Chalice Mining (CHN) H1 2026 earnings summary

Executive summary

• Delivered a Pre-Feasibility Study (PFS) for the Gonneville Project, outlining a two-stage, open-pit critical minerals mine with a 23-year modelled life and robust financial metrics at conservative price assumptions.

• Gonneville is set to become a major producer of palladium, nickel, and copper, with significant byproducts including cobalt, platinum, and gold.

• The project has received 'Strategic Project' and 'Major Project' status from state and federal governments, highlighting its national significance.

• Significant progress in regulatory approvals, land acquisition, and offtake/financing discussions, targeting a Final Investment Decision (FID) in H1 CY28 and first production in early 2030.

Financial highlights

• Net loss after tax for the half-year ended 31 December 2025 was $13.0 million, an improvement from a $13.8 million loss in the prior period, mainly due to a higher income tax benefit.

• Cash and cash equivalents at 31 December 2025 totaled $60.7 million, down from $70.8 million at 30 June 2025, reflecting $12.6 million spent on exploration and evaluation.

• Net assets stood at $122.5 million (30 June 2025: $129.4 million), with current assets exceeding current liabilities by $71.2 million.

• Financial assets increased to $10.5 million, mainly due to fair value gains in listed equity investments.

Outlook and guidance

• Targeting submission of Environmental Review Documents in H2 CY26, with FID in H1 CY28 and first production in early 2030.

• Strong interest from potential offtakers and financiers, with formal negotiations underway for copper and nickel concentrates.

• The staged development plan allows flexibility to adapt to macroeconomic conditions and potential for future expansions.