Chalice Mining (CHN) Resources Rising Stars Gold Coast Conference summary

Project development and financial position

• Gonneville is the largest, lowest-cost undeveloped PGM-nickel-copper reserve in the Western world, with a $1.4 billion NPV8, 23% IRR, and 2.7-year payback at conservative prices.

• Over $250 million invested to date, with a strong, experienced executive team and robust institutional shareholder base.

• Project is in regulatory approvals, offtake negotiation, and financing phase, with FID targeted for H1 2028 and construction in mid-2028.

• Strong balance sheet with almost AUD 60 million in cash, zero debt, and a market cap of about AUD 500 million.

• All site infrastructure is on cleared, company-owned farmland, with no Native Title process required and strong government and community support.

Operational highlights and exploration

• 23-year open pit mine to produce 220,000 ounces of precious metals and 16,000 tons of base metals annually, with significant upside for underground expansion.

• Resource includes 17 million ounces of precious metals, with 7 million ounces converted to reserve, plus significant nickel and copper reserves.

• Project features a very low strip ratio (1.2), simple process flow, and robust government support.

• Ongoing copper exploration across WA, SA, and NT, with recent drilling confirming new mineralization and a Cu-Au-Ag system at Goomalling.

• Only ~50% of the Gonneville resource is included in the open-pit phase, with significant upside for deeper open-pit or underground mining.

Market outlook and strategic positioning

• Palladium and nickel markets are volatile but rebounding, with copper demand strong and significant upside as the project nears FID.

• Project highly leveraged to palladium and copper prices; every $100/oz increase in palladium adds AUD 250 million to NPV8.

• Palladium demand expected to remain robust due to hybrid vehicles and AI/data center growth, offsetting potential EV-related declines.

• Share price trades at a steep discount to NAV, with historical precedents showing strong re-rating potential between PFS and FID.

• Up to 60–70% of pre-production CapEx (A$820M) could be funded with debt, focusing on sovereign and export credit agency sources.