Chalice Mining : Institutional Capital Raise Presentation

onlyASX: CHN | OTCQB: CGMLF

Julimar - the start of a usenew Ni-Cu-PGE province

in Western Australia

ersonalInstitutional Capital Raise Presentation 24 May 2022

Not for release to US wire services or distribution in the United States

Forward looking statements, disclaimers and additional disclosures

Disclaimer

This investor presentation ("Presentation") is dated 24 May 2022 and has been prepared by Chalice Mining onlyLimited (ABN 47 116 648 956) ("Company") in relation to a proposed placement of new fully paid ordinary shares in the Company ("New Shares") to certain strategic investors, institutions and other sophisticated and professional investors in accordance with section 708A of the Corporations Act 2001 (Cth) ("Corporations Act") to raise approximately A$100 million ("Placement").

This Presentation has been prepared by the Company based on information from its own and third party sources and is not a disclosure document. No party other than the Company has authorised or caused the issue, lodgement, submission, despatch or provision of this presentation, or takes any responsibility for, or makes or purports to make any statements, representations or undertakings in this presentation. Except for any liability that cannot be excluded by law, the Company and its related bodies corporate, directors, employees, servants, advisers and agents (together, "Affiliates") disclaim and accept no responsibility or liability for any expenses, losses, damages or costs incurred by you relating in any way to this Presentation including, without limitati n, the information contained in or provided in connection with it, any errors or omissions from it however caused, lack of accuracy, completeness, currency or reliability or you or any other person placing any reliance on this Presentation, its accuracy, completeness, currency or reliability. This Presentation is not a prospectus, usedisclosure document or other offering document under Australian law or under any other law. It is provided for information purposes and is not an invitation nor offer of shares or recommendation for subscription, purchase or sale in any jurisdiction. This presentation does not purport to contain all the information that a prospective inve tor may require in connection with any potential investment in the Company. Each recipient must make its own independent assessment of the Company before acquiring any shares in the Company.

This Pre entation has been authorised for release by the board of the Company.

Not investment advice

Each recipient of the Presentation should make its own enquiries and investigations regarding all information in this Presentation including but not limited to the assumptions, uncertainties and contingencies which may affect future operations of the Company and the impact that different future outcomes might have on the ersonalCompany. Information in this Presentation is not intended to be relied upon as advice to investors or potential investors and has been prepared without taking account of any person's individual investment objectives,

fin nci l situation or particular needs. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own investment objectives, financial situ tion and needs and seek legal, accounting and taxation advice appropriate to their jurisdiction. The Compa y is not licensed to provide financial product advice in respect of its securities.

Fi a cial data

All d llar values are in Australian dollars (A$ or AUD) unless otherwise stated. The information contained in this Presentation may not necessarily be in statutory format. Amounts, totals and change percentages are calculated on whole numbers and not the rounded amounts presented. Past performance, including past hare price performance of the Company and the financial information (to reflect the funds raised under the Placement) provided in this Presentation is for illustrative purposes only and is not represented as being indicative of the Company's views on its future financial condition and/or performance. Past performance of the Company cannot be relied upon as an indicator of (and provides no guidance as to) the future

pe fo mance of the Company. Nothing contained in this Presentation nor any information made available to you is, or shall be relied upon as a promise, representation, warranty or guarantee, whether as to the past, pr s nt or future.

Not an offer

This Presentation is not an offer or an invitation to acquire New Shares of the Company or any other financial products. This Presentation does not constitute investment or financial product advice (nor tax, accounting or legal advice) or any recommendation to acquire New Shares in the United States or any other jurisdiction where it would be illegal, and will not form any part of any contract for the acquisition of New Shares.

This Presentation has been prepared for publication in Australia and may not be released to US wire services or distributed in the United States. The New Shares have not been, and will not be, registered under the US Securities Act of 1933 (the "US Securities Act") and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws. The distribution of this presentation in the United States and elsewhere outside Australia may be restricted by law. Persons who come into possession of this presentation should observe any such restrictions as any non-compliance could contravene applicable securities laws. Please refer to the section of this document headed "International Offer Restrictions" for more information.

Investment risk

An investment in New Shares is subject to known and unknown risks, some of which are beyond the control of the Company and its directors. The Company does not guarantee any particular rate of return or the performance of the Company nor does it guarantee any particular tax treatment. You should have regard to the risk factors outlined in the section of this Presentation headed "Key risks and international jurisdictions" when making your investment decision. Cooling off rights do not apply to the acquisition of New Shares.

Future performance and forward-looking statements

This Presentation contains certain "forward-looking statements". The words "expect", "anticipate", "estimate", "intend", "believe", "guidance", "should", "could", "may", "will", "predict", "plan" and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Forward-looking statements, opinions and estimates provided in this Presentation are based on assumptions and contingencies which are subject to change without notice and involve known and unknown risks and certainties and other factors which are beyond the control of the Company, its directors and management. Forward-looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Actual results, performance or achievements may differ materially from those expressed or implied in such statements and any projections and assumption on which these statements are based. Recipients of this Presentation are cautioned not to place undue reliance on forward-looking statements, particularly in light of the current economic climate and the significant volatility, uncertainty and disruption caused by COVID-19, and except as required by law or regulation, none of the Company, its representatives or advisers assumes any obligation to update these forward-looking statements. No representation or warranty, express or implied, is made as to the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects, returns or statements in relation to future matters contained in this Presentation. The forward-looking statements are based on information available to the Company as at the date of this Presentation. Except as required by law or regulation (including the ASX Listing Rules), none of the Company, its representatives or advisers undertakes any obligation to provide any additional or updated information whether as a result of a change in expectations or assumptions, new information, future events or results or otherwise. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward-looking statements.

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Forward looking statements, disclaimers and additional disclosures

JORC Code

It is a requirement of the ASX Listing Rules that the reporting of ore reserves and mineral resources in Australia comply with the Joint Ore Reserves Committee's Australasian Code for Reporting of Mineral Resources and Ore Reserves ("JORC Code"). Investors outside Australia should note that while ore reserve and mineral resource estimates of the Company in this document comply with the JORC Code (such JORC Code-compliant ore reserves and mineral resources being "Ore Reserves" and "Mineral Resources" respectively), they may not comply with the relevant guidelines in other countries and, in particular, do not comply with (i) National Instrument 43-101

onlypr bable reserves and, as a result, the SEC generally does not permit mining companies to disclose their mineral res urces in SEC filings. You should not assume that quantities reported as "resources" will be converted to

(Sta dards of Disclosure for Mineral Projects) of the Canadian Securities Administrators (the "Canadian NI 43-101

Sta dards"); or (ii) Industry Guide 7, which governs disclosures of mineral reserves in registration statements filed

with the SEC. Information contained in this document describing mineral deposits may not be comparable to similar information made public by companies subject to the reporting and disclosure requirements of Canadian

r US securities laws. In particular, Industry Guide 7 does not recognise classifications other than proven and

reserves under the JORC Code or any other reporting regime or that the Company will be able to legally and economically extract them. The Information in this presentation that relates to Mineral Resources has been usextract d from the ASX announcement titled "Tier 1 Scale Maiden Mineral Resource at Julimar" dated 9

Nov mb r 2021. This announcement is available to view on the Company's website at www.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 announcement and that all material assumptions and technical parameters underpinning the estimates in the original announcement continue to apply and have not materially changed.

Joint Lead Managers

Bell Potter Securities Limited and Macquarie Capital (Australia) Limited have acted as joint lead managers to the Placement ("Joint Lead Managers"). The Joint Lead Managers, together with their respective related bodies corporate, shareholders or affiliates and their respective officers, directors, employees, affiliates, agents or

advisers (each a "Limited Party") have not authorised, permitted or caused the issue or lodgement, submission,

dispatch or provision of this Presentation and do not make or purport to make any statement in this Presentation and there is no statement in this Presentation which is based on any statement made by a Limited Party.

ersonalmakes o representation or warranty, express or implied, as to the currency, accuracy, reliability, fairness or completeness of the information, opinions and conclusions contained in this Presentation. In particular, the Limited Parties have not independently verified such information and take no responsibility for any part of this Presentation or the Placement. Statements made in this Presentation are made only at the date of the Presentation. The Company is under no obligation to update this Presentation. The information in this Presentation remains subject to change by the Company without notice.

To the m ximum extent permitted by law, each Limited Party expressly disclaims any and all liability in respect

of,	nd make no representations regarding, and take no responsibility for, any part of this Presentation, including,
without limitation, any liability arising out of fault or negligence, for any direct, indirect, consequential or
co	ti gent loss or damage arising from the use of information contained in this Presentation. Each Limited Party

The Limited Parties make no recommendation as to whether any investor or potential investor should participate in the Placement nor do they make any representations or warranties to you concerning the Placement, and you represent, warrant and agree that you have not relied on any statements made by a Limited Party in relation to the Placement. Further, no Limited Party accepts any fiduciary obligations to or relationship with any investor or potential investor in connection with the offer of New Shares in the Company or otherwise.

The Joint Lead Managers and their affiliates and related bodies corporate are full service financial institutions engaged in various activities, which may include (but are not limited to) underwriting, securities trading, financing, corporate advisory, financial advisory, investment management, investment research, principal investment, hedging, market making, market lending, brokerage and other financial and non-financial activities and services including for which they have received or may receive customary fees and expenses. In the ordinary course of their various business activities, the Joint Lead Managers and their affiliates or related bodies corporate may purchase, sell or hold a broad array of investments and actively trade securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments for their own account and for the accounts of their customers, and such investment and trading activities may involve or relate to assets, securities and/or instruments of the Company, and/or persons and entities with relationships with the Company. The Joint Lead Managers and their affiliates and related bodies corporate may also communicate independent investment recommendations, market colour or trading ideas and/or publish or express independent research views in respect of such assets, securities or instruments and may at anytime hold, or recommend to clients that they should acquire, long and/or short positions in such assets, securities and instruments. One or more entities within the Joint Lead Managers' respective groups may provide other financial services to the Company or its affiliates and related bodies corporate. The Joint Lead Managers are acting as lead managers and bookrunners to the Placement for which they have received or expect to receive fees and expenses.

Determination of eligibility of investors for the purposes of all or any part of the Placement is determined by reference to a number of matters, including legal requirements and the discretion of the Company and the Joint Lead Managers. To the maximum extent permitted by law, the Company, the Joint Lead Managers and their respective Limited Parties expressly disclaim any duty or liability (including for negligence) in respect of the exercise of that discretion or otherwise. Any participant in the Placement acknowledges that allocations under the Placement are at the sole discretion of the Joint Lead Managers and the Company. To the maximum extent permitted by law, the Joint Lead Managers and the Company disclaim any duty or liability (including for negligence) in respect of the exercise of that discretion. Furthermore, the Company reserves the right to vary the timetable for the Placement (with the consent of the Joint Lead Managers) including by closing the Placement bookbuild early or extending the Placement bookbuild closing time (generally or for particular investors), without recourse to them or notice to any participant in the Placement. Moreover, communications that the Placement or Placement bookbuild is "covered"( i.e. aggregate demand indications exceed the amount of the New Shares) are not an assurance that the Placement will be fully distributed.

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ersonal use only

Chalice - a globally recognised name in mineral exploration

High-performance, results driven culture (discovery DNA)

A team with an

exceptional track

record of finding and defining minesand rewarding shareholders

We work to create sustained value for shareholders and stakeholders

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

Metals essential for green technologies like catalytic converters, batteries, electric vehicles and hydrogen

One of the few, large-scalePd-rich deposits outside of Russia (~40% of global supply)

100% owned by Chalice, no 3rd party interests - full control and maximum leverage

Sulphide metallurgy - able to produce Cu-PGE and Ni- Co-PGE concentrates for a range of global customers

1. tier-1scale, pit-constrainedPGE-Ni-Cu-Co sulphide resource (9 Nov 2021):

330Mt @ ~0.58% NiEq or ~1.6g/t PdEq1 for

equivalent to ~1.9Mt NiEq or ~17Moz PdEq

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Only ~2km of >30km long Julimar Complex drilled to date

~8,000km2 total landholding in new, totally unexplored West Yilgarn Ni-Cu-PGE Province

West Yilgarn

Ni-Cu-PGE

Province

Yilgarn

Craton

Julimar

250km

1 Refer to full Mineral Resource Statement in Appendix 2 3E = Palladium (Pd) + Platinum (Pt) + Gold (Au)