Chalice Mining is a leading critical minerals explorer and developer in the world's top mining Jurisdiction - Western Australia
Bangemall
Narryer
Barrabarra
Kings
Northam JV
Julimar
Voyager
South West
Gonneville
Our Asset
Gonneville is the largest palladium-nickel-copper resource in the Western world, a 17Moz 3E PGE, 960kt Ni, 540kt Cu, and 96kt Co open-pit project
Development Pathway
Project redesign with simplified flowsheet, adapting to low commodity price environment provides clear pathway to development
Upside
Province scale exploration holding (8,000km2) in the West Yilgarn
Financial Strength
A$83M in cash and listed investments² and a stable, institutional share register
Proven Team
Dedicated and invested team with mine-finding and development expertise
Investment Opportunity
Compelling counter-cyclical and leveraged growth investment opportunity -
trading at ~US$24/oz 3E (EV/Resource excl Ni-Cu-Co)
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);
Includes ~$7M in listed Investments as of 31 March, 2025
Chalice has a uniquely strong financial position and a stable, highly institutional shareholder base
ASX:CHN 12-month performance ($/share)
Tim Goyder
8%
53%
Share Register
39%
Retail/Other
Institutional
Paradice (5%)
Others (34%)
Shares on issue Market capitalization Trading liquidity Cash balance
Listed investments
Enterprise value
389M A$701M1
~4M shares/day A$76M2
A$7M2
A$618M1
Capital Structure
2.50
2.00
1.50
1.00
0.50
0.00
Research coverage
1. As of 16 July 2025; 2. As of 31 March 2025. 3. Major shareholder information is as disclosed in the last substantial shareholder notice provided to the Company.
Why Palladium? A compelling counter-cyclical commodity exposure, with early indications of a price recovery
Spot price deep in the cost curve
Early indications of price recovery but spot price still well below marginal cost of supply (~US$1450/oz)
Curtailment of two high-cost
mines thus far this cycle
Unstable and geopolitically risky supply chain
>85% of global palladium supply comes from Russia and South Africa
Aging and deep
mining complexes, prone to disruptions
Long-term capital underinvestment
South African producers have underspent ~US$18B in the last decade
Supply deficits in 10 of
the last 11 years
Underestimated auto demand profile
Battery electric vehicle growth slowing, Trump policy settings supportive of ICE/hybrid vehicles
Significant net short position with speculators (~0.5Moz or
~5% of annual production)
Why palladium? Battery electric vehicle adoption has slowed and demand for ICE/hybrid vehicles continues to grow
Total non-BEV vehicle sales, monthly (China, US, & Europe)
Palladium demand drivers
'000 Demand for vehicles with Pd has remained robust
Increase in non-BEV sales
Interest rate cuts stimulate sales
4500
4000
3500
3000
2500
2000
1500
throughout the BEV adoption phase
Continued urbanization
Growth in emerging economies
Slower BEV adoption
Developing world prefer ICE/hybrid vehicles which require palladium
Govt incentives for BEVs are being rolled back
Stricter emission standards
Developing world still catching up on emissions standards
Higher palladium content in autocats as standards get tighter
Reports of the death of the internal combustion
engine are greatly exaggerated…