CHALICE MINING LIMITED — Investor Presentation 2021

Feb 28, 2021

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ASX: CHN | OTCQB: CGMLF

Advancing the world class Julimar PGE-Ni-Cu-Co-Au discovery BMO Global Metals & Mining Conference

1-5 March 2021

Forward looking statements and disclosures

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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 the 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 reserve 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 project, 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 “plans”, “planning”, “expects” or “does not expect”, “is expected”, “will”, “may”, “would”, “potential”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “prospects” “anticipates” or “does not anticipate”, “believes”, “occur”, “impending”, “likely” or “be achieved”, or variations of such words and phrases or statements that certain actions, events or results may, could, would, might or will be taken, occur or be achieved or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors may include, among others, risks related to actual results of current or planned exploration activities; assay results of visually interpreted mineralised intersections; whether geophysical anomalies are related to economic mineralisation or some other feature; obtaining access to undertake additional 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:

• “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

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

• “Discovery of new >2km gold trend in air-core drilling at Karri Target indicates potential for a significant gold system”, 12 December 2019

• “Several new gold zones discovered in first drill holes at Ironbark North Target”, 19 December 2019

• “Karri gold trend expanded to over 3km of strike extent”, 13 January 2020

• “Infill AC drilling at Karri returns best intercept to date of 4m at ~4g/t gold”, 3 February 2020

• “New High-Grade Gold Zones at the Large-Scale Karri Target”, 4 March 2020

• “First diamond drill hole at Karri hits primary gold zone”, 7 April 2020

• “Maiden diamond drill program at the Pyramid Hill Gold Project confirms a large gold system at the Karri Prospect”, 29 July 2020

• 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.

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

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A unique exploration specialist with a globally significant discovery

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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 clean energy metals

• Highly leveraged to large-scale battery (Ni-Cu-Co) and hydrogen (PGEs-Ni) 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$146M[1] in cash + investments

• ~ 2,000% TSR since 1 January 2020

3

1 As at 31 January 2021

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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• 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 6 rigs

Pyramid Hill Gold Project, Vic

• New >4km gold trend + 2 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

• Reconnaissance AC drilling underway

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Hawkstone Nickel-Copper-Cobalt Project, WA

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• 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

4

Chalice was one of the top performing companies in the ASX All Ordinaries ~ with 2,000% TSR in 2020

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CHN Share Price Chart (A$/share) $100M State $15M SPP and 11 [th]
placement Forest high-grade zone
at $3.75 access discovered
Key properties purchased,
approval
6 [th] and 7 [th] high-grade
5.00
zones discovered
4.50
Significant PGE-Cu-
Au horizon defined
4.00 on Eastern Contact
$30M Capital
3.50 Raise at $1.05 6.5km Hartog EM
Anomaly defined within
Julimar State Forest
3.00
Major discovery confirmed at Julimar
with mineralisation in first six holes at
2.50 Major extension of 3
1.6km x 0.7km Gonneville Intrusion
high-grade PGE-Ni-
Cu-Co zones
2.00
19m @ 8.4g/t Pd, 2.6% Ni,
1.0% Cu, 0.1% Co from
1.50
48m in 1 [st] hole at Julimar
1.00
0.50
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
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We have a tight capital structure , a strong financial position and a growing institutional register

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Top Shareholders [1]
Tim Goyder (Chairman)
Founder in 2006
11%
52%
37%
Institutional
Retail & HNWI
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Capital Structure and Financials

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Equity listings
Shares out. 341.8M [2] Market capitalisation
ASX: CHN
Shares (F/D) 359.9M [2] ~A$1.47B (@ A$4.30ps)
OTCQB: CGMLF
Debt Cash [2] Cash & Investments [2]
nil ~A$132M ~A$146M
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Key Investments	Position	Current Value2
O3 Mining (TSX-V: OIII)	3.1M (5.1%)	~A$10M
Caspin Resources (ASX: CPN)	6M (9.3%)	~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 ) Jamie Armes ( Co Sec ) Garret Dixon ( Non-Exec Director ) Stephen McIntosh (Non-Exec Director)

Research Analyst Coverage

Bell Potter Peter Arden Euroz Hartleys Michael Scantlebury Macquarie Bank Hayden Bairstow Mine Life Resources Bulletin Gavin Wendt Red Cloud Securities Jacob Willoughby

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2 As of 31 January 2021

1 As of December 2020 (estimate based on top 20 extract of the share register)

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

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• ~70km NE of Perth, with direct access to major highway, rail, power and port infrastructure

• ~26km long layered mafic-ultramafic intrusive complex (Julimar Complex) with no previous Ni-Cu-PGE exploration

• Staked in early 2018 ( 100% owned )

• Exploration so far restricted to the ~1.6km x >0.8km Gonneville Intrusion at the southern end of the Complex on largely Chalice owned private land – initial recon on remaining ~24km of strike underway

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

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

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Gonneville is an exceptional PGE-nickel-copper-cobalt-gold discovery with the potential to deliver a world-class deposit

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• ~1.6km x >0.8km intrusion, open to the north-west, hosting:

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

• >125 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), down to ~800m below surface thus far

• Widespread Pd-rich oxide zone (0.81.5g/t Pd) from surface to a depth of ~25m

• ~240 holes for ~62,000m completed to date, assays pending for ~75 holes

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

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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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Maximum dimensions	Maximum dimensions	Maximum dimensions
Zone	Strike extent	Dip extent
G1
G2	690m	490m
G3	465m	280m
G4	1000m	430m
G5	450m	270m
G6	300m	450m
G7	350m	500m
G8	350m	250m
G9	350m	200m
G10	400m	300m
G11	1000m	300m

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

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G1(discovery)-G3, G5-G10 zones:

• ~3-40m wide

• Top of zones ~25m below surface

• Pd-Ni-Cu-Co rich

• Open along strike and down-dip

• 152x high-grade (>1g/t Pd) intersections to date, 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)

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

• • 14.4m @ 7.7g/t Pd , 1.7g/t Pt , 0.1g/t Au, 1.2% Ni , 0.6% Cu , 0.07% Co from 36.7m (JD016, G1) • 17.6m @ 5.3g/t Pd, 1.0g/t Pt , 0.1g/t Au, 1.3% Ni , 0.6% Cu , 0.07% Co from 191.4m (JD003, G2) • 26.3m @ 3.8g/t Pd , 0.9g/t Pt, 0.5% Ni , 0.2% Cu, 0.04% Co from 80.7m (JD010, G2) • 22.7m @ 4.4g/t Pd , 0.7g/t Pt, 0.5% Ni , 0.3% Cu, 0.04% Co from 83m (JD014, G2) • 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) • 24.4m @ 3.3g/t Pd , 0.4g/t Pt, 0.1g/t Au, 0.4% Ni, 0.2% Cu, 0.03% Co from 164.6m (JD006, G2) • 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) • 13.7m @ 4.4g/t Pd , 0.9g/t Pt, 0.7% Ni , 0.7% Cu, 0.05% Co from 29.3m (JD006, G3)

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The G4 and G11 zones are Pd-Pt-Cu dominant and are generally associated with the eastern footwall contact of the intrusion

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G4 and G11 zones:

• ~3-50m wide

• Top of zones ~40m below surface

• ~1,000m of strike and up to 430m of dip-extent

• Open along strike and down-dip

• Pd-Pt-Cu+/-Au rich

• 82x high-grade (>1g/t Pd) intersections to date, including:

• 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)

• 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)

• 25.7m @ 3.9g/t Pd, 2.3g/t Pt, 0.7g/t Au , 0.2% Ni, 0.8% Cu , 0.02% Co from 418.1m (JD006, G4)

• 11m @ 13.0g/t Pd , 1.3g/t Pt , 0.3g/t Au, 0.1% Ni, 0.1% Cu, 0.01% Co from 78m (JRC121, G11)

• 33m @ 2.1g/t Pd , 0.5g/t Pt, 0.2g/t Au, 0.2% Ni, 0.5% Cu , 0.02% Co from 81m (JRC048, G4)

• 7m @ 13.8g/t Pd , 0.3g/t Pt, 0.5g/t Au , 0.2% Ni, 0.2% Cu, 0.02% Co from 83m (JRC064, G4)

• 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)

• 8m @ 2.2g/t Pd, 13.3g/t Pt , 0.1g/t Au, 0.1% Ni, 0.1% Cu, 0.01% Co from 225m (JRC073, G4)

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Several exciting EM anomalies identified immediately north of Gonneville (as yet undrilled); initial on-ground exploration now underway

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Historical surface sampling over regional magnetics (TMI-RTP) Chalice 2020 Airborne EM (channel 15)
May 2020 Sept 2020
N
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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	pending	pending
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

Sulphide

• 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 deleterious elements (As, Cd, Se, Te, Hg, Pb, F, Cl) in composites, assays pending on concentrates

• 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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–
Platinum Group Elements critical, clean energy metals
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70% of PGEs used in automotive catalytic converters (pollution control devices)

Palladium based catalytic converters preferred to comply with stricter emissions standards

Catalytic Converter

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Hydrogen Fuel Cell Truck

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Palladium market has been in deficit for nine consecutive years – recent record price of US$2,856/oz reached in Feb 2020 (current spot price ~US$2,400/oz )

Future demand for PGEs underpinned by the rapid growth predicted in hydrogen production and hydrogen fuel cells – in particular in heavy transport and energy storage sectors

The Platinum Group Elements (PGEs)

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PGEs identified to date at Julimar
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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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• The proximity of Julimar to major communities provides a unique opportunity to build a workforce of local permanent residents (drive in, drive out)

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

• Community Fact Sheets have been developed, providing key information on topics such as environment, community consultation, exploration licences and drilling activities

• Active, open and transparent engagement continues with key landowners, Shire and local community representatives

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

• Undertaken baseline flora, fauna, heritage and dieback surveys on private land – a proactive approach

• Utilising low-impact exploration techniques within the Julimar State Forest

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Accelerated drilling and metallurgical testwork program underway – aiming to define a maiden Mineral Resource in mid 2021

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2020 2021
Nov Dec Jan Feb Mar Apr May Jun Jul
Julimar State Forest
Apr- CMP Stage 1 approval (non-
Access Approvals 2020 ground disturbing activities) [1] CMP Stage 2 approval (drilling activities) [2]
Ground EM and soil
Reconnaissance
sampling
Recon drilling (subject to
Drilling
Stage 2 CMP approval) [2]
Gonneville
Mar-
RC Drilling 80m step-out + 40x40m infill to ~250m deep for indicated category (3 rigs)
2020
Apr-
Diamond Drilling 2020 Step-out + infill beyond 250m deep for indicated category (3-4 rigs)
MRE / Metallurgy / Sept- Phase 2 sulphide flotation and leach (oxide) testwork Resource and pit-shell modelling Gonneville MRE #1
Mining Studies 2020
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1 CMP Stage 1 = Conservation Management Plan – a plan outlining Chalice’s proposed non-ground disturbing 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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1

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Investment highlights
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Our PGE-Ni-Cu-Co-Au discovery at Julimar in WA is shaping up to be a world-class deposit of critical, clean energy metals (battery and hydrogen)

Significant exploration upside in the new West Yilgarn 2 Ni-Cu-PGE Province, the Pyramid Hill Gold Project in Vic and the Hawkstone Ni-Cu-Co Project in WA

A major greenfield discovery, ~A$36M returned to 3 shareholders to date and ~A$146M[1] in cash and investments – an excellent track record

1 As at 31 January 2021

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The Chalice Story

Appendix

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

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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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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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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

Supported by a team of ~30 FTEs (project geologists, accountants, specialist geology, mineralogy, metallurgy, mining and environmental consultants)

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%)

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Alex Dorsch, Managing Director

• Previously a Specialist with McKinsey & Company

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

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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

Stephen Quin, Non-Exec Director

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• 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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Garret Dixon, Non-Exec Director

• 30+ years experience in resources and mining contracting sectors

• Most recently Executive VP Alcoa & President Bauxite

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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

20

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
in Eritrea acquired shareholders for ~A$25M Copper-PGE
for ~A$7M (pre-tax)
Project in
Western
Australia
2 0 0 6 2 0 0 8 2 0 1 0 2 0 1 2 2 0 1 4 2 0 1 6 2 0 1 8 2 0 2 0
2019
Quebec 2020
2017
2009-2011
Gold ~$130M
2007 Acquired East
Chalice & ~A$43M raised to progress Zara to Cadillac Gold Projects raised to
sold to O3 progress
Higginsville DFS Project in
Projects sold Quebec and Mining Julimar
2013
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
21
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

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

PORTFOLIO

as Chalice’s portfolio includes district-scale precious and base metal projects well as several royalties, investments and non-operated JVs

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Australia
Hawkstone
Nickel-Copper- Warrego North Copper-Gold JV
(NT Bullion earning 75%)
Cobalt Project
(85-100%) Flinders River
NT Vanadium Project
(100%)
QLD
WA
Barrabarra Nickel-
Copper-PGE Project Mt Jackson Auralia Nickel-
(100%) Gold Project Copper-Gold Project
(100%)
(100%)
Julimar Nickel- SA
Copper-PGE
Viking Gold
Project (100%) NSW
Project (70%)
South West Nickel- Nulla South & Gibb
Copper-PGE Rock Gold JVs
-
Project (70 100%) (Ramelius earning 75%) Pyramid Hill
VIC Gold Project
(100%)
Key Project
Generative Project (reconnaissance and targeting)
Non-Operated Joint Ventures TAS
Available for JV / sale
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Royalties

• –

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

• East Cadillac, Quebec – 1.0% NSR partial

• Kinebik, Quebec – 1.0% NSR

• Ardeen, Ontario – 0.12-1.0% NSR partial

• Cameron, Ontario – 1.0% NSR partial

• Jericho, WA – 1.0% NSR capped

• Bunjarra Well, WA – 1.0% NSR capped

Key Investments

• ~3.1M shares (~5%) in O3 Mining Inc. (TSX-V: OIII)

• ~6M shares (~9.3%) in Caspin Resources (ASX: CPN)

23

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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24

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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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25

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:

2019 operating cash Swan Zone Mineral costs guidance Reserve (Dec-18)

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

US$130150/oz

2.3Moz @ ~50g/t Au

26

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

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

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• The success of Fosterville has attracted significant new players into the district:

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• Chalice positioned itself early and strategically, with a focus on:

• Unexplored, prospective areas (potential world-class deposits hidden by cover)

• Sparsely populated and less sensitive areas (plains of the Murray Basin) where large-scale mining feasible

27

The world-class gold deposits are controlled by regional scale faults, which continue to the north into Chalice’s tenure → follow the strike

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NSW
VIC
Northern Four Eagles
Bendigo
Zone
Tandarra
Extension of these
regional scale faults Fosterville ~9Moz
Karri
under cover evident Melbourne
in regional gravity Zone
geophysics as well Ironbark
as 2D seismic Bendigo ~22Moz
Chalice Prospect
Advanced Gold Prospect
Gold Deposit
Major Fault
Major Fault extension undercover
Ballarat (14Moz) and
Interpreted mineralised fluid flows
Castlemaine (6Moz)
along strike to the south
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28

Dispersion of gold and pathfinder metals such as arsenic and antimony is used to vector towards gold under cover

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Dispersion footprints of major gold deposits in Vic

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~9
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Our shallow, wide-spaced aircore drilling approach

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Drill Line 1 Arsenic (we are close)
3-5km Antimony (getting warmer)
Line 2 Gold!
Line 3 A Gold System!!
Identifying continuous
a
dispersion over kilometres
good indicator of a large
gold system beneath…
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29

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

Chalice has adopted a systematic value-add approach – ‘find the big gold systems first’

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• 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

Focus on 2 high-priority prospects → Karri and Ironbark (2[nd] diamond drill program completed, final assays pending)

700 AC holes completed across ~10 targets

• >15 lower-priority targets → drilling on hold for now

30

1. KARRI PROSPECT

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Initial geological holes have confirmed a large gold system at depth below the >4km long gold trend at the Karri Prospect

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• 2 phases of diamond drilling completed for structure / geology completed

• First ever test at depth into a ‘blind target’

• All diamond drill holes intersected tightly folded, upright stratigraphy and primary .

• gold mineralisation

• Several strike extensive anticlinal structures identified (typical geological setting for highgrade gold deposits in the region)

• Anomalous gold intersected in all holes

• Several high-grade gold zones intersected ~ 1-2km apart

• Results indicate potential for a tier-1 scale gold system

• Final assays pending from Ph 2 drilling

31

1. KARRI PROSPECT

The initial diamond holes provided a first glance at the geology and compelling targets for the next phase of diamond drilling

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32

1. KARRI PROSPECT

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Gold Project
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AC Drilling over
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August 2020
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AC Drilling Max
Gold Contours
>0.025g/t
>0.1g/t
>1g/t 33
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Hawkstone field reconnaissance, Jun-2019
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Hawkstone Nickel-CopperCobalt Project

Western Australia

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34 34

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

35

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

• 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 RC drill program recently completed (assays pending)

36

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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