Presentation – RRS Gather Round Conference 2026

developing a new globally significant critical minerals mine in Western Australia

April 2026

globally, in a top mining jurisdiction - Western Australia

Bangemall

Narryer

Barrabarra

Kings

Northam JV

Voyager

South West

Gonneville Project - greenfield discovery by Chalice 2020, FID targeted 2028 The largest and lowest cost undeveloped palladium-nickel-copper Reserve in the western world - set to generate exceptional returns over an initial 23yr open-pit life, with a rapid payback and significant upside - FS, approvals, offtake and project finance workstreams underway in parallel

Exploration Upside

Province scale exploration holding (7,000km2) in under-explored West Yilgarn

5 New IOCG targets in SA and NT to be drilled in Q3 2026

Financial Strength

~A$71M in cash and listed investments² - funded to targeted FID in H1 2028. Significant govt critical minerals funding sources and lack of western development projects globally crowding in significant investment

Proven Team

Highly regarded, invested team with mine-finding and development expertise

Odin Partnership appointed as a strategic advisors (Mark Cutifani, Tony O'Neill)

Compelling Investment Opportunity

Trading at significant discount to Gonneville NAV - cyclical rebound in palladium and nickel underway and moving rapidly up the Lassonde curve

1. Pre-tax, Refer to PFS announcement on 8 December 2025 titled "Gonneville Palladium-Nickel-Copper Project PFS"

2. Includes ~$11M in listed Investments as of 31 December 2025

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   Chalice is taking Gonneville to development, and recently appointed industry veterans Mark Cutifani and Tony O'Neill to its advisory board

   Board of Directors

Derek La Ferla, Non-Executive Chair

Mark Cutifani, Strategic Advisor

Tony O'Neill, Technical Advisor

Stephen McIntosh, Technical Advisor

Martin Reed, Technical Advisor

Dr Kevin Frost, Geology Advisor

Soo Carney, Environment and Community Advisor

Nobi Yamaji, Japan Representative

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Tim Goyder

Paradice

6%

6%

50%

Share Register

38%

Retail/Other

Other Institutional

3.00

2.50

2.00

1.50

1.00

0.50

0.00

1. As of 8 April 2026; 2. As of 31 December 2025. 3. Major shareholder information is as disclosed in the last substantial shareholder notice provided to the Company.

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competitive critical minerals mine in Western Australia

1. Significant production profile1 220kozpa 3E | 7ktpa Ni | 8ktpa Cu, 0.7ktpa Co over initial 23-year modelled open-pit life which exploits only ~50% of the Resource

   1. Tier-1 scale Resource & Ore Reserve2

      Resource: 17Moz Pd-Pt-Au (3E)

      960kt Ni | 540kt Cu | 96kt Co

      Reserve: 7.1Moz 3E

      400kt Ni | 260kt Cu | 43kt Co

2. Competitive cost profile

   Lowest-cost PGM producer in the

   Western world (US$370/oz 3E AISC) and lowest cost undeveloped PGM project globally

   1. Derisked greenfield development Located ~70km from Perth on Chalice-owned farmland with Strategic and Major Project Status from WA and Commonwealth Governments

3. Robust financial metrics A$1.4bn Pre-tax NPV8| 23% IRR

   2.7yr payback @ conservative base case Pd: US$1,300/oz, Ni: US$18,750/t, Cu: US$10,500/t3

   1. Australia's first PGM mine

      One of the few credible new Western

      sources of critical Pd-Pt-Ni-Co supply,

      likely to attract significant capital

4. Fundable and executable project 8

Two-stage development, 1.2x strip

ratio open-pit, simple process flowsheet, ~$250M invested to date

Funded to targeted FID in H1 CY28 FID timing governed by regulatory approvals process, with FS and

offtake/financing discussions in parallel

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Cobalt

3%

Nickel

22%

51%

17%

Copper

Palladium

4% 3%

Gold

Platinum

Palladium 197koz 13Moz

Platinum 17koz 2.9Moz

Gold 9koz 0.5Moz

1. Gross revenue after payabilities at PFS base case macro-economic assumptions

2. For tonnes and grade by confidence category refer to the Mineral Resource and Ore Rserve Estimate Statement in Appendix.

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Quartile 1

Quartile 2

Quartile 3

Quartile 4

Sibanye US PGM Ops US$1,550/oz

220kozpa @ US$370/oz 23yr OP life

South Africa / Zimbabwe - primarily non-mechanised UG, vertically integrated operations, experiencing ~10% cost escalation per annum

Russia (Norilsk) - UG, vertically integrated

Impala Canada US$720/oz

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

Sustaining capex (US$/oz 4E)

2,500

2,000

1,500

1,000

500

0

-500

-1,000

3,000

6,000

Cumulative 4E refined production (koz)

9,000

12,000

Source: 2024 SFA (Oxford) Ltd actual collated costs and revenues used for 4E cost curve data in June 2025. The Chalice 4E cost curve positioning assumes average by-product prices of: Copper US$10,500/t, Nickel US$18,750/t, Co US$39,000/t. AISC calculation aligned to the SFA Oxford methodology which excludes royalties, to compare with PGM industry peers

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Metric (Pre-Tax)

NPV8(A$bn) IRR (%)

NPV8(A$bn)

IRR (%)

Pd Price (US$/ oz)

NPV8(A$bn)

IRR (%)

NPV8(A$bn) IRR (%)

0.8

0.7

0.6

0.5

0.4

0.3

0.2

Jul-25 Oct-25 Jan-26 Apr-26

Exceptional leverage to palladium: A$250M increase in NPV8 | A$630M increase in cumulative free cashflow per US$100/oz increase in long-term price

(excluding any changes to mine design / economic cut-off)

PFS base case macro-economic assumptions: Pd: US$1,300/oz, Ni: US$18,750/t, Cu: US$10,500, Pt: US$1,300/oz, Co: US$39,000/t, Au US$2,900/oz, AUD:USD: 0.65, WACC: 8% real

Spot prices sourced from Comex and LME as of 16 February 2026

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prices can rise rapidly with no supply response

3,500

3,000

2,500

"Diesel-gate"

COVID-19

Norilsk flooding

Ukraine invasion (record high US$3,440/oz)

Russia dumping

Chinese GFEX Pd futures market trading Nov-25

Prelim US tariff on Russian Pd

2,000

1,500

1,000

pivot to petrol & palladium catalysts

PFS long-term base case PFS mine design / cut-off

(confirmed by US Govt)

China imports at multi-year high in Sept 25

Price floor?

of 133%

500

3 mine closure / curtailments

0

Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 Jan-26

Palladium price ran from ~US$1,000/oz to ~US$3,000/oz in 2 ½ years last cycle after 9 consecutive years of supply deficits,

with US government now confirming that Russia dumped in 2023 and had material adverse affect on price

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largest producer Russia and hybrid vehicle demand outpacing supply

133% US tariff on Russian palladium - instant western premium

US$12bn EXIM 'Project Vault'

strategic reserve established

Strong demand growth from hybrids and AI / data centres

~90% from deep, aging Russian and South African mines - production shrinking and costs escalating rapidly

• In 2025 US Dept of Commerce confirmed that Russia has been dumping palladium on US markets since 2022 (invasion of Ukraine) - Russia produces ~40% of global supply

• New preliminary 133% tariff1 announced on 10 Feb 2026, effective now, with rate to be finalised by June 2026

• New US strategic mineral reserve announced in Feb 2026 - includes Pd, Pt, Ni, Co (all critical minerals)

• Likely to support price but also unlocks funding support for Gonneville

• Battery electric vehicle growth slowing, Trump policy settings supportive of hybrid vehicles (which require a palladium based catalytic converter)

• ~8Moz pa of gold used in electronics - palladium an attractive, cheaper substitute for ceramic capacitors and connector plating

• Nornickel investing US$100M in new demand sources, outlining 1.7Moz pa of new demand potential by 2030 from glass, electrochemistry, solar energy, microelectronics and battery technologies2

• Largest producers Norilsk and Valterra production guidance down c. 10% in 2026

• Limited development projects, producers signalling need for sustained >US$2,000/oz prices to invest in growth

• Mines susceptible to supply disruptions (Russian permafrost melt, South African labour disputes and power grid instability)

  1. https://www.trade.gov/preliminary-affirmative-determination-antidumping-duty-investigations-unwrought-palladium-russia

  2. https://nornickel.com/news-and-media/press-releases-and-news/nornickel-highlights-new-palladium-demand-beyond-automotive-at-south-africa-industry-event/

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New process flowsheet proven up in PFS to produce two saleable

Sizing Grinding

Crushing

Leach

Grinding

Copper Flotation

(~36% of gross revenue)

Nickel Flotation

(39%)

Blend (~4:1 Sulphide : Oxide)

(25%)

Offtake of Cu-PGM-Au conc. to copper smelter:

~20% Cu, 45-60g/t 3E

Offtake of Ni-Co-PGM conc. to nickel smelter or pCAM refinery:

~8% Ni, 0.8% Co, 18-20g/t 3E

Offtake of PGM-Au doré to precious metal refinery

Potential for improvements to recoveries/economics through geo-met modelling, optimisations in FS and long-term price movements

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~50% of the Resource unmined below the PFS pit and the Resource

PFS assumes initial 23yrs of open-pit mining

~7.9Moz 3E, 450kt Ni, 250kt Cu, 46kt Co contained in Resource below PFS pit shell

Deepest intersections to date - host intrusion ~600m thick and open

significant upside through deeper open-pit mining or eventual transition to large-scale underground

1. Refer to full Mineral Resource Statement in Appendix

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funding options since release of the PFS

Export credit agencies, sovereign debt, grants

High priority -

lowest cost

• Funding strategy currently focussed on sovereign/govt

  sources - with very strong inbound interest to date

• Initial advice indicates up to 60-70% of pre-production CapEx could be funded with debt, given strong margins through-the-cycle

• Provides significant opportunity to reduce overall cost of capital

• Potential for government grants

  Near term priority for byproducts

  Lower priority

  Offtake pre-pay, minor

  metal streams, royalties, etc

  Commercial banks, debt funds, hybrid finance, etc

  • Secondary funding options are extensive

  • Cu, Ni concentrate markets are tight and very competitive - offtake pre-pays under consideration

  • Royalty Co's and debt funds have very strong balance

    sheets - looking to deploy into rapidly rising markets

  • Commercial banks increasingly active in critical minerals projects in safe jurisdictions

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    The Project has been substantially de-risked by Chalice since our discovery in 2020, with an investment of ~$250M to date

    Resource	Drilled out to Indicated category to depth of ~450m, Inferred Resources continue to depth of 1,100m - exceptional orebody knowledge of grade/mineralogy/metallurgy definition
    Tenure / Land	Acquired 2,600ha of farmland surrounding the Resource, providing sufficient land for infrastructure and initial offsets, significantly de-risking the Project
    Process Flowsheet	Simple flotation and leach circuits to produce saleable smelter concentrates and doré - major breakthroughs in 2024-2025 that simplify and enhance the project
    Infrastructure	Water-power solutions and corridors defined - investigating multi-user infrastructure solutions with government support for mutual benefit
    PFS Two-stage, initial 23-year bulk open-pit mine with simplified process flowsheet and significant upside
    Offtake	High levels of interest from smelters - commercial discussions including potential linked project finance ongoing (sufficient de-risking in PFS to support transaction)	ongoing
    Approvals	Referred Project in early 2024, Strategic and Major Project Status awarded, strong level of local community support - environmental modelling underway to support ERD submissions in H2 CY26	ongoing
    Feasibility Study	Stage 1 FS underway including 8 week lab scale pilot of full flowsheet in H2 2026 and engineering to support bankable cost assumptions - c. $25M estimate to complete by mid CY27	ongoing
    Financing	Debt financing strategy focussed on export credit agencies and offtake linked finance - initial feedback very positive, margins expected to underpin significant, low-cost debt funding from a wide range of options	ongoing
    FID	Targeted in H1 CY28 (governed primarily by approvals timeline)

    1. Study, approvals and development timeline is indicative only and subject to change dependent on PFS delivery in CY25

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    Beyond Gonneville, Chalice has defined >40 Cu-Au-Ag and Ni-Cu-PGE

    targets in the West Yilgarn Province plus has new Cu-Au targets in SA/NT

    
    
    

    Bangemall

    Narryer

    Barrabarra

    Kings

    Northam JV

    Julimar

    Voyager

    South West

    
    
    

    Why we like it

    • ~1,200km long western margin of the Yilgarn craton largely unexplored, due to lack of outcrop and prevalence of large-scale farming

    • Exciting new search space for intrusion-related / orogenic gold/copper/silver and orthomagmatic Ni-Cu-PGE deposits, akin to:

      • Gonneville (~17Moz PGM-Au, 1Mt Ni, 0.5Mt Cu)

      • Boddington (~30Moz Au, 1.3Mt Cu)

    • Prior to Gonneville discovery, region largely mapped as barren granite-gneiss geology - now shown to host several thousand square kilometers of prospective, untested greenstone belt

      Work to date

    • Chalice commenced exploring systematically in 2021 and has defined >40 new target areas at varying levels of maturity

      Next Steps

    • AC Drilling of 4 new gold-copper targets completed in Q1 CY26 at Northam JV and Barrabarra (all assays pending)

    • 5 new targets awaiting heritage/land access at Kings

    • 3 new IOCG targets to be drilled at new Callabonna JV in SA in Q3 CY26

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    • 2 new IOCG targets to be drilled at Warrego North Project in NT in Q3 CY26

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Why we like it

• Underexplored IOCG corridor in the Curnamona Province, favourable geology and structural setting

• Multiple large-scale (2-5km) magnetic and gravity anomalies consistent with IOCG systems

• Drilling shows IOCG-style alteration, likely distal to system

• Key gravity anomalies untested and drill-ready

• Strong fit with Chalice's geophysics-led exploration approach

• Targets at explorable depths (~400-750m)

  Work to date

• Detailed geophysical targeting completed

• Historical drilling confirms prospective IOCG geology

• Previous drilling did not test core targets

  Next steps

• Drilling planned Q3 CY26

• Three priority gravity targets to be tested

• Near-term discovery catalyst

Regional Magnetics (TMI) Residual Gravity

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Chalice owns the leading palladium-nickel-copper development project in the western world (one of the few palladium projects globally)

Trading at significant discount to Gonneville consensus and spot NAV, funded through to FID and positioned to capitalise on western critical minerals thematic

'Orphan period' of Lassonde curve provides opportunity for investors - expected to re-rate ahead of FID / production

Chalice team is highly motivated and has a mine finding track record - West Yilgarn is an under explored part of WA with huge upside + upcoming drilling of high-profile IOCG targets in SA and NT in Q3

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