Slide 1: Gonneville Pd-Ni-Cu Project Corporate Presentation
Gonneville Pd-Ni-Cu Project developing a new globally significant critical minerals mine in Western Australia Corporate Presentation February 2026 ASX:CHN
Slide 2: Cautionary statements and competent person(s) disclosure
Cautionary statements and competent person(s) disclosure Authorisation Forward-Looking Statement Competent Persons Statement This Presentation has been authorised for release by the Board This Presentation contains forward-looking statements which are identified by words The information in this Pres
Slide 3: Chalice owns the leading palladium-nickel-copper project globally
Chalice Mining owns the leading palladium-nickel-copper project globally, in a top mining jurisdiction – Western Australia Gonneville Project – greenfield discovery by Chalice in 2020 The largest and lowest cost undeveloped palladium-nickel-copper Reserve in the western world – set to generate excep
Slide 4: Strong financial position and stable, highly institutional shareholder base
Chalice has a strong financial position and a stable, highly institutional shareholder base Strategic MOU with since mid-2024 Tim Goyder ASX:CHN 12-month performance (A$/share) Paradice 6% 6% 3.00 2.50 Share 50% 2.00 Register 38% 1.50 1.00 Retail/Other Other Institutional 0.50 Capital Structure 0.00
Slide 5: Gonneville set to become a large-scale, long-life critical minerals mine
Gonneville set to become a new large-scale, long-life and globally competitive critical minerals mine in Western Australia 1 Significant production profile1 5 Tier-1 scale Resource & Ore Reserve2 220kozpa 3E | 7ktpa Ni | 8ktpa Cu, Resource: 17Moz Pd-Pt-Au (3E) 0.7ktpa Co over initial 23-year 960kt N
Slide 6: Diverse palladium, nickel, copper investment exposure
A unique and diverse palladium, nickel, copper investment exposure with diversification and robustness to fluctuations in prices Gonneville revenue split at base case price assumptions1 Metal Annual Production Contained in Resource2 Palladium 197koz 13Moz Platinum Gold 4% 3% Palladium Platinum 17koz
Slide 7: Spot prices up to 70% higher than base case; discount to spot NAV
With spot prices now up to 70% higher than the base case, Chalice is trading at a significant discount to spot NAV Gonneville Pre-tax NPV-IRR sensitivity to long term coproduct prices Ni Price (US$/t) Cu Price (US$/t) • Most spot prices now substantially higher (w/ Cu at US$10,500/t) (w/ Ni at US$18
Slide 8: Palladium is rebounding from cyclical lows
Palladium is rebounding from cyclical lows and recent history shows prices can rise rapidly with no supply response Palladium spot price (US$/oz, LBMA) 3,500 Chinese GFEX Ukraine invasion Pd futures Norilsk flooding (record high US$3,440/oz) market trading 3,000 Nov-25 COVID-19 Prelim US tariff 2,50
Slide 9: Palladium market in the spotlight with new tariffs on Russia
~9Moz pa palladium market is in the spotlight, with new tariffs on world’s largest producer Russia and hybrid vehicle demand outpacing supply • In 2025 US Dept of Commerce confirmed that Russia has been dumping palladium on 133% US tariff on Russian US markets since 2022 (invasion of Ukraine) – Russ
Slide 10: Second quartile AISC and lowest cost profile in the Western world
Gonneville will have 2nd quartile all-in sustaining costs and the lowest cost profile in the Western world, in a shrinking, steepening cost curve PGM industry all-in sustaining cost curve net of by-product credits, US$/oz 4E 2024A2 2,500 Quartile 1 Quartile 2 Quartile 3 Quartile 4 2,000 Sibanye US P
Slide 11: Simple flotation and leach process flowsheet
Simple flotation and leach process flowsheet to produce two saleable concentrates plus a doré, with proven recoveries and offtake terms Sizing Grinding Oxide feed Copper Flotation Nickel Flotation Leach Crushing Grinding (~36% of gross revenue) (39%) (25%) Sulphide feed Blend (~4:1 Sulphide : Oxide)
Slide 12: ~50% of the Resource unmined below the PFS pit
~50% of the Resource unmined below the PFS pit and the Resource remains open down-dip – future growth and upside is likely PFS assumes initial 23yrs of open-pit mining ~7.9Moz 3E, 450kt Ni, 250kt Cu, 46kt Co contained in Resource below PFS pit shell → significant upside through deeper open-pit minin
Slide 13: Strong inbound interest from low-cost critical minerals funding options
Strong inbound interest from a wide range of low-cost critical minerals funding options since release of the PFS Funding options for pre-production CapEx of A$820M Export credit agencies, sovereign debt, grants • Funding strategy currently focussed on sovereign/govt sources – with very strong inboun
Slide 14: Project substantially de-risked since discovery in 2020
The Project has been substantially de-risked by Chalice since our discovery in 2020, with an investment of ~$250M to date Drilled out to Indicated category to depth of ~450m, Inferred Resources continue to depth of 1,100m – exceptional Resource orebody knowledge of grade/mineralogy/metallurgy defini
Slide 15: Beyond Gonneville, >40 targets in the West Yilgarn Province
Beyond Gonneville, Chalice has defined >40 Cu-Au-Ag and Ni-Cu-PGE targets in the West Yilgarn Province Why we like it • ~1,200km long western margin of the Yilgarn craton largely unexplored, due to lack of outcrop and prevalence of large-scale farming Bangemall • Exciting new search space for intrus
Slide 16: Chalice Overview
Chalice Overview Chalice owns the leading palladium-nickel-copper development project in the western world (one of the few palladium projects globally) Trading at significant discount to Gonneville spot NAV, funded through to FID and positioned to capitalise on western critical minerals thematic Cur
Slide 17: Appendix
chalice Appendix NOY wee 4 : ~~
Slide 18: Chalice has the team to take Gonneville to development
Chalice has the team to take Gonneville to development, and is looking to further strengthen execution capabilities in CY26 Board of Directors Key Management Derek La Ferla, Non-Executive Chair Chris MacKinnon, Chief Financial Officer • Highly regarded ASX200 chair and company director with • Qualif
Slide 19: Gonneville PFS base case key assumptions for financial modelling
Gonneville PFS base case key assumptions for financial modelling 8 Dec 2025 Modelled Key assumption Unit Key assumption Unit Stage 1 (5Mtpa) Stage 2 (13-14Mtpa) open-pit life Commodity prices (real terms, flat) Development CapEx estimates Ni US$/t 18,750 Mining A$M 79 52 Cu US$/t 10,500 Process Plan
Slide 20: Tier-1 scale Resource and Reserve starts at surface
The tier-1 scale Resource and Reserve starts at surface and has a significant high-grade core and good mining continuity Gonneville block model 3D View looking ENE EW Section Views EW Section 2 EW Section 1 ~1,200 drill holes for ~320,000m completed since discovery in March 2020 – well defined and u
Slide 21: Significant production profile over 23 years
The Project has a significant production profile over 23 years: ~220kozpa 3E, 7ktpa Ni, 8ktpa Cu and 700tpa Co 3E precious metals production profile (koz, recovered) 350 317 Gold Platinum Palladium 296 300 267 258 280 263 239 247 228 230 216 250 206 201 194 212 223 222 224 198 Modelled OP average 20
Slide 22: Bulk open-pit mine plan with very low strip ratio
The bulk open-pit mine plan has a very low strip ratio of 1.2x and benefits from high-grades near surface Mining schedules 3D view (looking WNW) open pit phases Measured and Indicated Inferred Waste Strip ratio 50 4.0 Material mined (Mt) 40 3.0 Strip ratio 30 2 2.0 Phase 1 20 10 1.0 - 0.0 Total mine
Slide 23: Offtake terms expected to be excellent
Offtake terms are expected to be excellent given market conditions, high concentrate grades, negligible impurities and large volumes . Copper-PGE-Au Concentrate Ni-PGE-Co Concentrate • High value concentrate with negligible impurities: • High value concentrate with negligible impurities: • ~20% Cu,
Slide 24: Strategic land holding de-risks the Project and provides Biodiversity Offsets
Our strategic land holding at Gonneville significantly de-risks the Project and provides opportunity for restoration and Biodiversity Offsets • Chalice owns ~2,600ha of farmland surrounding the Resource, significantly de-risking the Project (~A$50M investment) • All site infrastructure will be accom
Slide 25: All site infrastructure on cleared farmland owned by Chalice
All site infrastructure is located on predominantly cleared farmland owned by Chalice • Site infrastructure located on ~2,200ha owned by Chalice • Land holding affords significant Offset buffer to neighbouring properties area • ~70km from Perth → expected to have a largely residential workforce (no
Slide 26: Proximity to Perth allows access to highways, power, water and port
The proximity to Perth allows direct access to major highways, power, water and port infrastructure, and a highly skilled local workforce Power Process Water Logistics Workforce Non-Process Infrastructure • Connection to South • Process water from • Stage 1 concentrates to • Construction workforce •
Slide 27: Inherent options and upside in mining, processing and commercial
In addition, there are inherent options and upside mining, processing and commercial to optimise in the FS Assessed upside potential • A saleable 65% iron concentrate produced in magnetic separation testwork – not included in the PFS as a revenue stream Fe Iron by-product • Avg mass pull of ~5% acro
Slide 28: Project schedule targets FID in H1 CY28
Overall project schedule targets FID in H1 CY28, with the next major milestone ERD submissions in H2 CY26 Discovery Maiden Scoping Target Start First MRE Study PFS FS FID Construction Production Mar-20 Nov-21 Aug-23 Dec-25 H1 2027 H1 2028 Mid 2028 2030 2020 to 2023 2024 2025 2026 2027 2028 2029 2030
Slide 29: Our approach to sustainability
Our approach to sustainability: Deliver sustained shared value through responsible sustainability practices Our Sustainability Vision and Pillars Strong Environmental Manage Climate Create Value for Healthy and Safe Stewardship Change Risk Stakeholders Workforce The Gonneville Project is located on
Slide 30: Gonneville Mineral Resource Estimate (JORC 2012), April 2024
Gonneville Mineral Resource Estimate (JORC Code 2012), 23 April 2024 Cut-off NSR Domain Classification Mass Grade Contained metal (A$/t) 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 - - - - - - - - - - - - - Indicated 7.0 1.9 - 0.05
Slide 31: Gonneville Ore Reserve Estimate (JORC 2012), December 2025
Gonneville Ore Reserve Estimate (JORC Code 2012), 8 December 2025 Classification Mass Grade Contained metal (Mt) Pd (g/t) Pt (g/t) Au (g/t) Ni (%) Cu (%) Co (%) Pd (Moz) Pt (Moz) Au (Moz) Ni (kt) Cu (kt) Co (kt) Proved 2.5 1.1 0.23 0.03 0.22 0.18 0.018 0.087 0.018 0.0024 5.4 4.4 0.45 Probable 260 0.
Slide 32: Visit our website and sign up to receive our latest news
Visit our website and sign up to receive our latest news chalice-mining @ChaIiceMining www.chalicemining.com Level 3, 46 Colin Street West Perth WA 6005, Australia +61 8 9322 3960 info@chalicemining .com ASX:CHN