Slide 1: The leading palladium-nickel-copper project in the Western World
The leading palladium- nickel-copper project in the Western World JUNE 2025 ASX:CHN ASX: CHN
Slide 2: Chalice Mining is a leading critical minerals explorer-developer in Western Australia
Chalice Mining is a leading critical minerals explorer-developer in the world’s best mining jurisdiction – Western Australia Discoverer and 100% owner of the largest palladium- Asset nickel-copper Resource1 in the Western World (Gonneville) – 17Moz 3E, 960kt Ni, 540kt Cu, 96kt Co, open-pit project +
Slide 3: Chalice has a uniquely strong financial position and a stable, highly institutional register
Chalice has a uniquely strong financial position and a stable, highly institutional register Major shareholders3 ASX:CHN 12-month performance ($/share) Tim Goyder 2.50 8% 2.00 37% Institutional Retail/Other 55% 1.50 Paradice (5%) Others (32%) 1.00 0.50 Capital structure Shares on issue 389M 0.00 Mar
Slide 4: Why Palladium? Hallmarks of the next commodity bull run
Why Palladium? We see the hallmarks of the next commodity bull run – an exceptional counter-cyclical opportunity Deep in the cost curve • 20-30% of Palladium operations are currently unprofitable • Curtailments of highest-cost mines have just commenced Unstable and geopolitically undesirable supply
Slide 5: Why palladium? Trump 2.0 policy settings, hybrid-ICE growth and price at cyclical lows
Why palladium? Trump 2.0 policy settings, rapid growth of hybrid-ICE vehicles and price at cyclical lows – CHN leveraged to price rebound Chalice share price (A$/share) vs Palladium spot price (A$/oz, LBMA) 12.00 Chalice Palladium (A$) 4,500 Norilsk flooding 4,000 10.00 Auto destocking / 3,500 short
Slide 6: Why palladium? Battery electric vehicle adoption has slowed
Why palladium? Battery electric vehicle adoption has slowed dramatically and demand for ICE/hybrid vehicles continues to grow Total battery electric vehicle market share (China, US, Europe) Palladium demand driven largely by automative catalytic converter production… 50% 45% Palladium demand is Adop
Slide 7: Why palladium? Supply is 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 Global Palladium Supply Market Share (2024) The global automotive sector relies on a very unstable and geopolitically problematic supply chain… • Production largely from ageing, de
Slide 8: Why palladium? Supply forecasts are always overly optimistic
Why palladium? Supply forecasts are always overly optimistic – large number of mines are loss making and recycling underperforms Primary PGE Supply Actual vs Forecasts Recycled PGE Supply Actual vs Forecasts Supply forecasts are notoriously optimistic, and with growing demand → prolonged deficits →
Slide 9: Gonneville PGE-Ni-Cu-Co Project Overview
Gonneville PGE-Ni-Cu-Co Project Overview A new long-life, low-cost, low-carbon, strategic critical minerals project in Western Australia Strategic non-binding MOU with Mitsubishi Corporation Top tier development partner, collaborating on the PFS and offtake strategy1 Tier 1 scale sulphide Resource U
Slide 10: The tier-1 scale Gonneville Resource starts at surface and has a significant high-grade core
The tier-1 scale Gonneville Resource starts at surface and has a significant high-grade core which enhances early years of the mine plan Gonneville Resource Plan View Gonneville Resource 3D View looking NNE ~1,200 drill holes for ~320,000m completed since discovery in March 2020 ASX: CHN 10
Slide 11: The Project has been substantially de-risked by Chalice since discovery in 2020
The Project has been substantially de-risked by Chalice since our discovery in 2020 Drilled out to Indicated category, to depth of ~450m, Inferred Resources Resource continue to depth of 1,100m Acquired 22km2 of farmland surrounding the Resource in 2021-22, significantly Tenure / Land de-risking the
Slide 12: Recent major metallurgical breakthrough fundamentally simplifies the Project
Recent major metallurgical breakthrough fundamentally simplifies the Project – saleable concentrates across the full grade range Sizing Grinding Mag Separation Oxide feed Offtake of iron byproduct to steel mill Crushing Grinding Copper Flotation Nickel Flotation Mag Separation CIL Leach Sulphide fee
Slide 13: Simplifying the flowsheet has materially 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 Capital costs • Significant reduction due to removal of hydrometallurgical process (~A$260M) (pre-production) • Minor increase incorp
Slide 14: Gonneville expected to be a very competitive asset with 2nd quartile AISC
With open-pit mining costs and simple low-cost processing, Gonneville is expected to be a very competitive asset, with 2nd quartile AISC PGE industry all-in sustaining cost curve (cash costs plus sustaining CapEx), net of by-product credits, US$/oz 4E 2023A1 Quartile 1 Quartile 2 Quartile 3 Quartile
Slide 15: A wide landscape for critical minerals project funding from public and private sectors
There is a wide landscape for critical minerals project funding from both public and private sectors WA State Government Federal Governments Offtake / strategic financing Awarded “Strategic Project Status” Awarded “Major Project Status” • Commercial banks • Copper/nickel smelters • Metals traders “C
Slide 16: Beyond Gonneville, Chalice has defined >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 • ~1,200km long western margin of the Yilgarn craton largely unexplored, due to lack of outcrop and prevalence of large-scale farming Narryer Project • Exciting new search space for intrusion-relat
Slide 17: The Hardtack Target is a new ~7km long 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 • New anomaly along the regionally significant suture of the South West and Younami terranes (newly interpreted terrane boundary) • Historical gold workings (c. 1897) along st
Slide 18: Two gold-copper target areas remain the priority at Barrabarra Project
Two gold-copper target areas remain the priority at the ~3,600km2 frontier Barrabarra Project • New geological interpretation has revealed extensive areas of interpreted Archaean greenstone belt geology, transected by prominent regional-scale structures • Almost entirely unexplored due to limited ou
Slide 19: Chalice is fully funded to progress key development and exploration activities
Chalice is fully funded to progress key development and exploration activities, with ~A$83M in cash and listed investments Milestones achieved Status Forward Plan1 Status Gonneville discovery Gonneville variability testwork and Ongoing Mar-20 flowsheet design finalisation Maiden Mineral Resource Est
Slide 20: Summary: Key value drivers
Summary Chalice owns the leading palladium-nickel-copper Key value drivers development project in the western world 1. Palladium price recovery driven by Trump 2.0 policies, slowing BEV uptake, strong ICE/hybrid vehicle sales and structural challenges in supply Chalice’s team has a track 2. Gonnevil
Slide 21: Appendix
Appendix ASX: CHN
Slide 22: Cautionary statements and competent person(s) disclosure
Cautionary statements and competent person(s) disclosure 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 statements
Slide 23: Cautionary statements and competent person(s) disclosure (cont'd.)
Cautionary statements and competent person(s) disclosure (cont’d.) Reliance on Third Party Information materially modified from the relevant original market announcements. The views expressed in this Presentation contain information that has been derived from third party sources that have not been P
Slide 24: Our discovery in 2020 defined the Company's DNA – dual focus
Our discovery in 2020 defined the Company’s DNA – we have a dual focus on developing Gonneville and making further discoveries 01 02 03 Generate New Discoveries Define New Resources De-Risk Development • Conceptualise, define and prioritise new • Make new major discoveries and turn them • Define pro
Slide 25: Board of Directors and Executive Management
Board of Directors and Executive Management Board of Directors Key Management Derek La Ferla, Non-Executive Chair Chris MacKinnon, Chief Financial Officer • Highly regarded ASX200 chair and company director with • Qualified accountant and lawyer with 15+ years experience of 30+ years experience as a
Slide 26: 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 27: The rare Gonneville critical minerals Resource has high-grade optionality and growth potential
The rare Gonneville critical minerals Resource has high-grade optionality and compelling growth potential High Grade Mineral Resource Estimate1: Gonneville NSR Grade-Tonnage table2 • 59Mt @ 2.0g/t 3E (Pd+Pt+Au), 0.20% Ni, 0.21% NSR Cut-off NSR Cut-off in Total Mass Grade in-pit MSO Cu, 0.019% Co A$/
Slide 28: Offtake terms are expected to be attractive
Offtake terms are expected to be attractive given high-grade of products, low impurities and IRA-compliant source Copper-PGE-Au Ni-PGE-Co Concentrate Concentrate • High value concentrate with negligible • High value concentrate with very low impurities: ~20% Cu, 45-60g/t 3E impurities: ~8% Ni, ~0.8%
Slide 29: Big critical minerals discoveries are becoming increasingly rare in the western world
Big critical minerals discoveries are becoming increasingly rare in the western world – demand is likely to outpace supply over long term Number of base metal (Ni, Cu, Zn, Pb) discoveries in the World by size – 1900-2021 Post WWII boom and new Rise of China and surge in 60 modern exploration tools e
Slide 30: Higher-grade sulphide component of Gonneville Resource, 23 April 2024
Higher-grade sulphide component of Gonneville Resource (in pit and underground), 23 April 2024 Domain Cut-off NSR (A$/t) Classification Mass Grade Contained metal (Mt) Pd (g/t) Pt (g/t) Au (g/t) Ni (%) Cu (%) Co (%) Pd (Moz) Pt (Moz) Au (Moz) Ni (kt) Cu (kt) Co (kt) Measured 0.8 2.3 0.45 0.05 0.37 0
Slide 31: Gonneville Mineral Resource Estimate (JORC Code 2012), 23 April 2024
Gonneville Mineral Resource Estimate (JORC Code 2012), 23 April 2024 Domain Cut-off NSR (A$/t) 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) Measured - - - - - - - - - - - - - Indicated 7.0 1.9 - 0.05