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

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 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

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 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.

OUR HISTORY Callinan Mines, founded by Jack Callinan in 1927 OUR MISSION 1927, has had a major presence in the Flin Flon mining district in Manitoba, Canada To drive shareholder 777 VMS Mine, discovered on Callinan 2004 claims, commences production and royalty payments begin value by discovering and developing economic Callinan Mines splits into two entities: 2011 Callinan Royalties and Callinex, which holds base and precious metal the exploration portfolio today rich VMS deposits Callinex renews exploration focus on VMS 2014 deposits Callinex announces new zinc and gold VMS 2016 discovery 3 T S X - V: C N X | O T C Q X : C L L X F T S X - V: C N X | O T C Q X : C L L X F 3 C A L L I N E X I N V E S TO R P R E S E N TAT I O 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

TSX-V: CNX I OTCQX: CLLXF CORPORATE OVERVIEW SHARE PERFORMANCE RECENT TRADING Closing Price 52-Week Average Daily (10/25/2016) Range Volume (3 - mo) $0.53 $0.22 - $0.69 273,263 CAPITAL STRUCTURE Warrants Shares Options Outstanding Outstanding Outstanding 77.5M 6.2M 4.0M OWNERSHIP BREAKDOWN ($0.35 VWAP) ($0.75 VWAP) INSTITUTIONS 31% ENTERPRISE VALUE - Resource Capital Funds Market Cap Debt Cash - Sprott Group $10.0M - Europacific Gold Fund $41.0M $0 - Plethora Precious Metals Fund As of 12/28/2016 RETAIL - Fieldhouse Capital Management INVESTORS 40% INSIDERS & CLOSE ASSOCIATES 29% T S X - V: C N X | O T C Q X : C L L X F 4 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

MANAGEMENT TEAM Mike Muzylowski Jordan Butler Rebecca Moriarty Max Porterfjeld Corporate development Chief financial officer Chairman CEO, President and Director A renowned geologist and Over ten years of experience in Over six years of experience in A Chartered Accountant with over member of the Canadian Mining natural resources and fjnancial the resource sector specializing in 14 years of experience related to Hall of Fame with over 50 years markets, previously with Brazil identifying and evaluating mineral the mining industry, previously with of experience which has included Resources Inc., Uranium Energy properties. Previously, Financial PwC providing corporate fjnance, the discovery and development Corp. and US Global Investors Analyst with Americas Bullion strategic planning and regulatory of 16 mineral deposits through to Royalty Corp. and Till Capital compliance services production 5 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 I N V E S T O R P R E S E N TAT I O N 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 Carlo Civelli, Chairman An experienced mining engineer currently serving as the Senior VP Since founding Clarion Finanz AG in 1980, Mr. Civelli has been of Business Development at Stope Capital Advisors and a Director of instrumental in funding early stage investments, nearly a dozen of which Auryn Resources Inc., previously the Chief Operating Offjcer of Thani have developed into billion dollar market cap companies Emirates Resource Holdings Ltd. Michael Louie Jason Dunning Over 20 years experience in base and precious metal exploration, A Principal in D+H Group LLP with 25 years of accounting experience, currently serving as the Manager of Nystar’s Mining Group, one of the specifjcally working on behalf of First Nations organizations and world’s largest zinc producers, and previously a Project Geologist with specializing within the Canadian mining sector Hudbay focused on the Flin Flon area Nico Civelli Steve Swatton An independent fjnancial advisor specializing in natural resources, and Over 28 years of experience in both technical and senior managerial the VP of Finance for Pacifjc LNG which recently sold to Oil Search Ltd. experience, previously the Global Head of Business Development for for USD $900 million 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 T S X - V: C N X | O T C Q X : C L L X F T S X - V: C N X | O T C Q X : C L L X F 6 C A L L I N E X I N V E S TO R P R E S E N TAT I O N 6 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

Technical Team Mike Muzylowski Jim Pickell 777 MINE +21 MT TROUT MINE +22 MT Chairman of the Board chief Geologist Over 40 years of VMS exploration experience globally. Notable Involved in the discovery of 12 VMS mines in the Flin Flon discoveries include the Callinan North, Konuto Lake and 777 district of Manitoba, Canada. His discoveries include the ore bodies within the Flin Flon district of Manitoba, Canada. Trout Lake mine, which operated from 1982-2012. Mr. Mr. Pickell is a recipient of the PDAC Bill Dennis Prospector of Muzylowski received the 1988 PDAC Developer of the Year the Year Award for his role in the discovery of the 777 Mine. award and is a 2011 inductee into the Canadian Mining Hall of Fame. Alan Vowles JJ O’Donnell LALOR MINE +25 MT Consulting Geologist chief Geophysicist Over 35 years of VMS exploration experience within Over 25 years of VMS exploration experience within Canada while holding senior positions with Callinex, HudBay, the North America and an integral member of the Selwyn Chihong Mining and Granges. Mr. O’Donnell has HudBay team that discovered the Lalor deposit been instrumental in the exploration and development of within the Flin Flon district of Manitoba, Canada. the world-class Howard’s Pass Zinc Project located in the Mr. Vowles is a recipient of the PDAC Bill Dennis Prospector of Yukon, Canada. the Year Award for his role in the discovery of the Lalor Mine. Canadian Mining Hall of Fame Inductee and PDAC Developer of the Year award PDAC Bill Dennis Prospector of the Year award 7 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 I N V E S T O R P R E S E N TAT I O N 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