CHALICE MINING LIMITED — Investor Presentation 2021

May 24, 2021

25 May 2021

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Presentation – Arlington Webinar

Chalice Mining Limited (“Chalice” or “the Company”, ASX: CHN | OTCQB: CGMLF) will present at the Arlington Group Asset Management Limited - “Discovery – An Exploration Masterclass” online webinar today at 3pm WST.

A copy of the presentation is attached.

Should you wish to attend the event please register using the link provided below:

http://ow.ly/CBMq50EyvoS

Authorised for release on behalf of the Company by:

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Alex Dorsch Managing Director

For further information, please visit www.chalicemining.com to view our latest corporate presentation, or contact:

Corporate Enquiries Alex Dorsch Managing Director Chalice Mining Limited +61 8 9322 3960 info@chalicemining.com

Media Enquiries Nicholas Read Principal and Managing Director Read Corporate Investor Relations +61 8 9388 1474 info@readcorporate.com.au

Follow our communications: LinkedIn: chalice-mining Twitter: @chalicemining

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Chalice Mining ABN 47 116 648 956 Level 2, 1292 Hay Street West Perth, Western Australia T: +61 8 9322 3960 GPO Box 2890, Perth WA 6001 F: +61 8 9322 5800

info@chalicemining.com www.chalicemining.com

@chalicemining chalice-mining

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ASX: CHN | OTCQB: CGMLF

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

Arlington Group Webinar ‘DISCOvery: An Exploration Masterclass’

25 May 2021

Forward looking statements and competent person disclosure

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This presentation does not include all available Information on Chalice Mining Limited and should not be used in isolation as a guide to investing in the Company. Any potential investor should also refer to Chalice Mining Limited Annual Reports, filings on sedar.com, and to ASX/OTCQB releases and take independent professional advice before considering investing in the Company. For further information about Chalice Mining Limited, visit our website at chalicemining.com

Forward-Looking Statements

This document may contain forward-looking information, including forward looking information within the meaning of Canadian securities legislation and forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, forward-looking statements). These forward-looking statements are made as of the date of this document and Chalice Mining Limited (the Company) does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements relate to future events or future performance and reflect Company management’s expectations or beliefs regarding future events and include, but are not limited to, the Company’s strategy, the fair value of investments ultimately realised, the estimation of mineral reserves and mineral resources, the realisation of mineral resource estimates, estimation of metallurgical recoveries, the forecast timing of the estimation of mineral resources, the likelihood of exploration success at the Company’s projects, the prospectivity of the Company’s exploration projects, the existence of additional EM anomalies within the Julimar Project, the forecast timing of the completion of the Julimar Scoping Study, the timing of future exploration activities on the Company’s exploration projects, planned expenditures and budgets and the execution thereof, the timing and availability of drill results, potential sites for additional drilling, the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as, “beginning”, “bigger”, “deposit”, “emerging”, “highly”, “interpreted”, “potential”, “potentially”, “ongoing”, “significant”, ”targeted”, “unrivalled”, “will”, “world class” or variations of such words and phrases or statements that certain actions, events or results may, could, would, might or will be taken, occur or be achieved or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forwardlooking statements. Such factors may include, among others, risks related to actual results of current or planned exploration activities; assay results of soil samples; whether geophysical and geochemical anomalies are related to economic mineralisation or some other feature; obtaining appropriate access to undertake additional ground disturbing exploration work on EM anomalies located in the Julimar State Forrest; the results from testing EM anomalies; results of planned metallurgical test work including results from other zones not tested yet, scaling up to commercial operations; changes in project parameters as plans continue to be refined; changes in exploration programs based upon the results of exploration, future prices of mineral resources; grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; movements in the share price of investments and the timing and proceeds realised on future disposals of investments, the impact of the COVID 19 epidemic as well as those factors detailed from time to time in the Company’s interim and annual financial statements, all of which are filed and available for review on SEDAR at sedar.com, ASX at asx.com.au and OTC Markets at otcmarkets.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

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.

Competent Person and Qualifying Persons Statement

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

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

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

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

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

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

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

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

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

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

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

“Positive preliminary metallurgical results at Julimar”, 1 September 2020

"Major new 6.5km-long EM anomaly identified at Julimar", 22 September 2020

• “Significant new PGE-copper-gold horizon defined at Julimar”, 6 October 2020

“Key Private Properties Secured at Julimar”, 16 November 2020

• “Significant high-grade PGE-Cu-Au extensions at Julimar”, 18 November 2020

“Chalice secures access to major new targets at Julimar”, 4 January 2021

• “Four new high-grade zones defined as Julimar continues to grow”, 27 January 2021

• •

• ‘More positive results from ongoing metallurgical testwork at Julimar”, 16 February 2021

• “New EM Conductors and Nickel-Copper Soil Anomalies at Hartog”, 25 March 2021

• “Resource drilling at Julimar delivers further growth in high-grade zones”, 22 April 2021

The 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. 2

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Julimar – a new high-grade PGE-Ni-Cu-Co-Au discovery in Western Australia

• Australia’s first major palladium discovery

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

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

Unrivalled pipeline of greenfield discovery opportunities in Australia

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

• Large exploration holdings in Victoria and the Kimberley

Well funded, high performance team with an excellent track record

• Proven ability to discover and define mines

• • ~A$133M[1] in cash + investments

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

3

1 As at 31 March 2021

We are just getting started at the very southern tip of a newly recognised, ~26km long intrusive complex; ~24km of strike remain untested

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WA
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Julimar Complex

• Interpreted ~26km long maficultramafic intrusive complex

Baudin & Jansz Targets

• Large AEM anomalies, soil and MLEM results pending

Hartog Target

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

• Drilling expected to commence in Q3 2021

Gonneville Deposit

• ~380 holes drilled across ~1.8km x >0.9km intrusion, open to the north

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

• • Maiden MRE targeted for late Q3 2021

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

This is bigger than just the new Julimar district, this is the beginning of the new West Yilgarn Ni-Cu-PGE Province – an almost entirely unexplored part of WA

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N
Narryer Narryer
Project Terrane
YILGARN CRATON
Murchison
Domain Burtville Terrane
Barrabarra Project
Youanmi
Terrane
Southern
Kurnalpi
Cross
Terrane
Julimar Domain
West Yilgarn Ni- Project
Cu-PGE Province Kalgoorlie
Terrane
South West
Terrane
South West Project
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 (Julimar is well located)

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•
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• The western margin of the Yilgarn craton is almost entirely unexplored for these mineral systems

• We made the first discovery, so were able to stake a >8,000km[2] licence area

• Hundreds of potential intrusions already identified

• Large-scale soil anomaly already identified at Barrabarra ( ~300km north of Julimar )

• Potential for several major discoveries in the years ahead

5

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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