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TSX-V: CNX I OTCQX: CLLXF

A Leading Zinc Junior in Established
Canadian Mining Districts

FORWARD LOOKING INFORMATION
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 James Pickell, P.Geo, a consultant to the Company, and a Qualified

Person as defined by National Instrument 43-101.

commences production and royalty payments begin value by discovering and Callinan Mines splits into two entities: developing economic 2011 Callinan Royalties and Callinex. founded by Jack Callinan in 1927 1927. Canada OUR MIS SION 2004 777 VMS Mine. which holds the exploration portfolio today base and precious metal Callinex renews exploration focus on VMS rich VMS deposits 2014 deposits Callinex announces new zinc and gold VMS 2016 discovery S ENNX T A|T I OONT C Q X : C L L3 3 TCSAXL-LVI :N C E XN Xc o r| p oOr TaCt eQ XP R: ECSLELNXTFA T I O N T SRX -PVR: EC CA L L I N E X I N V E S TO XF . OUR HISTORY Callinan Mines. has had a major presence in the Flin Flon mining district in Manitoba. discovered on Callinan To drive shareholder claims.

1M $0 $10.Europacific Gold Fund $27.V: C N X | OT C Q X : C L L X F CALLINEX corporate PRESENTATION 4 .2M 4.$0.22 .Sprott Group Market Cap Debt Cash .35 VWAP) ($0.75 VWAP) INSTITUTIONS 31% E N TE RP RI S E VA L UE .263 CA P I TA L S TR UC TURE Shares Options Warrants Outstanding Outstanding Outstanding 77.Resource Capital Funds .35 $0.69 273.CORPORATE OVERVIEW TSX-V: CNX I OTCQX: CLLXF S HA R E P E R F O R M A N C E RE C E N T TRA D I N G Closing Price 52-Week Average Daily (1/19/2017) Range Volume (3 .Plethora Precious Metals Fund As of 12/28/2016 RETAIL .0M OW NE R S HIP B R E A K DOW N ($0.5M 6.0M .Fieldhouse Capital Management INVESTORS 40% INSIDERS & CLOSE ASSOCIATES 29% T S X .mo) $0.

previously with Brazil identifying and evaluating mineral the mining industry. MANAGEMENT TEAM Mike Muzylowski Max Porterfield Jordan Butler Rebecca Moriarty Chairman CEO.V T S X . the discovery and development Corp.V: C N |: C ON XQ | TC X: O C TL LCXQF X : C L L X F .. Uranium Energy properties. and US Global Investors Analyst with Americas Bullion strategic planning and regulatory of 16 mineral deposits through to Royalty Corp. President and Director Corporate development Chief financial officer 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 financial the resource sector specializing in 14 years of experience related to Hall of Fame with over 50 years markets. previously with of experience which has included Resources Inc. and Till Capital compliance services production 55 C CA LALLILNI N E XE Xc oI Nr pVoE rS aT O t eR PPRREESSEENNT TAAT TI OI ON N T SXX . Financial PwC providing corporate finance. Previously.

and previously a Project Geologist with Hudbay focused on the Flin Flon area Nico Civelli Steve Swatton An independent financial advisor specializing in natural resources.directors And advisory board DIREC TORS ADV I SO RY B OARD Keith Minty Carlo Civelli. Michael Louie Jason Dunning A Principal in D+H Group LLP with 25 years of accounting experience. specifically working on behalf of First Nations organizations and currently serving as the Manager of Nystar’s Mining Group. nearly a dozen of which Auryn Resources Inc. distinguished speaker and published author. Mr. Mr. Civelli has been of Business Development at Stope Capital Advisors and a Director of instrumental in funding early stage investments. experience.V: C N X | OT C Q X : C L L X F C A L LCI ANLELXI NI ENXV Ec So TrO p oR rPaRt Ee S PE RNETSAETNI O T ANT I O N 6 6 . 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. previously the Chief Operating Officer of Thani have developed into billion dollar market cap companies Emirates Resource Holdings Ltd. Over 20 years experience in base and precious metal exploration.. Chairman An experienced mining engineer currently serving as the Senior VP Since founding Clarion Finanz AG in 1980. and Over 28 years of experience in both technical and senior managerial the VP of Finance for Pacific LNG which recently sold to Oil Search Ltd. Bhandari advises institutional investors about opportunities in the natural resources sector on a global scale T S X . one of the specializing within the Canadian mining sector world’s largest zinc producers.

Muzylowski received the 1988 PDAC Developer of the Year Mr. been instrumental in the exploration and development of the world-class Howard’s Pass Zinc Project located in the Mr. HudBay team that discovered the Lalor deposit Selwyn Chihong Mining and Granges. Canada. Mr. Canada. Hall of Fame. ore bodies within the Flin Flon district of Manitoba. His discoveries include the discoveries include the Callinan North. Canada. Canada. Notable district of Manitoba.V T S X . Mr. Technical Team Mike Muzylowski TROUT MINE +22 MT Jim Pickell 777 MINE +21 MT Chairman of the Board chief Geologist Involved in the discovery of 12 VMS mines in the Flin Flon Over 40 years of VMS exploration experience globally. HudBay. which operated from 1982-2012. Alan Vowles LALOR MINE +25 MT JJ O’Donnell chief Geophysicist Consulting Geologist Over 35 years of VMS exploration experience within Over 25 years of VMS exploration experience within Canada the North America and an integral member of the while holding senior positions with Callinex. Pickell is a recipient of the PDAC Bill Dennis Prospector of award and is a 2011 inductee into the Canadian Mining the Year Award for his role in the discovery of the 777 Mine. Canadian Mining Hall of Fame Inductee and PDAC Developer of the Year award PDAC Bill Dennis Prospector of the Year award 77 C CA LALLILNI N E XE Xc oI Nr pVoE rS aT O t eR PPRREESSEENNT TAAT TI OI ON N T SXX .V: C N |: C ON XQ | TC X: O C TL LCXQF X : C L L X F . Konuto Lake and 777 Trout Lake mine. Vowles is a recipient of the PDAC Bill Dennis Prospector of Yukon. the Year Award for his role in the discovery of the Lalor Mine. O’Donnell has within the Flin Flon district of Manitoba.

mass of sulphide deposits superheated water is brought to the surface sea floor by volcanic activity DISTRICT SCALE Most VMS deposits occur in clusters that seawater seepage define major mining districts. VOLCANOGENIC Cu MASSIVE SULPHIDE Ag Zn DEPOSITS Au HIGH GRADE Polymetallic deposits containing zinc. Flin Flon and Bathurst Camps are the top two jurisdictions in the nation1 heat Source: 1 Mineral Deposits of Canada. gold and silver FORMATION Deposits occur where mineral rich. such as Flin Flon and Bathurst PREVALENCE 350 deposits and major VMS occurrences in Canada. Volcanogenic Massive magma Sulphide Deposits CALLINEX corporate PRESENTATION 8 . sedimentation lead. copper.

rail.V: C N X | OT C Q X : C L L X F .6 billion invested towards mine Clusters of VMS deposits make up the Flin Flon/Snow Lake mining development with road. FLIN FLON MINING DISTRICT CLUSTER EFFECT SUCCESS RATE Over 50% of deposits have been advanced to production. totaling 32 mines which have led to 86 consecutive years of mining INFRASTRUCTURE Flin Flon (100 Mt) Snow Lake (60 Mt) Over $1. power and water districts in the Flin Flon Greenstone Belt infrastructure to facilitate quick development of new discoveries DEPTH OF MINES Initial Production 1916 1930 1948 1955 1955 1969 1975 1982 1990 2004 2013 2014 0 0 Deposit Size (Million Tonnes) Mandy Pine Bay -300 Don Jon 4 Average Depth (m) North Star TIMELINES AND CAPEX Cuprus Centennial Reed 8 -600 Typically less than six years from discovery to Callinan 12 -900 development with reduced capital expenditures -1200 16 -1500 20+ Flin Flon Trout Lake 777 Lalor Average Depth Deposit Size Recent discoveries have typically been larger in size and deeper than previously discovered 9 CALLINEX corporate PRESENTATION T S X .

V: C N X | OT C Q X : C L L X F CALLINEX corporate PRESENTATION 10 .Exploration Milestones Historic data Technical team is Pine Bay East compilation on strengthened Discovery land package 2014 2015 2016 Extensive ground New Zinc and Gold geophysical program and Sourdough Bay Rich Discovery at confirmation drilling Discovery Pine Bay T S X .

300 sq.V: C N X | OT C Q X : C L L X F . water and road access at site to service Pine Bay Project historic shaft and underground workings • Property covers 10 km long trend consisting of at least four stacked VMS horizons LEGEND Deposit Callinex Claims Mine Callinex Mining Lease Mine Shaft HudBay Claims Emerging Callinex Road Discovery Power Rail KILOMETERS 11 CALLINEX corporate PRESENTATION T S X . ha located 16 km to Flin Flon. MB • Advanced permitting status that includes the right to conduct mining activities • Power. N pine bay N project •   Strategic property totaling 6.

adjacent to three VMS horizons + + + + + + ++++ ++++ ++++ ++++ ++ + ++++ ++ + + Emerging + ++ ++++ ++++ ++++ ++++ + + + +Callinex + + + + + + + + + ++ +++ + + + + + + + + Road ++ ++++ ++++ + + + + + + +++ ++++ ++++ ++++ ++++ + + + + + + +Discovery + ++ + + + + + ++ + ++ + ++ + + + + + + + ++ ++++ ++++ ++++ ++++ +++ + + + + + ++ + ++ + + + + + + + + + + + Power + + ++ ++ ++ +Callinex + + +Claims+ + ++ ++ ++ ++ ++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + +Callinex + + + + + + +Mining + + + + +Lease ++ + ++ ++ ++++ ++++ ++++ ++++ + ++ + ++ + • Three stacked horizons host five mineralized + + + + + + + + + + + + + + + + + + + + + + + + + + ++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ zones including the 1.100m long and + + + + + + + + + + + + + + + + + + Alteration + + Zone + + + + + ++ ++ ++++++ ++ ++++++ ++ ++++++ ++ ++++++ ++Historic + +Mine+ + + ++ + + ++ + + + + ++ ++ ++ up to 700m wide has been overturned and is + ++ + + + + + + + + ++ + ++++ ++ + + + + + + + + + + + + + + + + + + + + + ++ ++ + ++++ ++ ++++++ ++ ++++++ ++ ++++++ ++Mine + + +Shaft+ + +  + Baker Patton + Felsic + + ++ + + + + + + + ++ ++ ++ ++ ++ ++++ + + + + + + + ++ + ++++ ++ + ++++ ++ ++++++ ++ ++++++ ++ + + + + + + + + + + + + + + + Complex + + + + + + + + ++ + + + + + + + + + + facing to the west.V+: C N X +| O T C + Q X : C+L L X F + + + + + + + + ++ + ++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ + ++ + ++ + ++ + ++ + ++ + + + + + + + + + + + + + CALLINEX corporate PRESENTATION 12 ++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++ + + + + + + .1 Mt Pine Bay Cu deposit ++ ++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ + + + + + + + + + + + + ++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ + + + + + + + + + + + + + + + + + + + + + + + + ++ + ++ + + + + + + + + + + + + + + + + + + + + ++ + ++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ +++ + + + + + + + + + + + + + ++ ++ ++ ++ ++ ++ ++ ++ ++ ++ ++ ++ ++ ++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++ +++ ++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ +++ + ++ ++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ +++ + + + + + + + + + + + + + ++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ +++ + + + + + + + + + + + + + ++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ + T S X . the primary host rock for VMS + + + + + + + + + + + + + + + + + + + + + + ++++++++ ++++++++ ++++++++ + ++ ++ ++ + + ++ + + + + + + + + + + + + + + + + + + + ++ ++ ++ ++ ++ + + + + + + + + + + + + + + + + + + + + + ++++++++ ++++++++ ++++++++ ++++++++ + ++ ++ ++ ++ + ++ + + + + + + + + + + + + + + + deposits + + + + + + + + + + + + + + ++++++++ ++++++++ ++++++++ ++++++++ +++++++ ++ + ++ ++ + ++ + ++ + + + + + + + + + + + + + + ++ ++ ++ ++ + ++ + + + + + + + + + + + + + + + + ++++++++ ++++++++ ++++++++ ++++++++ ++++++ ++ ++++++ ++ + ++ ++ + ++ + ++ + + + + + + + + + + + ++ + ++ + ++ + + + +++ + +LEGEND + + + + ++++++ + ++++++ + ++++++ + ++++++ + ++++++ + ++++++ + ++++++ + + ++ ++ + + + ++ + + + + + + + ++ + + ++ + + + ++++++++ ++++++++ ++++++++ +++++++++ ++++++ ++ ++++++ ++ ++++++ ++ +++++ + ++ + ++ ++ + ++ + + + + + ++ + + + + + + + + + ++ + + ++++++ ++ ++++++ ++ ++++++ + ++++++ + +Deposit ++ + + + +++ + ++++ + ++++ + ++ + HudBay + + +++ ++ +Claims ++ + + + + ++ ++ ++ ++++++ ++ ++++++ ++ ++++++ ++ ++++++ ++ ++++++ ++ ++++++ ++ ++++++ ++ + + + + + + + + + N • Large alteration zone spanning 1. ++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ + + + + + + + + + + + + + + + ++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ + + + + + + + + + + + + where they had a mandate to discover a 30 Mt ++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ +++ + + + ++ ++ + + + + + + + + + ++ ++++ ++++ ++++ ++++ ++++ +++ + + + + + + + + + + + + + + + + + + + + ++ ++++ ++++ + + + VMS deposit ++ ++ ++ ++ ++ ++ ++ ++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++ + + + + + + + + + + + + + ++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ +++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +++ ++ ++ + + ++ + + + + + + + + + + + + + + + •  Covers one of the largest felsic rock packages + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++++++++ + ++ ++ ++ + + ++ + + + + + + + + + + + + + + + + + + + + + ++ ++ ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++++++++ ++++++++ + ++ ++ ++ + + ++ + + + + + + + + + + + + + + + within the belt. + ++ ++ ++ ++++ PINE BAY + + ++ ++++ ++++ ++ + ++ ++++ ++++ +++ + ++ ++++ ++++ ++++ +++ ++ + ++ ++++ ++++ ++++ ++++ ++ + ++ ++++ ++++ ++++ ++++ ++++ ++ area ++ + ++ ++++ ++++ ++++ ++++ ++++ ++++ + + ++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ + ++ ++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ N + + ++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++ ++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++ + + ++ ++ ++ ++ ++ ++ ++ ++ ++ N ++ + ++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ + + + + + + + + + + + + + + + + + ++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ +++ ++ ++ ++ + + + + + + + + + + + + + + + + + ++ ++++ ++++ ++++ + ++ ++++ ++++ ++++ ++++ +++ + + + + + + + + + ++ ++ ++ ++ ++ ++ ++ ++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++ + + + + + ++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ +++ + + + + + + + POTENTIAL FOR A LARGE VMS DEPOSIT + + + + + + + + + + + + ++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ +++ + + + + + + + + + + + + ++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ + + + + + + + + + + + + + + + + + + + + + + + + ++ + + ++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ ++++ + •   Explored by Placer Dome during the 1990s.

60.35 Including 999.7% Cu and 0.00 4. the intersection occurs at the edge of the system Hole From (m) To (m) Interval (m) Zn Eq (%) Zn (%) Au (g/t) Ag (g/t) Cu (%) Pb (%) 284-3-93-DPN 998.39 0.78 60.68 0.80 1002.8 g/t Au.26 11.70 26.33 13.77 0.61 1.06 6.86 0.23 5.20 20.1% Zn Eq.3m grading 13.00 1.1 Zn Eq.43 73.4 g/t Ag.4% Pb) by extending a previous Placer Dome drill hole by 38m •  The most significant gold and silver results from 625 holes drilled from over 80 years of exploration at the project • Nature of mineralization indicates New Discovery – the VMS system is long-lived and 10.80 1004. Pine Bay VMS Horizon Cabin VMS Horizon Baker Patton VMS Horizon 1.77 11. 0.65 56.0% Zn.Proof of Concept with New Discovery •   Callinex has discovered 10.35 16.3m of 13.73 Including 999.80 1010.70 0.57 79.26 1009.46 12.71 0.38 0.21 0.59 10.50 2.82 2.98 13 CALLINEX corporate PRESENTATION T S X .37 2.35 Including 999. (6.V: C N X | OT C Q X : C L L X F .

Plan Map of the Northern Pine Bay Area LEGEND N Drill Hole Copper Mineralization Zinc Mineralization Alteration Zone Pine Bay VMS Horizon Cabin VMS Horizon Baker Patton VMS Horizon Road Power Callinex Claims Callinex Mineral Lease Hudbay Claims Mine Shaft PBM019 PBM017 284-3-93W02 95-02-DPN Lake Athapapuskow 0 250 METERS CALLINEX corporate PRESENTATION 14 .

V: C N X | OT C Q X : C L L X F . Longitudinal Section of the Cabin VMS Horizon 15 CALLINEX corporate PRESENTATION T S X .

Longitudinal Section of the Pine Bay VMS Horizon T S X .V: C N X | OT C Q X : C L L X F CALLINEX corporate PRESENTATION 16 .

N N N sourdough area SOURDOUGH DEPOSIT •   Hosts the historic Sourdough Cu-Zn-Au-Ag deposit •   Drilling in 2015 intersected a new blind zone beneath the Sourdough deposit •  Borehole surveys identified a highly conductive LEGEND off-hole target CENTENNIAL MINE Mine •  A 200m step-out hole clipped the edge of the target Deposit and intersected 25m of sulphide mineralization Sourdough Fault •  Additional drilling planned to intersect the off-hole Power target Callinex Claims Hudbay Claims Road 0 2 KILOMETERS 17 CALLINEX corporate PRESENTATION T S X .V: C N X | OT C Q X : C L L X F .

V: C N X | OT C Q X : C L L X F CALLINEX corporate PRESENTATION 18 .T S X .

Portfolio of Zinc Assets •   Portfolio of advanced stage zinc rich VMS deposits located in established Canadian mining Point Leamington jurisdictions •  All mineral resources start at or near surface Nash Creek • Deposits located near processing facilities and essential mining infrastructure Superjack •   Provides exposure to rising metal prices with deposits containing sizeable zinc. gold and silver resources 19 CALLINEX corporate PRESENTATION T S X .V: C N X | OT C Q X : C L L X F .

0Mt grading Bathurst 90 KM 3. a SUPERJACK seaport and a smelter Heath Steele Mine •  Only two of five mineralized zones contained within the resource estimate LEGEND Processing Facility Lead Smelter •  Preliminary testing has indicated amenability to Mine Dense Media Separation.6% Brunswick Mine #12 Zn Eq. Canada Caribou Mine •  Near-surface Indicated resource of 9. Brunswick Mine #6 •  Located within 90km of two processing facilities.Quebec N nash creek N project NASH CREEK •  Development-stage VMS project located in the world-class Bathurst Camp of New Brunswick. containing 88 million pounds of Zn Eq. which is designed to Road increase the average grade of rock processed Power Rail Port *See News Release dated September 12.6% Zn Eq. and an Inferred resource of 1. 2016 City T S X . containing 712 million pounds of Zn Eq.V: C N X | OT C Q X : C L L X F CALLINEX corporate PRESENTATION 20 .1Mt grading 3.

4% Pb.0% Zn. containing 328 million pounds of Zn Eq. recently one of the largest underground zinc mines in the world Heath Steele Mine •  A Zone is wide-open at depth of 440m. the LEGEND deepest hole drilled (NP11-39) intersected Processing Facility Lead Smelter 2.27% Cu* Road Power Rail *See News Release dated May 18.2Mt Brunswick Mine #12 grading 4.6m of 15. superjack N NASH CREEK project •  Exploration-stage VMS project located in the world-class Bathurst Camp of New Brunswick. Canada Caribou Mine Bathurst •  Near-surface Inferred resource of 3. 50 KM SUPERJACK Brunswick Mine #6 •  Located 15km from the ‘supergiant’ Brunswick #12 Mine.V: C N X | OT C Q X : C L L X F . 1. 2016 Port City 21 CALLINEX corporate PRESENTATION T S X .5 g/t Ag and Mine 0. 32.6% Zn Eq.

LEAMINGTON PROJECT •  Resource starts at surface and extends to a vertical depth of 350m •  Advanced permitting stage with resource contained within current Mining Lease Bishop’s Falls •  High-grade mineralization open at depth with Grand Falls assays including 4.36% down-plunge from resource* Buchans *See News Release dated May 16.1Mt Inferred resource grading 6. N LEGEND Processing Facility Point leamington project Mine Road Power Trail Port City •  Development-stage VMS project located in South Brook Newfoundland.000 oz Au at 1.9 billion pounds of Zn Eq.9 g/t Ag and 0.1% Zn.1 g/t Au) PT. 4. (including 484.V: C N X | OT C Q X : C L L X F CALLINEX corporate PRESENTATION 22 . Canada •  14. 57.2% Zn Eq. 2016 Duck Pond T S X .4 g/t Badger Windsor Au. containing 1.67m of 15.

Eq) Tonnes Zn Eq.57 15.000 3.15 1.033.88 0.17 0.113.015 5. Indicated Mineral Resources* Project Cut-off (Zn Eq) Tonnes Zn Eq.0 1.211.58 2.58 2.0 14.79 0. in the Indicated category and 2.5 3.37 *See news releases dated May 16 and 18.27 Nash Creek 2.16 n/a n/a Total 9.58 2.63 3.000 6.07 0.19 19.51 n/a n/a Total 18. Total mineral resources •  Large inventory of zinc resources within established Canadian mining jurisdictions totaling 712 million pounds of Zn Eq.57 18.78 29.83 0.57 18. (%) Zn (%) Pb (%) Ag (g/t) Au (g/t) Cu (%) Nash Creek 2.015 4.13 0.01 0. 2016 for additional details 23 CALLINEX corporate PRESENTATION T S X .033. in the Inferred category.02 17.12 1.79 0.093.3 billion pounds of Zn Eq.82 0.73 2.42 Superjack 1.45 n/a 0.000 3.16 n/a n/a Inferred Mineral Resources* Project Cut-off (Zn.000 3. Zn (%) Pb (%) Ag (g/t) Au (g/t) Cu (%) Point Leamington 4.V: C N X | OT C Q X : C L L X F .0 9.417.

INVESTMENT SUMMARY STRONG TEAM TIGHT CAPITAL STRUCTURE PROJECT PORTFOLIO New high-grade Zn-Au-Ag-Cu VMS discovery near Flin Flon.V: C N X | OT C Q X : C L L X F . MB  echnical team involved in three of the four largest VMS discoveries T within the prolific Flin Flon Greenstone Belt Strong portfolio of zinc-rich assets in Canadian mining jurisdictions Funded for upcoming drilling programs with ~$10M in cash 24 CALLINEX corporate PRESENTATION T S X .

V: C N X | OT C Q X : C L L X F .0885 info@callinex. BC Canada V6B 4N4 President and CEO: Max Porterfield Corporate Counsel: Northwest Law Group Auditors: PwC T S X .ca www.ca Corporate Head Office 1555 .605.callinex.604.555 West Hastings Street Vancouver.