The leading palladium- nickel-copper project in the Western World
APRIL 2025
A S X : C H N
Chalice Mining is a leading critical minerals explorer-developer in the world's best mining jurisdiction - Western Australia
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 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$90M cash & listed investments2) and stable, institutional share register
Dedicated and invested team with a track record
of discovery and value creation
Compelling and unique counter-cyclical investment opportunity - CHN trading at ~US$10/oz 3E(EV/Resource excl Ni-Cu-Co) with
exceptional exploration upside not priced in
W E S T E R N
A U S T R A L I A
- 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 ~$10M in listed Investments at 31 December 2024
ASX: CHN | 2 |
Chalice has a uniquely strong financial position and a stable, highly institutional register
Major shareholders3
Tim Goyder
8%
Retail/Other | 54% | 38% | |
Institutional | |||
Paradice (5%)
Others (33%)
Capital structure | |
Shares on issue | 389M |
Market capitalisation | A$349M1 |
Trading liquidity | ~4M shares/day |
Cash balance | A$80M2 |
Listed investments | A$10M2 |
Enterprise value | A$269M1 |
ASX:CHN 12-month performance ($/share)
2.50
2.00
1.50
1.00
0.50
0.00
Research coverage
1. As of 7 April 2025; 2. As of 31 December 2024. 3. Major shareholder information is as disclosed in the last substantial shareholder notice provided to the Company. Note: Arctis Global disclosed a long equity derivative position of 46,728,282 shares on 10 Nov 2022.
ASX: CHN | 3 |
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
ASX:CHN | 8.00 |
6.00 | |
Chalice | |
4.00 | |
2.00 |
0.00 Jul-18
Chalice | Palladium (A$) | ||||
Norilsk | |||||
flooding | |||||
Auto destocking / | |||||
'Diesel-gate' | short positioning / | ||||
Russia dumping? | |||||
pivot to petrol | |||||
& palladium | Stillwater | ||||
auto-cats | |||||
production cut / | |||||
COVID-19 | Potential Russian | ||||
Ukraine | sanctions by G7 | ||||
invasion | |||||
Price floor? |
Jul-19 | Jul-20 | Jul-21 | Jul-22 | Jul-23 | Jul-24 |
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Palladium price (A$/oz)
Chalice/Gonneville is the only palladium exposure of scale in a safe, reliable jurisdiction
ASX: CHN | 4 |
Why palladium? Battery electric vehicle adoption has slowed
dramatically and demand for ICE/hybrid vehicles continues to grow
Total passenger vehicle sales (China, US, Europe)
Global BEV market share | Vehicles with Pd (ICE, Hybrid) | |
Palladium demand driven largely by automative
catalytic converter production…
'000
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Demand for vehicles with Pd continues to have 10%
CAGR through the BEV adoption phase
Growth slowed as | Nil growth | |
Early adopters receive | ||
incentives removed | ||
government incentives |
50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
Palladium demand is largely a function of
Total vehicles
produced
X
- with catalytic converter (ICE/hybrid)
X
Pd loading per vehicle
Our outlook
Growing with urbanisation
BEV adoption slowed, range
anxiety, lack of
infrastructure, govt
incentives being repealed
Increased hybrid production, higher loadings and stricter emissions standards
- but slowing BEV growth, Trump 2.0 policy settings not yet reflected in consensus palladium demand forecasts
Source: China Passenger Car Association (CPCA), company data, Motor Intelligence.
ASX: CHN | 5 |
Why palladium? Supply is concentrated in Russia and South Africa where supply risks are high and disruptions are common
Global Palladium Supply Market Share (2024)
The global automotive sector relies on a very unstable and geopolitically problematic supply chain…
South Africa
40%
Trump signed
executive order on 7 February ceasing financial aid to South Africa
Zimbabwe
8%
North
America
7%
Largely the Sibanye Stillwater operation, which is operating at a loss
Russia
45%
Russian palladium never officially sanctioned, has been sold almost exclusively to China since the Ukraine invasion
- Production largely from ageing, deep, under- invested mining complexes in Russia and South Africa
- South African producers have underspent ~$18Bn in capital in the last decade, leading to supply deficits in 10 of the last 11 years,
- Large number of South African producers operating at a loss, with further curtailments likely
- The two mines in the western world (Stillwater and Lac des Iles) are loss making and are being curtailed, making supply concentration worse
- Weak prices and lack of investment is driving a decline in recycling volumes (not growth as most are forecasting)
Source: AME Research, UBS. Sector Keys: South African Mining. 09 Sep 2024. Capital intensity ($/oz real). Johnson Matthey Company date, UBS estimates.
ASX: CHN | 6 |
Why palladium? Supply forecasts are always overly optimistic - large
number of mines are loss making and recycling underperforms
Primary PGE Supply Actual vs Forecasts | Recycled PGE Supply Actual vs Forecasts |
Supply forecasts are notoriously optimistic, and with growing demand → prolonged deficits → higher long-term prices
Source: Metals Focus, Amplats 2025
ASX: CHN | 7 |
Gonneville PGE-Ni-Cu-Co Project Overview
A new long-life, low-cost, low-carbon, strategic critical minerals project in Western Australia
Strategic non-binding MOU with Mitsubishi Corporation
Top tier development partner,
collaborating on the PFS and offtake strategy1
Tier 1 scale sulphide Resource | Unique critical minerals exposure |
17Moz of Pd-Pt-Au (3E), 960kt Ni, 540kt Cu, 96kt Co contained2
Revenue split of ~50% Pd, ~20% Ni, ~20% 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, Strategic |
(2nd Quartile) after Ni-Cu-Co by- | and Major Project Status from Govt |
product credits | |
Shallow open-pit mining | Simple process flowsheet |
Resource starts at surface, high- | Flotation and CIL to produce separate, |
grade feed in early years | saleable Cu-PGE-Au, Ni-Co-PGE |
concentrates and PGE-Au doré |
- Non-bindingMOU executed on 3 July 2024 - refer to ASX Announcement for full details
- For tonnes and grade by confidence category and metal equivalent assumptions, refer to the Mineral Resources Statement in Appendix.
- Based on the August 2023 Scoping Study 15Mtpa case adjusted to approximate long-term consensus metal prices
ASX: CHN | 8 |
The Project has been substantially de-risked by Chalice since our discovery in 2020
Resource
Tenure / Land
Team
Process Flowsheet
Infrastructure
Offtake
Approvals
Financing
FID
Drilled out to Indicated category, to depth of ~450m, Inferred Resources continue to depth of 1,100m
Acquired 22km2 of farmland surrounding the Resource in 2021-22, significantly de-risking the Project
Dan Brearley commenced as COO in March 2025, key roles secured (Geology, Metallurgy, Mining, Infrastructure, Marketing, Approvals, Community)
Simple flotation and CIL to produce saleable concentrates and doré - a major recent breakthrough that simplifies the Project and reduces costs
Water-power solutions and corridors defined, TSF design complete, scoping cost estimate completed and Govt supportive
Saleable products confirmed, indicative terms continuing to improve and high levels of interest from potential offtakers
Referred Project in early 2024, Strategic and Major Project Status awarded, strong level of local community support
Discussions to commence in H2 2025 post PFS completion
Targeted in ~2027
ASX: CHN | 9 |
1. Study, approvals and development timeline is indicative.
Recent major metallurgical breakthrough fundamentally simplifies the Project - saleable concentrates across the full grade range
Sizing | Grinding | ||||||||
Oxide feed | |||||||||
Crushing | Grinding | Copper Flotation | Nickel Flotation | CIL Leach | |||||
Sulphide feed | Blend (~4:1 | ||||||||
Sulphide:Oxide) | |||||||||
Offtake of Cu- | Offtake of Ni-Co-PGE | Offtake of PGE-Au | |||||||
PGE-Au conc. to | conc. to nickel smelter | doré to precious | |||||||
copper smelter(s) | or pCAM refinery(ies) | metal refinery | |||||||
22-26% Cu, 45- | 7.5-8.7% Ni, 0.8% Co, | ||||||||
60g/t 3E | 18-20g/t 3E |
- Over 600 flotation tests completed with incremental improvements on each test
- Final breakthrough driven by a new reagent mix, grind size and froth height in the flotation circuit optmised for a bulk feed in a low-priceenvironment
- Potential recovery improvements still possible from remaining locked cycle testing to be completed
Old flowsheet
- Refer to ASX Announcement on 17 February 2025 for full details.
- The preferred development case for the PFS is expected to have a production profile based on the 2023 Scoping Study but at a reduced scale.
ASX: CHN | 10 |