TSX-V: CNX I OTCQX: CLLXF A L e a d i n g Z i n c e x p l o r a t - - PowerPoint PPT Presentation

A L e a d i n g Z i n c e x p l o r a t i o n a n d D e v e l o p m e n t c o m p a n y

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 JJ O’Donnell, P .Geo, a consultant to the Company, and a Qualifjed Person as defjned by National Instrument 43-101.

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

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Calline x Co rpo rate P r e se ntat i o n TSX-V: CNX I OTCQX: CLLXF

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 VMS deposits Callinex acquires a portfolio of zinc assets with zinc prices near fjve year lows Announces major expansion of the Nash Creek Deposit and maiden PEA

1927 2011

OUR HISTORY

2014 2016 2018 2004

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

OUR MISSION

FOCUSED ON BASE METAL DISTRICTS 3

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C o r p o r at e ov e rv i e w

59% 21% 20%

retail investors institutions insiders & close associates

capital structure enterprise value

• wnership breakdown
• Resource Capital Funds
• Sprott Group
• Delbrook Capital Advisors

Shares Outstanding

84.0M

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)

Market Cap

$19.7M

Debt

$0

Cash

$5.1M

As of 02/28/2018

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Calline x Co rpo rate P r e se ntat i o n TSX-V: CNX I OTCQX: CLLXF

recent trading share performance

Closing Price

(05/08/2018)

$0.24

52-Week Range

$0.22 - $0.48

Average Daily Volume (3 - mo)

286,900

TSX-V: CNX I OTCQX: CLLXF

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bathurst overview

Quebec

N

Bathurst

NEW BRUNSWICK

Caribou Mine & Mill Brunswick Mine #12 Brunswick Mine #6 Heath Steele Mine

SUPERJACK NASH CREEK

20km

LEGEND

Processing Facility Lead Smelter Power Station Power Rail Station Rail Deep Water Port Mine Road City

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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 volcanic-hosted 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 Mine

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

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Quebec

• 2018 PEA outlines outlines a 10-year, 3,900

tpd open pit mining operation with a dense media separation (“DMS”) plant and 1,950 tpd conventional fmotation mill

• Indicated resource containing 963 million

pounds of Zn Eq. contained within 13.6Mt grading 3.2% Zn Eq. and an Inferred resource containing 407 million pounds of Zn Eq. contained within 5.9Mt grading 3.1% Zn Eq.

• World-class infrastructure with highway and

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

• District-scale, 150 km2 land package hosting

the Nash Creek deposit that extends for +2 km and is open along strike in both directions

nash creek project

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

25 KM

N

20km

LEGEND

Processing Facility Lead Smelter Power Station Power Rail Station Rail Deep Water Port Mine Road City

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BASE CASE SCENARIO

District-scale Potential maiden pea results

14.4 Mt @ 3.7%

MINED MINERALIZATION (DILUTED ZN EQ.)

$80.13

NET SMELTER RETURN ($/T OF DMS FEED)

$168M

PRE-PRODUCTION CAPEX

$230M / $128M

PRE-TAX/AFTER-TAX NPV (8%)

~96M Pounds

AVERAGE ANNUAL PRODUCTION (ZN EQ.)

$30.94

TOTAL OPERATING COST ($/T OF DMS FEED)

2.8 Years

AFTER-TAX PAYBACK

34% / 25%

PRE-TAX/AFTER-TAX IRR

• Located in emerging mineral belt

adjacent to traditional “Bathurst” area

• Robust track record of resource

growth with additional drilling

• Several high-grade mineral occurrences

with no known previous drilling

Versatile: Potential to scale up SCEnario with exploration or focus a smaller, higher margin toll milling operation

(1) See news release dated May 14, 2018. Base case parameters assume a metal prices of US$1.25/lb Zn, $1.10/lb Pb and $17/oz, and an exchange rate (US$ to C$) of 0.77. All currencies are reported in Canadian dollars unless

• therwise specified. The PEA is preliminary in nature and includes inferred

mineral resources that are too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that PEA results will be realized.

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Production Schedule overview

Year 1 Year 5 Year 2 Year 6 Year 9 Year 3 Year 7 Year 10 Year 4 Year 8 Year 11

3.68 % Zn 2.27 % Zn 2.75 % Zn 2.83 % Zn 2.67 % Zn 2.76 % Zn 3.08 % Zn 2.78 % Zn 2.49 % Zn 3.08 % Zn 6.38 % Zn

$80.0

$M OPERATING CASH FLOW

$40.0 $70.0 $30.0 $60.0 $20.0 $50.0 $10.0

Opportunity to increase IRR and NPV with additional exploration that could allow for higher grade material after year one of the mine plan

OPERATING CASH FLOW AND ZINC GRADES

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leverage to higher metal prices

• Major upside to higher zinc and lead prices, which are in a supply-demand defjcit
• Ability to endure a full price cycle with a all-in sustaining cost of $0.37 per pound of zinc, net of by-products

Pre-tax IRR Zinc Price

$0.85 $0.95 $1.05 $1.15 $1.25 $1.35 $1.45 $1.55 $1.65

Lead Price $US/lb

$0.85 9.6% 15.8% 21.4% 26.4% 31.2% 35.8% 40.1% 44.3% 48.4% $0.90 10.4% 16.5% 22.0% 27.0% 31.8% 36.3% 40.7% 44.9% 48.9% $0.95 11.1% 17.2% 22.6% 27.6% 32.4% 36.9% 41.2% 45.4% 49.5% $1.00 11.8% 17.9% 23.2% 28.2% 32.9% 37.4% 41.7% 45.9% 50.0% $1.05 12.6% 18.5% 23.9% 28.8% 33.5% 38.0% 42.3% 46.5% 50.5% $1.10 13.3% 19.2% 24.5% 29.4% 34.1% 38.5% 42.8% 47.0% 51.0% $1.15 14.0% 19.8% 25.1% 30.0% 34.7% 39.1% 43.4% 47.5% 51.5% $1.20 14.7% 20.5% 25.7% 30.6% 35.2% 39.6% 43.9% 48.0% 52.1%

Pre-tax NPV8% ($M) Zinc Price

$0.85 $0.95 $1.05 $1.15 $1.25 $1.35 $1.45 $1.55 $1.65

Lead Price $US/lb

$0.85 $11.2 $59.2 $107.2 $155.3 $203.3 $251.3 $299.3 $347.4 $395.4 $0.90 $16.6 $64.6 $112.6 $160.7 $208.7 $256.7 $304.7 $352.8 $400.8 $0.95 $22.0 $70.0 $118.0 $166.0 $214.1 $262.1 $310.1 $358.2 $406.2 $1.00 $27.3 $75.4 $123.4 $171.4 $219.5 $267.5 $315.5 $363.5 $411.6 $1.05 $32.7 $80.8 $128.8 $176.8 $224.9 $272.9 $320.9 $368.9 $417.0 $1.10 $38.1 $86.2 $134.2 $182.2 $230.2 $278.3 $326.3 $374.3 $422.4 $1.15 $43.5 $91.5 $139.6 $187.6 $235.6 $283.7 $331.7 $379.7 $427.7 $1.20 $48.9 $96.9 $145.0 $193.0 $241.0 $289.1 $337.1 $385.1 $433.1

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Potential for Toll Milling

• Toll processing scenario provides a potential alternative to a standalone processing facility
• Pre-tax IRR of 47% (32% post-tax) and a pre-tax NPV8% of $125M ($69M post-tax)
• Potential to reduce pre-production capital from $168M to $62M
• Flexibility to develop an ofg-site processing facility in collaboration with other companies

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Operating cost C a p i ta l C o s t

LOW OPEX OF $31/T VS NSR OF $80/T PRE- PRODUCTION CAPITAL OF $168M

PER TONNE OF DMS FEED MILLIONS OF DOLLARS

Mining Processing Transportation Environmental G&A Royalty Mine Capital Process Plant with DMS Infrastructure & Tailings Closure & Reclamation (net) Indirects Contingency

$17.17 $6.80 $2.62 $1.79 $0.80 $1.17

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$66.10 $46.70 $33.40 $24.60 $15.80 $39.70

Infrastructure Advantage at Nash Creek

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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

District scale land package

N

LEGEND

Base Metal Occurrences

Claim Boundary

Provincial Highway 11 Power Line

5km

Nash Creek Deposit 15

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Potential to Expand

• The Nash Creek Deposit is open for expansion in

several directions

• The Company’s initial drill program in 2017 led to

an increase in indicated Zn Eq. pounds by 74% and Inferred Zn Eq, pounds increased by 385%*

• VMS deposits almost always occur in clusters;

however, Nash Creek is the only known VMS deposit in the area

• Primary north-south corridor has several high-

grade mineral occurrences up to 19% Pb+Zn at surface with very limited historic drilling

• Potential for new discoveries within a 150 km2

land package

*See News Release dated April 16, 2018

2018 MINERAL RESOURCE ESTIMATE

N

DRILLING BY YEAR

Pre-Callinex 2017 Callinex

500 METRES

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lIMITED eXPLORATION hISTORY

HISTORIC DRILLING - SPORADIC AND SUCCESSFUL

5.00 10.00 15.00 20.00 25.00 TONNES (M) CALLINEX SLAM FALCONBRIDGE DRILLING (M) 5,000 10,000 15,000 20,000 25,000 30,000 1950 1952 1954 1956 1958 1960 1962 1964 1966 1968 1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018

• Meters Drilled

Deposit Size

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3 D V i e w o f N a s h C r e e k D e p o s i t

• The current resource estimate is based on a total of 279 drill holes totaling 37,421m
• Callinex drilled 59 drill holes totaling 10,586m in 2017 in its initial campaign

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E x p l or at i o n O b j e c t i v e s

• Interpret new LIDAR survey to identify favorable structures
• Reprocess MEGATEM & VTEM surveys to generate new targets
• Two-phase, exploration campaign including ~10,000m of drilling,

extensive IP ground geophysics and soil sampling

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• Small, high-margin starter pit included within

the 2018 PEA

• Near-surface Inferred resource of 3.2Mt grading

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

• Located 15 km 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 15-20Mt geologic deposit

• Plans to follow up on a 2017 near-surface zinc

discovery that is wide open for expansion

superjack project

Quebec

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

25 KM

N

20km

LEGEND

Processing Facility Lead Smelter Power Station Power Rail Station Rail Deep Water Port Mine Road City

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New zinc discovery

• A new high-grade, near-surface massive sulphide zone that is open for expansion
• Discovery was sandwiched between a formational conductor and subsequent borehole and large ground

electromagnetic survey identifjed targets for follow-up drilling

3D View Looking Southwest of the Superjack A, B, C and D Zones

LEGEND Drill Hole Deposit Geophysical Plate 2.7m of 6.2% Zn Eq. 1.9m of 8.0% Zn Eq. 2.9m of 5.6% Zn Eq.

‘D’ Zone ‘A’ Zone ‘C’ Zone ‘B’ Zone

BPEM plates associated with the ‘D’ Zone BPEM plates associated with the ‘B’ Zone

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C o n c e p t u al D e v e l o p m e n t T i m e li n e

2018 2019 2020 2021 2022

exploration and infill drilling Metallurgical and geotechnical work submission of eia and permitting pre-feasibility study feasibility study Construction Production

Cautionary Note on Preliminary Economic Assessment (“PEA”). The PEA is preliminary in nature and it includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that the PEA will be realized.

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• 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

• f 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

NEWFOUNDLAND

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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

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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

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

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

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

• f 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

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

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INVESTMENT SUMMARY

PROJECT PORTFOLIO STRONG TEAM TIGHT CAPITAL STRUCTURE

2018 PEA outlines a strong economic return with a pre-tax IRR of a 34.1% and a pre-tax NPV8% of C$230M District-scale land package spanning 150 km2 with several untested high-grade occurences Technical team involved in the discovery and development of several major base metal deposits in Canada

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appendix

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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

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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 1.5 13,592,000 3.21 2.68 0.58 17.8 n/a n/a 963 Total 13,592,000 3.21 2.68 0.58 17.8 n/a n/a 963

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 17.1 1.1 0.42 1,910 Superjack 1.5 3,211,015 4.63 3.01 0.78 29.5 n/a 0.27 328 Nash Creek 1.5 5,929,000 3.11 2.68 0.47 13.9 n/a n/a 407 Total 23,233,015 5.20 2.23 0.24 17.99 0.7 0.29 2,645

Total mineral resources

• Large inventory of zinc resources within established Canadian mining jurisdictions totaling 963 million

pounds of Zn Eq. in the Indicated category and 2.7 billion pounds of Zn Eq. in the Inferred category.

Numbers may not add due to rounding. See News Releases dated November 9, 2016 and April 16 2018.

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SUCCESS RATE

Over 50% of deposits have been advanced to production, totaling 32 mines which have led to nearly 90 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

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N

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

LEGEND

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

Strategic Properties Near Hudbay’s Flin Flon Operations

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• 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 Callinex Claims Callinex Mining Lease HudBay Claims Alteration Zone

N

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

LEGEND

N

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Calline x Co rpo rate P r e se ntat i o n TSX-V: CNX I OTCQX: CLLXF

high-grade potential at depth

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.

• 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 of the system

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C alli ne x Co rpo rate P r e se ntatio n TSX-V: CNX I OTCQX: CLLXF

directors And advisory board

DIRECTORS ADVISORY BOARD

Keith Minty

An experienced mining engineer currently serving as the Senior VP of 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

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. Currently Vice President of Exploration for Adventus Zinc Corporation

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

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Calline x Co rpo rate P r e se ntat i o n TSX-V: CNX I OTCQX: CLLXF

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C alli ne x Co rpo rate P r e se ntatio n TSX-V: CNX I OTCQX: CLLXF

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