CHALICE MINING LIMITED — Interim / Quarterly Report 2023

Apr 27, 2023

ASX Announcement

28 April 2023

March 2023 Quarterly Activities Report

~50% upgrade in the Gonneville Resource to ~3Mt NiEq or ~30Moz PdEq confirms the tier-1 status of the Julimar Ni-Cu-PGE Project in Western Australia

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Highlights
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Julimar Nickel-Copper-PGE Project, Western Australia (100%-owned)

• « Chalice continues its multi-track value creation strategy at the 100%-owned Julimar Ni-Cu-PGE Project , ~70km NE of Perth, WA:

• « Advance development studies and regulatory approvals for a potential mine at Gonneville ( located entirely on Chalice-owned farmland );

• « Continue targeted exploration activities across the full >30km Julimar Complex strike length to assess the overall scale of the mineral system; and

• « Commence a formal strategic partnering process for the development of Gonneville.

• « The Gonneville Mineral Resource Estimate (Resource) was increased by ~50% to:

• « 560Mt @ 0.88g/t 3E[1] , 0.16% Ni, 0.09% Cu, 0.015% Co ( ~0.54% NiEq[2] or ~1.7g/t PdEq[3] ) ; containing:

  • « 16Moz 3E, 860kt Ni, 520kt Cu, 83kt Co (~3.0Mt NiEq or ~30Moz PdEq).

• « The higher-grade sulphide component of the Resource (above a >0.6% NiEq cut-off) has increased contained nickel equivalent tonnes by ~27% :

• « 120Mt @ 1.6g/t 3E, 0.20% Ni, 0.18% Cu, 0.017% Co ( ~0.88% NiEq or ~2.7g/t PdEq); containing:

  • « 5.8Moz 3E, 230kt Ni, 210kt Cu, 20kt Co (~1.0Mt NiEq or ~10Moz PdEq).

• « The Resource remains open and recent step-out drill results up to ~600m beyond the Resource boundary highlight the potential for considerable further growth:

• « 193.6m @ 0.8g/t 3E , 0.2% Ni, 0.1% Cu, 0.02% Co ( 0.6% NiEq ) from 403m (HD068), incl:

  • « 16m @ 1.3g/t 3E , 0.3% Ni, 0.1% Cu, 0.03% Co ( 0.9% NiEq ) from 512m ( ~180m step-out ).

• « 168.2m @ 1.0g/t 3E , 0.1% Ni, 0.1% Cu, 0.02% Co ( 0.6% NiEq ) from 988m (JD369), incl:

  • « 32.5m @ 1.9g/t 3E , 0.2% Ni, 0.2% Cu, 0.02% Co ( 1.0% NiEq ) from 1119.5m ( ~600m stepout , the deepest mineralisation intersected at Gonneville to date).

• « Magmatic sulphides continue to be intersected over >10km of the Julimar Complex strike length , with further drill results and a revised 3D geological model expected in Q2 2023. Additional approvals for low-impact exploration drilling are expected in Q3 2023.

1 3E = Palladium (Pd) + Platinum (Pt) + Gold (Au), with an average in-situ ratio of ~4.8:1:0.18 (Pd:Pt:Au)

2 NiEq (Nickel Equivalent %) = Ni (%) + 0.32x Pd(g/t) + 0.21x Pt(g/t) + 0.38x Au(g/t) + 0.83x Cu(%) + 3.00x Co(%)

3 PdEq (Palladium Equivalent g/t) = Pd (g/t) + 0.67x Pt(g/t) + 1.17x Au(g/t) + 3.11x Ni(%) + 2.57x Cu(%) + 9.33x Co(%)

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 @chalicemining www.chalicemining.com chalice-mining

T: +61 8 9322 3960

• « Development studies are continuing with a focus on evaluating the initial development phase for Gonneville. The current focus is on geo-metallurgical domaining and finalising a process flowsheet for progression into the Pre-Feasibility Study (PFS) .

• « Given the growing scale of the Resource and in response to continued strong strategic interest in the Julimar Project, Chalice has commenced a formal strategic partnering process :

• « Engagement continues with a range of downstream, trading and end-user parties in relation to securing a potential minority joint venture partner (or partners) and has begun with a range of potential mining/operating partners for Gonneville.

• « The process will explore a broad range of possible transactions with the aim of maximising shareholder value.

• « The partnering process will continue in parallel with the progression of development studies and has the potential to influence the optimal development plan for Gonneville, given the high degree of optionality in the scale/grade and process flowsheet for the project.

West Yilgarn Nickel-Copper-PGE Province, Western Australia

• « First-pass reconnaissance exploration activities (airborne geophysics, wide-spaced geochemical sampling and targeted ground EM) is now complete over the Company’s ~8,000km[2] tenure holding in the new West Yilgarn Province.

• « Six new drill-ready greenfield targets have been identified across the West Yilgarn, with initial drilling planned to commence in Q4 2023, following winter cropping activities.

• « Follow-up geochemical sampling, ground EM and reconnaissance mapping is underway on several target areas to refine drill targeting.

Corporate

• « Chalice appointed highly-regarded mining executive Mr Mike Nelson to the newly created role of General Manager – Project Development.

• « Chalice ended the quarter in a strong financial position with ~$85 million in cash at 31 March 2023, and remains fully-funded through to mid-2024.

1. Sustainability

1.1 Health and Safety

There were no significant environmental or safety incidents during the quarter. The Company also had zero Lost Time Injuries across all work sites.

1.2 Environment

Annual environmental compliance reports were submitted to the WA Government confirming that all exploration activities within the Julimar State Forest were undertaken in accordance with relevant approvals (Conservation Management Plans) and Native Vegetation Clearing Permit requirements.

Chalice has established a sustainable low-impact exploration approach in the area which avoids the requirement for mechanised clearing, and this has received positive feedback from regulators.

Chalice has also submitted an application for initial exploration drilling activities on existing recreational access tracks across the ~15km long Baudin-Jansz-Torres target areas at the northern end of the Julimar Complex. As part of this application, additional on-track sites have been requested within the Hartog-Hooley target areas. Discussion is continuing with the WA Government and approval for these activities is anticipated in Q3 2023.

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While encouraging evidence of magmatic sulphides has been intersected in reconnaissance drilling within the Julimar State Forest, no economic mineral deposits have yet been defined.

1.3 Heritage

The Whadjuk and Yued Traditional Owners continued cultural heritage monitoring of drilling activities within the Julimar State Forest during the quarter. No cultural heritage sites have been identified through surveys or monitoring activities to date. Since commencement in 2022, over 60 Traditional Owners have participated in this work.

Chalice has worked extensively with Yued and Whadjuk representatives to understand the cultural values across exploration areas in the Julimar State Forest, and to identify and address the risks and opportunities to cultural heritage that might arise from the Company’s activities.

1.4 Community and Government

Chalice’s stakeholder engagement on the Julimar Project continued, with several community site visits and several State and local government briefings completed during the quarter.

Chalice has engaged Voconiq to conduct a three-year community survey program called Local Voices. The first Local Voices survey was launched in March 2023 and will provide a baseline understanding of community sentiment across the Toodyay, Chittering, Goomalling and Northam local government areas.

Results from the program will inform Chalice’s ongoing community engagement and investment programs and will be an important input to future social impact assessment and environmental approval processes. The Local Voices program is based on research developed over a decade by Australia's national research agency, the CSIRO.

2. Exploration and Development Activities

2.1 Julimar Nickel-Copper-PGE Project, WA (100% owned)

2.1.1 Overview of activities

Chalice’s multi-track value creation strategy within the Julimar Complex is to advance development studies and progress regulatory approvals for a potential mine at Gonneville (located entirely on Chalice-owned farmland), continue exploration to determine the full scale of the Julimar mineral system and complete a strategic partnering process for the development of Gonneville.

Chalice invested $10.5M during the quarter ($36.7M YTD) on exploration activities across the Julimar Complex while also spending $1.5M in the quarter ($3.9M YTD) on development studies.

During the quarter, Chalice updated the Mineral Resource Estimate to incorporate an additional 260 drill holes. The additional drilling and re-modelling has resulted in a ~50% increase in the contained nickel equivalent metal relative to the July 2022 estimate (Figure 1).

The Resource has grown to 560Mt @ 0.88g/t 3E, 0.16% Ni, 0.09% Cu, 0.015% Co (~0.54% NiEq or ~1.7g/t PdEq), containing 16Moz 3E, 860kt Ni, 520kt Cu, 83kt Co (~3.0Mt NiEq or ~30Moz PdEq). Refer to the ASX announcement on 28th March 2023 and Appendix B.

The substantial growth in the Resource is attributable to increasing the contained metal by ~18% inpit and ~16% in the underground category. An additional ~14% increase stems from the application of a slightly reduced open-pit cut-off grade (reflecting updated metallurgical and economic parameters).

The higher-grade sulphide component of the Resource (>0.6% NiEq cut-off) has increased the contained nickel equivalent tonnes by ~27% to 120Mt @ 1.6g/t 3E, 0.20% Ni, 0.18% Cu, 0.017% Co

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(~0.9% NiEq or ~2.7g/t PdEq) containing 5.8Moz 3E, 230kt Ni, 210kt Cu, 20kt Co (~1.0Mt NiEq or ~10Moz PdEq).

This higher-grade component affords the project significant optionality in development as it commences at a shallow depth of ~30m and extends to ~800m.

The Resource remains open at depth and recent step-out drill results up to ~600m beyond the Resource boundary highlight the potential for considerable further growth.

Recent metallurgical testing has shown improved palladium-gold recovery through flotation tails leaching, however this work was not incorporated in the Resource update. This work – as well as testwork investigating improvements to flotation recoveries through staged grinding and initial bench scale testwork on mid-stream processing options – is continuing, with results expected in Q2 2023.

Given the growing scale of the Resource and in response to continued strong strategic interest in the Julimar Project, Chalice has commenced a formal strategic partnering process. This will explore a broad range of transactions in line with Chalice and partner preferences, with the ultimate aim of maximising shareholder value.

Chalice anticipates that a strategic partner (or partners) with complementary technical, marketing and financial capability may assist with the development of Gonneville and influence the optimal development strategy to maximise shareholder value. Chalice has been engaging with a range of downstream, trading and end-user parties in relation to a potential minority joint venture partner (or partners) and will now broaden the engagement to include potential mining/operating partners.

It is expected that the optimal development pathway for the project may be influenced by the nature of the partner, or partners, and transaction(s) and, in light of this, the strategic partnering process will continue in parallel with ongoing development studies.

The following activities are continuing at the project:

• « Exploration drilling at the Hooley Prospect along the Julimar Complex – two diamond rigs are currently drilling on ~500-1,000m spaced sites.

• « Planning for additional exploration drilling within the Hartog-Hooley-Dampier strike length, as well as initial exploration drilling at the Baudin-Jansz-Torres target areas at the northern end of the Complex, to commence in Q3 2023.

• « Resource definition and extensional drilling at the Gonneville Deposit – two diamond rigs are currently drilling, largely focused on wide-spaced extensional drilling on ~160-320m spaced collars, which is expected to continue for the foreseeable future subject to results.

• « Metallurgical test work focusing on economic grind size-flotation recovery optimisation, oxide and flotation tails leaching options and midstream concentrate processing options (to produce a nickel-cobalt MHP). Results from recent test work are expected during Q2 2023.

• « Development studies have been focusing on the initial development stage of Gonneville. Several conceptual open-pit and underground mine plans are being generated for the purpose of strategic partnering, with refinements continuing to determine optimal scale, process flowsheet and development phasing.

• « Water and power infrastructure studies are continuing, and Chalice is in discussions with relevant WA Government agencies looking at identifying the best supply solutions.

• « Pre-feasibility level work planning has commenced, based on geo-metallurgical domaining (for the purposes of designing the next phase of metallurgical test work and waste management).

• « Given the significant increase in the Resource during the quarter, and ongoing metallurgical test work assessing geo-metallurgical domains and potential process flowsheets, this new information will be incorporated into the ongoing studies and the Company will determine an expected completion timing for the Scoping Study in the coming months.

• « Baseline surveys of ground water, surface water, flora, fauna and dieback, as part of a long-term baseline and monitoring program to support engineering studies and environmental assessments.

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2.1.2 Gonneville Resource update

The large-scale Gonneville magmatic sulphide deposit, which was initially discovered in early 2020, is located on Chalice-owned farmland. Over the last three years, more than 1,000 drill holes for ~275,000m have been completed to define a Resource which remains open at depth.

Since the previous Resource update in July 2022, drilling at Gonneville was largely focused on infill and extensional drilling at the northern end of the deposit, as well as extending high-grade shoots at depth. A total of 260 new drill holes were incorporated into the Resource update completed during the quarter.

The drilling and re-modelling resulted in a ~50% increase in the contained nickel equivalent metal relative to the July 2022 estimate (Figure 1).

Gonneville Resource comparison (Nov-21 to Mar-23)

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Figure 1. Change in Gonneville Resource from November 2021 to March 2023.

The substantial increase was driven by:

• « Extensional drilling intersecting new mineralisation along strike and down-dip of the previous Resource pit shell.

• « The Resource pit shell increasing in size in the northern portion of the deposit as a result of infill and extensional drilling defining additional mineralisation.

• « Pit optimisation parameters being updated to incorporate revised long-term metal prices as well as new metallurgical testwork on lower-grade disseminated sulphide mineralisation, and revised processing and mining costs resulting in a slight reduction in the Resource cut-off grade from 0.40% NiEq to 0.35% NiEq. This also reduced the strip ratio to ~1.6 (previously >2).

• « The inclusion of additional mineralisation in the underground category, based on the potential for bulk underground mining (i.e., sub-level caving). The July 2022 Resource only included highgrade underground areas within Mineable Stope Optimiser (MSO) shapes.

A program of close-spaced RC drilling on a nominal 10m x 10m pattern was completed over an area of ~150m x 75m (within the expected Starter Pit area) to determine the short-range grade variability

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and confirm the geological interpretation of the high-grade G1/G2 zones. This detailed drilling upgraded the Resource in this area to Measured classification. Step-out drilling also continued to evaluate the broader extent of mineralisation, typically on 80-200m spacing.

The Resource includes a mix of oxide, transitional and sulphide mineralisation. The sulphide mineralisation in-pit is reported at two different cut-off grades (0.35% and 0.60% NiEq) to highlight the scale and development optionality the deposit affords.

The significant higher-grade component of the Resource provides excellent optionality for any future development and could potentially materially improve project economics in the initial years of the operation. This remains a focus of the ongoing development studies.

Two diamond rigs continue to test for extensions of high-grade mineralisation at depth. The deposit remains open beyond a depth of ~800m, with step-out drilling indicating that mineralisation extends to at least ~1,100m. This points to a significant underground resource growth opportunity.

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Figure 2. 3D view (looking ENE) of Gonneville block model (all domains) and Resource pit shell.

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Figure 3. 3D view (looking NE) of Gonneville sulphide block model and host intrusion.

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2.1.3 Gonneville Resource growth potential

Results have been received for an additional five diamond holes at Gonneville drilled beyond the extent of the Resource since the 11[th] of December 2022, when the drilling database was closed for the Mineral Resource update.

These holes continue to confirm that mineralisation continues for a considerable distance down-dip, with broad zones of disseminated mineralisation intersected with internal higher-grade zones.

Significant intersections included:

• « 193.6m @ 0.8g/t 3E, 0.2% Ni, 0.1% Cu, 0.02% Co (0.6% NiEq) from 403m (HD068), incl:

• « 16m @ 1.3g/t 3E, 0.3% Ni, 0.1% Cu, 0.03% Co (0.9% NiEq) from 512m (~180m step-out).

• « 168.2m @ 1.0g/t 3E, 0.1% Ni, 0.1% Cu, 0.02% Co (0.6% NiEq) from 988m (JD369), incl:

• « 32.5m @ 1.9g/t 3E, 0.2% Ni, 0.2% Cu, 0.02% Co (1.0% NiEq) from 1119.5m (~600m step-out, the deepest mineralisation intersected at Gonneville to date).

• « 123.1m @ 1.0g/t 3E, 0.2% Ni, 0.1% Cu, 0.02% Co (0.6% NiEq) from 547.3m (JD366), incl:

• « 18m @ 1.9g/t 3E, 0.3% Ni, 0.1% Cu, 0.03% Co (1.1% NiEq) from 587m (~130m step-out).

• « 109m @ 1.0g/t 3E, 0.2% Ni, 0.1% Cu, 0.02% Co (0.6% NiEq) from 365m (JD374), incl:

• « 10m @ 2.6g/t 3E, 0.2% Ni, 0.1% Cu, 0.02% Co (1.1% NiEq) from 463m (~60m step-out).

A 2D seismic survey line located ~500m south of Gonneville indicates a potential continuation of the host intrusion/prospective stratigraphy south of the Resource in an area previously considered stopped-out by post-mineralisation granite. Drilling to test this potential extension is planned in the coming weeks.

2.1.4 Julimar Complex exploration

The updated Resource for Gonneville is interpreted to cover just ~7% of the >30km long Julimar Complex strike length. Broad-spaced drilling along the Julimar Complex has targeted the discovery of new high-grade Ni-Cu-PGE sulphide deposits which could add considerable value to a potential mine at Gonneville (Figure 4).

108 drill holes have now been completed along the Hartog-Hooley-Dampier target areas across ~10km of strike length, with all holes drilled into the Julimar Complex to date intersecting sulphide mineralisation.

Wide-spaced reconnaissance and step-out drilling is continuing at the Hooley Prospect (Figure 4), located ~5km north of Gonneville, and recent holes have intersected PGE-dominant sulphide mineralisation, which is considered a highly encouraging early result.

The host intrusion at Hooley has similar mafic to ultramafic geology and litho-geochemistry to Gonneville and, on this basis, it is inferred to be a continuation of the ‘chonolith’-like Julimar Complex.

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Figure 4. South Julimar Complex Plan View – drill holes, geology over airborne magnetics.

2D seismic results for two survey lines completed at Hooley-Dampier are currently being interpreted although initial results suggest a depth continuation of the mafic-ultramafic intrusive rocks and the host stratigraphy beyond the current limit of drilling.

2.2 West Yilgarn Nickel-Copper-PGE Province, WA

During the quarter, exploration activities continued over Chalice’s ~8,000km[2] land holding in the new West Yilgarn Ni-Cu-PGE province, including a combination of geophysical surveys, geochemical sampling and artificial intelligence targeting exercises. Chalice invested $1.7M during the quarter ($5.0M YTD) in undertaking these reconnaissance exploration activities.

First-pass reconnaissance has now been completed over multiple discrete potential mafic-ultramafic intrusions across the West Yilgarn. Six new drill-ready greenfield targets have been identified across the West Yilgarn (outside of the Julimar Complex), with initial drilling planned to commence in Q4 2023 following the completion of winter cropping activities.

A second phase of follow-up geochemical sampling, ground EM and reconnaissance mapping is underway on several target areas to refine drill targeting.

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2.2.1 Julimar Regional Nickel-Copper-PGE Exploration Project, WA (100% owned tenure plus Chalice earn-in to 90%)

Exploration activities continued during the quarter including the collection of 4,500 auger samples and geological reconnaissance at seven new early-stage targets identified through previous AEM/ground EM surveys and roadside geochemical sampling.

A 13-hole, ~2,300m RC drill program was completed at the Bejoording Target (~35km NE of Gonneville) during the quarter. Prospective harzburgite-pyroxenite rock types were intersected, however there were no significant Ni-Cu-PGE sulphide zones intersected. The program has highlighted the prospective nature of untested targets immediately along strike to the north, which are currently being evaluated.

2.2.2 Barrabarra Nickel-Copper-PGE Exploration Project, WA (100% owned)

Results have been received from a 4,000-line km HeliTEM survey completed in late 2022, with a number of bedrock anomalies identified. A program of field checking has been undertaken over these targets and outcropping ultramafic rocks have been identified, which has elevated the prospectivity of the AEM anomalies. Consequently, a program of ground EM is currently underway to follow up on the AEM anomalies to define targets for drill testing in Q4 2023.

A ~2,600 sample surface geochemical program was completed at the quarter-end, and an infill program (~1,390 samples) is currently underway to provide better delineation of defined anomalies. Assay results are expected in Q2 2023.

2.2.3 South West Nickel-Copper-PGE Exploration Project, WA (Chalice earn-in to 70% plus 100% owned tenure)

Results have been received from a HeliTEM airborne survey completed over E70/5421 (Chalice earning 70%) and E70/5685 (Chalice 100%) with one strong bedrock anomaly identified. The Company has lodged an application for on-ground exploration with the WA Government as a followup to the AEM anomaly.

Results have been received from a surface geochemical program completed over JV tenements (E70/4837, 5067) and Chalice-owned tenements (E70/5685). The survey has identified two new priority Ni-Cu-PGE anomalies on the tenements to date. Drilling to test these new targets is planned in Q4 2023 once approvals are received.

2.2.4 Narryer Nickel-Copper-PGE Project, WA (100% owned)

Results have been returned from a 1,325-line km HeliTEM airborne survey which has identified six bedrock conductors within an area containing previously identified ultramafic-mafic intrusive rock types. A site reconnaissance trip is planned for Q2 2023 to undertake rock chip sampling and orientation surface geochemical sampling in preparation for more extensive surface geochemical sampling programs.

An earn-in and JV agreement with Platina Resources (ASX: PGM) was executed during the quarter over the Mt Narryer Project. Chalice has the right to earn a 51% interest in this tenement by spending $0.6M within two years with a minimum commitment of $0.15M in the first year. Chalice may increase its interest to 75% by spending an additional $1.8M within a further two years.

2.3 Hawkstone Nickel-Copper-Cobalt Project, WA (100% owned tenure plus Chalice earn-in to 85%)

The Company is in advanced discussions with a third party to acquire Chalice’s interest in the Hawkstone Project.

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2.4 Auralia Nickel-Copper-PGE Project, WA (SensOre Limited (ASX: S3N) earning 51%)

A request for a heritage survey has been lodged with the Central Desert Native Title Services to facilitate a ground gravity program over high priority targets within the prospective Loongana maficultramafic intrusion. The planned ground gravity survey is expected to be undertaken in Q2 2023.

2.5 Nulla South (Ramelius Resources (ASX: RMS) earning 75%)

Ramelius completed a program of 2,511m AC drilling (56 holes) at the Hitchings and Bennett Road targets as a follow-up test of previously identified drill anomalism. An additional five AC holes for 236m was completed after quarter end and all assay results are pending.

3. Corporate

3.1 Executive team appointments

Chalice appointed highly-regarded mining executive Mr Mike Nelson to the newly created role of General Manager – Project Development, with effect from 1 February 2023. Mr Nelson is leading all aspects of the studies and development of the Julimar Project.

In addition, long-serving Chief Financial Officer (CFO) Richard Hacker was appointed to the newlycreated role of General Manager – Strategy and Commercial, with a specific focus on strategic partnering options for the 100%-owned Julimar Project in WA. Mr Hacker will also lead business development activities with a continued focus on the new West Yilgarn Ni-Cu-PGE Province in WA.

Chris MacKinnon, who has been Chalice’s Business Development and Legal Manager since 2020, has succeeded Mr Hacker as Chief Financial Officer. Under the role of CFO, Mr MacKinnon will also work closely with the Managing Director and CEO on investor relations and external communications.

3.2 PDAC Award Recognition

During the quarter, Chalice had the distinction of providing the keynote address at the Prospectors & Developers Association of Canada (PDAC) Conference held in Toronto, Canada. At the same event, members of the Chalice team, Dr Kevin Frost (GM Discovery & Growth) and Morgan Fejabise, were awarded the prestigious Thayer Lindsay Award for the Gonneville Discovery. This accolade recognises an individual or a team of explorationists credited with a significant mineral discovery anywhere in the world.

3.3 Cash and investments

As of 31 March 2023, Chalice had a cash balance of ~$85 million and $3.6 million in listed investments, which predominantly comprises shares held in Caspin Resources Ltd (ASX: CPN).

3.4 Cashflow

During the quarter, operating cash flows included expenditures of $12.1 million on exploration and evaluation activities and ~$0.4 million on staff costs, administration and corporate, net of interest and government grants.

Further details are available in the attached Appendix 5B.

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3.5 Payments to related parties of the entity and their associates

Payments of $294k reported in Item 6.1 of the attached Appendix 5B relate to the salary (including superannuation) paid to the Managing Director & CEO and fees (including superannuation) paid to Non-Executive Directors.

3.6 Share Capital

During the quarter ended 31 March 2023, 827,593 vested 2019/2020 Performance Rights were exercised by a member of Key Management Personnel (KMP). These exercises were satisfied by the transfer of 827,593 fully paid ordinary shares held by CPU Share Plans Pty Ltd as trustee for the Chalice Mining Employee Share Trust.

During the quarter ended 31 March 2023, the following unlisted securities were issued to employees and a member of KMP:

• « 103,229 Retention Rights, measurement date 31 December 2025; and

• « 121,775 2022/2023 Performance Rights, measurement date 30 June 2025;

The following table provides a summary of securities on issue as at 31 March 2023:

Security Description	No.
Ordinary fully paid shares	376,447,194
Unlisted options @ $6.7119, expiry 19 February 2024	150,000
2020/2021 Performance Rights, measurement date 30 June 2023	1,057,394
2021/2022 Performance Rights, measurement date 30 June 2024	333,240
2022/2023 Performance Rights, measurement date 30 June 2025	1,013,881
Retention Rights, measurement date 31 December 2025	754,798

3.7 Tenement holdings

In accordance with ASX Listing Rule 5.3, please refer to Appendix A for a listing of all tenement holdings.

Authorised for release by the Board of Directors.

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

Corporate Enquiries

Media Enquiries

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Alex Dorsch Nicholas Read LinkedIn: chalice-mining Managing Director & CEO 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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JORC Compliance Statements

The information in this report that relates to previously reported exploration results for the Julimar NickelCopper-PGE Project is extracted from the following ASX announcements:

• « “Major Northern Extension of Gonneville Intrusion Confirmed”, 19 October 2022.

• « “Outstanding Wide High-Grade Intersections Nth of Gonneville”, 23 November 2022

• « “Promising New Sulphide Mineralisation at the Hooley Prospect”, 8 December 2022.

• « “Julimar Flowsheet Development and Scoping Study Update” 13 December 2022.

• « “Gonneville Resource Increases by Approx. 50%” 28 March 2023.

The above announcements are 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 exploration results included in the relevant original market announcements. 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.

The information in this announcement that relates to Mineral Resources has been extracted from the ASX announcement titled “ Gonneville Resource Increases by Approx. 50% ” dated 28 March 2023. 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. Refer to Appendix B and Appendix C for further information on the Mineral Resource Estimate and metal equivalents.

Mineral Resources Reporting Requirements

As an Australian Company with securities listed 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 listing rules. It is a requirement of the ASX listing rules that the reporting of exploration results and mineral resources estimates are in accordance with the 2012 edition of the Australasian Code for Reporting of exploration Results, Minerals Resources and Ore Reserves ( “ JORC Code ” ).

The requirements of JORC Code differ in certain material respects from the disclosure requirements of United States securities laws and other reporting regimes. There is no assurance that the Company ’ s mineral resource estimates and related disclosures prepared under the JORC Code would be the same as those prepared under United States securities law and other reporting regimes. The terms used in this announcement are as defined in the JORC Code. The definitions of these terms differ from the definitions of such terms for purposes of the disclosure requirements in the United States and other reporting regimes.

Mineral Resource Estimates that are not Ore Reserves do not have demonstrated technical feasibility and economic viability. Due to lower certainty, the inclusion of Mineral Resource Estimates should not be regarded as a representation by Chalice that such amounts can be economically exploited, and investors are cautioned not to place undue reliance upon such figures. No assurances can be given that the estimates of Mineral Resources presented in this announcement will be recovered at the tonnages and grades presented, or at all.

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Forward Looking Statements

This Report may contain forward-looking statements and forward information, including forward looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, forward-looking statements). These forward-looking statements are made as of the date of this announcement 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 Company management’s expectations or beliefs regarding future events and include, but are not limited to: the impact of the discovery on the Julimar Project’s capital payback; the Company’s planned strategy and corporate objectives; the realisation of Mineral Resource estimates; the likelihood of further exploration success; the timing of planned exploration and study activities on the Company’s projects; mineral processing strategy; access to sites for planned drilling activities; and the success of future potential mining operations and the timing of the receipt of exploration results.

In certain cases, forward-looking statements can be identified by the use of words such as, “considered”, “could”, “estimate”, “expected”, “for”, “future”, “indicates”, “is”, “likely”, “may”, “open”, “optionality”, “plan” or “planned”, “points”, “possible”, “potential”, “strategy”, “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 activities; whether geophysical and geochemical anomalies are related to economic mineralisation or some other feature; whether visually identified mineralisation is confirmed by laboratory assays; obtaining appropriate approvals to undertake exploration activities; metal grades being realised; metallurgical recovery rates being realised; results of planned metallurgical test work including results from other zones not tested yet, scaling up to commercial operations; changes in project parameters as plans continue to be refined; changes in exploration programs and budgets based upon the results of exploration; successful completion of the strategic partnering process; changes in commodity prices; 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, the impact of the COVID-19 pandemic 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 and OTC Markets at otcmarkets.com.

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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Appendix A

Portfolio and Tenement Holdings

==> picture [507 x 222] intentionally omitted <==

Figure 5. Chalice’s project locations, royalties and investments.

The following information is provided in accordance with ASX Listing Rule 5.3 for the quarter ended 31 March 2023.

Table 1. Listing of tenements held

		Tenement No. Registered Holder Nature of interest
Location	Project
	Hawkstone	E04/1169 Waterford Bay Pty Ltd 100% of the hard- rock mineral rights
		E04/2405 Kimberley Alluvials Pty Ltd 100% of the hard- rock mineral rights
		E04/2563 Waterford Bay Pty Ltd 100% of the hard- rock mineral rights
		E04/2784 CGM (WA) Pty Ltd 100%
		E04/2299 Strategic Metals Pty Ltd 0% - Earn-in agreement, right to earn up to an 85% interest E04/2325 Strategic Metals Pty Ltd
	Nulla South	E77/2353 to E77/2354 CGM (WA) Pty Ltd 20% - JV with Ramelius Resources
Western
	Julimar	E70/5118 to E70/5119 CGM (WA) Pty Ltd 100%
Australia
	Julimar (regional)	E70/5350 CGM (West Yilgarn) Pty Ltd 100%
		E70/5351 CGM (Julimar) Pty Ltd 100%
		E70/5352 CGM (West Yilgarn) Pty Ltd 100%
		E70/5353 CGM (WA) Pty Ltd 100%
		E70/5354 CGM (West Yilgarn) Pty Ltd 100%
		E70/5358 to E70/5361 CGM (West Yilgarn) Pty Ltd 100%
		E70/5367 to E70/5369 CGM (West Yilgarn) Pty Ltd 100%
		E70/5373 CGM (West Yilgarn) Pty Ltd 100%

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		Tenement No. Registered Holder Nature of interest
Location	Project
		E70/5151 Northam Resources Limited 0% - Earn-in agreement, right to earn up to an 75% interest
		E70/5704 CGM (West Yilgarn) Pty Ltd 100%
		E70/5865 CGM (West Yilgarn) Pty Ltd 100%
	Auralia	E69/3636 to E69/3637 CGM (South Yilgarn) Pty Ltd 100% - SensOre Ltd has the right to earn up to a 70% interest E69/3700 CGM (South Yilgarn) Pty Ltd
	Barrabarra	E70/5263 to E70/5264 CGM (West Yilgarn) Pty Ltd 100%
		E70/5355 to E70/5356 CGM (West Yilgarn) Pty Ltd 100%
		E70/5535 CGM (West Yilgarn) Pty Ltd 100%
		E70/5550 to E70/5551 CGM (West Yilgarn) Pty Ltd 100%
		E70/5560 to E70/5561 Koojan Exploration Pty Ltd 0% - Earn in agreement, right to earn up to an 80% interest
		E70/5624 CGM (West Yilgarn) Pty Ltd 100%
		E70/5666 to E70/5667 CGM (West Yilgarn) Pty Ltd 100%
		E70/5695 CGM (West Yilgarn) Pty Ltd 100%
		E70/5705 to E70/5706 CGM (West Yilgarn) Pty Ltd 100%
		E59/2451 CGM (West Yilgarn) Pty Ltd 100%
		E59/2549 CGM (West Yilgarn) Pty Ltd 100%
	South West	E70/5086 CGM (West Yilgarn) Pty Ltd 100%
		E70/5532 CGM (West Yilgarn) Pty Ltd 100%
		E70/5685 CGM (West Yilgarn) Pty Ltd 100%
		E70/6219 CGM (West Yilgarn) Pty Ltd 100%
		E70/4837 CGM (West Yilgarn) Pty Ltd (51%) & Venture Lithium Pty Ltd (49%) Earn-in agreement, right to earn up to a 70% interest E70/5067 CGM (West Yilgarn) Pty Ltd (51%) & Venture Lithium Pty Ltd (49% E70/5421 CGM (West Yilgarn) Pty Ltd (51%) & Venture Lithium Pty Ltd (49%)
	Wubin	E70/5357 CGM (West Yilgarn) Pty Ltd 100%
	Narryer	E09/2436 CGM (West Yilgarn) Pty Ltd 100%
		E09/2704 Red Heart Mines Pty Ltd 0% - Earn in agreement, right to earn up to a 75% interest
		E09/2446 to E09/2447 CGM (West Yilgarn) Pty Ltd 100%
	Warrego North	EL23764 CGM (WA) Pty Ltd (51%) & Meteoric Resources NL (49%) Earn-in agreement, right to earn up to a 70% interest
Northern
Territory		EL31608 CGM (WA) Pty Ltd 100% - TC Resources NT Pty Ltd has the EL31610 CGM (WA) Pty Ltd

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Chalice Mining Limited 17

Location	Project	Tenement No.	Registered	Holder	Nature of interest
					right to earn up to a
					75% interest

Table 2. Listing of tenements acquired (directly or beneficially) during the quarter

Location	Project	Tenement No.	Registered Holder	Interest at end of Quarter
Western Australia	Narryer	E09/2704	Red Heart Mines Pty Ltd	0% - Earn in agreement, right to earn up to a 75% interest

Table 3. Tenements relinquished, reduced or lapsed (directly or beneficially) during the quarter

Location	Project	Tenement No.	Registered Holder	Interest at end of Quarter
Western Australia	Holt Rock	E70/5536	CGM (WA) Pty Ltd	0%

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Appendix B Mineral Resource Estimate – Julimar Project

Table 4. Gonneville Mineral Resource Estimate (JORC Code 2012), 28 March 2023.

Domain Cut-off Grade
	Category	Mass	Grade		Contained Metal
		(Mt)	Pd (g/t) Pt (g/t) Au (g/t) Ni (%) Cu (%) Co (%)	NiEq (%) PdEq (g/t)	Pd (Moz) Pt (Moz) Au (Moz) Ni (kt) Cu (kt) Co (kt)	NiEq (kt) PdEq (Moz)
Oxide 0.9g/t Pd	Measured	-	- - - - - -	- -	- - - - - -	- -
	Indicated	7.3	1.9 - 0.06 - - -	- 2.0	0.45 - 0.01 - - -	- 0.47
	Inferred	0.2	1.9 - 0.07 - - -	- 2.0	0.01 - 0.00 - - -	- 0.02
	Subtotal	7.5	1.9 - 0.06 - - -	- 2.0	0.47 - 0.01 - - -	- 0.49
Sulphide (Transitional) 0.35% NiEq	Measured	0.38	0.82 0.17 0.03 0.19 0.17 0.020	0.70 2.2	0.01 - - 0.72 0.63 0.07	2.7 0.03
	Indicated	14	0.66 0.15 0.03 0.16 0.10 0.018	0.54 1.7	0.30 0.07 0.01 22 14 2.5	77 0.77
	Inferred	0.27	0.60 0.16 0.03 0.15 0.12 0.015	0.54 1.7	0.01 - - 0.42 0.32 0.04	1.5 0.01
	Subtotal	15	0.66 0.15 0.03 0.16 0.10 0.018	0.55 1.7	0.31 0.07 0.01 23 15 2.6	81 0.81
Sulphide (Fresh) 0.35% NiEq	Measured	2.3	1.1 0.26 0.03 0.24 0.18 0.019	0.87 2.7	0.08 0.02 - 5.4 4.2 0.43	20 0.20
	Indicated	280	0.67 0.15 0.03 0.16 0.09 0.015	0.53 1.7	6.0 1.3 0.23 440 260 43	1500 15
	Inferred	200	0.67 0.15 0.03 0.15 0.09 0.015	0.53 1.6	4.4 0.96 0.16 310 180 29	1100 11
	Subtotal	480	0.67 0.15 0.03 0.16 0.09 0.015	0.53 1.7	10 2.3 0.39 750 440 72	2600 26
Underground 0.40% NiEq	Measured	-	- - - - - -	- -	- - - - - -	- -
	Indicated	1.7	0.75 0.21 0.06 0.14 0.08 0.013	0.55 1.7	0.04 0.01 - 2.4 1.4 0.23	9.5 0.10
	Inferred	52	0.78 0.17 0.03 0.16 0.11 0.015	0.59 1.8	1.3 0.28 0.05 83 56 7.7	310 3.1
	Subtotal	54	0.78 0.17 0.03 0.16 0.11 0.015	0.59 1.8	1.3 0.29 0.06 86 57 7.9	320 3.2
All	Measured	2.7	1.1 0.24 0.03 0.23 0.18 0.019	0.85 2.6	0.09 0.02 - 6.2 4.9 0.51	23 0.23
	Indicated	300	0.70 0.15 0.03 0.16 0.09 0.015	0.54 1.7	6.8 1.4 0.26 460 280 45	1600 16
	Inferred	250	0.70 0.15 0.03 0.15 0.09 0.015	0.54 1.7	5.7 1.2 0.22 390 230 37	1400 14
	Total	560	0.70 0.15 0.03 0.16 0.09 0.015	0.54 1.7	13 2.7 0.48 860 520 83	3000 30

Note some numerical differences may occur due to rounding to 2 significant figures. PdEq oxide (Palladium Equivalent g/t) = Pd (g/t) + 1.27x Au (g/t) NiEq sulphide (Nickel Equivalent %) = Ni (%) + 0.32x Pd(g/t) + 0.21x Pt(g/t) + 0.38x Au(g/t) + 0.83x Cu(%) + 3.00x Co(%) PdEq sulphide (Palladium Equivalent g/t) = Pd (g/t) + 0.67x Pt(g/t) + 1.17 x Au(g/t) + 3.11x Ni(%) + 2.57x Cu(%) + 9.33x Co(%) Underground resources are outside the pit above a 0.40% NiEq cut off grade based on sub-level caving mining method Includes drill holes drilled up to and including 11 December 2022.

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Table 5. Higher-grade sulphide component of Gonneville Resource (in pit and underground), 28 March 2023.

Domain Cut-off Grade
	Category	Mass	Grade		Contained Metal
		(Mt)	Pd (g/t) Pt (g/t) Au (g/t) Ni (%) Cu (%) Co (%)	NiEq (%) PdEq (g/t)	Pd (Moz) Pt (Moz) Au (Moz) Ni (kt) Cu (kt) Co (kt)	NiEq (kt) PdEq (Moz)
	Measured	0.17	1.2 0.24 0.05 0.24 0.25 0.023	0.97 3.0	0.01 - - 0.41 0.43 0.04	1.7 0.02
High-grade Sulphide (Transitional) 0.6% NiEq	Indicated	3.4	1.1 0.21 0.04 0.20 0.16 0.020	0.79 2.5	0.12 0.02 - 6.6 5.3 0.69	27 0.27
	Inferred	0.07	0.84 0.18 0.03 0.22 0.26 0.019	0.81 2.5	- - - 0.16 0.18 0.01	0.57 0.01
	Subtotal	3.6	1.1 0.21 0.04 0.20 0.16 0.021	0.80 2.5	0.12 0.02 - 7.2 5.9 0.74	29 0.29
	Measured	0.88	2.2 0.47 0.05 0.39 0.35 0.027	1.6 4.9	0.06 0.01 - 3.4 3.1 0.24	14 0.14
High-grade 0.6%	Indicated	58	1.2 0.26 0.06 0.20 0.18 0.018	0.87 2.7	2.3 0.48 0.11 120 100 10	500 5.1
Sulphide (Fresh) NiEq	Inferred	40	1.3 0.26 0.06 0.19 0.18 0.017	0.87 2.7	1.6 0.33 0.08 75 73 6.6	340 3.5
	Subtotal	98	1.2 0.26 0.06 0.20 0.18 0.017	0.88 2.7	3.9 0.82 0.19 200 180 17	860 8.7
Underground 0.6% NiEq	Measured	-	- - - - - -	- -	- - - - - -	- -
	Indicated	0.4	1.2 0.36 0.12 0.14 0.11 0.014	0.78 2.5	0.02 - - 0.61 0.46 0.06	3.3 0.03
	Inferred	13	1.4 0.27 0.06 0.20 0.20 0.017	0.93 2.9	0.58 0.12 0.03 26 26 2.2	120 1.2
	Subtotal	14	1.4 0.28 0.06 0.20 0.19 0.017	0.93 2.9	0.60 0.12 0.03 27 26 2.3	130 1.3
	Measured	1.1	2.0 0.43 0.05 0.37 0.33 0.026	1.5 4.6	0.07 0.01 - 3.8 3.5 0.28	15 0.15
	Indicated	62	1.2 0.25 0.06 0.20 0.18 0.018	0.87 2.7	2.4 0.50 0.11 130 110 11	530 5.4
All
	Inferred	53	1.3 0.26 0.06 0.19 0.19 0.017	0.89 2.8	2.2 0.45 0.11 100 99 8.8	470 4.7
	Total	120	1.3 0.26 0.06 0.20 0.18 0.017	0.88 2.7	4.7 0.97 0.22 230 210 20	1000 10

Note some numerical differences may occur due to rounding to 2 significant figures. This higher-grade component is contained within the reported global Mineral Resource. PdEq oxide (Palladium Equivalent g/t) = Pd (g/t) + 1.27x Au (g/t) NiEq sulphide (Nickel Equivalent %) = Ni (%) + 0.32x Pd(g/t) + 0.21x Pt(g/t) + 0.38x Au(g/t) + 0.83x Cu(%) + 3.00x Co(%) PdEq sulphide (Palladium Equivalent g/t) = Pd (g/t) + 0.67x Pt(g/t) + 1.17 x Au(g/t) + 3.11x Ni(%) + 2.57x Cu(%) + 9.33x Co(%) Underground resources are outside the pit above a 0.40% NiEq cut off grade based on sub-level caving mining method Includes drill holes drilled up to and including 11 December 2022.

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Appendix C

Metal equivalents – Julimar Project

The Gonneville Resource is quoted in both nickel equivalent (NiEq) and palladium equivalent (PdEq) terms to take into account the contribution of multiple potentially payable metals. The cut-off grade for the sulphide domain was determined using NiEq in preference over PdEq, due to the assumed requirement for sulphide flotation to recover the metals.

PdEq is quoted given the relative importance of palladium by value at the assumed prices. Separate metal equivalent calculations are used for the oxide and transitional/sulphide zones to take into account the differing metallurgical recoveries in each zone.

Oxide Domain

Initial metallurgical testwork indicates that only palladium and gold are likely to be recovered in the oxide domain, therefore no NiEq grade has been quoted for the oxide. The PdEq grade for the oxide has been calculated using the formula:

PdEq oxide (g/t) = Pd (g/t) + 1.27 x Au (g/t).

• « Metal recoveries based on limited metallurgical test work completed to date:

• « Pd – 75%, Au – 90%.

• « Metal prices used are consistent with those used in the pit optimisation:

• « US$1,800/oz Pd, US$1,800/oz Au

Transitional and Fresh Sulphide Domains

Based on metallurgical testwork completed to date for the sulphide domain, it is the Company’s opinion that all the quoted elements included in metal equivalent calculations (palladium, platinum, gold, nickel, copper and cobalt) have a reasonable potential of being recovered and sold.

Only limited samples have been collected from the transitional zone due to its relatively small volume. Therefore, the metallurgical recovery of all metals in this domain are unknown. However, given the relatively small proportion of the transition zone in the Mineral Resource, the impact on the metal equivalent calculation is not considered to be material.

Metal equivalents for the transitional and sulphide domains are calculated according to the formula below:

• « NiEq%= Ni (%) + 0.32x Pd(g/t) + 0.21x Pt(g/t) + 0.38x Au(g/t) + 0.83x Cu(%) + 3.00x Co(%);

• « PdEq(g/t) = Pd (g/t) + 0.67x Pt(g/t) + 1.17x Au(g/t) + 3.11x Ni(%) + 2.57x Cu(%) + 9.33x Co(%)

Metal recoveries used in the metal equivalent calculations are based on rounded average Resource grades for the sulphide domain (>0.35% NiEq cut-off):

• « Pd – 60%, Pt – 60%, Au – 70%, Ni – 45%, Cu – 85%, Co – 45%. Metal prices used are consistent with those used in the Whittle pit optimisation (based on long term consensus analyst estimates):

• « US$1,800/oz Pd, US$1,200/oz Pt, US$1,800/oz Au, US$24,000/t Ni, US$10,500/t Cu and US$72,000/t Co.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

quarterly cash	flow report
Name of entity
Chalice Mining Limited
ABN 47 116 648 956	Quarter ended (“current quarter”)
47 116 648 956	31 March 2023

Consolidated statement of cash flows	Current quarter $A’000	Year to date (9 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes (paid)/received 1.7 Government grants and tax incentives 1.8 Other (provide details if material) 1.9 Net cash from / (used in) operating activities	65 (12,066) - - (914) (531) - 644 (39) - 302 2	150 (45,574) - - (2,770) (1,472) - 1,898 (124) - 902 283
	(12,537)	(46,707)
2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (e) investments (f) other non-current assets	- - (43) - - -	- - (147) - - -

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

Page 1

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (9 months) $A’000
2.2 Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment (d) investments (e) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities	- - - - - - - 10	- - - - - - - 61
	(33)	(86)
3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) 3.10 Net cash from / (used in) financing activities	- - - (2) - - - - (58)	- - 329 (31) - - - - (209)
	(60)	89
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above)	97,633 (12,537) (33) (60)	131,712 (46,707) (86) 89

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

Page 2

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Consolidated statement of cash flows	Consolidated statement of cash flows	Current quarter $A’000	Year to date (9 months) $A’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period			2	(3)
			85,005	85,005
5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts			Current quarter $A’000	Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)			508 84,497 - -	1,713 95,920 - -
			85,005	97,633
6. Payments to related parties of the entity and their associates				Current quarter $A'000
6.1 Aggregate amount of payments to related parties and their associates included in item 1 294 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.				294
				-
7. 7.1 7.2 7.3 7.4 7.5 7.6	Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 Loan facilities - - Credit standby arrangements - - Other (please specify) - - Total financing facilities - - Unused financing facilities available at quarter end Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.	Total facility amount at quarter end $A’000		Amount drawn at quarter end $A’000
		-		-
		-		-
		-		-
		-		-

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

8.	Estimated cash available for future operating activities	$A’000
8.1 8.2 8.3 8.4 8.5 8.6 8.7 8.8	Net cash from / (used in) operating activities (item 1.9) (12,537) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - Total relevant outgoings (item 8.1 + item 8.2) (12,537) Cash and cash equivalents at quarter end (item 4.6) 85,005 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 85,005 Estimated quarters of funding available (item 8.6 divided by item 8.3) 6.78 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?	(12,537) - (12,537) 85,005 -
		85,005
	Answer: Not applicable
	8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
	Answer: Not applicable
	8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?
	Answer: Not applicable
	Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date: ..............28 April 2023.................................................................

Authorised by: ....................By the Board............................................................... (Name of body or officer authorising release – see note 4)

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

1. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

2. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

3. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

4. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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