CHALICE MINING LIMITED — Investor Presentation 2021

May 3, 2021

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ASX: CHN | OTCQB: CGMLF

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

Macquarie Australia Conference

• 4-6 May 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 Julimar 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 “appears”, “aiming”, “could”, “emerging”, “estimate”, “exceptional”, “forecast”, “likely”, “needed”, “plans”, “planned”, “planning”, “potential”, “potentially”, “prospects”, “occur”, “ongoing”, “significant”, ,”targeted”, “unrivalled”, “will”, 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 epidemic as well as those factors detailed from time to time in the Company’s interim and annual financial statements, all of which are filed and available for review on SEDAR at sedar.com, ASX at asx.com.au and OTC Markets at otcmarkets.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Competent Person and Qualifying Persons Statement

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

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

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

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

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

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

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

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

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

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

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

• “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

• 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.

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2

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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

• Unrivalled pipeline of greenfield discovery opportunities in Australia

• ‘First mover’ advantage in the new West Yilgarn Ni-CuPGE Province

• Large exploration holdings in Victoria and the Kimberley

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

• Proven ability to discover and define mines

• ~A$133M[1] in cash + investments

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

3

1 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 outstrip supply by mid-2021; lack of new large-scale discoveries worldwide

Ongoing deficit and supply challenges; supply dominated by South Africa

4

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

2020 + 2021 – A TRANSFORMATIONAL PERIOD

Chalice has been one of the top performing companies in the ASX All Ordinaries with >4,000% TSR since the Julimar discovery

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CHN Share Price Chart (A$/share)

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CHN Share Price Chart (A$/share) $100M State $15M SPP and 11 [th] Inclusion in
placement Forest high-grade zone S&P/ASX300
8.00
at $3.75 access discovered
Key properties purchased, approval
6 [th] and 7 [th] high-grade
7.00 zones discovered Large EM-soil
anomalies at
Hartog
Significant PGE-Cu-
6.00
Au horizon defined
on Eastern Contact
$30M Capital
5.00 Raise at $1.05
6.5km Hartog EM
Anomaly defined within
Julimar State Forest
4.00 Major discovery confirmed at Julimar
with mineralisation in first six holes at
Major extension of 3
1.6km x 0.7km Gonneville Intrusion
high-grade PGE-Ni-
3.00
Cu-Co zones
19m @ 8.4g/t Pd, 2.6% Ni,
1.0% Cu, 0.1% Co from
2.00
48m 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
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JD006 core specimen at Julimar Ni-Cu-PGE Project, Jun-2020
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Julimar NickelCopper-PGE Project

Western Australia

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6

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

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• 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 part of a ~26km long, unexplored magnetic feature – now known as the Julimar Complex (a layered mafic-ultramafic complex)

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

• • >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

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

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

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Gonneville is an exceptional PGE-nickel-copper-cobalt-gold discovery which is emerging as a world-class deposit

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• ~1.8km x >0.9km intrusion, open to the north, hosting:

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

• >220 isolated high-grade (>1g/t Pd) intersections outside the eleven zones

• Widespread PGE mineralisation associated with disseminated sulphides (0.5-2.0g/t PGEs+Au) surrounding the high-grade zones, proven to ~800m below surface

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

• ~350 holes for ~90,000m completed to date

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

• Maiden MRE targeted for late Q3 2021

8

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)

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Max zone dimensions	Max zone dimensions	Max zone dimensions
Zone	Strike extent	Dip extent
G1	450m	390m
G2	690m	490m
G3	465m	280m
G4	1250m	600m
G5	650m	270m
G6	875m	450m
G7	500m	350m
G8	350m	250m
G9	500m	250m
G10	400m	300m
G11	1200m	300m

• G1-G2 ( red ) are Pd-NiCu-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

9

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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650 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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Gonneville represents only the southern tip of the ~26km long Julimar Complex – drilling further north to commence in Q3 2021

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Julimar Complex Airborne EM (channel 15)
Sept 2020
Gonneville-Hartog copper-in-soil geochemistry Gonneville-Hartog nickel-in-soil geochemistry
Mar 2021 Mar 2021
Jansz Target
2021 Exploration
Corridor
Baudin Target
INSET ON RIGHT
Hartog Target
Gonneville PGE-Ni-
Cu-Co-Au Discovery Several multi-kilometre scale EM-soil anomalies at Hartog; results pending from Baudin & Jansz
(private land)
11
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 Rougher Cleaner
(fresh) ore (P80 of 53µm) 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

12

Accelerated resource drilling and preliminary economic studies underway – aiming to define a maiden Mineral Resource in late Q3 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 [2]
Gonneville
Mar-
RC drilling 2020 ~80m Step-out + 40m spaced infill to ~250m deep for indicated category (3 rigs, ~95,000m)
Apr-
Diamond drilling ~80m Step-out + 80m spaced infill beyond 250m deep for indicated/inferred category (4 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 Marketing, hydrology, hydrogeology, waste rock
Other studies in preparation for scoping study completion in early 2022
(scoping) characterisation and infrastructure
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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

13

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

• Additional flora, fauna, heritage and dieback surveys within the Julimar State Forest are underway

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

• Internal environmental expertise being built

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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N
Narryer Narryer
Terrane
Murchison
Domain Burtville Terrane
Barrabarra
Youanmi
Terrane
Southern
Kurnalpi
Cross
Terrane
Domain
West Yilgarn Ni- Julimar
Cu-PGE Province Kalgoorlie
Terrane
South West
Terrane
South West
Chalice Tenure
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• The ‘giant’ orthomagmatic Ni-Cu-PGE sulphide deposits, such as Norilsk, Jinchuan, the Thompson Belt and Voisey’s Bay, are located proximal to the margin of Archean age cratons

Chalice has >8,000km[2] of new licences / applications over ~1,000km of the western margin of the Yilgarn Craton, which is almost entirely unexplored for these mineral systems

• Initial geological interpretation and target ranking has identified hundreds of potential intrusions within the new province

Exploration at Chalice’s four project areas will commence progressively as tenure progresses to grant

• Potential for several major discoveries in this new province

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

The portfolio has significant exploration upside from the 2 untested ~24km of the Julimar Complex and within the new West Yilgarn Ni-Cu-PGE Province

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

1 As at 31 March 2021

16 Drilling at Julimar Ni-Cu-PGE Project, Mar-2021

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The Chalice Story

Appendix

17

Corporate Snapshot

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Top Shareholders[1]

Capital Structure and Financials

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Tim Goyder (Chairman)
Founder in 2006
11%
48%
41%
Institutional
Retail & HNWI
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Equity listings ASX: CHN OTCQB: CGMLF	Shares out. 345.8M2 Shares (F/D) 359.9M2 Market capitalisation ~A$2.3B (@ A$6.90ps)
Debt nil Cash2 ~A$121M Cash & Investments2 ~A$133M
Key Investments Position Current Value2
O3 Mining (TSX-V: OIII) 3.1M (4.5%) ~A$8M Caspin Resources (ASX: CPN) 6M (9.2%) ~A$4M

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 ) Soolim 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

18

2 As of 31 March 2021

1 As of 31 March 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
19
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

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

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

• Resource definition drilling underway with 7 rigs

Pyramid Hill Gold Project, Vic

• New >4km gold trend + 2 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

• Reconnaissance AC drilling underway

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1
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2
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3

Hawkstone Nickel-Copper-Cobalt Project, WA

• 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

20

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

21

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

22

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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24

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 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

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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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• Our Project covers hundreds of kilometres of prospective strike:

• Muckleford (>300km)

• Mt William (>75km)

• Percydale (>40km)

• Prior to Chalice most of the area 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

Diamond drilling on 2 highpriority prospects → Karri and Ironbark + recon AC over new areas

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700 AC holes completed across ~10 targets >15 lower-priority targets → drilling on hold for now

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Hawkstone field reconnaissance, Jun-2019
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Hawkstone Nickel-CopperCobalt Project

Western Australia

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27 27

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

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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
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

• 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