Chalice Mining : Presentation – Macquarie Australia Conference

A new globally significant critical minerals province in Western Australia

Macquarie Australia Conference

8 MAY 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

Compelling value and leverage

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

Strong financial position

• ~A$107M in cash and listed investments and no debt2 - no need to raise capital in foreseeable future

• Pre-FeasibilityStudy and strategic partnering process for Gonneville Project underway in parallel

Significant exploration upside

• >9,600km2 licence area in West Yilgarn being explored for first time by proven and globally recognised team
• Strategic investments in two frontier explorers in WA

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 grades 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	$434M1
Trading liquidity	~5M shares/day
Cash balance	$104M2
Listed investments	$2.7M
Enterprise value	$330M

Major shareholders4

Tim Goyder (founder)	11%
Goldman Sachs	7%
Board & Management	2%
Other institutional	~25%

ASX:CHN 3mth performance

1.80		30
1.60		25
1.40
1.20		20	Millions
0.80
1.00		15
0.60		10
0.40		5
0.20
0.00		0
02-Feb-24	15-Mar-24	01-May-24
	Volume	Price

Research coverage

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

1. As of 3 May 2024; 2. As of 31 March 2024. 4. As of 28 March 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

• ~85% of demand from catalytic converters

Battery Electric (BEV) v Plug-in Hybrid (PHEV) vehicle sales growth in China, rebased to Mar-23

• ~10% of demand from hydrogenation

• Major car manufacturers, such as Toyota, Ford and

Hyundai, are scaling up PHEV production to meet

growing demand

240

220

200

180

160

140

120

100

BEV PHEV

>50% higher growth

• Quantity of palladium required per vehicle

trending higher due to preference for hybrid

powertrain, petrol over diesel and tightening

emissions standards

80

60

40

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)

LBMA Palladium price (US$/oz)

41%
	37%
		12%
			7%	4%
South Africa	Russia	North	Zimbabwe	Rest of world
		America

3,500		Norilsk	Ukraine
	COVID-19	flooding	invasion
3,000
2,500	'Diesel-gate'		Auto destocking /
	pivot to
2,000	petrol & Pd		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: SFA Oxford, Sibanye Stillwater, Johnson Mathey. 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

AISC (US$/oz 4E)

2,500

2,000

1,500

1,000

500

0

-500

-1,000

Quartile 1

Quartile 2

Quartile 3

Quartile 4

								Loss making operations
	Current PGE 4E basket price (approx.)
					840
		15Mtpa Case:
		~280kozpa 4E				Predominantly South African / Zimbabwean mines -
		@ US$470/oz2
							unit costs up 8-20% in 2023 relative to 2022
	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

A globally significant magmatic sulphide Resource ~70km from Perth

• ~17Moz of Pd-Pt-Au (3E), 960kt Ni, 540kt Cu, 96kt Co1 contained - deposit remains open at depth

• Located on ~22km2 of Chalice-ownedfarmland - de-risks approvals

Predicted to be lowest cost PGE producer in the western world

• 2023 Scoping Study predicted by-product credits) - firmly 2nd

US$160/oz 3E cash costs (after Ni-Cu-Co quartile on the PGE industry cost curve

• Investigating high-grade, staged open-pit / underground starter cases in the initial phase of the Pre-FeasibilityStudy due in mid CY25
• Regulatory approvals process to commenced in Q1 2024 - FID targeted for late CY26

Strategic partnering process ongoing:

• Positive progress made and active discussions ongoing2

1. For tonnes and grades by confidence category and metal equivalent assumptions, refer to the Mineral Resources Statement in Appendix.
2. Discussions with potential partners are preliminary in nature, there is no assurance that the strategic partnering process will result in a transaction.

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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
• 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

Recovery increases with grade - optimisations continuing to determine starter cut-off and project scale

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. Complete NSR assumptions are shown in "Gonneville Resource remodelled to support selective mining", 23 April 2024

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Remodelling of the Gonneville high-grade sulphide zones has allowed investigation of selective open-pit/undergroundmining techniques

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