The presentation discusses Callinex Mines' Nash Creek zinc project in New Brunswick, Canada. A 2018 preliminary economic assessment outlined a 10-year open pit mining operation with average annual production of approximately 96 million pounds of zinc equivalent. Infrastructure is a key advantage, with the deposit located 1 km from highway and power lines and within 25 km of a port, smelter, railway and power plant. Recent drilling and IP geophysical surveys have identified additional exploration targets along strike from the Nash Creek deposit, which remains open for expansion.

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
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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
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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
$8.5M
Debt
$0
Cash
$4.2MAs of 06/30/2018
4
CallinexCorporatePresentation
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5. recenttradingshareperformance
Closing Price
(11/27/2018)
$0.10
52-Week Range
$0.08 - $0.45
Average Daily Volume
(1 - mo)
73,723
TSX-V: CNX I OTCQX: CLLXF
5
CallinexCorporatePresentation
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6. 5 Year Correlation between Zinc Prices
and LME Inventory Levels
Dec13
0.60
0.80
1.00
1.20
USD/lb
Tons
1.40
1.60
1.80 1000000
8000000
6000000
4000000
2000000
9000000
7000000
5000000
3000000
1000000
Oct15May14 Apr16 Sep17Nov14 Oct16 Feb18May15 Mar17 Aug18
ZINC PRICES LME STOCK LEVELS
ACQUIRES ZINC
PORTFOLIO
6
CallinexCorporatePresentation
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ANNOUNCES
MAIDEN PEA
AT NASH
CREEK

7. 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 TEAM 7
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8. 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
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9. 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
9
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10. bathurst overview
Quebec
N
Bathurst
NEW BRUNSWICK
Caribou Mine Mill
Brunswick Mine #12
Brunswick Mine #6
Heath Steele Mine
SUPERJACK
HEADWAY
NASH CREEK
20 km
LEGEND
Processing Facility
Lead Smelter
Power Station
Power
Rail Station
Rail
Deep Water Port
Mine
Road
City
10
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11. 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
11
CallinexCorporatePresentation
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12. 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
20 km
LEGEND
Processing Facility
Lead Smelter
Power Station
Power
Rail Station
Rail
Deep Water Port
Mine
Road
City
HEADWAY
12
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13. Infrastructure Advantage at Nash Creek
13
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14. District-scale
Potential 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
• 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 INCREASE
SCALE OR FOCUS ON A SMALLER, HIGHER
MARGIN TOLL MINING 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.
14
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15. 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
15
CallinexCorporatePresentation
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16. 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
5 km0
LEGEND
CNX Claim
2018 IP Survey
Metal Occurrences
Provincial Highway 11
Major Transmission Line
Railway
Deep Water Port
Power Station
Brunswick
Smelter
16
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17. nash creek deposit correlation with 2011 ip survey
1 km
LEGEND
Drill Holes
IP Chargeability (15-25 mv)
IP Resistivity (50-65 ohms)
Mineral Resources
Provincial Highway 11
Major Transmission Line
N
Nash Creek Deposit Correlation
with 2011 IP Survey
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
17
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18. 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 drill tested in
an upcoming drilling program
• The footprint of this target area
compares favorably to the IP
signature of the Nash Creek Deposit
1 km
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
18
CallinexCorporatePresentation
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19. 2018 IP survey at nash creek project
LEGEND
CNX Claim
2018 IP Survey
Mineral Occurrences
Provincial Highway 11
Major Transmission Line
Railway
N
5 km0
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
19
CallinexCorporatePresentation
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20. 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
20
CallinexCorporatePresentation
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21. • 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
20 km
LEGEND
Processing Facility
Lead Smelter
Power Station
Power
Rail Station
Rail
Deep Water Port
Mine
Road
City
HEADWAY
21
CallinexCorporatePresentation
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22. 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
22
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23. Headway Project
• The high-grade Headway deposit
is located adjacent to the world-
class Brunswick No 12 Mine, where
production totaled 137 million tons
grading 8.74% Zn, 3.44% Pb, 0.37%
Cu, and 102 g/t Ag from 1964-2013
• Project contains a high-grade zinc-
lead-copper-silver deposit located
along the prolific ‘Brunswick Horizon’
• The deposit outlined by 35 drill holes
from 1965-66 and is reported to be
950m long, 160m deep and up to
15m thick
• Limited exploration history with only
two holes completed in the last 40
years
• Callinex plans to complete a surface
induced polarization survey and drilling
in the future.
Deposit Callinex Mineral Claim Osisko Mineral Claim 3rd Party Mineral Claim
Road Power Rail
N
2 km
23
CallinexCorporatePresentation
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24. 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 Overview
kilometers
24
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25. • 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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+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
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+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
kilometers
KILOMETERS
2
N
Deposit
Historic Mine
Mine Shaft
Callinex Claims
Callinex Mining Lease
HudBay Claims
Alteration Zone
N
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
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+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + + + + + +
+ + + + + + + + + + + + + + + + + + +
Baker Patton Felsic
Complex
Road
Power
LEGEND
N
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26. 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
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27. • 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
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28. 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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29. 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
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30. appendix
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31. 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
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32. 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
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33. 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
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$66.10
$46.70
$33.40
$24.60
$15.80
$39.70

34. 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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36. 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