Chalice Mining (CHN) Noosa Mining Investor Conference summary

Project overview and resource scale

• Holds the world's largest open-pit PGM resource: 17 million oz PGMs, 960,000 tons Nickel, 540,000 tons Copper, 96,000 tons Cobalt.

• Market cap has reached about AUD 700 million, with share price up 90% in three months.

• Investment to date totals AUD 225 million, with significant progress in drilling, land acquisition, and team building.

• Strong balance sheet with AUD 83 million in cash and investments, and a stable institutional register.

• Execution team and COO in place, with a focus on efficient capital deployment and staged project development.

Market dynamics and commodity outlook

• Palladium price has rebounded 30% from lows, currently at $1,300/oz, still below marginal cost of supply.

• Supply chain is unstable, with Russia and South Africa producing 85% of global Palladium.

• Demand for Palladium remains strong due to hybrid vehicle growth and stricter emissions standards.

• Supply forecasts have been consistently overestimated, with recycling volumes declining.

• Project offers significant leverage to palladium price recovery, outperforming peers during recent rebounds.

Project development and technical progress

• Processing flow sheet simplified, now using flotation for Copper and Nickel concentrates, reducing CapEx and OpEx.

• Iron byproduct (magnetite) adds revenue; flow sheet proven across full grade spectrum.

• PFS completion targeted for November; permitting and environmental submissions scheduled for mid-next year.

• Construction planned for late 2027, with first production targeted by decade's end.

• Major environmental approvals and offtake negotiations to be finalized before FID in late 2027.