Chalice Mining (CHN) Q4 2025 TU earnings summary

Executive summary

• Ended June 2025 quarter with ~$77.7M in cash and listed investments, no debt, and fully funded through to targeted Gonneville Project FID in late CY27.

• Gonneville PFS ongoing, completion expected Q4 CY25; project scope and site layout finalized, with staged open-pit development plan.

• Early signs of palladium price recovery, but spot price remains below marginal cost of supply.

• Continued strong local community support for Gonneville development, with 68% moderate to high support in latest survey.

Financial highlights

• Cash balance at quarter end: ~$70.8M, plus ~$6.9M in listed investments.

• Operating cash outflows for the quarter: ~$4.8M, net of interest and R&D tax incentives.

• Estimated 14.7 quarters of funding available at current expenditure rates.

• No debt outstanding; capital discipline maintained with expenditure reductions and deferrals.

Outlook and guidance

• Fully funded for studies and permitting phase through to targeted Gonneville FID in late CY27.

• PFS completion targeted for Q4 CY25; draft Environmental Review Documents to be submitted mid CY26.

• Ongoing engagement with potential strategic offtake and financing partners.

• Further exploration and drilling planned at priority targets in West Yilgarn Province in H2 CY25.