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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 reflect 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 identified 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 differ 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 financial condition or results of operations could differ 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 reflect 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 Qualified
Person as defined by National Instrument 43-101.
FORWARD LOOKING INFORMATION2
CallinexCorporatePresentation
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 five 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
CallinexCorporatePresentation
TSX-V: CNX I OTCQX: CLLXF
Corporate overview
59%
21%
20%
retail investors
institutions
insiders & close associates
capitalstructure enterprisevalueownershipbreakdown
- Resource Capital Funds
- Sprott Group
- Delbrook Capital Advisors
Shares Outstanding
85.0M
Options Outstanding*
5.9M($0.34 VWAP)
(Excludes 6.7M RSU’s with a
10 year vesting schedule)
Warrants Outstanding
4.0M($0.75 VWAP)
Market Cap
$11.1M
Debt
$0
Cash
$4.2MAs of 06/30/2018
4
CallinexCorporatePresentation
TSX-V: CNX I OTCQX: CLLXF
recenttradingshareperformance
Closing Price
(09/07/2018)
$0.13
52-Week Range
$0.12 - $0.45
Average Daily Volume
(3 - mo)
128,700
TSX-V: CNX I OTCQX: CLLXF
5
CallinexCorporatePresentation
TSX-V: CNX I OTCQX: CLLXF
Mike Muzylowski
Chairman and director
Max Porterfield
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
of experience which has included
the discovery and development
of 16 mineral deposits through to
production
Over ten years of experience in
natural resources and financial
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 Certified Professional Accountant
with significant experience in
financial and accounting related
functions for natural resource issuers
MANAGEMENT TEAM6
CallinexCorporatePresentation
TSX-V: CNX I OTCQX: CLLXF
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
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
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
CallinexCorporatePresentation
TSX-V: CNX I OTCQX: CLLXF
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
8
CallinexCorporatePresentation
TSX-V: CNX I OTCQX: CLLXF
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	
9
CallinexCorporatePresentation
TSX-V: CNX I OTCQX: CLLXF
bathurst MINING District
Modified from Goodfellow, 2003Clusters 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
than130Mtoforeproduced,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
10
CallinexCorporatePresentation
TSX-V: CNX I OTCQX: CLLXF
Quebec
N
• 	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 flotation 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	
11
CallinexCorporatePresentation
TSX-V: CNX I OTCQX: CLLXF
Infrastructure Advantage at Nash Creek
12
CallinexCorporatePresentation
TSX-V: CNX I OTCQX: CLLXF
BASE CASE SCENARIO
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
District-scale
Potential
• 	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
otherwise 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.
13
CallinexCorporatePresentation
TSX-V: CNX I OTCQX: CLLXF
Production Schedule overview
Year 1 Year 5Year 2 Year 6 Year 9Year 3 Year 7 Year 10Year 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
14
CallinexCorporatePresentation
TSX-V: CNX I OTCQX: CLLXF
District scale land package
N
3.5% Zn, 2.5% Pb and 1,500 g/t Ag
5.5% Cu and 3.4% Cu
9.1% Zn and 2.1% Pb
8.1% Zn and 10.9% Pb
5km0
LEGEND
CNX Claim
2018 IP Survey
Metal Occurrences
Provincial Highway 11
Major Transmission Line
Railway
Deep Water Port
Power Station
Brunswick
Smelter
15
CallinexCorporatePresentation
TSX-V: CNX I OTCQX: CLLXF
nash creek deposit correlation with 2011 ip survey
1km
LEGEND
Drill Holes
IP Chargeability (50-65 ohms)
Mineral Resources
Provincial Highway 11
Major Transmission Line
N
Nash Creek Deposit Correlation
to IP Resistivity
25 km to Smelter,
Deep Sea Port 
Railway
1.2KM
TO
HW
Y
• The 2011 IP survey was integral to
Callinex’s initial 2017 exploration
campaign that led to a major
expansion of the Nash Creek Deposit
• All drilled tested IP targets have
intersected base metal mineralization
or alteration related to the Nash
Creek Deposit
• Only 2 km of the 20 km trend has been
subject to any significant exploration,
which led to the delineation of the
Nash Creek Deposit
• The 2018 IP Survey will span a linear
16.5 km northwest-southeast trend
with line widths up to 4.7 km
16
CallinexCorporatePresentation
TSX-V: CNX I OTCQX: CLLXF
nash creek preliminary results of 2018 ip survey
• Preliminary results have identified a
targetareathatspansapproximately
1,900m by 400m
• Two drill holes to test conductive
targets intersected various
amounts of sulphide mineralization
with potential to host zinc and lead
mineralization
• The target area will be thoroughly
drill tested in an upcoming drilling
program
• The footprint of this target area
compares favorably to the IP
signature of the Nash Creek Deposit
1km
LEGEND
Drill Hole
IP Chargeability (7-25 mv)
IP Resistivity (50-65 ohms)
Mineral Resources
Provincial Highway 11
Major Transmission Line
N
Nash Creek Preliminary Results
of 2018 IP Survey
1.2KM
TO
HW
Y
25 km to Smelter,
Deep Sea Port 
Railway
17
CallinexCorporatePresentation
TSX-V: CNX I OTCQX: CLLXF
2018 IP survey at nash creek project
LEGEND
CNX Claim
2018 IP Survey
Mineral Occurrences
Provincial Highway 11
Major Transmission Line
Railway
N
5km0
Deep Water Port
Power Station
Brunswick
Smelter
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% Pb
2018 IP Survey at Nash Creek Project
5.5% Cu and 3.4% Cu
18
CallinexCorporatePresentation
TSX-V: CNX I OTCQX: CLLXF
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
19
CallinexCorporatePresentation
TSX-V: CNX I OTCQX: CLLXF
• 	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
#12Mine,recentlyoneofthelargestunderground
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
N
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	
20
CallinexCorporatePresentation
TSX-V: CNX I OTCQX: CLLXF
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 identified 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
21
CallinexCorporatePresentation
TSX-V: CNX I OTCQX: CLLXF
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
Flin Flon District Overview22
CallinexCorporatePresentation
TSX-V: CNX I OTCQX: CLLXF
• 	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 five
mineralized zones including the Pine Bay
Copper deposit
PINE BAY project
POTENTIAL FOR A LARGE VMS DEPOSIT
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KILOMETERS
2
N
Deposit
Historic Mine
	 Mine Shaft
	 Callinex Claims
	 Callinex Mining Lease
	 HudBay Claims
	 Alteration Zone
N
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+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
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+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + +
	Baker Patton Felsic
Complex
	Road
	Power
LEGEND
N
23
CallinexCorporatePresentation
TSX-V: CNX I OTCQX: CLLXF
high-grade potential at pine bay
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 HorizonPine 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 significant
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
24
CallinexCorporatePresentation
TSX-V: CNX I OTCQX: CLLXF
• 	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
Buchans DISTRICT
OVERVIEW
Duck Pond
Buchans
PT. LEAMINGTON
PROJECT
Bishop’s
Falls
Grand Falls
WindsorBadger
South Brook
LEGEND
	 Processing Facility
	Mine
	Road
	Power
	Trail
	Port
	 City
N
NEWFOUNDLAND
25
CallinexCorporatePresentation
TSX-V: CNX I OTCQX: CLLXF
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.
26
CallinexCorporatePresentation
TSX-V: CNX I OTCQX: CLLXF
INVESTMENT SUMMARY
PROJECT PORTFOLIOSTRONG 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 $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
27
CallinexCorporatePresentation
TSX-V: CNX I OTCQX: CLLXF
appendix
28
CallinexCorporatePresentation
TSX-V: CNX I OTCQX: CLLXF
leverage to higher metal prices at Nash Creek
• 	 Major upside to higher zinc and lead prices, which are in a supply-demand deficit
• 	 Ability to endure a full price cycle with a all-in sustaining cost of $0.30 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 $1.65
LeadPrice$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 $1.65
LeadPrice$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
29
CallinexCorporatePresentation
TSX-V: CNX I OTCQX: CLLXF
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 off-site processing facility in collaboration with other companies
30
CallinexCorporatePresentation
TSX-V: CNX I OTCQX: CLLXF
Operating cost C apital Cost
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
GA
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
31
CallinexCorporatePresentation
TSX-V: CNX I OTCQX: CLLXF
$66.10
$46.70
$33.40
$24.60
$15.80
$39.70
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
32
CallinexCorporatePresentation
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 Office
1555 - 555 West Hastings Street
Vancouver, BC Canada V6B 4N4
President and CEO:
Max Porterfield
Corporate Counsel:
Northwest Law Group
Auditors:
PwC

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Callinex Corporate Presentation

  • 1. 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
  • 2. 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 reflect 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 identified 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 differ 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 financial condition or results of operations could differ 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 reflect 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 Qualified Person as defined by National Instrument 43-101. FORWARD LOOKING INFORMATION2 CallinexCorporatePresentation TSX-V: CNX I OTCQX: CLLXF
  • 3. 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 five 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 CallinexCorporatePresentation TSX-V: CNX I OTCQX: CLLXF
  • 4. Corporate overview 59% 21% 20% retail investors institutions insiders & close associates capitalstructure enterprisevalueownershipbreakdown - Resource Capital Funds - Sprott Group - Delbrook Capital Advisors Shares Outstanding 85.0M Options Outstanding* 5.9M($0.34 VWAP) (Excludes 6.7M RSU’s with a 10 year vesting schedule) Warrants Outstanding 4.0M($0.75 VWAP) Market Cap $11.1M Debt $0 Cash $4.2MAs of 06/30/2018 4 CallinexCorporatePresentation TSX-V: CNX I OTCQX: CLLXF
  • 5. recenttradingshareperformance Closing Price (09/07/2018) $0.13 52-Week Range $0.12 - $0.45 Average Daily Volume (3 - mo) 128,700 TSX-V: CNX I OTCQX: CLLXF 5 CallinexCorporatePresentation TSX-V: CNX I OTCQX: CLLXF
  • 6. Mike Muzylowski Chairman and director Max Porterfield 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 of experience which has included the discovery and development of 16 mineral deposits through to production Over ten years of experience in natural resources and financial 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 Certified Professional Accountant with significant experience in financial and accounting related functions for natural resource issuers MANAGEMENT TEAM6 CallinexCorporatePresentation TSX-V: CNX I OTCQX: CLLXF
  • 7. 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 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 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 CallinexCorporatePresentation TSX-V: CNX I OTCQX: CLLXF
  • 8. 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 8 CallinexCorporatePresentation TSX-V: CNX I OTCQX: CLLXF
  • 9. 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 9 CallinexCorporatePresentation TSX-V: CNX I OTCQX: CLLXF
  • 10. bathurst MINING District Modified from Goodfellow, 2003Clusters 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 than130Mtoforeproduced,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 10 CallinexCorporatePresentation TSX-V: CNX I OTCQX: CLLXF
  • 11. Quebec N • 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 flotation 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 11 CallinexCorporatePresentation TSX-V: CNX I OTCQX: CLLXF
  • 12. Infrastructure Advantage at Nash Creek 12 CallinexCorporatePresentation TSX-V: CNX I OTCQX: CLLXF
  • 13. BASE CASE SCENARIO 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 District-scale Potential • 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 otherwise 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. 13 CallinexCorporatePresentation TSX-V: CNX I OTCQX: CLLXF
  • 14. Production Schedule overview Year 1 Year 5Year 2 Year 6 Year 9Year 3 Year 7 Year 10Year 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 14 CallinexCorporatePresentation TSX-V: CNX I OTCQX: CLLXF
  • 15. District scale land package N 3.5% Zn, 2.5% Pb and 1,500 g/t Ag 5.5% Cu and 3.4% Cu 9.1% Zn and 2.1% Pb 8.1% Zn and 10.9% Pb 5km0 LEGEND CNX Claim 2018 IP Survey Metal Occurrences Provincial Highway 11 Major Transmission Line Railway Deep Water Port Power Station Brunswick Smelter 15 CallinexCorporatePresentation TSX-V: CNX I OTCQX: CLLXF
  • 16. nash creek deposit correlation with 2011 ip survey 1km LEGEND Drill Holes IP Chargeability (50-65 ohms) Mineral Resources Provincial Highway 11 Major Transmission Line N Nash Creek Deposit Correlation to IP Resistivity 25 km to Smelter, Deep Sea Port Railway 1.2KM TO HW Y • The 2011 IP survey was integral to Callinex’s initial 2017 exploration campaign that led to a major expansion of the Nash Creek Deposit • All drilled tested IP targets have intersected base metal mineralization or alteration related to the Nash Creek Deposit • Only 2 km of the 20 km trend has been subject to any significant exploration, which led to the delineation of the Nash Creek Deposit • The 2018 IP Survey will span a linear 16.5 km northwest-southeast trend with line widths up to 4.7 km 16 CallinexCorporatePresentation TSX-V: CNX I OTCQX: CLLXF
  • 17. nash creek preliminary results of 2018 ip survey • Preliminary results have identified a targetareathatspansapproximately 1,900m by 400m • Two drill holes to test conductive targets intersected various amounts of sulphide mineralization with potential to host zinc and lead mineralization • The target area will be thoroughly drill tested in an upcoming drilling program • The footprint of this target area compares favorably to the IP signature of the Nash Creek Deposit 1km LEGEND Drill Hole IP Chargeability (7-25 mv) IP Resistivity (50-65 ohms) Mineral Resources Provincial Highway 11 Major Transmission Line N Nash Creek Preliminary Results of 2018 IP Survey 1.2KM TO HW Y 25 km to Smelter, Deep Sea Port Railway 17 CallinexCorporatePresentation TSX-V: CNX I OTCQX: CLLXF
  • 18. 2018 IP survey at nash creek project LEGEND CNX Claim 2018 IP Survey Mineral Occurrences Provincial Highway 11 Major Transmission Line Railway N 5km0 Deep Water Port Power Station Brunswick Smelter 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% Pb 2018 IP Survey at Nash Creek Project 5.5% Cu and 3.4% Cu 18 CallinexCorporatePresentation TSX-V: CNX I OTCQX: CLLXF
  • 19. 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 19 CallinexCorporatePresentation TSX-V: CNX I OTCQX: CLLXF
  • 20. • 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 #12Mine,recentlyoneofthelargestunderground 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 N 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 20 CallinexCorporatePresentation TSX-V: CNX I OTCQX: CLLXF
  • 21. 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 identified 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 21 CallinexCorporatePresentation TSX-V: CNX I OTCQX: CLLXF
  • 22. 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 Flin Flon District Overview22 CallinexCorporatePresentation TSX-V: CNX I OTCQX: CLLXF
  • 23. • 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 five mineralized zones including the Pine Bay Copper deposit PINE BAY project POTENTIAL FOR A LARGE VMS DEPOSIT + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + 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+ + + + Baker Patton Felsic Complex Road Power LEGEND N 23 CallinexCorporatePresentation TSX-V: CNX I OTCQX: CLLXF
  • 24. high-grade potential at pine bay 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 HorizonPine 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 significant 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 24 CallinexCorporatePresentation TSX-V: CNX I OTCQX: CLLXF
  • 25. • 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 Buchans DISTRICT OVERVIEW Duck Pond Buchans PT. LEAMINGTON PROJECT Bishop’s Falls Grand Falls WindsorBadger South Brook LEGEND Processing Facility Mine Road Power Trail Port City N NEWFOUNDLAND 25 CallinexCorporatePresentation TSX-V: CNX I OTCQX: CLLXF
  • 26. 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. 26 CallinexCorporatePresentation TSX-V: CNX I OTCQX: CLLXF
  • 27. INVESTMENT SUMMARY PROJECT PORTFOLIOSTRONG 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 $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 27 CallinexCorporatePresentation TSX-V: CNX I OTCQX: CLLXF
  • 29. leverage to higher metal prices at Nash Creek • Major upside to higher zinc and lead prices, which are in a supply-demand deficit • Ability to endure a full price cycle with a all-in sustaining cost of $0.30 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 $1.65 LeadPrice$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 $1.65 LeadPrice$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 29 CallinexCorporatePresentation TSX-V: CNX I OTCQX: CLLXF
  • 30. 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 off-site processing facility in collaboration with other companies 30 CallinexCorporatePresentation TSX-V: CNX I OTCQX: CLLXF
  • 31. Operating cost C apital Cost 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 GA 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 31 CallinexCorporatePresentation TSX-V: CNX I OTCQX: CLLXF $66.10 $46.70 $33.40 $24.60 $15.80 $39.70
  • 32. 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 32 CallinexCorporatePresentation TSX-V: CNX I OTCQX: CLLXF
  • 33. 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 Office 1555 - 555 West Hastings Street Vancouver, BC Canada V6B 4N4 President and CEO: Max Porterfield Corporate Counsel: Northwest Law Group Auditors: PwC