A Leading Zinc exploration and Development company...Callinex Corporate Presentation TSX-V: CNX I OTC: CLLXF Production Schedule overview Year 1 Year 2 Year 3 Year 4 Year 5 Year 6

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 dD e v e l o p m e n t c o m p a n y

TSX-V: CNX I OTC: 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.

F O R W A R D L O O K I N G I N F O R M A T I O N2

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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

O U R H I S T O R Y

2014

2016

2018

2004 To discover and develop

base and precious metal

rich deposits within

established Canadian

mining districts

O U R M I S S I O N

FOCUSED ON BASE METAL DISTRICTS

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C o r p o r a t e o v e r v i e w

59%

21%

20%

retail investors

institutions

insiders & close associates

capital stru ctu r e enter pr ise valu eown ersh i p b r eakd own

- Sprott Group- Delbrook Capital Advisors

Shares Outstanding

85.8M

Options Outstanding*

6.1M($0.34 VWAP)

(Excludes 6.1M RSU’s with a 10 year vesting schedule)

Warrants Outstanding

4.0M($0.75 VWAP)

Market Cap

$9.4M

Debt

$0

Cash

$2.9MAs of 12/31/2018

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r ecent trad i n gshar e per fo r man ce

Closing Price(05/28/2019)

$0.065

52-Week Range

$0.065 - $0.255

Average Daily Volume (1 - mo)

52,809

TSX-V: CNX I OTCQX: CLLXF5

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5 Year Correlation between Zinc Prices and LME Inventory Levels

Mar14

0.60

0.80

1.00

1.20

USD

/ lb

Tons

1.40

1.60

1.80 900000

7000000

5000000

3000000

8000000

6000000

4000000

2000000

1000000

Jan16Aug14 Jul16 Nov17Feb15 Dec16 May18Jul15 Jun17 Oct18

ZINC PRICES LME STOCK LEVELS

ACQUIRES ZINC PORTFOLIO

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ANNOUNCES MAIDEN PEA AT NASH CREEK

Max PorterfieldCEO, President and Director

Over ten years of experience in natural resources and financial markets, previously with Brazil Resources Inc., Uranium Energy Corp. and US Global Investors. He is a graduate of Texas Tech University, with a bachelor’s degree in business administration.

Killian Ruby Chief financial officer

A Chartered Professional Accountant and was formerly an Assurance Partner at Wolrige Mahon LLP (now Baker Tilly Canada), and prior to that a Senior Manager with KPMG, working predominantly with public companies.

James Pickell Consulting geologist

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.

JJ O’Donnell Consulting geologist

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.

o u r T E A M

Mike Muzylowski consulting geologist & Advisor

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

Alan Vowles consulting geophysicist

Over 35 years of VMS exploration experience within the North America and an integral member of the HudBay team that discovered the Lalor deposit in Saskatchewan. 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.

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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

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bathurst overviewQuebec

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

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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-hostedsulphide belts in the world with morethan 130Mt of ore produced, commonlyZn-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

10.1 1 10 100 1000

Pb +

Zn

(wt.

%)

Million Tonnes

Caribou

BMS #12

SuperjackNash Creek

Quebec

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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

n a s h c r e e k p r o j e c t

SUPERJACK

NASH CREEK

Caribou Mine

Brunswick Mine #12

Brunswick Mine #6

Heath Steele Mine

Bathurst

25 KM

N

20 km

LEGEND


Power Rail Station


Mine Road City

HEADWAY

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I n f r a s t r u c t u r e A d va n ta g e at N a s h C r e e k12

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D i s t r i c t- s c a l e P o t e n t i a l BASE CASE SCENARIO

m a i d e n p e a r e s u lt s

14.4 Mt @ 3.7%MINED MINERALIZATION (DILUTED ZN EQ.)

$80.13NET SMELTER RETURN ($/T OF DMS FEED)

$168MPRE-PRODUCTION CAPEX

$230M / $128MPRE-TAX/AFTER-TAX NPV (8%)

~96M PoundsAVERAGE ANNUAL PRODUCTION (ZN EQ.)

$30.94TOTAL OPERATING COST ($/T OF DMS FEED)

2.8 YearsAFTER-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.

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P r o d u c t i o n S c h e d u l e o v e r v i e w

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 GRADES14

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D i s t r i c t s c a l e l a n d p a c k a g e

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 PortPower Station

Brunswick Smelter

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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



N

Nash Creek Deposit Correlation with 2011 IP Survey

25 km to Smelter, Deep Sea Port &

Railway

1.2 K

M T

O 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

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nash creek preliminary results of 2018 ip survey

• Preliminary results have identified a target area that spans approximately 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



N

Nash Creek Preliminary Results of 2018 IP Survey

1.2 K

M TO

HW

Y

25 km to Smelter, Deep Sea Port &

Railway

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2018 IP survey at nash creek project

LEGEND CNX Claim

2018 IP Survey

Mineral Occurrences



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

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P o t e n t i a l t o E x p a n d

• 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

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• 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 #12 Mine, recently one of the largest underground 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

s u p e r j a c k p r o j e c t

Quebec

N

SUPERJACK

NASH CREEK

Caribou Mine

Brunswick Mine #12

Brunswick Mine #6

Heath Steele Mine

Bathurst

25 KM

N

20 km

LEGEND


Power Rail Station


Mine Road City

HEADWAY

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N e w z i n c d i s c o v e r y

• 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

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Headway Project

• The high-grade project 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

• The project hosts the Headway and Pabineau deposits located along the prolific ‘Brunswick Horizon

• The Headway deposit is reported to be 950m long, 160m deep and up to 15m thick

• 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

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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

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• 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

KILOMETERS

0 2

N

Deposit

Historic Mine

Mine Shaft

Callinex Claims

Callinex Mining Lease

HudBay Claims

Alteration Zone

KILOMETERS

0 2

N

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Baker Patton Felsic Complex

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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 0.35Including 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 0.73Including 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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• Plans to complete an IP survey over key stratigraphy at the Company’s Pine Bay Project located in the Flin Flon Mining District of Manitoba.

• The objective is to model lowly conductive pyrite that has the potential to host high-grade zinc, copper, gold and silver mineralization to a depth of 580m

• Previous exploration discovered multiple pyrite-rich massive sulphide intersections that are very poorly conductive and as a result traditional electromagnetics has been an ineffective vectoring tool in this geological environment

• Potential to follow up on new drill targets in 2019

2 0 1 9 I P S u r v e yat P i n e B ay

• Plans to complete an IP survey overkey stratigraphy at the Company’sPine Bay Project located in the FlinFlon Mining District of Manitoba.

• The goal of the survey is to modellowly conductive pyrite that has thepotential to host high-grade zinc,copper, gold and silver mineralizationto a depth of 580m

• Previous exploration discoveredmultiple pyrite-rich massive sulphideintersections that are very poorlyconductive and as a result traditionalelectromagnetics has been anineffective vectoring tool in thisgeological environment

• Potential to follow up on new drilltargets in 2019

2 0 1 9 IP S u r v e y a t P i n e B a y

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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 963Total 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 1,910Superjack 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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I N V E S T M E N T S U M M A R Y

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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T S X - V : C N X | O T C : C L L X F

604.605.0885 [email protected] 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

Documents

A Leading Zinc exploration and Development company...Callinex Corporate Presentation TSX-V: CNX I OTC: CLLXF Production Schedule overview Year 1 Year 2 Year 3 Year 4 Year 5 Year 6