Chalice Mining Limited · ASX:CHN
Chalice Mining — Diggers and Dealers Mining Forum 2025
25 slides from Chalice Mining's conference presentation, Aug 5, 2025
Slide 1: Developing the Leading Palladium-Nickel-Copper Project in the Western World
For personal use only Developing the Leading Palladium-Nickel-Copper Project in the Western World August 2025 ASX:CHN ASX:CHN
Slide 2: Chalice is a leading critical minerals explorer and developer in Western Australia
Chalice Mining is a leading critical minerals explorer and developer in the world’s top mining Jurisdiction – Western Australia Our Asset For personal use only Gonneville is the largest palladium-nickel-copper resource in the Western world, a 17Moz 3E PGE, 960kt Ni, 540kt Cu, and 96kt Co open-pit pr
Slide 3: Strong financial position and stable, highly institutional shareholder base
Chalice has a uniquely strong financial position and a stable, highly institutional shareholder base Tim Goyder ASX:CHN 12-month performance ($/share) For personal use only 8% 2.50 2.00 Share 53% Register 39% 1.50 1.00 Institutional Retail/Other Paradice (6%) Others (33%) 0.50 Capital Structure 0.00
Slide 4: Why palladium? A compelling counter-cyclical commodity exposure
Why palladium? A compelling counter-cyclical commodity exposure, with early indications of a price recovery For personal use only Spot price deep in the Unstable and geopolitically Long-term capital Underestimated cost curve risky supply chain underinvestment auto demand profile Early indications of
Slide 5: Why palladium? BEV adoption slowed, ICE/hybrid demand continues to grow
Why palladium? Battery electric vehicle adoption has slowed and demand for ICE/hybrid vehicles continues to grow Total non-BEV vehicle sales, monthly (China, US, & Europe) Palladium demand drivers For personal use only ‘000 Demand for vehicles with Pd has remained robust Increase in non-BEV sales 45
Slide 6: Why palladium? Supply forecasts over-estimated, recycling underperforms
Why palladium? Supply forecasts are consistently over-estimated and recycling continues to underperform Primary PGE Supply Actual vs Forecasts Recycled PGE Supply Actual vs Forecasts For personal use only Production down ~15% ‘21-’24 Supply forecasts are notoriously optimistic; moreover, growing dem
Slide 7: Why palladium? Prices rebounding from cyclical lows
Why palladium? Prices are rebounding from cyclical lows, driven by structural supply decline and slowing BEV growth Palladium spot price (US$/oz, LBMA) For personal use only 3,500 CHN peaks at >$10 Norilsk flooding 3,000 2,500 Auto destocking / Valterra ”Diesel-gate” pivot short positioning / to pet
Slide 8: Chalice provides significant leverage to Pd price recovery
Chalice provides significant leverage to Pd price recovery – market conditions extremely tight and potential for supply disruption is high Relative 4-month performance For personal use only Chalice (ASX:CHN) Palladium (LBMA) Curtailments announced at Stillwater (Sept 24) and Lac Des Iles (July 25) ~
Slide 9: Gonneville: A Long-Life, Low-Cost, Critical Minerals Asset
Gonneville Palladium-Nickel-Copper Project: A Long-Life, Low-Cost, Critical Minerals Asset in Western Australia 1 Tier-1 Scale Sulphide Resource 5 Unique Critical Minerals Exposure For personal use only 17Moz of Pd-Pt-Au (3E), 960kt Ni, Revenue split: ~50% Pd, ~20% Ni, 540kt Cu, 96kt Co contained1 ~
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, with an investment of ~$225M 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 11: Tier-1 scale Resource starts at surface with a high-grade core
The tier-1 scale Resource starts at surface and has a significant high- grade core enhancing 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 2020 ASX:CHN 11 11
Slide 12: Metallurgical breakthrough simplifies the Project
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: ~65% Fe Crushing Grinding Copper Flotation Nickel Flotation Mag Se
Slide 13: Project schedule targets FID in late CY27, PFS in Q4 CY25
Overall project schedule targets FID in late CY27, with next major milestone PFS completion in Q4 CY25 Maiden Scoping Mitsubishi PFS Target Start First Discovery For personal use only MRE Study MOU Completion FID Construction Production Mar-20 Nov-21 Aug-23 Jul-24 Nov-25 Late-27 Late-27 2029- 2030 2
Slide 14: 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 For personal use only • ~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 s
Slide 15: The Hardtack Target 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 Why we like it For personal use only • New coherent ~7km long gold-in-soil anomaly along the regionally significant suture of the South West and Younami terrains (newly interp
Slide 16: Two gold-copper target areas at Barrabarra Project
Two gold-copper target areas remain the priority at the ~3,600km2 frontier Barrabarra Project Why we like it • New extensive areas of interpreted greenstone belt geology, For personal use only transected by prominent regional-scale structures – prospective for orogenic gold • Almost entirely unexplo
Slide 17: Investment Overview
Investment Overview Key value drivers For personal use only Palladium price recovery driven by Trump 2.0 Chalice owns the leading policies, slowing BEV uptake, strong ICE/hybrid palladium-nickel-copper vehicle sales, and structural challenges in supply development project in the western world Gonnev
Slide 18: Appendix
For personal use only Appendix ASX:CHN
Slide 19: Cautionary statements and competent person(s) disclosure (1/2)
Cautionary statements and competent person(s) disclosure (1/2) 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 stat
Slide 20: Cautionary statements and competent person(s) disclosure (2/2)
Cautionary statements and competent person(s) disclosure (2/2) Reliance . on Third Party Information The views expressed in this Presentation contain information that has been derived from third party sources that have not been independently verified. No representation or warranty is made as to the
Slide 21: 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 an
Slide 22: Board of Directors and Executive Management
Board of Directors and Executive Management Board of Directors Key Management Chris MacKinnon, Chief Financial Officer For personal use only Derek La Ferla, Non-Executive Chair • Highly regarded ASX200 chair and company director with • Qualified accountant and lawyer with 15+ years experience of 30+
Slide 23: Our approach to sustainability
Our approach to sustainability: Deliver sustained shared value through responsible sustainability practices Our Sustainability Vision and Pillars For personal use only Strong Environmental Manage Climate Create Value for Healthy and Safe Stewardship Change Risk Stakeholders Workforce The Gonneville
Slide 24: Higher-grade sulphide component of Gonneville Resource, April 2024
Higher-grade sulphide component of Gonneville Resource (in pit and underground), 23 April 2024 Cut-off NSR Domain Classification Mass Grade Contained metal (A$/t) For personal use only Pt Ni Cu Co Ni Cu (Mt) Pd (g/t) Au (g/t) Pd (Moz) Pt (Moz) Au (Moz) Co (kt) (g/t) (%) (%) (%) (kt) (kt) Measured 0.
Slide 25: Gonneville Mineral Resource Estimate (JORC Code 2012), April 2024
Gonneville Mineral Resource Estimate (JORC Code 2012), 23 April 2024 Cut-off NSR Domain Classification Mass Grade Contained metal (A$/t) For personal 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 - - - - - - - - - - - - - In
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