Slide 1: Gonneville Pd-Ni-Cu Project Corporate Presentation
Gonneville Pd-Ni-Cu Project developing a new globally significant critical minerals mine in Western Australia Corporate Presentation May 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: Chalice Mining 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 – greenfield discovery by Chalice 2020, FID targeted 2028 The largest and lowest cost undeveloped palladium-nickel-copper Reserve in the western world – set t
Slide 4: Chalice is taking Gonneville to development
Chalice is taking Gonneville to development, and recently appointed industry veterans Mark Cutifani and Tony O’Neill to its advisory board Board of Directors Key Management Derek La Ferla, Non-Executive Chair Chris MacKinnon, Chief Financial Officer • Highly regarded ASX200 chair and company directo
Slide 5: Strong financial position and a stable shareholder base
Chalice has a strong financial position and a stable, highly institutional shareholder base ASX:CHN 12-month performance (A$/share) Tim Goyder 3.00 Paradice 6% 6% 2.50 Share 2.00 51% Register 37% 1.50 1.00 Retail/Other Other Institutional 0.50 Capital Structure Shares on issue 389M 0.00 Market capit
Slide 6: Gonneville is set to become a new large-scale, long-life critical minerals mine
Gonneville is set to become a new large-scale, long-life and globally competitive critical minerals mine in Western Australia 1 Significant production profile1 5 Tier-1 scale Resource & Ore Reserve2 220kozpa 3E | 7ktpa Ni | 8ktpa Cu, Resource: 17Moz Pd-Pt-Au (3E) 0.7ktpa Co over initial 23-year 960k
Slide 7: Gonneville approvals are materially de-risked
Gonneville approvals are materially de-risked, based on strong government support, land acquisitions and reindustrialisation impetus WA Strategic Project Status + Commonwealth Major 1 Project Status 2 Mine on Chalice-owned farmland – not in State Forest 3 No Native Title process (NT claims settled i
Slide 8: A unique and diverse palladium, nickel, copper investment exposure
A unique and diverse palladium, nickel, copper investment exposure with diversification and robustness to fluctuations in prices Gonneville revenue split at base case price assumptions1 Metal Annual Production Contained in Resource2 Palladium 197koz 13Moz Platinum Gold Platinum 17koz 2.9Moz 4% 3% Pa
Slide 9: Gonneville all-in sustaining costs forecast to be effectively lowest in the industry
Gonneville all-in sustaining costs forecast to be effectively lowest in the industry, in a rapidly steepening cost curve PGM industry all-in sustaining cost curve net of by-product credits, US$/oz 4E CY2025A 2,500 Quartile 1 Quartile 2 Quartile 3 Quartile 4 2,000 220kozpa @ 1,500 US$600/oz 3E (SFA 2
Slide 10: With spot prices materially higher than base case, Chalice trades at a discount to NAV
With spot prices now materially higher than the base case, Chalice is trading at a significant discount to consensus and spot NAV Gonneville Pre-tax NPV-IRR sensitivity to long term coproduct prices Chalice market capitalisation to Gonneville NPV8 ratio, FY26 Ni Price (US$/t) Cu Price (US$/t) 0.8 (w
Slide 11: Palladium is rebounding from cyclical lows
Palladium is rebounding from cyclical lows and recent history shows prices can rise rapidly with no supply response Palladium spot price (US$/oz, LBMA) 3,500 Ukraine invasion Chinese GFEX Norilsk flooding (record high US$3,440/oz) Pd futures 3,000 market trading Nov-25 COVID-19 2,500 US tariff on ”D
Slide 12: ~9Moz pa palladium market is in the spotlight
~9Moz pa palladium market is in the spotlight, with new tariffs on world’s largest producer Russia and hybrid vehicle demand outpacing supply 133% US tariff on Russian • In 2025 US Dept of Commerce confirmed that Russia has been dumping palladium on palladium – instant western US markets since 2022
Slide 13: New process flowsheet proven up in PFS
New process flowsheet proven up in PFS to produce two saleable concentrates plus a doré, with proven recoveries and offtake terms Sizing Grinding Oxide feed Copper Flotation Nickel Flotation Leach Crushing Grinding (~36% of gross revenue) (39%) (25%) Sulphide feed Blend (~4:1 Sulphide : Oxide) Offta
Slide 14: ~50% of the Resource unmined below the PFS pit
~50% of the Resource unmined below the PFS pit and the Resource remains open down-dip – future growth and upside is likely 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 deeper open-pit minin
Slide 15: Strong inbound interest from low-cost critical minerals funding options
Strong inbound interest from a wide range of low-cost critical minerals funding options since release of the PFS Funding options for pre-production CapEx of A$820M Export credit agencies, sovereign debt, grants • Funding strategy currently focussed on sovereign/govt sources – with very strong inboun
Slide 16: 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 ~$250M 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 17: Chalice has increased its copper-gold exploration in West Yilgarn, Curnamona and Tennant Creek
Beyond Gonneville, Chalice has dramatically increased its copper-gold exploration in the West Yilgarn, Curnamona and Tennant Creek regions Why we like it • ~1,200km long western margin of the Yilgarn craton largely unexplored, due to lack of outcrop and prevalence of large-scale farming Bangemall •
Slide 18: Deep Blue is an emerging Cu-Mo system
Deep Blue is an emerging Cu-Mo system 15km along strike from the ~3Mt Caravel Copper deposit Why we like it • New ~2.5km long, strong, coherent Cu-Mo-Ag soil anomaly • 15km SE along strike of the Caravel Copper Resource (3Mt Cu contained, owned by Caravel Minerals ASX: CVV – at PFS stage) • Elevated
Slide 19: New Callabona earn-in to test IOCG targets in Curnamona Province
New Callabona earn-in to test several new IOCG targets in the Curnamona Province in South Australia Why we like it • Underexplored IOCG corridor in the Curnamona Province, favourable geology and structural setting • Multiple large-scale (2–5km) magnetic and gravity anomalies consistent with IOCG sys
Slide 20: Warrego contains multiple untested IOCG targets in Tennant Creek
Warrego contains multiple untested IOCG targets in the historically well- endowed Tenant Creek Mineral Field Why we like it • Located ~20km north-west of the historical high- 8m @ 1.74% Cu & grade Warrego copper–gold mine within the 0.42g/t Au (open) Tennant Creek Mineral Field (TCMF) • Warrego hist
Slide 21: Chalice Overview
Chalice Overview Chalice owns the leading palladium-nickel-copper development project in the western world (one of the few palladium projects globally) Trading at significant discount to Gonneville consensus and spot NAV, funded through to FID and positioned to capitalise on western critical mineral
Slide 22: Appendix
chalice Appendix
Slide 23: Our approach to sustainability
Our approach to sustainability: Deliver sustained shared value through responsible sustainability practices Our Sustainability Vision and Pillars Strong Environmental Manage Climate Create Value for Healthy and Safe Stewardship Change Risk Stakeholders Workforce The Gonneville Project is located on
Slide 24: 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 Ni US$/t 18,750 Mining A$M 79 52 Cu US$/t 10,500 Process Plan
Slide 25: Scale, quality and location underlie robust financial metrics
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 5 Dec 2025 Spot Yr 1-3 A$360Mpa Spot Yr 4-13 A$390Mpa Spot total ~A$6.2bn Ba
Slide 26: Low-cost open-pit mining and high byproduct credits drive profitability
Low-cost open-pit mining and high byproduct credits drive exceptional profitability through-the-cycle over an initial 23-year life Gonneville all-in sustaining costs and basket price (excluding payabilities) over modelled open-pit life, US$/oz 3E US$/oz All-in sustaining costs Base case basket price
Slide 27: The tier-1 scale Resource and Reserve starts at surface
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 EW Section 2 EW Section 1 ~1,200 drill holes for ~320,000m completed since discovery in March 2020 – well defined and u
Slide 28: The bulk open-pit mine plan has a 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 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 10 1.0 - 0.0 Total mine
Slide 29: The Project has a significant production profile over 23 years
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) 350 317 Gold Platinum Palladium 296 300 267 258 280 263 239 247 228 230 216 250 206 201 194 212 223 222 224 198 Modelled OP average 20
Slide 30: Offtake terms are 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 • High value concentrate with negligible impurities: • High value concentrate with negligible impurities: • ~20% Cu,
Slide 31: Strategic land holding at Gonneville significantly de-risks the Project
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 infrastructure will be accom
Slide 32: All site infrastructure is located on 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 • Land holding affords significant Offset buffer to neighbouring properties area • ~70km from Perth → expected to have a largely residential workforce (no
Slide 33: Gonneville Mine proposal will require 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 1 March 2024 - Chalice refers proposal to State and Gonneville is located on 100% Chalice-owned, Commonwealth Gover
Slide 34: 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 Power Process Water Logistics Workforce Non-Process Infrastructure • Connection to South • Process water from • Stage 1 concentrates to • Construction workforce •
Slide 35: 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 included in the PFS as a revenue stream Fe Iron by-product • Avg mass pull of ~5% acro
Slide 36: 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 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 2024 2025 2026 2027 2028 2029 2030
Slide 37: 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) 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 7.0 1.9 - 0.05
Slide 38: Gonneville Ore Reserve Estimate (JORC Code 2012), December 2025
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 Probable 260 0.
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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