Chalice Mining : Investor Presentation - February 2022

ASX: CHN | OTCQB: CGMLF

Julimar - a world class Ni-Cu-PGE project in Western Australia

Corporate Presentation

7 February 2022

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, ASX/OTCQB releases, filings on sedar.com and take independent professional advice before considering investing in the Company. For further information about Chalice Mining Limited, visit our website at chalicemining.com

Forward-Looking Statement

This presentation may contain forward-looking information, including forward looking information within the meaning of Canadian securities legislation and forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, forward-looking statements). These forward-looking statements are made as of the date of this report and Chalice Mining Limited (the Company) does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements relate to future events or future performance and reflect Company management's expectations or beliefs regarding future events and include, but are not limited to: the impact of the discovery on the Julimar Project's capital payback; the Company's strategy; the Company's intended activities and estimated timing of intended activities at the Julimar Project; and the success of future mining operations. In certain cases, forward-looking statements can be identified by the use of words such as, "affords", "anticipates", "believe", "considered", "continue", "could", "establishes", "estimate", "expected", "future", "interpreted", "likely", "looking", "may", "open", "plan" or "planned", "potential", "robust", "targets", "will" or variations of such words and phrases or statements that certain actions, events or results may, could, would, might or will be taken, occur or be achieved or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors may include, among others, risks related to actual results of current or planned exploration activities; whether geophysical and geochemical anomalies are related to economic mineralisation or some other feature; obtaining appropriate approvals to undertake exploration activities; the results from testing EM anomalies; results of planned metallurgical test work including results from other zones not tested yet, scaling up to commercial operations; changes in project parameters as plans continue to be refined; changes in exploration programs and budgets based upon the results of exploration, changes in commodity prices; economic conditions; grade or recovery rates; political and social risks, accidents, labour disputes and other risks of the mining industry; delays or difficulty in obtaining governmental approvals, necessary licences, permits or financing to undertake future mining development activities; changes to the regulatory framework within which Chalice operates or may in the future; movements in the share price of investments and the timing and proceeds realised on future disposals of investments, the impact of the COVID 19 pandemic as well as those factors detailed from time to time in the Company's interim and annual financial statements, all of which are filed and available for review on SEDAR at sedar.com, ASX at asx.com.au and OTC Markets at otcmarkets.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Disclaimer

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

• Make no representation, warranty or undertaking, express or implied, as to the adequacy, accuracy, completeness or reasonableness of this Presentation;
• Accept no responsibility or liability as to the adequacy, accuracy, completeness or reasonableness of this Presentation; and
• Accept no responsibility for any errors or omissions from this Presentation.

Mineral Resources Reporting Requirements

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

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

Competent Person and Qualifying Persons Statement

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

• "High-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
• "New mineralised intrusion discovered at Julimar", 2 December 2021
• "Significant access approval received at Julimar", 29 December 2021
• "Diamond drilling commences at Hartog", 20 January 2022

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

• "Tier-1Scale Maiden Mineral Resource at Julimar" dated 9 November 2021.

The above announcements are available to view on the Company's website at chalicemining.com

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the original release continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person and Qualified Person's findings are presented have not been materially modified from the relevant original market announcements.

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A globally recognised specialist explorer and developer

• A tier-1 scale, pit constrained PGE-Ni-Cu-Co sulphide Resource3 at the Gonneville Deposit (9 Nov 21):

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

equivalent to ~1.9Mt NiEq or ~17Moz PdEq

• One of the largest greenfield PGE-Ni-Cu-Co sulphide discoveries in recent history
• Only 7% of >26km long Julimar Complex tested to date - immense exploration upside with further drilling underway
• Positioned to become a globally significant and strategic source of battery and hydrogen 'green metals' in WA
• Proven ability to discover and define mines and track record of returning capital to shareholders
• ~A$74M2 in cash + investments
• ~5,000% TSR since Julimar discovery in March 2020

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

2 As at 31 Dec 2021

3 3

3 Refer to full Mineral Resource Statement in Appendix

Julimar is a province-defining new

greenfield discovery in the world's premier mining jurisdiction

Greenfield project staked in	First drill hole discovery in March 2020:
25m @ 8.5g/t Pd, 0.9g/t Pt, 0.1g/t Au,
early 2018 (100% owned)
2.0% Ni, 0.9% Cu, 0.11% Co from 46m

Discovery made ~70km NE of Perth in Western Australia -

named Gonneville

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

Gonneville covers ~2km of strike length on Chalice owned farmland, a further

~10km of untested Julimar

Complex strike length currently being drilled

Studies being advanced

for an initial mining

development at Gonneville while the full extent of the mineral system is defined

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

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Chalice is building a world-class'green metals' portfolio in Australia

Platinum and Palladium

Highly versatile but rare metals used to remove nitrogen oxides (NOx) from

exhausts/hydrogen/ammonia streams (NOx are 300x more potent than CO2 as a greenhouse gas). Also highly effective catalysts for use in hydrogen applications, including green hydrogen production and fuel cells.

~11Moz p.a. Palladium market in deficit since 2012; supply dominated by Russia. Platinum supply dominated by South Africa, with significant political and operational challenges.

Nickel and Cobalt

The key battery cathode materials in electric vehicles (EV), high nickel NMC

811 batteries are the favoured chemistry.

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

Copper

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

Copper market is forecast to remain in deficit until 2026; lack of new large- scale discoveries worldwide.

These metals are needed to

decarbonise the global economy and address climate change

Source: Johnson Matthey PGM Market Report 2021, BNEF Electric Vehicle Outlook 2020, IEA, S&P Global Commodity Quarterly: Copper Q4 2021	5