Chalice Mining (CHN) investor relations material

Project overview and resource highlights

• Large-scale palladium, nickel, copper resource discovered in 2020 near Perth, also containing gold, platinum, and cobalt.

• Project is the largest and lowest-cost in its class, with a 23-year open-pit mine life and significant exploration upside.

• Annual production expected at 220,000 oz of precious metals and 16,000 tonnes of base metals, with only half the resource exploited over mine life.

• Resource includes 17 million oz contained PGMs, 960,000 tonnes nickel, and 500,000 tonnes copper.

• Reserve conversion has reached 280 million tonnes proven and probable, with 660 million tonnes in open pit resource.

Financial performance and investment case

• AUD 1.4 billion NPV and 23% IRR at base case prices; spot NPV is about AUD 3 billion and IRR 38%.

• Project generates $420 million free cash flow per year at spot prices, with payback in 1.5-1.8 years.

• Every $100/oz increase in palladium price adds $250 million to NPV.

• Market cap is AUD 700 million, with AUD 71 million in cash and investments, fully funded to FID in early 2028.

• 60%-70% of AUD 820 million Stage 1 capex to be funded by debt, with strong interest from export credit agencies.

Technical and operational advancements

• Major breakthrough in metallurgy and process flowsheet, now producing saleable nickel concentrate after previous challenges.

• Flowsheet validated by global experts, with robust copper and average nickel payabilities.

• Unique cyanide-soluble palladium recovery via leach circuit post-float.

• Two-stage development with initial 5 Mtpa concentrator and low strip ratio.

• Project de-risked by AUD 250 million investment and ownership of 26 sq km of farmland for infrastructure.