Chalice Mining (CHN) Noosa Mining Conference 2026 summary

Project overview and strategy

• Gonneville is a globally significant undeveloped palladium, nickel, and copper deposit in Western Australia, advancing toward a final investment decision in H1 2028 and targeting first production in 2030.

• The project is the largest and lowest-cost undeveloped PGM project in the western world, with a 23-year open-pit mine life and robust financial metrics.

• AUD 63 million in cash and listed investments, with no debt, fully funds operations through to FID, supported by strong government backing.

• Strategic landholding of 2,600ha de-risks development, enables biodiversity offsets, and all infrastructure is on company-owned farmland.

• The team and board have been strengthened with new leadership, strategic advisors, and industry veterans.

Financial and operational highlights

• Pre-feasibility study outlines a 23-year mine life, producing 220,000 oz PGMs, 7,000 t nickel, and 8,000 t copper annually, with a robust cashflow profile and rapid payback of 2.7 years.

• Pre-tax NPV8 is AUD 1.4 billion, IRR is 23%, and all-in sustaining cost is US$370/oz, positioning the project at the bottom end of the cost curve globally.

• Five of six metals produced are on Australia's critical minerals list.

• Market capitalization trades at a significant discount to project NAV, with cyclical rebounds in palladium and nickel underway.

• High concentrate grades, negligible impurities, and strong offtake interest from smelters.

Market outlook and commodity analysis

• Palladium has faced supply deficits in nine of the last ten years, with recent Chinese imports at record levels; China remains the largest PGM consumer.

• Nickel market is shifting as Indonesia cuts mining quotas and raises royalties, likely leading to a supply deficit.

• Gonneville's value is highly sensitive to palladium prices, with significant NPV upside at higher spot prices.

• Significant leverage to higher commodity prices and spot case uplift potential.