#1A CALLINEX CORPORATE PRESENTATION TSX-V: CNX | OTCQX: CLLXF#2FORWARD 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. 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. 2 Note on Technical Disclosure Mr. Jason K. Dunning, M.Sc., FSEG, P.Geo. is a qualified person as defined by National Instrument 43-101, who has supervised the preparation of the scientific and technical information that forms the basis for the disclosure with respect to the results of exploration on the Company's projects, as contained on this website. Mr. Dunning is an independent, professional consultant for Headframe Geoscience based in Toronto, Ontario, Canada. CALLINEX CORPORATE PRESENTATION TSX-V: CNX | OTCQX: CLLXF#3OUR HISTORY, OUR MISSION OUR HISTORY 1927 2004 2011 2014 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 VMS deposits in Manitoba OUR MISSION To drive shareholder value by discovering economic VMS deposits in Manitoba TSX-V: CNX OTCQX: CLLXF CALLINEX CORPORATE PRESENTATION 3#4CORPORATE OVERVIEW TSX-V: CNX I OTCQX: CLLXF RECENT TRADING CAPITAL STRUCTURE ENTERPRISE VALUE Closing Price $0.27 (6/1/2015) Shares Outstanding 34.5 Million Market Cap 9.5 Million 52-Week Range $0.16 - $0.45 Average Daily Volume (3 - mo) 59,425 Options Outstanding 2.8 Million ($0.35 VWAP) Warrants Outstanding 7.1 Million ($0.22 VWAP) Debt $0 Cash $693,537 As of 3/31/2015 All information as of 6/1/2015 unless otherwise stated 4 CALLINEX CORPORATE PRESENTATION TSX-V: CNX | OTCQX: CLLXF#5MANAGEMENT TEAM Mike Muzylowski CHAIRMAN 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 Max Porterfield CEO, PRESIDENT AND DIRECTOR Over eight years of experience in natural resources and financial markets, previously with Brazil Resources Inc., Uranium Energy Corp. and US Global Investors Nico Civelli VP FINANCE AND DIRECTOR An independent financial advisor specializing in natural resources, and the VP of Finance for Pacific LNG which recently sold to Oil Search Ltd. for $900 million USD Rebecca Moriarty CHIEF FINANCIAL OFFICER A Chartered Accountant with over 14 years of experience related to the mining industry, previously with PwC providing corporate finance, strategic planning and regulatory compliance services TSX-V: CNX OTCQX: CLLXF CALLINEX CORPORATE PRESENTATION 57#6DIRECTORS AND ADVISORY BOARD DIRECTORS Keith Minty An experienced mining engineer currently serving as the Senior VP of Business Development at Stope Capital Advisors and a Director of Auryn Resources Inc., previously the Chief Operating Officer of Thani Emirates Resource Holdings Ltd. Peter Schriber A Co-Founder of PI Financial, Mr. Schriber is an independent financial consultant with an extensive history in merchant and commercial banking, specializing in corporate finance Michael Louie A Principal in D+H Group LLP with 25 years of accounting experience, specifically working on behalf of First Nations organizations and specializing within the Canadian mining sector ADVISORY BOARD Carlo Civelli, CHAIRMAN Since founding Clarion Finanz AG in 1980, Mr. Civelli has been instrumental in funding early stage investments, nearly a dozen of which have developed into billion dollar market cap companies Jason Dunning Over 20 years experience in base and precious metal exploration, currently serving as the Manager of Nystar's Mining Group, one of the world's largest zinc producers, and previously a Project Geologist with Hudbay focused on the Flin Flon area Steve Swatton Over 28 years of experience in both technical and senior managerial experience, previously the Global Head of Business Development for BHP Billiton's Exploration Division 6 CALLINEX CORPORATE PRESENTATION Jayant Bhandari A Senior Analyst of Anarcho Capital, distinguished speaker and published author, Mr. Bhandari advises institutional investors about opportunities in the natural resources sector on a global scale TSX-V: CNX | OTCQX: CLLXF#7OUR CHAIRMAN TSX-V: CNX OTCQX: CLLXF TRACK RECORD Played a lead role in the discovery and/or development of 16 mines including Trout Lake, Hycroft and New Afton ACCOLADES Inducted to Canadian Mining Hall of Fame and recipient of the Developer of the Year award by PDAC PREVIOUS SUCCESS Built numerous mining companies, notably Callinan Mines, Granges and Hycroft TRAILBLAZER Among the first to access capital in foreign financial centers and implement geophysics in mineral exploration CALLINEX CORPORATE PRESENTATION 7#8VOLCANOGENIC MASSIVE SULPHIDE DEPOSITS sea floor 8 seawater seepage Ag O Au Zn heat magma CALLINEX CORPORATE PRESENTATION HIGH GRADE Polymetallic deposits containing Copper, Zinc, Lead, Gold and Silver sedimentation ؟؟؟ massive sulphide deposit FORMATION rich, Deposits occur where mineral superheated water is brought to the surface by volcanic activity DISTRICT SCALE Most VMS deposits occur in clusters that define major mining districts, such as Flin Flon PREVALENCE 350 deposits and major VMS occurrences in Canada; Manitoba hosts the second largest number of deposits in the nation¹ 1 Source: Mineral Deposits of Canada, Volcanogenic Massive Sulphide Deposits TSX-V: CNX | OTCQX: CLLXF#9WHY MANITOBA Source: Fraser Institute: Survey of Mining Companies (2014) TSX-V: CNX OTCQX: CLLXF MANAGEMENT EXPERIENCE Over 50 years of experience and 13 mines discovered in Manitoba MINERAL ENDOWMENT Rich history of development with 67 mines since 1913 INFRASTRUCTURE Projects located nearby current mining operations with road and power access WORLD CLASS JURISDICTION Ranked 4th globally for Investment Attractiveness including cash subsidies of up to $200,000 per year for approved exploration expenditures CALLINEX CORPORATE PRESENTATION 9#10FLIN FLON MINING DISTRICT SUCCESS RATE Continuous mining since the 1920's with the discovery of over 50 VMS deposits, leading to the development of 32 mines INFRASTRUCTURE Over $1.6 billion invested towards mine development with road, rail, power and water infrastructure to facilitate quick development of new discoveries DEPTH OF MINES TIMELINES AND CAPEX Typically less than six years from discovery to development with reduced capital expenditures CLUSTER EFFECT દ Average Depth (m) -300 -600 -900 -1200 Initial Production 1916 1930 1948 1955 1955 1975 1982 1990 2004 2013 0 0 Mandy Don Jon North Star Centennial Cuprus וויו Callinan 16 2 Deposit Size (Million Tonnes) 20+ Trout Lake 777 Lalor -1500 Flin Flon Average Depth Deposit Size Recent discoveries have been larger in size and deeper than previously found Flin Flon (100 Mt) Snow Lake (60 Mt) Clusters of VMS deposits make up the Flin Flon/Snow Lake mining districts in the Flin Flon Greenstone Belt 10 CALLINEX CORPORATE PRESENTATION TSX-V: CNX | OTCQX: CLLXF#11HUDBAY'S MANITOBA OPERATIONS MINE DEPLETION The Flin Flon concentrator requires additional ore within 4 - 5 years: - 777 Mine to be exhausted by 2020 - Reed Lake Mine to be exhausted 2019 EXPLORATION FOCUS $20 million 2015 exploration budget primarily focused on expanding existing deposits, leaving little room for new discoveries REED LAKE MINE Hudbay acquired the small high grade VMS deposit in exchange for a 30% carried interest to the vendor. Reed Lake ore is hauled more than 100 km to the Flin Flon concentrator "The key elements of our plan are to acquire VMS and porphyry exploration and development properties that are located in mining-friendly jurisdictions in the Americas and have exploration upside potential" David Garofalo President and CEO Letter to Shareholders, May 8, 2014 TSX-V: CNX OTCQX: CLLXF CALLINEX CORPORATE PRESENTATION 11#12STRATEGIC PROJECT PORTFOLIO 777 Mine Flin Flon, MB LEGEND Historic Mine Deposit Pine Bay Shaft Callinex Mineral Lease Callinex Claims Hudbay Claims Road Power Rail 0 KILOMETERS Flin Flon Project Pine Bay Project 12 CALLINEX CORPORATE PRESENTATION TSX-V: CNX | OTCQX: CLLXF N#13CALLINEX'S EXPLORATION APPROACH TSX-V: CNX OTCQX: CLLXF DDAY ITE Callinex has acquired new data to assist exploration and recently completed the following: Compiled and digitized historic data including over 1,000 drill holes for the first time Conducted modern airborne and ground geophysics Evaluated previous operators' exploration models with current data to determine validity and future opportunities Modeled historic deposits in 3-D and identified potential areas for expansion CALLINEX CORPORATE PRESENTATION 13#142015 DRILLING CAMPAIGN • • Phase One results highlighted by hole PBM004 with 18.1 meters of 5.5% Cu Eq. over a larger interval of 44.2 meters of 4.0% Cu Eq. Expanded Phase Two campaign will consist of approximately 10 holes to test prospective land-based targets at the Flin Flon and Pine Bay VMS Projects PHASE ONE DRILL PROGRAM COMPLETED MARCH 2015 PHASE ONE DRILL RESULTS COMPLETED APRIL 2015 14 CALLINEX CORPORATE PRESENTATION PHASE TWO DRILL PROGRAM JULY AUGUST 1 2 3 TSX-V: CNX | OTCQX: CLLXF#15PINE BAY PROJECT LEGEND Historic Mine Deposit Mine Shaft Callinex Mineral Lease Callinex Claims Hudbay Claims Road Power Rail N OWNERSHIP Large 6,000 ha property, 100% owned subject to 1% NSR INFRASTRUCTURE Located within 16km to the Flin Flon concentrator Pine Bay Project PROSPECTIVITY Recently consolidated land package that hosts four historic mines TSX-V: CNX OTCQX: CLLXF HISTORIC RESOURCES 1.6 million tons of 2.81% copper equivalent * Historic resource estimates on the property total 1.62 Mt at a grade of 2.81% copper equivalent for the Pine Bay, Cabin, Baker Patton and Sourdough deposits are based on data and reports prepared by the previous operators: Wright Engineers in 1970, Pine Bay Mines in 1976, McMillan in 1968 and Keys in 1963. The company has not completed the work necessary to have the historical estimate verified by a QP. The company is not treating the estimate as a current 43-101 defined resource and the historical estimate should not be relied upon. The property will require future exploration. CALLINEX CORPORATE PRESENTATION 15#16PINE BAY - ADVANCED EXPLORATION 16 CALLINEX CORPORATE PRESENTATION "THE BEST PLACE TO FIND A MINE IS IN THE SHADOW OF A HEADFRAME" Pine Bay has been advanced as a high-grade 550 ton per day underground operation The project includes a 212m vertical shaft with 760m of underground development and advanced permitting status A modest increase in the size of deposits could have signifcant implications The larger project area has potential for several new discoveries TSX-V: CNX | OTCQX: CLLXF#17FLIN FLON PROJECT 777 Mine LEGEND Mine Site Callinex Deposit Powerline Highway Rail Flin Flon Project N Callinex Claims Hudbay Minerals Claim Currently Staked Area 10 KM RADIUS - 10 VMS DEPOSITS 0 KILOMETERS TSX-V: CNX OTCQX: CLLXF OWNERSHIP Large 2,455 ha property, 100% control subject to 2% NSR INFRASTRUCTURE Located within 5km via highway to the Flin Flon concentrator PROSPECTIVITY Strategic land position with limited historic drilling surrounded by Hudbay claims GEOPHYSICAL SURVEY 2012 airbourne survey identified several prospective geophysical targets CALLINEX CORPORATE PRESENTATION 17#18HOOK LAKE TARGET TOTAL MAGNETIC INTENSITY KL 1990 4 L2000:4> <L20102 L2020:2> <L2030:2 L2040:2> <L2050:2 L2060:2 Callinex <L2070:2 Hudbay L2080:2 <L20902 L2100:2 29408 PZ697E. ELECTROMAGNETIC STACKED PROFILES FOR Z COMPONENT <L2030:2 L2040:2> 07607E <L2050:2 18 L2060:2> <L2070:2 L2080:2> <l 2090:2 CALLINEX CORPORATE PRESENTATION COVERING CALLINEX AND HUDBAY CLAIMS Potential for significant massive sulphide deposit Untested 350m x 400m coincident EM/magnetic anomaly adjacent to fault and intrusives Significant conceptual thickness independent geophysical interpretation based on 2012 VTEM identified several additional prospective targets TSX-V: CNX | OTCQX: CLLXF#19DEEPER EXPLORATION PORTFOLIO PROJECT GEOGRAPHY INFRASTRUCTURE TOTAL ACREAGE MINERAL Cook Lake Herblet Lake Norris Lake Tramping Lake Island Lake Gossan Neuron Coles Creek Sneath Lake Keputch Cedar Kobar Manitoba/Ontario Border Near Flin Flon, Manitoba SW of Thompson, Manitoba Near Smithers, British Columbia Snow Lake area, Manitoba Central Saskatchewan Near Flin Flon, Manitoba Snow Lake area, Manitoba Snow Lake area, Manitoba Snow Lake area, Manitoba Winter Road 5,306 Au Railway 7,444 Au Helicopter 73,000 C Helicopter 12,552 Cu-Ag-Mo Paved Road 1,431 Cu-Zn-Pb Helicopter 73 Cu-Zn-Pb Paved Road 352 Cu-Zn-Pb Helicopter 453 Cu-Zn-Pb Helicopter 16 Cu-Zn-Pb Paved Road 2,441 Cu-Zn-Pb Snow Lake area, Manitoba Logging Road 1,950 Ni-Cu Snow Lake area, Manitoba Logging Road 1,228 Cu-Zn-Pb Moak Near Thompson, Manitoba Gravel road 429 Pine Near Thompson, Manitoba Paved Road 1,612 Ni-Cu Cu-Zn-Pb Fox River Near Gillam, Manitoba Helicopter 3,792 Ni-Cu TSX-V: CNX OTCQX: CLLXF CALLINEX CORPORATE PRESENTATION 19#20INVESTMENT SUMMARY L STRONG TEAM Experienced in A economic VMS discovery and access to capital markets CALLINEX ^ TIGHT CAPITAL STRUCTURE Supportive North American and European shareholder base with a long-term outlook PROJECT PORTFOLIO Exploration projects located within Manitoba's prolific mining camps 20 20 CALLINEX CORPORATE PRESENTATION TSX-V: CNX | OTCQX: CLLXF#21CONTACT INFORMATION A TSX-V: CNX | OTCQX: CLLXF CALLINEX 604.605.0885 [email protected] www.callinex.ca Corporate Head Office 1110-555 West Hastings Street Vancouver, BC Canada V6B 4N4 President and CEO: Max Porterfield Corporate Counsel: Northwest Law Group Auditors: Davidson & Company LLP CALLINEX CORPORATE PRESENTATION 21