Chalice Mining Limited · ASX:CHN
Chalice Mining — Investor Presentation (November 2026)
43 slides from Chalice Mining's investor presentation, Nov 5, 2026
Slide 1: Corporate Presentation November 2026
rsonal use only A major PGM-Nickel- …plus a new high- Copper-Cobalt mine grade copper-gold development in WA… discovery in NT Corporate Presentation November 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 project globally and now has a second greenfield discovery (Kestrel copper-gold) in the NT rsonal use only Gonneville PGM-Ni-Cu-Co Project AUSTRALIA Greenfield discovery by Chalice in 2020, 17Moz Pd+Pt+Au (3E), 960kt Warrego North Proj
Slide 4: Corporate Overview: 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$/share) rsonal use only (Founder) 3.00 6% 6% 2.50 Other Institutional: 2.00 Share 55% Register 33% 1.50 1.00 Retail 0.50 Capital Structure Shares
Slide 5: Corporate Overview: development and exploration team
CORPORATE OVERVIEW Chalice has built a decorated development and exploration team, with several industry veterans as advisors Board of Directors Key Management Derek La Ferla, Non-Executive Chair rsonal use only Chris MacKinnon, Chief Financial Officer • Highly regarded ASX200 chair and company dire
Slide 6: Gonneville Overview
GONNEVILLE OVERVIEW Gonneville is set to become a major, multi-decade PGM-Ni-Cu-Co mine in Western Australia, 100% owned by Chalice 1 Significant production profile1 5 Tier-1 scale Resource & Ore Reserve2 220kozpa 3E (Pd+Pt+Au) | 7ktpa Ni Resource: 17Moz Pd-Pt-Au (3E) rsonal use only 8ktpa Cu | 0.7k
Slide 7: Metals Split
GONNEVILLE METALS SPLIT Gonneville is a unique polymetallic project with diverse revenues from palladium, copper and nickel plus byproducts Gonneville revenue split at 4 November spot prices/FX1 Metal Annual Production (avg) Contained in Resource rsonal use only Palladium 197koz 13Moz Platinum Gold
Slide 8: Value: leveraged investment opportunity
GONNEVILLE VALUE Palladium and nickel prices are back deep into the cost curve, creating an asymmetrical highly leveraged investment opportunity Gonneville Pre-tax NPV-IRR sensitivity to Pd-Cu prices Chalice market capitalisation to base case NPV8 ratio rsonal use only 0.8 Cu Price (US$/t) 0.7 Metri
Slide 9: Re-rate Potential
GONNEVILLE RE-RATE POTENTIAL History shows single asset developers can re-rate strongly between PFS and FID (or buyout) through permitting and financing Share price re-rate PFS Developer Project Resource & mine method rsonal use only to FID/buyout Foran Mining (TSX: FOM) McIlvenna Bay Zinc-Copper Pr
Slide 10: Forward Plan
GONNEVILLE FORWARD PLAN The Project has been substantially de-risked by Chalice since our discovery in 2020, with an investment of ~$270M to date Drilled out to Indicated category to depth of ~450m, Inferred Resources continue to depth of 1,100m – exceptional rsonal use only Resource orebody knowled
Slide 11: Financing Underway
GONNEVILLE FINANCING UNDERWAY Strong inbound interest from a wide range of low-cost critical minerals funding options since the release of the PFS in December 2025 Funding options for pre-production CapEx of A$820M rsonal use only Export credit agencies, sovereign debt, grants • Given critical miner
Slide 12: Warrego North – Kestrel Discovery
WARREGO NORTH – KESTREL DISCOVERY Kestrel is a shallow, high-grade copper-gold discovery from the first drill hole into a greenfield target near Tennant Creek 15m @ 8.6g/t Au, 0.54% Cu from 78m, within 27m @ 0.42% Cu, 4.8g/t Au rsonal use only in discovery hole WCRC001 All 6 holes hit copper ~500m o
Slide 13: Warrego North Upside
WARREGO NORTH UPSIDE Kestrel opens a new frontier in one of Australia’s highest-grade copper- gold fields, only ~20km from Warrego Aboriginal Land (unexplored) Pastoral (well explored) Warrego North Cu-Au Project rsonal use only Regional 1VD-RTP Orlando Magnetic Image Chook 0.12Moz Au @ 11.0g/t 4.85
Slide 14: Warrego North Upside: field has new life
WARREGO NORTH UPSIDE The field has a new life with Pan African recently consolidating most tenure to the east, and investigating a Warrego processing hub Prolific, high-grade district 1 Tennant Creek field has produced rsonal use only >5Moz Au @ ~6.9g/t and ~470kt Cu @ ~2.8%1 Clear path to market 2
Slide 15: A catalyst-rich investment
A catalyst-rich investment Chalice owns two standout greenfield discoveries in rsonal use only PGM-Ni-Cu and Cu-Au in Australia – a Company well known for discovery and value creation Early stages of discovery and scoping of the scale of the Kestrel discovery can generate exceptional returns for sha
Slide 16: Appendix
rsonal use only Appendix
Slide 17: Sustainability Overview
SUSTAINABILITY OVERVIEW Sustainability is integral to the Chalice business – we will deliver sustained, shared value through responsible mining Our Sustainability Vision and Pillars rsonal use only Strong Environmental Manage Climate Create Value for Healthy and Safe Stewardship Change Risk Stakehol
Slide 18: Metals
GONNEVILLE METALS Gonneville will produce several critical and strategic minerals, which are vital inputs into the auto, defence, data centre/AI and decarb sectors PRECIOUS METAL | CRITICAL MINERAL BASE METAL | STRATEGIC MINERAL • Market size: ~9Moz a year. China currently makes up ~30% of global de
Slide 19: Palladium Market: back at cost curve support
PALLADIUM MARKET Palladium is back at cost curve support and recent history shows prices can rise rapidly with no supply response Palladium spot price (US$/oz, LBMA) rsonal use only 3,500 Norilsk Ukraine invasion flooding (record high US$3,440/oz) 3,000 Chinese GFEX COVID-19 Pd futures China imports
Slide 20: Palladium Market: inelastic supply, rising demand
PALLADIUM MARKET ~9Moz pa palladium market is limited by inelastic supply, while demand from hybrids and data centres is ramping up rsonal use only Ex-China growth in BEV sales has ~70% of recent UBS ~30% of total global slowed, hybrids and internal survey respondents favoured combustion still prefe
Slide 21: Nickel Market
NICKEL MARKET Nickel is rebounding from cyclical lows and is rapidly moving into a period of supply deficit driven by Indonesian Government policy Nickel spot price (US$/t, LME) rsonal use only 40,000 LME short squeeze to US$50,000/t (removed from chart) 35,000 Ukraine invasion and subsequent supply
Slide 22: Economic Modelling
GONNEVILLE ECONOMIC MODELLING Gonneville will deliver significant benefits to Western Australia over a 25+ year life and become the first PGM mine in Australia rsonal use only $24.1bn $1.95bn Contribution to WA Gross Direct payments to State and Federal State Product Governments 3,761 >1,200 Average
Slide 23: PFS Metrics
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) rsonal use only Annual production
Slide 24: 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$1.4bn and IRR of 23% Gonneville pre-tax cash flow profile over modelled open-pit life, A$M real unleveraged rsonal use only Yr 1-3 A$300Mpa Yr 4-13 A$310Mpa
Slide 25: Production Profile
GONNEVILLE PRODUCTION PROFILE The Project has a significant production profile over 23 years: ~220kozpa 3E, 7ktpa Ni, 8ktpa Cu and 700tpa Co 3E precious metals production profile (koz, recovered) rsonal use only 350 Stage 1 | Stage 2 → 317 Gold Platinum Palladium 296 300 267 258 280 263 239 247 22
Slide 26: PFS Cost Profile
GONNEVILLE PFS COST PROFILE Low-cost open-pit mining and high byproduct credits drive exceptional profitability through-the-cycle over an initial 23-year life Gonneville all-in sustaining costs and basket price (excluding payabilities) over modelled open-pit life, US$/oz 3E rsonal use only US$/oz Al
Slide 27: Cost Benchmarks
GONNEVILLE COST BENCHMARKS Gonneville all-in sustaining costs forecast to be effectively lowest in the industry, in a rapidly steepening cost curve PGM industry all-in sustaining cost curve net of by-product credits, US$/oz 4E CY2025A rsonal use only Quartile 1 Quartile 2 Quartile 3 Quartile 4 2,500
Slide 28: Reserve & Mining
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 rsonal use only EW Section 2 P&P Reserve: 7.1Moz 3E, 400kt Ni, 260kt Cu, 43kt Co EW Section 1 ~1,200 dr
Slide 29: PFS Mining
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 rsonal use only Measured and Indicated Inferred Waste Strip ratio 50 4.0 Material mined (Mt) 40 3.0 Strip ratio 30 2
Slide 30: Processing
GONNEVILLE PROCESSING Process flowsheet produces two saleable concentrates plus a doré, with proven recoveries and excellent offtake terms expected Sizing Grinding rsonal use only Oxide feed Copper Flotation Nickel Flotation Leach Crushing Grinding (~36% of gross revenue) (39%) (25%) Sulphide feed B
Slide 31: PFS Offtake
GONNEVILLE PFS OFFTAKE Offtake terms are expected to be excellent given market conditions, high concentrate grades, negligible impurities and large volumes . Copper-PGM-Au Concentrate Ni-PGM-Co Concentrate rsonal use only • High value concentrate with negligible impurities: • High value concentrate
Slide 32: Growth
GONNEVILLE GROWTH Only ~50% of the Resource included in open-pit phase – mine expected to transition to underground and go well beyond 23yrs rsonal use only 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 up
Slide 33: Land Holding
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 rsonal use only Resource, significantly de-risking the Project (~A$50M investment)
Slide 34: Layout
GONNEVILLE LAYOUT All site infrastructure is located on predominantly cleared farmland owned by Chalice • Site infrastructure to be located on ~2,200ha owned by Chalice rsonal use only • Land holding affords buffer to Offset neighbouring properties area • ~70km from Perth → expected to have a largel
Slide 35: Infrastructure
GONNEVILLE INFRASTRUCTURE The proximity to Perth allows direct access to major highways, power, water and port infrastructure, and a highly skilled local workforce rsonal use only Power Process Water Logistics Workforce Non-Process Infrastructure • Connection to South • Process water from • Stage 1
Slide 36: Approvals
GONNEVILLE APPROVALS Gonneville approvals are materially de-risked, based on strong government support, land acquisitions and reindustrialisation impetus WA Strategic Project Status + Commonwealth Major 1 Project Status rsonal use only 2 Approvals pathway endorsed by former WA EPA Chair Dr Tom Hatto
Slide 37: Approvals: State and Commonwealth assessment
GONNEVILLE APPROVALS The Gonneville Mine proposal will require State and Commonwealth assessment, with opportunities for community and stakeholder input Permitting process A trusted partner for development rsonal use only 1 March 2024 - Chalice refers proposal to State and Gonneville is located on 1
Slide 38: PFS Assumptions
GONNEVILLE PFS ASSUMPTIONS Gonneville PFS base case key assumptions for financial modelling 8 Dec 2025 Modelled Key assumption Unit Key assumption Unit Stage 1 (5Mtpa) Stage 2 (13-14Mtpa) open-pit life Commodity prices (real terms, flat) Development CapEx estimates rsonal use only Ni US$/t 18,750 Mi
Slide 39: Development Timeline
GONNEVILLE DEVELOPMENT TIMELINE Overall project schedule targets FID in H1 CY28, with the next major milestone ERD submissions in H2 CY26 rsonal use only Discovery Maiden Scoping Target Start First MRE Study PFS DFS FID Construction Production Mar-20 Nov-21 Aug-23 Dec-25 Q3 2027 H1 2028 Mid 2028 203
Slide 40: MRE
GONNEVILLE MRE Gonneville Mineral Resource Estimate (JORC Code 2012), 23 April 2024 Cut-off NSR Domain Classification Mass Grade Contained metal (A$/t) rsonal 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 - - - - - - - - - -
Slide 41: ORE
GONNEVILLE ORE Gonneville Ore Reserve Estimate (JORC Code 2012), 8 December 2025 Classification Mass Grade Contained metal rsonal use only (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 0.00
Slide 42: Copper Exploration: Goomalling Project
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 rsonal use only • Immediately south of Caravel Copper Project (ASX: CVV) which has a ~3Mt contained Cu Resource over ~20km of strike • Cha
Slide 43: Copper Exploration: Callabonna Project
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 rsonal use only Curnamona Province, which is poorly explored but has demonstrated prospectivity and endowment • Sandfire R
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