CHALICE MINING LIMITED — Capital/Financing Update 2024

Oct 13, 2024

ASX Announcement

14 October 2024

Commonwealth Awards Major Project Status to Gonneville

Australian Government grants Major Project Status to Chalice’s Gonneville PGE-NiCu-Co Project in Western Australia

Highlights

• « Commonwealth Minister for Industry and Science the Hon Ed Husic MP has granted Major Project Status to Chalice’s 100%-owned Gonneville PGE-Ni-Cu-Co Project.

• « This recognises the national significance of the Project to the development of Australia’s critical minerals sector.

• « Commonwealth Major Project Status will see the Major Projects Facilitation Agency assist Chalice in navigating Commonwealth approvals processes .

• « The Commonwealth’s decision is in addition to the State Government’s grant of Strategic Project Status under the Western Australian Lead Agency Framework in September.

Overview

Chalice Mining Limited (“Chalice” or “the Company”, ASX: CHN) is pleased to advise that the Federal Minister for Industry and Science, the Hon Ed Husic MP, has awarded Major Project Status to the 100%owned Gonneville Project (“the Project”) in Western Australia.

The Gonneville Project is located on Chalice-owned farmland, 70km northeast of Perth. The largescale Project has the potential to produce a rare mix of critical and strategic minerals required for decarbonisation and urbanisation, such as nickel, copper, cobalt, palladium and platinum. The Project is currently in the Pre-Feasibility stage, with regulatory approvals progressing in parallel.

Commonwealth Major Project Status enables strategically significant projects to obtain extra support and coordinated approvals. Major Project Status will see the Major Project Facilitation Agency (MPFA) within the Commonwealth Department of Industry Science and Resources provide casemanagement support to assist Chalice in navigating Commonwealth approval processes.

The MPFA will also liaise with the Western Australian Department of Jobs Tourism, Science and Innovation (JTSI) to ensure that its case management support complements that provided by the Western Australian Government.

More information on Commonwealth Major Project Status can be found here: https://business.gov.au/grants-and-programs/major-project-status

Chalice Mining CEO and Managing Director, Alex Dorsch, said, “Chalice would like to thank Minister Husic and the Australian Federal Government for recognising the national significance of the Gonneville Project as the first major Platinum Group Element discovery in Australia, and an important part of Australia’s future critical minerals ambitions.”

Registered Office ABN 47 116 648 956

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

info@chalicemining.com www.chalicemining.com

@chalicemining chalice-mining

T: +61 8 9322 3960

“It is particularly pleasing to receive this support from the Commonwealth in addition to the Strategic Project status recently granted by Western Australian Premier Roger Cook.

“We look forward to continuing to work with the Commonwealth and Western Australian Governments, local communities, Traditional Owners, and Mitsubishi Corporation under our strategic MOU as we progress approvals and project studies to advance this important project towards development.”

About the Gonneville Project

The 100%-owned Gonneville PGE-Nickel-Copper-Cobalt Project is located on Chalice-owned farmland, ~70km north-east of Perth in Western Australia. The greenfield Project was staked in early 2018 as part of Chalice’s global search for high-potential nickel sulphide exploration opportunities.

The Project is centred on the Gonneville Resource (refer to ASX Announcement on 23 April 2024) – a shallow, tier-1 scale greenfield critical and strategic minerals discovery by Chalice’s geologists in early 2020. The Resource hosts a rare mix of critical and strategic minerals required for decarbonisation and urbanisation, such as palladium, platinum, nickel, copper and cobalt (Table 1).

Table 1. Gonneville Mineral Resource Estimate (MRE) – 23 April 2024.

Classification Mass*	Grade	Contained Metal
Mt	3E (g/t) Ni (%) Cu (%) Co (%)	3E (Moz) Ni (kt) Cu (kt) Co (kt)
Measured 2.9	1.20 0.21 0.17 0.018	0.12 6.1 4.8 0.52
Indicated 400	0.79 0.15 0.087 0.015	10 610 370 65
Inferred 250	0.80 0.15 0.076 0.014	6.4 370 200 37
Total 660	0.79 0.15 0.083 0.015	17 960 540 96

• Within pit constrained cut-off of A$25/t NSR and underground MSO cut-off of A$110/t NSR (refer to ASX Announcement on 23 April 2024 for details of cut-off approach and assumptions). Note some numerical differences may occur due to rounding to 2 significant figures.

Large-scale critical and strategic mineral resources like Gonneville are very rare in the western world and therefore have high strategic value. Current global production of palladium, platinum, nickel and cobalt is dominated by Russia, South Africa, Indonesia and the Democratic Republic of Congo.

Chalice recognises the need to develop the Gonneville Project sustainably and responsibly, with a best practice approach to environmental, social and cultural heritage management.

Chalice is currently progressing development studies to determine the feasibility of the Project and has commenced the regulatory approvals process in parallel.

The Gonneville Project is favourably located, with access to established road, rail, port and highvoltage power infrastructure nearby, plus access to a significant ‘drive-in, drive-out’ mining workforce in the Perth surrounds (Figure 1).

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

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

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Figure 1. Gonneville Project location.

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Competent Person Statement

The information in this announcement that relates to Mineral Resources has been extracted from the ASX announcement titled “Gonneville Resource Remodelled to Support Selective Mining” dated 23 April 2024. This announcement is available to view on the Company’s website at www.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 announcement and 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 announcement.

Forward Looking Statements

This announcement may contain forward-looking statements and forward information, (collectively, forward-looking statements). These forward-looking statements are made as of the date of this Report 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, , “anticipate” or “anticipated”, “commence”, “continue”, “estimate”, “for”, “future”, “is”, “likely”, “may”, “open”, “plan” or “planned”, “potential”, “strategy”, “target”, “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

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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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