Corporate Presentation – June 2025

ASX: CHN

A S X : C H N

Asset

Partner

Upside

Cash

Team

Opportunity

Discoverer and 100% owner of the largest palladium-nickel-copper Resource1 in the Western World (Gonneville) - 17Moz 3E, 960kt Ni, 540kt Cu, 96kt Co, open-pit project

Chalice Mining is a leading critical minerals explorer-developer in the

world's best mining jurisdiction - Western Australia

Strategic non-binding MOU with

Province scale exploration holding in the West Yilgarn 

exceptional upside in new Au-Cu / Ni-Cu-PGE terrane

Strong financial position (A$83M cash & listed investments2) and stable, institutional share register

Dedicated and invested team with a track record

of discovery and value creation

2

Compelling and unique counter-cyclical investment opportunity -CHN trading at ~US$24/oz 3E (EV/Resource excl Ni-Cu-Co) with exceptional exploration upside not priced in

1. 660Mt @ 0.79g/t Pd+Pt+Au (3E), 0.15% Ni, 0.083% Cu, 0.015% Co (refer to the Mineral Resources Estimate contained in Appendix for tonnes and grade by confidence category)

2. Includes ~$7M in listed Investments at 31 March 2025

ASX: CHN

Chalice has a uniquely strong financial position and a stable, highly institutional register

Major shareholders3

8%

55%

37%

Tim Goyder

ASX:CHN 12-month performance ($/share)

2.50

Retail/Other

Institutional

Paradice (5%)

Others (32%)

2.00

1.50

1.00

0.50

0.00

Research coverage

1. As of 30 June 2025; 2. As of 31 March 2025. 3. Major shareholder information is as disclosed in the last substantial shareholder notice provided to the Company.

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ASX: CHN

Why Palladium? We see the hallmarks of the next commodity bull run -

an exceptional counter-cyclical opportunity

• 20-30% of Palladium operations are currently unprofitable
• Curtailments of highest-cost mines have just commenced
  
  
  Unstable and geopolitically undesirable supply chain
• >85% of Palladium is sourced from Russia and South Africa
• Ageing and deep mining complexes
  
  
  Long-term capital under-investment
• South African producers have underspent ~US$18B in the last decade
• Supply deficits in 10 of the last 11 years Underestimated demand profile
• Battery electric vehicle growth slowing, Trump policy settings supportive of ICE vehicles
• Significant net short position with speculators (~500koz or ~6% of annual production)

4

ASX: CHN

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)

12.00

10.00

Chalice ASX:CHN

8.00

6.00

4.00

2.00

'Diesel-gate' pivot to petrol & palladium auto-cats

COVID-19

Norilsk flooding

Ukraine invasion

Chalice Palladium (A$)

Auto destocking / short positioning / Russia dumping?

Stillwater production cut / Potential Russian sanctions by G7

Price floor?

4,500

4,000

Palladium Price (A$/oz)

3,500

3,000

2,500

2,000

1,500

1,000

500

0.00 0

Jul-18 Jul-19 Jul-20 Jul-21 Jul-22 Jul-23 Jul-24

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ASX: CHN