Chalice Mining (CHN) H2 2025 earnings summary

Executive summary

• Advanced the Gonneville Palladium-Nickel-Copper Project, achieving a major metallurgical breakthrough that simplified processing, reduced technical risk, and lowered capital and operating costs, with the Pre-Feasibility Study (PFS) targeted for completion in Q2 FY26.

• Gonneville granted Strategic Project Status by the WA Government and Major Project Status by the Commonwealth, highlighting its national significance for critical minerals supply.

• Maintained strong community and Traditional Owner engagement, with 68% of local survey respondents supporting project development.

• Disciplined capital management reduced operating cash outflows to $18 million, the lowest in six years, preserving a cash and investment balance of $78 million at year-end.

Financial highlights

• Net loss for FY25 was $24 million, a 39% improvement from the $39.5 million loss in FY24, mainly due to a $21.5 million reduction in exploration and evaluation expenditure.

• Cash and cash equivalents at 30 June 2025 were $70.8 million (down from $88.9 million in FY24).

• Current assets decreased by 29% to $81.3 million, reflecting lower market value of listed securities and reduced cash.

• Current liabilities decreased by 16% to $4.9 million.

• No dividends declared or paid.

Outlook and guidance

• Well-funded to complete the Gonneville PFS in FY26 and advance to a Final Investment Decision (FID) targeted for late CY27.

• Anticipates further palladium price recovery and potential production cuts in the sector, supporting a more favorable market environment.

• FY26 milestones include PFS completion, financing discussions, offtake negotiations, and submission of Environmental Review Documents.