Chalice Mining (CHN) H2 2026 earnings summary

Executive summary

• Completed Gonneville Project PFS in Dec 2025, confirming a world-class, long-life, low-cost critical minerals mine with a pre-tax NPV of A$1.4bn, 23% IRR, and 2.7-year payback; FS underway, FID targeted H1 CY28.

• Gonneville set to become Australia’s first primary PGM mine and second largest nickel mine, producing 220kozpa 3E, 7ktpa Ni, 8ktpa Cu, 0.7ktpa Co over 23 years.

• Strong cash and listed investments position of $59m at FY26 end; no debt.

• Zero lost time injuries or fatalities and zero significant environmental incidents in FY26.

Financial highlights

• FY26 net loss of $26.2m, up 8.2% YoY, mainly due to increased exploration and evaluation expenditure (+$4.6m) and higher share-based payments (+$3m).

• Cash and cash equivalents at 30 June 2026: $51.4m (down from $70.8m YoY).

• Net assets: $108.7m (down from $129.4m YoY).

• Cumulative gross revenue for Gonneville open-pit phase projected at A$16.7bn, cumulative EBITDA A$6.9bn, EBITDA margin 44%.

• All-in sustaining cost (AISC) for Gonneville: US$370/oz 3E.

Outlook and guidance

• Feasibility Study for Gonneville underway, completion targeted H2 CY27; FID in H1 CY28.

• First production expected in early 2030, subject to FID and regulatory approvals.

• Offtake and financing discussions progressing; strong interest from potential financiers.

• Exploration focus broadened to copper and gold targets across Australia.