Chalice Mining : Investor Presentation - Australian Nickel Conference 2021

ASX: CHN | OTCQB: CGMLF

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

Australian Nickel Conference

5 October 2021

Forward looking statements and competent person(s) disclosure

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, filings on sedar.com, 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

Not an offer in the United States This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, registration under the US Securities Act and applicable US state securities laws.

Forward-Looking Statement

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 completion of the intended demerger, the estimated timing of drilling in the Julimar State Forest, 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 Gonneville 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 "aiming", "could", "deposit", "emerging", "estimate", "exceptional", "favourable", "forecast", "highly", "interpreted", "likely", "needed", "planned", "potential", "prospects", "ongoing", "robustness", "significant", "targeted", "unrivalled", "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 forward-looking 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 and budgets 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 and the interactive 3D model that relates to exploration results for the Julimar Project is extracted from the following ASX announcements:

• "High-gradenickel-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-scalePGE system further expanded at Julimar", 11 May 2020
• "High-gradeNi-Cu-PGEs confirmed in discovery zone at Julimar", 25 May 2020
• "Extension of wide, high-gradePGE-Ni-Cu matrix zone at Julimar", 15 June 2020
• "Chalice discovers new high-gradePGE-Cu-Au zone at Julimar", 9 July 2020
• "Significant extension of high-gradePGE-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-gradePGE-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

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

• "First Diamond Drill Hole at Karri Hits Primary Gold Zone" 7 April 2020
• "Large gold system confirmed at Karri, Pyramid Hill", 29 July 2020
• "Chalice announces intention to demerge gold assets", 12 July 2021

The Information in this presentation that relates to exploration results for the Hawkstone Project (formerly the King Leopold Project) is extracted from the following ASX announcements:

• "Chalice acquires highly prospective nickel sulphide project in west Kimberley region of WA", 18 June 2019
• "Strong EM Conductors Identified at King Leopold Project", 20 August 2019

The above announcements are available to view on the Company's website at chalicemining.com.The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant original market announcements. The Company confirms that the form and context in which the Competent Person and Qualified Person's findings are presented have not been materially modified from the relevant original market announcements.

This announcement is authorised for release by the Disclosure Committee.

2

A unique exploration specialist with a globally significant discovery

• Australia's first major palladium discovery
• Emerging as a world-class, strategic deposit of critical,
  'green metals' in a world-class jurisdiction
• Highly leveraged to battery (Ni-Cu-Co) and hydrogen (PGEs-Ni) technology adoption

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• >5,000km2 Pyramid Hill Gold Project in Bendigo Zone of Victoria - several new high-grade gold zones undercover
• 'Falcon Metals' Demerger and IPO planned in Q4 2021
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• Proven ability to discover and define mines
• ~A$116M2 in cash + investments
• ~4,000% TSR since Julimar discovery in March 2020

1 Subject to shareholder and regulatory approvals	2 As at 30 June 2021	3

Julimar is a 'green metals' discovery

These metals are needed to decarbonise the global economy and address climate change

Highly versatile but rare metal used to remove nitrogen oxides (NOx) from exhausts / hydrogen / ammonia streams. NOx are 300x more potent than

CO2 as a greenhouse gas

~11Moz p.a. palladium market in deficit for nine consecutive years; supply dominated by Russia

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

The key battery cathode material in EVs, 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

Highly effective catalyst (similar to Pd) in

hydrogen applications, including green hydrogen production and fuel cells

Ongoing deficit and supply challenges; supply dominated by South Africa

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

Julimar Nickel - Copper-PGE Project

Western Australia