CHALICE MINING LIMITED — Investor Presentation 2023

Feb 7, 2023

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ASX: CHN | OTCQB: CGMLF

The Julimar Ni-Cu-PGE Project – the right metals at the right time in Western Australia

Corporate Presentation

8 February 2023

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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, 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 statements and forward information, including 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 announcement 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 and objectives; the realisation of mineral resource estimates; the likelihood of further exploration success; the timing of planned exploration and study activities on the Company’s projects; mineral processing strategy; access to sites for planned drilling activities; and the success of future potential mining operations and the timing of the receipt of exploration results. In certain cases, forward-looking statements can be identified by the use of words such as, “commitment” or “committed”, “considered”, “could”, “estimate”, “expected”, “for”, “further”, “future”, “goal”, “indicates”, “is”, “likely”, “may”, “needs”, “open”, “optionality”, “plan” or “planned”, “points”, “possible”, “potential”, “promising”, “strategy”, “upside”, “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; whether visually identified mineralisation is confirmed by laboratory assays; obtaining appropriate approvals to undertake exploration activities; metal grades being realised; metallurgical recovery rates being realised; 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; 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 the 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.

Authorisation

This presentation has been authorised for release by the Disclosure Committee.

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 quoted 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 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.

Competent 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

• “New Mineralised Zone Intersected at Dampier Target”, 7 July 2022

• “Seismic identifies potential 1.6km extension of Gonneville”, 6 September 2022

• “Major northern extension of Gonneville Intrusion confirmed”, 19 October 2022

• “Outstanding wide high-grade intersections north of Gonneville”, 23 November 2022

• “Promising new sulphide mineralisation at the Hooley Prospect”, 8 December 2022

• “Julimar flowsheet development and scoping update”, 13 December 2022

The information in this presentation that relates to Mineral Resources has been extracted from the ASX announcement titled:

• “Updated Gonneville Mineral Resource”, 8 July 2022.

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’s findings are presented have not been materially modified from the relevant original market announcements. Refer to the attached Appendices for further information on the Mineral Resource Estimate and metal equivalents.

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A globally recognised name in exploration – a team with a track record of finding mines and rewarding shareholders

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High-performance, results driven culture (mine finding + commercial DNA)

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Our purpose – to find the metals needed to decarbonise the world (the green metals )

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Our aspiration – to create a world class, multi-district green metals province

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Chalice is a leading ASX200 green metals explorer with a track record of creating shareholder value

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Board of Directors

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Our Achievements

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• ~4,000% total return to shareholders since Julimar discovery in March 2020

• World class Julimar Ni-Cu-PGE discovery recognised with PDAC Thayer Lindsley Award (2023) and AMEC Prospector of the Year Award (2022)

• Chalice recognised as MNN Explorer of the Year (2021) and D&D Emerging Company of the Year (2021)

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Derek Alex Morgan Garret Stephen Linda Jo
La Ferla Dorsch Ball Dixon McIntosh Kenyon Gaines
Chairman Managing Director Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive
and Chief Director Director Director Director Director
Executive Officer
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Corporate snapshot - ASX: CHN

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Market Capitalisation [1] 2%
9%
~A$2.4Bn
Shares 10%
on issue 5%
376m
Cash balance [2]
A$97.6m 38%
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Top Shareholders[3]

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Tim Goyder (Founder)
Directors & Mgmt.
Goldman Sachs
BlackRock
Other Institutions
Retail & HNWI
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Research coverage

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1 As of 2 Feb 2023; 2 As of 31 Dec 2022; 3 As of 31 Dec 2022 or as disclosed in the last substantial shareholding notice given to the Company. Note: Arctis Global disclosed a long equity derivative position of 46,728,282 shares on 10 Nov 2022

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–

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11Moz 3E [2]
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Resource update expected in late Q1 2023
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A strategic, large-scale Resource with rare mix of critical minerals in sulphide mineralogy

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Green metals at Julimar are essential for decarbonisation technologies like batteries, electric vehicles and hydrogen

100% owned by Chalice , and located in WA, one of the world’s most attractive mining jurisdictions

Strategy to explore and develop in parallel; strategic minority JV partnerships under consideration

Direct access to major highway, rail, power, port infrastructure as well as a large local workforce

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Compelling exploration upside,

Resource occupies just ~2km of newly recognised >30km long Julimar Complex

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1 Refer to full Mineral Resource Statement in Appendix5
2 3E = Palladium (Pd) + Platinum (Pt) + Gold (Au)
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The need to decarbonise the global economy will underpin long-term demand for the green metals at Julimar

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Hydrogen Electric Hybrid Energy SemiWind & Importance of metals Vehicles Vehicles Storage conductors Solar PV

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Nickel and Cobalt

• Key industrial and electrification metals with unique chemical properties

• ~3Mt p.a. Ni market, supply dominated by carbon intensive, high environmental impact laterite sources, significant deficit forecast

• ~0.2Mt p.a. Co market, supply dominated by Democratic Republic of Congo with humanitarian challenges

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Copper

• Key industrial and electrification metal with high conductivity

• ~26Mt p.a. market, with severe lack of recent large-scale discoveries resulting in a significant deficit forecast

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Platinum and Palladium

• Extremely rare (precious) metals with highly versatile catalytic properties, used in emissions reduction technologies such as catalytic converters and in hydrogen electrolysers and fuel cells

• ~11Moz p.a. Pd market in prolonged deficit, supply dominated by Russia

• ~7Moz p.a. Pt market, supply dominated by South Africa

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Source: IEA “The Role of Critical World Energy Outlook Special Report Minerals in Clean Energy Transitions” March 2022; S&P Global, CBS Reports, Jan 2023; SFA Oxford, ‘Provision of PGM market intelligence and long-term metal price forecasts’, SFA Oxford, Mar 2021; Johnson Matthey, ‘PGM market report’, May 2021

Julimar is capturing attention as a strategic asset for Australia and the western world, given its rare palladium-nickel-cobalt content

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Julimar is the first major PGE discovery in Australia and one of the few recent large-scale Ni-Cu-PGE discoveries in the western world

Pd, Pt, Ni and Co are classified as ‘critical minerals’ by most western governments

The western world is extremely reliant on Russian Palladium supply (~40% of global supply)

Located in one of the world’s most stable and

friendly mining jurisdictions with a commitment to sustainable devel ~~o~~ pment

The Australian Government has committed >$1 billion to accelerate strategically significant projects and strengthen internal critical mineral security and supply chains[(1)]

Strategic partner interest[(2)] in Julimar’s large nickel sulphide endowment has increased significantly, triggered by the US Inflation Reduction Act (IRA)

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Russia Russia
38% 11%
Russia accounts for ~20%
of class 1 (battery grade)
nickel production
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Global Palladium and Nickel Primary Supply Market Share (2021)

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of class 1 (battery grade)
nickel production
North
America
15%
North Philippines
America
13%
7%
Indonesia
30%
South
Africa
38%
Julimar
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Source: ‘Provision of PGM market intelligence and long-term metal price forecasts’ SFA Oxford, March 2021 ‘Distribution of mine production of nickel worldwide in 2020*, by country’, Statista, February 2022

(1) ‘2022 Critical Minerals Strategy’ Department of Industry, Science, Energy and Resources, Australian Government, March 2022. (2) Discussions with potential partners are preliminary in nature.

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The growing battery industry needs new, large scale and sustainable sources of battery-grade nickel – a unique opportunity for Julimar

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Battery-grade nickel consumers forecast to become heavily reliant on supply sources that do not meet sustainability standards , i.e. NPI

Estimated average carbon intensity of nickel sources (kgCO2 eq. per kg Ni)

70

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With 560kt of contained nickel defined to date, Julimar has the potential to become a globally significant source of class 1 nickel, which has a much lower carbon footprint than other sources

Julimar’s proximity to WA’s world class power grid and infrastructure make it uniquely positioned to deliver low carbon intensity metals

Class 1 nickel sources are likely to demand a premium , driven by the need to comply with emissions targets and to satisfy increasing sensitivity to sustainability standards

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60
60
50
45
40
-77%
30
20 18
13
10
0
Class I nickel Nickel sulphate Ferronickel (FeNi) Nickel Pig Iron (NPI)
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Source: Nickel Institute, Goldman Sachs Global Investment Research via ‘Nickel’s class divide’, April 2022.

Julimar has the fourth largest undeveloped nickel sulphide resource in Australia and has significant PGE-Cu-Co credits

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Australian
primary nickel
sulphide
resources in
exploration or
development [1]
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3,000 Under offer
by BHP [2]
2,500
Including all six payable
2,000 metals, Julimar has a
contained nickel Under offer
equivalent of ~2,000 kt by Kinterra [2]
1,500
1,000
500
0
Yakabindie West Cosmos Julimar Avebury West Black Swan Venus Jericho Fisher East Sherlock
Musgrave Restart Jordan Bay
Contained Nickel (kt)
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Source: Company filings.

1: Based on total reported JORC Resource (Measured, Indicated, and Inferred). Includes all exploration and development projects with a contained Ni resource of over 99kt. Please refer to Appendix [Australian Primary Nickel Sulphide Resources slide] for peer comparison information; [Gonneville Mineral Resource Estimate slide] and [Metal equivalent assumptions slide] for the assumptions used for the calculation of metal equivalents. 2: As at time of release

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The tier-1 scale, near-surface Resource has high-grade optionality and compelling growth potential

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Current Indicated and Inferred Mineral Resource Estimate[1] :

• 350Mt @ 0.96g/t Pd+Pt+Au (3E), 0.16% Ni, 0.10% Cu, 0.015% Co (~ 0.58% NiEq or ~ 1.8g/t PdEq )

• 11Moz 3E , 560kt Ni , 360kt Cu and 54kt Co contained

• Equivalent to ~ 2.0Mt NiEq or ~ 20Moz PdEq contained

• Resource is defined to depth of ~700m, open to the north and at depth

• Located entirely on Chaliceowned farmland

Resource update in progress, expected to be completed in late Q1 2023

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1 Refer to full Mineral Resource Statement in Appendix

The growth potential at Gonneville was highlighted by recent outstanding wide, high-grade intersections at the northern end of the deposit

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The initial results at Hartog from restricted drill sites have confirmed Gonneville-like sulphide mineralisation in this fault-offset extension of the Julimar Complex – further wide-spaced step-out drilling is underway

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The processing flowsheet is under development, targeting production of a CuPGE-Au concentrate and a battery-grade Ni-Co MHP

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Crushing
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Grinding
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• 150 batch flotation and >25 locked cycle flotation tests completed to date

• The preferred sequential copper flotation and nickel concentrate enrichment process flowsheet is expected to produce:

• A copper-palladium-platinum-gold concentrate , indicatively grading 20-25% Cu and 100-150g/t 3E for offtake to an international copper smelter(s); and

• A Nickel-Cobalt Mixed Hydroxide Precipitate (using flotation and POx), assumed to be grading 40-50% Ni and 4- 5% Co for offtake to an international battery precursor cathode active material (pCAM) refinery(ies).

• Further work in 1H 2023 is focussed on grind size optimisation, flotation tails leaching and assessment of midstream processing options

• Scoping Study underway, assessing a broad range of scale, mining and flowsheet options

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Copper Flotation
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Nickel-Iron Flotation
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Tailings Storage Facility
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Potential Potential
re-grinding leaching
Neutralised solids
Pressure Oxidation
Majority of Cu, Pd,
Au recovered by
flotation only Single process
medium chemistry
Blending Cu-PGE-Au Precipitation
Neutralised solids
Ni-Co Precipitation
Other midstream
processing options also
being investigated
Concentrate MHP
Offtake to Offtake to Battery
Copper Smelters pCAM Refineries
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Gonneville-like ultramafic geology + magmatic sulphides have been intersected over a strike length of ~10km across the Julimar Complex

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• Drilling 6-10km further north of Gonneville has intersected a Gonneville-type ultramafic horizon over ~5.5km of strike length

• All these holes have intersected highly encouraging evidence of magmatic sulphides → Julimar is a very extensive mineral system, potentially capable of delivering multiple discoveries

• 2D seismic and drilling to date supports interpretation of Julimar having a rare chonolith-like geometry, similar to other major mineral systems like NorilskTalnakh (Russia) and Jinchuan (China)

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• Drilling along the Complex continues with 5 rigs

• Access discussions underway for next phase of exploration along Hartog-Baudin trend

• Targeted exploration will continue in parallel to development studies for a potential mine at Gonneville on Chalice-owned farmland

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The Resource occupies just ~2km of the >30km long Julimar Complex – the upside to the north has the potential to transform the project

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WA
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State Forest Area

Flinders Target (untested)

• Large coincident Mag-AEM anomaly

• • Access pending

Julimar Complex

• Interpreted >30km long maficultramafic intrusive complex

• Prospective for high-grade magmatic Ni-Cu-PGE sulphides

~18km Baudin-Jansz-Torres strike length (untested)

• Large EM and Ni-Cu-PGE soil anomalies

~10km Hartog-Baudin strike length (drilling underway)

• Drilling access pending (targeting Q3 2023)

• 80 diamond holes drilled to date

• Potential for several discrete Ni-Cu-PGE deposits

Gonneville Deposit (Resource stage)

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* 350Mt @ 0.96g/t 3E, 0.16% Ni, 0.10% Cu, 0.015% Co
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• Discovery hole (JRC001): 19m @ 9.6g/t 3E, 2.6% Ni, 1.0% Cu, 0.1% Co from 48m

• 11Moz Pd+Pt+Au (3E), 560kt Ni, 360kt Cu and 54kt Co* contained

• • >1,000 RC/diamond holes drilled across ~1.9km x 0.9km area

• Open to the north and down-dip

• 5ppb Pd in soil >700ppm Cr in soil >80ppm Ni in soil >20ppm Cu in soil State Forest boundary

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

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Narryer
Burtville
Terrane
Narryer
Terrane
Youanmi
Terrane
Kurnalpi
Terrane
Barrabarra
Kalgoorlie
Terrane
West Yilgarn Ni-
Cu-PGE Province – YILGARN
discovered 2020,
CRATON Kalgoorlie-
~0.5Mt Ni to date
Kurnalpi Ni
Province –
discovered
Gonneville PGE-
Julimar 1965, >25Mt Ni
Ni-Cu-Co Deposit
PERTH
South West
Terrane
South West
N
Nickel Deposits
Chalice Tenure
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• Many of the ‘giant’ ortho-magmatic nickel-copper-PGE sulphide deposits such as Norilsk, Jinchuan, Thompson and Voisey’s Bay are located proximal to the margin of cratons

• In WA, the Archaean age eastern Yilgarn craton hosts several world-class nickel sulphide deposits with over 25Mt of Ni discovered since 1965

• ~1,200km long western margin of the Yilgarn presents a similar geological setting, but is almost entirely unexplored

• Chalice made the first major ortho-magmatic Ni-Cu-PGE discovery in the region (Julimar), subsequently staking >8,000km[2]

• Chalice has ‘first mover’ advantage in this exciting new province – strong potential to deliver more major Ni-Cu-PGE discoveries

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• Hundreds of potential host intrusions already identified in our area – AI assisted screening and prioritisation underway

• Rapid, low-cost exploration approach being used – EM, soil/auger sampling and shallow reconnaissance drilling

• Potential for highly variable mineralisation styles (Ni:Cu:PGE metal ratios) across the province

• The prize is significant – i.e. Julimar discovery zone massive sulphides grading c. 3.2% Ni, 1.2% Cu, 10g/t 3E

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Source: S&P Global

Initial drilling along the Julimar Complex and the Scoping Study for a potential mine at Gonneville represent significant upcoming milestones

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Chalice continues its dual strategy at Julimar – to advance development studies and regulatory approvals for a potential mine at Gonneville, in parallel with ongoing exploration activities across the full >30km long Julimar Complex strike length…

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Julimar Significant Maiden Mineral Drilling Updated
discovery and expansion Resource commences Mineral
birth of the of tenure Estimate at at greenfield Resource at
new West (~8,000km [2] ) Gonneville targets along Gonneville –
Yilgarn Ni-Cu- and exploration >30km ~2.0Mt NiEq or
PGE Province activities Julimar ~20Moz PdEq
Complex
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Resource Completion of Gonneville Update at Scoping Study Mine Proposal – Gonneville – First step to commence incorporate defining the major new extensional development regulatory and infill drilling options for approvals Gonneville processes

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Mar-2020 Nov-2021 Jan-2022 Jul-2022
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Q1 2023 2 0 2 0 2023+ 2 0 2 2
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… Province scale exploration is ramping up across the new West Yilgarn Ni-Cu-PGE Province and Chalice is exploring strategic partnering options for Julimar

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1 Refer to full Mineral Resource Statement in Appendix. Timeline is indicative and subject to exploration and study outcomes

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World class , tier-1 scale ‘green metals’ project in Western Australia – unique exposure to critical metals required for decarbonisation

A team with a track record of discovery and shareholder value creation

Significant exploration upside at Julimar and in the exciting new West Yilgarn NiCu-PGE Province

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Appendix

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Chalice is actively growing its 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 with 30+ years experience as a corporate lawyer

• Chair of Poseidon Nickel and formerly Chair of Sandfire Resources

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Richard Hacker, CFO

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

• • Company CFO since 2006

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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 consultant with McKinsey & Company

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Dr Kevin Frost, GM Discovery & Growth

• 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, Non-Exec Director

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

• Formerly CFO of Northern Star Resources and Saracen Mineral Holdings

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Bruce Kendall, GM Exploration

• 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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Garret Dixon, Non-Exec Director

• 30+ years experience in resources and mining contracting sectors

• • Formerly Executive VP Alcoa & President Bauxite

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Dr Soolim Carney, GM Environment and Community

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

• Former Regional Environment Manager for Alcoa Australia

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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 & Development Projects at Rio Tinto

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Mike Nelson, GM Project Development

• 30+ years experience in operational and technical leadership roles

• • Instrumental in leading several mega-projects for mining internationals including Barrick Gold and Teck Resources

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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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Chris MacKinnon, Business Development and Legal Manager

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

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Jo Gaines, Non-Exec Director

• Extensive experience in intergovernmental negotiations and stakeholder engagement

• Chair of the Government Employees Superannuation Board (GESB) and a Director of Development WA

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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

Since our 2006 IPO, we have acquired quality assets, advanced projects quickly and generated exceptional returns

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2012 2020 Zara Gold 2022 Major PGE- Project in Eritrea NI-Cu-Co-Au $100M 2006 sold for raised to 2016 discovery at ~ $7.5M raised US$114M Cameron Julimar progress in IPO on ASX (pre-tax) 2018 Julimar to progress 2009 Gold Project Staked Project studies in Ontario Chalice & Zara Gold A$0.10ps / sold for Julimar 2021 Higginsville Project in ~ A$25M capital ~A$25M NickelGold spinEritrea Projects return to (pre-tax) Copper-PGE out into acquired for shareholders Project in Falcon ~A$7M Western Metals Ltd Australia (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 2 2019 Quebec 2021 2017 2009-2011 Gold Tier-1 2007 ~A$43M Acquired East Projects maiden Cadillac Gold Chalice & raised sold to O3 Gonneville Higginsville to progress Project in Mining Resource Quebec and Projects sold Zara to DFS 2013 staked 2022 for ~A$12M Cameron Gold Pyramid Hill 2020 Upgraded (pre-tax) Project in Gold Project ~$145M Gonneville Ontario 2018 in Victoria raised to Resource acquired for A$0.04ps / ~ progress ~A$8M A$10.6M Julimar capital return to shareholders 20

Chalice is committed to strong environmental stewardship and has a unique opportunity at Julimar to demonstrate this

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Leading practice low-impact exploration

• Strictly governed by a Conservation Management Plan, according to industry best practice

• Low impact track mounted rigs with a small footprint and no mechanised clearing of vegetation

• Flora, fauna and cultural heritage monitoring is conducted prior to each site mobilisation

Science-based environmental management

• Comprehensive baseline environmental surveys across 6,000ha; covering flora, fauna, and dieback

• Baseline water studies underway; Chalice recognises water is a shared resource

Environmental resilience

• Effectively managing biodiversity, rehabilitation and closure is part of our commitment to responsible mining and future operations

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Julimar Project Biodiversity Goal

To ensure science-based no net loss of species or habitat diversity as a result of our operations

Delivering the Biodiversity Strategy

A detailed implementation plan will be developed over the coming 12 months

Connectivity

Establish ecological corridors

Restoration

Implement restoration initiatives that address habitat fragmentation

Regeneration

Improve carbon sequestration

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The Julimar Project has the potential to deliver significant benefits for the local community and wider region

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Chalice has engaged early, actively and
transparently to build respectful and
collaborative relationships with stakeholders
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Chalice is committed to achieving lasting
social and economic benefits for the
communities in which we operate
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Julimar could deliver jobs, skills and economic diversification to the Wheatbelt region of WA

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Distribution of information to our host communities – Regular Community Newsletter, local advertising, information sheets and meetings

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~$1.2M local procurement and investment contributed by Chalice, plus ~$1.5M spend by direct contractors in the local shires surrounding the Julimar Project (FY22)

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Long-term major economic contribution for WA and nationally direct boost to Australia’s GDP, additional revenue through payroll taxation and mineral royalties

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Dedicated Julimar Project Pop-Up Office – A community hub for questions and information and an opportunity to engage direct with our team

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Developing the framework for a future Community Development Fund, designed to deliver significant long term benefits to local communities

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Potential to create hundreds of new jobs for the Wheatbelt and outer-Perth, plus boost adjacent sectors

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Prioritised local employment with ~22% of current workforce locally based near Julimar (as at 30-June-22)

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A clear pathway for strong stakeholder engagement at every stage through our targeted Community Engagement Strategy

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Attractive semi-rural setting lifestyle or Drive-in-Drive-Out commute, with increased real wages contributing directly to the regional economy

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Chalice is building strong, collaborative relationships with Whadjuk and Yued Traditional Owners

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Our Commitment to Whadjuk and Yued Traditional Owners
Traditional Owners have unique rights and interests to those of other stakeholders. Chalice
recognises their rights and respects their obligation to maintain culture, tradition and customs
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Heritage Agreements

Collaboration with Yued and Whadjuk

South-West Settlement Agreement

Whadjuk and Yued have started a program of cultural heritage surveys and monitoring for the Julimar Project. In 2022 over 60 Traditional Owners participated in this work

Whadjuk, Yued and Chalice established heritage agreements in 2018 that set out how we work together to protect and manage cultural heritage

The Whadjuk and Yued people are the Traditional Owners of the lands of the Julimar region, which is subject to two Indigenous land use agreements with the State of Western Australia

Our work with the Chalice team has been a positive experience for our Whadjuk representatives and has enabled direct input and collaboration into the activities carried out at the Julimar Project

Diana Ponton, Yunga Foundation

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Platinum and Palladium are essential in every stage of the hydrogen value chain, a critical solution to achieving net-zero carbon emissions

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Production

Transport and Storage

Utilisation

Green hydrogen produced by electrolysis of water using renewable energy (wind, solar, hydro)

Long-term storage and transport of green hydrogen likely to be achieved using liquified ammonia (NH3) as carrier

Green hydrogen ideal for use in green steel and Fuel Cell Electric Vehicles (FCEVs), likely to be the dominant technology for heavy transport such as trucks, trains and ships

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PGEs are essential catalysts in the Proton Exchange Membrane (PEM) Electrolyser

Pd is an essential catalyst in hydrogen-ammonia conversion and purification

PGEs are essential catalysts in most hydrogen fuel cell designs

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Source: ‘Hydrogen for Net-Zero’ Hydrogen Council & McKinsey & Company, November 2021 ‘Provision of PGM market intelligence and long-term metal price forecasts’ SFA Oxford, March 2021

‘Australian and Global Hydrogen Demand Growth Scenario Analysis’ Deloitte & COAG Energy Council, November 2019

The rapidly growing and increasingly adopted hydrogen economy has the potential to underpin long term PGE demand

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Current primary supply of Pt and Pd is ~16Moz Estimated Annual Pt and Pd Demand from Hydrogen (Moz)
p.a. Pd is in prolonged deficit while Pt in surplus
Electrolysers Light FCEVs Heavy FCEVs
8
Our view is that with conservative hydrogen
7
adoption , demand for Pt and Pd from hydrogen
could be as high as ~ 8Moz p.a. [(1)]
6
5
A modest hydrogen adoption scenario includes
~10% share of light vehicle market, ~40% share 4
of heavy vehicle market, and 50-70GW of
electrolyser capacity by 2040
3
2
Projections do not include PGE usage from
hydrogen applications in shipping, aviation, 1
industrial or steel manufacturing
-
2022 2026 2030 2034 2038 2042 2046
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2050
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(1) Cautionary statement: The forward-looking statements have been estimated by Chalice using assumptions that have been informed by third party research. These statements are based on an assessment of economic and operating conditions and on various assumptions regarding future events and actions that, as at the date of this presentation, are considered reasonable by Chalice. Refer to “Long Term PGE Demand Forecast” slide in Appendix for additional information regarding the underlying assumptions and calculation methodology, and Slide 2 for a statement regarding the risks involved in forward-looking statements of this nature. Without limiting these risks, such forward-looking statements are predictive in character, may be affected by incorrect assumptions or by known or unknown risks and uncertainties, and may differ materially in due course. Investors are therefore cautioned against attributing undue certainty to forward-looking statements, including those outlined above.

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Long term PGE demand forecast: supporting assumptions & calculations

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The long term PGE demand impact from the Hydrogen economy have been generated by Company analysis using assumptions and forecasts that have been informed by recent third party research. The assumptions used below relate to the year 2040. Note: There is the potential risk that these projections will not be achieved should the adoption of a hydrogen economy be less than expected or if major technological developments reduce the PGE loadings required for electrolysers and fuel cells.

Key Model Inputs (2040)

Technology	Input Unit Assumption PGE Demand Calculation
PEM electrolyser	Capacity GW 70 70 x 75% x 0.5 / 31.1(1) = ~ 0.8Moz Market share % 75 PGE loading g/kW 0.5
Light Vehicles	Light vehicle market million per annum 100 100 x 12% x 80 x 0.13 / 31.1(1) = ~4.0 Moz Light FCEV market share % 12 Light vehicle rating kW 80 PGE loading g/kW 0.13
Heavy Vehicles	Heavy vehicle market million per annum 7 7 x 40% x 250 x 0.13 / 31.1(1) = ~2.9 Moz Heavy FCEV market share % 40 Heavy vehicle rating kW 250 PGE loading g/kW 0.13

• Source: ‘Provision of PGM market intelligence and long-term metal price forecasts’, SFA Oxford, April 2020 & 2021 ‘Strategy Update’, AngloAmerican Platinum, 22 February 2021

• ‘Australian and Global Hydrogen Demand Growth Scenario Analysis’, Deloitte & COAG Energy Council, November 2019 ‘Fuelling the Future of Mobility’ Deloitte & Ballard, 2020

• ‘Committed to producing green metals’, Green Metals & Hydrogen Conference, Sibanye Stillwater, 26 Nov 2021

• (1) Calculations use a grams to ounce conversion ratio of 31.1.

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

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https://inventum3d.com/c/chalicemining

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https://youtu.be/zaparMvbb4g

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Gonneville Mineral Resource Estimate (JORC Code 2012), 8 July 2022

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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	8.6	1.9 - 0.06 - - -	- 1.9	0.52 - 0.02 - - -	- 0.54
	Inferred	0.4	1.9 - 0.13 - - -	- 2.0	0.03 - 0.00 - - -	- 0.03
	Subtotal	9.1	1.9 - 0.06 - - -	- 1.9	0.55 - 0.02 - - -	- 0.57
Sulphide (Transitional) 0.4% NiEq	Indicated	14	0.80 0.19 0.03 0.17 0.12 0.024	0.65 2.0	0.37 0.09 0.01 24 17 3	93 0.90
	Inferred	1.1	0.64 0.17 0.03 0.14 0.11 0.016	0.55 1.6	0.02 0.01 0 2 1 0	6 0.06
	Subtotal	15	0.79 0.19 0.03 0.16 0.12 0.023	0.65 1.9	0.39 0.09 0.01 25 18 4	99 0.96
Sulphide (Fresh) 0.4% NiEq	Indicated	220	0.73 0.16 0.03 0.16 0.10 0.016	0.59 1.8	5.1 1.1 0.20 360 230 34	1,300 12
	Inferred	110	0.71 0.15 0.03 0.16 0.11 0.015	0.58 1.7	2.4 0.52 0.10 170 110 16	610 5.9
	Subtotal	320	0.72 0.16 0.03 0.16 0.11 0.015	0.58 1.8	7.5 1.7 0.30 530 340 50	1,900 18
Underground MSO	Indicated	0.03	1.7 0.33 0.08 0.16 0.15 0.016	0.99 3.0	0 0 0 0.1 0.1 0.0	0.3 0
	Inferred	2.9	1.8 0.40 0.06 0.27 0.21 0.021	1.2 3.7	0.17 0.04 0.01 7.6 6.0 0.6	35 0.34
	Subtotal	2.9	1.8 0.40 0.06 0.26 0.21 0.021	1.2 3.7	0.17 0.04 0.01 7.6 6.1 0.6	35 0.34
All	Indicated	240	0.78 0.16 0.03 0.16 0.10 0.015	0.57 1.8	6.0 1.2 0.22 380 240 37	1,400 14
	Inferred	110	0.74 0.16 0.03 0.16 0.11 0.015	0.59 1.8	2.6 0.57 0.11 180 120 17	650 6.3
	Total	350	0.77 0.16 0.03 0.16 0.10 0.015	0.58 1.8	8.6 1.8 0.33 560 360 54	2,000 20

Note some numerical differences may occur due to rounding to 2 significant figures. PdEq oxide (Palladium Equivalent g/t) = Pd (g/t) + 1.27x Au (g/t)

NiEq sulphide (Nickel Equivalent %) = Ni (%) + 0.33x Pd(g/t) + 0.24x Pt(g/t) + 0.29x Au(g/t) + 0.78x Cu(%) + 3.41x Co(%) PdEq sulphide (Palladium Equivalent g/t) = Pd (g/t) + 0.72x Pt(g/t) + 0.86x Au(g/t) + 2.99x Ni(%) + 2.33x Cu(%) + 10.18x Co(%) MSO optimisation defined reasonable shapes that could be extracted by underground mining methods. Includes drill holes drilled up to and including 18 March 2022.

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Higher-grade sulphide component of Gonneville Resource (in pit and underground), 8 July 2022

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Domain Cut-off Grade	Category	Mass	Grade	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)
High-grade Sulphide (Transitional) 0.6% NiEq	Indicated	4.8	1.3 0.31 0.04 0.20 0.18 0.038	0.99 3.0	0.20 0.05 0.01 10 9 2		48 0.46
	Inferred	0.2	1.1 0.26 0.06 0.18 0.18 0.019	0.82 2.4	0.01 0.00 0.00 0 0 0		2 0.02
	Subtotal	5.1	1.3 0.30 0.05 0.20 0.18 0.037	0.98 3.0	0.21 0.05 0.01 10 9 2		50 0.48
High-grade Sulphide (Fresh) 0.6% NiEq	Indicated	52	1.3 0.29 0.06 0.21 0.19 0.019	0.94 2.8	2.2 0.49 0.11 110 99 10		490 4.8
	Inferred	22	1.3 0.29 0.08 0.21 0.23 0.018	0.98 2.9	0.94 0.20 0.05 46 52 4		220 2.1
	Subtotal	74	1.3 0.29 0.07 0.21 0.20 0.019	0.95 2.9	3.1 0.69 0.16 160 150 14		710 6.9
Underground MSO	Indicated	0.03	1.7 0.33 0.08 0.16 0.15 0.016	0.99 3.0	0 0 0 0.1 0.1 0.0		0.3 0
	Inferred	2.9	1.8 0.40 0.06 0.27 0.21 0.021	1.2 3.7	0.17 0.04 0.01 7.6 6.0 0.6		35 0.34
	Subtotal	2.9	1.8 0.40 0.06 0.26 0.21 0.021	1.2 3.7	0.17 0.04 0.01 7.6 6.1 0.6		35 0.34
All	Indicated	57	1.3 0.29 0.06 0.21 0.19 0.020	0.95 2.9	2.4 0.54 0.11 120 110 12		540 5.2
	Inferred	25	1.4 0.30 0.07 0.21 0.23 0.018	1.00 3.0	1.1 0.24 0.06 54 58 5		250 2.5
	Total	82	1.3 0.29 0.07 0.21 0.20 0.020	0.97 2.9	3.5 0.78 0.17 180 170 16		790 7.7

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 sulphide (Nickel Equivalent %) = Ni (%) + 0.33x Pd(g/t) + 0.24x Pt(g/t) + 0.29x Au(g/t) + 0.78x Cu(%) + 3.41x Co(%) PdEq sulphide (Palladium Equivalent g/t) = Pd (g/t) + 0.72x Pt(g/t) + 0.86x Au(g/t) + 2.99x Ni(%) + 2.33x Cu(%) + 10.18x Co(%) MSO optimisation defined reasonable shapes that could be extracted by underground mining methods. Includes drill holes drilled up to and including 18 March 2022.

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

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550 2.5
499
500
450 435 1.9
1.9 2.0
1.8
1.8
400 1.7
1.7
1.6
1.6
350 339 1.5
1.4
1.4 1.5
1.3
300 1.3
1.2
1.1
250 235 1.0
1.0
1.0
0.9
200
0.8
0.7
150 0.6
0.5 157
0.5
108
0.5
100 79
63
52
44
50 38 33 29 26 23 20 18 16 15 13 12 11 10
0 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
Grade (NiEq %)
Mass (Mt)
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Cut-off Grade (NiEq%) Tonnes NiEq %

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Metal equivalent assumptions of Gonneville Resource, 8 July 2022

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Based on metallurgical testwork completed to date for the sulphide domain, it is the Company’s opinion that all the quoted elements included in metal equivalent calculations (palladium, platinum, gold, nickel, copper and cobalt) have a reasonable potential of being recovered and sold.

Only limited samples have been collected from the transitional zone due to its relatively small volume. Therefore, the metallurgical recovery of all metals in this domain are unknown. However, given the relatively small proportion of the transition zone in the Mineral Resource, the impact on the metal equivalent calculation is not considered to be material.

Metal equivalents for the sulphide domains are calculated according to the formula below:

• « NiEq (%) = Ni (%) + 0.33x Pd (g/t) + 0.24x Pt (g/t) + 0.29x Au (g/t) + 0.78x Cu (%) + 3.41x Co (%);

• « PdEq (g/t) = Pd (g/t) + 0.72x Pt (g/t) + 0.86x Au (g/t) + 2.99x Ni (%) + 2.33x Cu (%) + 10.18x Co (%)

• Metal recoveries used in the metal equivalent calculations are based on rounded average Resource grades for the higher-grade sulphide domain (>0.6% NiEq cut-off):

• « Pd – 70%, Pt – 70%, Au – 60%, Ni – 55%, Cu – 90%, Co – 55%.

Metal prices used are used are consistent with those used in the Whittle pit optimisation (based on long term consensus analyst estimates):

• « US$1,800/oz Pd, US$1,300/oz Pt, US$1,800/oz Au, US$22,000/t Ni, US$10,500/t Cu and US$75,000/t Co.

Initial metallurgical testwork indicates that only palladium and gold are likely to be recovered in the oxide domain, therefore no NiEq grade has been quoted for the oxide. The PdEq grade for the oxide has been calculated using the formula:

• « PdEq oxide (g/t) = Pd (g/t) + 1.27 x Au (g/t).

Metal recoveries based on limited metallurgical test work completed to date:

• « Pd – 75%, Au – 95%.

• « Metal prices used are consistent with those used in the pit optimisation:

• « US$1,800/oz Pd, US$1,800/oz Au

For additional information on the assumptions used in the calculation of metal equivalents , refer to the ASX announcement titled “Updated Gonneville Mineral Resource” dated 8 July 2022.

Australian Primary Nickel Sulphide Resources (1 Feb 2023)

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	Total Measured (Meas.), Indicated (Ind.) and Inferred (Inf.) resources	Meas.	Ind.	Inf.
Rank Asset Company Stage Source Announcement Date	Tonnage (Mt) Nickel (kt, %) Copper (kt, %) Cobalt (kt, ppm) Gold (koz, g/t) Platinum (koz, g/t) Palladium (koz, g/t) Silver (koz, g/t)	Tonnage (Mt)	Tonnage (Mt)	Tonnage (Mt)
1 Yakabindie BHP Feasibility Annual Report to Shareholders 06-Sep-22	406 2,474 - - - - - - 0.61% - - - - - -	129.6	106	170
2 West Musgrave OZ Minerals Feasibility West Musgrave Mineral Resource and Ore Reserve Statement 23-Sep-22	390 1,200 1,300 47 752 1,003 1,129 10,659 0.30% 0.33% 120 0.06 0.08 0.09 0.85	91	240	59
3 Cosmos IGO Development FY22 Cosmos and Forrestania Resources and Reserves 30-Aug-22	67 656 - - - - - - 0.98% - - - - - -	13.6	38.9	14.5
4 Julimar Chalice Exploration Updated Gonneville Mineral Resource 08-Jul-22	350 560 360 54 330 1,800 8,600 - 0.16% 0.10% 154 0.03 0.17 0.77 -	-	240	110
5 Avebury Restart Mallee Resources Restart Updated Investor Presentation 07-Jul-22	29 264 - 7 - - - - 0.90% - 229 - - - -	-	8.7	20.7
6 Black Swan Poseidon Restart Full Steam Ahead for Black Swan Restart 15-Dec-22	30 206 7 5 - - - - 0.69% 0.02% 178 - - - -	1.5	10.1	18.3
7 West Jordan BHP Exploration Annual Report to Shareholders 06-Sep-22	43 224 - - - - - - 0.52% - - - - - -	-	-	43
8 Venus BHP Exploration Annual Report to Shareholders 06-Sep-22	11 189 - - - - - - 1.71% - - - - - -	1.5	7.5	2.1
9 Jericho BHP Exploration Annual Report to Shareholders 06-Sep-22	31 183 - - - - - - 0.59% - - - - - -	-	-	31
10 Fisher East Cannon Resources Exploration Fisher East Resource Increased to 134.1kt Contained Nickel 15-Aug-22	8 134 - - - - - - 1.79% - - - - - -	-	2.8	4.7
11 Sherlock Bay Sabre Resources Exploration Sherlock Bay Ni Scoping Study Delivers Positive Cashflow 17-Jan-23	25 99 22 5 - - - - 0.40% 0.09% 220 - - - -	12.5	6.1	6.1

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Note: Values presented in the above table have been rounded and where totals do not add to their components is due to rounding.

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ABN 47 1 16 648 956

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www.chalicemining.com chalice-mining @ChaliceMining
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