Chalice Mining LimitedASX: CHN

Presentation – 2024 Macquarie Western Australia Forum

· Issued by Chalice Mining Limited

The leading palladium- nickel-copper development project in the western world

Macquarie WA Forum

7 NOVEMBER 2024

A S X : C H N

Chalice Mining is a leading critical minerals explorer-developer in Western Australia

Tier-1 scale Resource in WA - the Gonneville Project

  • 100% ownership of one of the largest undeveloped PGE-Ni- Cu-Co (critical minerals) resources in the western world
  • 17Moz of Pd-Pt-Au (3E), 960kt Ni, 540kt Cu, 96kt Co in Resource, starting at surface1
  • Strategic and Major Project Status from WA/Aus Governments
  • Pre-FeasibilityStudy and regulatory approvals underway

Compelling value, leverage and upside

  • High leverage to Pd, Ni price recovery from cyclical lows
  • Gonneville predicted to become the lowest cost PGE mine in the western world (after Ni-Cu-Co credits) - 2nd quartile on cost curve
  • ~10,000km2 of licences in exciting new West Yilgarn province

Strategic MOU with

  • Non-bindingMOU with top tier development partner
  • Intention to formalise a potential binding partnership post PFS

Strong financial position and share register

  • ~A$98M in cash and listed investments and no debt2

W E S T E R N

A U S T R A L I A

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)

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2. Includes ~$14M in listed Investments at 30 September 2024

Chalice is an ASX300 listed specialist critical minerals explorer-developer with a uniquely strong financial position and institutional register

Major shareholders3

Tim Goyder

11%

Retail/Other

Institutional

53%

Paradice (5%)

36%

Others (31%)

Capital structure

Shares on issue

389M

Market capitalisation

A$708M1

Trading liquidity

~4M shares/day

Cash balance

A$84M2

Listed investments

A$14M2

Enterprise value

A$624M1

ASX:CHN 6-month performance

2.00

1.75

1.50

1.25

1.00

0.75

0.50

0.25

0.00

08-May-24

05-Jun-24

03-Jul-24

31-Jul-24

28-Aug-24

25-Sep-24

23-Oct-24

Research coverage

1. As of 31 October 2024; 2. As of 30 September 2024. 3. Major shareholder information is as disclosed in the last substantial shareholder notice provided to the Company. Note: Arctis Global disclosed a long

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equity derivative position of 46,728,282 shares on 10 Nov 2022.

Why palladium? Battery electric vehicle adoption has reached a

plateau and hybrid EV sales are growing rapidly

Total passenger vehicle sales (China, US, Europe)

Vehicles without Palladium (BEV)

Vehicles with Palladium (ICE, HEV)

5000

4000

3000

  • Western car manufacturers are scaling back their BEV growth ambitions, and scaling up hybrid production to meet changing consumer preferences
  • 57% of BYDs sales in Q2CY24 were hybrids - it is not just a western trend

2000

1000

BEV growth flat since Dec-22

0

Jun-21

Dec-21

Jun-22

Dec-22

Jun-23

Dec-23

Jun-24

  • 46% of current US BEV owners considering switching back to ICE
  • More palladium required in HEVs than internal combustion engine vehicles (ICE)
  • The hybrid growth story is not yet reflected in consensus palladium demand forecasts

Source: China Passenger Car Association (CPCA), company data, Motor Intelligence, McKinsey Mobility Consumer Pulse 2024 (n = 36,954)

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PGE prices are deep into the cost curve and unsustainable - given strength of demand, prices could continue to rebound

PGE industry all-in sustaining cost curve (cash costs plus sustaining CapEx), net of by-product credits, US$/oz 4E 2023A1

AISC (US$/oz 4E)

2,500

2,000

1,500

1,000

500

0

-500

-1,000

Quartile 1

Quartile 2

Quartile 3

Quartile 4

15Mtpa Case:

~280kozpa 4E

Loss making operations

@ US$470/oz2

840

Predominantly South African / Zimbabwean mines -

unit costs up 8-20% in 2023 relative to 2022

Nornickel (Russia) -

negative cash costs

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

11,000

12,000

Cumulative 4E production (koz)

Net total cash costs (US$/oz 4E)

Sustaining CapEx (US$/oz 4E)

Source: April 2024 SFA (Oxford) figures used for 2023 realised 4E cost curve data. Note: 1. 4E cost curve positioning assumes SFA Oxford 2023 actual by-product commodity prices of: Copper prices of: US$8,486/t, Nickel US$21,505/t, Iridium US$4,682/oz, Ruthenium US$464/oz, Chrome 42% CIF US$312/t. Chalice internal Cobalt prices of US$40,000/t have been assumed given not disclosed in SFA data. ZAR:USD exchange rate of 18.47 assumed. 2. AISC adjusted to reflect SFA Oxford 2023 actual by-product commodity prices (vs US$360/oz on August 2023 Scoping Study prices)

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Chalice provides significant leverage to Pd price recovery - market conditions extremely tight and potential for supply disruption is high

Relative performance since Stillwater revised guidance in Sept 2024

Chalice

PGE Producers (SSW, AMS, IMP, NPH)

Palladium

2.0

>80%

1.8

1.5

1.3

~20%

1.0

  • Sibanye revised CY25 production guidance at Stillwater down by ~50% (~200koz per year)
  • US asked G7 to assess sanctions on Russian Pd on 24th Oct, triggering further Pd price appreciation
  • Chalice has outperformed all major PGE equities following recent events

0.8

0.5

10-Sep-24

17-Sep-24

24-Sep-24

01-Oct-24

08-Oct-24

15-Oct-24

22-Oct-24

29-Oct-24

  • Limited options in safe, reliable jurisdictions for exposure to Pd price appreciation

Source: S&P Global Capital IQ

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Gonneville PGE-Ni-Cu-Co Project Overview

A new long-life, low-cost, low-carbon, strategic critical minerals project in Western Australia

Strategic MOU with Mitsubishi Corporation

Top tier development partner, intention to formalise a potential binding partnership post PFS1

Tier 1 scale sulphide Resource

Unique critical minerals exposure

17Moz of Pd-Pt-Au (3E), 960kt Ni,

Revenue split of ~50% Pd, ~25% Ni,

540kt Cu, 96kt Co contained2

~15% Cu, ~10% Au/Pt/Co3

Competitive cost profile

Low-risk development location

Predicted to become lowest cost

Mine infrastructure on ~22km2 of

PGE producer in western world

Chalice-owned farmland

(2nd Quartile) after Ni-Cu-Co by-

product credits

Shallow open-pit mining

Sulphide mineralogy

Resource starts at surface, high-

Ability to produce separate, saleable

grade feed in early years

Cu-PGE, Ni-Co-PGE concentrates and

leach Pd-Au from flotation tails

  1. Non-bindingMOU executed on 3 July 2024 - refer to ASX Announcement for full details
  2. For tonnes and grade by confidence category and metal equivalent assumptions, refer to the Mineral Resources Statement in Appendix.

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3. Based on the August 2023 Scoping Study 15Mtpa case adjusted to approximate long-term consensus metal prices

Gonneville has 'Strategic' and 'Major Project' Status - formal recognition of the importance of the Project by the WA and Federal Governments

September 2024: Awarded 'Strategic Project Status' by the WA State Government

  • Awarded by the WA Premier Hon Roger Cook MLA and Department of Jobs, Tourism, Science and Innovation (JTSI)
  • Provides formal recognition of the strategic value of the Project and its potential to deliver significant economic and energy transition benefits for Western Australia and the region
  • JTSI to provide high level of facilitation for State regulatory approvals and infrastructure requirements

October 2024: Granted 'Major Project Status' by the Australian Federal Government

  • Granted by the Minister for Industry and Science, the Hon Ed Husic
  • Recognises the national significance of the Project to the development of Australia's critical mineral sector
  • Major Projects Facilitation Agency to provide support in navigating the
    Commonwealth approvals process

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The tier-1scale Gonneville Resource starts at surface, is drilled-out to ~450m deep and is open beyond ~1.1km deep

Gonneville Resource Plan View

Gonneville Resource 3D View looking NNE

~1,200 drill holes for ~320,000m completed since discovery in March 2020

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The rare Gonneville critical minerals Resource has high-gradeoptionality and compelling growth potential

High Grade Mineral Resource Estimate1:

  • 59Mt @ 2.0g/t 3E (Pd+Pt+Au), 0.20% Ni, 0.21% Cu, 0.019% Co
  • 3.8Moz 3E, 120kt Ni, 120kt Cu and 11kt Co contained
  • Starts at surface, open at depth

Project scale to increase over time according to prevailing macroeconomic conditions - as prices

increase or recoveries improve, cut-off

grade can be reduced making more tonnes economic to process

Mineral Resource Estimate1:

  • 660Mt @ 0.79g/t 3E (Pd+Pt+Au), 0.15% Ni, 0.08% Cu, 0.015% Co
  • 17Moz 3E, 960kt Ni, 540kt Cu and 96kt Co contained

Gonneville NSR Grade-Tonnage table2

NSR Cut-off

NSR Cut-off in

Total Mass

Grade

in-pit

MSO

A$/t

A$/t

(Mt)

3E (g/t)

Pd (g/t)

Pt (g/t)

Au (g/t)

Ni (%)

Cu (%)

Co (%)

15

110

690

0.75

0.59

0.14

0.02

0.15

0.082

0.015

25

110

640

0.78

0.62

0.14

0.02

0.15

0.085

0.015

35

110

530

0.85

0.67

0.15

0.03

0.16

0.092

0.015

45

110

390

0.97

0.76

0.17

0.03

0.16

0.11

0.016

55

110

270

1.1

0.88

0.20

0.04

0.17

0.12

0.017

65

110

180

1.3

1.0

0.23

0.05

0.18

0.14

0.017

75

110

130

1.5

1.2

0.27

0.06

0.19

0.16

0.018

85

110

95

1.7

1.3

0.30

0.06

0.19

0.18

0.018

95

110

73

1.8

1.4

0.34

0.07

0.20

0.19

0.019

105

110

58

2.0

1.6

0.37

0.08

0.20

0.21

0.019

115

110

47

2.2

1.7

0.40

0.09

0.21

0.22

0.019

125

110

40

2.3

1.8

0.42

0.10

0.21

0.23

0.019

135

110

34

2.4

1.9

0.45

0.10

0.21

0.24

0.019

145

110

30

2.5

1.9

0.47

0.11

0.22

0.25

0.019

155

110

27

2.6

2.0

0.48

0.11

0.22

0.26

0.019

  1. For tonnes and grade by confidence category and NSR cut-off assumptions, refer to the Mineral Resource Estimate table in Appendix
  2. For complete NSR assumptions refer to ASX Announcement "Gonneville Resource remodeled to support selective mining", dated 23 April 2024

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