Slide 1: Developing a major PGM-Nickel-Copper-Cobalt mine in Western Australia
Developing a major PGM-Nickel-Copper-Cobalt mine in Western Australia Corporate Presentation September 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: Investment Highlights
INVESTMENT HIGHLIGHTS Chalice owns the leading PGM-nickel-copper-cobalt project globally and is an industry leader in greenfield exploration Gonneville Project – greenfield discovery by Chalice 2020, FID targeted 2028 The largest and lowest cost undeveloped PGM-nickel-copper Reserve in the western w
Slide 4: Chalice is part of the ASX300 with a stable, highly institutional shareholder base
CORPORATE OVERVIEW Chalice is part of the ASX300 and has a very stable, highly institutional shareholder base Tim Goyder ASX: CHN 12-month performance (A$/share) (Founder) 3.00 6% 6% Other Institutional: 2.50 2.00 Share 55% Register 33% 1.50 1.00 Retail 0.50 Capital Structure Shares on issue 389M 0.
Slide 5: Chalice has built a decorated development and exploration team
CORPORATE OVERVIEW Chalice has built a decorated development and exploration team, with several industry veterans as advisors Board of Directors Key Management Derek La Ferla, Non-Executive Chair Chris MacKinnon, Chief Financial Officer • Highly regarded ASX200 chair and company director with • Qual
Slide 6: Gonneville is set to become a major, multi-decade PGM-Ni-Cu-Co mine
GONNEVILLE OVERVIEW Gonneville is set to become a major, multi-decade PGM-Ni-Cu-Co mine in Western Australia, 100% owned by Chalice 1 Significant production profile1 5 Tier-1 scale Resource & Ore Reserve2 220kozpa 3E (Pd+Pt+Au) | 7ktpa Ni Resource: 17Moz Pd-Pt-Au (3E) 8ktpa Cu | 0.7ktpa Co over init
Slide 7: Gonneville is a unique polymetallic project with diverse revenues
GONNEVILLE OVERVIEW Gonneville is a unique polymetallic project with diverse revenues from palladium, copper and nickel plus byproducts Gonneville revenue split at 3 Sept spot prices/FX2 Metal Annual Production (avg) Contained in Resource2 Palladium 197koz 13Moz Platinum Gold 4% Palladium Platinum 1
Slide 8: Metals price recovery not reflected in the CHN share price
GONNEVILLE OVERVIEW The recovery in metals prices over the last 12mths has not been reflected in the CHN share price, creating an exceptional investment opportunity Gonneville Pre-tax NPV-IRR sensitivity to Pd-Cu prices Chalice market capitalisation to base case NPV8 ratio 0.8 Cu Price (US$/t) 0.7 M
Slide 9: Single asset developers can re-rate strongly between PFS and FID
GONNEVILLE OVERVIEW History shows single asset developers can re-rate strongly between PFS and FID (or buyout) Share price re-rate PFS Developer Project Resource & mine method to FID/buyout Foran Mining (TSX: FOM) McIlvenna Bay Zinc-Copper Project, Saskatchewan 23Mt at 1.17% Cu 3.05% Zn MRE, undergr
Slide 10: Palladium is rebounding from cyclical lows
PALLADIUM MARKET 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 Norilsk Ukraine invasion flooding (record high US$3,440/oz) 3,000 COVID-19 China imports 2,500 Chinese GFEX ”Diesel-gate” at
Slide 11: Palladium market limited by inelastic supply, demand ramping up
PALLADIUM MARKET ~9Moz pa palladium market is limited by inelastic supply, while demand from hybrids and data centres ramping up Strong demand growth from new AI / data centre / energy 0.5-1.5Moz pa US$100M applications of new demand from AI / data Nornickel investment targeting centres by 2030 (RCF
Slide 12: Nickel is rebounding from cyclical lows and moving into supply deficit
NICKEL MARKET Nickel is rebounding from cyclical lows and is rapidly moving into a period of supply deficit driven by Indonesian Government policy Nickel spot price (US$/t, LME) 40,000 LME short squeeze to US$50,000/t (removed from chart) 35,000 Ukraine invasion and subsequent supply fears 30,000 In
Slide 13: Gonneville all-in sustaining costs forecast lowest in the industry
GONNEVILLE COST BENCHMARKS Gonneville all-in sustaining costs forecast to be effectively lowest in the industry, in a rapidly steepening cost curve PGM industry all-in sustaining cost curve net of by-product credits, US$/oz 4E CY2025A Quartile 1 Quartile 2 Quartile 3 Quartile 4 2,500 2,000 220kozpa
Slide 14: The tier-1 scale Reserve starts at surface with a high-grade core
GONNEVILLE RESERVE & MINING The tier-1 scale 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 P&P Reserve: 7.1Moz 3E, 400kt Ni, 260kt Cu, 43kt Co EW Section 1 ~1,200 drill holes for ~3
Slide 15: Process flowsheet produces two saleable concentrates plus a doré
GONNEVILLE PROCESSING Process flowsheet produces two saleable concentrates plus a doré, with proven recoveries and excellent offtake terms expected Sizing Grinding Oxide feed Copper Flotation Nickel Flotation Leach Crushing Grinding (~36% of gross revenue) (39%) (25%) Sulphide feed Blend (~4:1 Sulph
Slide 16: Production profile over 23 years
GONNEVILLE PRODUCTION PROFILE 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 Stage 1 | Stage 2 → 317 Gold Platinum Palladium 296 300 267 258 280 263 239 247 228 230 216 250 20
Slide 17: Only ~50% of the Resource included in open-pit phase
GONNEVILLE GROWTH Only ~50% of the Resource included in open-pit phase – mine expected to transition to underground and go well beyond 23yrs 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 dee
Slide 18: Project substantially de-risked since discovery in 2020
GONNEVILLE FORWARD PLAN 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 (grade/minera
Slide 19: Strong inbound interest from low-cost critical minerals funding options
GONNEVILLE FINANCING Strong inbound interest from a wide range of low-cost critical minerals funding options since the release of the PFS in Dec Funding options for pre-production CapEx of A$820M Export credit agencies, sovereign debt, grants • Given critical minerals mix, our funding strategy curre
Slide 20: Gonneville approvals are materially de-risked
GONNEVILLE APPROVALS Gonneville approvals are materially de-risked, based on strong government support, land acquisitions and reindustrialisation impetus WA Strategic Project Status + Commonwealth Major 1 Project Status 2 Approvals pathway endorsed by former WA EPA Chair Dr Tom Hatton 3 Mine on Chal
Slide 21: Active in copper exploration, confirming Cu-Au-Ag system at Goomalling
COPPER EXPLORATION Chalice now very active in copper exploration across Australia, recently confirming a Cu-Au-Ag system at the Goomalling Project Why we like it • Immediately south of Caravel Copper Project (ASX: CVV) which has a ~3Mt contained Cu Resource over ~20km of strike • Chalice controls ~3
Slide 22: Warrego North hosts multiple untested IOCG targets
COPPER EXPLORATION Warrego North Project hosts multiple untested IOCG targets in the prolific Tennant Creek field – RC drilling commencing in coming weeks Why we like it • ~20km north-west of the historical high- grade Warrego copper–gold mine within the Tennant Creek Mineral Field (TCMF) 8m @ 1.74%
Slide 23: Callabonna hosts several multi-km scale IOCG targets
COPPER EXPLORATION Callabonna Project also hosts several multi-km scale IOCG targets in the emerging Curnamona Province of SA Why we like it • Underexplored IOCG corridor in the Curnamona Province, which is poorly explored but has demonstrated prospectivity and endowment • Sandfire Resources (ASX: S
Slide 24: Investment Overview
Investment Overview Chalice owns the leading palladium-nickel-copper development project in the western world (one of the few palladium projects globally) CHN trading at significant discount to NAV, valuation disconnected from recent metals recovery in metals prices – compelling opportunity to ‘buy
Slide 25: Appendix
chalice Appendix
Slide 26: Sustainability is integral to the Chalice business
SUSTAINABILITY OVERVIEW Sustainability is integral to the Chalice business – we will deliver sustained, shared value through responsible mining Our Sustainability Vision and Pillars Strong Environmental Manage Climate Create Value for Healthy and Safe Stewardship Change Risk Stakeholders Workforce T
Slide 27: Gonneville will deliver significant benefits to Western Australia
GONNEVILLE ECONOMIC MODELLING Gonneville will deliver significant benefits to Western Australia over a 25+ year life and become the first PGM mine in Australia $24.1bn $1.95bn Contribution to WA Gross Direct payments to State and Federal State Product Governments. 3,761 >1,200 Average number of jobs
Slide 28: Gonneville PFS base case key assumptions
GONNEVILLE PFS ASSUMPTIONS Gonneville PFS base case key assumptions for financial modelling 8 Dec 2025 Modelled Key assumption Unit Key assumption Unit Stage 1 (5Mtpa) Stage 2 (13-14Mtpa) open-pit life Commodity prices (real terms, flat) Development CapEx estimates Ni US$/t 18,750 Mining A$M 79 52 C
Slide 29: Open-pit phase production profile and exceptional returns
GONNEVILLE PFS METRICS The open-pit phase is set to generate a significant production profile and exceptional returns over an initial 23 year modelled life Unleveraged open-pit phase metrics at base case prices (Pd: US$1,300/oz, Ni: US$18,750/t and Cu: US$10,500/t) Annual production (avg) Free cashf
Slide 30: PFS cashflow profile
GONNEVILLE PFS CASHFLOW PROFILE The scale, quality and location underlie the robust financial metrics of the initial 23yr OP phase – NPV8 of A$1.4bn and IRR of 23% Gonneville pre-tax cashflow profile over modelled open-pit life, A$M real unleveraged Yr 1-3 A$300Mpa Yr 4-13 A$310Mpa Total ~A$4.7bn A$
Slide 31: PFS cost profile
GONNEVILLE PFS COST PROFILE Low-cost open-pit mining and high byproduct credits drive exceptional profitability through-the-cycle over an initial 23-year life Gonneville all-in sustaining costs and basket price (excluding payabilities) over modelled open-pit life, US$/oz 3E US$/oz All-in sustaining
Slide 32: Bulk open-pit mine plan with low strip ratio
GONNEVILLE PFS MINING 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 1
Slide 33: Offtake terms expected to be excellent
GONNEVILLE PFS OFFTAKE 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
Slide 34: Strategic land holding at Gonneville de-risks the Project
GONNEVILLE LAND HOLDING 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$50M investment) • All site infr
Slide 35: Site infrastructure located on farmland owned by Chalice
GONNEVILLE LAYOUT All site infrastructure is located on predominantly cleared farmland owned by Chalice • Site infrastructure located on ~2,200ha owned by Chalice • Land holding affords significant Offset buffer to neighbouring properties area • ~70km from Perth → expected to have a largely resident
Slide 36: Proximity to Perth allows access to infrastructure and workforce
GONNEVILLE INFRASTRUCTURE The proximity to Perth allows direct access to major highways, power, water and port infrastructure, and a highly skilled local workforce Power Process Water Logistics Workforce Non-Process Infrastructure • Connection to South • Process water from • Stage 1 concentrates to
Slide 37: Gonneville Mine proposal requires State and Commonwealth assessment
GONNEVILLE APPROVALS The Gonneville Mine proposal will require State and Commonwealth assessment, with opportunities for community and stakeholder input Permitting process A trusted partner for development 1 March 2024 - Chalice refers proposal to State and Gonneville is located on 100% Chalice-owne
Slide 38: Development timeline
GONNEVILLE DEVELOPMENT TIMELINE Overall project schedule targets FID in H1 CY28, with the next major milestone ERD submissions in H2 CY26 Discovery Maiden Scoping Target Start First MRE Study PFS FS FID Construction Production Mar-20 Nov-21 Aug-23 Dec-25 H2 2027 H1 2028 Mid 2028 2030 2020 to 2023 20
Slide 39: Gonneville Mineral Resource Estimate (JORC 2012), 23 April 2024
GONNEVILLE MRE Gonneville Mineral Resource Estimate (JORC Code 2012), 23 April 2024 Cut-off NSR Domain Classification Mass Grade Contained metal (A$/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
Slide 40: Gonneville Ore Reserve Estimate, December 2025
GONNEVILLE ORE 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