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

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 i o n a n d D e v e l o p m e n t c o m p a n y

2 F O R WAR D L O O K I N G I N F O R M A T I O N Calline x Co rpo rate P r e se ntat 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 JJ O’Donnell, P .Geo, a consultant to the Company, and a Qualifjed Person as defjned by National Instrument 43-101. TSX-V: CNX I OTCQX: CLLXF

OUR HISTORY 3 C alli ne x Co rpo rate P r e se ntatio n FOCUSED ON BASE METAL DISTRICTS 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 777 VMS Mine, discovered on Callinan 2004 To discover and develop claims, commences production and royalty payments begin base and precious metal Callinan Mines splits into two entities: rich deposits within 2011 Callinan Royalties and Callinex, which holds the exploration portfolio today established Canadian mining districts Callinex renews exploration focus on zinc 2014 and copper-rich VMS deposits Callinex acquires a portfolio of zinc assets 2016 with zinc prices near fjve year lows 2018 Announces major expansion of the Nash Creek Deposit and maiden PEA TSX-V: CNX I OTCQX: CLLXF

4 C o r p o r at e ov e rv i e w Calline x Co rpo rate P r e se ntat i o n ownership breakdown capital structure enterprise value 59% Market Cap Shares Outstanding 84.0M $19.7M retail investors 21% Options Outstanding* Debt 6.4M $0 institutions ($0.34 VWAP) - Resource Capital Funds (Excludes 6.7M RSU’s with a 10 year vesting schedule) - Sprott Group - Delbrook Capital Advisors Warrants Outstanding Cash 20% $5.1M 4.0M As of 02/28/2018 ($0.75 VWAP) insiders & close associates TSX-V: CNX I OTCQX: CLLXF

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

bathurst overview 6 Calline x Co rpo rate P r e se ntat i o n Quebec N NASH CREEK NEW BRUNSWICK LEGEND Processing Facility Lead Smelter Power Station Bathurst Power Caribou Mine & Mill Rail Station Rail Deep Water Port Brunswick Mine #12 Mine Road Brunswick Mine #6 City SUPERJACK 20km TSX-V: CNX I OTCQX: CLLXF Heath Steele Mine

bathurst MINING District 7 C alli ne x Co rpo rate P r e se ntatio n CLUSTER EFFECT VMS DEPOSITS 30 20 BMS #12 10 Pb + Zn (wt. %) Caribou 5 Superjack Nash Creek 3 1 0.1 1 10 100 1000 Million Tonnes Clusters of deposits make up the Bathurst Mining District Modifjed from Goodfellow, 2003 PRODUCTION HISTORY GEOLOGICAL ENDOWMENT MINING INFRASTRUCTURE One of the largest volcanic-hosted Over 45 volcanic-hosted massive Great access to power, water, roads sulphide belts in the world with more sulphide deposits including the 230Mt and processing facilities in a major than 130Mt of ore produced, commonly Brunswick No. 12, 70 Mt Caribou mining district Zn-Pb-Cu-Ag-Au Mine and 69 Mt Heath Steel Mine TSX-V: CNX I OTCQX: CLLXF

Quebec nash creek project N 8 Calline x Co rpo rate P r e se ntat i o n • 2018 PEA outlines outlines a 10-year, 3,900 tpd open pit mining operation with a dense NASH CREEK 25 KM 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 Caribou Mine Bathurst containing 407 million pounds of Zn Eq. contained within 5.9Mt grading 3.1% Zn Eq. Brunswick Mine #12 • World-class infrastructure with highway and Brunswick Mine #6 transmission lines 1 km from deposit; seaport, SUPERJACK smelter, railway and power plant <25 km by road Heath Steele Mine • District-scale, 150 km 2 land package hosting the Nash Creek deposit that extends for +2 km LEGEND and is open along strike in both directions Processing Facility Lead Smelter Power Station Power Rail Station Rail Deep Water Port Mine Road 20km City TSX-V: CNX I OTCQX: CLLXF

maiden pea results District-scale 9 Potential C alli ne x Co rpo rate P r e se ntatio n BASE CASE SCENARIO MINED MINERALIZATION (DILUTED ZN EQ.) 14.4 Mt @ 3.7% • Located in emerging mineral belt adjacent to traditional “Bathurst” area AVERAGE ANNUAL PRODUCTION (ZN EQ.) ~96M Pounds • Robust track record of resource growth with additional drilling NET SMELTER RETURN ($/T OF DMS FEED) • Several high-grade mineral occurrences $80.13 with no known previous drilling TOTAL OPERATING COST ($/T OF DMS FEED) $30.94 Versatile: Potential to scale up PRE-PRODUCTION CAPEX SCEnario with exploration or $168M focus a smaller, higher margin AFTER-TAX PAYBACK toll milling operation 2.8 Years PRE-TAX/AFTER-TAX NPV (8%) (1) See news release dated May 14, 2018. Base case parameters assume a $230M / $128M 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 otherwise specified. The PEA is preliminary in nature and includes inferred mineral resources that are too speculative geologically to have economic PRE-TAX/AFTER-TAX IRR considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that PEA results will be realized. 34% / 25% TSX-V: CNX I OTCQX: CLLXF

Production Schedule overview 10 OPERATING CASH FLOW AND ZINC GRADES Calline x Co rpo rate P r e se ntat i o n $M OPERATING CASH FLOW 3.68 % Zn Opportunity to increase IRR and NPV with additional $80.0 exploration that could allow for higher grade material after year one of the mine plan $70.0 2.75 % Zn $60.0 $50.0 3.08 % Zn 2.83 % Zn $40.0 3.08 % Zn 2.76 % Zn 2.78 % Zn $30.0 2.67 % Zn 2.27 % Zn 6.38 % Zn 2.49 % Zn $20.0 $10.0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 TSX-V: CNX I OTCQX: CLLXF