Chalice Mining (CHN) Investor presentation summary

Gonneville project and development

• 100%-owned Gonneville in WA has a 17Moz 3E, 960kt Ni, 540kt Cu and 96kt Co Resource; Ore Reserve totals 7.1Moz 3E, 400kt Ni, 260kt Cu and 43kt Co.

• PFS models a 23-year open-pit phase averaging 220kozpa 3E, 7ktpa Ni, 8ktpa Cu and 0.7ktpa Co; AISC is US$370/oz 3E.

• At PFS base-case prices, pre-tax NPV8 is A$1.4bn, IRR 23%, payback ~2.7 years and pre-production CapEx A$820M; pre-tax FCF totals A$4.7bn.

• The mine plan has a 1.2x average strip ratio; ~7.9Moz 3E, 450kt Ni, 250kt Cu and 46kt Co remain below the PFS pit shell.

• Feasibility work targets completion in H2 CY27; ERD submission is planned for H2 CY26 and FID is targeted for H1 CY28, subject primarily to approvals timing.

Financing and project advantages

• ~A$270M has been invested to date; strong inbound interest includes government and sovereign funding, offtake-linked finance and other debt options.

• Debt could fund up to 60–70% of pre-production CapEx, with government grants also possible; concentrate offtake discussions are underway.

• The project is ~70km from Perth, on owned farmland, with planned grid connection, treated wastewater supply and local workforce; no permanent camp or FIFO workforce is planned.

• Strategic Project Status and Commonwealth Major Project Status have been awarded; the project is in environmental review preparation, with ministerial decision targeted for H1 CY28.

Kestrel and exploration

• Kestrel delivered 15m at 8.6g/t Au and 0.54% Cu from 78m in discovery hole WCRC001, including 2m at 56.7g/t Au and 0.88% Cu; all six holes hit copper.

• Drilling has tested ~500m of an interpreted ~2.2km strike; mineralisation is open in all directions, with a ~1km Kestrel–Chook corridor yet to be tested.

• Kestrel is ~20km from historic Warrego; follow-up includes gravity surveys, pending assays from eight holes and planned step-out RC and diamond drilling.

• Other exploration includes a confirmed Cu-Au-Ag system at Deep Blue in Goomalling and three priority IOCG gravity targets at Callabonna, with diamond drilling planned for Q2 CY27.