CHALICE MINING LIMITED — Investor Presentation 2022

Jan 19, 2022

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ASX: CHN | OTCQB: CGMLF

Julimar – a world class Ni-Cu-PGE project in Western Australia Corporate Presentation 20 January 2022

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Forward looking statements and competent person(s) disclosure

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This presentation does not include all available Information on Chalice Mining Limited and should not be used in isolation as a guide to investing in the Company. Any potential investor should also refer to Chalice Mining Limited’s Annual Reports, ASX/OTCQB releases, filings on sedar.com 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 Statement

This presentation 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 report 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 impact of the discovery on the Julimar Project’s capital payback; the Company’s strategy; the Company’s intended activities and estimated timing of intended activities at the Julimar Project; and the success of future mining operations. In certain cases, forward-looking statements can be identified by the use of words such as, “affords”, “anticipates”, “believe”, “considered”, “continue”, “could”, “establishes”, “estimate”, “expected”, “future”, “interpreted”, “likely”, “looking”, “may”, “open”, “plan” or “planned”, “potential”, “robust”, “targets”, “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; whether geophysical and geochemical anomalies are related to economic mineralisation or some other feature; obtaining appropriate approvals to undertake exploration activities; the results from testing EM anomalies; results of planned metallurgical test work including results from other zones not tested yet, scaling up to commercial operations; changes in project parameters as plans continue to be refined; changes in exploration programs and budgets based upon the results of exploration, changes in commodity prices; economic conditions; grade or recovery rates; political and social risks, accidents, labour disputes and other risks of the mining industry; delays or difficulty in obtaining governmental approvals, necessary licences, permits or financing to undertake future mining development activities; changes to the regulatory framework within which Chalice operates or may in the future; 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 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.

JORC Code and that Chalice’s mineral resource estimates comply with the JORC Code. The requirements of JORC Code differ in certain material respects from the disclosure requirements of United States securities laws. The terms used in this announcement are as defined in the JORC Code. The definitions of these terms differ from the definitions of such terms for purposes of the disclosure requirements in the United States. As a reporting issuer in the province of Ontario, Chalice is also subject to certain Canadian disclosure requirements and standards, including the requirements of NI 43-101. The Julimar Project is a material mineral project for the purposes of NI43-101.

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

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

• “New mineralised intrusion discovered at Julimar”, 2 December 2021

• “Significant access approval received at Julimar”, 29 December 2021

• • “Diamond drilling commences at Hartog”, 20 January 2022

Disclaimer

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

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

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

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

Mineral Resources Reporting Requirements

As an Australian Company with securities listed on the Australian Securities Exchange (ASX), Chalice is subject to Australian disclosure requirements and standards, including the requirements of the Corporations Act 2001 and the ASX. Investors should note that it is a requirement of the ASX listing rules that the reporting of mineral resources in Australia is in accordance with the

• The information in this presentation that relates to Mineral Resources has been extracted from the ASX announcement titled • “Tier-1 Scale Maiden Mineral Resource at Julimar” dated 9 November 2021.

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 original market announcements and, in the case of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the original release continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person and Qualified Person’s findings are presented have not been materially modified from the relevant original market announcements.

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A globally recognised
specialist explorer
and developer
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• A tier-1 scale, pit constrained PGE-Ni-Cu-Co sulphide Resource[3] at the Gonneville Deposit (9 Nov 21):

330Mt @ ~ 0.58% NiEq or ~ 1.6g/t PdEq for

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equivalent to ~ 1.9Mt NiEq or ~ 17Moz PdEq

• One of the largest greenfield Ni-Cu-PGE sulphide discoveries in recent history

• Only 7% of >26km long Julimar Complex tested to date – immense exploration upside with further drilling underway

• Positioned to become a globally significant and strategic source of battery and hydrogen ‘green metals’ in WA

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• Proven ability to discover and define mines and track record of returning capital to shareholders

• ~A$86M [2] in cash + investments

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

• 1 3E = Palladium (Pd) + Platinum (Pt) + Gold (Au)

• 2 As at 30 Sept 2021

• 3 Refer to full Mineral Resource Statement in Appendix

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Julimar is a province-defining new
greenfield discovery in the world’s
premier mining jurisdiction
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First drill hole discovery in March 2020: 25m @ 8.5g/t Pd, 0.9g/t Pt, 0.1g/t Au, 2.0% Ni, 0.9% Cu, 0.11% Co from 46m

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Greenfield project staked in early 2018 ( 100% owned )

Maiden resource for Gonneville based on ~ 520 holes ( ~137,000m ), resource and exploration drilling continuing with 7 rigs

Discovery made ~70km NE of – Perth in Western Australia named Gonneville

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Gonneville covers ~2km of strike length on Chalice owned farmland, a further ~10km of untested strike length currently being drilled

Studies being advanced for an initial mining development at Gonneville while the full extent of the mineral system is defined

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Project has direct access to major highway, rail, power, port infrastructure as well as a large local workforce

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Chalice is building a ‘green metals’ portfolio
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Platinum and Palladium

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Highly versatile but rare metals used to remove nitrogen oxides (NOx) from exhausts/hydrogen/ammonia streams. NOx are 300x more potent than CO2 as a greenhouse gas. Also highly effective catalysts for use in hydrogen applications, including green hydrogen production and fuel cells.

~11Moz p.a. palladium market in deficit for nine consecutive years; supply dominated by Russia. Platinum supply dominated by South Africa, with significant political and operational challenges.

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Nickel and Cobalt

The key battery cathode materials in electric vehicles (EV), high nickel NMC 811 batteries are the favoured chemistry.

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

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Copper

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

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

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

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The Julimar Project has the potential to deliver significant economic benefits and Chalice is committed to strong environmental stewardship

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Environment
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Community
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Utilising low-impact drilling techniques (small footprint diamond rigs) in all vegetated areas including the Julimar State Forest – drilling does not require any vegetation clearance

Numerous case studies of successful mining projects in or around State Forest areas

Proximity to major communities provides a unique opportunity to build a workforce of local

permanent residents ( drive in, drive out )

Community Info Sheets and Newsletters developed to deliver information on project activities, environmental practices and community events

Strong environmental stewardship :

• Comprehensive program of baseline environmental surveys ongoing since 2020; covering flora, fauna, dieback, cultural heritage

• Development of Biodiversity Strategy underway to ensure potential mining in future co-exists with conservation values

• Baseline surface and groundwater studies underway; water studies area a priority focus for Chalice to ensure that water is responsibly managed as a shared resource

Growing community funding to achieve long term positive impacts

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

Active, open and transparent engagement continues with key stakeholders – trust is key to maintain our social licence

Gonneville is a tier-1 scale, pit-constrained, strategic green metals Resource with high-grade optionality and compelling growth potential

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3D view (looking ENE) of Gonneville Resource domains and pit shell

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Maiden Indicated and Inferred Mineral Resource Estimate[1] :

• 330Mt @ 0.94g/t Pd+Pt+Au (3E), 0.16% Ni, 0.10% Cu, 0.016% Co (~ 0.58% NiEq or ~ 1.6g/t PdEq )

• 10Moz 3E , 530kt Ni , 330kt Cu and 53kt Co contained

• Equivalent to ~ 1.9Mt NiEq or ~ 17Moz PdEq contained

• 150Mt (~45%) of the resource is within the Indicated category

• Resource is constrained within a resource pit shell and reported above a 0.4% NiEq cut-off grade (sulphide) and a 0.9g/t Pd cut-off grade (oxide)

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1 Refer to full Mineral Resource Statement in Appendix

The Resource includes a significant high-grade sulphide component in-pit, starting from a depth of ~30m

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3D view (looking NE) of Gonneville high-grade sulphide Resource domains (>0.6% NiEq) and pit shell

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High-grade sulphide

component of Resource[1] , reported above a 0.60% NiEq cut-off grade:

• 74Mt @ 1.8g/t 3E, 0.22% Ni, 0.21% Cu, 0.021% Co (~ 1.0% NiEq or ~ 2.8g/t PdEq );

• 4.2Moz 3E, 160kt Ni, 150kt Cu, 15kt Co (~ 760kt NiEq or ~ 6.6Moz PdEq ) contained

• This higher-grade component affords the project significant

• optionality in development and could potentially

materially enhance project economics in the initial years of operations

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1 Refer to full Mineral Resource Statement in Appendix

The Deposit remains open on private farmland, with ongoing drilling already demonstrating the potential for material growth

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3D view (looking E) of Gonneville high-grade sulphide Resource domains (>0.8% NiEq) and pit shell

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Gonneville covers just ~7% of the 26km long Julimar Complex – the upside to the north has the potential transform the project

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3D view (looking NW) of the Julimar Complex (airborne EM) and the Gonneville Deposit

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WA
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Julimar Complex

• Interpreted >26km long maficultramafic intrusive complex

Jansz & Torres Targets (untested)

Baudin Target (untested)

• Large AEM and Ni-Cu-PGE soil anomalies

• • AC and diamond drilling planned in Q1 22

Hartog Target (untested)

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

• Large AEM and Ni-CuPGE soil anomalies

• First pass AC drilling completed at Torres on private farmland (assays pending)

• AC drilling at Jansz planned in Q1 22

• First ever drilling commenced January 2022

Gonneville Deposit (Resource stage)

• 10Moz Pd+Pt+Au (3E), 530kt Ni, 330kt Cu, 53kt Co in-pit**

• 700 RC/diamond holes drilled across ~1.9km x 0.9km area

• Open to the north and at depth

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New zone of shallow high-grade mineralisation discovered directly south of the Hartog AEM anomaly, within a new intrusive unit

Gonneville and Hartog Plan View – drilling results and Resource pit crest over airborne EM

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• New shallow high-grade PGE-Ni-Cu-Co sulphide zone has no EM response

• • Hosted in an ultramafic intrusive unit to the west of Gonneville (separated by ~70m of metasediments)

• • Zone is immediately south of the ~6.5km long Hartog Airborne EM (AEM) anomaly

• • Potential that Hartog anomaly may stem from its northern extension

• • First ever diamond drilling now underway at the Hartog Target within the Julimar State Forest

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

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Simplified sequential flotation process for high-grade sulphide mineralisation

High-grade sulphide (fresh) ore Crush & grind (P80 of 38- 75µm) Rougher & cleaner flotation into Cu-PGE-Au concentrate Rougher & cleaner flotation into Ni-Co-PGE concentrate Sale Sale	Metal Expected Recovery (%)
	Copper (to Cu-PGE-Au con) 80-90 Nickel & Cobalt (to Ni-Co-PGE con) 60-75 Palladium (to both cons) 75-85 Platinum (to both cons) 65-75 Gold (to Cu-PGE-Au con) 35-75

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

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

• Variability testwork continues and additional metallurgical sampling underway

Simplified flotation process for disseminated sulphide mineralisation

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

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

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

• Testwork and flowsheet development work continues ahead of Scoping Study, targeted for completion in Q2 2022

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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
•
Yamarna
Youanmi
Terrane
Terrane
Barrabarra Burtville •
Terrane
YILGARN CRATON •
West Yilgarn
Ni-Cu-PGE
Province Kurnalpi
(~1,200km x Terrane •
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 Ni-Cu-PGE soil anomaly already identified at Barrabarra ( ~300km north of Julimar ) – AC drilling underway

MLEM currently underway at South West

Initial airborne EM surveys over remaining Julimar and new Barrabarra areas in Q4 2021 – Q1 2022

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

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Initial drilling at Hartog and Scoping Study for initial development at Gonneville represent significant upcoming milestones

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		Q1 2022	Q1 2022	Q2	Q3	Q4
Julimar Complex exploration
Access approvals
Initial diamond drilling at Hartog-Baudin targets
				70+ holes
Initial AC drilling at Jansz-Torres targets
			~200+ holes
Gonneville exploration & studies
Resource definition / extensional drilling			~200	holes
Resource modelling / update				MRE #2
Scoping study
Pre-feasibility study
West Yilgarn exploration
Julimar Regional			AEM Soils
Barrabarra			AEM
South West			Soils
Narryer				Recon & Soils
Holt Rock		A	uger

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Growing organisational capability
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Board of Directors

Management

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Derek La Ferla, Chairman

• Highly regarded ASX200 chair and company director

• Chair of Sandfire Resources and Poseidon Nickel

Alex Dorsch, Managing Director and Chief Executive Officer

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

• Previously a Specialist with McKinsey & Company

Morgan Ball, Lead Independent Non-Exec Director

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

• CFO of Northern Star Resources

Garret Dixon, Non-Exec Director

• 30+ years experience in resources and mining contracting sectors

• Formerly Executive VP Alcoa & President Bauxite

Stephen McIntosh, Non-Exec Director

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

• Formerly Group Executive and Head of Exploration at Rio Tinto

Linda Kenyon, Non-Exec Director

• Corporate lawyer and senior executive with 30+ years experience

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

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Richard Hacker, CFO

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

• • Company CFO since 2006

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)

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)

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

Michael Elias, Study Manager – Julimar

• Study Director with 30+ years experience in mining sector

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

Chris MacKinnon, Business Development and Legal Manager

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

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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Highlights
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New world class, strategic, ‘green metals’ Resource in Western Australia

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Significant exploration upside at Julimar and in the new West Yilgarn Ni-Cu-PGE Province

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~A$86M[1] in cash and investments and a team with an excellent track record

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1 As at 30 Sept 2021

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Julimar NickelCopper-PGE Project Appendix

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Interactive 3D Model & Video: Take a tour of our globally significant Julimar Ni-Cu-PGE Project in Western Australia

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https://inventum3d.com/c/chalicemining

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https://youtu.be/QRcnTSsG9Hs

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Gonneville maiden Mineral Resource Estimate (JORC Code 2012), 9 Nov 2021

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Domain Cut-off Grade	Category	Mass	Grade	Grade	Contained Metal	Contained Metal
		(Mt)	Pd (g/t) Pt (g/t) Au (g/t) Ni (%) Cu (%) Co (%)	NiEq (%) PdEq (g/t)	Pd (Moz) Pt (Moz) Au (Moz) Ni (kt) Cu (kt) Co (kt)	NiEq (kt) PdEq (Moz)
Oxide 0.9g/t Pd	Indicated
	Inferred	8.8	1.8 0.06	1.9	0.51 0.02	0.52
	Subtotal	8.8	1.8 0.06	1.9	0.51 0.02	0.52
Sulphide (Transitional) 0.4% NiEq	Indicated	7.7	0.68 0.16 0.03 0.18 0.11 0.019	0.60 1.6	0.17 0.04 0.01 14 8.1 1.5	46 0.40
	Inferred	8.0	0.97 0.25 0.03 0.17 0.14 0.029	0.79 2.1	0.25 0.06 0.01 14 11 2.3	63 0.55
	Subtotal	16	0.83 0.20 0.03 0.18 0.12 0.024	0.70 1.9	0.42 0.10 0.02 27 19 3.8	110 0.95
Sulphide (Fresh) 0.4% NiEq	Indicated	150	0.74 0.18 0.03 0.16 0.10 0.016	0.61 1.6	3.5 0.82 0.14 240 150 23	890 7.7
	Inferred	160	0.69 0.16 0.02 0.16 0.10 0.016	0.58 1.6	3.6 0.82 0.12 270 160 26	940 8.2
	Subtotal	310	0.72 0.17 0.03 0.16 0.10 0.016	0.59 1.6	7.1 1.6 0.26 510 310 49	1,800 16
All	Indicated	150	0.74 0.17 0.03 0.17 0.10 0.016	0.61 1.6	3.7 0.86 0.15 250 160 25	930 8.1
	Inferred	180	0.76 0.15 0.03 0.16 0.09 0.016	0.56 1.6	4.4 0.89 0.15 280 170 28	1,000 9.3
	Total	330	0.75 0.16 0.03 0.16 0.10 0.016	0.58 1.6	8.1 1.7 0.30 530 330 53	1,900 17

Note some numerical differences may occur due to rounding to 2 significant figures.

NiEq (%) = Ni (%) + 0.37 x Pd (g/t) + 0.24 x Pt (g/t) + 0.25 x Au (g/t) + 0.65 x Cu (%) + 3.24 x Co (%). PdEq (g/t) = Pd (g/t) + 0.66 x Pt (g/t) + 0.67 x Au (g/t) + 2.71 x Ni (%) + 1.76 x Cu (%) + 8.78 x Co (%). Includes drill holes drilled up to and including 31 July 2021.

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19
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Higher-grade sulphide component of Gonneville Resource, 9 Nov 2021

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Domain Cut-off Grade	Category	Mass	Grade	Grade	Contained Metal	Contained Metal
		(Mt)	Pd (g/t) Pt (g/t) Au (g/t) Ni (%) Cu (%) Co (%)	NiEq (%) PdEq (g/t)	Pd (Moz) Pt (Moz) Au (Moz) Ni (kt) Cu (kt) Co (kt)	NiEq (kt) PdE q (Moz)
High-grade Sulphide (Transitional) 0.60% NiEq	Indicated	1.8	1.2 0.28 0.05 0.27 0.19 0.030	1.0 2.8	0.07 0.02 0 4.9 3.4 0.55	18 0.16
	Inferred	3.8	1.5 0.39 0.05 0.21 0.19 0.044	1.1 3.0	0.18 0.05 0.01 7.9 7.2 1.7	42 0.37
	Subtotal	5.6	1.4 0.35 0.05 0.23 0.19 0.040	1.1 3.0	0.25 0.06 0.01 13 11 2.2	61 0.53
High-grade Sulphide (Fresh) 0.60% NiEq	Indicated	36	1.4 0.35 0.07 0.21 0.21 0.019	1.0 2.8	1.6 0.40 0.08 76 76 6.9	370 3.2
	Inferred	32	1.3 0.30 0.06 0.22 0.21 0.019	1.0 2.7	1.4 0.32 0.06 73 67 6.3	320 2.8
	Subtotal	68	1.4 0.33 0.06 0.22 0.21 0.019	1.0 2.8	3.0 0.72 0.14 150 140 13	700 6.0
All 0.60% NiEq	Indicated	38	1.4 0.35 0.07 0.22 0.21 0.020	1.0 2.8	1.7 0.42 0.08 81 80 7.4	390 3.4
	Inferred	36	1.4 0.31 0.06 0.22 0.21 0.022	1.0 2.8	1.6 0.36 0.06 80 74 8.0	370 3.2
	Total	74	1.4 0.33 0.06 0.22 0.21 0.021	1.0 2.8	3.3 0.78 0.15 160 150 15	760 6.6

Note some numerical differences may occur due to rounding to 2 significant figures. This higher-grade component is contained within the reported global Mineral Resource. NiEq (%) = Ni (%) + 0.37 x Pd (g/t) + 0.24 x Pt (g/t) + 0.25 x Au (g/t) + 0.65 x Cu (%) + 3.24 x Co (%). PdEq (g/t) = Pd (g/t) + 0.66 x Pt (g/t) + 0.67 x Au (g/t) + 2.71 x Ni (%) + 1.76 x Cu (%) + 8.78 x Co (%). Includes drill holes drilled up to and including 31 July 2021.

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Flat grade-tonnage curve highlights the significant high-grade component – providing the project with development optionality

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500 2.5
450
450 2.1
410 2.1
2.0
1.9
400 2.0
1.8
1.8
1.7
350 330 1.6
1.6
1.5
1.5
300 1.4 1.5
1.3
1.3
1.2
250
220 1.1
1.0
200 0.9 1.0
0.8
0.7
150
0.6
0.5 0.6
140
98
100 0.5
74
62
53
45
50 39 34 31 28 25 23 20 18 16 15 13 12 11
- 0.0
0.30 0.35 0.40 0.45 0.50 0.55 0.60 0.65 0.70 0.75 0.80 0.85 0.90 0.95 1.00 1.05 1.10 1.15 1.20 1.25 1.30 1.35 1.40
Cut-off Grade (NiEq %)
Mass (Mt)
Grade (NiEq %)
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Tonnes Nieq %

Gonneville Resource classification

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3D view (looking NE) of Gonneville Resource sulphide domains by classification

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Immediately north of Gonneville, the compelling Hartog Target is the highest priority – first-ever drilling underway

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Hartog

• ~6.5km long gravityAEM anomaly

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

• Coherent Cr soil anomaly – interpreted as mafic-ultramafic geology

Baudin-Jansz-Torres

• Multiple gravity-AEM anomalies

• Multi-kilometre scale Ni-Cu +/- PGE soil anomalies

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Palladium 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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• Demand currently dominated by ICE catalytic converters

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

• Tighter emissions standards have already been flagged by Europe

• Hybrid BEV catalytic converters require higher metal loadings than ICEs

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

• Green hydrogen production using proton-exchange membrane (PEM) electrolysers

• Hydrogen or ammonia purification (scrubbing of NOx)

• Storage and detection

• Hydrogen fuel cells

• Supply concentrated in Russia (Norilsk) and South Africa (by-product from Pt mines)

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The Chalice Story Appendix

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Corporate Snapshot

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Top Shareholders [1]
Tim Goyder
Founder in 2006
11%
48%
Retail & HNWI
41%
Institutional
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Board of Directors	Management
Derek La Ferla (Chairman)	Richard Hacker (CFO)
Alex Dorsch (MD & CEO)	Kevin Frost (GM Exploration)
Morgan Ball (Lead Independent NED)	Bruce Kendall (GM Development)
Garret Dixon (NED)	Soo Carney (GM Env and Comm)
Stephen McIntosh (NED)	Michael Elias (Study Mgr – Julimar)
Linda Kenyon (NED)	Chris MacKinnon (BD and Legal Mgr)
	Jamie Armes (Co Sec)

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Capital Structure and Financials

Equity listings ASX: CHN OTCQB: CGMLF	Shares out. 355M Shares (F/D) 361M Market capitalisation ~A$2.9Bn (@ A$8.20ps)
Debt nil Cash2 ~A$81M Cash & Investments2 ~A$86M
Key Investments Position Current Value
Caspin Resources (ASX: CPN) 6.9M (9.24%) ~A$6.3M
Research Analyst Coverage
Argonaut Securities Royce Haese Bell Potter David Coates Jefferies Mitch Ryan Macquarie Bank Hayden Bairstow Red Cloud Securities Timothy Lee

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26
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2 As of 30 Sept 2021

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

Chalice has been one of the standout performers in the sector, with a ~5,000% TSR since the Julimar discovery in March 2020

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12.00 Inclusion in
S&P/ASX200 ~1.9Mt NiEq or
~17Moz PdEq
Maiden
Resource at
10.00
Large EM-soil Julimar
anomalies at Hartog
8.00 Inclusion in
S&P/ASX300
$30M placement at
$1.05 $115M placement
& SPP at $3.75
6.00
6.5km Hartog EM
Anomaly defined within
Major discovery
Julimar State Forest
confirmed at Julimar
4.00
25m @ 8.5g/t Pd,
2.0% Ni, 0.9% Cu,
0.11% Co from 46m
2.00 in 1 [st] hole at Julimar
0.00
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22
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27
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COMPANY HISTORY

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

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2012 2020
Zara Gold Project in Major PGE-NI-
Eritrea sold for Cu-Co-Au
2006 ~
US$114M (pre-tax) 2016 discovery at
$7.5M raised in IPO
Cameron Gold Julimar Project
2018
on ASX to progress ~
2009 A$0.10ps / A$25M Project in
Chalice & Staked Julimar
Zara Gold Project in capital return to Ontario sold for
Higginsville Projects Eritrea acquired for shareholders ~A$25M (pre- Nickel-Copper- 2021
PGE Project in Gold spin-out
~A$7M tax)
Western into Falcon
Australia Metals Ltd
(ASX: FAL)
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
2021
2019
Tier-1
Quebec
2017 maiden
2009-2011
Gold
2007 ~A$43M raised Acquired East Resource
Projects
Chalice & to progress Zara to DFS Cadillac Gold sold to O3 at Julimar
Project in
Higginsville
Mining
Quebec and
Projects sold
for ~A$12M 2013 staked Pyramid
Cameron Gold Hill Gold 2020
(pre-tax)
Project in Ontario Project in 2018 ~$145M raised
acquired for Victoria A$0.04ps / to progress
~A$8M ~ A$10.6M capital Julimar
return to
28
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

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

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

Make another major ‘green metal’ discovery within the portfolio

Secure access to the

Julimar State Forest for initial low-impact drilling

Complete proposed gold demerger Falcon Metals a standalone, ASX-listed gold company targeting tier-1 discoveries in VIC and WA

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

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Build trust-based and inclusive

Define comprehensive baseline environmental standards for the Julimar Project

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

Unlock new targets and insights

within the new West Yilgarn Ni-Cu-PGE Province

Deliver a Scoping Study for initial stage of development at Gonneville, advancing the project to maximise shareholder value and optionality

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Assess and define the processing flowsheet alternatives for the

various mineralisation styles at Gonneville

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We are aiming to define
Julimar to maximise value and
optionality , continue to build 29
trust with our key stakeholders
and leverage our discovery
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Evaluate and acquire synergistic assets to complement our portfolio

Preserve our generative

exploration capability whilst continuing to build a core project study team

ideation

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ABN 47 1 16 648 956

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www.chalicemining.com chalice-mining @ChaliceMining
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