, targeting maiden MRE in early 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

2

• >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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1
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Hawkstone Nickel-Copper-Cobalt Project, WA

2

3

• New greenfield nickel sulphide opportunity in frontier province

• >1,800km[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

23

THE TEAM

We are a dynamic and entrepreneurial group with a mix of technical and commercial expertise

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Board of Directors

Key Management

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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%)

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Richard Hacker, CFO

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

• • Company CFO since 2006

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Alex Dorsch, Managing Director

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

• Previously a Specialist with McKinsey & Company

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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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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

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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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Stephen Quin, Non-Exec Director

• Mining geologist with 37+ years mining and exploration experience in Canada and across the globe

• Most recently President and CEO of Midas Gold Corp

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Michael Elias, Study Manager – Julimar

• Study Director with 30+ experience in mining sector

• Specialist in study management, project development and management consulting

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Garret Dixon, Non-Exec Director

• 30+ years experience in resources and mining contracting sectors

• Most recently Executive VP Alcoa & President Bauxite

Stephen McIntosh, Non-Exec Director

• Highly regarded mining executive with 33+ years experience in exploration, major project studies and execution

• Formerly Group Executive and Head of Exploration with Rio Tinto

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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

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

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2021 OUTLOOK

We are on track to define a maiden resource at Julimar, continue to build trust with our key stakeholders and leverage our discovery

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Define a maiden JORC Mineral Resource Estimate and outline the potential for a commercially viable mining operation for the Gonneville PGE-Ni-Cu-Co-Au discovery

Make a significant new discovery, which shows strong potential to be economic

Maintain a pipeline of discovery opportunities to complement the current portfolio

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

Strengthen our financial position, and continue to exercise discipline on capital management

Continue to build trust with our key stakeholders at the Julimar Project – landowners, indigenous peoples, local communities and governing organisations

Expand our sustainability presence (environmental, social and governance) to uphold our social licence to operate

25

PALLADIUM MARKET

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

Victoria

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

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Northern Bendigo Zone (32Moz undiscovered N gold endowment) 50km Chalice tenure Bendigo Zone Stawell Zone Melbourne Zone Fosterville Gold Mine Zone Boundary Bendigo ~9Moz Major Regional Faults ~22Moz Stawell Castlemaine Gold Mine ~6Moz Historic gold production >8 Moz 5 – 8 Moz Woods Point Ballarat 3 – 5 Moz ~14Moz 1 – 3 Moz Walhalla <1 Moz Melbourne

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>60Moz Au produced since 1850’s from outcropping South Bendigo Zone , at a avg grade of ~15g/t Au

90% of mines had a recovered grade >8.5g/t Au

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

This area is 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 ~640koz at ~34g/t Au

US$130150/oz

1.6Moz @ ~39g/t Au

28

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

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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 undrilled

• 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 across ~10 target >10 lower-priority targets → areas Further AC drilling to refine

29

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 , favourable hosts 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
M ax gold in AC drill hole (g/t)
Pyramid Hill Gold Project >1.0
View – Drilling over TM I Ironbark ProspectRTP M agnet icsPlan 0.5 – 1.00.25 –0.1 – 0.250.5 Diamond hole collarNew drill int ercept (Au)Prev drill int ercept (Au) Ironbark
July 2021 <0.1 50km
(approx. position)
Campbelltown Fault
5,964,000 mN
5,962,000 mN
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Hawkstone field reconnaissance, Jun-2019
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Hawkstone Nickel-CopperCobalt Project

Western Australia

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

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600,000mE 700,000mE 800,000mE •
Frontier province highly prospective for
50km magmatic Ni-Cu-Co sulphide
N
•
Minimal modern exploration
•
2015 Merlin discovery by Buxton
WA Resources (ASX: BUX) highlighted
potential of Ruins Dolerite
•
IGO Ltd (ASX: IGO) entered the region
Ruins Area
in late 2018 with a regional JV with
Merlin Ni-Cu-Co Buxton
Prospect
(Buxton-IGO)
•
Chalice a significant
EL Applications over
Hart Dolerite outcrop
Derby • 600km [2] Ruins Area
Ruins acquired in June 2019
Dolerite •
Immediately SE of Merlin
Chalice Tenure
(proven host)
Buxton-IGO JV Tenure
Ruins Dolerite (mafic intrusive) • 1,200km [[2]]
Hart Dolerite (mafic intrusive) made in late 2018
Hawkstone Hart
Kimberley Basin
Project EL Application over
Province map and King Leopold Orogen area of interpreted Dolerite • Conceptual host to
licence holders Canning Basin covered Hart Dolerite Fitzroy Crossing magmatic sulphides
8,200,000mN
8,100,000mN
8,000,000mN
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• Frontier province highly prospective for magmatic Ni-Cu-Co sulphide deposits

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

• Chalice a significant player in the belt :

• Immediately SE of Merlin (proven host)

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

33

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
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 planned in mid-2021

34

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

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ASX: CHN | OTCQB: CGMLF

CONNECT WITH CHALICE

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

+61 8 9322 3960 +61 8 9322 5800

@chalicemining chalice-mining

info@chalicemining.com www.chalicemining.com