Gonneville is a rare tier-1 scale, near-surface Resource with high-grade
optionality and compelling growth potential
Updated Indicated and
Inferred Mineral Resource
1
Estimate :
• 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
1 Refer to full Mineral Resource
Statement in Appendix 8
The Resource includes a significant higher-grade sulphide component,
starting from a depth of ~30m
Higher-grade sulphide
component of Resource :
1
• 82Mt @ 1.7g/t 3E, 0.21%
Ni, 0.20% Cu, 0.020% Co
(~1.0% NiEq or ~2.9g/t
PdEq);
• 4.5Moz 3E, 180kt Ni,
170kt Cu, 16kt Co
(~790kt NiEq or ~7.7Moz
PdEq) contained
• This higher-grade
component affords the
project significant
optionality in
development and could
potentially materially
enhance project
economics in the initial
years of operation
1 Refer to full Mineral Resource 9
Statement in Appendix
Met testwork for Gonneville has focussed on two processing options –
selective Cu/Ni flotation or Cu flotation + Ni enrichment
Simplified sequential flotation process for higher-grade sulphide mineralisation
• Preliminary testwork to date on 15 sulphide composite
samples from several geological domains (including
Rougher & Rougher &
Crush & grind cleaner cleaner higher-grade and lower-grade samples), demonstrates
Higher-grade sulphide flotation into flotation into Ni- potential to produce two commercially attractive
(fresh) ore (P of
80
38-75µm) Cu-PGE-Au Co-PGE concentrates for sale from higher-grade sulphide material,
concentrate concentrate with low levels of potentially deleterious elements
• Variability testwork, mineralogical investigations and
Offtake Offtake flotation optimisation work continues on the nickel-cobalt-
#1 #2 PGE concentrate
Simplified flotation and enrichment process for lower-grade disseminated sulphide mineralisation
Potential
Rougher &
Rougher & cleaner flotation Offtake
Disseminated sulphide Crush & grind cleaner flotation into bulk Ni-Cu- or
(fresh) ore (P of 38-75µm) into Cu-PGE-Au
80
concentrate Co-PGE Potential bulk
concentrate Potential bulk Potential Offtake – Ni-
concentrate
concentrate Co battery pre-cursor
enrichment
enrichment process product (i.e. MHP)
process
Cu-PGEs
Offtake #1
• Copper and PGE recoveries are robust at lower grades, however more work is
Predicted metallurgical recovery
Metal underway to optimise flotation recovery of nickel and cobalt (and corresponding
range min-avg -max (%)
1
PGEs which report to the nickel concentrate)
Palladium (~75%/25% into Cu/Ni conc) 55-67-90
• Several processing alternatives to enrich bulk Ni-Cu-Co-PGE concentrate being
Platinum (~25%/75% into Cu/Ni conc) 55-68-90 investigated in order to maximise recovery and payability, and potentially sell nickel-
cobalt intermediate product direct to battery manufacturers
Gold (to Cu conc) 30-62-65
Nickel (to Ni conc / MHP) 40-55-80 • $2.9M CRC-P grant from Commonwealth Govt to evaluate these ‘midstream’
processing options
Copper (to Cu conc) 88-92-95
1 Average recovery based on average resource grades at >0.6% NiEq cut-off for sulphide (fresh) domain 10
2
Cobalt (to Ni conc / MHP) 40-55-80 2 Cobalt is associated with nickel and hence recoveries reflect the nickel grade
The Resource remains open along strike to the north and down-dip, with
ongoing drilling demonstrating potential for material growth
• The ~550m thick
Gonneville
Intrusion strikes
over ~1.9km
and is open to
the north
• ~800m of high-
grade plunge
extent on
farmland is yet
to be tested
• Step-out drilling
is continuing
with 2 rigs on
wide-spacing,
to determine
overall scale of
the system
11
Significant exploration underway immediately north of the Gonneville
Deposit, extending over ~10km of the Julimar Complex strike length
• New 2D seismic results over Gonneville-Hartog
N
Baudin Target indicate a potential plunge extension of the
Gonneville Intrusion ~1.6km north-west and ~500m
below surface
3.2m @ 0.5% NiEq
OPEN
41.6m @ 0.4% NiEq Given sulphide-rich nature of the Gonneville
Dampier Target •
9.6m @ 0.7% NiEq
Intrusion, this could significantly expand the
OPEN deposit to this point and potentially beyond (open
120m of Gonneville-type
intrusive (assays pending) to the north)
Hann Target
State Forest boundary • Previous Hartog drilling too far east and above this
Low-conductance EM plate
155m of Gonneville-type High-conductance EM plate interpreted position
intrusive (assays pending) Hooley Target
DDH - New (excl. Gonneville)
OPEN Hamelin Target DDH - Prev (excl. Gonneville) • Wide-spaced step-out drilling to validate the
Gonneville Resource pit crest
New intersection seismic interpretation has commenced
0.25m @ 0.4% Ni, Julimar Previous intersection
0.1% Cu, 0.13 % Co
State Forest
0.45m @ 0.6% Cu Surface Geology Interpretation
Hartog Target Gonneville-type Ultramafic
Interp. Gonneville • Drilling 6-10km further north of Gonneville has
Intrusion projection 2.8m @ 0.7g/t 3E Greenstone Sequence
Gneiss intersected a Gonneville-type ultramafic horizon
Granite over ~5.5km of strike length
Seismic Line 2
Hanging Wall Structure
~1.6km Minor Structures
• All holes to date have intersected highly
*350Mt @ 0.96g/t 3E , 0.16% Ni,
OPEN 0.10% Cu, 0.015% Co encouraging evidence of magmatic sulphides
Seismic Line 1
Gonneville Resource: 11Moz 3E, Julimar Nickel-Copper-PGE
560kt Ni, 360kt Cu, 54kt Co Project
(~2.0Mt NiEq or ~20Moz PdEq)* • Drilling at Hamelin-Hann-Hooley targets continues
South Julimar Complex Plan View
– Drill holes, MLEM, over regional with 2 rigs
magnetics (TMI-RTP) 12
6 September 2022
The recent 2D seismic survey has shifted the Gonneville target horizon
west of Hartog drilling to date, highlighting significant upside
Prospective basal Interpreted Gonneville
contact yet to be tested Intrusion yet to be tested
Drill holes Geology Interpretation
RC Gonneville Ultramafic Greenstone Sequence Granite 13
DDH Gonneville Leucogabbro Gneiss Major Structure
The Resource occupies just ~2km of the >30km long Julimar Complex – the
upside to the north has the potential to transform the project
State Forest Flinders Target (untested)
WA Area • Large coincident Mag-AEM anomaly
• Access pending
Julimar Complex
• Interpreted >30km long mafic-
ultramafic 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
• Drilling access pending
OPEN ~10km Hartog-Dampier strike
length (drilling underway)
Gonneville Deposit (Resource stage)
• Discovery hole (JRC001): 19m @ 9.6g/t 3E, 2.6% Ni, 1.0% Cu, 0.1% Co from 48m >5ppb Pd in soil
• 11Moz Pd+Pt+Au (3E), 560kt Ni, 360kt Cu and 54kt Co* contained >700ppm Cr in soil
>80ppm Ni in soil
• >900 RC/diamond holes drilled across ~1.9km x 0.9km area >20ppm Cu in soil
• Open to the north and down-dip State Forest boundary
* 350Mt @ 0.96g/t 3E, 0.16% Ni, 0.10% Cu, 0.015% Co
The Julimar Project has the potential to deliver significant economic
benefits and Chalice is committed to strong environmental stewardship
Strong environmental stewardship:
Exploring in the Julimar State Forest
under a Conservation Management • Comprehensive program of baseline
environmental surveys ongoing since 2020;
Plan using small-footprint diamond
Environment no mechanised clearing of trees or • Development of Biodiversity Strategy
covering flora, fauna, dieback, cultural
drill rigs to navigate around trees –
heritage
vegetation required
underway to ensure potential mining in
future co-exists with conservation values
Numerous case studies of
successful mining projects in or • Baseline surface and groundwater studies
around State Forest areas underway; water studies are a priority focus
for Chalice to ensure that water is
responsibly managed as a shared resource
Proximity to major communities ~$0.5M p.a. local procurement spend by
provides a unique opportunity Chalice, plus ~$1.5M p.a. spend by direct
to build a workforce of local contractors in the local shires surrounding
the Julimar Project
permanent residents (drive in,
Community drive out) ~22% of current workforce are locally based
(Jun-22) and local opportunities growing
Community Info Sheets and
Newsletters developed to deliver
information on project activities Active, open and transparent engagement
and environmental practices continues with key stakeholders – trust is key
to maintain our social licence
15 15
Initial drilling along the Julimar Complex and Gonneville Scoping Study
represent significant upcoming milestones
Chalice has consistently delivered since the Julimar We are rapidly advancing Gonneville
discovery in early 2020 towards mine development…
Julimar Significant Maiden Mineral Drilling Updated Completion of Gonneville Gonneville Mine
discovery and expansion Resource commences Mineral Scoping Study Pre-Feasibility Proposal –
birth of the of tenure Estimate at at greenfield Resource First step to Study begins – commence
2
new West (~8,000km ) Gonneville targets along Estimate at defining the advancing major
Yilgarn Ni-Cu- and exploration >30km Gonneville – economic towards an regulatory
PGE Province activities Julimar ~2.0Mt NiEq or potential of initial mine approvals
(~6-9 rigs) Complex ~20Moz PdEq Gonneville development processes
Mar-2020 Nov-2021 Jan-2022 Jul-2022 Late 2022 2020 2023+ 2022
… while completing first pass exploration
on large unexplored areas of the new
West Yilgarn Province
1 Refer to full Mineral Resource Statement in Appendix. Timeline is indicative and subject to exploration and study outcomes. 16
The Julimar discovery has kick-started the new West Yilgarn Ni-Cu-PGE
Province, which could deliver more major critical mineral discoveries
• Many of the ‘giant’ ortho-magmatic nickel-copper-PGE
Narryer sulphide deposits such as Norilsk, Jinchuan, Thompson and
Burtville
Terrane Voisey’s Bay are located proximal to the margin of cratons
Narryer • In WA, the eastern Yilgarn (Archean craton) hosts several
Terrane
world-class nickel sulphide deposits with over 25Mt of Ni
discovered since 1965
Youanmi • ~1,200km long western margin of the Yilgarn presents a similar
Terrane geological setting, but is almost entirely unexplored
Kurnalpi
Terrane
Barrabarra • Chalice made the first major ortho-magmatic Ni-Cu-PGE
Kalgoorlie discovery in the region (Julimar), subsequently staking
Terrane
West Yilgarn Ni- >8,000km 2
Cu-PGE Province – YILGARN
discovered 2020, CRATON Kalgoorlie- • Chalice has ‘first mover’ advantage in this exciting new
~0.5Mt Ni to date Kurnalpi Ni province – strong potential to deliver more major Ni-Cu-PGE
Province – discoveries
discovered
Gonneville PGE-
Ni-Cu-Co Deposit Julimar 1965, >25Mt Ni
PERTH • 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
South West
Terrane • Potential for highly variable mineralisation styles (Ni:Cu:PGE
South West metal ratios) across the province
N • The prize is significant – more shallow G1 style massive
Nickel Deposits sulphides with grades c. 3.2% Ni, 1.2% Cu, 10g/t PGE
Chalice Tenure
17
Source: S&P Global
New world class, strategic, ‘green metals’
Resource in Western Australia – a ‘once in a
generation’ discovery
Significant exploration upside at Julimar and
in the new West Yilgarn Ni-Cu-PGE Province –
targeting more shallow massive sulphides
High performance, well funded team with an
excellent track record
18
Appendix
Chalice is actively growing its organisational capability
Board of Directors Management
Derek La Ferla, Chairman Richard Hacker, CFO
• Highly regarded ASX200 chair and company director with 30+ years • Chartered Accountant with 20+ years experience in junior company
experience as a corporate lawyer financing, corporate and commercial management
• Chair of Poseidon Nickel and formerly Chair of Sandfire Resources • Company CFO since 2006
Alex Dorsch, Managing Director and Chief Executive Officer Dr Kevin Frost, GM Discovery & Growth
• Diverse experience in consulting, engineering and corporate advisory in • Co-recipient of AMEC’s Prospector of the Year Award in 2009 for the
the energy and resources sectors discovery of the Spotted Quoll nickel sulphide deposit in WA (Western
• Previously a Specialist consultant with McKinsey & Company Areas)
Morgan Ball, Non-Exec Director Bruce Kendall, GM Exploration
• Chartered Accountant with 25+ years experience in the resources, logistics • Co-recipient of AMEC’s Prospector of the Year Award in 2012 for the
and finance industries discovery of the world-class Tropicana gold deposit in WA
• Formerly CFO of Northern Star Resources and Saracen Mineral Holdings (AngloGold Ashanti)
Dr Soolim Carney, GM Environment and Community
Garret Dixon, Non-Exec Director
• 30+ years experience in resources and mining contracting sectors • Environment, health and safety, indigenous affairs, govt relations and
community specialist with 20+ years experience
• Formerly Executive VP Alcoa & President Bauxite
• Former Regional Environment Manager for Alcoa Australia
Stephen McIntosh, Non-Exec Director Michael Elias, Study Manager – Julimar
• Highly regarded mining executive with 30+ years experience in Study Director with 30+ years experience in mining sector
exploration, major project studies and execution • Specialist in study management, project development and
• Formerly Group Executive and Head of Exploration & Development • management consulting
Projects at Rio Tinto
Linda Kenyon, Non-Exec Director
• Corporate lawyer and senior executive with 30+ years experience Chris MacKinnon, Business Development and Legal Manager
• 15 years experience as a corporate lawyer and finance advisor in the
• Formerly Company Secretary and member of Executive Leadership Team resources industry
at Wesfarmers
Jo Gaines, Non-Exec Director
• Extensive experience in intergovernmental negotiations and stakeholder Jamie Armes, Company Secretary
• Chartered Accountant with 20+ years experience within the
engagement
• Chair of the Government Employees Superannuation Board (GESB) and a accounting profession and administration of public listed companies
in the mining and exploration industry
Director of Development WA 20
Corporate Snapshot Capital Structure and Financials
Equity listings Shares out. 376M Market capitalisation
ASX: CHN
OTCQB: CGMLF Shares (F/D) 381M ~A$1.5Bn (@ A$4.08ps) 3
Top Shareholders Tim Goyder
1
Founder in 2006 Debt Cash Cash & Investments
2
2
2% nil ~A$132M ~A$135M
9% Directors
& Mgmt
ASX:CHN (A$/share)
43% 12.0
Retail & HNWI 10.0
46% 8.0
Institutional
6.0
4.0
2.0
Board of Directors Management 0.0
Derek La Ferla (Chairman) Richard Hacker (CFO) Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22
Alex Dorsch (MD & CEO) Kevin Frost (GM Discovery & Growth)
Morgan Ball (NED) Bruce Kendall (GM Exploration) Research Analyst Coverage
Garret Dixon (NED) Soo Carney (GM Env and Comm) Bell Potter David Coates
Stephen McIntosh (NED) Michael Elias (Study Mgr – Julimar) J.P. Morgan Al Harvey
Linda Kenyon (NED) Chris MacKinnon (BD and Legal Mgr) Jefferies Mitch Ryan
Jo Gaines (NED) Jamie Armes (Co Sec) Macquarie Bank Hayden Bairstow
21
1 As of 31 August 2022 2 As of 30 June 2022; As at 4 October 2022 21
3
Since our 2006 IPO, we have acquired quality assets, advanced projects
quickly and generated exceptional returns
2012 2020
Zara Gold Major PGE- 2022
Project in Eritrea NI-Cu-Co-Au $100M
2006 sold for discovery at raised to
$7.5M raised ~US$114M 2016 Julimar progress
in IPO on ASX (pre-tax) Cameron 2018 Project Julimar
to progress 2009 Gold Project Staked studies
Chalice & Zara Gold A$0.10ps / in Ontario Julimar 2021
sold for
Higginsville Project in ~A$25M capital Nickel- Gold spin-
Projects Eritrea return to ~A$25M Copper-PGE out into
acquired for shareholders (pre-tax) Project in Falcon
~A$7M Western Metals Ltd
Australia (ASX: FAL)
2006 2008 2010 2012 2014 2016 2018 2020 2022
2019
Quebec 2021
2009-2011 2017 Gold Tier-1
2007 ~A$43M Acquired East Projects sold maiden
Chalice & raised Cadillac Gold to O3 Gonneville
Higginsville to progress Project in Mining Resource
Projects sold Zara to DFS 2013 Quebec and
for ~A$12M Cameron Gold staked 2022
Upgraded
(pre-tax) Project in Pyramid Hill 2020 Gonneville
Ontario Gold Project 2018 ~$145M Resource
raised to
acquired for in Victoria A$0.04ps / progress
~A$8M ~A$10.6M Julimar
capital return to
shareholders 22
Chalice is building a world-class
‘green metals’ portfolio in Australia
Platinum and Palladium
Rare metals used in catalytic converters – a pollution control device which is in
every petrol, diesel or hybrid vehicle. Palladium reduces greenhouse gas
emissions from exhaust streams, including nitrogen oxides which are 300x more
potent than CO as a greenhouse gas. These metals also have a future role to
2
play in green hydrogen technologies.
Palladium market in deficit with supply dominated by Russia. Platinum supply
dominated by South Africa.
Nickel and Cobalt
Both nickel and cobalt are key materials required in batteries for electric
vehicles (EV).
EV-driven nickel demand is forecast to increase 19x by 2040, and a lack of
new nickel-sulphide discoveries worldwide in recent years has created a
significant forecast supply shortage.
These metals are
Copper needed to
Used extensively in the green energy industry including solar, hydro, decarbonise the
nuclear, and geothermal energy, as well as EV and battery technologies. global economy
The copper market is forecast to remain in deficit until 2026, again with a and address
lack of new large-scale discoveries worldwide.
climate change
Source: Johnson Matthey PGM Market Report 2021; IEA “The Role of Critical World Energy Outlook Special 23
Report Minerals in Clean Energy Transitions” March 2022; S&P Global Commodity Quarterly: Copper Q4 2021
Platinum and Palladium are essential in every stage of the hydrogen value
chain, a critical solution to achieving net-zero carbon emissions
Production Transport and Storage Utilisation
Green hydrogen produced by electrolysis of Long-term storage and transport of green Green hydrogen ideal for use in green steel
water using renewable energy (wind, solar, hydrogen likely to be achieved using liquified and Fuel Cell Electric Vehicles (FCEVs), likely
hydro) ammonia (NH ) as carrier to be the dominant technology for heavy
3
transport such as trucks, trains and ships
PGEs are essential catalysts in the Proton Pd is an essential catalyst in hydrogen-ammonia PGEs are essential catalysts in most
Exchange Membrane (PEM) Electrolyser conversion and purification hydrogen fuel cell designs
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 24
‘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
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
adoption, demand for Pt and Pd from hydrogen 7
could be as high as ~8Moz p.a.
(1)
6
A modest hydrogen adoption scenario includes 5
~10% share of light vehicle market, ~40% share
of heavy vehicle market, and 50-70GW of 4
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 2050
(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 25
therefore cautioned against attributing undue certainty to forward-looking statements, including those outlined above.
Interactive 3D Model & Video: Take a tour of our globally significant Julimar
Ni-Cu-PGE Project in Western Australia
https://inventum3d.com/c/chalicemining https://youtu.be/zaparMvbb4g
26
Gonneville Mineral Resource Estimate (JORC Code 2012), 8 July 2022
Domain Cut-off Category Mass Grade Contained Metal
Grade
PdEq
Pd
Au
Cu
(Mt) Pd (g/ Pt (g/t) Au (g/ Ni (%) Cu (%) Co (%) NiEq PdEq (Moz) Pt (Moz) (Moz) Ni (kt) (kt) Co (kt) NiEq (kt) (Moz)
t)
t)
(g/t)
(%)
Indicated 8.6 1.9 - 0.06 - - - - 1.9 0.52 - 0.02 - - - - 0.54
Oxide 0.9g/t Pd 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
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
Sulphide 0.4% 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
(Transitional) NiEq
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
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
Sulphide (Fresh) 0.4% 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
NiEq
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
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
Underground MSO 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
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
All 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.
27
Higher-grade sulphide component of Gonneville Resource (in pit and
underground), 8 July 2022
Domain Cut-off Category Mass Grade Contained Metal
Grade
PdEq
Au
Pt
Pd
Ni
Co
Cu
(Mt) Pd (g/ Pt (g/t) Au (g/ Ni (%) Cu (%) Co (%) NiEq PdEq (Moz) (Moz) (Moz) (kt) (kt) (kt) NiEq (Moz)
t)
t)
(kt)
(g/t)
(%)
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
High-grade 0.6%
Sulphide NiEq 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
(Transitional)
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
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
High-grade 0.6% 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
Sulphide (Fresh) NiEq
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
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
Underground MSO 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
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
All 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.
28
Flat grade-tonnage curve highlights the significant higher-grade
component – providing the project with development optionality
550 2.5
499
500
450 435 1.9 1.9 2.0
1.8 1.8
400 1.6 1.7 1.7
350 339 1.4 1.5 1.6
1.3 1.4 1.5
300 1.1 1.2 1.3 Grade (NiEq %)
Mass (Mt) 250 235 0.9 1.0 1.0 1.0
200
0.7 0.8
150 0.5 0.6 157
0.5 108
100 79 0.5
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
Cut-off Grade (NiEq%)
Tonnes NiEq % 29
Metal equivalent assumptions of Gonneville Resource, 8 July 2022
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$22,00/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.
30
Long term PGE demand forecast: supporting assumptions & calculations
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
Capacity GW 70
(1)
PEM electrolyser Market share % 75 70 x 75% x 0.5 / 31.1 = ~ 0.8Moz
PGE loading g/kW 0.5
Light vehicle market million per annum 100
Light FCEV market share % 12
Light Vehicles 100 x 12% x 80 x 0.13 / 31.1 = ~4.0 Moz
(1)
Light vehicle rating kW 80
PGE loading g/kW 0.13
Heavy vehicle market million per annum 7
Heavy FCEV market share % 40
Heavy Vehicles 7 x 40% x 250 x 0.13 / 31.1 = ~2.9 Moz
(1)
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. 31
Australian Primary Nickel Sulphide Resources (4 Oct 2022)
Total Measured (Meas.), Indicated (Ind.) and Inferred (Inf.) resources Meas. Ind. Inf.
Rank Asset Company Stage Source Announcement Date Tonnage Nickel Copper Cobalt Gold Platinum Palladium Silver Tonnage Tonnage Tonnage
(Mt) (kt, %) (kt, %) (kt, ppm) (koz, g/t) (koz, g/t) (koz, g/t) (koz, g/t) (Mt) (Mt) (Mt)
2,474 - - - - - -
1 Yakabindie BHP Feasibility Annual Report to Shareholders 06-Sep-22 406 129.6 106 170
0.61% - - - - - -
West Musgrave Mineral
West 1,200 1,300 47 752 1,003 1,129 10,659
2 Musgrave OZ Minerals Feasibility Resource and Ore Reserve 23-Sep-22 390 91 240 59
Statement 0.30% 0.33% 120 0.06 0.08 0.09 0.85
FY22 Cosmos and Forrestania 656 - - - - - -
3 Cosmos IGO Development Resources and Reserves 30-Aug-22 67 0.98% - - - - - - 13.6 38.9 14.5
4 Julimar Chalice Exploration Updated Gonneville Mineral 08-Jul-22 350 560 360 54 330 1,800 8,600 - - 240 110
Resource 0.16% 0.10% 154 0.03 0.17 0.77 -
Avebury Mallee 264 - 7 - - - -
5 Restart Resources Restart Updated Investor Presentation 07-Jul-22 29 0.90% - 229 - - - - - 8.7 20.7
Investor Presentation - Diggers 206 7 5 - - - -
6 Black Swan Poseidon Restart and Dealers Conference 03-Aug-22 30 0.69% 0.02% 178 - - - - 1.5 10.1 18.3
224 - - - - - -
7 West Jordan BHP Exploration Annual Report to Shareholders 06-Sep-22 43 - - 43
0.52% - - - - - -
189 - - - - - -
8 Venus BHP Exploration Annual Report to Shareholders 06-Sep-22 11 1.5 7.5 2.1
1.71% - - - - - -
183 - - - - - -
9 Jericho BHP Exploration Annual Report to Shareholders 06-Sep-22 31 - - 31
0.59% - - - - - -
Cannon Fisher East Resource Increased 134 - - - - - -
10 Fisher East Resources Exploration to 134.1kt Contained Nickel 15-Aug-22 8 1.79% - - - - - - - 2.8 4.7
Sabre Sherlock Bay Ni Scoping Study 99 22 5 - - - -
11 Sherlock Bay Resources Exploration Delivers Positive Cashflow 27-Jan-22 25 0.40% 0.09% 220 - - - - 12.5 6.1 6.1
Note: Values presented in the above table have been rounded and where totals do not add to their components is due to rounding.
32
ABN 47 1 16 648 956
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www.chalicemining.com chalice-mining @ChaliceMining
AUSTRALIAN NICKEL CONFERENCE – INVESTOR PRESENTATION
OCTOBER 2022 ASX: GAL
1
Disclaimer
This Presentation (“ or the “ has been prepared by Galileo Mining Ltd (ACN 104 114 132 ))(“ and is general of the recipient of this Document and the Company will not be responsible for any loss incurred by the Recipient
background information about the Company and its wholly owned subsidiaries activities as at the date of this as a result of any actions taken by them The Company represents a speculative business and involves a high
Presentation This Document is prepared for the benefit and internal use of the recipient (the “ It is provided on a degree of risk
confidential basis and the Recipient cannot reproduce in whole or in part any information provided in this Nothing in this Presentation constitutes the provision of financial or legal advice The Recipient should consider
Presentation or communicate the information of this Presentation to any third party without the prior written its own financial situation, objectives and needs, and conduct its own independent investigation and assessment
consent of the Company This Document has been prepared on the basis of publicly available information and of the contents of this Document, including obtaining investment, legal, tax, accounting and such other advice as
certain confidential information The Company has relied upon and assumed, without independent verification, it considers necessary or appropriate Further, nothing in this Presentation constitutes an offer for the sale of
the accuracy and completeness of all such information, including forecasts It contains selected information and securities This Presentation does not constitute an offer or invitation in any place in which, or to any person to
does not purport to be all inclusive or to contain all of the information that may be relevant to the Document The whom, it would not be lawful to make such an offer or invitation The distribution of this Presentation (including in
Company, its affiliates, officers, directors, employees and agents do not accept responsibility or liability for this electronic form) outside Australia may be restricted by law and persons who come into possession of this
Presentation or its contents (except to the extent that such liability cannot be excluded by law) No representation Presentation outside Australia should seek advice on and observe any such restrictions Any failure to comply
or warranty is made as to the Presentation’s accuracy or completeness and the Company assumes no with such restrictions may constitute a violation of applicable securities laws
obligation to update the Presentation’s information contained herein Any requests for information in connection
rd
with this Document should be addressed directly to the Company and to no other party The information contained in this Presentation is prepared as of 3 October 2022. Neither the delivery of this
Presentation nor any offer, issue or sale contemplated by this Presentation at any time implies that the
This Presentation may contain forward looking statements that involve risks, uncertainties and other factors information contained in it is correct, that any other information supplied in connection with an offer of shares is
concerning, among other things, the Company’s expected financial performance and strategic operational plans correct or that there has not been any change (adverse or otherwise) in the financial conditions or affairs of the
Such forward looking statements are not guarantees of future performance and involve known and unknown Company at any time subsequent to the preparation date In particular, the Company is not under any obligation
risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the to any person to update this Presentation at any time including after an issue of shares
Company The Company’s actual results could differ materially from the results expressed or implied by such
forward looking statements, and reported results should not be considered as an indication of future
performance It is not possible to accurately predict the future revenues or profitability of the Company or
whether any revenues or profitability will eventuate The business of the Company is dependent upon a number
of factors and many of these factors are outside the control of the Company This Document is not a prospectus
under Australian law
This Document is provided to you on the basis that you are a sophisticated, professional or other investor who
would not require a disclosure document because of section 708 of the Corporations Act 2001 (As it is not
regulated by the Corporations Act, this Presentation does not purport to contain all of the information that would
be contained in a prospectus or that recipients may require in order to evaluate whether to invest in the
Company Any recipient of this Presentation is responsible for conducting their own due diligence and other
enquiries as well as making their own analysis and their own independent assessment of the information
provided herein You may wish to consult your broker, solicitor, banker, accountant or other professional advisor
about its contents Any decision to rely on the information contained in this Presentation is the sole responsibility
2
Key Messages
Well supported with largest shareholders being successful
mining investor Mark Creasy and major mining company IGO
High value palladium targets, nickel targets and an existing
cobalt/nickel resource
Tier-1 mining jurisdiction with Norseman and
Fraser Range projects located in Western Australia
Track record of drilling with well planned,
systematic, and ongoing drill programs
Early discovery market valuation and highly
leveraged to further success
1
Well funded with strong cash position of ~$7.0M and a
further $20.4M raised via placement in July with institutional &
sophisticated investors
3
(1) As at 30 June 2022
st
Corporate Snapshot
Share Price (twelve months) Key metrics
2 70 ASX Code GAL
1.8 60 Millions
1.6 Shares on Issue 197.4m
1.4 50 rd
1.2 40 Share price (at 3 Oct. 22) $1.41
1
0.8 30 Market Cap ~ $278m
0.6 20
th
0.4 Cash (at 30 June 22) $7.0 m
0.2 10 *with further $20.4m raised in July
0 0 Enterprise Value ~$251m
9/21/2021 10/12/2021 11/2/2021 11/23/2021 12/14/2021 1/4/2022 1/25/2022 2/15/2022 3/8/2022 3/29/2022 4/19/2022 5/10/2022 5/31/2022 6/21/2022 7/12/2022 8/2/2022 8/23/2022 9/13/2022 Instruments on Issue 2.5m options@ $0.52 (exp 09/23)
2.5m PRs with vesting condition of 5
Volume Close 0.97m options@ $2.40 (exp 07/24)
day share VWAP > $3.60 per share
JORC Resources (see Appendix 1 for details) Substantial Shareholders
Cobalt 26,600 tonnes Mark Creasy 27.4% 4
Nickel 122,500 tonnes IGO Ltd (ASX:IGO) 8.3%
4
Highly Experienced Board
! Over 20 years in exploration, prospecting, and mining.
! Widely experienced in the strategic growth and commercialisation of mineral assets at different stages
Brad Underwood of development and over multiple commodity classes.
Chairman & MD ! Involved in the discovery and development of nickel, copper, cobalt, and gold resources.
! Over 10 years’ corporate executive level experience with multiple capital raisings and transactions for
both private and listed resource companies.
! A metallurgist with wide international and corporate experience.
Noel O’Brien ! Served on the board of a number of ASX listed companies over the past 10 years.
! Currently technical advisor to several listed companies.
Non-Executive Director ! Expert in process and project development over a broad range of commodities including nickel,
copper, cobalt, gold, PGEs, and lithium.
Mathew Whyte ! CPA and a Chartered Secretary (FCG & FGIA), with over 25 years’ experience.
Non-Executive Director & ! Held senior executive roles on a broad range of Australian listed entities.
! Served as Director and Company Secretary on multiple ASX company boards over the past 10 years.
Company Secretary
! A mining and commercial lawyer with both law firm and in house legal experience
Cecilia Camarri ! Advises TSX and ASX listed companies on the strategic management of legal risk 5
! Community and public relations management experience
Non-Executive Director ! Over 25 years’ experience in the exploration and mining industry
5
Project Portfolio
Strategic • Numerous operating mines in the district
Commodity & • Access to world-class infrastructure (road, rail, airport, City of Kalgoorlie, Port
District Focus of Esperance)
• Recent discovery of significant palladium-platinum-copper-nickel-sulphide
from RC drilling at the Callisto prospect
2
• 278km of exploration and prospecting licenses
Norseman
Project • Province scale palladium targets
• RC and diamond drill programs currently underway as a follow up to
discovery drilling reported in May 2022
• Multiple anomalous palladium, nickel and copper assays from aircore drilling
• New mineral province with operating Nova nickel mine (owned by IGO) and
multiple prospects
• Two zones covering a combined 602 km 2
Fraser Range
Project* • Two sulphide bearing intrusions found on GAL ground so far
• Untested EM targets at the Easterly and Green Moon Prospects
• Ongoing EM surveying to define new targets for drilling
6
* 67% Galileo Mining/33% Creasy Group JV
Norseman Project
(100% Galileo)
7
Norseman Project
Highly prospective ground next to Town of Norseman
2
• 278km of prospective ground at the southern end of the prolific Norseman-
Wiluna greenstone belt
• Premier project location:
" 10km from Norseman and the historic 5Moz Norseman gold mine
" Adjacent to sealed Coolgardie-Esperance Highway
" Access to gas, water, road and rail infrastructure
" 180km from the deep-water Port of Esperance
• New and highly significant Callisto discovery on granted mine lease
• Tenements are prospective for magmatic palladium-nickel-copper sulphide,
komatiite hosted nickel sulphide, PGEs, gold, lithium, and nickel-cobalt laterite
mineralisation
• Current JORC compliant 25Mt nickel-cobalt laterite resource 8
8
Norseman Project – Callisto Discovery
Discovery of significant palladium-platinum-copper-nickel & rhodium
• An initial 6 RC holes (1,142m) were drilled at the Callisto
Discovery.
• Discovery drillhole in May (NRC266) returned significant
palladium-platinum-gold-copper-nickel-rhodium mineralisation:
• 33m @ 2.05 g/t 4E (1.64 g/t Pd, 0.28 g/t Pt, 0.09 g/t Au,
0.05 g/t Rh), 0.32% Cu & 0.30% Ni from 144m (NRC266)
• All RC drill holes completed in the first round of drilling
contained significant zones of mineralisation and confirmed
initial results from the discovery drill hole
• Strong geological continuity between all drill holes with
sulphides occurring within an ultramafic sill where it intrudes
into sedimentary rocks
• Reported assays all occur within wider disseminated sulphide 9
zones indicating the potential for a large mineralised system Callisto geological interpretation section 6,448,000N with major drill intercepts including rhodium in 4E calculation (where results
are available). NRC278 finished in mineralisation and NRC279/280 are pre-collars.
9
Norseman Project – Callisto Discovery
A new palladium-platinum province in which Galileo controls all of the most prospective ground
• Second round of RC drilling at Callisto completed in July - 3,939m drilled over 16 drill holes and three pre-collars
• All 16 holes returned palladium-platinum-gold-copper-nickel assays
• Holes are being analysed for rhodium with first 4 holes returning consistent rhodium grades
• Highest grade palladium and platinum assays recorded to date with 8.25 g/t Pd & 1.94 g/t Pt over one metre in NRC275
• Mineralisation on the northern sections is continuing towards the surface (western end of drill lines) with the shallowest intersections to date at
~110m depth (NRC285 & NRC287)
• Third round of RC drilling underway with assay results confirming consistent high-grade palladium mineralisation
• Mineralisation continues to be open along strike and down dip to the east where diamond drilling is continuing
• Over 8,600m of RC drilling and 1,400m of diamond drilling completed in the current ongoing programs
10
Callisto preliminary geological section 6,448,100mN with target sulphide zone. Callisto preliminary geological section 6,448,050mN with target sulphide zone. Callisto preliminary geological section 6,447,950mN with major drill intercepts
10
Norseman Project – Callisto Discovery
Massive sulphides discovered*
• Diamond drilling intersects massive
sulphide mineralisation –
significant potential for high-
grade zones at shallow depths
within the mineralised system
NRCD293 core tray -
Massive sulphide
• 1.25m of massive sulphides logged mineralisation from
189.65m to 189.9m
within a larger 29.1 metre zone of and from 190.6m to
disseminated and stringer sulphides 191.6m. Massive
sulphide occurs
(162.5m to 191.6m in NRCD293) within a broader
disseminated
sulphide interval from
154.9m to 191.6m.
• Portable XRF analyses confirm the
presence of nickel and copper
sulphides
• Ongoing RC and diamond drilling 11
programs Massive sulphide mineralisation at Massive sulphide mineralisation at
190.8m downhole in NRCD293 190.6m downhole in NRCD293
* See GAL ASX Announcement dated 29/08/2022 and Appendix 2 of this presentation
Norseman Project – Callisto Discovery
Geological similarities to South Africa’s extensive Platreef palladium-platinum-gold-rhodium-copper-nickel deposits
• Callisto shows similarities in mineralisation style to
Platreef deposits on the northern limb of the Bushveld
Complex, South Africa.
• Platreef mineralisation is contained within
disseminated sulphides of less than 1% and up to
25% with rare massive sulphide.
• Callisto drilling to date has intercepted disseminated
sulphide of less than 5% with sulphides increasing to
the east.
• Platreef deposits are very large in nature and have
combined indicated resources of >700Mt at a 1 g/t
3PGE + Au cut off (Reference: Platreef Integrated Development Plan 2020.
Ivanhoe Mines Ltd)
• Contained metals at Platreef include palladium,
platinum, gold, rhodium, copper, and nickel.
12
12
Norseman Project – Additional Prospects*
Jimberlana Prospect
• Multiple EM conductors and anomalous aircore results that require follow up RC
and diamond drill testing
• Significant drill result up dip from Jimberlana EM conductor at JD2 location
provides strong support for new target at shallow depth with
• 12 metres @ 0.13% nickel, 0.11% copper, 0.01% cobalt and 0.12 g/t
palladium (from 8m in NAC068) and
• 5 metres @ 0.15% nickel, 0.11% copper, 0.02% cobalt and 0.11 g/t
palladium (from 24m in NAC068)
Mission Sill Prospect
• Palladium and platinum drill results over 10km strike length
• Multiple anomalous aircore results including: 8m @ 1.44 g/t 2E (palladium +
platinum), 0.11% nickel, 0.01% copper from 8m in NAC151
• Follow up RC and diamond drilling required 13
13
* See GAL ASX Announcements dated 09/02/22, 03/03/22, 08/03/22, 21/03/22, 24/03/22 and 28/03/22 for details
Norseman Project – Next Steps
Q3 CY22 Q4 CY22
RC drill holes
planned between
High grade First assays from 300m and 1,000m Early-stage
palladium results diamond core north of current metallurgical
Third round of RC from ongoing RC drilling at Callisto drilling with testing of
drilling at Callisto drilling reported expected in early opportunity for diamond drill
(10,000m for ~ 50 to the market October additional new core for metal
holes) underway discoveries recovery
First diamond Ongoing diamond Infill drilling of
drilling at Callisto core drilling looking existing discovery
has commenced to extend and drill out of
focusing on the mineralised footprint possible new
down dip zones to along strike and at discoveries
the east depth
14
Extent of Galileo’s Norseman project area with the interpreted
palladium-platinum-copper-nickel prospective zones.
14
Fraser Range JV Project
(67% Galileo / 33% Creasy Group)
Thompson (Canada) vs Fraser Range (Australia)
Thomson Fraser Range
Nickel Belt Nickel Belt
! More than 10 ! Two deposits with
deposits over over 150km of
100km of prospective strike
strike length length
! Total known ! Total combined
resources of VS resources of 18Mt
146Mt at Nova and
Silver Knight
! Over 50 years
of mining and ! Immature nickel
exploration belt with untapped
potential
Exploration in the Fraser Range
Geophysics – the key to undercover discoveries
• Magnetic and gravity interpretation as a guide to the location of
prospective intrusions
• Regional EM surveying to define target positions beneath cover rock
• Two intrusions with sulphides identified to date at separate prospects
• Lantern South: Mafic/Ultramafic intrusion with disseminated nickel-
copper sulphides, 23m @ 0.19% Ni & 0.14% Cu LARC013D) and 41m
@ 0.19% Ni and 0.14% Cu (LARC012)
• Delta Blues: Felsic/Mafic intrusions with semi-massive copper sulphide,
4m @ 0.29g/t Au and 0.29% Cu (DBRC001) and 4m @ 0.21g/t Au and
0.27% Cu (DBRC003)
17
Increased confidence in regional prospectivity
17
Strategic new Fraser Range tenement
• Highly prospective greenfield tenement acquired along
strike from Galileo’s existing Fraser Range targets
• No previous exploration provides Galileo with a first
mover advantage
• Tenement E28/2797 is six kilometres along strike from
the Lantern South Prospect where previous drilling
intersected nickel-copper sulphides
E28/2797
• Magmatic intrusions prospective for nickel
mineralisation have been interpreted from detailed
airborne magnetic data
• Ground EM surveying, with the aim of defining new
drill targets, is ongoing
Green Moon / Easterly
• Infill EM surveying of highly conductive Green Moon
prospect is planned to refine targets for drill testing 18
• Drill campaign planned at the Easterly Prospect & for New Fraser Range Greenfield Tenement E28/2797, the interpreted intrusive targets on new tenement and location of untested EM targets at
the Easterly and Green Moon prospects (TMI magnetic background imagery)
new targets that develop from ongoing EM surveying
18
A Significant Investment Opportunity
Well funded and supported junior
exploration company
Early discovery valuation with
ongoing RC and diamond drill programs
Highly prospective Norseman &
Fraser Range projects
Active explorer with experienced
management and team
Focused on high demand metals
– palladium, platinum, nickel, copper, 19
cobalt & rhodium
19
P: +61 8 9463 0063
E: [email protected]
W: galileomining.com.au
20
20
Mineral Resource Estimates for the Norseman Cobalt Project
(“Estimates”) (refer to ASX “Prospectus” announcement dated
May 25 2018 and ASX announcement dated 11 December
th
th
2018, accessible at
http://www.galileomining.com.au/investors/asx-announcements/).
Appendix 1 – Galileo confirms that all material assumptions and technical
parameters underpinning the Estimates continue to apply and
JORC have not materially changed).
Resources Cobalt % Class Tonnes Mt % Co % Ni
Cut-off
Tonnes
Tonnes
MT THIRSTY SILL
0.06 % Indicated 10.5 0.12 12,100 0.58 60,800
Inferred 2.0 0.11 2,200 0.51 10,200
Total 12.5 0.11 14,300 0.57 71,100
MISSION SILL
0.06 % Inferred 7.7 0.11 8,200 0.45 35,000
GOBLIN
0.06 % Inferred 4.9 0.08 4,100 0.36 16,400
TOTAL JORC COMPLIANT RESOURCES 21
0.06 % Total 25.1 0.11 26,600 0.49 122,500
21
Appendix 2 – Visual Results Slide 11 (see GAL ASX announcement dated 29/08/22)
Callisto Drill Hole Sulphide Mineralisation – Summary Log Cau[onary Statement: Sulphide es[mates are completed by visual observa[on with analy[cal laboratory
results pending. Sulphide mineralisa[on and metal contents are not directly correlated. Assays are
Mineralisa8on Descrip8on Sulphide % (Visual
Hole ID From (m) To (m) Length (m) Lithology Es8mate) required to determine metal content (ie. Pd, Pt, Au, Cu, Ni, Rh values).
NRCD293 149.3 153.8 4.5 Pyroxenite Disseminated sulphide (Po-Cpy) 2% Galileo Field Logging Guide
Structure/altered
153.8 154.9 1.1 pyroxenite Disseminated sulphide (Po) 1% Percent Range (visually
Sulphide Mode
154.9 162.5 7.6 Pyroxenite Disseminated sulphide (Po-Cpy) 2% es8mated)
Weakly disseminated < 1 %
Disseminated sulphide, stringers (Po-Cpy-
162.5 184.6 22.1 Pyroxenite Pn) 3%
Disseminated 1 – 5 %
Disseminated sulphide, stringers (Po-Cpy-
184.6 189.65 5.05 Pyroxenite
Pn) 2% Heavily disseminated 5 – 20 %
189.65 189.9 0.25 Massive sulphide Massive sulphide (Po-Cpy-Pn) 90% Matrix 20 – 40 %
Heavily disseminated sulphide (Po-Cpy-Pn) Net textured 20 – 40 %
189.9 190.6 0.7 Pyroxenite
10%
Semi-massive >40 to < 80 %
190.6 191.6 1 Massive sulphide Massive sulphide (Po-Cpy-Pn) 90%
Massive >80 %
Weakly disseminated sulphide (Po-Cpy) <
191.6 202 10.4 Pyroxenite 1%
Competent Person Statement
Disseminated sulphide, stringers (Po-Cpy-
202 220.7 18.7 Pyroxenite Pn) 4%
The information in this report that relates to Exploration Results is based on, and fairly represents,
220.7 225.3 4.6 Pyroxenite Disseminated sulphide (Po-Cpy-Pn) 2% information and supporting documentation prepared by Mr Brad Underwood, a Member of the
Australasian Institute of Mining and Metallurgy, and a full time employee of Galileo Mining Ltd. Mr
Disseminated sulphide, stringers (Po-Cpy-
225.3 245.6 20.3 Pyroxenite
Pn) 4% Underwood has sufficient experience that is relevant to the styles of mineralisation and types of
deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person
245.6 282.8 37.2 Dolerite Disseminated sulphide (Po-Cpy) 2%
as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral
Heavily disseminated sulphide, bedded Resources and Ore Reserves” (JORC Code). Mr Underwood consents to the inclusion in the report
282.8 287.5 4.7 Black shale/chert
(Po-Py-Sp-Cpy) 10%
of the matters based on his information in the form and context in which it appears. 22
Disseminated sulphide, bedded (Po, Cpy)
287.5 296.5 9 Sandstone
2%
With regard to the Company’s ASX Announcements referenced in the above Presentation, the
Heavily disseminated sulphide, bedded
296.5 315 18.5 Black shale/chert (Po-Py-Sp-Cpy) 10% Company is not aware of any new information or data that materially affects the information included
in the Announcements.
22
A Nickel Powered Future
Paydirt Australian Nickel Conference
5 October 2022
Peter Harold
CEO & Managing Director
DISCLAIMER
This presentation is for information purposes only. It has been prepared for the purpose of providing general information about Poseidon compiled by Mr Steve Warriner, Chief Geologist, who was a full-time employee at Poseidon Nickel, and is a Member of The Australian
Nickel Limited ("Poseidon"). It should not be considered as an offer, invitation, solicitation or recommendation to subscribe for or purchase Institute of Geoscientists and Mr David Reid who is a full-time employee of Golder Associates Pty Ltd and is a Fellow of the Australasian
any securities in Poseidon in any jurisdiction. It is not recommended that any person makes an investment decision in relation to Institute of Mining and Metallurgy. The information in this report which relates to the Lake Johnston Ore Reserves Project is based on, and
Poseidon in reliance on this presentation material. This presentation does not constitute financial product advice and has been prepared fairly represents, information compiled by Mr Matthew Keenan who is a full-time employee of Entech Pty Ltd and is a Member of the
without taking into account the recipient's investment objectives, financial circumstances or particular needs and the opinions and Australasian Institute of Mining and Metallurgy.
recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. The information in this presentation which relates to the Silver Swan Tailings Mineral Resource Resources is based upon details compiled
Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which by Ian Glacken, who is a Fellow of the Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. Ian
include (among others) the risk of adverse or unanticipated market, financial or political developments. Glacken is an employee of Optiro Pty Ltd and has sufficient experience which is relevant to the style of mineralisation and the deposit
under consideration, and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the
This presentation contains forecasts and forward-looking statements. Such statements are predictions only based on available data which Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code).
maybe unreliable and is subject to inherent risks and uncertainties. Investors are cautioned that forward-looking statements are not
guarantees of future performance and accordingly investors are cautioned not to put undue reliance on forward-looking statements due to The information in the updated Gold Tailings Project which relates to Mineral Resources is based upon details compiled by Ian Glacken,
the inherent uncertainty therein, which could cause actual values, results, performances or achievements to differ materially from those who is a Fellow of the Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. Ian Glacken is an
expressed, implied or projected in this presentation. employee of Optiro Pty Ltd and has sufficient experience which is relevant to the style of mineralisation and the deposit under
consideration, and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the
This overview does not purport to be all-inclusive or to contain all information which its recipients may require in order to make an informed Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code).
assessment of the project prospects. Each of Poseidon, its officers, employees and advisers expressly disclaims any responsibility for the
accuracy or completeness of the material contained in this presentation and excludes all liability, direct, indirect or consequential for any The Company is not aware of any new information or data that materially affects the information in the relevant market announcements.
loss or damage which may be suffered by any person as a consequence of any information in this presentation or any error or omission All material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply
there from. Poseidon accepts no responsibility to update any person regarding any inaccuracy, omission or change in information in this and have not materially changed.
presentation. Mr Pearce, Mr Warriner, Mr Cervoj, Mr Glacken Mr Reid, Mr Bezin and Mr Keenan all have sufficient experience which is relevant to the
style of mineralisation and type of deposits under consideration and to the activity which they are undertaking to qualify as a Competent
Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore
Reserves’ (the JORC Code 2012). Mr Pearce, Mr Warriner, Mr Cervoj, Mr Glacken and Mr Keenan have consented to the inclusion in the
COMPETENT PERSON STATEMENTS
report of the matters based on his information in the form and context in which it appears.
The Australian Securities Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release
The information in this report that relates to Exploration Results is based on, and fairly represents, information compiled and reviewed by
Mr Andrew Pearce, who was an employee of Poseidon Nickel, and is a Member of The Australian Institute of Geoscientists
The information in this report which relates to the Black Swan Mineral Resource is based on, and fairly represents, information compiled
by Mr David Reid who is a full-time employee of Golder Associates Pty Ltd and who is a Fellow of the Australasian Institute of Mining and FORWARD LOOKING STATEMENTS
Metallurgy. The information in this report which relates to the Black Swan Ore Reserve is based on, and fairly represents, information
compiled by Mr Francois Bezin who is a full-time employee of IMC Mining and is a Member of the Australasian Institute of Mining and This release contains certain forward looking statements including nickel production targets. Often, but not always, forward looking
Metallurgy. statements can generally be identified by the use of forward-looking words such as “may”, “will”, “except”, “intend”, “plan”, “estimate”,
The information in this report which relates to the Golden Swan Mineral Resource is based on, and fairly represents, information compiled “anticipate”, ”continue”, and “guidance”, or other similar words and may include, without limitation, statements regarding plans, strategies
by Mr Andrew Pearce, Exploration Manager, who was a full-time employee at Poseidon Nickel, and is a Member of The Australian Institute and objectives of management, anticipated production and expected costs. Indications of, and guidance on future earnings, cash flows,
of Geoscientists and Mr Ian Glacken who is a full-time employee of Optiro Pty Ltd and is a Fellow of the Australasian Institute of Mining costs, financial position and performance are also forward-looking statements
and Metallurgy. Forward looking statements, opinions and estimates included in this announcement are based on assumptions and contingencies which
The information in this report which relates to the Silver Swan Mineral Resource is based on, and fairly represents, information compiled are subject to change, without notice, as are statements about market and industry trends, which are based on interpretation of current
by Mr Steve Warriner, Chief Geologist, who was a full-time employee at Poseidon Nickel, and is a Member of The Australian Institute of market conditions. Forward looking statements are provided as a general guide only and should not be relied on as a guarantee of future
Geoscientists and Mr Kahan Cervoj who is a full-time employee of Optiro Pty Ltd and is a Fellow of the Australasian Institute of Mining and performance.
Metallurgy. The information in this report which relates to the Silver Swan Ore Reserve is based on, and fairly represents, information Forward looking statements may be affected by a range of variables that could cause actual results or trends to differ materially. These
compiled by Mr Matthew Keenan who is a full-time employee of Entech Pty Ltd and is a Member of the Australasian Institute of Mining and variations, if materially adverse, may affect the timing or the feasibility and potential development of the Golden Swan underground mine.
Metallurgy.
POSEIDON NICKEL 2
The information in this report which relates to the Lake Johnston Mineral Resource is based on, and fairly represents, information