investor Presentation TSX-V: CNX OTCQX: CLLXF

investor Presentation TSX-V: CNX OTCQX: CLLXF

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 Christina Taylor, P.Geo, the Company s Project Geologist, and a Qualified Person as defined by National Instrument 43-101. 2 CALLINEX INVESTOR PRESENTATION TSX-V: CNX OTCQX: CLLXF

OUR HISTORY, Our mission OUR HISTORY 1927 2004 2011 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 OUR MISSION To drive shareholder value by discovering economic VMS deposits in Manitoba 2014 Callinex renews exploration focus on VMS deposits in Manitoba TSX-V: CNX OTCQX: CLLXF CALLINEX INVESTOR PRESENTATION 3

CORPORATE OVERVIEW TSX-V: CNX I OTCQX: CLLXF RECENT TRADING SHARE PERFORMANCE Closing Price (10/23/2015) $0.34 52-Week Range $0.16 - $0.40 Average Daily Volume (3 - mo) 40,886 CAPITAL STRUCTURE Shares Outstanding 47.7M Options Outstanding 3.0M ($0.34 VWAP) Warrants Outstanding 3.1M ($0.45 VWAP) OWNERSHIP BREAKDOWN ENTERPRISE VALUE RETAIL INVESTORS 38% RESOURCE CAPITAL FUNDS 18% Market Cap 16.0M Debt $0 Cash $4.0M As of 8/1/2015 INSIDERS & CLOSE ASSOCIATES 44% 4 CALLINEX INVESTOR PRESENTATION TSX-V: CNX OTCQX: CLLXF

Resource Capital Funds - Our Strategic Partner US$ 2.5 billion mining-focused private equity firm that partners with portfolio companies to build strong, successful and sustainable businesses PATIENT APPROACH Provide patient capital and remain committed to strategies irrespective of short-term commodity or equity price fluctuations. MINING EXPERTS Team of over 70 high-level mining professionals with extensive experience in all aspects of resource development complemented by financial and legal market expertise. ACCESS TO EXTENSIVE GLOBAL NETWORKS Provide access to their extensive global network including industry professionals, capital markets contacts and off-take partners. TSX-V: CNX OTCQX: CLLXF CALLINEX INVESTOR PRESENTATION 5

MANAGEMENT TEAM Mike Muzylowski Chairman Max Porterfield CEO, President and Director Nico Civelli VP Finance and director 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 eight years of experience in natural resources and financial markets, previously with Brazil Resources Inc., Uranium Energy Corp. and US Global Investors 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 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 6 CALLINEX INVESTOR PRESENTATION TSX-V: CNX OTCQX: CLLXF

Technical Team Mike Muzlyowsky Chairman of the Board James Pickell Consulting Geologist Alan Vowles Consulting Geophysicist TROUT MINE +22 MT 777 MINE +21 MT LALOR MINE +25 MT Involved in the discovery of 12 VMS mines in the Flin Flon district including the Trout Lake mine, which operated from 1982-2012. Mr. Muzylowski received the 1988 PDAC Developer of the Year award and in 2011 was inducted into the Canadian Mining Hall of Fame. Over 40 years of VMS exploration experience within the Flin Flon district that has led to several economic discoveries including Callinan North, Konuto Lake and 777 ore bodies. 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. Over 35 years of VMS exploration experience within the Flin Flon district and an integral member of the HudBay team that discovered the Lalor deposit. 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. JJ O Donnell Consulting Geologist Over 20 years of VMS exploration experience within the Flin Flon district while holding senior positions with Callinex, HudBay and Granges. Mr. O Donnell was instrumental in mapping the 777 mine stratigraphy and in the acquisition of Callinex s Flin Flon Project. Christina Taylor Project Geologist Over 10 years of exploration experience primarily with HudBay in the Flin Flon district. Ms. Taylor has worked at all of HudBay s current mines in Manitoba and specializes in identifying and evaluating VMS targets. Canadian Mining Hall of Fame Inductee and PDAC Developer of the Year award TSX-V: CNX OTCQX: CLLXF PDAC Bill Dennis Prospector of the Year award CALLINEX INVESTOR PRESENTATION 7

directors 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 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 8 CALLINEX INVESTOR PRESENTATION TSX-V: CNX OTCQX: CLLXF

VOLCANOGENIC MASSIVE SULPHIDE DEPOSITS HIGH GRADE Polymetallic deposits containing Copper, Zinc, 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 PREVALENCE 350 deposits and major VMS occurrences in Canada; Manitoba hosts the second largest number of deposits in the nation 1 Source: 1 Mineral Deposits of Canada, Volcanogenic Massive Sulphide Deposits TSX-V: CNX OTCQX: CLLXF CALLINEX INVESTOR PRESENTATION 9

WHY MANITOBA COMPETITIVE ADVANTAGE Team members involved in three of the four largest VMS discoveries in the belt 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 4 th globally for Investment Attractiveness 1 including cash subsidies of up to $200,000 per year for approved exploration expenditures 1 Source: Fraser Institute: Survey of Mining Companies (2014) 10 CALLINEX INVESTOR PRESENTATION TSX-V: CNX OTCQX: CLLXF

FLIN FLON MINING DISTRICT CLUSTER EFFECT SUCCESS RATE Continuous mining since the 1920 s with over 50% of deposits advanced to production 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 INFRASTRUCTURE Over $1.6 billion invested towards mine development with road, rail, power and water infrastructure to facilitate quick development of new discoveries Average Depth (m) 0-300 -600-900 -1200 DEPTH OF MINES Initial Production 1916 1930 1948 1955 1955 1969 1975 1982 1990 2004 2013 2014 Mandy Cuprus Don Jon Pine Bay North Star Centennial Callinan Reed 0 4 8 12 16 Deposit Size (Million Tonnes) TIMELINES AND CAPEX -1500 Flin Flon Trout Lake 777 Lalor 20+ Typically less than six years from discovery to development with reduced capital expenditures Average Depth Deposit Size Recent discoveries have typically been larger in size and deeper than previously found TSX-V: CNX OTCQX: CLLXF CALLINEX INVESTOR PRESENTATION 11

HUDBAY'S MANITOBA OPERATIONS MINE DEPLETION The Flin Flon concentrator has excess capacity and requires additional ore within 4-5 years: - 777 Mine to be exhausted by 2020 - Reed Lake Mine to be exhausted 2019 EXPLORATION FOCUS 2015 exploration primarily focused nearby existing mines, leaving little room for new discovieries 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 12 CALLINEX INVESTOR PRESENTATION TSX-V: CNX OTCQX: CLLXF

strategic project portfolio N Flin Flon 777 Mine Flin Flon Project Pine Bay Project LEGEND Deposit Historic Mine Pine Bay Shaft Callinex Claims Callinex Mineral Lease Hudbay Claims Road Power Rail 0 2 KILOMETERS TSX-V: CNX OTCQX: CLLXF CALLINEX INVESTOR PRESENTATION 13

PIne Bay project Overview N N STRATEGIC LOCATION 16km to Hudbay s Flin Flon operation, which has less than five years of reserves and excess processing capacity Pine Bay Project FAST-TRACK POTENTIAL Vertical shaft and underground workings permitted for mining activities AN EMERGING DISCOVERY New zone identified that hosts Cu, Zn, Au and Ag adjacent to Sourdough deposit LEGEND Deposit Hudbay Claims Historic Mine Road Mine Shaft Power Callinex Claims Rail Callinex Mineral Lease KILOMETERS PREVIOUSLY CONTROLLED BY MAJORS Individual claim areas held by Placer Dome, Inmet, Newmont and HudBay 14 CALLINEX INVESTOR PRESENTATION TSX-V: CNX OTCQX: CLLXF

sourdough area hosts new VMS Zone N SDB003 SDB002 SDB001 SOURDOUGH DEPOSIT N Hole SDB001 encountered 176 meters of alteration and intersected a 7.4 m zone that assayed 1.58% Cu Eq. Located approximately 100m east of the Sourdough deposit 2.3 km The VMS zone was previously undetected from ground geophysics due to its depth below surface and is a blind discovery CENTENNIAL MINE Deposit Drill Holes New VMS Zone 2015 HBM Drilling Historic Mine LEGEND Callinex Claims Hudbay Claims Sourdough Horizon Road Geophysical borehole anomaly, associated with intersected copper mineralization, extends for +100m along strike and at depth 0 1 KILOMETER TSX-V: CNX OTCQX: CLLXF CALLINEX INVESTOR PRESENTATION 15

Winter Drilling at the new zone SOURDOUGH DEPOSIT 0 m SDB001 The new zone is open in all directions with no nearby drilling An initial step-out drilling campaign is planned this winter to expand new zone and vector into the core of the mineralized system Geophysical and geological interpretations indicate that the discovery hole is located at the northern edge of a larger conductive source NEW VMS ZONE 500 m BOREHOLE CONDUCTOR 16 CALLINEX INVESTOR PRESENTATION TSX-V: CNX OTCQX: CLLXF

PINE BAY area N + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + Deposit Historic Mine Mine Shaft Callinex Claims Callinex Mineral Lease 0 2 KILOMETERS LEGEND TSX-V: CNX OTCQX: CLLXF Hudbay Claims + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + N Alteration Felsics Road Power N 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 and Inmet, who had mandates to identify a +20 Mt VMS deposit Several proposed drill targets by Placer Dome remain untested along the Pine Bay mine horizon Covers the largest volcanic felsic rock package on the belt, which are the primary host rock for VMS deposits CALLINEX INVESTOR PRESENTATION 17

2015 exploration recap 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. Initial Phase Two results identified new discovery adjacent to Sourdough deposit UPCOMING 2016 WINTER DRILLING PHASE TWO DRILL RESULTS NOVEMBER WINTER PROGRAM DRILLING & GEOPHYSICS 5,000 TO 10,000 m PLANNED DECEMBER - MARCH 1 2 18 CALLINEX INVESTOR PRESENTATION TSX-V: CNX OTCQX: CLLXF

FLIN FLON PROJECT 777 Mine Flin Flon N OWNERSHIP N Large 961 ha property, 100% ownership subject to 2% NSR INFRASTRUCTURE LEGEND Flin Flon Project Located within 5km via highway to the Flin Flon concentrator Callinex Deposit Mine Site Road Power Rail Callinex Claims Hudbay Claims Currently Staked Area 0 2 KILOMETERS 10 KM RADIUS - 10 VMS DEPOSITS PROSPECTIVITY Strategic land position with limited historic drilling surrounded by HudBay claims GEOPHYSICAL SURVEY 2012 airbourne survey identified several prospective geophysical targets TSX-V: CNX OTCQX: CLLXF CALLINEX INVESTOR PRESENTATION 19

DEEPER EXPLORATION PORTFOLIO PROJECT GEOGRAPHY INFRASTRUCTURE TOTAL ACREAGE MINERAL Island Lake Manitoba/Ontario Border Winter Road 5,306 Au Gossan Near Flin Flon, Manitoba Railway 7,444 Au Coles Creek Near Smithers, British Columbia Helicopter 12,552 Cu-Ag-Mo Neuron SW of Thompson, Manitoba Helicopter 73,000 C Sneath Lake Snow Lake area, Manitoba Paved Road 1,431 Cu-Zn-Pb Cook Lake Snow Lake area, Manitoba Helicopter 16 Cu-Zn-Pb Herblet Lake Snow Lake area, Manitoba Paved Road 2,441 Cu-Zn-Pb Moak Near Thompson, Manitoba Gravel road 429 Ni-Cu Pine/Setting Near Thompson, Manitoba Paved Road 1,612 Cu-Zn-Pb Fox River Near Gillam, Manitoba Helicopter 3,792 Ni-Cu Keputch Central Saskatchewan Helicopter 73 Cu-Zn-Pb 20 CALLINEX INVESTOR PRESENTATION TSX-V: CNX OTCQX: CLLXF

INVESTMENT SUMMARY STRONG TEAM TIGHT CAPITAL STRUCTURE PROJECT PORTFOLIO Newly discovered VMS zone with step-out drilling planned this winter Upcoming news flow with ~$1.5 million in exploration planned for 2016 Strategic land package located in close proximity to HudBay s operations World-class technical team that has been involved in the last three major discoveries in the Flin Flon Greenstone Belt Well-funded with strong institutional and insider ownership TSX-V: CNX OTCQX: CLLXF CALLINEX INVESTOR PRESENTATION 21

CONTACT INFORMATION 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 22 CALLINEX INVESTOR PRESENTATION TSX-V: CNX OTCQX: CLLXF