Chalice Mining (CHN) Mining Forum Americas 2026 summary

Project updates and strategic direction

• Gonneville project holds 17 Moz PGMs, 1 Mt nickel, and 500,000 t copper, advancing toward FID in 2028.

• Eight new exploration targets across Australia are being drilled, with recent activity at Goomalling and Warrego North.

• Financial strength includes AUD 59 million in cash, no debt, and a market cap of AUD 500 million.

• Recent hires and strategic advisors, including industry leaders, validate project potential.

• Gonneville's pre-feasibility study outlines a 23-year mine life and robust annual production of PGMs, nickel, copper, and cobalt.

Financial metrics and market positioning

• Pre-tax NPV of AUD 1.4 billion, IRR of 23%, and payback under three years at conservative assumptions.

• All-in sustaining cost of $370/oz places the project at the bottom of the cost curve.

• Project enjoys strong government support and major project status at both state and federal levels.

• Current valuation is at a steep discount (0.3x NAV), with potential for significant re-rating as milestones are achieved.

• Funding is expected to be led by Export Finance Australia, with 60%-70% from ECAs and the remainder from strategic sources.

Palladium market insights and demand outlook

• Palladium market is niche, with 9 Moz annual volume and frequent supply deficits due to under-investment.

• Chinese exports of vehicles are driving new palladium demand, offsetting domestic declines.

• New demand from AI, data centers, and energy could add 0.5–1.5 Moz by 2030.

• Supply is concentrated in Russia and South Africa, with declining output and no new supply expected until prices rise above $2,500/oz.

• Gonneville offers significant leverage to rising palladium prices, with NPV and IRR highly sensitive to price increases.