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ASX:CHN Developing a major PGM-Nickel-Copper-Cobalt mine in Western Australia Corporate Presentation September 2026
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ASX:CHN Cautionary statements and competent person(s) disclosure Authorisation This Presentation has been authorised for release by the Board Disclaimer This Presentation does not provide investment or financial product advice and does not include all available information on Chalice Mining Limited ("Chalice" or "the Company") and should not be used in isolation as a guide to investing in the Company. This Presentation is not a prospectus, disclosure document or other offering document under Australian law or under any other law. It is provided for information purposes and is not an invitation nor offer of shares or recommendation for subscription, purchase or sale in any jurisdiction. This Presentation does not purport to contain all the information that a prospective investor may require in connection with any potential investment in the Company. Any potential investor should also refer to Chalice Mining Limited’s Annual Reports, ASX releases, and take independent professional advice before considering investing in the Company. For further information about Chalice Mining Limited, visit our website at chalicemining.com Whilst care has been exercised in preparing and presenting this Presentation, to the maximum extent permitted by law, the Company and its representatives • Make no representation, warranty or undertaking, express or implied, as to the adequacy, accuracy, completeness or reasonableness of this Presentation; • Accept no responsibility or liability as to the adequacy, accuracy, completeness or reasonableness of this Presentation or obligation to update the information in this Presentation; and • Accept no responsibility for any errors or omissions from this Presentation Cautionary statement This Presentation includes production targets and forecast financial information extracted from the Company’s ASX announcement dated 8 December 2025, titled “Gonneville Palladium-Nickel-Copper Project PFS” The production targets disclosed in this Presentation are based predominately on Measured (1%) and Indicated (93%) Mineral Resources. A small proportion (6%) of Inferred Resources has also been included. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of further Measured and/or Indicated Mineral Resources or that the production targets associated with Inferred Resources will be realised. Forward-Looking Statement This Presentation contains forward-looking statements which are identified by words such as ‘may’, ‘could’, ‘believes’, ‘estimates’, ‘targets’, ‘expects’, or ‘intends’ and other similar words that involve risks and uncertainties. These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of this Presentation, are considered reasonable. Such forward-looking statements are not a guarantee of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, the Directors and the management. The Directors cannot and do not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this Presentation will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. The Directors have no intention to update or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this Presentation, except where required by law or the ASX listing rules Reliance on Third Party Information The views expressed in this Presentation contain information that has been derived from third party sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information Mineral Resources Reporting Requirements As an Australian Company with securities quoted on the Australian Securities Exchange (ASX), Chalice is subject to Australian disclosure requirements and standards, including the requirements of the Corporations Act 2001 and the ASX. Investors should note that it is a requirement of the ASX listing rules that the reporting of mineral resources in Australia is in accordance with the JORC Code and that Chalice’s mineral resource estimates comply with the JORC Code. The requirements of JORC Code differ in certain material respects from the disclosure requirements of other countries. The terms used in this announcement are as defined in the JORC Code. The definitions of these terms may differ from the definitions of such terms for purposes of the disclosure requirements in other countries Competent Persons Statement The information in this Presentation that relates to previously reported exploration results is extracted from the following ASX announcements: • “New wide high-grade zones in ~900m step -out drill hole”, 31 July 2023. • “High-grade copper-PGE zones extended at Gonneville”, 30 November 2023. • “Gonneville Resource Remodelled to Support Selective Mining”, 23 April 2024. • “Gold-copper Exploration Strategy for the West Yilgarn”, 3 September 2024. • “Major metallurgical breakthrough at Gonneville”, 17 February 2025. • “Further process flowsheet improvements at Gonneville”, 6 May 2025. • “Exceptional copper-rare earth target defined at Deep Blue”, 4 June 2026 • “Copper-silver-gold system intersected at Deep Blue ”, 8 September 2026 • The information in this Presentation that relates to Mineral Resources has been extracted from the ASX announcement titled: • “Gonneville Resource Remodelled to Support Selective Mining”, 23 April 2024. • The information in this Presentation that relates to Ore Reserves has been extracted from the ASX announcement titled: • “Gonneville Palladium-Nickel-Copper Project PFS”, 8 December 2025 The above announcements are available to view on the Company’s website at chalicemining.com The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of Mineral Resources and Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the original releases continue to apply and have not materially changed. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of Mineral Resources and Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the original releases continue to apply and have not materially changed. 2
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ASX:CHN Chalice owns the leading PGM-nickel-copper-cobalt project globally and is an industry leader in greenfield exploration Gonneville Project – greenfield discovery by Chalice 2020, FID targeted 2028 The largest and lowest cost undeveloped PGM-nickel-copper Reserve in the western world – Feasibility Study, regulatory approvals, offtake negotiation and project financing currently underway in parallel – $250M invested to date One of the most active copper explorers in Australia 8 new targets in WA, SA and NT being drilled in H2 2026 First drilling at Deep Blue intersected broad copper zones, opening up a new ~30km long prospective belt. Warrego North and Callabonna drilling commencing in coming weeks Financially strong ~A$59M in cash and listed investments² and zero debt Development team in place plus proven exploration team Highly regarded, invested team with mine-finding and development expertise Odin Partnership strategic advisors (Mark Cutifani, Tony O’Neill) Paul De Ponte and Tim Langmead recently appointed to executive team Compelling investment opportunity Trading at steep discount to spot NAV – cyclical rebound in palladium and nickel underway and re-rate expected ahead of Gonneville FID 1. Pre-tax, Refer to PFS announcement on 8 December 2025 titled “Gonneville Palladium-Nickel-Copper Project PFS” 2. Includes ~$8M in listed Investments as of 30 June 2026 Narryer Bangemall Barrabarra Kings Northam JV South West Voyager Gonneville 3 INVESTMENT HIGHLIGHTS
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ASX:CHN 0.00 0.50 1.00 1.50 2.00 2.50 3.00 Chalice is part of the ASX300 and has a very stable, highly institutional shareholder base 1. As of 3 September 2026; 2. As of 30 June 2026. 3. Major shareholder information is as disclosed in the last substantial shareholder notice provi ded to the Company. ASX: CHN 12-month performance (A$/share) Research coverage Capital Structure Shares on issue 389M Market capitalisation A$513M1 Trading liquidity ~2M shares/day Cash balance A$51M2 Listed investments A$8M2 Enterprise value A$462M1 Share Register Tim Goyder (Founder) Retail Other Institutional: 4 6% 6% 33%55% CORPORATE OVERVIEW
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ASX:CHN Chalice has built a decorated development and exploration team, with several industry veterans as advisors David Freeman, GM Exploration • Exploration geologist with 20 years experience across a broad range of commodities and terranes both domestic and international Chris MacKinnon, Chief Financial Officer • Qualified accountant and lawyer with 15+ years experience of professional and corporate experience in the energy and resources industry Board of Directors Key Management Ben Goldbloom, GM Corporate Development • Investor relations and business development specialist with 15+ years experience in commercial and technical roles in the resources industry Derek La Ferla, Non-Executive Chair • Highly regarded ASX200 chair and company director with 30+ years experience as a corporate lawyer • Former Chair of Poseidon Nickel and Sandfire Resources Alex Dorsch, Managing Director and Chief Executive Officer • 18+ years experience as mining executive, management consultant, engineer and corporate advisor • Formerly a specialist consultant with McKinsey & Company • Led Chalice as MD/CEO since 2018 Garret Dixon, Non-Executive Director • 30+ years experience in resources and mining contracting sectors • Formerly Executive VP Alcoa & President Bauxite Richard Hacker, Non-Executive Director • Accomplished finance, corporate, and commercial executive with 25+ years experience in the resources sector • Previously Chalice CFO from 2005 to March 2023. 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 Ian Ritchie, Metallurgy and Processing Advisor Nobi Yamaji, Japan Representative Advisory Board 5 Jocelyn Zimmerman, GM Environment and Community • Over 25 years’ experience in operational and environmental management with extensive experience in regulatory approvals, stakeholder engagement, strategy, and government relations Paul De Ponte, Gonneville Project Director • Over 25 years’ experience leading major mining, mineral processing and infrastructure projects and operations in Australia and South Africa across large and small cap miners Tim Langmead, GM Corporate Affairs • Corporate affairs executive with over 30 years experience and a strong track record in supporting major project approvals, stakeholder engagement and social licence CORPORATE OVERVIEW
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ASX:CHN Gonneville is set to become a major, multi-decade PGM-Ni-Cu-Co mine in Western Australia, 100% owned by Chalice 1. Refer to PFS announcement on 8 December 2025 titled “Gonneville Palladium-Nickel-Copper Project PFS” 2. For tonnes and grade by confidence category refer to the Mineral Resource and Ore Reserve Estimate Statement in Appendix. 3. Pre-tax financial metrics, Revenue split 51% Pd, 22% Ni, 17% Cu, and byproducts with price assumptions of Pt: US$1,300/oz, Au: US$2,900/oz, Co: US$39,000/t and AUD/USD: 0.65 4 Competitive cost profile Lowest-cost PGM producer in the Western world (US$370/oz 3E AISC) and lowest cost undeveloped PGM project globally 8 Australia’s first PGM mine One of the few credible new Western sources of critical Pd-Pt-Ni-Co supply, likely to attract significant low-cost western critical minerals funding 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 7 Fundable and executable project Two-stage development, 1.2x strip ratio open-pit, simple process flowsheet, established infrastructure ~$250M invested to date 1 5 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 Significant production profile1 220kozpa 3E (Pd+Pt+Au) | 7ktpa Ni 8ktpa Cu | 0.7ktpa Co over initial 23-year modelled open-pit phase, with potential for upside 6 Derisked greenfield development Located ~70km from Perth on Chalice- owned farmland with Strategic and Major Project Status from WA and Commonwealth Governments 6 FID targeted in H1 CY28 FID timing governed by regulatory approvals process, with FS and offtake/financing discussions in parallel GONNEVILLE OVERVIEW
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ASX:CHN Gonneville is a unique polymetallic project with diverse revenues from palladium, copper and nickel plus byproducts 7 1. Gross revenue after payabilities at PFS base case macro-economic assumptions 2. Spot prices sourced from Comex and LME at 3 September 2026. Pd: US$1,372/oz, Pt: US$1,785/oz, Au: US$4,480/oz, Cu: US$14,546/t, Ni: US$16,913/t, Co: US$56,290/t, AUD/USD: 0.72 Gonneville revenue split at 3 Sept spot prices/FX2 48% 4% 17% 21% 6% 4% Palladium Platinum Gold Copper Nickel Cobalt Metal Annual Production (avg) Contained in Resource2 Palladium 197koz 13Moz Platinum 17koz 2.9Moz Gold 9koz 0.5Moz Nickel 7kt 960kt Copper 8kt 540kt Cobalt 0.7kt 96kt GONNEVILLE OVERVIEW
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ASX:CHN 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 The recovery in metals prices over the last 12mths has not been reflected in the CHN share price, creating an exceptional investment opportunity Gonneville Pre-tax NPV-IRR sensitivity to Pd-Cu prices Cu Price (US$/t) Metric (Pre-Tax) Pd Price (US$/ oz) 8,500 10,500 15,000 NPV8 (A$bn) 1,100 0.6 0.8 1.3 IRR (%) 15% 18% 22% NPV8 (A$bn) 1,300 1.1 1.4 1.8 IRR (%) 21% 23% 27% NPV8 (A$bn) 1,500 1.6 1.9 2.3 IRR (%) 26% 27% 32% NPV8 (A$bn) 2,000 2.9 3.1 3.6 IRR (%) 37% 39% 43% PFS base case macro-economic assumptions: Pd: US$1,300/oz, Ni: US$18,750/t, Cu: US$10,500/t, 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 as of 3 September 2026: Pd: US$1,372/oz Cu: US$14,546/t 8 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) base case Chalice market capitalisation to base case NPV8 ratio Chalice trading at steep discount to NAVSpot: 1,372 Spot: 14,546 GONNEVILLE OVERVIEW
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ASX:CHN 9 History shows single asset developers can re-rate strongly between PFS and FID (or buyout) Developer Project Resource & mine method Share price re-rate PFS to FID/buyout Foran Mining (TSX: FOM) McIlvenna Bay Zinc-Copper Project, Saskatchewan 23Mt at 1.17% Cu 3.05% Zn MRE, underground Rex Minerals (ASX: RXM) Hillside Copper Project, Yorke, South Australia 337Mt at 0.6% Cu 0.14g/t Au MRE, open-pit Capricorn Metals (ASX: CMM) Karlawinda Gold Project, Pilbara Western Australia 31Mt at 1.1g/t Au MRE, open-pit De Grey Mining (ASX: DEG) Hemi Gold Project, Pilbara Western Australia 251Mt at 1.3g/t Au MRE, open-pit Share prices measured between PFS release (or equivalent) and FID/buyout: Rex Minerals: “Hillside Extended Feasibility Study Results” 25/05/15 ($0.12) to final day of trading 31/10/24 (A$0.47) Capricorn Metals: “Feasibility Study Outlines Robust High Margin Gold Project” 23/10/17 (A$0.08) to “Capricorn completes gold hedging for Karlawinda Gold Project” 14/8/2019 (A$0.23) De Grey: “Prefeasibility Study Outcomes – Mallina Gold Project” 8/9/22 (A$0.96) to final day of trading 5/5/25 (A$2.46) Foran Mining “Foran Announces Positive Pre-Feasibility Study Results for McIlvenna Bay” 12/3/20 (C$0.14) to “Foran Announces Strategic Investments by Fairfax Financial, Agnico Eagle and other Cornerstone Investors, Formal Construction Decision for Phase 1 at McIlvenna Bay and Advances Planning for Phase 2” 15/7/24 (C$4.06) 3.9x 2.9x 2.6x 29x GONNEVILLE OVERVIEW
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ASX:CHN 0 500 1,000 1,500 2,000 2,500 3,000 3,500 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 Jul-26 COVID-19 Norilsk flooding Russia dumping + rate rises ”Diesel-gate” pivot to petrol & palladium catalysts Ukraine invasion (record high US$3,440/oz) Price floor? 3 mine closure / curtailments China imports at multi-year highs PFS long-term base case Ore reserve / mine design price Chinese GFEX Pd futures market trading Nov-25 Palladium is rebounding from cyclical lows and recent history shows prices can rise rapidly with no supply response Palladium price ran from ~US$1,000/oz to ~US$3,000/oz in 2 ½ years last cycle after 9 consecutive years of supply deficits 10 Palladium spot price (US$/oz, LBMA) PALLADIUM MARKET
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ASX:CHN ~9Moz pa palladium market is limited by inelastic supply, while demand from hybrids and data centres ramping up 11 ~90% of supply from deep, ageing Russian and South African mines – production shrinking and costs escalating rapidly Strong demand growth from new AI / data centre / energy applications 1. https://resourcecapitalfunds.com/insights/commodity-insights/metal-mining-gigacycle-parsing-metal-demand-at-the-source/ 2. https://nornickel.com/news-and-media/press-releases-and-news/nornickel-highlights-new-palladium-demand-beyond-automotive-at-south-africa-industry-event/ 3. UBS Wave 10 Table D4A forced choice questions across US, UK, China, Japan, Germany and South Korea 4. UBS Evidence Lab Ex-China growth in BEV sales has slowed, hybrids and internal combustion still preferred 0.5-1.5Moz pa of new demand from AI / data centres by 2030 (RCF)1 US$100M Nornickel investment targeting 1.7Moz pa in new demand2 ~70% of recent UBS survey respondents favoured a powertrain retaining a combustion engine3 ~30% of total global market imported by China in Q4 FY26 (record high)4 ~10% decline in production guidance in 2026 from two largest producers Nornickel and Valterra >US$2,500/oz signalled as ‘incentive price’ required for growth for Valterra PALLADIUM MARKET
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ASX:CHN 10,000 15,000 20,000 25,000 30,000 35,000 40,000 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 Nickel is rebounding from cyclical lows and is rapidly moving into a period of supply deficit driven by Indonesian Government policy Indonesia produces ~65% of the world’s nickel supply and has recently announced quotas, export controls and a dramatic uplift in government take – oversupply forecasts are rapidly being replaced with deficits 12 Nickel spot price (US$/t, LME) BHP Nickel West care and maintenance LME short squeeze to US$50,000/t (removed from chart) Ukraine invasion and subsequent supply fears Chinese funded Indonesian HPAL nickel floods the market Indonesia cuts RKAB quota by ~30% (100Mt) and royalties increased from 10% to 14-19% Weda Bay halts production China bans H2SO4 exports PFS long-term base case Ore reserve / mine design price NICKEL MARKET
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ASX:CHN Quartile 1 Quartile 2 Quartile 3 Quartile 4 -500 0 500 1,000 1,500 2,000 2,500 Net total cash costs (US$/oz 4E) Sustaining capex (US$/oz 4E) Gonneville all-in sustaining costs forecast to be effectively lowest in the industry, in a rapidly steepening cost curve Source: PGM industry peer group data is compiled by SFA (Oxford) Ltd related to actual collated costs and revenues for CY2025, collated April 2026. PGM peer group operating costs include all costs up to and including smelting and refining for all assets. Gonneville project average life of mine cost and production data is sourced from Chalice Mining PFS (8 December 2025). Chalice operating costs include mine site cash costs, transport and selling costs, treatment and refining charges as well as an adjustment for metal payabilities (from Chalice December 2025 PFS) to enable like-for-like positioning on the cost curve against the peer group. Treatment and refining charges may vary depending upon an off-taker's plant utilisation. NTCC = Net total cash costs (total cash costs less by-product credits for Ru, Ir, Ni, Cu, Cr & Co where applicable), SIB = stay-in-business capital. Prices and exchange rates: Pt US$1,284/oz, Pd US$1,153/oz, Rh US$6,284/oz, Au US$3,445/oz, Ru US$735/oz, Ir US$4,401/oz, Ni US$15,167/t, Cu US$9,955/t, Co US$34,995/t, Cr (CIF 42% Cr2O3) US$282/t, ZAR:US$ 17.89, AU$:US$ 0.65. PGM industry all-in sustaining cost curve net of by-product credits, US$/oz 4E CY2025A 13 220kozpa @ US$600/oz 3E (SFA 2025 actual average by-product prices), or US$370/oz 3E (PFS base case long term by-product prices) Cumulative 4E refined production (koz) South Africa / Zimbabwe – primarily non-mechanised UG, vertically integrated operations, experiencing ~10% cost escalation per annumRussia (Norilsk) – UG, vertically integrated 11,5005,750 8,6252,875 GONNEVILLE COST BENCHMARKS
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ASX:CHN The tier-1 scale Reserve starts at surface and has a significant high- grade core and good mining continuity Gonneville block model 3D View looking ENE 1414 EW Section Views EW Section 2 EW Section 1 ~1,200 drill holes for ~320,000m completed since discovery in March 2020 – well defined and understood orebody Good mineralised zone strike-dip continuity with wide mineable widths, 5m x 5m x 5m SMU P&P Reserve: 7.1Moz 3E, 400kt Ni, 260kt Cu, 43kt Co GONNEVILLE RESERVE & MINING
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ASX:CHN Process flowsheet produces two saleable concentrates plus a doré, with proven recoveries and excellent offtake terms expected Type Period Overall metal recovery to saleable products (%) Pd Ni Cu Co Pt Au Oxide Avg over years 1-9 50 - - - - 83 Fresh Sulphide Stage 1 avg (years 1-4) 83 44 77 42 42 90 Avg modelled life 76 38 72 37 31 83 • Pyrrhotite(Fe)-Pentlandite(Ni)- Chalcopyrite(Cu) sulphide assemblage, with PGMs primarily hosted in non-sulphide minerals • Simple flowsheet planned with conventional upstream processes • ~$15M spent to date on testwork and process design – proven flowsheet, product specifications and recoveries • Cu and Ni concentrates have negligible impurities/deleterious elements – no penalties expected • Offtake terms from Cu and Ni smelters expected to be excellent 15 Crushing Grinding Copper Flotation (~36% of gross revenue) Nickel Flotation (39%) Leach (25%) Offtake of Cu-PGM-Au conc. to copper smelter: Avg ~20% Cu, 45-60g/t 3E, ~25% S Offtake of Ni-Co-PGM conc. to nickel smelter or pCAM refinery: Avg ~8% Ni, 0.8% Co, 18-20g/t 3E, 27-42% S Offtake of PGM-Au doré to precious metal refinery Blend (~4:1 Sulphide : Oxide) Oxide feed Sulphide feed Sizing Grinding GONNEVILLE PROCESSING
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ASX:CHN The Project has a significant production profile over 23 years: ~220kozpa 3E, 7ktpa Ni, 8ktpa Cu and 700tpa Co 3E precious metals production profile (koz, recovered) 147 171 177 108 239 267 258 206 247 280 296 317 263 201 194 228 230 216 212 223 222 224 198 - 50 100 150 200 250 300 350 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Year Gold Platinum Palladium Base metals production profile (kt, recovered) 2.9 3.8 3.5 2.6 7.4 6.7 7.6 6.8 7.9 9.4 10.1 9.5 8.1 6.8 6.7 7.6 7.9 8.2 8.1 7.8 7.5 6.9 6.1 4.0 5.6 7.5 3.7 8.2 9.6 10.7 7.2 9.2 10.2 10.5 11.0 9.6 6.9 7.9 10.0 8.9 7.3 6.4 7.2 8.1 9.7 6.20.3 0.3 0.3 0.3 0.7 0.7 0.7 0.7 0.8 0.9 0.9 0.9 0.8 0.7 0.7 0.8 0.8 0.8 0.8 0.7 0.7 0.7 0.6 - 5 10 15 20 25 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Year Cobalt Copper Nickel 16 197kozpa Pd 17kozpa Pt 9kozpa Au Modelled OP average 8.1ktpa Cu 6.9ktpa Ni 0.7ktpa Co Modelled OP average Stage 1 | Stage 2 → GONNEVILLE PRODUCTION PROFILE
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ASX:CHN Only ~50% of the Resource included in open-pit phase – mine expected to transition to underground and go well beyond 23yrs 1. Refer to full Mineral Resource Statement in Appendix 17 ~7.9Moz 3E, 450kt Ni, 250kt Cu, 46kt Co contained in Resource below PFS pit shell → significant upside through deeper open-pit mining or eventual transition to large-scale underground Deepest intersections to date – host intrusion ~600m thick and open PFS assumes initial 23yrs of open-pit mining GONNEVILLE GROWTH
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ASX:CHN The Project has been substantially de-risked by Chalice since our discovery in 2020, with an investment of ~$250M to date 1. Study, approvals and development timeline is indicative only and subject to change. Resource Drilled out to Indicated category to depth of ~450m, Inferred Resources continue to depth of 1,100m – exceptional orebody knowledge (grade/mineralogy/metallurgy) Tenure / Land Chalice owns 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 process flowsheet to produce saleable smelter-grade copper and nickel concentrates, as well as precious metals doré 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, excellent offtake terms expected for commercially standard products ongoing Approvals Referred Project (stage 1&2) in early 2024 (Public Environmental Review), Strategic and Major Project Status awarded, strong level of local community support ongoing Feasibility Study FS underway on stage 1 (5Mtpa) 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 H2 CY27 ongoing Financing Byproduct stream financing under consideration, with future debt financing strategy focused on export credit agencies and offtake linked finance – margins expected to underpin significant, low-cost debt funding ongoing FID Targeted in H1 CY28 (governed primarily by approvals timeline) 18 GONNEVILLE FORWARD PLAN
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ASX:CHN Strong inbound interest from a wide range of low-cost critical minerals funding options since the release of the PFS in Dec 19 Funding options for pre-production CapEx of A$820M Export credit agencies, sovereign debt, grants Offtake pre-pay, minor metal streams, royalties, etc Commercial banks, debt funds, hybrid finance, etc • Given critical minerals mix, our funding strategy currently focussed on sovereign/gov’t sources – with very strong inbound interest to date • Expected that 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 • Secondary funding options are extensive • Cu, Ni concentrate markets are tight and very competitive – offtake pre-pays under consideration • Strong interest from Royalty Co’s and debt funds – looking to deploy into long life precious metals opportunities • Commercial banks increasingly active in critical minerals projects in safe jurisdictions High priority – lowest cost Lower priority Near term priority for byproducts GONNEVILLE FINANCING
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ASX:CHN Gonneville approvals are materially de-risked, based on strong government support, land acquisitions and reindustrialisation impetus Chalice MD&CEO Alex Dorsch, then-WA Minister for Mines and Petroleum the Hon David Michael1 and Local Federal Member (Bullwinkel) Trish Cook at the Gonneville site in April 2026 1 WA Strategic Project Status + Commonwealth Major Project Status 2 Mine on Chalice-owned farmland – not in State Forest3 Pd, Pt, Ni, Cu, Co are all critical minerals, strong government alignment and incentives to develop 4 Project referred in 2024 (Public Environmental Review) and on track for H1 CY28 decision 5 Strong community support, 3,761 jobs supported (direct + indirect) and no FIFO7 Approvals pathway endorsed by former WA EPA Chair Dr Tom Hatton WA Government is strongly pro-investment and has a track record of assessing and approving major resource projects in a timely manner Minimal visual impact – flat topography, nearest towns ~25km away 6 No Native Title process (claims settled in 2021) 8 1. Hon David Michael has since become WA Minister for State Development, Finance and Electoral Affairs; the Hon Daniel Pastorelli was appointed WA Minister for Mines, Petroleum and Exploration on 12 July 2026. GONNEVILLE APPROVALS
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ASX:CHN Chalice now very active in copper exploration across Australia, recently confirming a Cu-Au-Ag system at the Goomalling Project Why we like it • Immediately south of Caravel Copper Project (ASX: CVV) which has a ~3Mt contained Cu Resource over ~20km of strike • Chalice controls ~30km of the strike length trending south – completely undrilled • Similar geology and mineralisation to Caravel confirmed at Deep Blue in initial drilling • Higher grades at Caravel associated with folded structural positions, which Chalice now targeting w/ soils-IP-drilling Next steps • Expanded soil sampling, targeted IP and REE focused RC drilling to commence in Q4 CY26 post cropping season 21 Work to date • Soil sampling defined several Cu anomalies, plus unexpected high-grade rare earth (REE) samples • Recent first pass shallow RC drilling at Deep Blue prospect confirmed a mineralised system over 1.2km of strike • High-grade REE rock chips unexplained from first pass drilling – possibly associated with ENE trending structures not yet tested COPPER EXPLORATION
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ASX:CHN Warrego North Project hosts multiple untested IOCG targets in the prolific Tennant Creek field – RC drilling commencing in coming weeks Why we like it • ~20km north-west of the historical high- grade Warrego copper–gold mine within the Tennant Creek Mineral Field (TCMF) • Warrego historically produced 1.4Moz at 6.6g/t Au and 130kt at 1.9% Cu - field has proven high-grade endowment • Structural architecture analogous to Warrego, and other historical producers • Coincident gravity–magnetic anomalies untested Work to date • Several historical rounds of drilling at Parakeet and Chook Prospects – confirmed Cu-Au prospectivity • Access to western targets recently granted after several years of delays Next steps • Most mag-gravity targets undrilled – Rooster, Big Bird, Eagle, Kite, Chook exceptional drill targets • Initial RC Drilling planned in Sept 2026 22 Warrego North Project targets and historical drilling over regional magnetics (TMI) 8m @ 1.74% Cu & 0.42g/t Au (open) Warrego 1.4Moz @ 6.6g/t Au 130kt @ 1.9% CuPrevious drilling too shallow / ineffective COPPER EXPLORATION
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ASX:CHN Callabonna Project also hosts several multi-km scale IOCG targets in the emerging Curnamona Province of SA Why we like it • Underexplored IOCG corridor in the Curnamona Province, which is poorly explored but has demonstrated prospectivity and endowment • Sandfire Resources (ASX: SFR) recently entered JV on Kalkaroo Project, which has a 224Mt @ 0.49% Cu, 0.36g/t Au Mineral Resource, ~180km south • Multiple large-scale (2–5km) mag- gravity anomalies undercover • Historical drilling shows IOCG-style alteration, likely distal to system • Key gravity anomalies untested and drill-ready Work to date • Detailed geophysical targeting completed, confirming previous drilling did not test core gravity targets Next steps • Three priority gravity targets to be tested (CAL2, 5, 9) • Diamond drilling planned in Oct 2026 23Regional Magnetics (TMI)Residual Gravity Previous drilling missed core gravity anomaly COPPER EXPLORATION
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ASX:CHN Investment Overview Chalice owns the leading palladium-nickel-copper development project in the western world (one of the few palladium projects globally) CHN trading at significant discount to NAV, valuation disconnected from recent metals recovery in metals prices – compelling opportunity to ‘buy at the bottom of the cycle’ Development project valuations typically re-rate ahead of FID / production – compelling investment opportunity to ‘buy ahead of the crowd’ High-profile copper-gold targets in WA, SA and NT, several drill campaigns getting underway – Chalice has the discovery track record
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Appendix
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ASX:CHN Sustainability is integral to the Chalice business – we will deliver sustained, shared value through responsible mining Our Sustainability Vision and Pillars Strong Environmental Stewardship Manage Climate Change Risk Healthy and Safe Workforce Create Value for Stakeholders Gonneville Biodiversity Strategy to ensure a science-based no net loss of species or habitat diversity as a result of our operations Comprehensive baseline environmental surveys across 6,000ha; covering flora, fauna, dieback Successfully implemented industry leading low-impact exploration drilling techniques in vegetated areas – no mechanised clearing The Gonneville Project is located on 100%-owned Chalice farmland Progressing Taskforce on Climate-related Financial Disclosures (TCFD) Roadmap and implementation plan Development of a Climate Change Policy Responsibly discovering and developing new mineral deposits that provide the key metals which are critical to decarbonization Chalice and providers have contributed ~A$11 million to communities surrounding Gonneville (FY21-25) Established Chalice Mining Community Fund – agreement with Shire of Toodyay to deliver significant long-term benefits to the local community Local Voices Community Survey, a series of independent surveys to understand the priorities of the community Active engagement with Whadjuk and Yued Traditional Owners – worked with >70 Traditional Owners since 2021 Zero lost time injuries, fatalities or high potential safety events Gender diversity well above industry standards – women make up 37% of our overall workforce (FY2025) BSS Employee Assistance Program to support wellbeing and mental health of our employees 26 SUSTAINABILITY OVERVIEW
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ASX:CHN Gonneville will deliver significant benefits to Western Australia over a 25+ year life and become the first PGM mine in Australia $24.1bn Contribution to WA Gross State Product 3,761 Average number of jobs supported each year, across Western Australia $1.95bn Direct payments to State and Federal Governments. >1,200 WA businesses expected to benefit from the Gonneville supply chain GONNEVILLE ECONOMIC MODELLING 27
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ASX:CHN Gonneville PFS base case key assumptions for financial modelling 8 Dec 2025 Key assumption Unit Modelled open-pit life Commodity prices (real terms, flat) Ni US$/t 18,750 Cu US$/t 10,500 Co US$/t 39,000 Pd US$/oz 1,300 Pt US$/oz 1,300 Au US$/oz 2,900 Financial WACC (real) % 8.0 Exchange rate A$/US$ 0.65 Offtake terms (avg) Copper concentrate Cu payability % LME 95 Pd payability % LBMA 96 Pt payability % LBMA 67 Au payability % LBMA 91 Treatment charge US$/dmt conc 40 Cu refining charge US$/t Cu 88 Pd/Pt refining charge US$/oz 15 Au refining charge US$/oz 5 Nickel concentrate Ni payability % LME 80 Co payability % LME 55 Pd payability % LBMA 76 Pt payability % LBMA 64 Au payability % LBMA 33 PGM doré Pd-Au payability % LBMA 99 Pd refining charge US$/oz 15 Au refining charge US$/oz 5 Commodity prices shown are used for the purposes of financial modelling. Commodity prices used in the open pit mine design, optimisation and economic cut-off are different and can be found in the Mining section of the PFS Announcement (8 Dec 2025). Key assumption Unit Stage 1 (5Mtpa) Stage 2 (13-14Mtpa) Development CapEx estimates Mining A$M 79 52 Process Plant A$M 350 550 Tailings Storage Facility (TSF) A$M 84 - Infrastructure A$M 95 1 Indirect/EPCM/Owners A$M 150 170 Contingency (12.5% direct) A$M 66 69 Total Development CapEx A$M 820 840 Total Sustaining CapEx A$M 30 570 OpEx estimates (avg) Mining A$/t proc 15.00 12.00 Comminution A$/t proc 5.30 7.70 Flotation A$/t proc 3.60 4.20 Leaching A$/t proc 7.20 3.90 Magnetic separation A$/t proc - 0.81 Other process infrastructure A$/t proc 2.50 1.70 General and administration A$/t proc 1.70 1.00 Total mine site OpEx A$/t proc 35 32 Logistics (site to smelter) A$/t proc 1.80 0.85 Taxation Ni-Cu-Co-Pd-Pt-Au WA Gov’t royalty rate % 2.5 Corporate tax rate % 30 Production Tax Credit % 10 Schedule FID date Early 2028 Commence Operations date 2030 Plant ramp up % throughput 80 yr 1, 100 yr 2+ 28 GONNEVILLE PFS ASSUMPTIONS
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ASX:CHN The open-pit phase is set to generate a significant production profile and exceptional returns over an initial 23 year modelled life PFS base case macro-economic assumptions: Pd: US$1,300/oz, Ni: US$18,750/t, Cu: US$10,500/t, Pt: US$1,300/oz, Co: US$39,000/t, Au US$2,900/oz, AUD:USD: 0.65 Unleveraged open-pit phase metrics at base case prices ( Pd: US$1,300/oz, Ni: US$18,750/t and Cu: US$10,500/t) Annual production (avg) 220kozpa 3E 7ktpa Ni 8ktpa Cu 0.7ktpa Co over initial 23-year OP phase Pre-production CapEx A$820M incl. contingency All-in sustaining costs (avg) US$370/oz 3E (2nd Quartile) Free cashflow (pre-tax) Years 1-3: Years 4-13: A$300Mpa A$310Mpa Total: A$4.7bn Pre-tax NPV8% ~A$1.4bn Payback period ~2.7 years IRR (pre-tax) 23% Post-tax NPV8% ~A$1.0bn Free cashflow (post-tax) Years 1-3: Years 4-13: A$300Mpa A$260Mpa Total: A$3.6bn 29 Metrics ignore residual value beyond modelled life (~7.9Moz 3E, 450kt Ni, 250kt Cu, 46kt Co contained in Resource below PFS pit shell) and exploration upside GONNEVILLE PFS METRICS
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ASX:CHN -1,000 -800 -600 -400 -200 0 200 400 600 -1 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 A$M Year Development CapEx Base case cashflow The scale, quality and location underlie the robust financial metrics of the initial 23yr OP phase – NPV8 of A$1.4bn and IRR of 23% Gonneville pre-tax cashflow profile over modelled open-pit life, A$M real unleveraged ~2.7 year Total ~A$4.7bnYr 1-3 A$300Mpa Yr 4-13 A$310Mpa 30 ~2.5 year Stage 1 | Stage 2 → payback GONNEVILLE PFS CASHFLOW PROFILE PFS base case macro-economic assumptions: Pd: US$1,300/oz, Ni: US$18,750/t, Cu: US$10,500/t, Pt: US$1,300/oz, Co: US$39,000/t, Au US$2,900/oz, AUD:USD: 0.65
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ASX:CHN Low-cost open-pit mining and high byproduct credits drive exceptional profitability through-the-cycle over an initial 23-year life Gonneville all-in sustaining costs and basket price (excluding payabilities) over modelled open-pit life, US$/oz 3E 31 114 57 (9) 365 283 400 366 643 410 301 261 277 378 657 618 384 421 504 464 369 357 310 437 -200 0 200 400 600 800 1,000 1,200 1,400 1,600 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 US$/oz Year All-in sustaining costs Base case basket price Yr 1-3: AISC Margin ~US$1,300/oz Yr 4-23: AISC Margin ~US$1,000/oz Note: AISC is aligned to the SFA Oxford calculation which excludes treatment and refining costs and royalties. Base case basket price is weighted average of precious metals prices excluding payabilities Stage 1 | Stage 2 → Base case avg: ~US$1,350/oz 3E GONNEVILLE PFS COST PROFILE
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ASX:CHN The bulk open-pit mine plan has a very low strip ratio of 1.2x and benefits from high-grades near surface Plant feed schedules1 3D view (looking WNW) open pit phases 0 20 40 60 80 100 120 - 4 8 12 16 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 NSR A$/t Ore processed (Mt) Year Sulphide Oxide NSR A$/t Mining schedules 0.0 1.0 2.0 3.0 4.0 - 10 20 30 40 50 0 1 2 3 4 5 6 7 8 9 1011121314151617181920212223 Strip ratio Material mined (Mt) Year Measured and Indicated Inferred Waste Strip ratio 321. NSR = Net Smelter Return at long-term base case prices Phase 1 2 34 5 6 7 8 Total mined: 613Mt Total processed: 280Mt Modelled life: 23 years Strip ratio: ~1.2 avg Max pit depth: ~450m A$100/t NSR in early years on mine site costs of A$35/t GONNEVILLE PFS MINING
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ASX:CHN Offtake terms are expected to be excellent given market conditions, high concentrate grades, negligible impurities and large volumes Note: Early-stage discussions with potential customers and indicative terms provided have formed the basis of the offtake assump tions for the concentrate. The indicative payability terms quoted by parties were uniformly high and given the low deleterious elements within the concentrate specification, no penalties are envisaged. No western or green premium has be en assumed in the PFS . Copper-PGE-Au Concentrate Ni-PGE-Co Concentrate • High value concentrate with negligible impurities: • ~20% Cu, 45-60g/t 3E • ~44ktpa of conc. produced over 23yrs • Most suitable for copper smelter customers with integrated PGE refineries (EU, Canada, Japan, China) • Modelled life average payabilities based indicative offtake terms received from smelters: • Cu: 95% of LME • Pd: 96% of LME • Pt: 67% of LME • Au: 90% of LME • TC: US$40/dmt conc, RC: 4c/lb Cu • High value concentrate with negligible impurities: • ~8% Ni, ~0.8% Co, 18-20g/t 3E • ~96ktpa of conc. produced over 23yrs • >3 potential nickel smelter customers (EU, Canada, China), plus potential PCAM customers • Modelled life average payabilities based indicative offtake terms received from smelters: • Ni: 76-80% of LME (scaling with price) • Pd: 76% of LME • Pt: 61% of LME • Au: 33% of LME • Co: 55% of LME There is a strong case for a future premium on products (through either longer-term offtake, higher realised pricing or lower treatment/refining charges) relative to non-western sources 33 GONNEVILLE PFS OFFTAKE
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ASX:CHN Our strategic land holding at Gonneville significantly de-risks the Project and provides opportunity for restoration and Biodiversity Offsets • Chalice owns ~2,600ha of farmland surrounding the Resource, significantly de-risking the Project (~A$50M investment) • All site infrastructure will be accommodated within the ~2,200ha MDA • ~400ha designated as Biodiversity Offset areas • Chalice committed to science- based, no net loss of species or habitat as a result of any mining operations • Pilot Restoration area already established • Research partnerships in place focusing on key threatened fauna species Mine Development Area 34 GONNEVILLE LAND HOLDING
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ASX:CHN All site infrastructure is located on predominantly cleared farmland owned by Chalice • Site infrastructure located on ~2,200ha owned by Chalice • Land holding affords significant buffer to neighbouring properties • ~70km from Perth → expected to have a largely residential workforce (no FIFO) • HDPE and clay double-lined, downstream valley fill TSF with robust design and capacity exceeding PFS mine plan • On-site solar-battery-peaking diesel power in combination with grid connection provides overall lowest cost power solution 35 Offset area Offset area GONNEVILLE LAYOUT
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ASX:CHN • Connection to South West Interconnected System grid (Western Power) via a new ~27km monopole, dual circuit transmission line • Hybrid solar-battery and peaking diesel on site • Connection Agreement in place with Western Power to progress scoping of this infrastructure Power • Process water from Water Corporation’s Alkimos Water Resource Recovery Facility via a new ~63km pipeline • Treated wastewater is currently discharged to ocean – using a wasted resource in critical minerals processing • Sufficient volume available and is expected to increase over time Process Water • Stage 1 concentrates to be trucked and exported via the Port of Bunbury (~260km). • Stage 2 concentrates to be trucked and exported via the planned new Kwinana Bulk Terminal Port (~125km) • Some minor local road upgrades planned • 70-160kt of product shipped per annum Logistics • Construction workforce of ~500 FTE, assumed to be largely residential and commuting to site • Majority of operations workforce of ~400 FTE to be based locally – no permanent camp/village • Total of ~3,700 FTE avg direct and indirect jobs • No fly-in, fly-out (FIFO) requirements, a significant advantage Workforce • Downstream valley-fill tailings storage • Design to be compliant with Global Industry Standard on Tailings Management (GISTM) • Standard facilities with large amount of services to be utilised in region or from Perth Non-Process Infrastructure The proximity to Perth allows direct access to major highways, power, water and port infrastructure, and a highly skilled local workforce 36 GONNEVILLE INFRASTRUCTURE
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ASX:CHN The Gonneville Mine proposal will require State and Commonwealth assessment, with opportunities for community and stakeholder input Permitting process Stakeholder engagement and community consultation led by Chalice March 2024 - Chalice refers proposal to State and Commonwealth Government Government considers level of assessment – public comment period (State & Commonwealth) Environmental Scoping Document developed Current stage - Environmental Review Documents (ERD) being prepared, for H2 CY26 submission Government review and public comment period Government publishes report on assessment - Appeals process H1 CY28 - Ministerial decision, conditions set 1 2 3 4 5 6 7 Gonneville is located on 100% Chalice-owned, predominantly cleared farmland (not in Forest) Awarded “Strategic Project Status” by the WA State Government A trusted partner for development Awarded “Major Project Status” by the Australian Federal Government Strong levels of support from the local community Regular engagement and site visits by DCCEEW, EPA, MPFA and DEED regulators 37 GONNEVILLE APPROVALS
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ASX:CHN 1. Study, approvals and development timeline is indicative only and subject to change. Overall project schedule targets FID in H1 CY28, with the next major milestone ERD submissions in H2 CY26 20302020 to 2023 development 2025 Regulatory Approvals State & Commonwealth environmental approvals First Production Permitting Studies Feasibility Studies 20282026 20272024 2029 Start Construction Regulatory Referral Target FIDPFS Scoping Study Discovery Maiden MRE Evaluation Mar-20 Nov-21 Aug-23 Dec-25 H1 2028 Mid 2028 2030 DevelopmentEngineering and Construction Offtake and finance ERD submissions Ministers’ approvals FS H2 2027 38 GONNEVILLE DEVELOPMENT TIMELINE
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ASX:CHN Gonneville Mineral Resource Estimate (JORC Code 2012), 23 April 2024 Note some numerical differences may occur due to rounding to 2 significant figures. Includes drill holes drilled up to and including 23 January 2024 All material assumptions and technical parameters underpinning the estimates in the original releases continue to apply and h ave not materially changed. Domain Cut-off NSR (A$/t) Classification Mass Grade Contained metal (Mt) Pd (g/t) Pt (g/t) Au (g/t) Ni (%) Cu (%) Co (%) Pd (Moz) Pt (Moz) Au (Moz) Ni (kt) Cu (kt) Co (kt) Oxide – in-pit 25 Measured - - - - - - - - - - - - - Indicated 7.0 1.9 - 0.05 - - - 0.43 - 0.01 - - - Inferred 6.1 0.54 - 0.03 - - - 0.11 - 0.01 - - - Subtotal 13 1.3 - 0.04 - - - 0.54 - 0.02 - - - Sulphide (Transitional) – in-pit 25 Measured 0.4 0.82 0.18 0.03 0.19 0.160 0.020 0.01 0.00 0.00 0.67 0.56 0.07 Indicated 14 0.68 0.16 0.03 0.16 0.103 0.020 0.30 0.07 0.01 22 14 2.7 Inferred 0.1 0.72 0.21 0.02 0.13 0.101 0.014 0.00 0.00 0.00 0.19 0.15 0.02 Subtotal 14 0.69 0.16 0.03 0.16 0.104 0.020 0.32 0.08 0.01 23 15 2.8 Sulphide (Fresh) – in-pit 25 Measured 2.5 1.0 0.22 0.03 0.21 0.168 0.018 0.08 0.02 0.00 5.4 4.3 0.45 Indicated 380 0.60 0.14 0.02 0.15 0.088 0.015 7.4 1.7 0.30 570 340 57 Inferred 240 0.60 0.14 0.02 0.15 0.074 0.015 4.6 1.1 0.15 350 170 35 Subtotal 620 0.60 0.14 0.02 0.15 0.083 0.015 12 2.8 0.45 930 520 92 Sulphide (Fresh) – MSO 110 Measured - - - - - - - - - - - - - Indicated - - - - - - - - - - - - - Inferred 7.3 1.7 0.38 0.09 0.16 0.192 0.015 0.40 0.09 0.02 12 14 1.1 Subtotal 7.3 1.7 0.38 0.09 0.16 0.192 0.015 0.40 0.09 0.02 12 14 1.1 All Measured 2.9 0.99 0.21 0.03 0.21 0.167 0.018 0.09 0.02 0.00 6.1 4.8 0.52 Indicated 400 0.63 0.14 0.02 0.15 0.087 0.015 8.1 1.8 0.32 600 350 60 Inferred 250 0.63 0.14 0.02 0.14 0.076 0.014 5.1 1.1 0.18 360 190 36 Total 660 0.63 0.14 0.02 0.15 0.083 0.015 13 2.9 0.50 960 540 96 39 GONNEVILLE MRE
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ASX:CHN Gonneville Ore Reserve Estimate (JORC Code 2012), 8 December 2025 Note some numerical differences may occur due to rounding to 2 significant figures. Ore Reserves are reported at reserve prices of Pd: US$1,050/oz, Pt: US$1,000/oz, Au: US$2,200/oz, Ni: US$16,500/t, Cu: US$9,0 00/t, Co: US$30,000/t, AUD/USD: 0.65. Refer to JORC Tables in ASX Announcement 8 Dec 2025 for full details. Note some numerical differences may occur due to roundi ng to 2 significant figures. The Reserve has been prepared by a Competent Person and reported in accordance with the requirements of the JORC Code (2012). All material assumptions and technical parameters underpinning the estimates in the original releases continue to apply and h ave not materially changed. 40 Classification Mass Grade Contained metal (Mt) Pd (g/t) Pt (g/t) Au (g/t) Ni (%) Cu (%) Co (%) Pd (Moz) Pt (Moz) Au (Moz) Ni (kt) Cu (kt) Co (kt) Proved 2.5 1.1 0.23 0.03 0.22 0.18 0.018 0.087 0.018 0.0024 5.4 4.4 0.45 Probable 260 0.67 0.15 0.026 0.16 0.098 0.017 5.6 1.3 0.22 400 250 43 Total 260 0.68 0.15 0.026 0.16 0.098 0.017 5.6 1.3 0.22 400 260 43 GONNEVILLE ORE