A Leading Zinc Junior in Established Canadian Mining Districts

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 forwardlooking 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.

OUR HISTORY 1927 Callinan Mines, founded by Jack Callinan in 1927, has had a major presence in the Flin Flon mining district in Manitoba, Canada OUR MISSION 2004 To drive shareholder 2011 2014 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 value by discovering and developing economic zinc and copper rich VMS deposits 2016 Callinex acquires threee zinc rich VMS deposits in Eastern Canada CALLINEX INVESTOR PRESENTATION 3 C A L L I N E X c o r p o r a t e P R E S E N T A T I O N 3

C O R P O R A T E O V E R V I E W TSX-V: CNX I OTCQX: CLLXF SHARE PERFORMANCE RECENT TRADING Closing Price (7/03/2016) $0.39 52-Week Range $0.23 - $0.54 Average Daily Volume (3 - mo) 145,081 CAPITAL STRUCTURE OWNERSHIP BREAKDOWN Shares Outstanding 61.0M Options Outstanding 4.4M ($0.33 VWAP) Warrants Outstanding 6.3M ($0.45 VWAP) INSTITUTIONS 19.6% - Resource Capital Funds - Europacific Gold Fund ENTERPRISE VALUE RETAIL INVESTORS 46% - Plethoria Precious Metals Fund - Fieldhouse Capital Management Market Cap 25.6M Debt $0 Working Capital $5.1M As of 5/27/2016 INSIDERS & CLOSE ASSOCIATES 34% CALLINEX corporate PRESENTATION 4

MANAGEMENT TEAM Mike Muzylowski Chairman Max Porterfield CEO, President and Director Jordan Butler Corporate development Rebecca Moriarty Chief financial officer 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 Over ten years of experience in natural resources and financial markets, previously with Brazil Resources Inc., Uranium Energy Corp. and US Global Investors Over six years of experience in the resource sector specializing in identifying and evaluating mineral properties. Previously, Financial Analyst with Americas Bullion Royalty Corp. and Till Capital 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 5 INVESTOR TSX-V: CNX TSX-V: CNX OTCQX: OTCQX: CLLXF CLLXF 5 CALLINEX corporate PRESENTATION

directors And advisory board DIRECTORS A D V I S O R Y B O A R D 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. 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 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 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 Nico Civelli An independent financial advisor specializing in natural resources, and the VP of Finance for Pacific LNG which recently sold to Oil Search Ltd. for USD $900 million 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 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 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 CALLINEX CALLINEX INVESTOR corporate PRESENTATION 6

Technical Team Mike Muzylowski Chairman of the Board TROUT MINE +22 MT James Pickell Consulting Geologist 777 MINE +21 MT 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 PDAC Developer of the Year award and is a 2011 inductee into the Canadian Mining Hall of Fame. 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. Alan Vowles Consulting Geophysicist LALOR MINE +25 MT JJ O Donnell Consulting Geologist 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. 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. Canadian Mining Hall of Fame Inductee and PDAC Developer of the Year award PDAC Bill Dennis Prospector of the Year award 7 INVESTOR TSX-V: CNX TSX-V: CNX OTCQX: OTCQX: CLLXF CLLXF 7 CALLINEX corporate PRESENTATION

zinc market overview Current supply / demand deficit expected to increase further based on reduced mine supply Consumption is expected to increase by +3 million tonnes over the next five years Zinc inventories have dropped by over 50% since 2013 and are nearing critically low levels Wood Mackenzie estimates a price of $1.60 is necessary to incentivize sufficient new production growth Tonnes 000 US$/Ib 20,000 2.00 18,000 16,000 14,000 12,000 10,000 8,000 1.80 1.60 1.40 1.20 1.00 0.80 Base Case Zinc Supply Base Case + Probable Projects Zinc Supply Zinc Demand Forecast Historic Zinc Price 6,000 4,000 2,000 0.60 0.40 0.20 Zinc Price Forecast Source: Wood Mackenzie 0 0.00 2010 2011 2012 2013 2014 2015 2016E 2017E 2018E 2019E 2020E 2021E 2022E CALLINEX corporate PRESENTATION 8

sea floor seawater seepage Cu Ag Au Zn heat sedimentation mass of sulphide deposits VOLCANOGENIC MASSIVE SULPHIDE DEPOSITS HIGH GRADE Polymetallic deposits containing zinc, copper, lead, gold and silver FORMATION Deposits occur where mineral rich, 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 and Bathurst PREVALENCE 350 deposits and major VMS occurrences in Canada; Flin Flon and Bathurst Camps are the top two jurisdictions in the nation 1 magma Source: 1 Mineral Deposits of Canada, Volcanogenic Massive Sulphide Deposits 9 C A L L I N E X c o r p o r a t e P R E S E N T A T I O N

Strategic Properties Near Hudbay Minerals Flin Flon Operations N 777 Mine Processing Facility Flin Flon Flin Flon Project LEGEND Deposit Historic Mine Pine Bay Shaft Emerging Callinex Discovery Callinex Claims Callinex Mining Lease HudBay Claims Road Power Rail Pine Bay Project CALLINEX corporate PRESENTATION 10

HUDBAY'S MANITOBA OPERATIONS MINE DEPLETION The Flin Flon processing facility has excess capacity and requires additional ore within four years - 777 Mine to be exhausted by 2020 - Reed Lake Mine to be exhausted 2019 EXPLORATION FOCUS Strategy to outsource exploration through junior partners; few juniors actively exploring in Manitoba 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 processing facility 11 C A L L I N E X c o r p o r a t e P R E S E N T A T I O N

N p i n e b ay project Strategic location 16km to HudBay s Flin Flon processing facilities, which has less than four years of supply remaining Flin Flon Project Pine Bay Project Fast-track potential, vertical shaft and underground workings permitted for mining activities Two emerging discoveries, both zones open for expansion along strike and at depth Deposit LEGEND Callinex Claims KILOMETERS Previously controlled by majors, individual claim areas held by Placer Dome, Inmet, Newmont and HudBay Mine Callinex Mining Lease Mine Shaft HudBay Claims Processing Facility Road Emerging Callinex Discovery Power Rail CALLINEX corporate PRESENTATION 12

N +++++++++++++++++++++++++++++++++++++++++++++++++++++ +++++++++++++++++++++++++++++++++++++++++++++++++++++ ++++++++++++++++++++++++++++++++++++++++++++++++++++++ ++++++++++++++++++++++++++++++++++++++++++++++++++++++ +++++++++++++++++++++++++++++++++++++++++++++++++++++++ +++++++++++++++++++++++++++++++++++++++++++++++++++++++ ++++++++++++++++++++++++++++++++++++++++++++++++++++++++ ++++++++++++++++++++++++++++++++++++++++++++++++++++++++ +++++++++++++++++++++++++++++++++++++++++++++++++++++++++ +++++++++++++++++++++++++++++++++++++++++++++++++++++++++ ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ Deposit Historic Mine Mine Shaft Emerging Callinex Discovery Callinex Claims Callinex Mining Lease LEGEND N HudBay Claims Alteration Zone ++++++++++++++++++++++++++++++++++++++++++++++++++ ++++++++++++++++++++++++++++++++++++++++++++++++++ +++++++++++++++++++++++++++++++++++++++++++++++++++ +++++++++++++++++++++++++++++++++++++++++++++++++++ ++++++++++++++++++++++++++++++++++++++++++++++++++++ ++++++++++++++++++++++++++++++++++++++++++++++++++++ +++++++++++++++++++++++++++++++++++++++++++++++++++++ +++++++++++++++++++++++++++++++++++++++++++++++++++++ ++++++++++++++++++++++++++++++++++++++++++++++++++++++ ++++++++++++++++++++++++++++++++++++++++++++++++++++++ +++++++++++++++++++++++++++++++++++++++++++++++++++++++ +++++++++++++++++++++++++++++++++++++++++++++++++++++++ ++++++++++++++++++++++++++++++++++++++++++++++++++++++++ ++++++++++++++++++++++++++++++++++++++++++++++++++++++++ +++++++++++++++++++++++++++++++++++++++++++++++++++++++++ Baker Patton Felsic Complex Road Power PINE BAY area POTENTIAL FOR A LARGE VMS DEPOSIT Three known deposits including the Pine Bay deposit with a historic vertical shaft and significant underground workings Previously explored by Placer Dome, who had a mandate to identify a 30 Mt VMS deposit Covers one of the largest felsic volcanic packages in the belt, which are the primary host rocks for VMS deposits New discovery from drill testing target that both Placer Dome and Inmet attempted to drill, but did not reach the target area 13 C A L L I N E X c o r p o r a t e P R E S E N T A T I O N

Exploration Milestones Historic data compilation on land package Technical team is strengthened Acquired 100% ownership of Pine Bay and Flin Flon Projects Pine Bay East Discovery 2014 2015 2016 Extensive ground geophysical program and confirmation drilling Sourdough Bay Discovery CALLINEX corporate PRESENTATION 14

N South Brook LEGEND Processing Facility Mine Road Power Trail Port City P o i n t l e a m i n g t o n project Development-stage VMS project located in Newfoundland, Canada PT. LEAMINGTON PROJECT 14.1Mt Inferred mineral resource grading 6.2% Zn Eq. including 1.9% Zn, 1.1 g/t Au, 17.1 g/t Ag and 0.42% Cu* Resource starts at surface and extends to a vertical depth of 350m Buchans Badger Grand Falls Windsor Bishop s Falls Advanced permitting stage with resource contained within current Mining Lease High-grade mineralization open at depth with assays including 4.67m of 15.1% Zn, 4.4 g/t Au, 57.9 g/t Ag and 0.36% down-plunge from resource* *See News Release dated May 16, 2016 Duck Pond 15 C A L L I N E X c o r p o r a t e P R E S E N T A T I O N

Quebec N n a s h c r e e k N project NASH CREEK Development-stage VMS project located in the world-class Bathurst Camp of New Brunswick, Canada Caribou Mine SUPERJACK 90 KM Brunswick Mine #12 Bathurst Brunswick Mine #6 Near-surface Indicated mineral resource of 7.8Mt grading 3.2% Zn Eq. including 2.7% Zn, 0.6% Pb and 18.3 g/t Ag plus an Inferred mineral resource of 1.2 Mt grading 3.2% Zn Eq including 2.7% Zn, 0.5% Pb and 18.0 g/t Ag* Located 90km from operating processing facility Heath Steele Mine Deposit is open along strike to the south where increased grades have been encountered LEGEND Processing Facility Mine Road Power Rail Port City Preliminary testing has indicated amenability to Dense Media Separation, which is designed to increase the average grade of rock processed *See News Release dated May 18, 2016 CALLINEX corporate PRESENTATION 16

superjack N project NASH CREEK Caribou Mine 50 KM Brunswick Mine #12 Bathurst Exploration-stage VMS project located in the world-class Bathurst Camp of New Brunswick, Canada 3.2Mt Inferred mineral resource grading 3.0% Zn, 0.8% Pb, 29.5 g/t Ag and 0.23% Cu* Heath Steele Mine SUPERJACK LEGEND Processing Facility Mine Road Power Rail Port City Brunswick Mine #6 Located 15km from the supergiant Brunswick #12 Mine, recently one of the largest underground zinc mines in the world A Zone is wide-open at depth of 440m, the deepest hole drilled (NP11-39) intersected 2.6m of 15.0% Zn, 1.4% Pb, 32.5 g/t Ag and 0.27% Cu* Two zones ( A and C zones) host highergrade near-surface mineralization with untested targets along strike *See News Release dated May 18, 2016 17 C A L L I N E X c o r p o r a t e P R E S E N T A T I O N

Total Mineral Resources Indicated Mineral Resources* Project Cut-off (Zn. Eq) Tonnes Zn (%) Pb (%) Ag (g/t) Au (g/t) Cu (%) Nash 2.0 7,807,900 2.72 0.55 18.26 n/a n/a Total 7,807,900 2.72 0.55 18.26 n/a n/a Inferred Mineral Resources* Project Cut-off (Zn. Eq) Tonnes Zn (%) Pb (%) Ag (g/t) Au (g/t) Cu (%) Point Leamington 4.0 14,093,000 1.86 0.02 17.12 1.07 0.42 Superjack 1.5 3,211,015 3.01 0.78 29.45 n/a 0.27 Nash 2.0 1,211,700 2.66 0.52 18.00 n/a n/a Total 18,515,715 2.11 0.18 19.32 0.81 0.37 *See news releases dated May 16 and 18, 2016 for additional details Pine Bay Point Leamington Nash Creek Superjack CALLINEX corporate PRESENTATION 18

INVESTMENT SUMMARY STRONG TEAM TIGHT CAPITAL STRUCTURE PROJECT PORTFOLIO Strong portfolio of zinc-rich assets in Canadian mining jurisdictions Near-term exploration upside with ongoing work programs in Manitoba World-class technical team that has been involved in the last three major discoveries near Flin Flon, MB Well-funded with over $5M in working capital and a strong institutional shareholder base 19 CALLINEX corporate PRESENTATION

604.605.0885 info@callinex.ca 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: Davidson & Company LLP