AGM Chair’s Address and Managing Director’s Presentation

ASX Announcement

21 November 2024

AGM - Chair's Address and Managing Director's Presentation

Chalice Mining Limited ("Chalice" or "the Company", ASX: CHN) is pleased to provide, in accordance with Listing Rule 3.13.3, the Chair's Address and the Managing Director and Chief Executive Officer's Presentation which will be delivered at the Company's Annual General Meeting (AGM), commencing at 9.00am AWST today.

Also attached to the presentation are the slides being shown during the formal business of the meeting, including details of proxy votes lodged for each resolution.

This announcement is authorised for release by the Disclosure Committee of the Company.

For further information, please visit www.chalicemining.com or contact:

Forward Looking Statements

This Announcement may contain forward-looking statements and forward information, (collectively, forward- looking statements). These forward-looking statements are made as of the date of this Announcement and Chalice Mining Limited (the Company) does not intend, and does not assume any obligation, to update these forward-looking statements.

Forward-looking statements relate to future events or future performance and reflect the Company's expectations or beliefs regarding future events and include, but are not limited to: the impact of the discovery on the Gonneville Project's capital payback; the Company's planned strategy, expenditure and corporate objectives; estimated timing of the Gonneville Project development schedule; the formal arrangements contemplated by the Memorandum of Understanding with Mitsubishi Corporation, the realisation of Mineral Resource Estimates; timing of anticipated production and final investment decision; sustainability initiatives; climate change scenarios; the likelihood of further exploration success; the timing and cost of planned exploration and study activities on the Company's projects; mineral processing strategy; access to sites for planned drilling activities; planned production and operating costs profiles; estimated carbon emissions; planned capital requirements; the success of future potential mining operations and the timing of results from planned exploration programs and metallurgical testwork.

In certain cases, forward-looking statements can be identified by the use of words such as, "aim", "commence", "considered", "continue", "estimate", "expected", "for", "forecast", "future", "is", "open", "opportunity", "plan" or "planned", "potential", "predicted", "promise", "prospective", "strategy", "target" or "targeted", "will" or variations of such words and phrases or statements that certain actions, events or results may, could, would, might or will be taken, occur or be achieved or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

Such factors may include, among others, risks related to actual results of current or planned exploration and development activities; whether geophysical and geochemical anomalies are related to economic mineralisation or some other feature; obtaining appropriate approvals to undertake exploration and development activities; metal grades being realised; metallurgical recovery rates being realised; results of planned metallurgical test work including results from other domains not tested yet; the outcomes of feasibility studies, scaling up to commercial operations; the speculative nature of mineral exploration and development; changes in project parameters as plans continue to be refined and feasibility studies are undertaken; changes in exploration and study programs and budgets based upon the results; successful completion of the objectives contemplated in the Memorandum of Understanding with Mitsubishi Corporation; changes in commodity prices and economic conditions; political and social risks, accidents, labour disputes and other risks of the mining industry; delays or difficulty in obtaining governmental approvals, necessary licences, permits or financing to undertake future mining development activities; changes to the regulatory framework within which Chalice operates or may in the future; movements in the share price of investments and the timing and proceeds realised on future disposals of investments as well as those factors detailed from time to time in the Company's interim and annual financial statements, all of which are filed and available for review on the ASX at asx.com.au. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated, or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

ASX Announcement

21 November 2024

Chair's Address - 2024 Annual General Meeting

Good morning, everyone. My name is Derek La Ferla, Chair of Chalice Mining, and on behalf of the Board and all of the Chalice team I would like to welcome you to the Company's Annual General Meeting for 2024.

I'd like to begin by acknowledging the Whadjuk/Noongar People, the Traditional Custodians of both the land on which we are meeting and where our Gonneville Project is located, and to pay my respects to their Elders past and present. I would also like to acknowledge the Traditional Owners of the lands on which Chalice conducts its activities.

I am delighted that so many Chalice shareholders have been able to join us today - and I would particularly like to acknowledge the continued support of our shareholders during what has been another volatile and, at times, challenging year - not just for the basket of commodities to which Chalice is exposed but for most of the resources sector. The commodity price environment has weighed heavily on our share price and we acknowledge that these have been difficult times for long term shareholders.

While palladium and nickel prices bounced along at cyclical lows for much of the year, there have been signs of recovery of late, and we believe there are good reasons to be optimistic about the future.

Firstly, and most importantly, at current prices we are deep into the supply cost curve, with a number of operations worldwide running at a loss and being forced either to cut output or placed on care and maintenance. Further reductions in palladium and nickel supply are anticipated if prices remain at these levels, and this will ultimately lead to upward pressure on prices.

At the same time, demand for palladium has been buoyed as consumers choose to purchase hybrid vehicles or continue to purchase internal combustion engine vehicles - trends that many observers believe will be further accentuated by the recent US election result.

Given that 85 per cent of palladium is used in the catalytic converters that go into hybrids and internal combustion engines, some commodity analysts have revised their demand forecasts for palladium upwards.

All of these factors, combined with the fact that Russia and South Africa currently account for more than 80 per cent of the world's palladium supply, give us confidence that a recovery in the palladium spot price to more sustainable levels is not far away, which should be supportive of the Chalice share price.

Against this backdrop, it is important to note that our 100%-owned Gonneville Project is the only palladium development project of scale in the Western World (plus of course with meaningful quantities of nickel and copper). Western Governments and off-takers have a growing appetite to secure critical minerals in safe and reliable jurisdictions like Australia - and we have a unique, Western based strategic long-life asset that suits their mandate.

While responding and adapting to the current market environment, our focus remains on diligently progressing the Gonneville Project so that we are well placed to capitalise when commodity markets

do eventually turn. Our project has scale, long life and is predicted to be in the 2nd quartile of the PGE industry cost curve, making it the leading PGE investment opportunity globally.

Over the past 12 months we have made strong progress at Gonneville.

In April 2024, an updated Mineral Resource Estimate was released that re-modelled the high-grade portion of the deposit and will be used as the basis for a selective, higher-grade, higher-recovery and higher-margin stage 1 project.

The updated MRE delivered a 25 per cent increase in PGE grade and 17 per cent increase in copper grade across the high-grade Resource, relative to the previous high-grade MRE delivered in March 2023. Importantly, 61 per cent of the Resource is now classified in the higher confidence Measured and Indicated categories.

The regulatory approvals process also commenced, with the referral of Gonneville to both the State and Federal environmental authorities. Importantly, the WA State Government has since recognised Gonneville as a "Strategic Project" and the Federal Government declared Gonneville as a "Major Project". This dual recognition not only acknowledges the Project's strategic significance at both State and Federal levels but, more importantly, helps facilitate a prioritised and efficient pathway through the State and Federal approvals processes.

These are major milestones and key steps towards the Gonneville Project becoming a reliable source of critical and strategic minerals within Australia, and providing a material contribution to the WA economy.

The Gonneville Project received further third-party endorsement in July 2024, with Chalice signing a strategic non-binding Memorandum of Understanding (MOU) with Mitsubishi Corporation.

Mitsubishi Corporation is one of Japan's largest conglomerates and a leading global natural resources investor, with a long and successful track record of partnering with mining companies to fund and develop major mining projects globally. It does not enter into MOU's lightly, and we consider Mitsubishi a first-choice partner that could contribute significantly to the off-take, funding and development of the Gonneville Project.

We already have established a fantastic, strong relationship with Mitsubishi, and as we work together on the Pre-Feasibility Study, the aim is to formalise a binding partnership once this study is completed.

Chalice has an outstanding track record of delivering discoveries in frontier geological provinces. Following the Gonneville discovery by Chalice in 2020, we staked a significant, province-scale exploration licence holding that we have been diligently and systematically exploring over the last few years. However, with our focus being mostly on Gonneville and the Julimar Complex, it has now been over a year since we last drilled a new greenfields target.

As such, it is quite exciting to be drilling our new greenfields gold targets at the Barrabarra Project. We rate the geological potential of the region highly and we are hopeful of opening up a new exploration search space, largely focusing on prospective gold and copper-gold targets, in newly recognised greenstone belts.

Our balance sheet remains strong, with $98 million in cash and listed investments at the end of the September quarter. Over the past 12 months, the Company has implemented targeted reductions in project and corporate expenditures, to a level of $1 million per month from December. We remain very conscious of the constrained nature of capital markets during periods of commodity price cycle lows, with only key project and exploration activities currently being progressed. In short, we will be careful with our cash.

Earlier this year, we farewelled three Board members: Morgan Ball, Jo Gaines and Linda Kenyon. On behalf of the Company I would like to thank all of them for their significant contribution and wish them well in the future.

As previously announced, Stephen McIntosh is not standing for re-election today but will remain as a key member of our Technical Committee. On behalf of the Board and the Company, I would like to express our sincere gratitude to Stephen for his dedication and the outstanding service he has provided.

Subject to your approval, highly regarded mining executive, Richard Hacker, will join the Chalice Board from the closure of this meeting. Richard's significant experience with developing projects to realise shareholder value, his deep knowledge of our project in particular and long standing financial and accounting background will enable him to make a valuable contribution to the Board and the Company's broader strategy.

The Board will continue to evaluate its composition as we move forward to ensure we have the right mix of skills and experience to deliver our objectives and maximise value.

I would also like to take this opportunity to recognise the company-making contribution of executive Dr Kevin Frost, who has recently transitioned into an advisory role. Kevin led the team that discovered the Gonneville deposit in 2020 and has been instrumental in opening up the new West Yilgarn mineral province in WA.

In closing, I would like to acknowledge the efforts of the wonderful group of hard-working people who drive Chalice and who have gone above and beyond throughout the year: they are our most important asset. To all our shareholders and stakeholders - a sincere thank-you; we never take your support and trust for granted. While our share price remains subject to prevailing macro-economic factors and commodity/market conditions, there are many compelling catalysts in the year ahead that give us cause for excitement and optimism.

Thank you for your attention. Derek La Ferla Non-Executive Chair

2024 Annual General Meeting

21 NOVEMBER 2024

A S X : C H N

Agenda

01 Chair's Address

02 MD & CEO Presentation

1. Item 1 - Annual Report & Questions
2. Item 2 - Resolutions, Proxies & Voting

Board of Directors and Executive Management