Chalice Mining (CHN) Q1 2027 TU earnings summary

Executive summary

• Gonneville Definitive Feasibility Study (FS) remains on track for Q3 CY27; the eight-week full-flowsheet pilot is due to commence in November 2026.

• Targeted Final Investment Decision (FID) remains H1 CY28, subject to FS completion, offtake agreements, funding and major environmental approvals.

• Project development plan remains a two-stage, 5–14Mtpa open-pit mine, with no major changes to PFS scope, cost or schedule expected.

Financial highlights

• Cash of $44.7M plus $8.2M in listed investments at 30 September 2026; total cash and listed investments were $53M.

• Quarterly cash flow: $6.579M net operating outflow, $0.091M investing outflow and $0.063M financing outflow; closing cash was $44.706M.

• Approximately $4M spent on Gonneville pre-development and approximately $1.5M on exploration during the quarter.

• A $5M contingent payment is expected when Nyanzaga reaches commercial production; first production is expected in early CY27.

Outlook and guidance

• FS completion targeted for Q3 CY27; offtake agreements targeted for H2 CY27 and funding and major environmental approvals for H1 CY28.

• Following FID, an 18-month engineering and construction phase is expected, with first production targeted for early 2030.

• Environmental Review Document and Public Environment Report submissions are on track for Q4 CY26; Mining Lease and infrastructure licence applications are expected in Q1 CY27.

• Full project financing is expected after FS completion; funding strategy targets 60–70% of pre-production funding from export credit agencies, sovereign debt or grants, with the balance from streams, offtake-linked finance or strategic investment.