Chalice Mining (CHN) Investor presentation summary

Project overview and strategy

• Developing a globally significant palladium-nickel-copper mine in Western Australia, targeting FID in H1 2028 and first production in 2030.

• Gonneville is the largest and lowest-cost undeveloped PGM reserve in the western world, with a 23-year open-pit life and robust financial metrics.

• Project is substantially de-risked with $250M invested, strong land position, and advanced permitting and feasibility studies underway.

• Board and management include experienced mining executives and strategic advisors, enhancing project execution and stakeholder engagement.

• Strong institutional shareholder base and financial position, with ~$63M in cash and investments, funded through to FID.

Resource, reserve, and production profile

• Mineral Resource: 17Moz 3E (Pd-Pt-Au), 960kt Ni, 540kt Cu, 96kt Co; Ore Reserve: 7.1Moz 3E, 400kt Ni, 260kt Cu, 43kt Co.

• Production profile: ~220kozpa 3E, 7ktpa Ni, 8ktpa Cu, 0.7ktpa Co over 23 years, exploiting only ~50% of the resource.

• Low strip ratio (1.2x), high grades near surface, and significant high-grade core with strong mining continuity.

• Resource remains open at depth, with substantial upside for future expansion via deeper open-pit or underground mining.

Financials and cost competitiveness

• Pre-tax NPV8 of A$1.4–2.0bn and IRR of 23–29% at base and spot prices, with rapid 2.4–2.7 year payback.

• All-in sustaining costs of US$370/oz 3E, placing the project in the second quartile globally and as the lowest-cost undeveloped PGM project.

• Exceptional leverage to palladium price increases, with significant NPV and cashflow uplift per US$100/oz Pd price rise.

• Development CapEx estimated at A$820M, with strong inbound interest from sovereign and export credit agencies for up to 60–70% debt funding.