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  • DISCLAIMER

    This presentation does not constitute investment advice. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction. This presentation does not take into account any person's particular investment objectives, financial resources or other relevant circumstances and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments.

    To the fullest extent permitted by law, Calidus Resources Limited (the Company or Calidus) does not make any representation or warranty, express or implied, as to the accuracy or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility for any errors or omissions from this presentation arising out of negligence or otherwise is accepted.

    This presentation may include forward looking statements. Forward looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of Calidus. These risks, uncertainties and assumptions include commodity prices, currency fluctuations, economic and financial market conditions in various countries and regions, environmental risks and legislative, fiscal or regulatory developments, political risks, project delay or advancement, approvals and cost estimates. Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, readers are cautioned not to place reliance on forward looking statements. Any forward looking statements in this presentation speak only at the date of issue of this presentation. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Calidus does not undertake any obligation to update or revise any information or any of the forward looking statements in this presentation or any changes in events, conditions or circumstances on which any such forward looking statement is based.

    COMPLIANCE STATEMENT

    The information in this presentation that relates to Exploration Results and Mineral Resources released previously on the ASX.

    The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that, in the case of mineral resources estimates, all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons findings are presented have not been materially modified from the original market announcements.

    Mr Daniel Saunders is principal and a full time employee of GeoServ Consulting Pty Ltd, and is a Member of the AusIMM. Mr Daniel Saunders has sufficient experience that is relevant to the style of mineralisation and types of deposit under consideration and to the activities undertaken to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code.

    Ms Jane Allen is a full time employee of the Company, and is a member of the AusIMM. Ms Jane Allen has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activates undertaken to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code.

  • Gold belt consolidated for the first time

    Existing Resource of 410,000oz at 2.2g/t from surface

    Significant exploration upside defined with immediate drill targets, with enhanced target base following Novo JV

    HIGH QUALITY ASSET

    AGGRESSIVE EXPLORATION PROGRAM

    Well funded with ~$11m cash following recent capital raising

    Strategy to rapidly expand resource via brownfields extensions to current mineralisation and regional targets

    Resource Upgrade due late 2017

    PROVEN MANAGEMENT

    Experienced in all aspects of project development from exploration through development and into production

    Raised significant capital for gold exploration and development

  • CAPITAL STRUCTURESHARES ON ISSUE 994.2

    Million

    MARKET CAP(undiluted at A$0.044)

    $43.7Million

    CASH(end Sep Qtr)

    $11Million

    DEBT $0

    ENTERPRISE VALUE $32.7Million

    OPTIONS(will raise $4.7m if exercised)

    192.5Million1

    PERFORMANCE SHARES

    A- 250 Million2

    B- 275 Million3

    BOARD OF DIRECTORS & MANAGEMENT

    KEITH COUGHLAN NON-EXECUTIVE CHAIRMAN

    (Corporate)

    30 years experience in stockbroking and funds management on ASX, AIM and TSX.Talga, European Metals, Southern Hemisphere Mining.

    DAVID REEVESMANAGING DIRECTOR

    (Mining Engineer)

    25 years mining experience in Australia, Africa and Europe. GCM, Delta Gold, Zimplats, European Metals Holdings.

    ADAM MIETHKENON-EXECUTIVE DIRECTOR

    (Geologist)

    Over 15 years experience in exploration and mine geology, funds management and corporate advisory. Rio Tinto, Snowden, Regent Pacific Group, Argonaut.

    PETER HEPBURN-BROWNNON-EXECUTIVE DIRECTOR

    (Mining Engineer)

    35 years international mining experience, managing gold mines in Australia and internationally, Medusa Mining, Focus Minerals.

    JANE ALLENGEOLOGY MANAGER

    30 years international experience with Anglogold Ashanti, Resolute Mining Limited, Avion Gold Corporation and GCM

    JAMES CARTERCOMPANY SECRETARY AND CFO

    CPA and Chartered Company Secretarywith 20 years experience. Straits Resources, Keras PLC.

    1. 118.5m @ 2.5c, 50m @ 2.0c and 24m @ 3.0c2. On 500,000 ounces of Indicated Resource

    3. On completion of a positive PFS4. Undiluted assuming approval of Tranche 2 placement

    * Keras PLC shares escrowed for 24 months, CAI board and management own 18 % of Keras

    3% 4%

    18%

    31%

    44%

    CAI Shareholder Breakdown4

    Board & Mgmt Direct

    Board and Mgmt via Keras

    Keras Plc*

    Institutions

    Other

  • ASX LISTINGListing of Calidus

    Resources (ASX:CAI) onto the ASX 22/06/2017

    EPMINEX CONSOLIDATIONFurther consolidation of

    tenements at Warrawoona

    CAPITAL RAISE $10 million

    oversubscribed institutional raise

    DRILL PROGRAM 12,600m drill program and met test work

    June 2017

    NOVO JOINT VENTURE

    Joint Venture of Novo tenements Sep 2017

    EXPANDED PROGRAM

    Expanded drilling program to

    commence at Klondyke East

    COMPLETED Maiden drill

    program that has delivered

    outstanding results to date

    RESOURCE UPDATE

    Warrawoona resource update in late 2017

    2018 EXPLORATION

    PROGRAMRC and diamond drilling program,

    mapping, soils

    PFSPotential

    commencement in H2 2018

  • HISTORICAL GOLD MINING DISTRICT

    First mined in 1897

    +200 historic mines and fragmented tenement ownership

    Last major drill campaign in 1991

    PROJECT HIGHLIGHTS

    363km2 under control, application or option

    Novo JV signed that has expanded footprint considerably via the 70% earn in to the Novo Tenements that total 184Km2.

    15,000m resource and infill drill campaign completed with a resource update expected late this calendar year.

    1. Reported in accordance with JORC (2012) Guidelines Includes Klondyke and Copenhagen

  • Current Resource:

    5.6Mt at 2.08g/t Au for 374,000oz (0.8g/t wireframe)

    Confined to just 2km of 7.5km strike of Klondyke shear

    Large, high grade intercepts in drilling

    Metallurgical test work to 150m depth shows free milling ore with recoveries of 93% to 96%

    Clear exploration strategy to test infill zones and extensions to current resource

    Predictable geology, open along-strike and down-dip

    Untested parallel veins and cross-cutting features

    A total of 15,611m has now been drilled since listing in early 2017 with all drill holes intersecting ore grade mineralisation.

  • 78% of historical drilled intercepts are shallower than 100m

    Defined mineralisation extends 7.5km along strike with large number of workings

    No geophysics and no or very limited exploration and testing of parallel structures

    Tangible upside via infill and extensional drilling

    * All grades shown are life of mine average grades source MINDEX

  • INITIAL DRILL PROGRAMME

    92 holes announced, best intercepts recorded 6m @ 63.31g/t Au and 27m@5.85g/t Au

    All holes have hit ore grade mineralisation to-date including all holes in gap zone.

  • Located 20km south east of Marble Bar

    2 hours drive from Port Hedland on sealed road Australias largest port

    All weather, council maintained road from Marble Bar to leases

    Access to fresh water

    Sealed airstrip in Marble Bar

    Mining Registrar located in Marble Bar

    Accommodation for 100 in single rooms

    Mad Clappin Harrys, the best coffee in the NW!

  • Further upside via additional largely unexplored multiple shears immediately parallel to(St George Shear) and west of main shear

    Novo JV now puts Calidus in control of the entire Warrawoona Greenstone Belt

  • FIELDINGS GULLY Recent drilling shows mineralisation

    open in all directions, results incl.16m @ 3.52g/t from 71m8m @ 3.97 g/t from 22m21m @ 1.85g/t from 55m

    COPENHAGEN JORC 2012 Inferred Mineral Resource

    of 180,000t @ 6.1g/t to maximum of 100m depth and along 140m of strike

    CORONATION Lies 3km along strike of Copenhagen

    and is drilled over 190m strike length9m @ 5.21 g/t from 9m8m @ 7.64 g/t from 64m3m @ 16.67 g/t from 16m12m @ 7.98 g/t from surface2m @ 31.5 g/t from 30m

  • REMOTE SENSING OVERVIEW ASTER imaging received and being interpreted

    identifies prospective shearsOld aeromag reports have been sourced to assist

    GROUND TRUTH XRF analysis underway by CSIRO on drill chips and

    core Allows portable XRF to be used in field to

    objectively determine rock type and alteration which enables detailed geological maps to be developed rapidly and accurately

    DETAILED GEOLOGY Structural mapping by CSIRO Allows ore models to be generated to allow

    targeted drilling Klondyke structural work shows vertical ore-

    shoots predominant

  • MARBLE BAR GOLDFIELD

    Produced 170,000oz from 196,500t, no modern exploration

    35 recorded old workings on tenement all less than 30m deep

  • Conglomerates will form part of Calidus greenfields exploration program moving forward

    41km of strike outcropping Mt Roe basalt, targeted stratigraphy for conglomerates

    36sqkm of Mt Roe basalt

    Initial mapping underway with separate team, flat nuggets identified near Marble Bar in initial reconaissance

  • Resource Upgrade and PFS

    Expand Resource

    Increase confidence

    Conglomerates & Greenfield Exploration

    Assess the extent of conglomerate outcrop

    Identify new potential drill targets

    Drilling Underway at Novo JV

    Expand throughout Warrawoona Greenstone Belt

  • CAI

    S2R

    GOR

    DCN

    WAF

    GCY

    EMR

    EAR

    KIN

    CMM

    GPR

    ABU

    BSR

    CAS

    ORR

    PGO

    RTG

    AZM

    AUC

    RVY

    EGS

    -

    0.5

    1.0

    1.5

    2.0

    2.5

    3.0

    3.5

    4.0

    4.5

    - 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000

    Re

    sou

    rce

    Gra

    de

    (g/

    t A

    u)

    Resources Ounces

    CAI

    *Bubble Size Represents Enterprise Value

    1. Data at 24 July 2017

  • CAI, ARV, DEG and KAI all have recently announced significant investment by Novo or Novos major shareholders Sprott

    Calidus share price increase based on tangible drill intercepts

    1 2

    1. Mid Mkt. Cap Index (>$25m) includes CHN, HAO and VXR 18 Nov 172. Small Mkt. Cap Index (

  • On a resource ounce basis, Calidus is significantly undervalued versus its Pilbara peers, this undervaluation will increase on resource upgrade

    This also applies on a km of conglomerate outcrop basis

    1. Data at 19th November 2017

    CAIKAI

    DEG

    ARV

    0

    50

    100

    150

    200

    250

    300

    0 10 20 30 40 50

    EV

    Km of Strike of Mt Roe

    EV(m)/km of strike Mt Roe Basalt (Bubble Size)

    CAIKAI

    DEG

    ARV

    0

    50

    100

    150

    200

    250

    300

    - 100,000 200,000 300,000 400,000 500,000 600,000

    EV

    Ounces

    EV/Resource Ounce (Bubble Size)

  • A FRESH, WELL CAPITALISED STORY IN A TIER 1 JURISDICTION

    GRANTED MINING LEASES in an emerging Australian gold district withworld class infrastructure

    EXISTING HIGH GRADE RESOURCE to be further increased by end of year

    POTENTIAL FOR NEW DISCOVERIES given lack of modern or systematicexploration and large number of existing targets

    PROVEN BOARD AND MANAGEMENT TEAM in gold exploration, developmentand mining

    One of the few INDEPENDENT NEAR-TERM GOLD DEVELOPMENT companieson the ASX

  • DAVE REEVES

    Managing Director

    dave@calidus.com.au

    mailto:dave@kerasplc.com

  • DepositJORC

    CategoryCut-Off Grade Tonnes(Mt) Grade Metal

    Au (g/t) Au (g/t) (Koz)

    Klondyke Inferred 0.5 5.6 2.08 374

    Copenhagen Inferred 0.5 0.18 6.1 36

    Total 0.5 5.78 2.21 410

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