Chalice Mining (CHN) Investor presentation summary

Project overview and development status

• Gonneville is a large-scale, long-life palladium-nickel-copper project in Western Australia, targeting FID in H1 2028 and production in 2030, with a 23-year open-pit mine life and significant upside potential from unmined resources below the pit shell.

• The project is fully owned, with all infrastructure located on company-owned farmland, providing a significant buffer and de-risking land access and permitting.

• Strategic and Major Project Status has been awarded by both state and federal governments, with strong community support and ongoing environmental review processes.

• Over $250M has been invested to date, with a simple, proven process flowsheet and robust infrastructure solutions in place.

• The project is funded through to FID, with a strong cash position and significant institutional shareholder base.

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 good mining continuity.

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

Financial metrics and cost competitiveness

• Pre-tax NPV8 of A$1.4bn (base case) to A$2.0bn (spot), IRR of 23–29%, and rapid payback of 2.4–2.7 years.

• 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 in the western world.

• Exceptional leverage to palladium price, with every US$100/oz increase in Pd price adding A$250M to NPV8.

• Robust cashflow profile, with base case cumulative pre-tax cashflow of A$4.7bn and spot case A$6.2bn over the mine life.