Chalice Mining (CHN) Investor update summary

Kestrel discovery

• First-pass RC drilling intersected mineralisation in all six holes across ~500m of strike; the zone remains open in all directions.

• WCRC001 returned 27m @ 0.42% Cu, 4.83g/t Au from 78m, including 15m @ 0.54% Cu, 8.6g/t Au and 2m @ 0.88% Cu, 56.7g/t Au.

• Other results include 27m @ 0.57% Cu, 0.12g/t Au in WCRC002; 11m @ 0.84% Cu, 0.84g/t Au in WCRC010; and 24m @ 0.52% Cu, 0.12g/t Au in WCRC012.

• WCRC001’s gold grade is strongly influenced by a 1m sample at 99.9g/t Au; a laboratory check assay returned 85.8g/t, with PhotonAssay checks pending and coarse gold possible.

• Assays received for 8 of 16 program holes; results from eight holes at Eagle, Chook North and Big Bird are pending.

Scale and geological interpretation

• Kestrel lies on a ~2.2km magnetic trend, with ~500m drilled; several along-strike features and parallel trends remain untested.

• Mineralisation is interpreted as near-surface and steeply north-dipping, hosted in chlorite- and iron-oxide-altered sediments; true widths and continuity remain unconfirmed.

• Broad, shallow copper mineralisation with localised high-grade gold points to potential open-pittable depths; all drilled holes along the trend intersected mineralisation.

• Hematite-rich alteration may be weakly magnetic or non-magnetic; ground gravity surveys are planned to identify dense bodies and refine targets and plunge.

• The broader tenure covers a potential ~140km extension of the Tennant Creek Inlier, with the discovery extending prospective geology west of Warrego.

Chook and regional opportunity

• At Chook, WCRC007 returned 9m @ 0.44% Cu from 63m; WCRC008 intersected 5m @ 1.43% Cu from 109m, with further copper intervals at depth.

• The ~1km corridor between Chook and Kestrel remains undrilled and is a priority for step-out exploration; bismuth reached 0.93% in gold-rich zones, with its potential and mineralogy under investigation.

• Kestrel is on 100%-owned Warrego North, ~20km from Warrego; Pan African Resources is studying redevelopment as a regional copper-gold, potentially bismuth, processing hub.