TSX-V: CNX I OTCQX: CLLXF A L e a d i n g Z i n c J u n i o r i - - PowerPoint PPT Presentation

A L e a d i n g Z i n c J u n i o r i n E s t a b l i s h e d C a n a d i a n M i n i n g D i s t r i c t s

TSX-V: CNX I OTCQX: CLLXF

This presentation contains certain forward-looking information and statements. Such forward-looking information and statements are based on the current, estimates and projections of the Company or assumptions based on information currently available to the Company. Such forward- looking information and statements refmect current views with respect to future events and are subject to risks, uncertainties and assumptions. The Company cannot give assurance to the correctness of such information and statements. These forward-looking information and statements can generally be identifjed by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use terminology such as “targets”, “believes”, “expects”, “aims”, “assumes”, “intends”, “plans”, “seeks”, “will”, “may”, “anticipates”, “would”, “could”, “continues”, “estimate”, “milestone” or other words of similar meaning and similar expressions or the negatives thereof. By their nature, forward-looking information and statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company to difger materially from any future results, performance or achievements that may be expressed or implied by the forward-looking information and statements in this presentation. Should one or more of these risks or uncertainties materialize, or should any underlying assumptions prove to be incorrect, the Company’s actual fjnancial condition or results of operations could difger materially from that or those described herein as anticipated, believed, estimated or expected. Any forward-looking information or statements in this presentation speak only as at the date of this presentation. Except under the applicable securities laws, the Company does not intend, and expressly disclaims any obligation or undertaking, to publicly update, correct or revise any of the information included in this presentation, including forward looking information and statements, whether to refmect changes in the Company’s expectations with regard thereto or as a result of new information, future events, changes in conditions or circumstances or otherwise on which any statement in this presentation is based. Given the aforementioned uncertainties, prospective investors are cautioned not to place undue reliance on any of these forward-looking statements. The technical content of this presentation has been reviewed and approved by James Pickell, P .Geo, a consultant to the Company, and a Qualifjed Person as defjned by National Instrument 43-101.

F O R W A R D L O O K I N G I N F O R M A T I O N

Callinan Mines, founded by Jack Callinan in 1927, has had a major presence in the Flin Flon mining district in Manitoba, Canada 777 VMS Mine, discovered on Callinan claims, commences production and royalty payments begin Callinan Mines splits into two entities: Callinan Royalties and Callinex, which holds the exploration portfolio today Callinex renews exploration focus on zinc and copper-rich massive sulphide deposits Callinex acquires a portfolio of zinc assets in Eastern Canada with zinc prices near fjve year lows Announces a major expansion of the Nash Creek Deposit

1927 2011

OUR HISTORY

2014 2016 2017 2004

To discover and develop base and precious metal rich deposits within established Canadian mining districts

OUR MISSION

3 FOCUSED ON BASE METAL DISTRICTS 3

T S X - V: C N X | O T C Q X : C L L X F

C A L L I N E X c o r p o r a t e P R E S E N T A T I O N

SHARE PERFORMANCE

CORPORATE OVERVIEW

Closing Price

(01/18/2018)

$0.40

52-Week Range

$0.28 - $0.48

Average Daily Volume (3 - mo)

183,977

RECENT TRADING

Shares Outstanding

78.3M

Options Outstanding*

6.4M

($0.34 VWAP)

(Excludes 6.7M RSU’s with a 10 year vesting schedule)

Warrants Outstanding

4.0M

($0.75 VWAP)

CAPITAL STRUCTURE

Market Cap

$30.9M

Debt

$0

Cash

$5.7M

As of 09/30/2017

ENTERPRISE VALUE

TSX-V: CNX I OTCQX: CLLXF

4

T S X - V: C N X | O T C Q X : C L L X F

C A L L I N E X c o r p o r a t e P R E S E N T A T I O N

INSTITUTIONS 31% INSIDERS & CLOSE ASSOCIATES

29%

RETAIL INVESTORS 40%

OWNERSHIP BREAKDOWN

• Resource Capital Funds
• Sprott Group
• Plethora Precious Metals Fund
• Fieldhouse Capital Management

C A L L I N E X c o r p o r a t e P R E S E N T A T I O N

4

T S X - V: C N X | O T C Q X : C L L X F

Mike Muzylowski

Chairman

Max Porterfjeld

CEO, President and Director

Jordan Butler

VP Corporate development

Matthew Anderson

Chief financial officer

A renowned geologist and member of the Canadian Mining Hall of Fame with over 50 years

• f experience which has included

the discovery and development

• f 16 mineral deposits through to

production Over ten years of experience in natural resources and fjnancial markets, previously with GoldMining Inc., Uranium Energy

• Corp. and US Global Investors

Over eight years of experience in the resource sector specializing in identifying and evaluating mineral

• properties. Previously, Financial

Analyst with Americas Bullion Royalty Corp. and Till Capital A Certifjed Professional Accountant with signifjcant experience in fjnancial and accounting related functions for natural resource issuers

MANAGEMENT TEAM

5

T S X - V: C N X | O T C Q X : C L L X F

C A L L I N E X c o r p o r a t e P R E S E N T A T I O N

5

T S X - V: C N X | O T C Q X : C L L X F

C A L L I N E X c o r p o r a t e P R E S E N T A T I O N

directors And advisory board

DIRECTORS ADVISORY BOARD

Keith Minty

An experienced mining engineer currently serving as the Senior VP

• f Business Development at Stope Capital Advisors and a Director of

Auryn Resources Inc., previously the Chief Operating Offjcer of Thani Emirates Resource Holdings Ltd.

Carlo Civelli, Chairman

Since founding Clarion Finanz AG in 1980, Mr. Civelli has been instrumental in funding early stage investments, nearly a dozen of which have developed into billion dollar market cap companies

Michael Louie

A Principal in D+H Group LLP with 25 years of accounting experience, specifjcally working on behalf of First Nations organizations and specializing within the Canadian mining sector

Jason Dunning

Over 20 years experience in base and precious metal exploration, currently serving as the Manager of Nystar’s Mining Group, one of the world’s largest zinc producers, and previously a Project Geologist with Hudbay focused on the Flin Flon area

Nico Civelli

An independent fjnancial advisor specializing in natural resources, and the VP of Finance for Pacifjc LNG which recently sold to Oil Search Ltd. for USD $900 million

Steve Swatton

Over 28 years of experience in both technical and senior managerial experience, previously the Global Head of Business Development for BHP Billiton’s Exploration Division

Jayant Bhandari

A Senior Analyst of Anarcho Capital, distinguished speaker and published author, Mr. Bhandari advises institutional investors about opportunities in the natural resources sector on a global scale

C A L L I N E X c o r p o r a t e P R E S E N T A T I O N

6

T S X - V: C N X | O T C Q X : C L L X F

Technical Team

Canadian Mining Hall of Fame Inductee and PDAC Developer of the Year award PDAC Bill Dennis Prospector of the Year award

Mike Muzylowski

Chairman of the Board

Involved in the discovery of 12 VMS mines in the Flin Flon district of Manitoba, Canada. His discoveries include the Trout Lake mine, which operated from 1982-2012. Mr. Muzylowski received the 1988 PDAC Developer of the Year award and is a 2011 inductee into the Canadian Mining Hall of Fame.

Jim Pickell

chief Geologist

Over 40 years of VMS exploration experience globally. Notable discoveries include the Callinan North, Konuto Lake and 777

• re bodies within the Flin Flon district of Manitoba, Canada.
• Mr. Pickell is a recipient of the PDAC Bill Dennis Prospector of

the Year Award for his role in the discovery of the 777 Mine.

Alan Vowles

chief Geophysicist

Over 35 years of VMS exploration experience within the North America and an integral member of the HudBay team that discovered the Lalor deposit within the Flin Flon district of Manitoba, Canada.

• Mr. Vowles is a recipient of the PDAC Bill Dennis Prospector of

the Year Award for his role in the discovery of the Lalor Mine.

JJ O’Donnell

VP Exploration

Over 25 years of VMS exploration experience within Canada while holding senior positions with Callinex, HudBay, Selwyn Chihong Mining and Granges. Mr. O’Donnell has been instrumental in the exploration and development of the world-class Howard’s Pass Zinc Project located in the Yukon, Canada.

TROUT MINE +22 MT LALOR MINE +25 MT 777 MINE +21 MT

7

T S X - V: C N X | O T C Q X : C L L X F

C A L L I N E X c o r p o r a t e P R E S E N T A T I O N

magma mass of sulphide deposits sedimentation seawater seepage sea floor heat Ag Au Cu Zn

HIGH GRADE

Polymetallic deposits often containing zinc, copper, lead, gold and silver

FORMATION

Deposits

• ccur

where mineral rich, superheated water is brought to the surface by volcanic activity

DISTRICT SCALE

Most deposits occur in clusters that defjne major mining districts, such as Flin Flon and Bathurst

PREVALENCE

350 deposits and major VMS occurrences in Canada; Bathhurst and Flin Flon Camps are the top two jurisdictions in the nation1

Source: 1 Mineral Deposits of Canada, Volcanogenic Massive Sulphide Deposits

VOLCANOGENIC MASSIVE SULPHIDE DEPOSITS

C A L L I N E X c o r p o r a t e P R E S E N T A T I O N

8

T S X - V: C N X | O T C Q X : C L L X F

Zinc Supply: Stalling Production Growth

Uncommitted Projects Increasingly Delayed Existing and Fully Committed Mines Zinc Mine Production has Peaked

2010 10,000 11,000 12,000 13,000 14,000 Thousand Tonnes Mine Production Secondary Demand 15,000 16,000 17,000 2013 2016 2019 2022 Thousand Tonnes 500 1,000

2018 Last Year 2020 Last Year 2022F Last Year 2018 Today 2020 Today 2022 Today

1,500 2,000 2,500 3,000 Base Highly Probable Source: Wood Mackenzie, CRU, Teck

9

T S X - V: C N X | O T C Q X : C L L X F

C A L L I N E X c o r p o r a t e P R E S E N T A T I O N

Dwindling Global Zinc Inventories

Source: Bloomberg

May-12 May-13 May-14 May-15 May-17 May-16 Jul-12 Jul-13 Jul-14 Jul-15 Jul-16 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Nov-12 Nov-13 Nov-14 Nov-15 Nov-16 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17

0.60 0.70 0.80 0.90 LME SHFE LME Cash Price 1.00

US$/lb kt

1.10 1.20 1.30 1.40 1800.0 1600.0 1400.0 1200.0 1000.0 800.0 600.0 400.0 200.0 0.0

C A L L I N E X c o r p o r a t e P R E S E N T A T I O N

10

T S X - V: C N X | O T C Q X : C L L X F

portfolio of zinc assets

• Portfolio of advanced stage zinc rich VMS

deposits located in established Canadian mining jurisdictions

• All mineral resources start at or near surface
• Deposits located near processing facilities

and essential mining infrastructure

• Provides exposure to rising metal prices with

deposits containing sizeable zinc, gold and silver resources

Buchans District Bathurst District Flin Flon District

11

T S X - V: C N X | O T C Q X : C L L X F

C A L L I N E X c o r p o r a t e P R E S E N T A T I O N

bathurst MINING District

Modifjed from Goodfellow, 2003 Clusters of deposits make up the Bathurst Mining District

CLUSTER EFFECT VMS DEPOSITS PRODUCTION HISTORY

One of the largest massive sulphide belts in the world with more than 130Mt of ore produced, commonly Zn-Pb-Cu-Ag-Au

GEOLOGICAL ENDOWMENT

Over 45 volcanic-hosted massive sulphide deposits including the 230Mt Brunswick No. 12, 70 Mt Caribou Mine and 69 Mt Heath Steel Mines

MINING INFRASTRUCTURE

Great access to power, water, roads and processing facilities in a major mining district

30 20 10 5 3 1 0.1 1 10 100 1000 Pb + Zn (wt. %) Million Tonnes Caribou BMS #12 Superjack Nash Creek C A L L I N E X c o r p o r a t e P R E S E N T A T I O N

12

T S X - V: C N X | O T C Q X : C L L X F

Quebec

• Advancing the project towards a maiden PEA for

an open pit operation with a standalone processing facility

• Nash Creek Deposit is open for expansion in several

directions; recent drilling has expanded length by +40% since 2016

• Excellent infrastructure highway and transmission

lines 1 km from deposit; seaport, smelter, railway and power plant <25 km by road

• Updated resource estimate underway to add an

additional 56 holes drilled in 2017

• 2016 Indicated resource containing 712 million

pounds of Zn Eq. contained within 9 Mt of 3.6% Zn

• Eq. and an Inferred resource containing 88 million

pounds of Zn Eq. contained within 1.1Mt grading 3.6% Zn Eq.

nash creek project

SUPERJACK NASH CREEK Caribou Mine Brunswick Mine #12 Brunswick Mine #6 Heath Steele Mine Bathurst

25 KM

N LEGEND

Processing Facility Lead Smelter Mine Road Power Rail Port City

13

T S X - V: C N X | O T C Q X : C L L X F

C A L L I N E X c o r p o r a t e P R E S E N T A T I O N

A Development stage asset

Callinex is advancing the Nash Creek Project towards completion of a maiden Preliminary Economic Assessment Plans to subsequently commence permitting activities with the submission of an Environmental Impact Assessment

OPEN PIT MINING

Anticipating 15 to 20 million tonnes of open pit material for processing

GRADE

Potential for an average head grade to 5-7% Zn Eq. with dense media separation

RECOVERY

Metallurgical tests indicate recoveries of 91% Zn, 82% Pb and 31% Ag and marketable zinc and lead concentrates

200m

N

SURFACE

NASH CREEK MINERAL RESOURCES

LEGEND

Nash Creek Mineral Resources Zinc Mineralization Lead Mineralization

Newly discovered extension OPEN OPEN

C A L L I N E X c o r p o r a t e P R E S E N T A T I O N

14

T S X - V: C N X | O T C Q X : C L L X F

Potential resource expansion

• The current mineral resource is open for expansion in all

directions, particularly along strike

• A maiden 2017 drill program expanded the length of the

deposit by 600m to the north, along a coincident zinc-lead soil anomaly that extends to the highway

• Highlights from the 2017 drill program includes*:

NC17-233 intersected 43.9m grading 3.1% Zn Eq. including 9.5m of 6.5% Zn Eq. at a starting depth of 30.1m; NC17-245 intersected 18.7m of 5.8% Zn Eq. including 5.0m 8.9% Zn Eq. at a starting depth of 10.0m; and NC17-257 intersected 15.0m of 7.2% Zn Eq. including 9.0m

• f 11.1% Zn Eq. at a starting depth of 113.0m
• Only two of five known mineralized zones are included in the

resource and are targeted for additional exploration

*See News Releases dated September 5, 2017, September 12, 2017 and January 18, 2018

15

T S X - V: C N X | O T C Q X : C L L X F

C A L L I N E X c o r p o r a t e P R E S E N T A T I O N

District scale land package

Potential to identify additional zinc-lead deposits along a 20 km long trend with only ~2.5 km having been drill tested Plans to commence a reconnaissance exploration program on the land package in 2018 VMS deposits almost always occur in clusters; however, Nash Creek is the only known VMS deposit in the area Limited exploration previously conducted by Falconbridge, Noranda , Novagold and BHP , which indicated potential for base metal discoveries Highlight of mineral occurrences over the southern portion of the property include:

• 5.5% Cu and 3.4% Cu
• 3.5% Zn, 2.5% Pb and 1,500 g/t Ag
• 9.1% Zn and 2.1% Pb
• 8.1% Zn and 10.9%

Nash Creek Deposit 8.1% Zn and 10.9% Pb 9.1% Zn and 2.1% Pb 3.5% Zn, 2.5% Pb and 1,500 g/t Ag 5.5% Cu and 3.4% Cu N

LEGEND

Base Metal Occurances Claim Boundary Provincial Highway 11 Major Transmission Line

4km

C A L L I N E X c o r p o r a t e P R E S E N T A T I O N

16

T S X - V: C N X | O T C Q X : C L L X F

Infrastructure Advantage at Nash Creek

Transects Property: Provincial Highway 11 Leading to the Port of Belledune Transects Property: Transmission lines from the nearby Belledune Power Plant 25km by highway: Port of Belledune that includes railway, deep water port, 450 Mw power plant and Glencore’s smelter 100 km by highway: Two mill sites including Trevali’s 3,000 TPD Caribou Mine and Mill

17

T S X - V: C N X | O T C Q X : C L L X F

C A L L I N E X c o r p o r a t e P R E S E N T A T I O N

• Near-surface Inferred resource of 3.2Mt grading

4.6% Zn Eq. containing 328 million pounds of Zn Eq.

• Located 15km from the ‘supergiant’ Brunswick

#12 Mine, recently

• ne
• f

the largest underground zinc mines in the world

• Project covers the Caribou and Brunswick

horizons which hosts on average 15-20 Mt geologic deposit

• Plans to include a small higher-grade starter pit

as part of the upcoming PEA at Nash Creek

• Recently discovered near-surface zinc zone that

is wide open for expansion

superjack project

C A L L I N E X c o r p o r a t e P R E S E N T A T I O N

18

T S X - V: C N X | O T C Q X : C L L X F

SUCCESS RATE

Over 50% of deposits have been advanced to production, totaling 32 mines which have led to 86 consecutive years of mining

INFRASTRUCTURE

Over $1.6 billion invested towards mine development with road, rail, power and water infrastructure to facilitate quick development of new discoveries

TIMELINES AND CAPEX

Typically less than six years from discovery to development with reduced capital expenditures

FLIN FLON MINING DISTRICT

Flin Flon (100 Mt) Snow Lake (60 Mt)

Clusters of VMS deposits make up the Flin Flon/Snow Lake mining districts in the Flin Flon Greenstone Belt

CLUSTER EFFECT

Recent discoveries have typically been larger in size and deeper than previously discovered

DEPTH OF MINES

Initial Production

Average Depth Deposit Size

• 1500
• 1200
• 900
• 600
• 300

20+ 16 12 8 4

1916 1930 1948 1955 1955 1982 1990 2004 2013 2014

Average Depth (m) Deposit Size (Million Tonnes)

1975 1969

777 Trout Lake Lalor Reed North Star Flin Flon Cuprus Mandy Don Jon Centennial Callinan Pine Bay

19

T S X - V: C N X | O T C Q X : C L L X F

C A L L I N E X c o r p o r a t e P R E S E N T A T I O N

N

Flin Flon Project Big Island Project Flin Flon Pine Bay Project 777 Mine Processing Facility

LEGEND

Deposit Historic Mine Pine Bay Shaft Emerging Callinex Discovery Callinex Claims Callinex Mining Lease HudBay Claims Paved Road Power Rail

Strategic Properties Near Hudbay’s Flin Flon Operations

C A L L I N E X c o r p o r a t e P R E S E N T A T I O N

20

T S X - V: C N X | O T C Q X : C L L X F

• Strategic property totaling 6,000 sq. ha

located 16 km to Flin Flon, MB

• Advanced permitting status that includes the

right to conduct mining activities

• Power, water and road access at site to service

historic shaft and underground workings

• Property covers 10 km long trend consisting
• f at least four stacked VMS horizons
• Plans to complete a 3-D IP survey and RIM

survey on deep drill holes associated with several mineralized zones

pine bay project

N

Pine Bay Project

N

KILOMETERS

Deposit Mine Mine Shaft Emerging Callinex Discovery Callinex Claims Callinex Mining Lease HudBay Claims Road Power Rail

LEGEND

21

T S X - V: C N X | O T C Q X : C L L X F

C A L L I N E X c o r p o r a t e P R E S E N T A T I O N

• Explored by Placer Dome during the 1990s,

where they had a mandate to discover a 30 Mt VMS deposit

• Covers one of the largest felsic rock packages

within the belt, the primary host rock for VMS deposits

• Large alteration zone spanning 1,100m long and

up to 700m wide has been overturned and is facing to the west, adjacent to three VMS horizons

• Three stacked horizons host fjve mineralized

zones including the Pine Bay Copper deposit

PINE BAY area

POTENTIAL FOR A LARGE VMS DEPOSIT

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +

Deposit Historic Mine Mine Shaft Emerging Callinex Discovery Callinex Claims Callinex Mining Lease HudBay Claims Alteration Zone

N

+ + + + + + + + + Baker Patton Felsic Complex Road Power

LEGEND

N

C A L L I N E X c o r p o r a t e P R E S E N T A T I O N

22

T S X - V: C N X | O T C Q X : C L L X F

• Callinex discovered 10.3m of

13.1% Zn Eq. (6.0% Zn, 1.8 g/t Au, 60.4 g/t Ag, 0.7% Cu and 0.4% Pb) by extending a previous Placer Dome drill hole by 38m

• Hole intersected most signifjcant

gold and silver results from 625 holes drilled from over 80 years of exploration at the project

• Nature of mineralization suggests

the VMS system is long-lived and the intersection occurs at the edge

• f the system

Proof of Concept with New Discovery

Hole From (m) To (m) Interval (m) Zn Eq (%) Zn (%) Au (g/t) Ag (g/t) Cu (%) Pb (%) 284-3-93-DPN 998.80 1010.26 11.46 12.23 5.61 1.65 56.38 0.68 0.35 Including 999.26 1009.59 10.33 13.06 6.00 1.78 60.39 0.71 0.35 Including 999.80 1004.00 4.20 20.77 11.82 2.43 73.77 0.70 0.73 Including 999.80 1002.50 2.70 26.35 16.37 2.57 79.21 0.86 0.98

Cabin VMS Horizon Baker Patton VMS Horizon Pine Bay VMS Horizon New Discovery – 10.3m of 13.1 Zn Eq.

23

T S X - V: C N X | O T C Q X : C L L X F

C A L L I N E X c o r p o r a t e P R E S E N T A T I O N

• Strategic property located 10km east from Flin

Flon, MB

• The area may contain a similar rock package

that host the Flin Flon, Callinan and 777 Mines that have collectively produced over 100 million tonnes of ore.

• Project contains the Tara Lake Deposit which

is highlighted by previous drill results including 7.4m of 35% Zn Eq, 12.4m of 34% Zn Eq. and 19.6m of 24% Zn Eq.

• The deposit was discovered in 1987 and was not

explored from 1991-2016

• Drilling planned to test a newly identifjed 450m

x 675m borehole target with magnetic support down-plunge from the deposit*

*See News Releases dated March 20, 2017 and January 18, 2018

Big Island Project

N

Big Island Project

LEGEND

Deposit Historic Mine Callinex Claims Callinex Mining Lease HudBay Claims Paved Road Power Rail TARA LAKE DEPOSIT

C A L L I N E X c o r p o r a t e P R E S E N T A T I O N

24

T S X - V: C N X | O T C Q X : C L L X F

• Advanced stage VMS project located in

Newfoundland, Canada

• 14.1Mt Inferred resource grading 6.2% Zn Eq.

containing 1.9 billion pounds of Zn Eq. (including 484,000 oz Au at 1.1 g/t Au)

• Resource starts at surface and extends to a

vertical depth of 350m

• Advanced permitting stage with resource

contained within current Mining Lease

• High-grade mineralization open at depth with

assays including 4.67m of 15.1% Zn, 4.4 g/t Au, 57.9 g/t Ag and 0.36% Cu down-plunge from resource*

*See News Release dated May 16, 2016

Point leamington project

Duck Pond Buchans

• PT. LEAMINGTON

PROJECT Bishop’s Falls Grand Falls Windsor Badger South Brook

LEGEND

Processing Facility

Mine Road Power Trail Port City

N

25

T S X - V: C N X | O T C Q X : C L L X F

C A L L I N E X c o r p o r a t e P R E S E N T A T I O N

Inferred Mineral Resources* Indicated Mineral Resources* Project Cut-off (Zn Eq) Tonnes Zn Eq. (%) Zn (%) Pb (%) Ag (g/t) Au (g/t) Cu (%) Zn Eq. (M Lbs)

Nash Creek 2.0 9,033,000 3.58 2.79 0.57 18.16 n/a n/a 712 Total 9,033,000 3.58 2.79 0.57 18.16 n/a n/a 712

Project Cut-off (Zn. Eq) Tonnes Zn Eq. Zn (%) Pb (%) Ag (g/t) Au (g/t) Cu (%) Zn Eq. (M Lbs)

Point Leamington 4.0 14,093,000 6.15 1.88 0.02 17.12 1.07 0.42 1,910 Superjack 1.5 3,211,015 4.63 3.01 0.78 29.45 n/a 0.27 328 Nash Creek 2.0 1,113,000 3.58 2.83 0.57 15.51 n/a n/a 88 Total 18,417,015 5.73 2.13 0.19 19.17 0.82 0.37 2,326

Total mineral resources

• Large inventory of zinc resources within established Canadian mining jurisdictions totaling 712 million pounds of Zn Eq.

in the Indicated category and 2.3 billion pounds of Zn Eq. in the Inferred category.

See News Release dated November 9, 2017

C A L L I N E X c o r p o r a t e P R E S E N T A T I O N

26

T S X - V: C N X | O T C Q X : C L L X F

$-­‑ $0.050 ¡ $0.100 ¡ $0.150 ¡ $0.200 ¡ $0.250 ¡

Peer ¡Group ¡ ¡Comparison Ev/Zn ¡Lbs

Comparative valuations

Data sourced from S&P Global Market Intelligence based on screening all primary zinc companies with a market capitalization between $20 to $250M CAD as of January 16, 2018

Re-rating Catalyst Ahead

27

T S X - V: C N X | O T C Q X : C L L X F

C A L L I N E X c o r p o r a t e P R E S E N T A T I O N

Upcoming Catalysts for 2018

Superjack nash creek

• Follow-up on new Superjack

D Zone discovery with additional drilling

• Test several untested

conductors identifjed from a recently completed ground electromagnetic survey

Flin Flon

• Assay results from recently

completed 35 hole program

• Updated resource estimate

and completion of maiden PEA

• Drill program to expand Nash

Creek Deposit along strike and test satellite zones

• Complete initial exploration

program over district-scale land package

• Commence drilling program

to test off-hole target from recently completed drilling program at the Big Island Project

• Conduct IP survey over the

Pine Bay Project and a RIM survey between boreholes

C A L L I N E X c o r p o r a t e P R E S E N T A T I O N

28

T S X - V: C N X | O T C Q X : C L L X F

INVESTMENT SUMMARY

PROJECT PORTFOLIO STRONG TEAM TIGHT CAPITAL STRUCTURE

Several near-term catalysts highlighted by an updated resource estimate and maiden PEA in the fjrst half of 2018 Technical team involved in the discovery and development of several major base metal deposits in Canada Aggressively advancing a portfolio of zinc-rich assets within prolifjc Canadian mining jurisdictions

29

T S X - V: C N X | O T C Q X : C L L X F

C A L L I N E X c o r p o r a t e P R E S E N T A T I O N

T S X - V: C N X | OT C Q X : C L L X F

604.605.0885 info@callinex.ca www.callinex.ca Corporate Head Offjce 1555 - 555 West Hastings Street Vancouver, BC Canada V6B 4N4 President and CEO: Max Porterfjeld Corporate Counsel: Northwest Law Group Auditors: PwC