Chalice Mining (CHN) investor relations material

Project overview and strategy

• Developing a globally significant palladium-nickel-copper mine in Western Australia, targeting FID in H1 2028 and first production in 2030.

• Gonneville is the largest and lowest-cost undeveloped PGM reserve in the western world, with a 23-year open-pit life and significant upside potential.

• The project is fully funded to FID, with A$63M in cash and investments, and strong government support.

• Strategic landholding of 2,600ha de-risks development and provides biodiversity offset opportunities.

• Board and management include industry veterans and a proven mine-finding team.

Resource, reserve, and production profile

• Mineral Resource: 660Mt @ 0.63g/t Pd, 0.14g/t Pt, 0.02g/t Au, 0.083% Ni, 0.015% Cu, 0.014% Co (JORC 2012).

• Ore Reserve: 260Mt @ 0.68g/t Pd, 0.15g/t Pt, 0.026g/t Au, 0.16% Ni, 0.098% Cu, 0.017% Co.

• Production profile: ~220kozpa 3E (Pd+Pt+Au), 7ktpa Ni, 8ktpa Cu, 0.7ktpa Co over 23 years.

• Only ~50% of the resource is exploited in the initial open-pit, with significant growth potential below the pit.

• Low strip ratio (1.2x), high grades near surface, and robust mining continuity.

Financials and cost competitiveness

• Pre-tax NPV8 of A$1.4–2.0bn and IRR of 23–29% at base and spot prices.

• All-in sustaining costs forecast at US$370/oz 3E, positioning Gonneville as the lowest-cost PGM producer globally.

• Development CapEx estimated at A$820M, with up to 60–70% potentially funded by debt from export credit agencies.

• Rapid payback period of 2.4–2.7 years and strong cashflow margins.

• Trading at a significant discount to consensus and spot NAV, with leverage to rising palladium and nickel prices.