1. 1.25 5 Mo Moz HIG HIGH-GRADE GRADE, SHALLO HALLOW WA A GO - - PowerPoint PPT Presentation

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1. 1.25 5 Mo Moz HIG HIGH-GRADE GRADE, SHALLO HALLOW WA A GO GOLD LD PRO ROJECT PROGRESSING TO DEVELOPMENT ASX:CAI PRESENTATION MAY 2019 DI DISCLAIMER ER DISCLAIMER This presentation does not constitute investment advice.


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SLIDE 1

ASX:CAI

1. 1.25 5 Mo Moz HIG HIGH-GRADE GRADE, SHALLO HALLOW WA A GO GOLD LD PRO ROJECT

PROGRESSING TO DEVELOPMENT

PRESENTATION MAY 2019

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SLIDE 2

DI DISCLAIMER ER

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

  • pinions 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, Calidus Resources Limited (the Company or Calidus) 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

  • Calidus. 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

  • r 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, Calidus does not undertake any obligation to update or revise any information

  • r 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.

COMPLIANCE STATEMENT The information in this presentation that relates to Exploration Results and Mineral Resources released previously on the ASX. 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 that, in the case of mineral resources estimates, all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements. Mr Daniel Saunders is principal and a full time employee of GeoServ Consulting Pty Ltd, and is a Member of the AusIMM. Mr Daniel Saunders has sufficient experience that is relevant to the style of mineralisation and types of deposit under consideration and to the activities undertaken to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code. Ms Jane Allen is a full time employee of the Company, and is a member of the AusIMM. Ms Jane Allen has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activates undertaken to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code.

PAGE 2

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SLIDE 3

3

RAPI APIDLY PR PROG OGRESSING TOW OWAR ARDS PR PROD ODUCTION ON

SNAPSHOT

  • Simple and compelling story
  • Consolidation of Historic Goldfield
  • 1.25 Moz resource at 1.83 g/t Au

including 1.1Moz at 2.37g/t

  • 795,000oz of Indicated Resources

(64%)

  • 203% increase in resource since

listing June 2017 (412,000oz)

  • Fully funded Pre-feasibility Study (PFS)

commenced, completion due Q3 2019

  • Planning to Develop in 2020
  • Significant exploration upside, drilling

underway

PAGE 3

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SLIDE 4

DRI DRIVING DEV DEVEL ELOPMEN ENT PRO ROGRES RESS

A A CENTU TURY OF EXPE PERIENCE IN PR PRECIOUS-ME METAL PROJECT DEVELOPME MENT

PAGE 4

MARK CONNELLY

NON-EXECUTIVE CHAIRMAN

Over 30 years’ resource industry experience in CEO and Managing Director roles across multiple jurisdictions including Australia, West Africa, North America and Europe. Currently Non-Executive Chairman at West African Resources Ltd

KEITH COUGHLAN

NON-EXECUTIVE DIRECTOR

30 years’ experience in stockbroking and funds management on ASX, AIM and TSX. Currently the MD of European Metals Holdings and recently retired as chairman of Talga Resources

ADAM MIETHKE

NON-EXECUTIVE DIRECTOR

Over 15 years’ experience in exploration and mine geology, funds management and corporate advisory. Previous technical and corporate roles at Rio Tinto, Snowden, Regent Pacific Group and Argonaut

BOARD EXECUTIVE MANAGEMENT

DAVE REEVES

MANAGING DIRECTOR

30 years’ mining experience in Australia, Africa and Europe. Instrumental in the progression of four mining projects through feasibility to project development

FERNANDO MOUTINHO

PROJECT MANAGER

30 years’ international experience with GRD Minproc, Sheffield Resources, Syrah Resources, New Century Resources

JANE ALLEN

GEOLOGY MANAGER

30 years’ international mining experience with Anglogold Ashanti, Resolute Mining, Avion Gold Corporation and GCM

PAUL BRENNAN

COO

20 years’ mining experience in Australia, Africa and Europe. Most recently GM at Saracen’s Carasoue Dam operation

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SLIDE 5

COR CORPOR PORAT ATE OV OVERVIEW

CAPITAL STRUCTURE

SHARES ON ISSUE

1,501

Million1

MARKET CAP

(undiluted at A$0.025)

$37.5

Million2

CASH

(as at 31 Dec 2018)

$4.3

Million3

LISTED INVESTMENTS

$2.2

Million

ENTERPRISE VALUE

$31.0

Million

OPTIONS

(will raise $6.9m if exercised)

254

Million4

PERFORMANCE SHARES 275

Million5

CA CAPIT ITAL S STRUCT CTURE A AND ND S SHAREHOLDERS

1. Including placement to Alkane announced 30/4/19 2. Using share price of $0.25 as at 30 April 2019 3. $2.3m cash 30/4/19 plus $2m from Alkane Raise 4. 118m @ 2.5c, 50m @ 2.0c, 70m @ 3.5c and 16m @ 3.0c 5. Performance Shares vest on completion of a positive PFS 6. CAI board and management own 18 % of Keras 7. ALK cash balance as at 31 March 2019

KEY SHAREHOLDERS

KERAS RESOURCES6 (AIM:KRS) 30.5% ALKANE RESOURCES (ASX:ALK) 15.2% NOVO RESOURCES (TSX: NVO) 3.8%

PAGE 5

WELL FUNDED

  • Cash reserves of $4.3m
  • Investment in Pacton Gold (TSX: PAC) valued at $2.2m
  • 2.5c exercisable options to raise $2.2m due June 2019

STRONG CORPORATE MINING SUPPORT

  • Keras Resources – London listed exploration company2
  • Alkane Resources – ASX listed Australian domiciled gold

producer with c.$72m in cash reserves7

  • Novo Resources – Canadian listed, well funded Pilbara Gold

explorer with nearby gold properties and JORC resources

TIGHTLY HELD SHARE REGISTER

  • Over 15% Tier 1 institutional ownership
  • Top 20 hold 70%
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LOC LOCATED IN AREA WITH PROV OVEN RESOU OURCE POT OTENTIAL L

WA WARRA RRAWO WOONA GOLD D PRO ROJEC JECT

PAGE 6

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SLIDE 7

780K 0KM2

2 OF

OF CON ONTIGUOU OUS TENURE

CON CONTROL OL OF OF PR PROV OVEN GREENSTON ONE BELT LT

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780km2 under control, application or option

  • +200 historic mines located
  • n tenements
  • Very limited previous

exploration focused around the Klondyke workings

  • Majority of package not

covered by any soil sampling

  • r drilling
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HI HIGH H GRADE MI MINERALISATION REMA MAINS OP OPEN AT T DE DEPTH TH

KLON KLONDYKE KE DEPOS POSIT

PAGE 8 CORPORATE PRESENTATION MARCH 2019

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KLON KLONDYKE KE DEPOS POSIT

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76 76% I INC NCREA EASE I E IN G N GLO LOBAL R L RES ESOURCE B E BASE T E TO 1 1.15 Mo Moz

Klondyke (0.5g/t cut-off summary) Cut-off Indicated Inferred Total Au g/t Mt g/t Au Ozs Mt g/t Au Ozs Mt g/t Au Ozs Klondyke Open Pit 0.5 12.3 1.69 670,000 5.5 1.47 260,000 17.8 1.62 930,000 Klondyke Underground 2.0 0.8 3.3 80,000 1.4 3.03 140,000 2.2 3.13 220,000 Total 13.1 1.78 750,000 6.9 1.79 400,000 20.0 1.79 1,150,000 Deposit (0.8g/t cut-off summary) Cut-off Indicated Inferred Total Au g/t Mt g/t Au Ozs Mt g/t Au Ozs Mt g/t Au Ozs Klondyke Open Pit 0.8 8.4 2.19 590,000 3.1 2.16 210,000 11.4 2.19 800,000 Klondyke Underground 2.0 0.8 3.3 80,000 1.4 3.03 140,000 2.2 3.13 220,000 Total 9.1 2.21 670,000 4.5 2.44 350,000 13.6 2.23 1,020,000

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UP UPDATE TED MINERAL RESO SOUR URCE

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CO CONT NTINU INUOUS O OUTCR CROPPING ING R RESOURCE CE O OPEN IN A N IN ALL D DIR IRECT CTIO IONS NS

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MULTIPLE H HIGH G GRADE S SATELLITE T TARGETS, W WITHIN 1 N 10K 0KM O OF K F KLOND NDYKE

REG REGIONAL UPSIDE DE – LAR LARGELY LY UNTESTED

PAGE 11

Deposit Cut-off Indicated Inferred Total Au g/t Mt g/t Au Ozs Mt g/t Au Ozs Mt g/t Au Ozs Copenhagen 0.5 0.2 5.27 36,000 0.1 1.84 3,000 0.3 4.65 39,000 Coronation 0.5

  • 0.5

2.19 34,000 0.5 2.19 34,000 Fieldings Gully 0.5 0.2 1.65 9,000 0.3 1.62 16,000 0.5 1.63 24,000 Total 0.4 3.70 45,000 0.9 1.96 53,000 1.3 2.53 98,000

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SLIDE 12

RAPID P PROGRESSION O N OF P F PFS FS, S SCH CHEDULED FO FOR Q3 Q3 2 201 019 CO COMPLETION

METALLURGICAL TESTWORK

  • High gold recoveries - 96.7%
  • Coarse Grind
  • Soft Rock

ENVIRONMENTAL

  • All fieldwork to be complete in

April, submit permit applications in Q3 2019

HYDROLOGICAL

  • Pit water holes drilled
  • Borefield to be drilled in April

HERITAGE

  • Heritage clearance work completed
  • ver area of disturbance

TAILINGS

  • Thickening testwork and geotechnical

testing complete

  • Valley fill tailings, stable and low

capital

PR PRE-FEA FEASIBILITY STUDY DY INPUTS

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GEOTECHNICAL

  • All geotechnical drilling and analysis

complete

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SLIDE 13

13

WEL WELL SERV ERVICED ED BY EX EXISTING INFRA FRASTRU RUCTURE RE

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AS ASSISTS TS WITH TH RAPI APID COST T EFFECTI TIVE DEVELOPM PMENT

MINING REGISTRAR LOCATED IN TOWN SEALED AIRSTRIP IN MARBLE BAR 2 HOURS DRIVE FROM PORT HEDLAND ON SEALED ROAD (AUSTRALIA’S LARGEST PORT) LOCATED 20KM SOUTH EAST OF MARBLE BAR

  • All weather road from Marble Bar to leases
  • Access to trucked LNG from NW Shelf
  • 100 rooms available in town
  • All weather airstrip
  • Negotiating the purchase of a 2nd hand camp

in the Pilbara

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SLIDE 14

PAR PARAL ALLEL WORKSTR TREAM AMS TO TO PR PROVIDE CONSISTE TENT T NEWSFLOW

DEV DEVEL ELOPMEN ENT TIMEL ELINEEX EXPLORA RATION TIMEL ELINE

PAGE 14

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SLIDE 15

ON ONE OF OF FEW HIGH GRADE INDEPENDENT DEVELOP LOPMENT PROJ OJECTS

AU AUSTRALI ALIAN AN OPE OPEN PI PIT DEVELOPE LOPERS

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UNDEVELOPED OPEN-PIT WA PROJECTS (>1Moz Au)1,2 Scarcity of independent ASX open pit gold developers with Resource bases over 1Moz Au

1. Data as at 30 April 2019 2. CAI includes underground resource of 220koz @ 3.13g/t

* Bubble size represents Enterprise Value

Yandal, EAR Karlawinda, CMM Bombora, BRB Warrawoona (0.5 g/t Au cut-

  • ff grade)

Warrawoona (0.8g/t Au cut-off grade) Katanning, AUC

1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 1,000 1,050 1,100 1,150 1,200 1,250 1,300 1,350 1,400 1,450 1,500

Resource Grade (g/t Au) Mineral Resource Ounces (koz)

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147 117 60 54 49 33 30 27 25 50 75 100 125 150 175

EV/Resource (A$/oz)

VA VALUE G GROWTH A ASSOCI CIATED W WITH D DEVE VELOPMENT NT

NE NEAR-TE TERM DEVELOPMENT T

1. Data as at 30 April 2019 2. Calidus EV doesn’t account for listed investments of c.$2.2m

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UNDERVALUED COMPARED TO DEVELOPMENT PEERS1

Completed Feasibility Study Prior to Feasibility Study

Average = $71/oz

BGL VAN CMM EAR BRB KIN GMD Key Project Bellevue Trident Karlawinda Yandal Bombora Leonora Ulysses Warrawoona Stage Resource Development Resource Development Financing Feasibility PFS Commenced Resource Development Feasibility PFS Commenced Mkt Cap (A$m) 254 101 67 80 60 30 27 38 EV (A$m) 225 100 67 75 53 26 23 332 Resource (koz) 1,530 854 1,114 1,405 1,084 782 760 1,248 Grade (g/t) 11.8 3.5 1.1 2.1 1.4 1.4 3.3 1.8 Mine Type Underground Underground Open-pit Open-pit Open-pit Open-pit Underground Open-pit & Underground Potential

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SLIDE 17

17

  • Critical mass for a standalone

development achieved

  • High grade open pit outcropping

resource

  • Excellent metallurgy
  • Experienced mine development

team

  • Fully funded through to

Pre-feasibility Study completion

  • Located in close proximity to high

quality infrastructure and operating mines

  • Greenfields exploration underway

and has significant potential

  • Uniquely positioned as one of few

remaining high grade open-pit gold development companies on the ASX

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WES WEST AUS AUSTRAL ALIAN AN 1. 1.25Moz z HI HIGH-GRA GRADE, S SHALLO LLOW GO GOLD LD DE DEVELOP OPER

REASONS TO INVEST