Chalice Mining (CHN) Corporate presentation summary

Project overview and strategy

• Developing a globally significant palladium-nickel-copper mine in Western Australia, targeting critical minerals demand with a 23-year open-pit plan and substantial exploration upside in the West Yilgarn Province.

• Gonneville is the largest and lowest-cost undeveloped palladium-nickel-copper reserve in the western world, expected to generate ~A$4.7bn pre-tax free cashflow with a rapid 2.7-year payback.

• The project is funded to targeted final investment decision (FID) in H1 CY28, with strong financial backing and a stable, institutional shareholder base.

• Strategic MOU in place with Mitsubishi Corporation and strong inbound interest from sovereign and export credit agencies for project funding.

• Over $250M invested to date, with significant de-risking through land acquisition, process breakthroughs, and regulatory progress.

Resource, reserve, and production profile

• Gonneville resource: 17Moz 3E (Pd-Pt-Au), 960kt Ni, 540kt Cu, 96kt Co; reserve: 7.1Moz 3E, 400kt Ni, 260kt Cu, 43kt Co.

• Initial 23-year open-pit mine plan exploits only ~50% of the resource, with the deposit remaining open at depth and significant upside for future expansion.

• Annual production profile: ~220koz 3E, 7kt Ni, 8kt Cu, 0.7kt Co, with robust grades and low strip ratio (1.2x).

• Revenue split at base case: 51% palladium, 22% nickel, 17% copper, with additional contributions from platinum, gold, and cobalt.

• High-grade core and strong mining continuity, supported by extensive drilling and resource definition.

Financial metrics and market positioning

• Pre-tax NPV8 of A$1.4bn, 23% IRR, and 2.7-year payback at conservative price assumptions; spot prices as of Feb 2026 are up to 70% higher, providing significant upside.

• Exceptional leverage to palladium price: every US$100/oz increase in Pd adds A$250M to NPV8.

• Lowest-cost undeveloped PGM project globally (US$370/oz 3E AISC), positioned in the 2nd quartile of global cost curve.

• Projected to be Australia’s first PGM mine, with strong demand drivers from hybrid vehicles and western government support for critical minerals.

• Funding strategy focuses on low-cost sovereign debt, export credit agencies, and offtake-linked finance, with potential for government grants.