i n v e s t o r P r e s e n t a t i o nT S X - V : C N X | O T C Q X : C L L X F

2 C A L L I N E X I N V E S T O R P R E S E N TAT I O N T S X - V : C N X | O T C Q X : C L L X F

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 James Pickell, 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 N

3C A L L I N E X I N V E S T O R P R E S E N TAT I O NT S X - V : C N X | O T C Q X : C L L X F

O U R H I S T O R Y , O u r m i s s i o n

OUR MISSION

To drive shareholder value by discovering economic copper and zinc rich VMS deposits in Manitoba

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

1927

2011

OUR HISTORY

2014

2004

4 C A L L I N E X I N V E S T O R P R E S E N TAT I O N T S X - V : C N X | O T C Q X : C L L X F

RESOURCE CAPITAL FUNDS

18%

RETAIL INVESTORS 38%

INSIDERS & CLOSE ASSOCIATES

44%

OWNERSHIP BREAKDOWN

SHARE PERFORMANCE

C O R P O R A T E O V E R V I E W TSX-V: CNX I OTCQX: CLLXF

Closing Price

(1/20/2016)

$0.27

52-Week Range

$0.16 - $0.40

Average Daily

Volume (3 - mo)

35,755

Shares

Outstanding

47.7M

Options

Outstanding

4.4M($0.33 VWAP)

Warrants

Outstanding

2.8M($0.45 VWAP)

Market Cap

12.6M

Debt

$0

Cash

$3.7MAs of 9/30/2015

RECENT TRADING

CAPITAL STRUCTURE

ENTERPRISE VALUE

5C A L L I N E X I N V E S T O R P R E S E N TAT I O NT S X - V : C N X | O T C Q X : C L L X F

Resource Capital Funds - Our Strategic Partner

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

US$ 2.5 billion mining-focused private equity firm that partners with portfolio companies to build strong,

successful and sustainable businesses

6 C A L L I N E X I N V E S T O R P R E S E N TAT I O N T S X - V : C N X | O T C Q X : C L L X F

M A N A G E M E N T T E A M

Mike Muzylowski Chairman

Max PorterfieldCEO, 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 ten 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

7C A L L I N E X I N V E S T O R P R E S E N TAT I O NT S X - V : C N X | O T C Q X : C L L X F

Mike MuzylowskiChairman of the Board

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 is a 2011 inductee into the Canadian Mining Hall of Fame.

Techn ical Team

Canadian Mining Hall of Fame Inductee and PDAC Developer of the Year award PDAC Bill Dennis Prospector of the Year award

James PickellConsulting Geologist

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.

Alan Vowles Consulting Geophysicist

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.

TROUT MINE +22 MT 777 MINE +21 MT

LALOR MINE +25 MT

JJ O’DonnellConsulting 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.

8 C A L L I N E X I N V E S T O R P R E S E N TAT I O N T S X - V : C N X | O T C Q X : C L L X F

d i r e c t o r s A n d a d v i s o r y b o a r d

DIRECTORS ADVISORY BOARD

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

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

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

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

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

9C A L L I N E X I N V E S T O R P R E S E N TAT I O NT S X - V : C N X | O T C Q X : C L L X F

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 nation1

Source: 1 Mineral Deposits of Canada, Volcanogenic Massive Sulphide Deposits

VOLCANOGENIC MASSIVE SULPHIDE DEPOSITS

10 C A L L I N E X I N V E S T O R P R E S E N TAT I O N T S X - V : C N X | O T C Q X : C L L X F

• Higher metal prices are needed to sustain current production

• CRU estimates that +$3 copper is necessary to incentivize new mine supply to meet growing demand

• Copper is projected to enter supply-demand deficit within one to three years while zinc is already in a deficit

copper and zinc outlook

-700

Re�n

ed

Me

tal B

ala

nc

e (

000

ton

ne

s)-500

-300

-100

100

300

500

Net Supply and Demand Forecast

Source: CRU, Copper Market Outlook and Zinc Market Outlook, July 2015

Copper Zinc

2014 2015 2016 2017 2018 2019

11C A L L I N E X I N V E S T O R P R E S E N TAT I O NT S X - V : C N X | O T C Q X : C L L X F

W H Y M A N I T O B A

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 1915

INFRASTRUCTURE

Projects located nearby current mining operations with road and power access

WORLD CLASS JURISDICTION

Ranked 4th globally for Investment Attractiveness1 including cash subsidies of up to $200,000 per year for approved exploration expenditures

1Source: Fraser Institute: Survey of Mining Companies (2014)

12 C A L L I N E X I N V E S T O R P R E S E N TAT I O N T S X - V : C N X | O T C Q X : C L L X F

SUCCESS RATE

Continuous mining since 1930 with over 50% of deposits advanced to production

INFRASTRUCTURE

Over $1.6 billion invested towards mine development with road, rail, power and water infrastructure to facilitate quick development of new discoveries

TIMELINES AND CAPEX

Typically less than six years from discovery to development with reduced capital expenditures

F L I N F L O N M I N I N G D I S T R I C T

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

CLUSTER EFFECT

Recent discoveries have typically been larger in size and deeper than previously discovered

DEPTH OF MINES Initial Production

Average Depth Deposit Size

-1500

-1200

-900

-600

-300

0

20+

16

12

8

4

01916 1930 1948 1955 1955 1982 1990 2004 2013 2014

Ave

rag

e D

ep

th (

m)

De

po

sit S

ize

(M

illio

n To

nn

es)

19751969

777Trout Lake Lalor

ReedNorth Star

Flin Flon

Cuprus

MandyDon Jon

Centennial

Callinan

Pine Bay

13C A L L I N E X I N V E S T O R P R E S E N TAT I O NT S X - V : C N X | O T C Q X : C L L X F

MINE DEPLETION

The Flin Flon concentrator has excess capacity and requires additional ore within 3 - 4 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 concentrator

H U D B A Y ' S M A N I T O B A O P E R A T I O N S

14C A L L I N E X I N V E S T O R P R E S E N TAT I O NT S X - V : C N X | O T C Q X : C L L X F

s t r a t e g i c p r o j e c t p o r t f o l i o

KILOMETERS

0 2

N

Flin Flon Project

Flin Flon

Pine Bay Project

777 Mine Processing Facility

LEGEND Deposit Historic Mine

Pine Bay Shaft Callinex Claims Callinex Mineral Lease Hudbay Claims Road Power Rail

15 C A L L I N E X I N V E S T O R P R E S E N TAT I O N T S X - V : C N X | O T C Q X : C L L X F

P I n e B a y p r o j e c t O v e r v i e w

STRATEGIC LOCATION

16km to HudBay’s Flin Flon operation, which has less than four years of reserves and excess processing capacity

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

PREVIOUSLY CONTROLLED BY MAJORS

Individual claim areas held by Placer Dome, Inmet, Newmont and HudBay

KILOMETERS

0 2

N

Pine Bay Project

Deposit Historic Mine

Mine Shaft Callinex Claims Callinex Mineral Lease

Hudbay Claims Road Power Rail

LEGEND

N

KILOMETERS

16 C A L L I N E X I N V E S T O R P R E S E N TAT I O N T S X - V : C N X | O T C Q X : C L L X F

• The new zone is open in all directions with no nearby drilling

• Initial drilling is planned 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

W i n t e r D r i l l i n g a t t h e n e w z o n e

500 m

0 mSOURDOUGH DEPOSIT

BOREHOLE CONDUCTOR

SDB001

NEW VMS ZONE

17C A L L I N E X I N V E S T O R P R E S E N TAT I O NT S X - V : C N X | O T C Q X : C L L X F

• The VMS zone was previously undetected from ground geophysics due to its depth below surface and is a ‘blind’ discovery

• Hole SDB001 encountered 176 meters of alteration and intersected a 7.4m zone that assayed 1.58% Cu Eq.

• Geophysical borehole anomaly, associated with intersected copper mineralization, extends for +100m along strike and at depth

• Located approximately 100m to the east and below the historic Sourdough deposit

s o u r d o u g h a r e a h o s t s n e w V M S Z o n e

NSDB001

SDB002

SDB0032.

3 km

KILOMETER

0 1

Deposit Drill Holes New VMS Zone 2015 HBM Drilling Historic Mine

Callinex Claims

Hudbay Claims

Sourdough Horizon

Road

LEGEND

SOURDOUGH DEPOSIT

CENTENNIAL MINE

KILOMETERS

0 2

N

18 C A L L I N E X I N V E S T O R P R E S E N TAT I O N T S X - V : C N X | O T C Q X : C L L X F

• 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

• Several proposed drill targets by Placer Dome remain untested

• Covers one of the largest felsic volcanic packages in the belt, which are the primary host rocks for VMS deposits

P I N E B A Y a r e a

POTENTIAL FOR A LARGE VMS DEPOSIT

N + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +

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+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +

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+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +

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+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +

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+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +

Deposit

Historic Mine

Mine Shaft

Callinex Claims

Callinex Mineral Lease

Hudbay Claims

Alteration

KILOMETERS

0 2

N

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +

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+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +

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Felsics

Road

Power

LEGEND

KILOMETERS

0 2

N

19C A L L I N E X I N V E S T O R P R E S E N TAT I O NT S X - V : C N X | O T C Q X : C L L X F

• Ongoing 12 hole, 7,300m drilling program commenced with two rigs in early January

• Plans to follow-up on the new VMS discovery in Sourdough area

• Several drill holes planned to test large targets initially identified by majors including Placer Dome and Inmet in the Pine Bay area

• Two holes currently being drilled to test a highly prospective and large alteration zone beneath the Pine Bay Deposit

2 0 1 6 w i n t e r d r i l l i n g p r o g r a m

KILOMETERS

0 2

N

Deposit Winter Drilling Historic Mine Mine Shaft Callinex Claims

Callinex Mineral Lease Hudbay Claims

Road Power Rail

LEGEND

Sourdough Area

Pine Bay Area

20 C A L L I N E X I N V E S T O R P R E S E N TAT I O N T S X - V : C N X | O T C Q X : C L L X F

OWNERSHIP

Large 2,455 ha property, 100% ownership 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

F L I N F L O N P R O J E C T

KILOMETERS

0 2

N

Flin Flon Project

Flin Flon777 Mine

N

10 KM RADIUS - 10 V

MS

DEPO

SITSLEGEND

Callinex Deposit Mine Site Road Power Rail

Callinex Claims Hudbay Claims

21C A L L I N E X I N V E S T O R P R E S E N TAT I O NT S X - V : C N X | O T C Q X : C L L X F

D E E P E R E X P L O R A T I O N P O R T F O L I O

PROJECT GEOGRAPHY INFRASTRUCTURE TOTAL ACREAGE MINERAL

Island Lake Manitoba/Ontario Border Winter Road 5,306 AuGossan Near Flin Flon, Manitoba Railway 7,444 Au

Coles Creek Near Smithers, British Columbia Helicopter 12,552 Cu-Ag-MoNeuron SW of Thompson, Manitoba Helicopter 73,000 C

Sneath Lake Snow Lake area, Manitoba Paved Road 1,431 Cu-Zn-PbCook Lake Snow Lake area, Manitoba Helicopter 16 Cu-Zn-Pb

Herblet Lake Snow Lake area, Manitoba Paved Road 2,441 Cu-Zn-PbMoak Near Thompson, Manitoba Gravel road 429 Ni-Cu

Pine/Setting Near Thompson, Manitoba Paved Road 1,612 Cu-Zn-PbFox River Near Gillam, Manitoba Helicopter 3,792 Ni-CuKeputch Central Saskatchewan Helicopter 73 Cu-Zn-Pb

22 C A L L I N E X I N V E S T O R P R E S E N TAT I O N T S X - V : C N X | O T C Q X : C L L X F

I N V E S T M E N T S U M M A R Y

PROJECT PORTFOLIOSTRONG TEAM TIGHT CAPITAL STRUCTURE

Newly discovered VMS zone with follow-up drilling planned

Upcoming news flow with ongoing 10,000m, two-phase drilling program for 2016

World-class technical team that has been involved in the last three major discoveries in the Flin Flon Greenstone Belt

Strategic land package located in close proximity to HudBay’s operations

Well-funded with strong institutional and insider ownership

23C A L L I N E X I N V E S T O R P R E S E N TAT I O NT S X - V : C N X | O T C Q X : C L L X F

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

C O N T A C T I N F O R M A T I O N