Chalice Mining Limited · ASX:CHN
Chalice Mining — Macquarie Australia Conference 2025
30 slides from Chalice Mining's conference presentation, May 6, 2025
Slide 1: The leading palladium-nickel-copper project in the Western World
For personal use only The leading palladium- nickel-copper project in the Western World MAY 2025 ASX:CHN ASX: CHN
Slide 2: Chalice 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) For personal use only – 17Moz 3E, 960kt Ni, 540kt Cu, 96kt
Slide 3: Uniquely strong financial position and stable, highly institutional register
Chalice has a uniquely strong financial position and a stable, highly institutional register Major shareholders3 ASX:CHN 12-month performance ($/share) For personal use only Tim Goyder 2.50 8% 2.00 Retail/Other 54% 38% 1.50 Institutional Paradice (5%) Others (33%) 1.00 0.50 Capital structure Shares
Slide 4: Why Palladium? Hallmarks of the next commodity bull run
Why Palladium? We see the hallmarks of the next commodity bull run – an exceptional counter-cyclical opportunity Deep in the cost curve For personal use only • 30-40% of Palladium operations are currently unprofitable • Curtailments of highest-cost mines have just commenced Unstable and geopolitical
Slide 5: Why palladium? Trump 2.0 policy, hybrid growth, price at cyclical lows
Why palladium? Trump 2.0 policy settings, rapid growth of hybrid-ICE vehicles and price at cyclical lows – CHN leveraged to price rebound Chalice share price (A$/share) vs Palladium spot price (A$/oz, LBMA) For personal use only 12.00 Chalice Palladium (A$) 4,500 Norilsk 4,000 flooding 10.00 Auto de
Slide 6: Why palladium? BEV adoption has slowed, ICE/hybrid demand grows
Why palladium? Battery electric vehicle adoption has slowed dramatically and demand for ICE/hybrid vehicles continues to grow Total passenger vehicle sales (China, US, Europe) For personal use only Global BEV market share Vehicles with Pd (ICE, Hybrid) Palladium demand driven largely by automative c
Slide 7: 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 For personal use only Global Palladium Supply Market Share (2024) The global automotive sector relies on a very unstable and geopolitically problematic supply chain… • Production l
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 For personal use only Primary PGE Supply Actual vs Forecasts Recycled PGE Supply Actual vs Forecasts Supply forecasts are notoriously optimistic, and with growing demand →
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 For personal use only Top tier development partner, collaborating on the PFS and offtake strategy1 Tier 1 sca
Slide 10: The Project has been substantially de-risked 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 For personal use only continue to depth of 1,100m Acquired 22km2 of farmland surrounding the Resource in 2021-22, significantly Tenure
Slide 11: Metallurgical breakthrough simplifies the Project with saleable concentrates
Recent major metallurgical breakthrough fundamentally simplifies the Project – saleable concentrates across the full grade range Sizing Grinding Mag Separation For personal use only Oxide feed Offtake of iron byproduct to steel mill Crushing Grinding Copper Flotation Nickel Flotation Mag Separation
Slide 12: 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 For personal use only Capital costs • Significant reduction due to removal of hydrometallurgical process (~A$260M) (pre-production) •
Slide 13: Gonneville expected to be very competitive, with 2nd quartile AISC
With open-pit mining costs and simple low-cost processing, Gonneville is expected to be a very competitive asset, with 2nd quartile AISC PGE industry all-in sustaining cost curve (cash costs plus sustaining CapEx), net of by-product credits, US$/oz 4E 2023A1 For personal use only Quartile 1 Quartile
Slide 14: 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 financing Awarded “Strategic Project Status” Awarded “Major Project Status” • Commercial banks • Copper/nickel smelte
Slide 15: Beyond Gonneville, >40 Cu-Au-Ag and Ni-Cu-PGE targets in West Yilgarn
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 For personal use only craton largely unexplored Narryer Project • Exciting new search space for intrusion-related / orogenic copper-gold+/-silver and W
Slide 16: Gold-copper focus at Barrabarra yields new targets
Gold-copper focus at Barrabarra has yielded exciting new targets, with results pending for two phases of AC drilling • Exciting new large-scale gold targets at the 4,600km2 Barrabarra Project For personal use only • Recherche West – 15km long gold- in-soil anomaly • Warspite – 2km long gold-in-soil
Slide 17: Fully funded to progress development and exploration
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 For personal use only Gonneville discovery Gonneville variability testwork and Ongoing Mar-20 flowsheet optimisation Maiden Miner
Slide 18: Summary
Summary For personal use only Chalice owns the leading palladium-nickel-copper development project in the Key value drivers 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 h
Slide 19: Appendix
For personal use only Appendix ASX: CHN
Slide 20: 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 21: 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 22: Our discovery in 2020 defined the Company's DNA
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 and
Slide 23: 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 For personal use only • Highly regarded ASX200 chair and company director with • Qualified accountant and lawyer with 15+ years experience of 30+
Slide 24: Our approach to sustainability
Our approach to sustainability: Deliver sustained shared value through responsible sustainability practices For personal use only Our Sustainability Vision and Pillars Strong Environmental Manage Climate Create Value for Healthy and Safe Stewardship Change Risk Stakeholders Workforce The Gonneville
Slide 25: Tier-1 scale Gonneville Resource starts at surface with 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 For personal use only ~1,200 drill holes for ~320,000m completed since discovery in March 202
Slide 26: Gonneville 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 For personal use only • 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
Slide 27: Offtake terms 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 For personal use only Concentrate Concentrate • High value concentrate with negligible • High value concentrate with very low impurities: ~20% Cu, 45-60g/t 3E imp
Slide 28: Big critical minerals discoveries are becoming increasingly rare
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 50 only Post WWII boom and new Rise of China and surge in 60 modern exploration
Slide 29: 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 For personal 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) Measured 0.
Slide 30: Gonneville Mineral Resource Estimate (JORC Code 2012), April 2024
Gonneville Mineral Resource Estimate (JORC Code 2012), 23 April 2024 Domain Cut-off NSR (A$/t) Classification Mass Grade Contained metal For personal 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) Measured - - - - - - - - - - - - - In