Slide 1: Gonneville Pd-Ni-Cu Project Pre-Feasibility Study
For personal use only Gonneville Pd-Ni-Cu Project developing a new globally significant critical minerals mine in Western Australia Pre-Feasibility Study 8 Dec 2025 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: Chalice owns the leading palladium-nickel-copper project globally
Chalice Mining owns the leading palladium-nickel-copper project globally, in a top mining jurisdiction – Western Australia Gonneville Project For personal use only The largest and lowest cost undeveloped palladium-nickel-copper Reserve in the western world – set to generate ~A$4.7bn1 in free cashflo
Slide 4: Strong financial position and stable, highly institutional shareholder base
Chalice has a strong financial position and a stable, highly institutional shareholder base Strategic MOU with since mid-2024 For personal use only Tim Goyder ASX:CHN 12-month performance (A$/share) Paradice 6% 6% 3.00 2.50 Share 50% Register 2.00 38% 1.50 Retail/Other Other Institutional 1.00 0.50
Slide 5: Gonneville PFS outlines a new large-scale, long-life critical minerals mine
Gonneville PFS outlines a new large-scale, long-life and globally competitive critical minerals mine in Western Australia 1 Significant production profile1 5 Tier-1 scale Resource / Ore Reserve2 220kozpa 3E | 7ktpa Ni | 8ktpa Cu, Resource: 17Moz Pd-Pt-Au (3E) For personal use only 0.7ktpa Co over in
Slide 6: Open-pit phase set to generate significant production profile and returns
Open-pit phase set to generate a significant production profile and exceptional returns over an initial 23 year open-pit phase Unleveraged open-pit phase metrics at base case prices (Pd: US$1,300/oz, Ni: US$18,750/t and Cu: US$10,500/t) and spot 5 Dec 2025 For personal use only Annual production (av
Slide 7: 2nd quartile all-in sustaining costs on the PGM cost curve
Gonneville will have 2nd quartile all-in sustaining costs and the lowest cost profile in the Western world, in a shrinking, steepening cost curve PGM industry all-in sustaining cost curve net of by-product credits, US$/oz 4E 2024A2 For personal use only 2,500 Quartile 1 Quartile 2 Quartile 3 Quartil
Slide 8: 1. Why Palladium?
For personal use only Update to 1. Why Palladium? hybrid EV photo
Slide 9: Why palladium? A very small market with hybrid vehicles underpinning demand
Why palladium? A very small market (~9Moz pa) with hybrid vehicles underpinning long term demand and supply in structural decline For personal use only Decreasing supply profile Unstable and geopolitically Long-term capital Underestimated leading to ongoing deficits risky supply chain underinvestmen
Slide 10: Why palladium? Supply forecasts over-estimated and recycling underperforming
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 Consensus materially overcalling Consensus materially overcalling Production down ~15% CY21-24
Slide 11: Why palladium? Prices rebounding from cyclical lows
Why palladium? Prices are rebounding from cyclical lows and recent history shows prices can rise rapidly with no supply response Palladium spot price (US$/oz, LBMA) For personal use only 3,500 Ukraine invasion Norilsk flooding (record high US$3,440/oz) 3,000 ”Diesel-gate” COVID-19 2,500 pivot to pet
Slide 12: 2. Robust financial metrics and compelling returns for shareholders
For personal use only 2. Robust financial metrics and compelling returns for shareholders
Slide 13: Robust financial metrics of the initial 23yr OP phase
The scale, quality and location underlie the robust financial metrics of the initial 23yr OP phase – NPV of A$1.4-2.0bn and IRR of 23-29% Gonneville pre-tax cashflow profile over modelled open-pit life, A$M real unleveraged For personal use only Spot Yr 1-3 A$360Mpa Spot Yr 4-13 A$390Mpa Spot total
Slide 14: Low-cost open-pit mining and high byproduct credits drive profitability
Low-cost open-pit mining and high byproduct credits drive exceptional profitability through-the-cycle over an initial 23-year life Gonneville all-in sustaining costs and basket price (excluding payabilities) over modelled open-pit life, US$/oz 3E For personal use only US$/oz All-in sustaining costs
Slide 15: Optimisations deliver reduced capital costs and 2nd quartile AISC
Optimisations have delivered significantly reduced capital costs and 2nd quartile AISC of US$370/oz 3E after base metal by-product credits For personal use only Pre-production CapEx A$M OpEx Stage 1 2 Modelled costs avg US$/oz 3E Mining 79 Open pit A$/t mined 4.9-6.3 5.2-7.5 Mine site cash costs 1,1
Slide 16: Financial metrics robust at bottom of cycle and leveraged to upside
Financial metrics are robust at the bottom of the cycle and highly leveraged to the upside, particularly for palladium Pre-tax NPV-IRR sensitivity to long term coproduct prices Pre-tax NPV sensitivity to key inputs For personal use only PFS base case NPV8% Ni Price (US$/t) Cu Price (US$/t) A$1.4bn (
Slide 17: Diverse palladium, nickel, copper revenue split provides robustness
The unique and diverse palladium, nickel, copper revenue split provides diversification and robustness to fluctuations in prices Gonneville revenue split at base case price assumptions1 Metal Annual Production Contained in Resource2 For personal use only Palladium 197koz 13Moz Platinum Gold 4% 3% Pa
Slide 18: Exceptional metrics expected to underpin low-cost debt funding
Exceptional metrics and margins expected to underpin significant, low- cost debt funding from a wide range of critical minerals funding options For personal use only WA State Government Federal Governments Offtake/strategic funding granted “Strategic Project Status” granted “Major Project Status” Co
Slide 19: 3. A fundable, executable and scalable project that has been de-risked
For personal use only 3. A fundable, executable and scalable project that has been materially de-risked
Slide 20: Strategic land holding de-risks the Project and allows biodiversity offsets
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 For personal use only Resource, significantly de-risking the Project (~A$50M investment) • All site infras
Slide 21: Tier-1 scale Resource and Reserve starts at surface with high-grade core
The tier-1 scale Resource and 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 For personal use only EW Section 2 EW Section 1 ~1,200 drill holes for ~320,000m completed since discovery in March 202
Slide 22: Bulk open-pit mine plan has very low strip ratio of 1.2x
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 For personal use only 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 23: Significant production profile: ~220kozpa 3E, 7ktpa Ni, 8ktpa Cu
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) For personal use only 350 317 Gold Platinum Palladium 296 300 267 258 280 263 239 247 228 230 216 250 206 201 194 212 223 222 224 198
Slide 24: Simple flotation and leach process flowsheet
Simple flotation and leach process flowsheet produces two saleable concentrates plus a doré, proven across the full grade range Sizing Grinding For personal use only Oxide feed Copper Flotation Nickel Flotation Leach Crushing Grinding (~36% of gross revenue) (39%) (25%) Sulphide feed Blend (~4:1 Sul
Slide 25: Offtake terms expected to be excellent
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 For personal use only • High value concentrate with negligible impurities: • High value concentrate with negligible i
Slide 26: Proximity to Perth allows access to highways, power, water and port
The proximity to Perth allows direct access to major highways, power, water and port infrastructure, and a highly skilled local workforce For personal use only Power Process Water Logistics Workforce Non-Process Infrastructure • Connection to South • Process water from • Stage 1 concentrates to • Co
Slide 27: All site infrastructure on predominantly cleared farmland owned by Chalice
All site infrastructure is located on predominantly cleared farmland owned by Chalice • Site infrastructure located on ~2,200ha owned by Chalice For personal use only • Land holding affords significant Offset buffer to neighbouring properties area • ~70km from Perth expected to have a largely resi
Slide 28: ~50% of Resource unmined below PFS pit and open down-dip
~50% of the Resource unmined below the PFS pit and the Resource remains open down-dip – future growth and upside is likely For personal 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 upside through
Slide 29: Inherent options and upside in mining, processing and commercial
In addition, there are inherent options and upside mining, processing and commercial to optimise in the FS Assessed upside potential • A saleable 65% iron concentrate produced in magnetic separation testwork – not For personal use only included in the PFS as a revenue stream Fe Iron by-product • Avg
Slide 30: Gonneville Mine proposal requires State and Commonwealth assessment
The Gonneville Mine proposal will require State and Commonwealth assessment, with opportunities for community and stakeholder input Permitting process A trusted partner for development For personal use only 1 March 2024 - Chalice refers proposal to State and Gonneville is located on 100% Chalice-own
Slide 31: Committed to strong environmental stewardship at Gonneville
Chalice is committed to strong environmental stewardship and has a unique opportunity to demonstrate this at Gonneville Gonneville Project Biodiversity Goal For personal use only To ensure science-based no net loss of species or habitat diversity as a result of our operations On-the-ground restorati
Slide 32: 4. Next steps
For personal use only 4. Next steps
Slide 33: Project 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 ~$240M 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 34: Project schedule targets FID in H1 CY28
Overall project schedule targets FID in H1 CY28, with the next major milestone ERD submissions in H2 CY26 For personal use only Discovery Maiden Scoping Target Start First MRE Study PFS FS FID Construction Production Mar-20 Nov-21 Aug-23 Dec-25 H1 2027 H1 2028 Mid 2028 2030 2020 to 2023 2024 2025 20
Slide 35: Chalice has the team to take Gonneville to development
Chalice has the team to take Gonneville to development, and is looking to further strengthen execution capabilities in CY26 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
Slide 36: Chalice Overview
Chalice Overview Chalice owns the leading palladium-nickel-copper For personal use only development project in the western world – one of the standout critical minerals projects globally, funded to FID in H1 CY28 Gonneville PFS outlines a two-stage bulk open-pit development plan set to generate ~A$4
Slide 37: Appendix
For personal use only Appendix
Slide 38: Our approach to sustainability
Our approach to sustainability: Deliver sustained shared value through responsible sustainability practices Our Sustainability Vision and Pillars For personal use only Strong Environmental Manage Climate Create Value for Healthy and Safe Stewardship Change Risk Stakeholders Workforce The Gonneville
Slide 39: Gonneville PFS base case key assumptions for financial modelling
Gonneville PFS base case key assumptions for financial modelling 8 Dec 2025 Modelled Key assumption Unit Key assumption Unit Stage 1 (5Mtpa) Stage 2 (13-14Mtpa) open-pit life Commodity prices (real terms, flat) Development CapEx estimates For personal use only Ni US$/t 18,750 Mining A$M 79 52 Cu US$
Slide 40: 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
Slide 41: Gonneville Ore Reserve Estimate (JORC Code 2012), December 2025
Gonneville Ore Reserve Estimate (JORC Code 2012), 8 December 2025 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) Proved 2.5 1.1 0.23 0.03 0.22 0.18 0.018 0.087 0.018 0.0024 5.4 4.
Slide 42: Visit our website and sign up to receive our latest news
For personal use only Visit our website and sign up to receive our latest news chalice-mining @ChaIiceMining www.chalicemining.com Level 3, 46 Colin Street West Perth WA 6005, Australia +61 8 9322 3960 info@chalicemining .com ASX:CHN