ASX:CAI

ROADSHOW PRESENTATION INCL NOVO - SEPTEMBER 2017

UNLOCKING AUSTRALIA’S NEXT SIGNIFICANT GOLD REGION

2

DISCLAIMER

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 Person’s 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.

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WARRAWOONA PROJECT IN THE EMERGING PILBARA GOLDFIELD OF WAUNLOCKING THE POTENTIAL OF THE PILBARA

• 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 drilling already under way

HIGH QUALITY ASSET

AGGRESSIVE EXPLORATION PROGRAM

• Well funded Post over-subscribed capital raising• Strategy to rapidly expand resource via brownfields

extensions to current mineralisation and regional targets

PROVEN MANAGEMENT

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

• Raised significant capital for gold exploration and development

4

CORPORATE OVERVIEW

CAPITAL STRUCTURESHARES ON ISSUE 730.7

Million

MARKET CAP(undiluted at A$0.045)

$32.9Million

CASH(end June Qtr)

$4.4Million

DEBT $0

ENTERPRISE VALUE $21.2Million

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 PFS

ASX:CAI

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

4%

5%

24%

14%

52%

CAI Shareholder BreakdownBoard & Mgmt Direct

Board and Mgmt via Keras

Keras Plc*

Institutions

Other

5

CALIDUS TIMELINESYSTEMATICALLY UNLOCKING THE POTENTIAL OF WARRAWOONA

COMPLETED Initial

mapping and 600m

drill program

completed.

COMPLETED Listing of Calidus

Resources (ASX:CAI) onto the

ASX 22/06/2017

COMMENCED 12,600m drill program and met test work – June 2017

COMPLETED Acquisition of 50% of Epminex

tenements July 2017

COMPLETED Acquisition

of Novo tenements Sep 2017

Oct 2017 Complete

Drilling

Late 2017 Resource

upgrade and confirmation of priorities

for the remainder of

the year

Apr 18 –Sep 18 Further

extensional and regional

drilling planned

H2 2018 Possible

Commencement of Pre-

Feasibility Study

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LOCATED IN AREA WITH PROVEN RESOURCE POTENTIAL WARRAWOONA GOLD PROJECT

7

CALIDUS (ADJ) – HOT, FIERY

CALIDUS – WHATS IN THE NAME

Marble Bar holds the world record for the longest sequence of days above 100°F (o r 37.8 ° C). The tem perature , m easured under standard expo sure co nditio ns, reached o r exceeded the century m ark every day fro m 31 Octo ber 1923 to 7 April 1924, a to tal o f 160 days.

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TARGETING A LARGE AND RAPID INCREASE IN RESOURCE WITH MULTIPLE TARGETS IDENTIFIED

WARRAWOONA GOLD PROJECT

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 • Resource and initial focus located

at Klondyke • Limited regional drilling over

50km of untested outcropping shears

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

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CURRENT RESOURCE ON KLONDYKE SHEARKLONDYKE DEPOSIT

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LARGE RESOURCE POTENTIAL!KLONDYKE DEPOSIT

• 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

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Drill Program Underway

DRILLLING UNDERWAY AT WARRAWOONATICKING THE BOXES AHEAD OF SCHEDULE

• The initial 11,500 RC drill program is underway with initial drillholes targeting the “gap area” of the current Klondyke Resource

• The program is divided into the following areas:

• 7,000m into the “gap area”, with an aim to link the Klondyke Resource;

• 4,000m into the existing resource with systematic in-fill drilling;

• 500m at the Fieldings Gully deposit;• 1,100m of HQ core into the main

Klondyke resource and Copenhagen, Coronation and Fieldings Gully satellite deposits.

• The program is anticipated to deliver continuous news flow aimed at increasing the current resource size and category

Drill rig at Warrawoona (14/06/2017)

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KLONDYKE DEPOSIT

Histor ical Mine Working

LEGEND

JORC 2012 Resource

Interpreted Faul t

Klondyke King18g/t

Cuban106g/t

Kopke’s Reward90g/t

Klondyke Queen187g/t

OUTCROPPING, CONTINUOUS MINERALISATION WITH HISTORICAL HIGH GRADE GOLD WORKINGS

View

St George167g/t

* Al l grades shown are l ife of mine average grades – source MINDEX

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KLONDYKE DEPOSIT

Klondyke Queen187g/t

Klondyke Boulder40g/t

Gift46g/t

Princess of Alaska47g/t

Copenhagen, CoronationFieldings Gul ly

EXTENSIONAL DRILLING TARGETS - WELL DEFINED

View

Gauntlet50g/t

Great Western52g/t

British Exploration of Aus.184g/t

* Al l grades shown are l ife of mine average grades – source MINDEX

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HISTORICAL DRILLING IS LIMITED, CONSTRAINED AND SHALLOWKLONDYKE – EXPLORATION UPSIDE

• 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

* Al l grades shown are l ife of mine average grades – source MINDEX

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KLONDYKE DEPOSIT

INITIAL DRILL PROGRAMME

• 40 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

INITIALLY TARGETING THE’ GAP’ ZONE AND RESOURCE INFILL

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CURRENT DRILLING IN ‘GAP’ ZONEKLONDYKE DEPOSIT

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KLONDYKE SECTIONS

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HIGH GRADE SATELLITE TARGETS – WITHIN 10KM OF KLONDYKEREGIONAL UPSIDE

• Further upside via additional largely unexplored multiple shears to west of main shear• Covers seven mining licences and two exploration licences/applications

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REGIONAL UPSIDE

AA’

A A’

COPENHAGEN• JORC 2012 Inferred Mineral Resource of 180,000t @ 6.1g/t to maximum of 100m depth

and along 140m of strike• Open in all directions• Drilling planned this quarter• Mapping confirms prospectivity to be followed up with targeted soil sampling

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REGIONAL UPSIDE

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 surface4m @ 5.71 g/t from 12m2m @ 31.5 g/t from 30m

FIELDINGS GULLY• Historic non-compliant resource

calculated• Remains open at depth and along strike

14m @ 3.09g/t from 53m4m @ 5.29 g/t from 12m3m @ 17.58g/t from 20m

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FURTHER REGIONAL UPSIDE

MARBLE BAR GOLDFIELD

• Produced 170,000oz from 196,500t, no modern exploration• 35 recorded old workings on tenement

MARBLE BAR GOLDFIELD AND EXTENSIONS OF THE GREENSTONE BELT

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ASSISTS WITH RAPID COST EFFECTIVE DEVELOPMENTWELL SERVICED BY EXISTING INFRASTRUCTURE

• Located 20km south east of Marble Bar • Granted Mining Leases – prior to native title

regime

• 2 hours drive from Port Hedland – Australia’s largest port

• Sealed road to Marble Bar from Port Hedland, all weather 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 available

in Marble Bar

• Mad Clappin Harry’s, the best coffee in the NW!

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DCNWAFS2R

KIN

EMR

EGS

GCYGOR

CAI

RTGEAR

CDVCMM

BSR

ABU

PGO

AUC

RVYGPR

CAS

CRB

AZM

ORR

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

- 500.0 1,000.0 1,500.0 2,000.0 2,500.0 3,000.0 3,500.0 4,000.0 4,500.0 5,000.0

Reso

urce

Gra

de (g

/t A

u)

Resource Ounces

…ON GRADE AND OUNCES WHERE CALIDUS FITS IN

CAI

*Bubble Size Represents Enterprise Value

1. Data at 24 July 2017

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A FRESH, WELL CAPITALISED STORY IN A TIER 1 JURISDICTION

REASONS TO INVEST

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

EXISTING HIGH GRADE RESOURCE with predictable and tangible brownfieldsexploration upside and drill ready targets

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

CONTACT

DAVE REEVESManaging Director

dave@calidus.com.au

mailto:dave@kerasplc.com

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APPENDIX ONEJORC 2012 RESOURCE

DepositJORC

CategoryCut-Off Grade Tonnes(Mt) Grade Metal

Au (g/t) Au (g/t) (Koz)Klondyke Inferred 0.5 5.6 2.08 374Copenhagen Inferred 0.5 0.18 6.1 36

Total 0.5 5.78 2.21 410

Sheet1

DepositMeasuredIndicatedInferredTotal

MtAu (g/t)OzMtAu (g/t)OzMtAu (g/t)OzMtAu (g/t)Oz

Klondyke5.602.08374,5345.602.08374,534

Copenhagen0.186.1035,3050.186.1035,305

Total5.782.21409,8395.782.21409,839

* All reported at a 0.5g/t Au cut-off grade

DepositJORC CategoryCut-Off GradeTonnes(Mt)GradeMetal

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

KlondykeInferred0.55.62.08374

CopenhagenInferred0.50.186.136

Total0.55.782.21410

Slide Number 1DISCLAIMERUNLOCKING THE POTENTIAL OF THE PILBARACORPORATE OVERVIEW �CALIDUS TIMELINE�SYSTEMATICALLY UNLOCKING THE POTENTIAL OF WARRAWOONAWARRAWOONA GOLD PROJECTCALIDUS – WHATS IN THE NAMEWARRAWOONA GOLD PROJECTKLONDYKE DEPOSITKLONDYKE DEPOSITDRILLLING UNDERWAY AT WARRAWOONA�TICKING THE BOXES AHEAD OF SCHEDULE��KLONDYKE DEPOSITKLONDYKE DEPOSITKLONDYKE – EXPLORATION UPSIDEKLONDYKE DEPOSITKLONDYKE DEPOSITKLONDYKE SECTIONSREGIONAL UPSIDEREGIONAL UPSIDEREGIONAL UPSIDEFURTHER REGIONAL UPSIDEWELL SERVICED BY EXISTING INFRASTRUCTUREWHERE CALIDUS FITS INREASONS TO INVESTSlide Number 25APPENDIX ONE