ASX:CAI

WARRAWOONA GOLD PROJECTON THE PATH TO GOLD PRODUCTION IN WESTERN AUSTRALIAINVESTOR PRESENTATION JUNE 2020

ASX:CAI

DISCLAIMERDISCLAIMER

This presentation does not constitute investment advice. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction. This presentation does not take into account any person's particular investment objectives, financial resources or other relevant circumstances and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments.

To the fullest extent permitted by law, 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 includes 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 or implied in this presentation. Given these uncertainties, readers are cautioned not to place reliance on forward looking statements. Any forward looking statements in this presentation speak only at the date of issue of this presentation. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Calidus does not undertake any obligation to update or revise any information or any of the forward looking statements in this presentation or any changes in events, conditions or circumstances on which any such forward looking statement is based.

COMPLIANCE STATEMENT

The information in this presentation that relates to Exploration Results, Mineral Resources and Mineral Reserves has been previously released to the ASX on 6th February 2019. The data that materially affects the information included in the original market announcements and that, in the case of mineral resources and reserve 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.

The information in this presentation that relates to production targets and forecast financial information was first released to ASX on 17 July 2019. The Company confirms that all material assumptions underpinning the production targets and the forecast financial information derived from the production targets continue to apply and have not materially changed.

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NEAR TERM DEVELOPMENT ~90KOZ P.A. GOLD PROJECTWARRAWOONA GOLD PROJECT – FILLING THE AUSTRALIAN GOLD DEVELOPMENT VOID

Management team are proven mine developers & operators• Papillon Resources, West African Resources, Saracen Minerals, Zimplats

• Heavily invested Board & Management own 8.3% of CAI

Warrawoona is a near-term high margin producer of ~85koz pa• Ore Reserves of 13.6Mt @ 1.2g/t for 519kozs

• First 6 years, 85koz pa with LOM AISC of $1,251/oz provides average EBITDA of $97M pa @ A$2,500/oz

On track to commence early works for development in Q4-CY20• Environmental Approval Recommendation received in June 2020

• Definitive Feasibility Study due for completion Q3-CY20

Exciting newsflow from near-resource and regional exploration• Extensional and regional drilling underway at Klondyke and planned for Q3 at

recently acquired highly prospective Otways Project

Re-rate potential through delivery of major milestones• One of very few remaining independent Australian gold developers on the ASX

• Post-tax NPV8 of $303M at A$2,500/oz gold vs. current EV of $100M

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Analyst CoverageSTEUART MCINTYRE

PAUL HOWARD

ANDREW CLAYTON

CORPORATE SUMMARY

CAPITAL STRUCTURESHARES ON ISSUE 219MMARKET CAP1 $112MCASH (at 31/3/20) $5.8MINVESTMENTS (at 31/3/20) $0.6MENTERPRISE VALUE $105MOPTIONS2 16M2

BOARD & MANAGEMENT, CORPORATE STRUCTURE & ANALYST COVERAGE

MAJOR SHAREHOLDERSALKANE (ASX:ALK) 12.8%BOARD AND MANAGEMENT 8.4%

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OVER A CENTURY OF EXPERIENCE IN PRECIOUS-METAL PROJECT DEVELOPMENT

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

RICHARD HILLCFO30 years’ experience with gold developers assisting financing and progression in to production

STEVE SHEPPARDREGIONAL GEOLOGY25 years’ experience in regional geoscience and exploration in Western Australia

PAUL BRENNANCOO20 years’ mining experience in Australia, Africa and Europe. Most recently General Manager at Saracen’s Carosue Dam operation

MARK CONNELLYNON-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. Previously 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 TalgaResources

ADAM MIETHKENON-EXECUTIVE DIRECTOROver 20 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

EXECUTIVE MANAGEMENT

BOARD OF DIRECTORS1. Using share price of $0.51 as at 26 June 20202. 4.8m @ 20c ex.18 Apr 21 & 11.1m @ 0c ex milestones

WARRAWOONA GOLD PROJECTWA RANKED 1st IN FRASER INSTITUTE 2019 ANNUAL SURVEY OF MINING COMPANIES 1

SEALED AIRSTRIP IN MARBLE BAR

WA Gold – Premier Jurisdiction

• Located 20km SE of Marble Bar

• Warrawoona is located 2 hours drive from Port Hedland via seal roads

• All weather road from Marble Bar to Mining Leases

• Access to trucked LNG from NW shelf

• Acquired 240 room accommodation village re-located to Marble Bar

• Non-Binding HoA signed with the Shire of East Pilbara to co-fund a proposed upgrade of the Marble Bar Airport

• Telstra contracted to provide communications through Marble bar

1. Ranks provinces, states and counties on an Investment Attractiveness Index, taking both mineral and policy perception into consideration

240 ROOM CAMP PURCHASED AND RELOCATED TO MARBLE BAR

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MINERAL RESOURCES – 1.5MozsMAIDEN MEASURED MINERAL RESOURCE• Measured Resource based on 12.5m by 12.5m drilling

• Indicated Resource based on 25m by 25m drilling

• Measured & Indicated Resources equal 75% of Mineral Resource

• Large (10m x 2.5m by 2.5m) LUC model used for Klondyke Open Pit – includes significant dilution due to block size

• Resource open at depth and along strike

PAGE 6 Full details can be found in ASX Announcement dated 29 June 2020

DepositCut-Off Measured Indicated Inferred Total

(g/t) Mt Au (g/t) KOz Mt Au (g/t) KOz Mt Au (g/t) KOz Mt Au (g/t) KOzKlondyke Open Pit 0.3 2.3 0.98 72 29 0.90 844 8.3 0.81 217 39.6 0.89 1,133

including 0.5 1.6 1.21 64 20.3 1.12 733 5.0 1.09 176 27.0 1.12 973

Klondyke UG 1.5 1.0 2.87 89 1.8 3.31 162 2.7 2.83 250including 2.0 0.7 3.36 72 1.2 4.08 130 1.9 3.33 202

Copenhagen 0.5 0.2 5.58 33 0.1 2.65 9 0.3 4.54 42Coronation 0.5 0.5 2.19 34 0.5 2.19 34Fieldings Gully 0.5 0.3 1.80 16 0.33 1.87 20 0.6 1.84 36

Total 2.3 0.98 72 30.4 1.00 982 11.0 1.33 442 43.7 1.06 1,494

ORE RESERVES519,000 OZS RESERVES – 97% LOCATED AT KLONDYKE

Ore Reserves of 13.6Mt @ 1.2g/t for 519koz

• Majority of reserves in Klondyke Open Pit –initial focus of mining

• Wide (up to 35m) ore zones

• Detailed drilling shows higher grades than wider spaced drilling

• Strip ratio of 3.6 @ 0.3g/t cutoff – 4.8 at 0.5g/t cutoff

• Schedule feeds plus 0.5g/t cut-off results in 1.2 g/t open pit feed grade for initial 5.5 years of processing, then low grade stockpile blended with high grade underground

Full details can be found in ASX Announcement dated 29 June 2020

Cut-Off(g/t) kt Au (g/t) koz kt Au (g/t) koz kt Au (g/t) koz

Klondyke Open Pit 0.33-0.36 2,057 1.0 66 10,014 1.0 335 12,071 1.0 401Klondyke UG 2.0 1,199 2.4 92 1,199 2.4 92St George Open Pit 0.36-0.39 244 1.2 9 244 1.2 9Copenhagen Open Pit 1.88 95 5.5 17 95 5.5 17

Total 2,057 1.0 66 11,552 1.2 453 13,609 1.2 519

TotalDeposit

Proven Probable

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PROCESSING AND METALLURGYCONVENTIONAL & COST EFFICIENT PROCESSING WITH HIGH RECOVERIES

Robust process plant design completed

• 2Mtpa CIL plant (2.4Mtpa transitional material)

• Primary crush, SAB grinding, gravity, CIL

• Power generation onsite via LNG trucked from NW shelf

• BWi 7 to 12 kWht/t

Excellent metallurgical testwork and results

• 95% LOM recovery, modelled 33% gravity recovery

• Coarse grind size of 150μm

• Low reagent consumptions – A$15/t LOM processing cost

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CONSERVATIVE NUMBERS BY PROVEN DEVELOPERSTECHNICALLY DE- RISKED THROUGH EXTENSIVE PFS OPTIMISATION STUDY

De-risking now minimises production risks later

• PFS Optimisation Study completed in June 2020

• Resource definition drill density gives high confidence (12.5m x 12.5m)

• Conservative approach to resource model - LUC model

• Addition of ball mill to guarantee grind size and allow flexibility in treating other ore sources

• Focus on single open pit operation for first 3 years

• EPA board recommendation secured

• Bids for EPC for process plant, mining tender, tails dam tender and village tender due in Q3. Will provide revised costs for DFS

• Project development on schedule for early works in Q4-CY20

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CAPITAL AND OPERATING COSTS

• Development and pre-production capital of $116M

• Production of 623kozs over initial 8 year life

• Life of mine AISC of A$1,251/oz

KEY METRICS

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Costs of ProductionLOM Unit Cost

(A$/t)LOM Unit Cost

(A$/oz)

Open Pit Mining $18 /t OP Ore $423 /oz

Underground Mining $56 /t UG Ore $228 /oz

Total Mining $24 /t $652 /oz

Processing and Maintenance $15 /t $413 /oz

Business Services $2 /t $49 /oz

Total Cash Cost (C1) $41 /t $1,113 /oz

Royalties $3 /t $77 /oz

Sustaining Capital $2 /t $60 /oz

Total All-In Sustaining Cost (AISC) $46 /t $1,251 /oz

Production Summary Units Updated PFS

Initial Mine Life Years 8.0

Total Ore Mined oz 16.9Mt @ 1.22g/t for 663koz

Gold Recovered oz 623,086

Processing Rate Mtpa Oxide/Transition 2.4Mtpa and Fresh 2.0Mtpa

Average LOM CIL Metallurgical Recovery % 94.3%

Project Development Capital

Processing Plant A$M 75

Non-Processing Infrastructure and Owners Cost A$M 22

Contingency A$M 6

Project Development Capital A$M 103

Pre-Production Mining Costs A$M 13

Total Pre-Production Capital A$M 116

8 YEAR MINE LIFE PRODUCING 623KOZS

HIGH MARGIN WITH EXCEPTIONAL PAYBACK

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Pre-tax Unit A$2,000/oz A$2,250/oz A$2,500/oz A$2,750/oz A$3,000/oz

Project Cashflow A$M 346 497 648 798 949

NPV8% A$M 209 316 423 530 638

IRR % 48% 68% 88% 108% 128%

Post-tax Unit A$2,000/oz A$2,250/oz A$2,500/oz A$2,750/oz A$3,000/oz

Project Cashflow A$M 252 359 468 577 685

NPV8% A$M 147 225 303 382 461

IRR % 40% 58% 77% 96% 116%

Payback Period Years 2.0 1.4 1.1 0.9 0.8

• EBITDA of $97M pa @ $2,500/oz

• Post Tax Project Free Cashflow of $468M @ A$2,500/oz

• Post Tax IRR of 77% @ A$2,500/oz

• Post Tax NPV8% $303M @ $A2,500/oz

• Payback 13 months

KEY POINTS

DEVELOPMENT TIMELINEDELIVERING NEAR-TERM CATALYSTS ON THE ROAD TO PRODUCTION

PERMITTING TIMING Q3 2020 Q4 2020 2021EPA Recommendation

Ministerial Sign Off Q3 2020Operating Permits Q4 2020

DEVELOPMENT STUDIESUpdated PFS

Feasibility Study Q3 2020FINANCING

Appointment of Debt Advisor Q3 2020Indicative Debt Term Sheets Q3 2020Completion of Financing Facility Q4 2020First Drawdown Q1 2021

DEVELOPMENTTenders Q3 2020Preferred Contactors Q3 2020Early Works Q4 2020Commence Construction Q1 2021First Gold - 10 months from construction + 10 months

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EXPLORATION GROWTH STRATEGYUNLOCKING THE POTENTIAL OF THE PILBARA GOLDFIELD IN WESTERN AUSTRALIA

1

2

3

NEAR MINE• Klondyke Deposit – down dip & along strike• Additional Warrawoona structural trends

WARRAWOONA REGIONAL

GREENFIELD EXPLORATION

• Consolidated 669km2 contiguous landholding remains largely untested

• Copenhagen, Corronation & Fieldings Gully are within 10km of Klondyke

• Otways large copper-gold system 50km from Klondyke

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1.38 Moz Resource within 2 of 6 main trends

• To date Caldius has drill tested only two of sixmain trends identified at Warrawoona

• Structural reviews suggest there is a highprobability of Klondyke repeats

• Klondyke deposit remains open along strike &at depth – currently drilling

• Gold mineralisation at Klondyke extends over5km strike

• Two main shear zones remain open alongstrike in both directions

KLONDYKE MINERAL RESOURCECONTINUOUS OUTCROPPING RESOURCE OPEN IN ALL DIRECTIONS

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TENEMENT PACKAGE REMAINS LARGELY UNTESTED

WARRAWOONA REGIONAL UPSIDE

Exploration to date has just scratched the surface

• Consolidated 669km2 contiguous landholdingremains largely untested

• Satellite deposits of Copenhagen, Coronation &Fieldings Gully are within 10km of Klondyke

• 200+ historic workings dating back to 1890’s

• Systematic approach to drill target generationthrough the combination of geophysics, soilsampling and mapping

• Detailed aeromag and radiometrics flown in Q2and now processing

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OTWAYS PROJECTLARGE COPPER GOLD SYSTEM NEAR WARRAWOONA

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• Located 50km from Warrawoona• Mapped porphyry style mineralisation and potassic alteration• Multiple high priority targets• 1,200m RC programme planned at Otways prospect in Q3-CY20• 1,200m RC programme at Malachite Flats 600m dia gold lag

anomaly in Q3-CY20

Multiple Targets from prior exploration

Historic Drilling at the Otways Project

ASX GOLD PEER COMPARISONCalidus represents deep value on both production and financial metrics compared to its peer group

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0

2,000

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GOR SAR ALK NST RRL SLR RMS CMM PNR DCN RED CAI

= Single Asset Producer

= Multi Asset Producer

EV/ Production Ounce (FY23) (A$/oz)

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SAR ALK GOR NST RRL SLR PNR RMS CMM DCN RED CAI

EV/ FCF (FY23) (x)

= Single Asset Producer

= Multi Asset Producer

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INVESTMENT HIGHLIGHTS

Management team are proven mine developers & operators with a track record of wealth creation

A COMPELLING OPPORTUNITY TO INVEST IN AN EMERGING WA GOLD PRODUCER

Warrawoona is a near-term high margin producer of ~85koz pa

On track to commence early works for development in Q4 2020

Significant value creating opportunities from upcoming exploration and drilling programs

Re-rate potential through delivery of major milestones

[x]

CONTACT

DAVE REEVESManaging Director

dave@calidus.com.au