CHALICE MINING LIMITED — AGM Information 2025

Nov 19, 2025

ASX Announcement

20 November 2025

AGM - Chair’s Address and Mana in Director’s Presentation g g

Chalice Mining Limited (“Chalice” or “the Company”, ASX: CHN) is pleased to provide, in accordance with Listing Rule 3.13.3, the Chair’s Address and the Managing Director and Chief Executive Officer’s Presentation which will be delivered at the Company’s Annual General Meeting (AGM), commencing at 10.00am AWST today.

This announcement is authorised for release by the Disclosure Committee of the Company.

For further information, please visit www.chalicemining.com or contact:

Corporate Enquiries Media Enquiries Follow our communications Ben Goldbloom Nicholas Read LinkedIn: chalice-mining GM Corporate Development Principal and Managing Director Twitter: @chalicemining Chalice Mining Limited Read Corporate Investor Relations +61 8 9322 3960 +61 8 9388 1474 info@chalicemining.com info@readcorporate.com.au

Forward Looking Statements

This Report may include forward looking statements that have been based on an assessment of present economic and operating conditions, and assumptions regarding future events and actions that, as at the date of this Report, are considered reasonable by the Company. Such forward-looking statements are not guarantees 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 and its Directors and management. The Company cannot and does not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. The Company has no intention to update or revise forward-looking statements, except where required by law.

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Registered Office ABN 47 116 648 956

Level 3, 46 Colin Street, West Perth WA 6005, Australia PO Box 428, West Perth WA 6872

info@chalicemining.com www.chalicemining.com

@chalicemining chalice-mining

T: +61 8 9322 3960

ASX Announcement

20 November 2025

Chair’s Address – 2025 Annual General Meetin g

My name is Derek La Ferla, Chair of Chalice Mining, and on behalf of the Board and the entire Chalice team, I extend a very warm welcome to our 2025 Annual General Meeting.

I begin by acknowledging the Whadjuk/Noongar People, the Traditional Custodians of the land on which we meet today, and of the land where our Gonneville Project is located. I pay my respects to their Elders past and present and extend that respect to all Traditional Owners on whose lands Chalice conducts its activities.

It is pleasing to see so many shareholders joining us today. On behalf of the Board, I thank you for your continued support through what has been another volatile year, but also one of significant success and progress for Chalice.

Market context

I would first like to comment on current market conditions. In recent months, we have seen encouraging upwards movements in the palladium price, our key commodity at Gonneville. From cyclical lows earlier this year, palladium has rebounded strongly and is up around 60% year to date – a welcome development that reinforces in our minds the fundamentals of this incredibly scarce, critical precious metal.

Relevantly, it is important to note that in September, Chinese palladium imports reached a multi-year high, which clearly indicates growing demand and anxiety over the reliability of supply of this important metal by one of its largest consumers. It is pleasing to see that hybrid vehicle demand remains very strong, which has no doubt contributed to a tightening of the market.

Pleasingly, the broader sentiment around Platinum Group Metals (or PGMs) has improved markedly compared to this time last year, and we are optimistic that this trend will continue. With very few palladium development projects evident globally and many of the existing producers operating at a loss over the last couple of years, there is almost no ‘elasticity’ in supply – that is, even if we reach “incentive price” territory again, like we saw between 2020 and 2023, the supply response to higher prices is essentially non-existent or at the very least, significantly delayed.

Base metal prices are somewhat mixed and have not yet followed the broader rally in precious metals prices. We watch with interest the fiscal and regulatory policy settings in the largest nickel producing country - Indonesia, where ore prices are rising strongly and permit restrictions appear to be starting to constrain supply.

Overall, we now have a fundamentally stronger macro-economic environment and this provides an ideal backdrop for the advancement of our large-scale Gonneville palladium-nickel-copper Project here in WA.

Registered Office ABN 47 116 648 956 Level 3, 46 Colin Street, West Perth

info@chalicemining.com @chalicemining www.chalicemining.com chalice-mining

WA 6005, Australia PO Box 428, West Perth WA 6872

T: +61 8 9322 3960

Gonneville Project

Our 100%-owned Project is one of the largest undeveloped sources of these critical and strategic metals in the western world. It is uniquely positioned to become a major new producer of palladium, nickel, and copper, with valuable by-products from platinum, cobalt and gold.

With Russia and South Africa still accounting for the vast majority of global primary palladium production, Gonneville offers a strategically important and unique Western supply alternative.

Our Project’s significance has been recognised through the granting of both Strategic Project Status by the WA Government and Major Project Status by the Federal Government — an acknowledgment of Gonneville’s national importance to Australia’s critical minerals ambitions. We are very pleased by the interest levels and grateful for the support we have received to date from both Federal and State government agencies.

The major talking point this year was the metallurgical breakthrough achieved by our technical team, which eliminated the need for a complex, high-cost hydrometallurgical plant. For several years, we were unable to create a saleable nickel concentrate in our flotation testwork, but this all changed in early 2025. Thanks to the relentless efforts of our technical team, we delivered a breakthrough and achieved saleable nickel concentrate grade across the entire spectrum of Gonneville mineralisation samples.

The now dramatically simplified process flowsheet has reduced technical complexity and lowered both overall capital and operating costs – a truly transformational outcome for the Project.

This also has pivoted us back to a large-scale, bulk open-pit mining development plan, which we expect to now be incentivised even at bottom of the cycle metals prices.

The optimised Gonneville development plan now features a two-stage, bulk open-pit mining operation feeding a conventional flotation-leach process plant – a proven and industry standard configuration that we expect to deliver a second quartile industry cost profile and operate profitably through the commodity cycle.

As most of you will know, we will be completing our Pre-Feasibility Study in the coming weeks and look forward to sharing these outcomes with our shareholders. Chalice has made a significant investment in Gonneville to date, in the order of $240 million, and the PFS is the product of two years of hard work, persistence, iterations, optimisations and innovation. I take this opportunity to congratulate the Project team on reaching this milestone.

Our approvals process continues to advance in parallel with study progression, with power and water corridors identified, surveys and preliminary designs completed, and collaborative discussions underway with relevant government agencies.

Chalice remains committed to high sustainability standards – minimising environmental impact, supporting local communities, and working closely with Traditional Owners to protect and respect cultural heritage. We have a deep respect for the natural environment and we strongly believe that our Project can co-exist in harmony with the environment and the local community.

Our third Local Voices Survey, conducted earlier this year, again demonstrated strong community support and trust in the way Chalice operates.

We are also progressing our collaboration with Mitsubishi Corporation as a potential strategic-business partner, and we look forward to progressing those discussions following completion of the PFS. I would also like to thank Mitsubishi for their valuable input and guidance over the course of the study.

Exploration

On exploration, Chalice has an outstanding track record of delivering shareholder returns through discovery and value creation in frontier geological provinces. During FY25, our exploration team continued to advance high-potential exploration targets across the West Yilgarn Province.

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We have had a particular focus on gold and copper targets within the Barrabarra Project, where we see large areas of untested and prospective greenstone belt. We have also continued to screen and rationalise our land position, to continue to narrow the search space and focus on the right opportunities.

Given the end of cropping season is near, our exploration activities will again ramp up across the Wheatbelt and we look forward to sharing results with you as they come to hand.

Outlook

Chalice continues to enjoy a strong financial position, with $76 million in cash and listed investments at the end of September, fully funding the business through to a targeted Final Investment Decision for Gonneville in early 2028.

Looking to Financial Year 2026, we are going ‘up a gear’ on the Gonneville Project – moving from PFS into Definitive (or Bankable) Feasibility Study, progression of offtake and financing and submission of Environmental Review Documents to regulators for major environmental approvals. This will of course happen in parallel to our exploration activities across our significant landholding in the West Yilgarn, staying true to our DNA as an explorer, developer and ultimately, producer

The primary commodities we will produce — palladium, nickel, and copper — remain fundamental to urbanisation, defence, data centres and decarbonisation technologies. As I said earlier, the current market conditions provide a strong foundation for Gonneville’s progression to FID.

In closing, I would like to acknowledge the efforts of the wonderful group of hard-working people who drive Chalice and who have gone above and beyond throughout the year. To all our shareholders and stakeholders – a sincere thank-you for staying the course; we never take your support and trust for granted. There are many compelling catalysts in the year ahead that give us much cause for excitement and optimism, and we look forward to updating you on those as we move ahead.

Thank you for your attention.

Derek La Ferla

Non-Executive Chair

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Developing the leading Palladium-Nickel-Copper Project in the Western World Annual General Meeting 2025

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ASX:CHN

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Chalice Mining is a leading critical minerals explorer and developer in the world’s top mining Jurisdiction – Western Australia

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Our Asset Gonneville is the largest palladium-nickel-copper resource in the Western world, a 17Moz 3E PGM, 960kt Ni, 540kt Cu, and 96kt Co open-pit project Bangemall Development Pathway Confirmed Project redesign with simplified flowsheet, adapting to low commodity price Narryer environment, provides clear development plan – PFS completion imminent Upside Province scale exploration holding (7,000km[2] ) in the West Yilgarn Barrabarra Financial Strength A$76M in cash and listed investments² and a stable, institutional share register Proven Team Kings Northam JV Dedicated and invested team with mine-finding and development expertise Gonneville Investment Opportunity Julimar Compelling counter-cyclical and leveraged growth investment opportunity – trading at ~US$27/oz 3E (EV/Resource excl Ni-Cu-Co) Voyager South West

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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 ~$11M in listed Investments as of 30 September 2025 3. AUD:USD conversion at 0.65

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Board of Directors and Executive Management

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Board of Directors

Key Management

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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

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Chris MacKinnon , Chief Financial Officer

• Qualified accountant and lawyer with 15+ years experience of professional and corporate experience in the energy and resources industry

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• Alex Dorsch , Managing Director and Chief Executive Officer • Diverse experience in consulting, engineering and corporate advisory in the energy and resources sectors

• • Previously a specialist consultant with McKinsey & Company

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Dan Brearley , Chief Operating Officer

• 20+ years experience in projects and studies leadership roles across the resources industry

Instrumental in leading mega-projects for mining internationals including Barrick Gold, Newcrest Mining and Evolution Mining

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Garret Dixon , Non-Executive Director

• 30+ years experience in resources and mining contracting sectors

• Formerly Executive VP Alcoa & President Bauxite

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Jocelyn Zimmerman , GM Environment and Community

• Over 25 years of experience in operational and environmental management with extensive experience in approvals, stakeholder engagement, strategy, and government relations.

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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.

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David Freeman , Exploration Manager

• Exploration geologist with nearly 20 years experience across a broad range of commodities and terranes both domestic and international

Ben Goldbloom , GM Corporate Development

• Investor relations and business development specialist with 15+ years experience in commercial and technical roles in the resources industry

Key advisors

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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Chalice has a uniquely strong financial position and a stable, highly institutional shareholder base

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Tim Goyder
Paradice
6%
6%
Share
50% Register
38%
Retail/Other Other Institutional
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Capital Structure
Shares on issue	389M
Market capitalization	A$767M1
Trading liquidity	~3M shares/day
Cash balance	A$65M2
Listed investments	A$11M2
Enterprise value	A$702M1

ASX:CHN 12-month performance (A$/share)

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Research coverage

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1. As of 12 November 2025; 2. As of 30 September 2025. 3. Major shareholder information is as disclosed in the last substantial shareholder notice provided to the Company.

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Gonneville took major steps forward in FY25 with completion of the PreFeasibility Study now imminent

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01 Major metallurgical breakthrough • Two saleable, smelter-grade concentrates produced across the entire Resource • Simplified flowsheet that removes the need for a hydrometallurgical process		02 Aus and WA Government recognition • Commonwealth government awards “Major Project Status”to Gonneville • State government grants“Strategic Project Status”to Gonneville		03 Project development scope finalised • Long life bulk open-pit mine with a smaller process throughput for the first 4 years and a subsequent expansion from year 5
04 Process water solution scoped • Gonneville to solely source process water from Water Corporation’s Alkimos facility via a new pipeline to site • Letter of intent executed		05 Power solution scoped • New 132kV power line connecting Gonneville to the grid • Supported by a hybrid solar/battery solution		• Maintain financial flexibility andoptionality to fund our strategy. • Strengthen our controls and processes. 06 Drilling at Barrabarra continued • Several thousand square kms f unexplored gr enstone geology • Anomalous gold and copper intersected with a shallow result of 8m @ 1.2g/t Au

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Why palladium? Price is recovering strongly with surging demand from hybrids and an extremely limited pipeline of new supply

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Underestimated Unstable and geopolitically Long-term capital Prices rebounding but sector auto demand profile risky supply chain under-investment profitability still marginal Battery electric vehicle growth >90% of global palladium South African producers Early indications of price slowing, Trump policy settings supply comes from Russia and have underspent ~US$18B recovery but spot price still supportive of ICE/hybrid South Africa in the last decade around the marginal cost of vehicles (85% of demand) supply (~US$1,450/oz) US Govt investigating Russian ~3.5Moz of supply deficits Speculators closing short Curtailment of three high-cost dumping – potential tariffs since 2015 positions mines thus far this cycle being assessed

Critical input for rapidly growing hybrid segment

Gonneville unique in the western world

Under-investment will create long term deficits

Counter cyclical opportunity

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Why palladium? Prices are rebounding from cyclical lows, but are still well below the highs of the previous cycle

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Palladium spot price (US$/oz, LBMA)
3,500
CHN peaks at
Norilsk flooding >$10/share
3,000
China
2,500
imports at
Auto destocking /
multi-year
”Diesel-gate” pivot
short positioning /
2,000 to petrol & palladium 3 mine closure / high in
Russia dumping?
autocats curtailments Sept 25
Ukraine Valterra production
1,500 COVID-19
invasion down 22% H1 25
1,000
CHN $0.16/share pre
Price floor at ~US$1,050/oz –
Gonneville discovery
500
this will inform PFS mine design
(Mar-20)
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Palladium price stayed in ‘incentive pricing’ territory for several years and yet production still declined

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Gonneville Palladium-Nickel-Copper Project: A Long-Life, Low-Cost, Critical Minerals Asset in Western Australia

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1 Tier-1 Scale Sulphide Resource 17Moz of Pd-Pt-Au (3E), 960kt Ni, 540kt Cu, 96kt Co contained[[1]]

Unique Critical Minerals Exposure Revenue split: ~50% Pd, ~20% Ni, ~20% Cu , ~10% Co/Pt/Au[[2]]

1 5 17Moz of Pd-Pt-Au (3E), 960kt Ni, Revenue split: ~50% Pd, ~20% Ni, 540kt Cu, 96kt Co contained[[1]] ~20% Cu , ~10% Co/Pt/Au[[2]] 2 Shallow Open-Pit Mining 6 Low-Risk Development Location Near-surface resource with a low Located on strip ratio and high-grade early with Strategic and Major Project Status feed – enabling rapid capital from the government; close to Perth payback infrastructure, residential workforce 3 Simple, Proven Process Flowsheet 7 Two-Stage Development Flotation and RIL to produce Shallow high-grade and large separate, saleable Cu-PGM-Au resource allows for and Ni-Co-PGM concentrates and capital deployment PGM-Au doré 4 Competitive Cost Profile 8 Limited Western Supply Options Positioned to be the lowest-cost One of the few credible new Western PGM producer in the Western world, sources of Pd-Ni supply, supported by by-product credits[2] significant capital

Low-Risk Development Location Located on Chalice-owned farmland with Strategic and Major Project Status from the government; close to Perth infrastructure, residential workforce

Shallow high-grade and large resource allows for staged, efficient capital deployment

One of the few credible new Western sources of Pd-Ni supply, likely to attract significant capital

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1. For tonnes and grade by confidence category and metal equivalent assumptions, refer to the Mineral Resources Statement in Appendix.

2. Based on the August 2023 Scoping Study 15Mtpa case adjusted to approximate long-term consensus metal prices

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The tier-1 scale Resource starts at surface and has a significant highgrade core enhancing early years of the mine plan

Gonneville Resource Plan View

Gonneville Resource 3D View looking NNE

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~1,200 drill holes for ~320,000m completed since discovery in March 2020

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Major metallurgical breakthrough in early 2025 fundamentally simplifies the Project – saleable concentrates across the full grade range

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Oxide feed Sulphide feed	Crushing Sizing			Grinding Grinding
						Copper Flotation Nickel Flotation
• Simple flowsheet withconventional processes only • ~$15Mspent to date on testwork and process design, incl.33 dedicated metallurgical drill holes– proven flowsheet and recoveries • Cu and Ni concentrates have negligible impurities/deleterious elements • Indicative terms received from several smelters –strong interest in offtake
				Type	Period		Overall metal recovery to saleable products (%)
					Pd Ni Cu Co Pt Au
				Oxide	All 50 - - - - 90
				Fresh Sulphide	Yr1-4 80-85 50-56 79-87 43-58 25-43 76-81
					Yr5+ 72-77 30-45 68-77 32-53 26-43 87-91

Refer to ASX Announcements on 17 February 2025 and 6 May 2025 for full details. The preferred development case for the PFS is expected to have a production profile based on the 2023 Scoping Study but at a reduced scale

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Simplifying the flowsheet has materially reduced costs and risk, and is expected to enhance margins for a bulk open-pit operation

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Simplifying the flowsheet has materially reduced costs and risk, and is expected toenhance margins for a bulk open-pit operation	Simplifying the flowsheet has materially reduced costs and risk, and is expected toenhance margins for a bulk open-pit operation
.
Item	Impact of new process flowsheet
Capital costs (pre-production) • Significant reduction due to removal of hydrometallurgical process (~A$260M)
Operating costs (sulphide) • Significant reduction due to removal of hydrometallurgical process (~A$4.10/t processed) and reduction of leach reagent consumption (by ~70%) • A 10% tax offset expected on processing operating costs
Recoveries • Marginally lower overall recoveries, but outweighed by expected reduction in costs
Ni-Co Payabilities • Marginally lower Ni-Co payabilities through selling concentrate vs MHP, but outweighed by expected reduction in costs
Complexity/risk • Materially reduced, utilising all simple, proven, industry standard technology
Margins • Margins for a bulk open-pit mine plan are expected to improve significantly relative to the 2023 Scoping Study (using conservative, consistent macro-economic assumptions) as a result of the process flowsheet optimisations
Project scale • Low grade material expected to become economic at much lower commodity prices, which drives lower strip ratio, larger mining inventory and longer mine life

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Refer to ASX Announcements on 17 February 2025 and 6 May 2025 for full details

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Our strategic land holding at Gonneville significantly de-risks the Project, and provides opportunity for restoration and Biodiversity Offsets

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• Chalice owns ~ 2,600ha of farmland surrounding the Resource, significantly derisking the Project

• All site infrastructure will be accommodated within ~2,200ha

Mine Development Area

• ~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

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The Project has been substantially de-risked by Chalice since our discovery in 2020, with an investment of ~$240M to date

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Resource	Drilled out toIndicatedcategory to depth of ~450m,Inferred Resources continue to depth of 1,100m –exceptional orebody knowledge of grade/mineralogy/metallurgy definition
Tenure / Land	Acquired 26km2 of farmlandsurrounding the Resource, providing sufficient land for infrastructure and initial offsets, significantly de-risking the Project
Team	Highly experienced COO (Dan Brearley) and GM Environment & Community (Jocelyn Zimmerman)leading the team, pluskey senior roles secured(Geology, Metallurgy, Mining, Infrastructure, Marketing, Approvals, Community)
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, LOI in place for water offtake, TSF design complete, cost estimates completed – Investigatingmulti-user infrastructure solutions with government support
PFS	Scope and design complete for two-stage, long-life bulk open-pit mine, 3rdparty technical review complete,on track for completion in the coming weeks
Offtake	Saleable products confirmed, indicative terms continuing to improve andhigh levels of interestfrom potential offtakers – commercial discussions including potential linked project finance to progress post PFS
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
Financing	Debt financing strategyfocussed on offtakers and export credit agencies – initial feedback very positive, formal discussions to commence post PFS
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

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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 PGE-Au, 1Mt Ni, 0.5Mt Cu)

• Boddington (~30Moz Au, 1.3Mt Cu)

• Prior to Gonneville discovery, region largely mapped as barren granitegneiss 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

• Drilling of 6 high priority gold-copper targets in Q4 CY25 to Q1 CY26, incl:

• Initial RC drilling at Warspite – completed, assays pending

• Initial RC drilling at Schrodinger – expected in January

• Dozens of additional areas to screen with reconnaissance sampling/AC drilling

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Bangemall
Narryer
Barrabarra
Kings
Northam JV
Julimar
Voyager
South West
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Two gold-copper target areas remain the priority at the ~3,600km[2] frontier Barrabarra Project

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Why we like it

• New extensive areas of interpreted greenstone belt geology , transected by prominent regional-scale structures – prospective for orogenic gold

• Almost entirely unexplored due to limited outcrop and largescale farming (<500 drill holes EVER!)

• Regional geological setting comparable to Boddington (~30Moz Au, 1.3Mt Cu), owned by Newmont Corporation (ASX: NEM)

Work to date

• First pass AC drilling at Warspite Target (~2km long gold-in-soil anomaly) hit anomalous gold/copper in bedrock including:

• 8m @ 1.2g/t Au from 20m to EOH

• 3m @ 0.4% Cu from 34m to EOH

• Initial 8-hole RC program completed in early November – all assays are pending

Next Steps

• Further soils/AC at Three Springs, Belacan and Skyr targets

• Follow-up drilling at Warspite, pending results

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Chalice Overview

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Chalice owns the leading palladium-nickel-copper development project in the western world – one of the standout new, large-scale critical minerals projects in Western Australia

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Gonneville PFS completion imminent, on a two-stage bulk open-pit development plan with vastly superior and proven process flowsheet

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Gonneville Approvals on track for environmental submissions to regulators in H2 CY26, approvals now substantially de-risked

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Exploration Upside team has a history of discovery and value creation in the mining industry – West Yilgarn is an under explored part of WA with huge upside

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Thank you for attending

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Cautionary statements and competent person(s) disclosure (1/2)

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Authorisation

This Presentation has been authorised for release by the Disclosure Committee.

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 information extracted from the Company’s ASX announcement dated 29 August 2023, titled

“Gonneville Nickel-Copper-PGE Project Scoping Study”.

For the production targets and forecast financial information for the 15Mtpa Case scenario (modelled LOM - 19 years), Inferred Resources comprise 14% of the production schedule over the modelled Life of Mine (LOM). For the 30Mtpa Case scenario (modelled LOM – 18 years), Inferred Resources comprise 37% of the production schedule over the modelled Life of Mine (LOM). Significantly, in both the 15Mtpa Case and 30Mtpa Case scenarios, the Inferred Mineral Resources do not play a prominent role in the initial mine plan. Throughout the first 15 years of production, the Inferred Mineral Resources constitute less than ~20% in both production schedules. Accordingly, Chalice has concluded that it is satisfied that the financial viability of both development cases modelled in the Scoping Study is not dependent on the inclusion of Inferred Resources early in the production schedule given an estimated payback period (from commencement of production) of ~2 years for the 15Mtpa Case and the 30Mtpa Case.

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 Indicated Mineral Resources or that the production targets themselves will be realised

Forward Looking Statements

This Presentation may contain forward-looking statements and forward information, (collectively, forward-looking statements). These forward-looking statements are made as of the date of this Presentation and Chalice Mining Limited (the Company) does not intend, and does not assume any obligation, to update these forward-looking statements.

Forward-looking statements relate to future events or future performance and reflect the Company’s expectations or beliefs regarding future events and include, but are not limited to: the impact of the discovery on the Gonneville Project’s capital payback; the Company’s planned strategy, expenditure and corporate objectives; estimated timing of the Gonneville Project development schedule; the formal arrangements contemplated by the Memorandum of Understanding with Mitsubishi Corporation, the realisation of Mineral Resource Estimates; timing of anticipated production and final investment decision; sustainability initiatives; climate change scenarios; the likelihood of further exploration success; the timing and cost of planned exploration and study activities on the Company’s projects; mineral processing strategy; access to sites for planned drilling activities; planned production and operating costs profiles; estimated carbon emissions; planned capital requirements; the success of future potential mining operations and the timing of results from planned exploration programs and metallurgical testwork.

In certain cases, forward-looking statements can be identified by the use of words such as, “commence”, “considered”, “continue”, “could”, “estimate”, “expected”, “for”, “forecast”, “forward”, “future”, “intend”, “indicative”, “is”, “leads”, “likely”, “may”, “objectives”, “optionality”, “outlook”, “open”, “plan” or “planned”, “potential”, “predicted”, “strategy”, “target”, “upside”, “will” or variations of such words and phrases or statements that certain actions, events or results may, could, would, might or will be taken, occur or be achieved or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

Such factors may include, among others, risks related to actual results of current or planned exploration and development activities; whether geophysical and geochemical anomalies are related to economic mineralisation or some other feature; obtaining appropriate approvals to undertake exploration and development activities; metal grades being realised; metallurgical recovery rates being realised; results of planned metallurgical test work including results from other domains not tested yet; the outcomes of feasibility studies, scaling up to commercial operations; the speculative nature of mineral exploration and development; changes in project parameters as plans continue to be refined and feasibility studies are undertaken; changes in exploration and study programs and budgets based upon the results; successful completion of the objectives contemplated in the Memorandum of Understanding with Mitsubishi Corporation; changes in commodity prices and economic conditions; political and social risks, accidents, labour disputes and other risks of the mining industry; delays or difficulty in obtaining governmental approvals, necessary licences, permits or financing to undertake future mining development activities; changes to the regulatory framework within which Chalice operates or may in the future; movements in the share price of investments and the timing and proceeds realised on future disposals of investments as well as those factors detailed from time to time in the Company’s interim and annual financial statements, all of which are filed and available for review on the ASX at asx.com.au.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

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Cautionary statements and competent person(s) disclosure (2/2)

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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 Person(s) 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

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 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, that all material assumptions and technical parameters underpinning the estimates in the original release continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the relevant original market announcements.

Production Targets and Forecast Financial Information

The production targets and forecast financial information disclosed in this Presentation is extracted from the Company’s ASX announcement “Gonneville Nickel-Copper-PGE Project Scoping Study”, dated 29 August 2023.

All material assumptions underpinning the production targets and forecast financial information derived from the production targets in the previous announcement continue to apply and have not materially changed.

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Our approach to sustainability: Deliver sustained shared value through responsible sustainability practices

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Manage Climate Create Value for Healthy and Safe Strong Environmental Change Risk Stakeholders Workforce Stewardship The Gonneville Project is located on Progressing Taskforce on Climate-related Chalice and providers have contributed Zero lost time injuries, fatalities or high 100%-owned Chalice farmland Financial Disclosures (TCFD) Roadmap ~ A$11 million to communities surrounding potential safety events and implementation plan Gonneville (FY21-25) Gonneville Biodiversity Strategy to ensure Gender diversity well above industry a science-based no net loss of species or Established Chalice Mining Community Development of a Climate Change standards – women make up 37% of our habitat diversity as a result of our Policy in FY2023 Fund – agreement with Shire of Toodyay overall workforce (FY2025) operations to deliver significant long-term benefits to Comprehensive baseline environmental Responsibly discovering and developing the local community BSS Employee Assistance Program to surveys fauna, diebackacross 6,000ha; covering flora, new mineral deposits that provide the key metals which are critical to Local Voices Community Survey, a series support wellbeing and mental health of of independent surveys to understand our employees decarbonization Successfully implemented industry the priorities of the community leading low-impact exploration drilling Active engagement with Whadjuk and techniques in vegetated areas – no Yued Traditional Owners – worked with mechanised clearing >70 Traditional Owners since 2021

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The rare Gonneville critical minerals Resource has high-grade optionality and compelling growth potential

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NSR Cut-off in- pit	NSR Cut-off in MSO	Total Mass	Grade	Grade	Grade	Grade	Grade	Grade	Grade
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 cut-off 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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Higher-grade sulphide component of Gonneville Resource (in pit and underground), 23 April 2024

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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)
HG Sulphide – above 200m depth in-pit 100		Measured 0.8 2.3 0.45 0.05 0.37 0.35 0.026 0.06 0.01 0.00 2.8 2.7 0.20
		Indicated 25 1.4 0.32 0.07 0.21 0.22 0.020 1.1 0.26 0.06 54 54 5.1
		Inferred 1.1 1.2 0.37 0.04 0.20 0.14 0.019 0.05 0.01 0.00 2.2 1.6 0.21
		Subtotal 27 1.4 0.33 0.07 0.22 0.22 0.020 1.2 0.28 0.06 59 58 5.5
HG Sulphide – below 200m depth in-pit 110		Measured - - - - - - - - - - - - -
		Indicated 9.7 1.6 0.43 0.13 0.19 0.27 0.018 0.51 0.14 0.04 19 26 1.7
		Inferred 15 1.6 0.39 0.07 0.21 0.16 0.019 0.76 0.18 0.03 30 24 2.7
		Subtotal 24 1.6 0.41 0.09 0.20 0.20 0.018 1.3 0.32 0.07 49 50 4.4
HG Sulphide – MSO 110		Measured - - - - - - - - - - - - -
		Indicated - - - - - - - - - - - - -
		Inferred 7.3 1.7 0.38 0.09 0.16 0.19 0.015 0.40 0.09 0.02 12 14 1.1
		Subtotal 7.3 1.7 0.38 0.09 0.16 0.19 0.015 0.40 0.09 0.02 12 14 1.1
All HG Sulphide		Measured 0.8 2.3 0.45 0.05 0.37 0.35 0.026 0.06 0.01 0.00 2.8 2.7 0.20
		Indicated 35 1.5 0.35 0.09 0.21 0.23 0.019 1.7 0.39 0.10 73 80 6.8
		Inferred 23 1.6 0.39 0.07 0.19 0.17 0.018 1.2 0.29 0.06 44 39 4.1
		Total 59 1.5 0.37 0.08 0.20 0.21 0.019 2.9 0.69 0.15 120 120 11

Note some numerical differences may occur due to rounding to 2 significant figures. Includes drill holes drilled up to and including 23 January 2024

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Gonneville Mineral Resource Estimate (JORC Code 2012), 23 April 2024

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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

Note some numerical differences may occur due to rounding to 2 significant figures. Includes drill holes drilled up to and including 23 January 2024

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