ANC20-Proceedings-Presentations-Full

5. FID Approved, Funding and Contractor Mobilisation





$60m project equity + $55m project finance with credit-approved terms sheet from mandated international banks BNP Paribas and
Société Générale. ~$40m available at corporate level to fund resource extension, exploration and working capital



Facility Amount $55 million (50% BNP Paribas & 50% Société Générale)
▪ Board approved full development on 17 September 2020
Tenor 3.75 years
▪ Mining contractor Pit N Portal now mobilising equipment Last Repayment/ Expiry 30 September 2024

and workforce Interest Rate Currently 3.7% per annum (BBSY + 360 basis points)

Upfront Fee 1.75%
▪ Debt funding only now subject to legal due diligence,
documentation and customary conditions precedent Undrawn Commitment Fee 1.44% per annum
Quarterly repayments sculpted from 30 September 2022
▪ Very competitive interest rate based on quality of credit Amortisation/ Repayment Additional cash sweep of 40% of surplus cash in excess of a minimum liquidity requirement of

$8 million to be applied to repayments
▪ Two Tier-1 international banks with a proud history of Early Repayment Allowed without penalties or charges
supporting resource projects in Australia AUD hedging of ~5,500 nickel tonnes at price not less than $17,000/t, split into 2 tranches:
▪ ~3,400 nickel tonnes hedged as a condition precedent to first draw-down; and
▪ After project equity is contributed, Mincor retains ~$40m Mandatory Hedging ▪ balance of ~2,100 nickel tonnes prior to commencement of production.

in available cash for continuing resource growth, Should the hedged price be less than $17,000/t for the balance quantity, there is flexibility to
exploration expenditure and additional contingency compensate for the lower achievable price

Conditions and Warranties Customary for a project financing facility of this nature














15

Looking Ahead…










Key expected milestones expected by the time of next year’s Nickel Conference


1. Multiple project development updates

2. Financing Facility executed with Société Générale and BNP Paribas

3. Ongoing exploration news-flow from Cassini North drilling

4. Drilling results from the “golden mile” between Long and Durkin

5. First ore imminent from operations


6. Kambalda nickel concentrator being set-up for operations

7. Employment of over 200 staff

8. Community support programs
























16

Strategic Importance of Mincor















Nickel Sulphide Ore Nickel Sulphide Ore

BHP BHP BHP
Kambalda Mt Keith Leinster
Nickel Nickel Nickel
Conc Conc Conc


Concentrate


Concentrate
Dryer
Tier-1

offtake
partner,
committed

IGO WSA BHP Matte BHP Export
Nova Forrestania Kalgoorlie Kwinana to nickel
Nickel Smelter Nickel Refinery Nickel Sulphate

Nickel Briquettes


Matte
Jinchuan Concentrate
Trafigura Concentrate



Source: Mincor depiction of WA nickel interaction with BHP
17

Appendices




















MINCOR RESO URCES NL – www. mincor. com.au

Kambalda Dome Assets







1. Durkin North
Mincor has dominant infrastructure and landholdings in the world-
High-grade Mineral Resource: 427kt @ 5.2% Ni for 22.4kt of nickel class Kambalda Dome
●

Current Ore Reserves: 675kt @ 2.4% Ni for 16.5kt of nickel
●
2. Ken/McMahon Mine

Ken/McMahon Mineral Resource: 262kt @ 3.7% Ni for 9.6kt of nickel
●

● Potential for high grade Ore Reserves
3. Long Mine


Mineral Resource of 791kt @ 4.1% Ni for 32.0kt of nickel
●


● Ore Reserves of 161kt @ 2.7% Ni for 4.3kt of nickel

● Long and Durkin North Ore Reserves are utilised in the DFS and form the Northern
Operations


Figure: Conceptual connection of channel structures between Durkin and Long


*For further details on Feasibility Study results for Durkin North please refer to ASX Release dated
10 March 2016 and for USNOB results, please refer to ASX release dated 27 October 2009








*For Mincor’s Mineral Resources and Ore Reserves see the appendix for more details, and the latest ASX announcement on dated 25 June 2020
19

Competent Person Statements






Nickel Mineral Resources as at 25 June 2020


MEASURED INDICATED INFERRED TOTAL
RESOURCE The information in this presentation that
Tonnes Ni (%) Tonnes Ni (%) Tonnes Ni (%) Tonnes Ni (%) Ni tonnes
relates to nickel Exploration Results and
Cassini - - 1,282,000 4.0 194,000 4.1 1,476,000 4.0 58,700
Mineral Resources is based on information
Redross 39,000 4.9 138,000 2.9 67,000 2.9 244,000 3.2 7,900 compiled and reviewed by Mr Hartley, who is a

Burnett - - 241,000 4.0 - - 241,000 4.0 9,700 Member of the Australasian Institute of Mining
and Metallurgy (AusIMM). Mr Hartley is a full-
Miitel 156,000 3.5 408,000 2.8 27,000 4.1 591,000 3.1 18,100
time employee of Mincor Resources NL. Mr
Wannaway - - 110,000 2.6 16,000 6.6 126,000 3.1 3,900 Hartley has sufficient experience that is
Carnilya Hill* 33,000 3.6 40,000 2.2 - - 73,000 2.8 2,100 relevant to the style of mineralisation and type

Otter Juan 2,000 6.9 51,000 4.1 - - 53,000 4.3 2,300 of deposit under consideration and to the
activity that he is undertaking to qualify as
Ken/McMahon** 25,000 2.7 183,000 3.9 54,000 3.2 262,000 3.7 9,600
Competent Person as defined in the 2012
Durkin North - - 417,000 5.3 10,000 3.8 427,000 5.2 22,400 Edition of the Australasian Code for Reporting

Durkin Oxide - - 154,000 3.2 22,000 1.7 176,000 3.0 5,200 of Exploration Results, Mineral Resources and
Gellatly - - 29,000 3.4 - - 29,000 3.4 1,000 Ore Reserves. Mr Hartley consents to the
inclusion in the presentation of the matters
Voyce - - 50,000 5.3 14,000 5.0 64,000 5.2 3,400
based on his information in the form and
Cameron - - 96,000 3.3 - - 96,000 3.3 3,200 context in which it appears.
Stockwell - - 554,000 3.0 - - 554,000 3.0 16,700

Long - - 487,000 4.1 303,000 4.0 750,000 4.2 32,000
TOTAL (incl Long) 256,000 3.7 4,420,000 3.8 708,000 3.9 5,203,000 3.8 196,100
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.
* Nickel Mineral Resource shown for Carnilya Hill are those attributable to Mincor – that is, 70% of the total Carnilya Hill nickel Mineral Resource.
** Ken/McMahon also includes Coronet (in the 2010/11 Annual Report it was included in Otter Juan)


20

Competent Person Statements (continued..)




Nickel Ore Reserves as at 30 June 2020


The information in this presentation that relates to nickel Ore
PROVED PROBABLE TOTAL
RESERVE Reserves at Cassini and Long is based on information compiled by
Tonnes Ni (%) Tonnes Ni (%) Tonnes Ni (%) Ni tonnes Dean Will, who is a Member of the Australasian Institute of Mining
1,212,000 3.3 1,212,000 3.3 40,100 and Metallurgy. Mr Will is a full-time employee of Mincor
Cassini
Resources NL and has sufficient experience relevant to the style of
162,000 2.7 162,000 2.7 4,300
Long mineralisation and type of deposit under consideration, and to the
activity which he is undertaking to qualify as a Competent Person
Burnett - - 271,000 2.6 271,000 2.6 6,900
as defined in the 2012 edition of the "Australian Code for
19,000 2.9 126,000 2.1 145,000 2.2 3,300
Miitel Reporting of Exploration Results, Mineral Resources and Ore
675,000 2.4 675,000 2.4 16,500 Reserves". Mr Will consents to the inclusion in this report of the
Durkin North - -
matters based on his information in the form and context in which
19,000 2.9 2,445,000 2.9 2,465,000 2.9 71,100
TOTAL it appears.


Note: The information in this presentation that relates to nickel Ore
• Figures have been rounded and hence may not add up exactly to the given totals. Reserves at Burnett, Miitel and Durkin North is based on
• Note that nickel Mineral Resources are inclusive of nickel Ore Reserves. information compiled by Paul Darcey, who is a Member of the
• Durkin North Ore Reserves have had a minor reduction since the Ore Reserves were last reported Australasian Institute of Mining and Metallurgy. Mr Darcey is a full-
as at 30 June 2019 as a result of a mine design access change removing the J and K ore zones time employee of Mincor Resources NL and has sufficient
from reserves experience relevant to the style of mineralisation and type of
• The Miitel Ore Reserve has a minor reduction since the Ore Reserve were last reported as at 30 deposit under consideration, and to the activity which he is
June 2019 from removing two small stopes from Ore Reserves 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.









21

ASX:LEG














































Mawson – A progressive developing story





PAYDIRT NICKEL CONFERENCE 6 OCTOBER 2020

DISCLOSURE







This is not a disclosure document. Any material used in this presentation is a summary of selected data, and any investor in Legend
Mining Limited should refer to all Legend Mining Limited ASX releases and statutory reports before considering to invest in the

company.

Any forward looking information in this presentation has been prepared on the basis of a number of assumptions that may prove not
to be correct. Neither Legend Mining Limited, nor its officers, employees and advisors make or give any representation, warranty or
guarantee in relation to this presentation.

Legend Mining Limited reserves the right to update, amend or supplement the Information in this presentation at any time in its
absolute discretion without incurring any obligation to do so.

The information in this report that relates to Exploration Results is based on information compiled by Mr Oliver Kiddie, a Member of
the Australasian Institute of Mining and Metallurgy and a full-time employee of Legend Mining Limited.

Mr Kiddie 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 as defined in the 2012 Edition of the “Australasian Code for

Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code).

Mr Kiddie consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.











2

CONTENTS







1. Nickel Market Commentary



2. About Legend



Investment Case




Rockford Project Location



Mawson




– A Progressive Developing Story



Rockford Project Activities 2020


3. Summary










“ T h e Fertile F ras er Ran ge” 3

NICKEL MARKET COMMENTARY – ABOUT NICKEL






Nickel Prices and Inventory




• 12 months ago deficits likely – now surplus

(Covid-19 damaged near term demand)



• SS > 70% primary Ni demand (recent SS

price weakness)


• Role of Indonesia critical to medium term


market outlook – ongoing China investment


• Focus 2025 out – sky is the limit for EV use


(Ni chemistries remaining key technology)


• Flows into 5 year Discovery to Production




Source: Kitco Oct 2020 • Positive profile for Legend

Source: Macquarie Commodities Strategy, July 2020

“ Near term n ickel p ric es d ef y th e fu n d amentals – rec ent correction ” 4

ABOUT LEGEND – ASX:LEG






▪ Market capitalisation ~$400M (Shares 2.7B@15c)




(Options – 75M@4c 3/2021; [email protected] 7-9/2022)




▪ Cash and receivables ~ $31.5M (includes $2.25M receivable from Jindal) @ 30/09/2020




▪ Fraser Range – Rockford Project
Board of Directors


▪ Top 20 Shareholders (65.2%)



➢ Creasy Group (30.7%)
➢ IGO (13.3%)

➢ Bailey Group (5.4%)

➢ Wilson Group (4.8%)

➢ Remaining top 20 (11.0%)
Chairman Managing Director Executive Director Company Secretary
Michael Atkins Mark Wilson Oliver Kiddie Tony Walsh






5

INVESTMENT CASE - FUNDAMENTALS




✓ Right People


• Experienced corporate and technical team


• JV Partners and major shareholders


- Creasy Group (regional experience)


- IGO (regional experience)


2
✓ Biggest block on best street (3,088km )

✓ Nickel – Future Facing Commodity

RKDD008
✓ Strong cash position - $31.5M @ 30/9/2020 Mawson Footprint

RKAC151 RKAC183 RKDD007
✓ Systematic exploration approach ongoing


✓ Mawson Discovery – December 2019 Legend five year graph


Exploration Success : The Value Driver
• RKDD023 & 027 – September 2020

✓ Expenditure budget ~$11M for 2020




“Exploration success / regional recognition – price appreciation” 6

ROCKFORD PROJECT LOCATION







• Located in northern Fraser Range district





• 120km NE of Nova / 100km S of Tropicana





• 100% within Fraser Zone (19% of total area)





• Project potential for


− Nova style Nickel-Copper


− VMS style Copper-Zinc-Silver

− Tropicana style Gold





• Infrastructure access – transport, power







“ Proj ect potential for Nova style Nickel -Copper ” 7

FRASER ZONE LAND HOLDERS








MAIN PLAYERS


➢ Legend

Active & Funded


➢ Creasy Group


Active & Private


➢ IGO

Active & ~$2.6B Mkt Cap


➢ Galileo Mining


Active & funded











✓ Regio n al s p en d p ro d u c in g res u lts – valu e ad d


✓ L everage p lay is L egen d 8

ROCKFORD PROSPECT LOCATIONS




Regional Programmes



• Regional aircore programmes targeting




co-incident mag lows/gravity



highs/MLTEM conductors




• MLTEM success at Hurley



• Project scale geochem analysis highlights



prospectivity at Crean & Hurley




• Follow up AC/RC/diamond drilling



• $4M planned expenditure 2020


Rockford Prospect Locations

“ Cu rren t Rockf ord Pro s p ects ” 9

ROCKFORD MAWSON INTRUSIVE COMPLEX (“MIC”)



MIC



• 16kmx6km – interpreted as clusters of

intrusives



• Untested geochem targets


• Massive Ni-Cu sulphides in holes

RKDD007, 008, 011, 013, 017, 023 & 027

have highlighted prospectivity



• Aircore & gravity to assist in prioritising

for RC/diamond drill testing


• RC program commenced June 2020

proving to be an excellent platform for

DHTEM and geology



• $7M planned expenditure 2020
MIC on magnetics

“ P rogres s ive Develo p in g Maws o n Story” 10

MAWSON DIAMOND, RC AND AIRCORE DRILLHOLE LOCATIONS




Aircore Drilling



• Western and eastern geochemical

footprint


RC Drilling



• Great tool for geology and DHTEM


DHTEM



• Targeting tool for diamond drilling


Diamond Drilling



• Massive sulphides in holes 7, 8, 11,

13, 17, 23 & 27


• Fourth publicly disclosed massive


DD and RC Drilling Locations over Mawson sulphides in Fraser Zone (Thompson
Aircore Geology Interpretation Belt analogy)

11

DIAMOND DRILLHOLE RKDD021, 023 & 025




RKDD021, 023 & 025





• Circa 200m from known mineralisation





• 12.95m massive sulphide intercepts (RKDD023)





• +90m mineralised intercept (RKDD023)





• Structural observations point to remobilised



mineralisation





• DHTEM plates show strong conductance and



aerial extent

Massive Ni-Cu Sulphide from

RKDD023 from 233m, NQ2 12

DIAMOND DRILLHOLE RKDD027





RKDD027





• 15.45m massive sulphide across



three zones plus 10.8m semi-massive



and matrix sulphide





• Outside Legend’s modelled




mineralisation





• +20m separation from RKDD017




• Open East, West and South


Massive Ni-Cu Sulphide from
Drill Section 6,598,580N - RKDD011 and RKDD014
RKDD027 from 168.5m, NQ2 13

2020 WORK PROGRAMMES AT ROCKFORD






Jul Aug Sept Oct Nov Dec


MAWSON PROSPECT

Diamond Drilling RKDD021 - ongoing

RC Drilling RKRC011 - ongoing

Geophysics DHTEM DHTEM

Environmental L1 F&F




REGIONAL

Geophysics MLTEM/FLTEM

Aircore Drilling Ongoing

RC Drilling

Diamond Drilling









“ Regular News Flow ”

SUMMARY


ASX:LEG
• Highly Prospective Rockford Project





− Mawson discovery Dec 2019 – quantum step forward





• Systematic/persistent/committed = going the distance!





• Well Funded





• Experienced Stable Team and JV Partners






• Grow Shareholder Value







“Highly leveraged to success”








15

Legend Mining Limited



www.legendmining.com.au



ASX : LEG

CORPORATE




(ASX:BSX)






October 2020













www.blackstone .com.au admin@blackstone .com.au

Project Portfolio





Silver Swan South Project
03
(Gold-Nickel)
▪ Drill ready targets for both nickel sulfide and gold along strike of
major gold and nickel sulfide mines, accessed via sealed road
~40km from Kalgoorlie, Western Australia

02 ▪ Aircore drilling 500m x 300m gold anomaly with best result to date
of 10m @ 3.2 g/t Au, located 8 km along trend from Northern
Star’s (ASX: NST) +5Moz Kanowna Belle mine
01
▪ Nickel sulfide targets located 10 km along trend from Poseidon
Nickel’s (ASX: POS) Black Swan open pit disseminated (10Mt @ 1%
Ni) and Silver Swan underground massive sulfide (655kt @ 9.5% Ni)
resources and mine facilities




03




Ta Khoa Project
Gold Bridge Project 01 (Nickel-PGE-Copper-Cobalt)
02
(Gold-Copper-Cobalt)
2
▪ 34.8km of exploration and mining leases with multiple Ni PGE (Cu Co) prospects, a well
▪ District-scale tenure with 48km strike length of untested prospective maintained 450ktpa mill, concentrator and mine facilities built to international standards in
geology in high-grade Bralorne Gold district (4.4Moz @ 17g/t Au) of British 2013 for US$136m
Columbia
▪ Blackstone to deliver a JORC compliant, large-scale, bulk mineable sulfide resource with
▪ Recent mapping, rock chip sampling and IP geophysics returned very high- potential high grade “sweetener” associated with the King Cobra discovery
grade Cu-Au assays underlain by porphyry scale chargeability anomalies
▪ Leverage existing mine infrastructure +/- new technology to deliver a high value Ni (Mn Co)
▪ Drill ready targets to be tested in the 2020 field season, Blackstone is
actively seeking joint venture partners Sulfate product into Vietnam based Lithium-ion battery manufacturing industry

2
www.blackstone .com.au admin@blackstone .com.au

Corporate Overview






Blackstone Minerals is a leading battery and precious metals exploration and development
company focused on the flagship Ta Khoa Nickel PGE (Cu Co) sulfide project
ASX Code BSX
Board of Directors
Shares on Issue 317.7m
Over 20 years corporate and technical experience, founder of Adamus Resources Ltd, a A$3M float which
Last Share Price (5 Oct 2020) 44c Hamish Halliday Non-Executive became a multi-million ounce emerging gold producer and eventual takeover by Endeavour Mining for
Chairman
>$160M.
Market Capitalisation A$140m
Scott Williamson Managing Director Mining Engineer with a Commerce degree from the West Australian School of Mines and Curtin University,
Cash ~A$27.8m over 10 years’ experience in technical and corporate roles in the mining and finance sectors.
Mine Geologist and Mineral Economist with over 25 years' experience with a focus on gold and nickel
Options 27.6m Andrew Radonjic Non-Executive Director exploration and mining, MD of Venture Minerals Ltd (ASX: VMS), led the Feasibility Study of the Mount
Lindsay Tin-Tungsten-Magnetite project.
Average Daily Vol. (shares) 1.05m
Over 10 years financial management experience, specifically in financing and feasibility studies for new
Top 20 Shareholders 60% Hoirim Jung Non-Executive Director projects. Holds a Bachelor of Economics from Seoul National University and has a qualification with the
Korean Institute of Certified Public Accountants (KICPA).
Corporate and technical experience, proven track record of shareholder wealth, founding MD of Gryphon
Steve Parsons Non-Executive Director Minerals, multi-million ounce gold discovery in West Africa, grew to a market cap of >$500M, current MD
Substantial Shareholders of Bellevue Gold Ltd (ASX: BGL), multi-million ounce discovery in WA.

Deutsche Management
Balaton
13% Chartered Accountant with over 14 years’ experience in accounting, company secretarial and corporate
Jamie Byrde Company Secretary advisory roles specialising in Financial Accounting and Reporting and Corporate Governance, currently the
EcoPro Company Secretary for Venture Minerals Ltd and Alicanto Minerals Ltd.
13%
BSc & PhD in Geology with over 20 years’ experience in mineral exploration, Senior Geologist that
Dr Stuart Owen Exploration Manager discovered the Paulsens Mine (+1Moz), at Adamus discovered the Southern Ashanti Gold deposits
Fidelity (+2Moz) and at Venture discovered the Mt Lindsay Tin-Tungsten-Magnetite deposits.
6%
A metallurgist with 30 years of experience in nickel sulphide processing, currently employed as the
Steve Ennor Project Manager
Board & projects in country General Director.
Management
14% Holding a Master of Science Degree in Geology, a Master of Computer Science Degree and being a
Corporate
Patrick Chang Chartered Financial Analyst. Previously Corporate Development Officer with ASX-listed gold producer
Development Officer 3
Medusa Mining
www.blackstone .com.au admin@blackstone .com.au

Nickel – the Fastest Growing Battery Raw Material






Nickel and Cobalt are used in the most dominant
battery chemistries for electric vehicles (EVs) –
NMC (Ni Mn Co) and NCA (Ni Co Al)

• Cathode and battery manufacturers are
moving towards higher nickel and lower
cobalt chemistries (migration from NMC
111/622 to NMC811)

• NMC 811 is predicted to make up 75% of the
NMC battery mix by 2025

• Blackstone’s objective is to be the “first
mover” to deliver nickel sulfate into Vietnam’s
Lithium-ion battery industry during the
imminent demand growth coming from EVs

























4
www.blackstone .com.au admin@blackstone .com.au

EcoPro - World’s Second Largest and Korea’s Largest Nickel-

rich Cathode Manufacturer








Blackstone recently partnered with EcoPro, the world’s

second largest nickel-rich cathode manufacturer:



• EcoPro is a South Korea-based company engaged in the battery
and environment material businesses



• EcoPro manufactures cathode active materials and precursors
used for Lithium-ion batteries



• EcoPro BM is a subsidiary of EcoPro which produces and sells
high-nickel cathode materials and other products



• EcoPro BM is a world-leader in the high-volume cathode

material market and currently the world’s second largest and
Korea’s largest nickel-rich cathode materials manufacturer


• EcoPro BM’s major customers include some of the world’s

largest battery manufacturers







5
www.blackstone .com.au admin@blackstone .com.au

Nickel – Class 1 vs Class 2








Tesla’s Elon Musk stated that he would award a “giant contract for a long

period of time if you mine nickel efficiently and in an environmentally

sensitive way”


Class 1 nickel Class 2 nickel


✓ 
Suitable for batteries



Suitable for stainless steel ✓ ✓


Sourced from sulfide

deposits or limonite ✓ 

deposits via HPAL



• Current challenge is to nearly double supply while meeting environmental, social,
and corporate governance (ESG) requirements


• HPAL processing is prone to technical issues and high capital intensity

• Only a small number of nickel sulfide deposits remain undeveloped






6
www.blackstone .com.au admin@blackstone .com.au

Ta Khoa Nickel-PGE (Cu Co) Sulfide Project

Large Scale, Infrastructure Advantage, Epicentre of Asia Electronics and EV Manufacturing




Large scale modern underutilised
hydroelectric power generation
within Son La province, Vietnam








Vietnam is the centre of a large electronics
manufacturing industry with world leaders
including LG & Samsung with manufacturing
facilities in Hanoi & Hai Phong











LG Chem and Vinfast US$2B alliance 1
to build EV battery plant in Hanoi, Vietnam








Initial Resource drill out well advanced Evaluating Bulk mining options Mining Infrastructure in place Evaluating Down Stream Ni Sulfate Refinery
Ban Phuc DSS Ni PGE (Cu Co) Sulfide • Metallurgical testing in progress bulk mineable option upgrade • Processing of Ta Khoa sulfide concentrate to
• 25 additional prospects in Ta Khoa district • Initial Scoping study advancing • 450ktpa concentrator high purity Nickel Sulfate for Li-ion battery cathodes
• Include high grade MSV targets • Potential to be a low or zero carbon • Permitted tailings facility • MOU signed between Blackstone and Ecopro
2
• Underground access to DSS in place via project with electric fleet options • 250 person Camp to partner on developing a Ni Sulfate plant in Vietnam
previously mined MSV deposit combined with renewable • Assay Lab
hydroelectric power • Skilled cost-effective workforce 1 Reuters April 7 2019 S.Korea's LG Chem sets up joint venture with Vietnam's VinFast
2 Blackstone Minerals ASX announcement December 2 2019
7
www.blackstone .com.au admin@blackstone .com.au

Ta Khoa Nickel PGE (Cu Co) Sulfide Project




























































8

Ta Khoa Nickel District Geological Setting and Deposit Model







Deposit Model





Norilsk District
Nickel PGE (Cu Co) Ban Phuc

Tunguska
Flood Basalts Circum
Pacific
orogens

Ni-Cu – (PGE)
Transbaikal Sulfide-dominated • Ta Khoa Nickel District analogy
backarc rifts deposit 1
Ni-Cu Sulfide with world class Norilsk District
Altaid orogenic collage dominated deposit 1
PGE-dominated Blackstone Ta Khoa
deposit 1 Nickel Project Including • Middle to Late Permian age
Tethys Belt Ban Phuc DSS Deposit
Post Permian Units associated with extensive flood
Ta Khoa District basalts
Nickel PGE (Cu Co) Emeishan Permian flood
basalts & mafic-
Flood Basalts
Ban Phuc ultramafic intrusives
• Intra-cratonic rift setting
Pre-Permian Basement
Rifts Zone Ban Phuc MSV
Mine & Production 2 • Significant palladium, platinum,
Major Fault Zone 20.7kt Ni
Faults 10.1kt Cu (rhodium?) mineralisation
0.67kt Co
500 km 100 km
1. Modified after Yakubchuk and Nikishin, 2004
2. Modified after Wang et al., 2018
3. Earth Science Australia: http://earthsci.org/mineral/mindep/ma_sulp/ma_sulp.html

9
www.blackstone .com.au admin@blackstone .com.au

Ta Khoa Nickel PGE (Cu Co) Sulfide Project


Latest Ban Phuc drill results; King Cobra Discovery



Ban Phuc Drillhole Locations – Plan View Ban Phuc 3D-View Drill Results and Infrastructure

Aggressive Blackstone drill program ongoing
at Ban Phuc disseminated sulfide (DSS)


Blackstone has drilled over 65 holes for
Ban Phuc
ultramafic intrusive and 12,000m since August 2019
disseminated mineralisation
Existing 450 ktpa Very encouraging assay results to date
BP19-28 & 30
mill and concentrator
including discovery of the King Cobra
BP19-26
high-grade zone

BP19-27
BP19-29 • BP19-29: 59.8m @ 1.29% Ni + 0.22% Cu + 0.29 g/t PGE 1
Includes 13.9m @ 2.25% Ni +0.4% Cu + 0.54 g/t PGE
and 142m @ 0.41% Ni + 0.04% Cu + 0.11 g/t PGE
Includes 11.9m @ 1.09% Ni + 0.22% Cu + 0.37 g/t PGE

• BP19-03: 45.5m @ 1.2% Ni + 0.17% Cu +0.35 g/t PGE
BP19-23
• BP19-14: 106m @ 0.45% Ni + 0.04% Cu + 0.2 g/t PGE
Includes 20.2m @ 0.61% Ni + 0.04% Cu + 0.44 g/t PGE
BP19-03
BP19-14
• BP19-23: 51m @ 0.71% Ni + 0.08% Cu + 0.43 g/t PGE
Existing Includes 15.7m @ 1.48% Ni + 0.22% Cu + 1.14 g/t PGE
Ni% MSV mine
Blackstone assay pending New drill results
Blackstone completed (current) <0.1 infrastructure • BP19-07: 64.4m @ 0.52% Ni + 0.05% Cu + 0.2 g/t PGE
Holes completed 0.1 – 0.2
Blackstone completed (previous) results pending 0.2 – 0.3 Production Includes 15.6m @ 1.08% Ni + 0.15% Cu + 0.58 g/t PGE
Historical (1959 – 2015) 0.3 – 0.6 2013 – 2016:
Previously N
MSV Ore mined 2013 – 2016:
All Holes collared in ultramafic reported drilling 0.6 – 1.0 20.7 kt Ni + 1 PGE: Pt (ppm) + Pd (ppm) + Au (ppm)
have intersected DSS results 1.0 – 2.5 10.1 kt Cu + 0.67 kt Co
20.7 kt Ni + 10.1 kt Cu + 0.67 kt Co
mineralisation >=2.5
10
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Ban Phuc DSS – King Cobra Discovery




















Section
49950












• Blackstone recently discovered the
King Cobra shallow, high grade zone within the Ban Phuc DSS


• The King Cobra discovery provides a potential vector towards
the high grade “feeder zone”


• Approximately one third of the Ban Phuc DSS target is open
to the north east and at depth

• The King Cobra discovery hole recently intersected 60m @
1.3% Ni and 142m @ 0.41% Ni, with a high-grade zone of
13.9m @ 2.25% Ni


11
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Ta Khoa Nickel – PGE (Cu – Co) Sulfide District

Underexplored district scale nickel sulfide opportunity






• District scale Nickel PGE (Cu Co) sulfide project


• Over 25 advanced stage massive sulfide vein (MSV)
targets and a number of large bulk-tonnage

disseminated sulfide (DSS) prospects


• Blackstone initial focus on Ban Phuc disseminated,

potentially bulk-mineable deposit


• Drilling has commenced at Ban Chang with massive
sulfide intersected over an initial 1.2km of strike
length within a 1.2km long EM target zone



• Prioritising targets within a 5km “processing radius”
of Ban Phuc 450ktpa concentrator



• Systematically testing targets with in-house modern
geophysics and company-owned drill rigs


• Geophysics crew has commenced on recently identified
Ta Cuong prospect associated with the Ban Khang
ultramafic intrusion which is analogous to the flagship

Ban Phuc orebody

12
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Ban Chang – Massive Sulfide in Maiden Drill Holes




























































13
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Ban Chang – Massive Sulfide in Maiden Drill Holes




























































14
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New Blind Discovery – Viper Zone


































Blackstone’s in-house geophysics
crew recently generated the blind
discovery of potential massive

sulfide nickel targets at VDZ with a
series of new shallow EM anomalies

located ~200m north-east of Ban
Chang East










15
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Ta Cuong – Drilling Commences at New Nickel target















































• Blackstone commenced drilling, using electromagnetic (EM) plates to test new massive sulfide vein (MSV) targets for high impact drilling

over the coming months


• Ta Cuong is the second high priority MSV prospect within a portfolio of 25 MSV prospects to be systematically tested with modern

techniques

16
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Ta Khoa Downstream Nickel Sulfate Refinery










Blackstone is advancing an initial scoping study in parallel
with resource drilling that includes plans for a Nickel Sulfate

Refinery in Vietnam



• Metallurgical text work commenced on disseminated
mineralisation



• Competitive input costs based on bulk mining, low cost
hydropower and competitive labour costs



• Mill and concentrator upgrade required for bulk mining scenario



• Nickel Sulfate production via off the shelf pressure oxidation and
Ni-Cu-Co Solvent extraction and crystallization



Source: IGO Limited • Blackstone is participating in a Curtin University collaborative
study for a ground-breaking low cost environmentally benign

Glycine Leach process that could radically reduce development
and processing costs to deliver a Nickel Sulfate product





17
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Ta Khoa Nickel PGE (Cu Co) Sulfide Project

Next steps and timeline; anticipated newsflow







Blackstone’s ongoing aggressive exploration program and development of the

Ta Khoa Nickel PGE (Cu Co) Sulfide Project next steps include:




Deliver a maiden resource in Q3, focused initially on the Nickel PGE (Cu Co) disseminated sulfide
01
(DSS) at Ban Phuc and King Cobra discovery zone


Scoping study in Q3 and feasibility studies in 2021 including downstream processing facility which
02
will provide details for joint venture partners to formalise the next stage of investment


Continue to investigate the potential to restart the existing Ban Phuc concentrator through focused
03
exploration on both massive sulfide veins (MSV) and DSS deposits



Mine restart and develop a downstream nickel sulfate refinery in Vietnam to produce a downstream
04
nickel and cobalt product to supply Asia’s growing lithium-ion battery industry




2020 2021 2022



Commence Metallurgical Maiden Resource Pre-Feasibility Definitive Decision to Ta Khoa Ni-PGE Project Development
scoping study Testing Scoping Study Study Feasibility Study Mine (Mine Restart & Downstream Nickel Refinery)

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

18
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Presentation Summary

Proven track record of mineral discovery and corporate success






• An international portfolio of high-quality battery and precious metals exploration
projects across South East Asia, North America and Australia



• Exploring the Ta Khoa Nickel Project, South East Asia’s Premier Nickel Sulfide District

and resource drilling the large Ban Phuc disseminated Nickel PGE (Cu Co) deposit


• Targeting delivery of a maiden resource and initial scoping study for the Ban Phuc

disseminated deposit including an upgrade of the existing mill and concentrator to
produce a high-quality Nickel PGE (Cu Co) sulfide concentrate under a large-scale bulk

mining scenario


• Scoping study will include downstream processing options to produce a high purity

nickel sulfate product in-country targeting the in-country and Asia Pacific EV
manufacturing market



• Blackstone has a conservative share structure and is well funded to deliver on the Ban
Phuc disseminated resource drilling, initial scoping study and maiden resource



• Well credentialed board and management team with a proven track record of

discovery and creating shareholder wealth




19
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Suite 3, Level 3, 24 Outram Street, West Perth, WA, 6005

T: +61 8 6425 5217 | F: +61 8 6500 9982 |
9
E: [email protected] | www.blackstoneminerals.com.au



@blackstone_BSX @blackstoneminerals Blackstone Minerals



This presentation has been prepared for Blackstone Minerals by
Global Ore Discovery Consulting www.globalorediscovery.com

Exciting new high-grade PGE-Ni-Cu-Co discovery in WA



Australian Nickel Conference, Perth – 6 October 2020


ASX: CHN | OTCQB: CGMLF

Forward looking statements and disclosures









This presentation does not include all available Information on Chalice Gold Mines Limited and should not be used in isolation as a guide to investing in the Company. Any potential investor should also refer to Chalice Gold Mines Limited Annual Reports, filings on sedar.com, and to ASX/TSX/OTCQB releases and take
independent professional advice before considering investing in the Company. For further information about Chalice Gold Mines Limited, visit the website at chalicegold.com
Forward-Looking Statements
This document may contain forward-looking information within the meaning of Canadian securities legislation and forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, forward-looking statements). These forward-looking statements are made as of
the date of this document and Chalice Gold Mines Limited (the Company) does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements relate to future events or future performance and reflect Company management’s expectations or beliefs regarding
future events and include, but are not limited to, the Company’s strategy, the price of O3 Mining securities, the likelihood of exploration success including results of future geophysical surveys, drilling at the Company’s projects and other exploration activities; the timing and costs of future exploration activities on the
Company’s exploration projects; the potential to define future mineral resources and, if successful at any of the Company’s exploration projects, the potential viability of any mineral resource so defined; planned expenditures and budgets and the execution thereof; the timing and availability of drill results; potential sites for
drilling, that general business and economic conditions will not change in a materially adverse manner; the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and
limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “planning”, “expects” or “does not expect”, “is expected”, “will”, “may”, “would”, “potential”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “prospects” “anticipates” or “does
not anticipate”, “believes”, “occur”, “impending”, “likely” or “be achieved”, or variations of such words and phrases or statements that certain actions, events or results may, could, would, might or will be taken, occur or be achieved or the negative of these terms or comparable terminology. By their very nature forward-
looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors may
include, among others, risks related to actual results of current or planned exploration activities; changes in exploration programmes based upon results of exploration; assay results of visually interpreted mineralised intersections; future prices of commodities; geophysical anomalies may or may not be associated with
economic mineralisation; grade or recovery rates; accidents; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, movements in the share price of O3 Mining and future proceeds and timing of potential
sale of O3 Mining securities, the impact of the COVID 19 epidemic as well as those factors detailed from time to time in the Company’s interim and annual financial statements, all of which are filed and available for review on SEDAR at sedar.com, ASX at asx.com.au and OTC Markets at otcmarkets.com. Although the
Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Competent Person and Qualifying Persons Statement
The Information in this presentation that relates to exploration results for the Julimar Project is extracted from the following ASX announcements:
• “High-grade nickel-copper-palladium sulphide intersected at Julimar Project in WA”, 23 March 2020
• “Preliminary results from second target at Julimar Project”, 24 March 2020
• “Significant nickel-palladium discovery confirmed at Julimar”, 15 April 2020
• “Second diamond hole intersects discovery zone at Julimar”, 20 April 2020
• “Exciting visual results from deep diamond drill hole at Julimar”, 5 May 2020
• “Large-scale PGE system further expanded at Julimar”, 11 May 2020
• “High-grade Ni-Cu-PGEs confirmed in discovery zone at Julimar”, 25 May 2020
• “Extension of wide, high-grade PGE-Ni-Cu matrix zone at Julimar”, 15 June 2020
• “Chalice discovers new high-grade PGE-Cu-Au zone at Julimar”, 9 July 2020
• “Significant extension of high-grade PGE-Ni-Cu-Co zones at Julimar”, 17 August 2020
• “Positive preliminary metallurgical results at Julimar”, 1 September 2020
• "Major new 6.5km-long EM anomaly identified at Julimar", 22 September 2020
• “Significant new PGE-copper-gold horizon defined at Julimar”, 6 October 2020
The Information in this presentation that relates to the exploration results for the Pyramid Hill Project is extracted from the following ASX announcements:
• “Discovery of new >2km gold trend in air-core drilling at Karri Target indicates potential for a significant gold system”, 12 December 2019
• “Several new gold zones discovered in first drill holes at Ironbark North Target”, 19 December 2019
• “Karri gold trend expanded to over 3km of strike extent”, 13 January 2020
• “Infill AC drilling at Karri returns best intercept to date of 4m at ~4g/t gold”, 3 February 2020
• “New High-Grade Gold Zones at the Large-Scale Karri Target”, 4 March 2020
• “First diamond drill hole at Karri hits primary gold zone”, 7 April 2020
• “Maiden diamond drill program at the Pyramid Hill Gold Project confirms a large gold system at the Karri Prospect”, 29 July 2020
The Information in this presentation that relates to exploration results for the Hawkstone Project (formerly the King Leopold Project) is extracted from the following ASX announcements:
• “Chalice acquires highly prospective nickel sulphide project in west Kimberley region of WA”, 18 June 2019
• “Strong EM Conductors Identified at King Leopold Project”, 20 August 2019
The above announcements are available to view on the Company’s website at chalicegold.com. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant original market announcements. The Company confirms that the form and context in
which the Competent Person and Qualified Person’s findings are presented have not been materially modified from the relevant original market announcements.
2

We have a proven generative business model:
A unique, well- 1 • Acquire, discover and define mines

funded exploration • Progress and divest assets with discipline

specialist





An excellent track record:


2 • A major greenfield PGE-Ni-Cu-Co discovery in WA
1
• ~A$110M generated from asset sales to date
• ~A$36M returned to shareholders to date







A strong financial position:
3 • ~A$54M in cash + investments
1


• Appetite + ability to hunt for ‘company makers’






An unrivalled exploration portfolio:


4 • Dominant player in the West Yilgarn Ni-Cu-PGE
province (WA) and the Bendigo Zone (Vic)

• 7 rigs currently drilling across 3 projects
JD006 core specimen at Julimar Ni-Cu-PGE Project, Jun-2020

1 As of 30 June 2020 3

Chalice’s portfolio includes an exciting new discovery in the new West Yilgarn

Ni-Cu-PGE Province in WA + several other generative opportunities









Julimar Nickel-Copper-PGE Project, WA
• New greenfield PGE-Ni-Cu-Co sulphide discovery in Mar-2020
1 • 19m @ 8.4g/t Pd, 2.6% Ni, 1.0% Cu, 0.1% Co in 1 hole
st

3 • 100% owned, ~26km long intrusive complex ~70km NE of Perth
• 4 rigs drilling, aiming for maiden MRE mid-2021



Pyramid Hill Gold Project, Vic

• New >4km gold trend + 2 gold bearing diorite intrusions
A U S T R A L I A 2 • >5,000km holding NW and NE of Fosterville Gold Mine
2

• 100% owned, all under cover in unexplored terrane
• 2 diamond rigs drilling at the >4km long Karri Prospect

1
Hawkstone Nickel-Copper-Cobalt Project, WA

• New greenfield nickel sulphide opportunity in frontier province

2 3 • >1,800km holding east of Merlin Ni-Cu-Co prospect (IGO/BUX)
2
• 85-100% owned, several large untested dolerite intrusions
• Maiden drill program underway


Several generative exploration opportunities, investments,
royalties and non-operated joint ventures 4

We have a tight capital structure Capital Structure and Financials
and a strong financial position
Equity listings Shares out. 307.5M Market capitalisation

ASX: CHN
Top Shareholders 1 OTCQB: CGMLF Shares (F/D) 325.9M ~A$800M (@ A$2.60ps)


Tim Goyder (Chairman)
Long term holder since 2006 Debt Cash 2 Cash & Investments 2

nil ~A$46M ~A$54M
12% Franklin Templeton Gold &
Precious Metals Fund
9% Long term holder since 2010
Key Investments Position Current Value
5% Regal Funds Management O3 Mining (TSX-V: OIII) 3.1M (5.3%) ~A$10M

56%

18% Share Price & Volume Chart (CHN)

Other institutions
High-grade PGE-Ni- Major discovery $30M Capital New 6.5km EM
Cu-Co discovery confirmed at Raise anomaly at Julimar
hole at Julimar Julimar
Others Major extension of
3 high-grade zones
Research Analyst Coverage at Julimar
Bell Potter Peter Arden

Bridge Street Capital Chris Baker

Euroz Securities Andrew Clayton
Macquarie Bank Hayden Bairstow

Mine Life Resources Bulletin Gavin Wendt

Red Cloud Securities Jacob Willoughby 20M
Taylor Collison Ryan Armstrong
5
1 As of 29 September 2020 2 As of 30 June 2020

JD006 core specimen at Julimar Ni-Cu-PGE Project, Jun-2020





Julimar Nickel-

Copper-PGE Project





Western Australia












































6

High-grade PGE-Ni-Cu-Co intersected in the very first drill hole at Julimar,

uncovering a remarkable new discovery in a completely new province








• ~70km NE of Perth, with direct access to major highway,
rail, power and port infrastructure



• ~26km long layered ultramafic-mafic intrusive complex
(Julimar Complex) with no previous Ni-Cu-PGE exploration


• Staked in early 2018 (100% owned)







• Exploration so far restricted to the ~1.6km x 0.8km
Gonneville Intrusion at the southern end of the Complex
on private land



• First drill hole in March 2020 discovered wide, shallow zone
of high-grade PGE-nickel-copper-cobalt mineralisation


• Discovery marked the start of the new West Yilgarn Ni-Cu-
PGE Province


2
• >8,000km of new licence applications since the discovery
2
(incl. >2,000km around Julimar) – leveraging our
competitive advantage to make additional discoveries
7