Preliminary met testwork shows high Pd-Pt-Ni-Cu-Co recoveries into two
commercially attractive concentrates using conventional flotation
Simplified sequential flotation process for high-grade sulphide mineralisation
Rougher & Rougher & Metal Expected Recovery (%)
High-grade Crush & grind cleaner flotation cleaner flotation
sulphide (fresh) into Cu-PGE-Au into Ni-Co-PGE
ore (P 80 of 38-75µm) Copper (to Cu-PGE-Au con) 80-90
concentrate concentrate
Nickel & Cobalt (to Ni-Co-PGE con) 60-75
• Testwork to date demonstrates potential to produce two commercially Palladium (to both cons) 75-85
attractive concentrates for sale
Platinum (to both cons) 65-75
• Low levels of potentially deleterious elements (As, Cd, Se, Te, Hg, Pb, F, Cl) in
concentrates produced to date Gold (to Cu-PGE-Au con) 35-75
• Variability testwork continues and additional metallurgical sampling underway
Simplified flotation process for disseminated sulphide mineralisation
Rougher & Rougher & Potential bulk
Disseminated Crush & grind cleaner flotation
sulphide (fresh) cleaner flotation into bulk Ni-Cu- concentrate
enrichment
into Cu-PGE-Au
ore (P 80 of 38-75µm) concentrate Co-PGE process
concentrate
• Initial testwork indicates the potential to produce two commercially attractive concentrates for sale
• Several processing alternatives to enrich bulk Ni-Cu-Co-PGE concentrate being investigated in order to maximise recovery and smelter payability
• $2.9M CRC-P grant from Commonwealth Govt to evaluate downstream processing options in 2021-2023
• Testwork and flowsheet development work continues ahead of Scoping Study, targeted for completion in H1 2022
12
Initial drilling at Hartog in early Q4 and maiden Mineral Resource Estimate
in mid Q4 represent significant upcoming milestones
2021
Q1 Q2 Q3 Q4
Julimar State Forest
Reconnaissance Ground EM, gravity and soil sampling Infill ground EM and soil sampling
exploration
Environmental Stage 2 CMP assessment
1
Access approvals surveys (drilling activities) 2
Diamond drilling Initial recon drilling at Hartog 2
(2-4 rigs)
Gonneville
RC drilling 160m x 80m step-out grid → 40m x 40m infill grid to ~250m deep for indicated category resources (2-3 rigs, ~95,000m)
Mar-2020
Diamond drilling Step-out + 40m x 40m infill grid beyond 250m deep for indicated/inferred category resources (4-5 rigs, ~65,000m) Step-out +
Apr-2020 Geotech / met
Metallurgical Phase 2 – G1-G6 sulphide zone flotation and leach Phase 3 – high-grade sulphide variability, disseminated sulphide flotation, comminution,
testwork Sep-2020 (oxide) testwork bulk concentrate enrichment
Resource modelling Preliminary grade-tonnage and pit-shell modelling MRE#1 modelling MRE #2
Other studies Mining, processing, marketing, hydrology, hydrogeology, waste rock characterisation and infrastructure
(scoping)
1 Conservation Management Plan – a plan outlining Chalice’s proposed exploration approach within the Julimar State Forest. Access to the Julimar State Forest for drilling activities 13
2
has not yet been granted. The Company continues to engage with relevant government entities to progress its CMP approval and the above timeline is an estimate only
The Julimar Project has the potential to deliver significant jobs, skills and
economic diversification to the Wheatbelt region of WA
Environment • Numerous case studies of successful mining projects in or around State Forest areas
in WA (Boddington, Alcoa WA, Worsley, Greenbushes)
• Chalice has taken a proactive approach to environmental practices
• Baseline flora, fauna, heritage and dieback surveys completed on farmland
• Flora, fauna, heritage and dieback surveys completed in Hartog-Baudin areas
of the Julimar State Forest,
• Further flora-fauna surveys planned in northern end of the Julimar State Forest
• Planning low-impact drilling techniques within the Julimar State Forest (small footprint
diamond rigs) which do not require any vegetation clearance
Community
Community • Proximity to major communities provides a unique opportunity to build a workforce of
local permanent residents (drive in, drive out)
• Growing employment opportunities – operations already having positive economic
impact on local and surrounding economies
• Community Fact Sheets and Newsletters developed to deliver information on
environment, community consultation, exploration licences and exploration activities
• Active, open and transparent engagement continues with key stakeholders
• Growing community funding to achieve long term positive impacts
14
The Julimar discovery has kick-started the new West Yilgarn Ni-Cu-PGE
Province, which could deliver more major discoveries
Narryer
Terrane
Narryer • Many of the ‘giant’ Ni-Cu-PGE sulphide deposits such as
Norilsk, Jinchuan, Thompson and Voisey’s Bay are located
proximal to the margin of Archean age cratons
• The western margin of the Yilgarn craton (Archean) is
Youanmi Burtville Terrane almost entirely unexplored for these mineral systems
Terrane
Barrabarra • We made the first discovery (Julimar), so were able to stake
a >8,000km licence area along this western margin
2
West Yilgarn YILGARN CRATON • Hundreds of potential intrusions already identified within our
Ni-Cu-PGE licence area
Province Kurnalpi
(~1,200km x Julimar Terrane • Large-scale Ni-Cu-PGE soil anomaly already identified at
~100km) Kalgoorlie Barrabarra (~300km north of Julimar) – AC drilling planned
Terrane in Q4 2021
PERTH
South West • MLEM to recommence at South West in Q4 2021
Terrane
• Initial airborne EM surveys over remaining Julimar and new
Barrabarra areas in Q4 2021
South West • An exciting new province with the potential for several
major nickel sulphide discoveries in the years ahead
N
Chalice Tenure 15
Investment highlights
Our PGE-Ni-Cu-Co-Au discovery at Julimar is
emerging as a world class, strategic deposit of
critical, ‘green metals’ in Western Australia
1
Significant exploration upside from the
untested ~24km of Julimar Complex and our
dominant position within the new West Yilgarn
Ni-Cu-PGE Province
A major discovery and new mineral province
being advanced rapidly, ~A$116M in cash
1
and investments and a team with an
A unique exploration excellent track record
specialist with a globally
significant discovery
1 As at 30 June2021 16 16
ABN 47 1 16 648 956
Level 3, 46 Colin Street
West Perth WA 6005, Australia
+61 8 9322 3960
[email protected]
www.chalicemining.com chalice-mining @ChaliceMining
Interactive 3D Model: Take a tour of our globally significant PGE-Ni-Cu-Co-
Au discovery at the Julimar Project, Western Australia
Click here to explore Julimar in 3D: https://inventum3d.com/c/chalicemining
18
The Chalice Story
Appendix
Corporate Snapshot
Top Shareholders 1 Capital Structure and Financials
Tim Goyder (Chairman)
Founder in 2006
Equity listings
11% Shares out. 352.9M Market capitalisation
ASX: CHN
OTCQB: CGMLF Shares (F/D) 361M ~A$2.2Bn (@ A$6ps)
45%
Retail & HNWI Debt Cash 2 Cash & Investments 2
44% nil ~A$100M ~A$116M
Institutional
Board of Directors Management Key Investments Position Current Value
Tim Goyder (Chairman) Richard Hacker (CFO) Caspin Resources (ASX: CPN) 6.9M (9.24%) ~A$4.8M
Alex Dorsch (Managing Director) Kevin Frost (GM Exploration)
Morgan Ball (Lead Independent NED) Bruce Kendall (GM Development)
Research Analyst Coverage
Stephen Quin (Non-Exec Director) Michael Elias (Study Mgr – Julimar) Argonaut Securities Royce Haese
Garret Dixon (Non-Exec Director) Soo Carney (GM Env and Comm) Bell Potter David Coates
Stephen McIntosh (Non-Exec Director) Chris MacKinnon (BD and Legal Mgr) Macquarie Bank Hayden Bairstow
Linda Kenyon (Non-Exec Director) Jamie Armes (Co Sec) Red Cloud Securities Timothy Lee
Derek La Ferla (Independent Non-
Executive Director)
20
1 As of 31 August 2021(estimate based on top 20 extract of the share register) 2 As of 30 June 2021
Chalice has been one of the standout performers in the sector, with a
~4,000% TSR since the Julimar discovery
Inclusion in
10.00 S&P/ASX200
9.00
Large EM-soil
anomalies at Hartog
8.00
7.00 Inclusion in
S&P/ASX300
$115M placement &
6.00 $30M placement SPP at $3.75
at $1.05
5.00
6.5km Hartog EM
Major discovery Anomaly defined within
4.00 confirmed at Julimar Julimar State Forest
3.00 25m @ 8.5g/t Pd,
2.0% Ni, 0.9% Cu,
0.11% Co from 46m
2.00 in 1 hole at Julimar
st
1.00
0.00
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21
21
COMPANY HISTORY
Since our 2006 IPO, we have acquired quality assets, advanced projects
quickly and generated >A$110M in after-tax proceeds from asset sales
1
2012 2020
Zara Gold Project in Major PGE-NI-
2006 Eritrea sold for 2016 Cu-Co-Au
$7.5M raised in IPO ~US$114M (pre-tax) Cameron discovery at
on ASX to progress 2009 Gold Project 2018 Julimar Project
Chalice & Zara Gold Project A$0.10ps / ~A$25M in Ontario sold Staked
Higginsville Projects in Eritrea acquired capital return to for ~A$25M Julimar Nickel- 2021
shareholders
for ~A$7M (pre-tax) Copper-PGE Further
Project in
Western $15M raised
via SPP
Australia
2 0 0 6 2 0 0 8 2 0 1 0 2 0 1 2 2 0 1 4 2 0 1 6 2 0 1 8 2 0 2 0 2 0 2 1
2019
Quebec
2009-2011 2017 Gold
2007 ~A$43M raised Acquired East Projects 2020
Chalice & to progress Zara to Cadillac Gold sold to O3 ~$100M
Higginsville DFS Project in Mining raised to
Projects sold 2013 Quebec and progress
for ~A$12M Cameron Gold staked Julimar
(pre-tax) Pyramid Hill 2018
Project in Ontario Gold Project A$0.04ps /
acquired for in Victoria ~A$10.6M
~A$8M
capital return to
1 As of 15 June 2020 shareholders 22
PORTFOLIO
Chalice’s portfolio includes the exciting Julimar discovery in the new West
Yilgarn Ni-Cu-PGE Province in WA + a pipeline of generative opportunities
Julimar Nickel-Copper-PGE Project, WA
• New greenfield PGE-Ni-Cu-Co sulphide discovery in Mar-2020
1 • 25m @ 8.5g/t Pd, 2.0% Ni, 0.9% Cu, 0.11% Co in 1 hole
st
3 • 100% owned, >26km long intrusive complex ~70km NE of Perth
• Targeting maiden Mineral Resource in mid Q4 2021
Pyramid Hill Gold Project, Vic
• New >4km gold trend + 3 gold bearing diorite intrusions
A US TR A L I A 2 • >5,000km holding NW and NE of Fosterville Gold Mine
2
• 100% owned, all under cover in unexplored terrane
• Intention to demerge w/ other gold projects in Q4 2021
1
Hawkstone Nickel-Copper-Cobalt Project, WA
2 3 • New greenfield nickel sulphide opportunity in frontier province
2
• ~1,600km holding east of Merlin Ni-Cu-Co prospect (IGO/BUX)
• 85-100% owned, several large untested dolerite intrusions
Several generative exploration opportunities, investments,
royalties and non-operated joint ventures
Board of Directors
Tim Goyder, Chairman The Team
• 40+ year industry veteran with track record of success as an investor,
entrepreneur and company director
• Founder and largest shareholder of Chalice (~11%) Management
Alex Dorsch, Managing Director and Chief Executive Officer Richard Hacker, CFO
• Diverse experience in consulting, engineering and corporate advisory • Chartered Accountant with 20+ years experience in junior
in the energy and resources sectors company financing, corporate and commercial management
• Previously a Specialist with McKinsey & Company • Company CFO since 2006
Morgan Ball, Lead Independent Non-Exec Director Dr Kevin Frost, GM Exploration
• Chartered Accountant with 25+ years experience in the resources, • Co-recipient of AMEC’s Prospector of the Year Award in 2009 for
logistics and finance industries the discovery of the Spotted Quoll nickel sulphide deposit in WA
• CFO of Northern Star Resources (Western Areas)
Stephen Quin, Non-Exec Director Bruce Kendall, GM Development
• Mining geologist with 35+ years mining and exploration experience in • Co-recipient of AMEC’s Prospector of the Year Award in 2012 for
Canada and across the globe the discovery of the world-class Tropicana gold deposit in WA
• Formerly President and CEO of Midas Gold Corp (AngloGold Ashanti)
Garret Dixon, Non-Exec Director Michael Elias, Study Manager – Julimar
• 30+ years experience in resources and mining contracting sectors • Study Director with 30+ years experience in mining sector
• Formerly Executive VP Alcoa & President Bauxite • Specialist in study management, project development and
management consulting
Stephen McIntosh, Non-Exec Director
• Highly regarded mining executive with 30+ years experience in Dr Soolim Carney, GM Environment and Community
Environment, health and safety, indigenous affairs, govt relations
exploration, major project studies and execution • and community specialist with 20+ years experience
• Formerly Group Executive and Head of Exploration at Rio Tinto
• Former Regional Environment Manager for Alcoa Australia
Linda Kenyon, Non-Exec Director
• Corporate lawyer and senior executive with 30+ years experience Chris MacKinnon, Business Development and Legal Manager
• Formerly Company Secretary and member of Executive Leadership • 15 years experience as a corporate lawyer and finance advisor in
Team at Wesfarmers the resources industry
Derek La Ferla, Independent Non-Executive Director
• Highly regarded ASX200 chair and company director Jamie Armes, Company Secretary
• Chair at Sandfire and Poseidon Nickel • Chartered Accountant with 20+ years experience within the
• To succeed Tim Goyder as Chair following the AGM in Nov 2021 accounting profession and administration of public listed
(subject to shareholder approval) companies in the mining and exploration industry
2021-22 STRATEGY
Deliver a sustainability Build trust-based and inclusive Define comprehensive baseline
Sustainability responsible practices and stakeholders. Increase engagement Julimar Project
strategy based on
relationships with our external
environmental standards for the
and investment with the communities
shared value. Maintain
in which we operate to achieve long
our social licence to
term positive impacts
operate
Generative Exploration Make another major ‘green Unlock new targets and insights
within the new West Yilgarn
metal’ discovery within the
portfolio
Ni-Cu-PGE Province
ProjectDefinition Define a maiden JORC Secure access to the Assess and define the Deliver a Scoping Study for
initial stage of development
Mineral Resource
processing flowsheet
Julimar State Forest for
at Gonneville, advancing the
alternatives for the
Estimate for the
initial low-impact drilling
project to maximise
Gonneville PGE-Ni-Cu-
various mineralisation
shareholder value and
styles at Gonneville
Co-Au Deposit
optionality
Business Development Complete proposed gold Evaluate and acquire
demerger to deliver a
synergistic assets to
standalone, ASX-listed gold
complement our
company targeting tier-1
portfolio
We are aiming to define
discoveries in VIC and WA
Julimar to maximise value and
optionality, continue to build
Continue to build our team
Preserve our generative
25
People andCulture with a focus on internal exploration capability whilst trust with our key stakeholders
continuing to build a core
resourcing. Nurture our
and leverage our discovery
culture of ownership,
project study team
sustainable success and
ideation
The palladium price has surged with the introduction of China 5/6 emissions
standards and the switch from Pt to Pd based catalytic converters
• Palladium isa very versatile but rare
metal
• Demand currently dominated by ICE
catalytic converters
• Tightening emissions standards
(particularly on NO emissions) has led
x
to Pd based catalysts being preferred
since 2006
• Tighter emissions standards have
already been flagged by Europe
• Hybrid BEV catalytic converters require
higher metal loadings than ICEs
• Palladium has widespread applications
in a green hydrogen economy,
including:
• Green hydrogen production using
proton-exchange membrane
electrolysers
• Hydrogen or ammonia purification
(scrubbing of NO )
x
• Storage and detection
• Fuel cells
• Hence palladium (along with the other
PGEs) is becoming a strong focus in
green hydrogen adoption
26
Pyramid Hill
Gold Project
Victoria
Why gold in Victoria? The prospect of finding another Fosterville Gold Mine
Northern Bendigo Zone
(32Moz undiscovered N >60Moz Au produced since 1850’s from outcropping
gold endowment)
50km South Bendigo Zone, at a avg grade of ~15g/t Au
90% of mines had a recovered grade >8.5g/t Au
Chalice tenure 32Moz Au (P50 mid case) of undiscovered gold to
Bendigo Zone
Stawell Zone the north in the Northern Bendigo Zone (Vic Govt
1
Melbourne Zone ‘Gold Undercover ’ estimate)
Fosterville Gold Mine Zone Boundary
Bendigo ~9Moz Major Regional Faults This area is under thin Murray Basin cover and is
~22Moz essentially unexplored – the opportunity
Stawell Castlemaine
Gold Mine ~6Moz Historic gold production
>8 Moz Historic region capturing global attention again
Ballarat Woods Point 5 – 8 Moz thanks to Kirkland Lake Gold’s ultra high-grade Swan
3 – 5 Moz
~14Moz Zone discovery at the Fosterville Gold Mine :
2
Walhalla 1 – 3 Moz
<1 Moz
2020 Production 2020 operating cash Swan Zone Mineral
Melbourne costs guidance Reserve (Dec-19)
~640koz at US$130- 1.6Moz @
~34g/t Au 150/oz ~39g/t Au
SOURCE: 1. Department of Economic Dev elopment, Jobs, Transport and Resources, Victoria, Australia, http://earthresources.efirst.com.au/categories.asp?cID=42. 28
2. Kirkland Lake Gold Press Releases 21 Feb 2019, 9 Jan 2020
Chalice has adopted a systematic value-add approach across its
2
>5,000km land holding – ‘find the big gold systems first’
• Project covers hundreds of kilometres of
prospective strike, along crustal scale faults that
host multiple tier-1 gold deposits
• Prior to Chalice most of the area essentially
un-drilled
• Our regional-scale activities commenced in mid-
2018, focussed on shallow (<100m) areas of cover:
Phase 1. Screen
the thin cover
(<100m) areas
with wide-spaced
recon sampling + Phase 2. Infill and
AC drilling vector towards
targets with tier-1 Phase 3. Drill-out
scale potential prospects and
revisit other targets
Infill AC and diamond
drilling on 4 high-
priority prospects →
Karri, Ironbark,
>1100 AC holes Banksia and Wandoo
completed >10 lower-priority targets →
across ~10 target Further AC drilling to refine
areas
29
Several high-grade gold zones have been intersected on wide-spaced drill
holes at the Karri Prospect, including 5.1m @ 14g/t Au
30
Three gold bearing diorite intrusions have been discovered at the Ironbark
Prospect, prospective for high-grade Walhalla-Woods Point style deposits
764,000 mE 766,000 mE
Karri N
~22km
(approx. position)
Campbelltown Fault
20m @ 0.64g/t f. 104m Ironbark North
incl. 8m @ 1.39g/t
8m @ 2.02g/t f. 102m 6m @ 3.84g/t f. 56m OPEN
mN Ironbark East
5,964,000 7m @ 0.59g/t f. 99m to EOH 8m @ 0.45g/t f.64m 9m @ 0.91g/t f. 61m
incl. 3m @ 1.41g/t
Section
5,963,775mN
29m @ 0.82g/t f.
97m incl.13m @
1.52g/t to EOH
Ironbark South
1m @ 4.04g/t f. 73m
(transported)
1m @ 3.92g/t f. 73m
mN 0.4m @ 2.68g/t f. 162m (transported)
5,962,000 5m @ 0.40g/t f. 81m OPEN
incl. 1m @ 1.2g/t
1km
MGA Zone 54
M ax gold in AC drill hole (g/t)
Pyramid Hill Gold Project >1.0
Ironbark Prospect Plan 0.5 – 1.0 Diamond hole collar
View – Drilling over TM I 0.25 – 0.5 New drill int ercept (Au)
RTP M agnet ics 0.1 – 0.25 Prev drill int ercept (Au) Ironbark
July 2021 <0.1 50km 31
Hawkstone Nickel-
Copper-Cobalt Project
Western Australia
The Hawkstone Nickel-Copper-Cobalt Project covers ~1,600km in the
2
frontier and largely unexplored King Leopold Orogen of the west Kimberley
600,000mE 700,000mE 800,000mE • Frontier province highly prospective for
50km magmatic Ni-Cu-Co sulphide deposits
N 8,200,000mN • Minimal modern exploration
• 2015 Merlin discovery by Buxton
Resources (ASX: BUX) highlighted
WA
potential of Ruins Dolerite
• IGO Ltd (ASX: IGO) entered the region in
Ruins Area late 2018 with a regional JV with Buxton
Merlin Ni-Cu-Co
Prospect • Chalice a significant player in the belt:
(Buxton-IGO) 8,100,000mN
EL Applications over
2
Hart Dolerite outcrop • ~500km Ruins Area acquired
Derby in June 2019
Ruins
Dolerite • Immediately SE of Merlin
(proven host)
Chalice Tenure
Buxton-IGO JV Tenure
2
• 1,100km of EL applications
Ruins Dolerite (mafic intrusiv e) made in late 2018
Hart Dolerite (mafic intrusiv e) Hart
Hawkstone Kimberley Basin 8,000,000mN Dolerite • Conceptual host to
Project EL Application over
Prov ince map and King Leopold Orogen area of interpreted magmatic sulphides
licence holders Canning Basin covered Hart Dolerite Fitzroy Crossing
33
Chalice’s immediate focus is the Ruins Area, where several nickel sulphide
targets have already been defined
• Merlin (IGO-Buxton) hosts drill intercepts
in Ruins Dolerite with grades up to
8.14% Ni, 5.26% Cu and 0.69% Co 1
• 11 airborne EM targets defined by
Merlin
(IGO-Buxton) Chalice to date along strike to SE and E
Several high-
grade Ni-Cu-Co of Merlin
drill intercepts
(up to 8% Ni)
• Ground based MLEM completed,
identifying several high-priority EM
targets
King Sound Area
~8km Ruins Dolerite outcrop
Quick Shears
Several airborne EM
(IGO-Buxton) anomalies identified • 2 x ~5,000 Siemens conductors
Ni-Cu sulphide
outcrop identified at the ~2.5km x ~1.5km
Ephesus Target
Waterford Area
Ephesus Target • Maiden drill program at Ephesus in
2 x ~5,000S discrete
shallow MLEM conductors Sept-21
Hawkstone Nickel occurrence Ruins Dolerite Dev onian cover
Project EM Targets Hart Dolerite Paperbark Supersuite 1. Buxton Resources Ltd (ASX:BUX) announcement 11 March 2019.
Ruins Area Regional Chalice Tenure Whitewater Volcanics Speewah Group
Geology &
Occurrences IGO-Buxton JV Tenure Marboo Formation 34
High Grade Nickel
World Class Address
The Investible Modern
Nickel Company
Kambalda
Perth
David Southam
Managing Director
October 2021
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Competent Person(s)
The information in this presentation that relates to nickel Exploration Results and Mineral Resources is based on information compiled and reviewed by Rob Hartley, who is a Member of the Australasian Institute of Mining and Metallurgy
(AusIMM). Mr Hartleyis a full-time employee of Mincor Resources NL. Mr Hartley has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify
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information inthe formandcontext in whichit appears.
The information in this presentation that relates to nickel Ore Reserves at Cassini and Long is based on information compiled byDean Will, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Will is a full-time employee of
Mincor Resources NL and has sufficient experience relevant to the style of mineralisation and type of 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
"Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Will consents to the inclusion inthis report of the matters based on his information in the form and context in which it appears.
The information in this presentation that relates to nickel Ore Reserves at Burnett, Miitel and Durkin North is based on information compiled by Paul Darcey, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Darcey is a
full-time employee of Mincor Resources NL and has sufficient experience relevant to the style of mineralisation and type of 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 "Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Darcey consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.
Mincor confirms that all material assumptions underpinning the production targets and forecast financial information from those production targets, as reported on 25 March 2020, continue to apply and have not materially changed
M I N C O R R E S O U R C E S N L – w w w . m i n c o r . c o m . a u I H I G H G R A D E N I C K E L D E V E L O P M E N T & P R O D U C T I O N 2
A highly investable, funded, modern nickel Company
~$ 618 million High-quality share register
Market capitalisation 1
~$110 million
Pro-forma cash 2 Institutional
Holdings*
~40%
$30 million
Revolving Credit Facility
(Credit Approved Terms Sheet)
st
(1) Market Capitalisation4 Oct 2021. (2) Cash at bank 31 Aug 2021 + A$60M Placement + A$6.3M SPP, before costs (*) Institutional, Family Office & Listed entities
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M I N C O R R E S O U R C E S N L – w w w . m i n c o r . c o m . a u I H I G H G R A D E N I C K E L D E V E L O P M E N T & P R O D U C T I O N 3
Sustainability and Community; Our Evolving ESG Profile
Next-generation mining company, aligned with modern ESG principles
▪ Current focus on direct benefit initiatives
within the local and regional communities
that host our operations
▪ Strong commitment to providing
opportunities for our indigenous partners,
the Ngadju People
▪ 200+ long-term jobs, with a focus on
employing locally
▪ Pre-production Capex spend: ~70% within
the Goldfields, +95% within WA
▪ Mincor’s maiden Sustainability Report on
track for Q2 FY22 release
M I N C O R R E S O U R C E S N L – w w w . m i n c o r . c o m . a u I H I G H G R A D E N I C K E L D E V E L O P M E N T & P R O D U C T I O N 4 4
Safe operations, a Min“Core”value
40 30
12 Month Injury Frequency Rate
No Injuries 20 15 Frequency Rate
0 0
Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21
LTI MTI LTIFR MTIFR TRIFR
We continue to work hard, striving for the best possible
safety culture, as activities ramp up across all of our
operations
M I N C O R R E S O U R C E S N L – w w w . m i n c o r . c o m . a u I H I G H G R A D E N I C K E L D E V E L O P M E N T & P R O D U C T I O N 5
Solid Momentum Driving Kambalda Start
An outstanding past 12 months for Mincor…
Funded ▪ Successfully completed A$66.3M* Placement and SPP
▪ Superior new A$30m Revolving Credit Facility
▪ Recruitment of Mincor operational team
Development ▪ Official opening of the New Cassini Nickel Mine: “Woodall
Decline” named in recognition of Dr Roy Woodall AO
▪ Development at Cassini and Northern Operations underway
Discovery ▪ Maiden diamond drill programs underway at ‘Golden Mile’
and ‘Hartley’ targets, providing proof of concept with
multiple high grade massive sulphide intersections
* Comprises $60.0m Placement and $6.3m SPP
M I N C O R R E S O U R C E S N L – w w w . m i n c o r . c o m . a u I H I G H G R A D E N I C K E L D E V E L O P M E N T & P R O D U C T I O N 6
Stage Now Set for Long Life, High Quality Nickel Growth
Highly successful A$66.3M Placement and SPP now complete
▪ Funding to underpin construction of a modern new camp near Cassini, further de-
risking Mincor’s Kambalda hub
Platform to Grow ▪ Planning now underway to ramp up exploration activities at both ‘Golden Mile’ and
‘Hartley’ following the successful capital raise
▪ Optionality to further increase exploration activities across Mincor’s highly
prospective regional targets
New, streamlined A$30m Revolving Credit Facility with BNP Paribas
▪ New “Corporate Style” Revolving Credit Facility, will provide:
Credit Flexibility ▪ Improved loan terms and conditions
▪ Increased flexibility
▪ Reduction in fees and compliance obligations
▪ Reflects the high-quality nature of Mincor’s operations
M I N C O R R E S O U R C E S N L – w w w . m i n c o r . c o m . a u I H I G H G R A D E N I C K E L D E V E L O P M E N T & P R O D U C T I O N 7
A New Modern Camp for Kambalda
Key in attracting the very best talent to Mincor
▪ Development of a standalone camp near Cassini significantly
De-risked project delivery ▪ New camp to be constructed ~10km from Cassini, providing a
de-risks reliance on third party infrastructure, which is
stretched
significant improvement in commute times
▪ New camp and associated infrastructure expected to cost
~A$15m, anticipated to be built on Mincor’s existing South Lake
Eaton site
Employer of choice ▪ Decision to provide modern, high-quality amenities for
Mincor’s newest operation seen as a key component in
attracting and retaining the very best people to our operations
▪ Further re-enforces Mincor’s long term view of our high-quality
Kambalda assets
M I N C O R R E S O U R C E S N L – w w w . m i n c o r . c o m . a u I H I G H G R A D E N I C K E L D E V E L O P M E N T & P R O D U C T I O N 8
Kambalda: World-Class Ni Address
Enviable location for a Mincor’s nickel operations
Opportunity ▪ Region has produced in excess of 1.6Mt of nickel*
▪ Characterised by multiple, long-life, high-grade nickel
sulphide deposits
Abundant infrastructure and services in place
▪ BHP Kambalda Nickel Concentrator and Kalgoorlie Nickel
Infrastructure Rich ▪ Roads, rail, townships, water pipeline, grid power
smelter
▪ Commitment to build new camp at Kambalda
Restart of operations well underway
Mining ▪ Underground development well advanced at both Cassini
and Northern Operations
* Based on historical filings and Mincor research
M I N C O R R E S O U R C E S N L – w w w . m i n c o r . c o m . a u I H I G H G R A D E N I C K E L D E V E L O P M E N T & P R O D U C T I O N 9
Cassini, Northern Operations Development in Full Swing
M I N C O R R E S O U R C E S N L – w w w . m i n c o r . c o m . a u I H I G H G R A D E N I C K E L D E V E L O P M E N T & P R O D U C T I O N 10
Northern Operations – the ‘Golden Mile of Nickel’
Mincor’s Consolidation of the prolific Kambalda Dome:
Consolidated ▪ First time the “dome” has been consolidated since WMC
▪ Historical production of 23.0Mt @ 3.6% Ni for 818kt of
nickel (from Otter Juan and Long mines)
Significant potential to extend mine life:
Growth Potential ▪ Initial mine plan focused on the Durkin North and Long
▪ Previously untested due to separate ownership
deposits, with low-cost access via existing Otter and Long
infrastructure
Re-invigorated exploration program:
▪ Drilling the untested ‘Golden Mile’ 1.1km zone between
Exploration ▪ Diamond holes continue to intercept multiple, high-grade
Long and Durkin North
Ni Sulphides, including 8.1m @ 4.2% Ni (ULG-21-030)*
▪ Significant investment in ‘Golden Mile’ drilling planned
over the remainder of FY22
*Refer ASX Announcement 23 Aug 2021 “Best Intersections received to date at Golden Mile”
rd
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Northern Operations- Breathing New Life Into An Iconic operation
▪ An exciting time for Kambalda, with the restart of an iconic operation coupled with dedicated exploration investment
▪ Underground development progressing at both the Durkin Decline and the Durkin North Incline
▪ Development closing in on “first ore”
M I N C O R R E S O U R C E S N L – w w w . m i n c o r . c o m . a u I H I G H G R A D E N I C K E L D E V E L O P M E N T & P R O D U C T I O N 12
Cassini: Small Footprint, Flagship Operation
Mincor’s newest operation a prime example of modern, low impact mining
▪ Cassini Australia’s newest underground nickel operation
Discovery to Operation ▪ Mincor has relished the opportunity to set up a brand-new
▪ Award winning discovery* to operation within 5 years
operation, in line with modern mining and environmental
principles
▪ Compact surface footprint, minimal land disturbance
Equipped for long-life operation
Quality Infrastructure ▪ Planning and infrastructure decisions made with quality and
▪ High-Quality, well-designed infrastructure
longevity in mind
*AMEC 2020 Prospector of the Year for the Cassini Discovery
M I N C O R R E S O U R C E S N L – w w w . m i n c o r . c o m . a u I H I G H G R A D E N I C K E L D E V E L O P M E N T & P R O D U C T I O N 13
Cassini - Development Picking Up Pace
Actual Cassini twin decline
face positions (Sept)
SP5 Drill platform – future UG
diamond drilling platform,
Cassini extensional drilling
DFS Design
▪ Twin decline development - both declines advancing simultaneously
▪ Drill platform established for Cassini extensional drilling
▪ RAR1 raisebore successfully completed during September (key ventilation infrastructure). Vent fan successfully installed
underground
M I N C O R R E S O U R C E S N L – w w w . m i n c o r . c o m . a u I H I G H G R A D E N I C K E L D E V E L O P M E N T & P R O D U C T I O N 14
Cassini – Emergence of a New Nickel Camp
Cassini Main Mineral Resource continues
to improve with depth
80 73 74
4.5
55 56
4.0 4.0
4
3.8
36
40 3.7
3.4 3.5
0 3
Cassini North Intersection*
▪ New channel ~700m north of planned infrastructure at Cassini Main
▪ Very early stage similarities to Cassini Main discovery high-priority target Grade Ni % tonnes per vertical metre
▪ Future drilling in CY21 to be undertaken from underground position, improving
drilling efficiency
th
*Refer ASX Announcement 9 Sept 2020 “New High-grade nickel sulphide discovery at Cassini North”
M I N C O R R E S O U R C E S N L – w w w . m i n c o r . c o m . a u I H I G H G R A D E N I C K E L D E V E L O P M E N T & P R O D U C T I O N 15
Hartley- exciting new prospect
Mincor’s newest prospect, 17km NW of Cassini
▪ Recently renamed ‘Hartley’ (formerly ‘Location 1’) in honour of
Mincor’s long serving GM Geology 1
▪ Entire 3km strike extent of the target, from Hartley to
Wannaway, only ever explored by shallow drilling
▪ Recent MCR drilling has recorded significant new high-grade
massive sulphide nickel intersections (MDD371 & MDD372) in
this untested zone, north of the Wannaway nickel mine (and
2
17km north-west of Mincor’s new Cassini Operations )
▪ Initial program designed to test basal contact geology and test
for a channel structure, with the intersection of massive
sulphides considered by the Mincor team to be an exceptional
outcome
▪ As a result of this early success, Location 1 has been elevated
within Mincor’s FY22 exploration priorities, which will see near
term focus and funding to expand the program
MDD371 (0.8m @ 5.4% Ni) 1
th
2
1 Refer ASX Ann. 17 Sept 2021 Refer to ASX Ann. 25 Aug 2021 ‘High grade nickel intersections at Location 1’
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Mincor’s strategic advantage
Tier-1 off-take partner, committed to nickel
Nickel Sulphide Ore Nickel Sulphide Ore
BHP BHP BHP
Kambalda Mt Keith Leinster
Nickel Nickel Nickel
Conc Conc Conc
Concentrate
Concentrate
Dryer
IGO WSA BHP Matte BHP
Nova Forrestania Kalgoorlie Kwinana Export
Nickel Smelter Nickel Refinery
Nickel Sulphate
Nickel Briquettes
Matte
Jinchuan Concentrate
Trafigura Concentrate
Source: Mincor depiction of WA nickel interaction with BHP
M I N C O R R E S O U R C E S N L – w w w . m i n c o r . c o m . a u I H I G H G R A D E N I C K E L D E V E L O P M E N T & P R O D U C T I O N 17
Processing and Sales via Executed OTCPA with BHP Nickel West
Offtake Agreement with BHP Nickel West provides high quality partnership
▪ Utilising BHP’s Kambalda Nickel Concentrator (maintained
and operated by BHP)
▪ Built for “Kambalda-style” ore
▪ Tier-1 counterparty (BHP)
▪ Modern off-take terms (payability)
▪ Substantial improvement in returns compared to the
historical offtake agreement
▪ Max 600ktpa ore throughput (minimum 200ktpa), with
capacity for more
▪ Contract expires December 2025
M I N C O R R E S O U R C E S N L – w w w . m i n c o r . c o m . a u I H I G H G R A D E N I C K E L D E V E L O P M E N T & P R O D U C T I O N 18
Simple, Streamlined Business, on Track to Deliver
DISCOVER DEVELOP DELIVER
Unlocking new discoveries Integrated nickel restart plan well First concentrate targeted for
in a world-class nickel province underway, underpinned by our FY22, ramping up to
cornerstone Cassini Operation ~16ktpa nickel production*
Delivering our promises safely, supporting our communities and caring for our people and environment
th
*Nickel production based on March 2020 DFS. Refer to the ASX announcement at 25 March 2020. Mincor confirms that all material assumptions underpinning the production targets and forecast financial information from those production targets, as reported 25 March 2020, continue
to apply and have not materially changed
M I N C O R R E S O U R C E S N L – w w w . m i n c o r . c o m . a u I H I G H G R A D E N I C K E L D E V E L O P M E N T & P R O D U C T I O N 19
Investor Inquires.
David Southam
Managing Director
[email protected]
+61 8 9476 7200
Kurt Walker
GM Corporate Development
[email protected]
+61 8 9476 7200
Media Inquires.
Nicholas Read
Read Corporate
+61 8 9388 1474
Nickel Mineral Resources
Nickel Mineral Resources, 30 June 2021
MEASURED INDICATED INFERRED TOTAL
RESOURCE
Tonnes Ni (%) Tonnes Ni (%) Tonnes Ni (%) Tonnes Ni (%) Ni tonnes
Cassini 1,350,000 4.0 184,000 3.5 1,534,000 4.0 60,700
Long 487,000 4.1 303,000 4.0 791,000 4.1 32,000
Redross 39,000 4.9 138,000 2.9 67,000 2.9 244,000 3.2 7,900
Burnett - - 241,000 4.0 - - 241,000 4.0 9,700
Miitel 156,000 3.5 408,000 2.8 27,000 4.1 591,000 3.1 18,100
Wannaway - - 110,000 2.6 16,000 6.6 126,000 3.1 3,900
Carnilya 47,000 3.6 57,000 2.2 - - 104,000 2.8 2,900
Otter Juan 2,000 6.9 51,000 4.1 - - 53,000 4.3 2,300
Ken/McMahon 25,000 2.7 183,000 3.9 54,000 3.2 262,000 3.7 9,600
Durkin North - - 417,000 5.3 10,000 3.8 427,000 5.2 22,400
Durkin Oxide 154,000 3.2 22,000 1.7 176,000 3.0 5,200
Gellatly - - 29,000 3.4 - - 29,000 3.4 1,000
Voyce - - 50,000 5.3 14,000 5.0 64,000 5.2 3,400
Cameron - - 96,000 3.3 - - 96,000 3.3 3,200
Stockwell - - 554,000 3.0 - - 554,000 3.0 16,700
TOTAL 270,000 3.7 4,325,000 3.8 698,000 3.7 5,292,000 3.8 199,000
Notes:
▪ Figures have been rounded and hence may not add up exactly to the given totals.
▪ Nickel Mineral Resources are inclusive of nickel Ore Reserves reported at 1.0% Ni cut-off.
M I N C O R R E S O U R C E S N L – w w w . m i n c o r . c o m . a u I H I G H G R A D E N I C K E L D E V E L O P M E N T & P R O D U C T I O N 21
Nickel Ore Reserves
Nickel Ore Reserves, 30 June 2021
PROVED PROBABLE TOTAL
ORE RESERVE
Tonnes Ni (%) Tonnes Ni (%) Tonnes Ni (%) Ni tonnes
Cassini 1,212,000 3.3 1,212,000 3.3 40,100
Long 162,000 2.7 162,000 2.7 4,300
Burnett - - 271,000 2.6 271,000 2.6 6,900
Miitel 19,000 2.9 126,000 2.1 145,000 2.2 3,300
Durkin North - - 675,000 2.4 675,000 2.4 16,500
TOTAL 19,000 2.9 2,445,000 2.9 2,303,000 2.9 71,100
Notes:
▪ Figures have been rounded and hence may not add up exactly to the given totals.
▪ Note that nickel Mineral Resources are inclusive of nickel Ore Reserves.
M I N C O R R E S O U R C E S N L – w w w . m i n c o r . c o m . a u I H I G H G R A D E N I C K E L D E V E L O P M E N T & P R O D U C T I O N 22
Jaguar: Accelerating
towards the world’s next
“green” nickel project
A long-life nickel sulphide project in
Brazil’s Carajás, ready to plug-in to
the lithium-ion battery boom
Australian Nickel Conference │ October 2021
Darren Gordon, Managing Director
1
Disclaimer
● This presentation does not constitute investment advice. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or
sale of shares in any jurisdiction. This presentation does not take into account any person's particular investment objectives, financial resources or other relevant circumstances and the opinions and
recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. All securities transactions involve risks, which include (among others) the
risk of adverse or unanticipated market, financial or political developments.
● To the fullest extent permitted by law, the Company does not make any representation or warranty, express or implied, as to the accuracy or completeness of any information, statements, opinions, estimates,
forecasts or other representations contained in this presentation. No responsibility for any errors or omissions from this presentation arising out of negligence or otherwise is accepted.
● This presentation may include forward looking statements. Forward looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of Centaurus
Metals. These risks, uncertainties and assumptions include commodity prices, currency fluctuations, economic and financial market conditions in various countries and regions, environmental risks and legislative,
fiscal or regulatory developments, political risks, project delay or advancement, approvals and cost estimates. Actual values, results or events may be materially different to those expressed or implied in this
presentation. Given these uncertainties, readers are cautioned not to place reliance on forward looking statements. Any forward-looking statements in this presentation speak only at the date of issue of this
presentation. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Centaurus Metals does not undertake any obligation to update or revise any information or any of the forward
looking statements in this presentation or any changes in events, conditions or circumstances on which any such forward looking statement is based.
● The Scoping Study referred to in this presentation has been undertaken for the purpose of initial evaluation of a potential development of the Jaguar Nickel Sulphide Project. It is a preliminary technical and
economic study (±40%) of the potential viability of the Jaguar Nickel Sulphide Project. The Scoping Study outcomes, Production Target and forecast financial information referred to in this presentation are based
on low accuracy level technical and economic assessments that are insufficient to support estimation of Ore Reserves. While each of the modifying factors was considered and applied, there is no certainty of
eventual conversion to Ore Reserves or that the Production Target itself will be realised. Further exploration and evaluation work and appropriate studies are required before Centaurus will be in a position to
estimate any Ore Reserves or to provide any assurance of an economic development case.
● Assumptions also include assumptions about the availability of funding. While Centaurus considers that all the material assumptions are based on reasonable grounds, there is no certainty that they will prove to
be correct or that the range of outcomes indicated by this study will be achieved. To achieve the range of outcomes indicated in the Scoping Study, pre-production funding in the order of US$288M will likely be
required. There is no certainty that Centaurus will be able to source that amount of funding when required. It is also possible that such funding may only be available on terms that may be dilutive to or otherwise
affect the value of Centaurus’s shares. It is also possible that Centaurus could pursue other value realisation strategies such as a sale, partial sale or joint venture of the Jaguar Nickel Sulphide Project. This could
materially reduce Centaurus’s proportionate ownership of the Jaguar Nickel Sulphide Project.
● The information in this report that relates to Exploration Results is based on information compiled by Mr Roger Fitzhardinge who is a Member of the Australasia Institute of Mining and Metallurgy. Mr Fitzhardinge
is a permanent employee and shareholder of Centaurus Metals Limited. Mr Fitzhardinge has sufficient experience which is relevant to the style of mineralisation and type of 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 ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr
Fitzhardinge consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
● The information in this report that relates to the March 2021 Jaguar Mineral Resources is based on information compiled by Mr Lauritz Barnes (consultant with Trepanier Pty Ltd) and Mr Roger Fitzhardinge (a
permanent employee and shareholder of Centaurus Metals Limited). Mr Barnes and Mr Fitzhardinge are both members of the Australasian Institute of Mining and Metallurgy. Mr Barnes and Mr Fitzhardinge have
sufficient experience of relevance to the styles of mineralisation and types of deposits under consideration, and to the activities undertaken to qualify as Competent Persons as defined in the 2012 Edition of the
Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Specifically, Mr Fitzhardinge is the Competent Person for the database (including
all drilling information), the geological and mineralisation models plus completed the site visits. Mr Barnes is the Competent Person for the construction of the 3-D geology / mineralisation model plus the
estimation. Mr Barnes and Mr Fitzhardinge consent to the inclusion in this report of the matters based on their information in the form and context in which they appear.
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 estimates of Mineral Resources,
●
that all material assumptions and technical parameters underpinning the estimates in the original market announcements continue to apply and have not materially changed. The Company confirms that the form
and context in which the competent persons findings have not been materially modified from the original announcement.
● This presentation contains information extracted from the Company’s ASX market announcements dated 29 March 2021 and 31 May 2021 which are available on the Company’s website at
www.centaurus.com.au. The Company confirms that that all material assumptions underpinning the Jaguar Project Scoping Studies as detailed in the ASX market announcements of 29 March 2021 and 31 May
2021 continue to apply and have not materially changed.
2 2
Centaurus Metals
Our vision
Underpinned by a high-quality asset at Jaguar, we are well placed to deliver on our target
to be a clean and efficient 20,000-plus tonne per annum nickel producer by the end of
2024 to assist in the global transition to electrification and to meet anticipated surging
demand for key battery metals.
3 3 3
A New Era of Nickel Sulphide Demand
The looming clean energy revolution
WHERE IS THE NEW SUPPLY COMING FROM?
EVs and the path to decarbonisation require
Class-1 nickel
Class-1 nickel will preferentially be sourced from
sulphide deposits – low capital intensity, easy
processing, lowest carbon footprint
Decades of limited nickel exploration means a
very low pipeline of new projects, especially lower-
cost, lower-emission sulphide projects in
geopolitically safe mining jurisdictions.
Source: Macquarie Commodities Strategy Source: Roskill
CENTAURUS WELL PLACED TO BE PART OF THE
● Current nickel market size ~2.5Mtpa SOLUTION
Nickel demand for batteries growing strongly from a low base
●
● Depending on the scenario for the EV rate of adoption, estimated nickel
volumes to meet this additional demand vary between 1-1.5 million tonnes
Nickel to remain critical to EV market no matter which type of cathode is adopted
●
4 4 4
Centaurus Metals
A compelling nickel investment for a clean energy future
+20,000 tonnes per annum of battery grade nickel in sulphate over initial 13-year LOM
Post Tax NPV 8
The team to deliver: JORC Mineral Resource Low Carbon Footprint
Extensive Brazil & 58.9Mt @ 0.96% Ni A$1.11 billion 4.69t CO /t Ni Eq
2
Nickel Experience 562,600t Ni Metal with IRR of 52% lower than 97% of global
from Exploration to Operations @US$7.50/lb nickel price nickel production
+US$0.50/lb sulphate premium
Mill Feed High Operating Cash Margin
Carajás Mineral 33.7Mt @ 1.01% Ni US$4.27/lb Ni MRE growth opportunities:
Province 65,000m of drilling
Tier-1 mining province Ni Sulphate Production LOM Annual Cash Flow (pre-tax) 7 DD + 1 RC rig on site
outstanding infrastructure 262,100t Ni Metal US$189 million
5 5