Chalice Mining : Corporate Presentation – July 2024

A new globally significant critical minerals province in Western Australia

Corporate Presentation

JULY 2024

A S X : C H N

Why Chalice? Our 100% owned Gonneville Project is the largest palladium-nickel-copperdevelopment project in the western world

Tier 1 scale Resource in Western Australia

• 100% ownership of one of the largest undeveloped PGE-Ni-Cu-

Co (critical minerals) resource in the western world

• 17Moz of Pd-Pt-Au(3E), 960kt Ni, 540kt Cu, 96kt Co contained in Resource, starting at surface1
• Pre-FeasibilityStudy and regulatory approvals underway
• Exploration upside - 9,600km2 largely unexplored licence holding

Strategic MOU with

• Non-binding framework for collaboration during the PFS

• Intention to formalise a potential binding partnership post completion of the PFS (mid CY25)

Compelling value and leverage

• High leverage to Pd, Ni price recovery from cyclical lows
• Predicted to become the lowest cost PGE mine in the western world (after Ni-Cu-Co credits) - a unique and competitive asset

Strong financial position

• ~A$107M in cash and listed investments and no debt2 - no need

to raise capital in foreseeable future

1. 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)
2. Includes ~$2.7M in listed Investments at 31 March 2024

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Chalice is an ASX300 listed specialist explorer-developer - we create value through project generation, discovery and de-risking

Capital structure

Shares on issue	389M
Market capitalisation	A$568M1
Trading liquidity	~5M shares/day
Cash balance	A$104M2
Listed investments	A$2.7M2
Enterprise value	A$464M

Major shareholders4

Tim Goyder (founder)	11%
Goldman Sachs	5%
Board & Management	2%
Other institutional	~32%

ASX:CHN 3mth performance

A$/share					Volume			Share price			Millions
2.00																							18
1.80																							16
1.60																							14
1.40																							12
1.20																							10
1.00
																						8
0.80
0.60																							6
0.40																							4
0.20																							2
0.00																										0
25-Mar-2405-Apr-2416-Apr-24	26-Apr-2407-May-24	16-May-2427-May-2405-Jun-24	21-Jun-24

Research coverage

Top 10 shareholders representing >40% of the register materially unchanged in the last 12 months

1. As of 27 June 2024; 2. As of 31 March 2024. 4. As of 31 May 2024. Substantial shareholder information is as disclosed in the last substantial shareholder notice provided to the Company. Note: Arctis Global	ASX:CHN	3
disclosed a long equity derivative position of 46,728,282 shares on 10 Nov 2022.

Why palladium? Strong future demand for palladium driven by hybrid EV sales outgrowing battery EV sales

• Key driver of palladium demand is sales of plug-in

hybrid electric (PHEV) and ICE vehicles	Battery Electric (BEV) v Plug-in Hybrid (PHEV) vehicle sales
	growth in China, US and Europe, rebased to May-23

• ~85% of demand from catalytic converters

• • ~10% of demand from hydrogenation
• Major car manufacturers, such as Toyota, Ford and Hyundai, are scaling up PHEV production to meet growing demand
• Quantity of palladium required per vehicle trending higher due to preference for hybrid powertrain, petrol over diesel and tightening emissions standards

180		BEV		PHEV
160

140

120

100

80

60

~60% higher growth

Similar trends are becoming clear globally, but palladium spot price and consensus forecast yet to shift

Source: China Passenger Car Association (CPCA), company data, Motor Intelligence

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Why palladium? Supply is concentrated in Russia and South Africa - supply risks are high, disruptions are common and recycling is subdued

• Palladium production is dominated by ageing, deep, under-invested mines in Russia and South Africa
• Western mines are rapidly becoming uneconomic and are being shut, making supply concentration worse
• Weak prices and lack of investment resulting in recycling volumes trending down rapidly

Global Palladium Supply Market Share (2023)

41%
	36%
		13%
			6%	3%
Russia	South Africa	North	Zimbabwe	Rest of world
		America

LBMA Palladium price (US$/oz)

3,500		Norilsk	Ukraine
	COVID-19	flooding	invasion
3,000
'Diesel-gate'
2,500	pivot to
petrol & Pd		Auto destocking /

2,000	Russia dumping?

1,500

1,000

500

0 Jul-18Jan-19Jul-19Jan-20Jul-20Jan-21Jul-21Jan-22Jul-22Jan-23Jul-23Jan-24

Gonneville is the only palladium project in the western world with scale

Source: AME Research, LBMA = London Bullion Market Association

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PGE prices are deep into the cost curve and unsustainable - given strength of demand, pricing could revert to incentive levels in near term

PGE industry all-in sustaining cost curve (cash costs plus sustaining CapEx), net of by-product credits, US$/oz 4E 2023A)1

2,500

2,000

Quartile 1

Quartile 2

Quartile 3

Quartile 4

AISC (US$/oz 4E)

1,500

1,000

500

0

Current PGE 4E basket price (approx.)

840

15Mtpa Case: ~280kozpa 4E @ US$470/oz2

Loss making operations

Predominantly South African / Zimbabwean mines -

unit costs up 8-20% in 2023 relative to 2022

-500

-1,000

Nornickel (Russia)

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

11,000

12,000

Cumulative 4E production (koz)

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

Source: April 2024 SFA (Oxford) figures used for 2023 realised 4E cost curve data. Note: 1. 4E cost curve positioning assumes SFA Oxford 2023 actual by-product commodity prices of: Copper prices of: US$8,486/t, Nickel US$21,505/t, Iridium US$4,682/oz, Ruthenium US$464/oz, Chrome 42% CIF US$312/t. Chalice internal Cobalt prices of US$40,000/t have been assumed given not disclosed in SFA data. ZAR:USD exchange rate of 18.47 assumed. 2. AISC adjusted to reflect SFA Oxford 2023 actual by-product commodity prices (vs US$360/oz on August 2023 Scoping Study prices)

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Gonneville Project

Project update and priorities

Gonneville PGE-Ni-Cu-Co Project Overview

A new long-life,low-cost,low-carboncritical minerals project in Western Australia

Strategic MOU in July 2024 with Mitsubishi Corporation

Tier 1 development partner, intention to formalise a potential binding partnership post PFS (mid CY25)1

Tier 1 scale sulphide Resource	Unique critical minerals asset
17Moz of Pd-Pt-Au (3E), 960kt Ni,	Revenue split of ~50% Pd, ~25% Ni,
540kt Cu, 96kt Co contained2	~15% Cu, ~10% Au/Pt/Co3
Competitive PGE cost profile	Low-risk development location
Predicted to become lowest cost	Mine infrastructure on ~22km2 of
PGE producer in western world (2nd	CHN-owned farmland
Quartile)
Shallow open-pit mining	Sulphide mineralogy
Resource starts at surface, high-	Ability to produce separate Cu-PGE,
grade feed in early years	Ni-Co-PGE concentrates and leach
	Pd from flotation tails

1. Non-bindingMOU executed on 3 July 2024 - refer to ASX Announcement for full details
2. For tonnes and grade by confidence category and metal equivalent assumptions, refer to the Mineral Resources Statement in Appendix.

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3. Based on the August 2023 Scoping Study 15Mtpa case adjusted for current consensus metal prices

Gonneville has significant development optionality and the priority of the ongoing PFS is to improve recoveries and finalise the starter flowsheet

Indicative study, approvals and development flowchart

~18 months
Pre-Feasibility Study (commenced Q4 CY23)
Phase 1:	Phase 2:
Case/option assessment	Preferred Case Selection
(starter plus expansions)	(scope and cost)

~12 months
Feasibility Study
	Final
Preferred Case detailed engineering, costing and	Investment
Decision -
scope refinement
target late
	CY26

Flotation and leaching testwork /	Hydrometallurgical testwork (future
starter flowsheet design	expansions)
	Process design,
	costing
Open-pit /	Mining optimisations
underground scoping	/ design, costing

Infrastructure & other project scopes, cost estimates

Strategic collaboration and negotiations with Mitsubishi

Process engineering, scope

and cost refinement

Final mine designs

Procurement, execution readiness

Project financing and offtake

Permitting and Approvals

Today

Timeline is indicative and subject to the results of various workstreams

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The rare, tier-1 scale Gonneville Resource has high-grade optionality and compelling growth potential

High Grade Mineral Resource Estimate1:

• 59Mt @ 2.0g/t 3E (Pd+Pt+Au), 0.20% Ni, 0.21% Cu, 0.019% Co
• 3.8Moz 3E, 120kt Ni, 120kt Cu and 11kt Co contained
• Starts at surface, open at depth

Mineral Resource Estimate1:

• 660Mt @ 0.79g/t 3E (Pd+Pt+Au), 0.15% Ni, 0.08% Cu, 0.015% Co
• 17Moz 3E, 960kt Ni, 540kt Cu and 96kt Co contained

Gonneville is highly leveraged to commodity prices and metallurgical recoveries

Project scale expected to increase over time

according to prevailing macro-economic

conditions:

• As prices increase, cut-off grade can be reduced, more tonnes economic to process

Gonneville NSR Grade-Tonnage table2

NSR Cut-off	NSR Cut-off in	Total Mass				Grade
in-pit	MSO
A$/t	A$/t	(Mt)	3E (g/t)	Pd (g/t)	Pt (g/t)	Au (g/t)	Ni (%)	Cu (%)	Co (%)
15	110	690	0.75	0.59	0.14	0.02	0.15	0.082	0.015
25	110	640	0.78	0.62	0.14	0.02	0.15	0.085	0.015
35	110	530	0.85	0.67	0.15	0.03	0.16	0.092	0.015
45	110	390	0.97	0.76	0.17	0.03	0.16	0.11	0.016
55	110	270	1.1	0.88	0.20	0.04	0.17	0.12	0.017
65	110	180	1.3	1.0	0.23	0.05	0.18	0.14	0.017
75	110	130	1.5	1.2	0.27	0.06	0.19	0.16	0.018
85	110	95	1.7	1.3	0.30	0.06	0.19	0.18	0.018
95	110	73	1.8	1.4	0.34	0.07	0.20	0.19	0.019
105	110	58	2.0	1.6	0.37	0.08	0.20	0.21	0.019
115	110	47	2.2	1.7	0.40	0.09	0.21	0.22	0.019
125	110	40	2.3	1.8	0.42	0.10	0.21	0.23	0.019
135	110	34	2.4	1.9	0.45	0.10	0.21	0.24	0.019
145	110	30	2.5	1.9	0.47	0.11	0.22	0.25	0.019
155	110	27	2.6	2.0	0.48	0.11	0.22	0.26	0.019

1. For tonnes and grade by confidence category and NSR assumptions, refer to the Mineral Resource Estimate table in Appendix
2. For complete NSR assumptions refer to ASX Announcement "Gonneville Resource remodeled to support selective mining", dated 23 April 2024

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