Chalice Mining Limited · ASX:CHN
Chalice Mining — Noosa Mining Investor Conference 2025
31 slides from Chalice Mining's conference presentation, Jul 23, 2025
Slide 1: Developing the Leading Palladium-Nickel-Copper Project in the Western World
For personal use only Developing the Leading Palladium-Nickel-Copper Project in the Western World July 2025 ASX:CHN ASX:CHN
Slide 2: Chalice Mining is a leading critical minerals explorer and developer
Chalice Mining is a leading critical minerals explorer and developer in the world’s top mining Jurisdiction – Western Australia Our Asset For personal use only Gonneville is the largest palladium-nickel-copper resource in the Western world, a 17Moz 3E PGE, 960kt Ni, 540kt Cu, and 96kt Co open-pit pr
Slide 3: Strong financial position and stable, highly institutional shareholder base
Chalice has a uniquely strong financial position and a stable, highly institutional shareholder base Tim Goyder ASX:CHN 12-month performance ($/share) For personal use only 2.50 8% 2.00 Share 53% Register 39% 1.50 1.00 Institutional Retail/Other Paradice (5%) Others (34%) 0.50 Capital Structure 0.00
Slide 4: Why Palladium? A compelling counter-cyclical commodity exposure
Why Palladium? A compelling counter-cyclical commodity exposure, with early indications of a price recovery For personal use only Spot price deep in the Unstable and geopolitically Long-term capital Underestimated cost curve risky supply chain underinvestment auto demand profile Early indications of
Slide 5: Why palladium? BEV adoption slowed, ICE/hybrid demand grows
Why palladium? Battery electric vehicle adoption has slowed and demand for ICE/hybrid vehicles continues to grow Total non-BEV vehicle sales, monthly (China, US, & Europe) Palladium demand drivers For personal use only Increase in non-BEV sales ‘000 • Interest rate cuts stimulate sales Demand for ve
Slide 6: Why palladium? Supply concentrated in Russia and South Africa
Why palladium? Supply is concentrated in Russia and South Africa where supply risks are high and disruptions are common The global automotive sector relies on a very unstable Global Palladium Supply Market Share (2024) For personal use only and geopolitically problematic supply chain… Zimbabwe North
Slide 7: Gonneville indicates 2nd quartile costs and lowest cost in Western world
Gonneville studies indicate 2nd quartile costs1 and the lowest cost profile in the Western world PGE industry all-in sustaining cost curve (cash costs plus sustaining CapEx), net of by-product credits, US$/oz 4E 2024A2 For personal use only Quartile 1 Quartile 2 Quartile 3 Quartile 4 2,500 Net total
Slide 8: Why Palladium? Supply forecasts over-estimated, recycling underperforms
Why Palladium? Supply forecasts are consistently over-estimated and recycling continues to underperform Primary PGE Supply Actual vs Forecasts Recycled PGE Supply Actual vs Forecasts For personal use only Supply forecasts are notoriously optimistic; moreover, growing demand → prolonged deficits → hi
Slide 9: Why Palladium? Prices rebounding from cyclical lows
Why Palladium? Prices are rebounding from cyclical lows, driven by structural supply decline and slowing BEV growth Palladium spot price (US$/oz, LBMA) For personal use only 3,500 Chalice share price peaks at >$10 Norilsk flooding 3,000 2,500 Auto destocking / ”Diesel-gate” pivot short positioning /
Slide 10: Chalice provides significant leverage to Pd price recovery
Chalice provides significant leverage to Pd price recovery – market conditions extremely tight and potential for supply disruption is high Relative performance since Palladium rebound in April-25 For personal use only Chalice PGE Producers (VAL, IMP, SSW, NPH) Bravo Palladium Chalice trades with 3-5
Slide 11: Gonneville Palladium-Nickel-Copper Project: Long-Life, Low-Cost Critical Minerals Asset
Gonneville Palladium-Nickel-Copper Project: A Long-Life, Low-Cost, Critical Minerals Asset in Western Australia 1 Tier-1 Scale Sulphide Resource 5 Unique Critical Minerals Exposure For personal use only 17Moz of Pd-Pt-Au (3E), 960kt Ni, Revenue split: ~50% Pd, ~20% Ni, 540kt Cu, 96kt Co contained1 ~
Slide 12: Project substantially de-risked since 2020 discovery
The Project has been substantially de-risked by Chalice since our discovery in 2020, with an investment of ~$225M to date Drilled out to Indicated category to depth of ~450m, Inferred Resources continue to depth of 1,100m – exceptional Resource orebody knowledge of grade/mineralogy/metallurgy defini
Slide 13: Tier-1 scale Resource starts at surface with high-grade core
The tier-1 scale Resource starts at surface and has a significant high- grade core enhancing early years of the mine plan Gonneville Resource Plan View Gonneville Resource 3D View looking NNE For personal use only ~1,200 drill holes for ~320,000m completed since discovery in March 2020 ASX:CHN 13 13
Slide 14: Gonneville resource has high-grade optionality and growth potential
The rare Gonneville critical minerals Resource has high-grade optionality and compelling growth potential . NSR Cut-off in- NSR Cut-off in Total Grade For personal use only pit MSO Mass 3E Pd Pt Au Ni Cu Co A$/t A$/t (Mt) (g/t) (g/t) (g/t) (g/t) (%) (%) (%) 15 110 690 0.75 0.59 0.14 0.02 0.15 0.082
Slide 15: Metallurgical breakthrough simplifies the Project
Recent major metallurgical breakthrough fundamentally simplifies the Project – saleable concentrates across the full grade range Crushing Grinding Mag Separation For personal use only Oxide feed Offtake of iron byproduct to steel mill Crushing Grinding Copper Flotation Nickel Flotation Mag Separatio
Slide 16: Simplifying the flowsheet has reduced costs and risk
Simplifying the flowsheet has materially reduced costs and risk, and is expected to enhance margins for a bulk open-pit operation . Item Impact of new process flowsheet • Significant reduction due to removal of hydrometallurgical process (~A$260M) For personal use only Capital costs (pre-production)
Slide 17: Offtake terms expected to be attractive
Offtake terms are expected to be attractive given high-grade of products and low impurities . Copper-PGE-Au Concentrate Ni-PGE-Co Concentrate For personal use only • High value concentrate with negligible impurities: ~20% • High value concentrate with very low impurities: ~8% Ni, Cu, 45-60g/t 3E ~0.
Slide 18: Wide landscape for critical minerals project funding
There is a wide landscape for critical minerals project funding from both public and private sectors For personal use only WA State Government Federal Governments Offtake/strategic funding Awarded “Strategic Project Status” Awarded “Major Project Status” Commercial banks Copper/nickel smelters Metal
Slide 19: Project schedule targets FID in late CY27
Overall project schedule targets FID in late CY27, with next major milestone PFS completion in Q4 CY25 Maiden Scoping Mitsubishi PFS Target Start First Discovery For personal use only MRE Study MOU Completion FID Construction Production Mar-20 Nov-21 Aug-23 Jul-24 Nov-25 Late-27 Late-27 2029- 2030 2
Slide 20: Beyond Gonneville, >40 targets in the West Yilgarn Province
Beyond Gonneville, Chalice has defined >40 Cu-Au-Ag and Ni-Cu-PGE targets in the West Yilgarn Province Why we like it For personal use only • ~1,200km long western margin of the Yilgarn craton largely unexplored, due to lack of outcrop and prevalence of large-scale farming Bangemall • Exciting new s
Slide 21: Hardtack Target gold-in-soil anomaly
The Hardtack Target is a new ~7km long gold-in-soil anomaly that has been sparsely drilled and shown hints of gold potential Why we like it For personal use only • New coherent ~7km long gold-in-soil anomaly along the regionally significant suture of the South West and Younami terrains (newly interp
Slide 22: Two gold-copper target areas at Barrabarra Project
Two gold-copper target areas remain the priority at the ~3,600km2 frontier Barrabarra Project Why we like it • New extensive areas of interpreted greenstone belt geology, For personal use only transected by prominent regional-scale structures – prospective for orogenic gold • Almost entirely unexplo
Slide 23: Investment Overview
Investment Overview Key value drivers For personal use only Palladium price recovery driven by Trump 2.0 Chalice owns the leading policies, slowing BEV uptake, strong ICE/hybrid palladium-nickel-copper vehicle sales, and structural challenges in supply development project in the western world Gonnev
Slide 24: Appendix
For personal use only Appendix ASX:CHN
Slide 25: Cautionary statements and competent person(s) disclosure (1/2)
Cautionary statements and competent person(s) disclosure (1/2) Authorisation Forward Looking Statements This Presentation has been authorised for release by the Disclosure Committee. This Presentation may contain forward-looking statements and forward information, (collectively, forward-looking stat
Slide 26: Cautionary statements and competent person(s) disclosure (2/2)
Cautionary statements and competent person(s) disclosure (2/2) Reliance . on Third Party Information The views expressed in this Presentation contain information that has been derived from third party sources that have not been independently verified. No representation or warranty is made as to the
Slide 27: Dual focus on developing Gonneville and making further discoveries
Our discovery in 2020 defined the Company’s DNA – we have a dual focus on developing Gonneville and making further discoveries . For personal use only 01 02 03 Generate New Discoveries Define New Resources De-Risk Development • Conceptualise, define and prioritise new • Make new major discoveries an
Slide 28: Board of Directors and Executive Management
Board of Directors and Executive Management Board of Directors Key Management Chris MacKinnon, Chief Financial Officer For personal use only Derek La Ferla, Non-Executive Chair • Highly regarded ASX200 chair and company director with • Qualified accountant and lawyer with 15+ years experience of 30+
Slide 29: Our approach to sustainability
Our approach to sustainability: Deliver sustained shared value through responsible sustainability practices Our Sustainability Vision and Pillars For personal use only Strong Environmental Manage Climate Create Value for Healthy and Safe Stewardship Change Risk Stakeholders Workforce The Gonneville
Slide 30: Higher-grade sulphide component of Gonneville Resource
Higher-grade sulphide component of Gonneville Resource (in pit and underground), 23 April 2024 Cut-off NSR Domain Classification Mass Grade Contained metal (A$/t) For personal use only Pt Ni Cu Co Ni Cu (Mt) Pd (g/t) Au (g/t) Pd (Moz) Pt (Moz) Au (Moz) Co (kt) (g/t) (%) (%) (%) (kt) (kt) Measured 0.
Slide 31: Gonneville Mineral Resource Estimate (JORC Code 2012), April 2024
Gonneville Mineral Resource Estimate (JORC Code 2012), 23 April 2024 Cut-off NSR Domain Classification Mass Grade Contained metal (A$/t) For personal use only Pt Au Ni Cu Co Pd Au Ni Cu Co (Mt) Pd (g/t) Pt (Moz) (g/t) (g/t) (%) (%) (%) (Moz) (Moz) (kt) (kt) (kt) Measured - - - - - - - - - - - - - In
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