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chalice ASX Announcement 21 October 2021 September 2021 Quarterly Activities Report Resource modelling underway for the Gonneville PGE - Ni - Cu - Co - Au Deposit , with exploration set to ramp - up across the wider West Yilgarn Ni - Cu - PGE Province Highlights Julimar Nickel - Copper - PGE Project , Western Australia ( 100 % -owned ) « ~ 160,000m of drilling completed to date at the > 1.9km x 0.9km Gonneville PGE - Ni - Cu - Co - Au Deposit : « << « Wide intervals of high - grade PGE - Ni - Cu - Co +/- Au sulphide mineralisation intersected during the quarter , extending the G8 , G9 and G12 zones along strike , the G2 , G4 and G6 zones down - dip and the G4 zone up - dip . « « Wide - spaced step - out drilling now targeting extensions of the G1 - G6 zones along the interpreted north - north - westerly plunge direction , with ~ 1,000m of potential plunge extent still untested beyond a depth of 600m . All assays informing the maiden Mineral Resource Estimate ( MRE ) have now been reported , with the pit - constrained MRE expected to be released in mid - Q4 2021 . Final Conservation Management Plan submitted in early September for initial low - impact drilling ( no vegetation clearance required ) at the Hartog - Baudin Targets following extensive consultation - approval expected in the coming weeks . Ongoing metallurgical testwork continues to deliver promising preliminary results : « « < Excellent Pd - Cu recoveries ( 75-90 % ) and good Ni - Pt recoveries ( 60-75 % ) into separate Cu- PGE - AU and Ni - Co - PGE concentrates from high - grade sulphide composites . Initial locked - cycle flotation tests on disseminated sulphide composites indicate good recoveries achieved into separate Cu - PGE - Au and bulk Ni - Cu - PGE concentrates . West Yilgarn Nickel - Copper - PGE Province , Western Australia « First - pass air - core drilling planned at the Jansz and Torres Targets at the northern end of the Julimar Complex , as well as at the Recherche Target ( Barrabarra ) in Q4 2021 . Falcon Metals Demerger and IPO « Chalice's Pyramid Hill , Viking and Mt Jackson gold projects to be spun - out ( via a demerger and concurrent IPO ) into Falcon Metals Ltd ( proposed ASX code : FAL ) . « « Highly qualified Board and Management secured to lead Falcon , including Dr Mark Bennett ( Non - Exec Chair ) , Tim Markwell ( Managing Director ) and Alex Dorsch ( Non - Exec Director ) . Eligible Chalice shareholders are expected to receive 1 ordinary Falcon share for every 3 ordinary Chalice shares ( 1 - for - 3 ) via an in - specie distribution , subject to Chalice shareholder and regulatory approval . Registered Office ABN 47 116 648 956 Level 3 , 46 Colin Street West Perth , Western Australia PO Box 428 , Perth WA 6872 T : +61 8 9322 3960 info@chalicemining.com www.chalicemining.com @chalicemining in chalice - mining