CHALICE MINING LIMITED — Interim / Quarterly Report 2026

Mar 12, 2026

ASX:CHN

==> picture [121 x 100] intentionally omitted <==

Half-Year Report Chalice Mining Limited 31 December 2025

==> picture [596 x 438] intentionally omitted <==

==> picture [57 x 48] intentionally omitted <==

Table of Contents

Table of Contents
Directors’ Report	3
Competent Person’s Statements and Disclaimer	21
Auditor’s Independence Declaration	24
Condensed Consolidated Statement of Comprehensive Income	25
Condensed Consolidated Statement of Financial Position	26
Condensed Consolidated Statement of Changes in Equity	27
Condensed Consolidated Statement of Cash Flows	28
Notes to the Condensed Consolidated Financial Statements	29
Directors’ Declaration	37
Independent Auditor’s Review Report	38

Half-Year Report 2025 2

==> picture [57 x 48] intentionally omitted <==

Directors’ Report

For the Half-Year Ended 31 December 2025

Your directors present their report, together with the condensed consolidated financial statements of the Chalice Mining Limited Group, comprising of Chalice Mining Limited (‘Chalice’ or ‘the Company’) and its controlled entities (together ‘the Group’) for the half-year ended 31 December 2025. In order to comply with the provisions of the Corporations Act 2001, the directors’ report as follows:

1. Directors

The names of directors who held office during the half-year ended 31 December 2025 and up until the date of this report are set out below. Directors were in office for this entire period unless otherwise stated.

	Derek N La Ferla Alexander (Alex) C Dorsch Garret J Dixon Richard K H Hacker	Non-executive Chairman Managing Director and Chief Executive Officer Non-executive Director Non-executive Director

2. Review of Operations

2.1 Overview

Chalice made a major greenfield discovery in early 2020 at the Gonneville Project in Western Australia (“Gonneville” or “the Project”). This transformational discovery hosts a significant Resource of rare critical and strategic minerals, such as palladium, platinum, nickel, copper and cobalt (Table 1).

Table 1. Gonneville Mineral Resource Estimate (Resource) 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

Resources reported above a pit constrained cut-off of A$25/t NSR and underground MSO cut-off of A$110/t NSR (refer to ASX Announcement 23 April 2024 for details of cut-off approach and assumptions). Note some numerical differences may occur due to rounding to 2 significant figures. 3E = Pd+Pt+Au at an approximate ratio of 4.5:1:0.15. The Resource underpinning the production targets in the Study has been prepared by a Competent Person and reported in accordance with the requirements of the JORC Code (2012).

These metals are vital inputs into the automotive sector (electric, hybrid and internal combustion engine vehicles), the defence sector (high-performance materials and electronics), data centres (semi-conductors and electrical components), as well as many rapidly growing decarbonisation applications.

Chalice’s strategy for Gonneville is to progress development studies and regulatory approvals to deliver an optimised, staged development plan. In parallel, Chalice also continues to engage with potential strategic offtake/financing partners for the Project.

In December 2025, the Company delivered the Pre-Feasibility Study (PFS) for Gonneville. The PFS describes a two-stage, open-pit critical minerals mine and process plant development which is predicted to become a large-scale producer of palladium, nickel and copper (co-products) over a modelled open-pit life of 23 years,

Half-Year Report 2025 3

For the Half-Year Ended 31 December 2025

==> picture [57 x 48] intentionally omitted <==

Directors’ Report

with valuable byproducts from cobalt, platinum and gold. The PFS has robust financial metrics which underpin the development of the Project at conservative long-term price assumptions.

The Study is based on the updated open-pit portion of the Gonneville Resource only and does not include an assessment of future underground mining or extensions to mineralised zones beyond the Resource which have already been defined through step-out drilling.

The PFS mining inventory and mine life is limited by conservative mine design parameters rather than being constrained by Resources/drilling. The modelled open-pit exploits only ~50% of the current Resource, which remains open down-dip and to the north. High-grade mineralisation has been proven to extend ~900m beyond the limit of the Resource, which highlights the exceptional life extension upside of the Project.

The PFS development plan is materially different to previous project studies, comprising a two-stage development, a simplified flowsheet and design/optimisations based on a conservative, bottom of the cycle commodity price environment.

The PFS outlined a maiden Ore Reserve for the Project, limited to the open-pit, Measured and Indicated portion of the Resource which has demonstrated economic viability (Table 2). Further conversion of Resources to Reserves is possible with infill drilling during operations.

Table 2. Gonneville Ore Reserve Estimate (Reserve).

Classification Mass	Grade	Contained Metal
Mt	3E (g/t) Ni (%) Cu (%) Co (%)	3E (Moz) Ni (kt) Cu (kt) Co (kt)
Proved 2.5	1.40 0.22 0.18 0.018	0.11 5.4 4.4 0.45
Probable 260	0.85 0.16 0.098 0.017	7.1 400 250 43
Total 260	0.86 0.16 0.098 0.017	7.1 400 260 43

Ore Reserves are reported at reserve prices of Pd: US$1,050/oz, Pt: US$1,000/oz, Au: US$2,200/oz, Ni: US$16,500/t, Cu: US$9,000/t, Co: US$30,000/t, AUD/USD: 0.65. Refer to JORC Tables for full details. Note some numerical differences may occur due to rounding to 2 significant figures. The Reserve has been prepared by a Competent Person and reported in accordance with the requirements of the JORC Code (2012).

The Project is favourably located, with access to established road, rail, port and high-voltage power infrastructure nearby, plus access to a significant ‘residential’ mining workforce in the Perth surrounds.

In 2024, the Western Australian and Commonwealth Governments awarded ‘Strategic Project’ and ‘Major Project’ status to the Project, recognising its scale and strategic importance to the development of Australia’s critical minerals industry.

The Gonneville Project is expected to directly create around 1,200 jobs during peak construction and around 500 jobs per year in operation. These jobs will be particularly attractive given their proximity to Perth and the lifestyle values of the surrounding region.

Chalice recognises the need to develop the Gonneville Project sustainably, with a commitment to responsible environmental, social and cultural heritage management, while making a strong contribution to local economic development. Chalice is committed to rigorous standards and governing frameworks to ensure that responsible environmental practices are followed in all our activities.

Recognising the sensitivities of the area, Chalice has deliberately constrained the Project to Chalice-owned farmland. This land is already approximately 56% cleared from previous agriculture use. Developing a mine will have no material environmental impacts on neighbouring conservation areas.

Commencing in 2020, Chalice progressively invested ~$50M to acquire a ~26km[2] package of freehold land, which covers the proposed mine development area. These acquisitions significantly de-risked the Project by

Half-Year Report 2025 4

==> picture [57 x 48] intentionally omitted <==

Directors’ Report

For the Half-Year Ended 31 December 2025

providing certainty on tenure and provide a buffer to the limited neighbouring and biodiversity offset land properties.

The Company is targeting submission of the Environmental Review Documents (ERDs) in H2 CY26 using the PFS development plan as the basis for the submission. Importantly, the approval scope will consider the full scale and long-term impacts of the Project, so there is scope to adjust the staging of construction according to macroeconomic conditions.

Strong interest has been received from potential offtakers and financing providers. The funding strategy is currently focused on offtake-linked finance, sovereign credit agencies and strategic investment.

Formal offtake negotiations for copper and nickel concentrates have commenced, with the aim of securing foundational customers for these products, whilst maintaining flexibility and optionality. Offtake discussions could potentially include linked project financing as a favourable source of capital and a mechanism for alignment with downstream partners.

The Project has been significantly de-risked, with an investment of ~$250M by Chalice since the discovery in 2020. The Company is continuing to progress regulatory approvals, remaining studies, offtake and financing of the project ahead of a targeted Final Investment Decision (FID) in H1 CY28. An FID is expected to be made, subject to the finalisation of all key activities:

« Feasibility Study completed H1 CY27 « Offtake agreements executed H2 CY27 « Funding secured H1 CY28 « Major environmental approvals H1 CY28

Following FID, a 1.5 to 2-year engineering and construction phase is expected, resulting in first production in early 2030 (Figure 1).

==> picture [476 x 179] intentionally omitted <==

Figure 1. Gonneville Project Development Timeline.[1]

Chalice also has significant >7,000km[2] licence holding in the exciting frontier region of the West Yilgarn Province. This licence holding was largely staked immediately after the Gonneville discovery, putting the Company in a

1 Study, approvals and development timeline is indicative only and subject to achievement of milestones and duration of regulatory assessment.

Half-Year Report 2025 5

==> picture [57 x 48] intentionally omitted <==

Directors’ Report

For the Half-Year Ended 31 December 2025

highly advantageous ‘first mover’ position to pursue further discoveries. Chalice continues to actively explore the province for the next transformational magmatic sulphide or orogenic gold-copper discovery.

2.2 Gonneville PGE-Ni-Cu-Co Project, Western Australia (100% owned)

2.2.1 Gonneville Pre-Feasibility Study

The PFS outlines a two-stage, open-pit critical minerals mine and process plant development which is predicted to become a large-scale producer of palladium, nickel and copper (co-products) over a modelled open-pit life of 23 years, with valuable byproducts from cobalt, platinum and gold.

The PFS has robust financial metrics which underpin the development of the Project at conservative long-term price assumptions.

The Study is based on the updated open-pit portion of the Gonneville Resource only and does not include an assessment of future underground mining or extensions to mineralised zones beyond the Resource which have already been defined through step-out drilling.

The PFS mining inventory and mine life is limited by conservative mine design parameters rather than being constrained by Resources/drilling. The modelled open-pit exploits only ~50% of the current Resource, which remains open down-dip and to the north. High-grade mineralisation has been proven to extend ~900m beyond the limit of the Resource, which highlights the exceptional life extension upside of the Project.

The PFS development plan is materially different to previous project studies, with a two-stage development, a simplified flowsheet and design/optimisations based on a conservative, bottom of the cycle commodity price environment.

2.2.1.1 Key study outcomes and metrics

The PFS has outlined an outstanding opportunity to create a new long-life, low-cost, critical minerals mine in Western Australia, with significant upside and large-scale production profile.

Gonneville is set to become the only primary PGM mine and the second largest nickel mine in Australia:

• « Stage 1 (Years 1 to 4) : ~151koz 3E, 3.2kt Ni, 5.2kt Cu, 0.3kt Co per annum

• « Stage 2 (Years 5 to 23) : ~238koz 3E, 7.7kt Ni, 8.7kt Cu, 0.7kt Co per annum

==> picture [483 x 132] intentionally omitted <==

Figure 2. Gonneville 3E precious metal production profile (koz, recovered).

Half-Year Report 2025 6

For the Half-Year Ended 31 December 2025

==> picture [57 x 48] intentionally omitted <==

Directors’ Report

==> picture [483 x 122] intentionally omitted <==

Figure 3. Gonneville base metal production profile (kt, recovered).

The PFS demonstrates that the initial 23-year, two-stage open-pit phase has robust financial metrics using longterm, real base case commodity price assumptions of Pd: US$1,300/oz, Ni: US$18,750/t, Cu: US$10,500/t, Pt: US$1,300/oz, Au: US$2,900/oz, Co: US$39,000/t, approximating the ~95th percentile of industry cost curves (Table 3).

All figures are in real terms (2025 AUD) and are unleveraged.

Table 3. Gonneville Project Pre-Feasibility Study key financial metrics (open-pit phase only).

Key metric	Unit	Base case
Modelled open-pit life	Years	23
Cumulative gross revenue	A$bn	16.7
Cumulative EBITDA	A$bn	6.9
EBITDA margin	%	44
Cumulative free cashflow (pre-tax)	A$bn	4.7
Cumulative free cashflow (post-tax)	A$bn	3.6
Annual operating cashflow (pre-tax)	A$Mpa	280
Annual operating cashflow (post-tax)	A$Mpa	230
NPV8%(pre-tax)	A$bn	1.4
NPV8%(post-tax)	A$bn	1.0
IRR (pre-tax)	%	23
IRR (post-tax)	%	21
NPC8%development CapEx	A$bn	1.3
Stage 1 payback (from 1stproduction)	Years	2.7
Stage 2 payback (from Yr5)	Years	2.5
All-in Sustaining Costs (AISC)2	US$/oz 3E	370

2 AISC per produced 3E ounce (Pd+Pt+Au), net of byproduct credits after payabilities from Ni, Cu, Co. AISC calculation aligned to the SFA Oxford methodology, which excludes royalties, to compare with PGM industry peers.

Half-Year Report 2025 7

==> picture [57 x 48] intentionally omitted <==

Directors’ Report

For the Half-Year Ended 31 December 2025

Note: values are rounded to 2 significant figures. EBITDA margin calculated as portion of Net Smelter Return. NPC development CapEx is the net present cost of both stages of development capital, discounted to FID.

If the base case or higher prices are sustained over the longer-term, the mine life is expected to significantly exceed the PFS modelled open-pit phase of 23 years, as the mining inventory is constrained to conservative mine design prices rather than the Resource (only ~50% of the Resource exploited by the PFS open-pit phase). Given this, there is considerable upside to the PFS metrics through expansions and/or mine life extensions.

The maximum negative free cashflow during the Stage 1 development is ~A$820M, including contingency. The Project is expected to generate pre-tax cashflows of A$300Mpa in the first 3 years, A$310Mpa for the next 10 years and A$240Mpa in years 13-23, at base case prices (Figure 4).

==> picture [486 x 203] intentionally omitted <==

Figure 4. Cashflow profile over modelled open-pit phase (pre-tax, real).

The two-stage development plan reduces overall execution risk and allows for the efficient deployment of capital. Importantly, given the scale and nature of the Gonneville Resource, the ability to expand the scale of the operation and/or drop the cut-off grade in future years is retained, providing exceptional optionality and leverage to higher long-term metal prices.

All-in Sustaining Costs (AISC) are calculated per total 3E (Pd+Pt+Au) precious metal ounce, which is consistent with the PGM Industry approach, given that the Project is primarily driven by precious metals revenues (~58%) at base case prices.

The AISC is intended to highlight the costs and margins of the operation per produced 3E ounce. AISC is calculated as:

==> picture [347 x 22] intentionally omitted <==

The annualised AISC for Gonneville is very low during the initial years of production (~US$30/oz 3E in first 3 years), due to the shallow nature of the Resource and high grades near surface. The AISC per 3E ounce is improved by the strong byproduct revenue generated from the production of nickel, copper and cobalt (~42% of revenues).

Half-Year Report 2025 8

==> picture [57 x 48] intentionally omitted <==

Directors’ Report

For the Half-Year Ended 31 December 2025

==> picture [232 x 185] intentionally omitted <==

==> picture [227 x 181] intentionally omitted <==

Figure 5. Gross revenue split by commodity and product (after payabilities), average.

The AISC progressively trends up to an average of US$370/oz 3E over the modelled open-pit life, primarily due to lower overall feed grades over time and higher mining costs as the open-pit gets deeper (Figure 6).

==> picture [486 x 211] intentionally omitted <==

Figure 6. Gonneville AISC cost vs Gonneville 3E basket price 6F [3] over modelled open-pit phase.

In all years, the AISC is significantly below the base case long-term basket price (~US$1,354/oz 3E), and well below the 70[th] percentile of the PGM industry cost curve (~US$1,180/oz 4E in 2024), highlighting the profitability of the operation through the commodity price cycle, its diversified revenue stream and its global competitiveness.

The low costs, significant margins and long-life of the Project also support the possibility of servicing significant long-term debt. Capital intensity assessment/benchmarking has not been performed, primarily because there have been very limited PGM development projects executed recently.

3 Gonneville 3E basket price the weighted average Pd, Pt, Au price after payabilities.

Half-Year Report 2025 9

==> picture [57 x 48] intentionally omitted <==

Directors’ Report

For the Half-Year Ended 31 December 2025

Sensitivity analysis has been performed as part of the PFS, assessing the robustness of the initial 23-year, two stage open-pit phase financial metrics to a range of long-term metals prices, exchange rates, operating costs and capital costs as per industry standard practice (Figure 7).

==> picture [328 x 311] intentionally omitted <==

Figure 7. Modelled open-pit phase pre-tax NPV 8 sensitivity analysis.

Palladium, nickel and copper are the major revenue contributors, with palladium having a poor correlation to both copper and nickel historically, which provides a degree of diversification of the revenue stream and resilience to fluctuations in prices.

Sensitivity of key financial metrics to fluctuations in long-term palladium, nickel and copper pricing has been performed, which highlights the significant leverage to higher long-term prices and the robustness of the metrics to levels below the marginal cost of supply (Table 4).

Half-Year Report 2025 10

For the Half-Year Ended 31 December 2025

==> picture [57 x 48] intentionally omitted <==

Directors’ Report

Table 4. Pre-tax NPV and IRR sensitivity to long-term Pd, Ni and Cu prices (real). Base case in bold.

==> picture [441 x 259] intentionally omitted <==

2.2.1.2 Development plan overview

The development plan for the Project includes an open-pit mine, process plant and supporting infrastructure, constructed in two stages. Stage 1 is designed for the lowest initial capital cost, maximum rate of return and shortest capital payback period, while the Stage 2 expansion is designed for optimal strategic value, mine life and profitability through the price cycle:

• « Stage 1 – 4 years of higher-grade and higher-margin open-pit mining, processing oxide at 1Mtpa and sulphide at 4Mtpa in parallel, through a conventional crush-grind-flotation-leach process plant.

• « Stage 2 – from year 5 to year 23, a long-life, bulk open-pit mining phase, processing oxide at 1Mtpa and sulphide at 12Mtpa processing throughput rate. De-bottlenecking of the process plant is completed post oxide feed exhaustion in year 9 to allow for an ultimate 14Mtpa sulphide process throughput rate.

The staged development approach de-risks the project with efficient deployment of capital and provides the ability to adapt future stages to learnings and macro-economic conditions. Timing of the Stage 2 expansion is selected to ensure capital payback of Stage 1 and sufficient de-risking of the process flowsheet; however, this could be accelerated if macro-economic conditions incentivise. Regulatory approval applications will include both Stage 1 and Stage 2, with any further expansions or line extensions requiring future amendments.

The Stage 1 process throughput of 5Mtpa combined oxide and sulphide feed was selected as the optimal case for the higher-grade starter pit, which balanced sufficient return on fixed capital, shortest payback period, within funding constraints and a commensurate manageable risk profile for implementation by Chalice.

Ultimate processing capacity of 14Mtpa of sulphide feed was selected based on long-term macro-economic assumptions, mining inventory, equipment sizing, process water and site footprint characteristics, to deliver optimal strategic project value over the longer-term within credible financing constraints. It is expected that significant debt funding would be available to fund both Stage 1 and Stage 2 capital costs.

The timing and sizing of the Stage 2 expansion is flexible and provides optionality, with the investment decision for this expansion expected to be made separately to Stage 1 FID in ~2031-2033. Macro-economic conditions

Half-Year Report 2025 11

==> picture [57 x 48] intentionally omitted <==

Directors’ Report

For the Half-Year Ended 31 December 2025

may incentivise an earlier (or later) expansion, which would be possible within the planned regulatory approvals process.

The PFS is based on the open-pit portion of the Gonneville Resource only and does not include a likely transition to large-scale underground mining of the existing Resource in future; nor does it consider likely extensions to the Resource which have already been defined through step-out drilling.

2.3 West Yilgarn Province, Western Australia (100% owned)

Chalice holds several highly prospective exploration projects covering a >7,500km[2] tenure holding in the West Yilgarn Province (Figure 8). The Western Yilgarn Province is considered one of the most exciting critical minerals provinces globally, given it is largely unexplored but is considered highly prospective for:

• « Orthomagmatic Ni-Cu+/-PGE sulphide deposits (i.e. ~30Moz PdEq Gonneville Project);

• « Intrusion-related/orogenic gold-copper deposits (i.e. ~40Moz Boddington gold mine); and,

• « Lithium-Caesium-Tantalum pegmatite deposits (i.e. ~2.5Mt Li Greenbushes lithium mine).

==> picture [347 x 402] intentionally omitted <==

Figure 8. Chalice’s project locations

As part of its broader strategic focus on unlocking the mineral potential of the Province beyond the tier-1 scale Gonneville Resource, the Company has been conducting a significant multi-year, multi-commodity

Half-Year Report 2025 12

==> picture [57 x 48] intentionally omitted <==

Directors’ Report

For the Half-Year Ended 31 December 2025

reconnaissance exploration program in the area since 2021. The recent focus on gold-copper exploration has identified significant new targets that are in the process of being drill tested.

Exploration during the reporting period focused on advancing priority gold, copper and Ni-Cu-PGE targets through a combination of first-pass drilling, follow-up RC drilling, geophysical surveys, geochemical sampling, and extensive heritage, access and tenure optimisation work.

The Company continued to prioritise frontier and under-explored regions while applying a disciplined, datadriven approach to capital allocation and target progression.

2.3.1 Kings Exploration Project, WA (100% owned + Bolgart earn-in to 75%)

The ~1,000km² Kings Project is located approximately 80km north-east of Perth and includes the ~30km² Bolgart JV (E70/5151), where Chalice is earning a 75% interest. The project was largely staked by Chalice following the Gonneville discovery in early 2020.

Chalice has undertaken several years of regional exploration targeting magmatic Ni-Cu-PGE sulphide systems and continues to leverage its understanding of Gonneville-style mineral systems to assess the broader prospectivity of the region, including for gold and copper mineralisation.

2.3.1.1 Klein target

During the reporting period, assay results were received from the aircore drilling program completed at the Klein target. Results confirmed the presence of a layered mafic–ultramafic intrusive complex, with end-of-hole samples displaying geochemical characteristics indicative of a fertile magmatic system.

A Moving Loop Electromagnetic (MLEM) survey was completed over accessible portions of the Klein target during the period. No discrete conductors were identified. Additional EM surveys over analogous magnetic features are planned to assist in refining future exploration programs, subject to tenure being granted.

2.3.1.2 Hardtack target

The Hardtack target remains a priority gold target within the broader Kings Project. Heritage and land access discussions progressed during the period, with further aircore drilling planned subject to heritage approvals.

2.3.2 Barrabarra Exploration Project, WA (100% owned + Koojan earn-in to 80%)

The ~2,600km² Barrabarra Project is located ~85km east of Geraldton within a largely under-explored portion of the Yilgarn Craton. Chalice’s exploration to date has identified extensive greenstone geology previously misinterpreted as granitic or gneissic terrane.

RC drilling at the Warspite target was completed during the reporting period, with eight RC holes drilled for a total of 866m. Drilling targeted anomalous gold and copper intersections identified from earlier aircore drilling and tested a WNW–ESE trending interpreted structural corridor.

Geological logging intersected basaltic and gabbroic units displaying zones of silica alteration, veining and disseminated pyrite–pyrrhotite mineralisation. Assay results returned narrow, low-grade gold intercepts alongside broad zones of low-level copper anomalism. While these results confirm the presence of a mineralised system, no coherent high-grade zones were defined.

Based on these results, Chalice considers the Warspite target to have been adequately tested at this stage. The absence of higher-grade or laterally continuous mineralisation has resulted in the Company reprioritising its nearterm exploration focus toward higher-priority target corridors within the broader project area.

Half-Year Report 2025 13

==> picture [57 x 48] intentionally omitted <==

Directors’ Report

For the Half-Year Ended 31 December 2025

During the reporting period, Chalice undertook a comprehensive technical and tenure review of the Barrabarra Project, resulting in continued tenement rationalisation and prioritisation of the most prospective target corridors.

Multiple Programs of Work approvals for planned aircore programs were advanced during the period, including at the Three Springs, Belacan and Tremolo target areas. A revised exploration strategy was developed, focusing on broader-spaced aircore traverses to improve geological, regolith and structural understanding ahead of targeted follow-up drilling.

Subsequent to 31 December 2025, large-scale aircore drilling commenced across the Three Springs, Belacan, Tremolo, Recherche (Main and East), Wubin and Picado trends, marking the commencement of the Company’s Q1 2026 field program (Figure 9).

Half-Year Report 2025 14

==> picture [57 x 48] intentionally omitted <==

Directors’ Report

For the Half-Year Ended 31 December 2025

==> picture [486 x 534] intentionally omitted <==

Figure 9. Barrabarra Project gold-in-soil sampling with Chalice target areas, over regional magnetics.

2.3.3 Northam Exploration Joint Venture Project, WA (Earn-in to 70%)

The ~1,200km² Northam Exploration Joint Venture covers a number of gold and Ni-Cu-PGE targets, including Wongamine and Schrodinger, located within a largely under-explored portion of the Western Yilgarn.

Half-Year Report 2025 15

For the Half-Year Ended 31 December 2025

==> picture [57 x 48] intentionally omitted <==

Directors’ Report

2.3.3.1 Wongamine target

Assay results from aircore drilling completed earlier in the year were received and reviewed during the reporting period. Re-split assays confirmed gold anomalism spatially associated with a low-angle airborne EM conductor that cross-cuts the regional stratigraphy. These results are considered indicative only and are insufficient to determine the presence of economic mineralisation.

The anomalism is interpreted to potentially represent an auriferous quartz–sulphide vein system developed along a low-angle structure.

Subsequent to 31 December 2025, a Moving Loop Electromagnetic (MLEM) survey was completed to refine the geometry and intensity of the conductor. The results, when integrated with the aircore geochemistry, have warranted a limited follow-up aircore program to assess the source of gold anomalism at depth coincident with a moderate-intensity conductor. Drilling is currently underway as part of the Company’s Q1 2026 field program.

2.3.3.2 Schrödinger target

Drilling at the Schrödinger Target was completed late in the reporting period, with a single RC hole (SRC001) drilled to test a strong ~8,000 Siemens airborne EM conductor modelled at approximately 250m downhole.

SRC001 was drilled to a final depth of 288m, intersecting granite at the collar before passing into a sequence dominated by mafic amphibolites with interbedded metasedimentary units, including pelitic and BIF horizons. Multiple intervals of sulphidic metasediments were intersected, including zones of semi-massive to massive pyrrhotite-dominated sulphides, with the target EM plate intersected between 266–270m downhole.

Based on geological observations, the EM response was interpreted to be attributable to passive pyrrhotite within sulphidic metasedimentary units, rather than massive magmatic sulphide mineralisation.

Assay results were received subsequent to 31 December 2025 and confirmed this interpretation, returning no significant nickel, copper or gold mineralisation associated with the conductor. On this basis, the primary EM target is considered to have been effectively tested.

2.3.4 Voyager Exploration Project, WA (100% owned)

The ~1,500km² Voyager Project is located within the South West Terrane, which Chalice considers to be prospective for orogenic gold mineralisation within poorly explored high-grade metamorphic rocks.

During the reporting period, Chalice completed multiple orientation and validation soil-sampling programs to assess sampling methodologies and historical datasets.

Land access discussions progressed positively across much of the project area. A large historical gold-in-soil anomaly, referred to as the Sputnik target, was identified during data review. The anomaly extends over an area of approximately 4km by 400m, occurs within a structurally complex setting with mapped BIF horizons, and remains untested by drilling.

Roadside soil sampling commenced subsequent to the end of the reporting period. Assay results were received following 31 December 2025 and, at the time of writing, were being reviewed to determine appropriate next steps.

2.3.5 Warrego North Exploration Project, NT (51-100% owned)

The Warrego North Project is located approximately 20km north-west of the historical Warrego copper–gold mine within the Tennant Creek Mineral Field in the NT. Warrego was the largest deposit mined in the district, with historical production of approximately 1.3Moz of gold and 90,000 tonnes of copper at grades of 8g/t Au and 2% Cu.

A work program and budget for CY26 has been completed. Traditional Owners, through the Central Land Council, instructed that a Deed of Exploration be executed with Chalice. Final approvals remain pending.

Half-Year Report 2025 16

For the Half-Year Ended 31 December 2025

==> picture [57 x 48] intentionally omitted <==

Directors’ Report

2.3.6 Bangemall Exploration Project, WA (100% owned)

The ~600km[2] Bangemall Project is located within the Warakurna Large Igneous Province (LIP), targeting the Bangemall dolerite sill complex. The Warakurna LIP is associated with known Ni-Cu-PGE mineralisation such as that found at the Nebo-Babel and Succoth deposits (owned by BHP), located within the Giles intrusions of the West Musgrave Nickel Province.

No activity was completed during the reporting period.

2.3.7 Julimar Exploration Project, WA (100% owned + Boomer Hill Earn-in to 90%)

No further drilling activities were completed on the project during the reporting period, with on-ground activities limited to ongoing compliance and rehabilitation assessments of previously disturbed areas.

Chalice has drilled a total of 110 diamond holes and completed reconnaissance aircore drilling across the Julimar Complex north of the Gonneville Deposit. This drilling has intersected Gonneville-type geology across a ~10km strike length. Mineralised zones intersected to date have provided encouragement for longer term resource definition, however no shallow, wide, high-grade zones have been defined. As such, no further exploration is planned.

2.3.8 South West Project, WA (100% owned)

During the reporting period, Chalice completed desktop studies, interpretation of regional datasets and land access discussions across the South West Project. Preparatory work was also undertaken for a Moving Loop Electromagnetic (MLEM) survey across priority targets, including contractor engagement and safety and access planning.

Subsequent to 31 December 2025, the MLEM survey was completed across selected priority areas. The survey identified a number of lower-order conductors, interpreted to potentially represent base metal (VMS-style) mineralisation within prospective stratigraphy.

At the time of writing, follow-up soil geochemical programs over these conductors were being finalised, with fieldwork expected to commence shortly to further assess their significance.

2.3.9 Narryer Exploration Project, WA (100% owned)

During the reporting period, the Narryer Project underwent significant tenure rationalisation following a technical review of regional prospectivity. The Paloma gold-silver target remains the key focus within the project area.

The Paloma prospect hosts gold–silver mineralisation within a structurally complex setting and is subject to further evaluation.

2.4 Non-Operated Exploration Projects

2.4.1 Nulla South Gold Exploration Project, WA (Ramelius Resources earning 75%)

The Nulla South Gold Exploration Project is located in Western Australia and is being advanced under an earnin arrangement with Ramelius Resources, which may earn a 75% interest.

No exploration activity was undertaken on the project during the reporting period.

Half-Year Report 2025 17

For the Half-Year Ended 31 December 2025

==> picture [57 x 48] intentionally omitted <==

Directors’ Report

3. Corporate

3.1 Environment, Social and Governance

Chalice set its corporate sustainability strategy in 2021 and has made it an integral part of our overarching business strategy, forming one of our six key strategic pillars. The sustainability strategy is reviewed annually and remains strongly aligned to our purpose, corporate strategy and material sustainability issues.

Chalice’s approach to sustainability is based on four pillars – or focus areas – that encompass our material sustainability issues and drive our performance across our activities through ten clearly defined, long-term goals and targets. In essence, we seek to minimise our environmental footprint through strong environmental stewardship, manage climate change risk by contributing to the decarbonisation of the global economy and a low emissions future, create value for our stakeholders, and provide a healthy and safe workplace for our employees and contractors.

Chalice continues to be a member of the Dow Jones Sustainability Index Australia - an index that is composed of sustainability leaders identified by S&P Global through the Corporate Sustainability Assessment.

From the discovery and early development of the Gonneville Project in 2020, Chalice has recognised that the local community are important stakeholders, and effective community engagement is critical to the success of the Project.

Chalice has proactive, regular and transparent engagement with key stakeholders across the local community, indigenous landowner groups and all levels of government. This engagement has been reflected in the results of three Local Voices surveys conducted since 2023, which have all indicated high levels of support for the Project.

The Gonneville Project is located in the Whadjuk Indigenous Land Use Agreement (ILUA) area. Engagement with Whadjuk has been ongoing since mid-2021, inclusive of the completion of cultural heritage surveys covering all Chalice-owned farmland in and around the Project site. The completed survey report identifies no impediments to the advancement of the Project. Engagement with the Whadjuk Aboriginal Corporation continued during the reporting period and Chalice is committed to further developing this important relationship as the Project matures and delivers direct benefits to the group.

3.2 Health and Safety

There were no significant safety incidents during the period. The Company also had zero Lost Time Injuries across all operations.

3.3 Commodity Market Overview

The palladium price commenced a dramatic rebound from multi-year lows during the period, reaching a 3- year high of ~US$2,160/oz in January 2026. COMEX managed money futures moved into a net long position for the first time in three years.

In December 2025, the EU cancelled its plans to ban both petrol and diesel car sales from 2035. Ford also announced that it is scaling back production of pure electric vehicles to focus production more on hybrid electric vehicles in line with consumer preferences. The announcement by Ford in December is in line with other major car manufacturers (including GM, Stellantis, Porsche, Mercedes Benz) who are also scaling back battery electric vehicle targets due to market preference for hybrids.

These major decisions have significant implications for palladium and platinum demand forecasts, with even minor adjustments to vehicle manufacturing and sales targets having dramatic implications for PGM market balance. These recent announcements by vehicle manufacturers have contributed to a significant improvement in PGM market sentiment, aided by PGMs broader investment appeal as precious metals and a physical store of value.

Half-Year Report 2025 18

For the Half-Year Ended 31 December 2025

==> picture [57 x 48] intentionally omitted <==

Directors’ Report

In February 2026, the US Department of Commerce confirmed that Russia had been dumping palladium on US markets since 2022 (coinciding with the invasion of Ukraine). On 10 February 2026, the US announced a preliminary determination that a tariff of 133% would be applied to all Russian palladium imports, effective immediately, with the final tariff determination to be made by June 2026. Russia supplies ~40% of the global palladium market.

Nickel and copper spot prices also made strong gains, with the weighted average of Gonneville’s basket of metals (Pd, Ni, Cu, Co, Pt, Au) having increased by more than 60% since mid-2025.

3.4 Investments

Chalice has a number of investments in listed entities with a total value of approximately $10.5 million at 31 December 2025. This includes an interest in ASX-listed Encounter Resources Limited (“Encounter”, ASX: ENR), with a value of ~$10.4 million at 31 December 2025.

3.5 Financial Review

At 31 December 2025, the Group had net assets of $122.5 million (30 June 2025: $129.4 million) and an excess of current assets over current liabilities of $71.2 million (30 June 2025: $76.4 million), reflecting a continued strong liquidity position.

Financial assets increased from $6.9 million at 30 June 2025 to $10.5 million at 31 December 2025 predominately due to fair value movements in listed equity investments, mainly attributable to shares held in Encounter. Other assets remained broadly consistent with those reported at 30 June 2025.

Cash and cash equivalents at 31 December 2025, totalled $60.7 million (30 June 2025: $70.8 million). The $10.1 million decrease during the half-year primarily reflects expenditure on exploration and evaluation activities of $12.6 million, partially offset by interest received of $1.3 million and $1.4 million received from the sale of the Group’s accommodation property that was surplus to needs.

The Group reported a net loss after tax from continuing operations of $13.0 million for the half-year ended 31 December 2025 (31 December 2024: net loss of $13.8 million). The reduction in net loss of $0.8 million compared to the prior corresponding period primarily reflects a higher income tax benefit in the current period, partially offset by increased exploration and evaluation expenditure. Corporate costs of $1.6 million were broadly consistent with the prior period. The result for the half-year period also includes share-based payments expense of $2.4 million (31 December 2024: $0.9 million) due to the issue of unlisted options and performance rights to KMP and employees, which has no impact on the Group’s cash position.

4. Events subsequent to reporting date

On 6 January 2026, the Company issued 394,140 shares following the vesting of 100% of the FY2022-23 Retention Rights granted to KMP and employees. Subsequent to 6 January 2026, 251,561 Retention Rights were exercised by KMP and employees, with 142,579 remaining unexercised.

During February 2026, the Company issued an additional 90,437 Performance Rights to new employees, under the same terms and conditions as the FY2025-2026 Performance Rights issued in August 2026.

Other than disclosed above, there has not been any other matter or circumstances that has arisen after balance date that has significantly affected or may significantly affect, the operations of the Group, the results of those operations, or state of the affairs of the Group in future financial periods.

5. Rounding of amounts

The amounts contained in this financial report have been rounded to the nearest thousand unless otherwise specified under the option available to the Company under ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191. The Company is an entity to which this legislative instrument applies.

Half-Year Report 2025 19

For the Half-Year Ended 31 December 2025

==> picture [57 x 48] intentionally omitted <==

Directors’ Report

6. Auditor’s Independence Declaration

Section 307C of the Corporations Act 2001 requires the Company’s auditors, HLB Mann Judd, to provide the directors of the Company with an Independence Declaration in relation to the review of the half-year financial report. This Independence Declaration is set out on page 24 and forms part of this directors’ report for the halfyear ended 31 December 2025.

This report is signed in accordance with a resolution of the directors made pursuant to s.306 (3) of the Corporations Act 2001.

==> picture [103 x 69] intentionally omitted <==

Alex Dorsch Managing Director and Chief Executive Officer

Dated at Perth this 13th day of March 2026

Half-Year Report 2025 20

For the Half -Year Ended 31 December 2025

==> picture [57 x 48] intentionally omitted <==

Competent Person’s Statements and Disclaimer Competent Person’s Statements

The Exploration Results in this Report were first reported in accordance with ASX Listing Rule 5.7 in the ASX announcement titled “Gold-copper exploration strategy for the West Yilgarn” dated 3 September 2024.

The Mineral Resource estimates in this Report were first reported in accordance with ASX Listing Rule 5.8 in the ASX announcement titled “Gonneville Resource re-modelled to support selective mining” dated 23 April 2024.

The Ore Reserve estimates in this Report were first reported in accordance with ASX Listing Rule 5.9 in the ASX announcement titled “Gonneville Palladium-Nickel-Copper Project PFS” dated 8 December 2025.

The production targets and forecast financial information derived from production targets in this Report were first reported in accordance with ASX Listing Rules 5.16 and 5.17 in the ASX announcement titled “Gonneville Palladium-Nickel-Copper Project PFS” dated 8 December 2025.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the previous announcements and, in the case of the Mineral Resource and Ore Reserve estimates, that all material assumptions and technical parameters underpinning the estimates in the previous announcement continue to apply and have not materially changed.

The Company also confirms that all the material assumptions underpinning the production targets and the forecast financial information derived from the production targets in the previous announcement continue to apply and have not materially changed.

Forward Looking Statements

This Report includes 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 forwardlooking statements, except where required by law

Half-Year Report 2025 21

==> picture [57 x 48] intentionally omitted <==

Mineral Resource and Ore Reserve Statement

Table 5. Gonneville Mineral Resource Estimate (JORC Code 2012), 23 April 2024.

Cut-off
Domain NSR	Classification Mass	Grade	Contained metal
(A$/t)
	(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)
	Measured -	- - - - - -	- - - - - -
	Indicated 7.0	1.9 - 0.05 - - -	0.43 - 0.01 - - -
Oxide – in-pit 25
	Inferred 6.1	0.54 - 0.03 - - -	0.11 - 0.01 - - -
	Subtotal 13	1.3 - 0.04 - - -	0.54 - 0.02 - - -
Sulphide	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
(Transitional) – 25
	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
in-pit
	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
	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
All
	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 7 November 2023.

Half-Year Report 2025

22

==> picture [57 x 48] intentionally omitted <==

Mineral Resource and Ore Reserve Statement

Table 6. Gonneville Ore Reserve Estimate (JORC Code 2012), 8 December 2025.

Classification	Mass				Grade						Contained Metal	Contained Metal	Contained Metal
					Ni							Ni
	Mt	Pd (g/t)	Pt (g/t)	Au (g/t)	(%)	Cu (%)	Co (%)	Pd (Moz)	Pt (Moz)	Au (Moz)		(kt)	Cu (kt)	Co (kt)
Proved	2.5	1.1	0.23	0.03	0.22	0.18	0.018	0.087	0.018	0.0024		5.4	4.4	0.45
Probable	260	0.67	0.15	0.026	0.16	0.098	0.017	5.6	1.3	0.22		400	250	43
Total	260	0.68	0.15	0.026	0.16	0.098	0.017	5.6	1.3	0.22		400	260	43

Ore Reserves are reported at reserve prices of Pd: US$1,050/oz, Pt: US$1,000/oz, Au: US$2,200/oz, Ni: US$16,500/t, Cu: US$9,000/t, Co: US$30,000/t, AUD/USD: 0.65. Note some numerical differences may occur due to rounding to 2 significant figures.

Half-Year Report 2025

23

For the Half -Year Ended 31 December 2025

==> picture [57 x 48] intentionally omitted <==

Auditor’s Independence Declaration

==> picture [451 x 637] intentionally omitted <==

Half-Year Report 2025

24

==> picture [57 x 48] intentionally omitted <==

Condensed Consolidated Statement of Comprehensive Income

For the Half-Year Ended 31 December 2025

Note	31 December 2025 31 December 2024
	$’000 $’000
Continuing operations Revenue 2(a) Interest income Finance expense Foreign exchange loss Loss on disposal of property, plant and equipment (net of selling costs) Corporate administrative expenses 2(b) Exploration and evaluation expenditure 2(c) Share-based payments 11 Loss before tax from continuing operations Income tax benefit/(expense) 3 Loss for the period attributable to owners of the parent Other comprehensive income/(loss) Items that will not be reclassified to profit or loss Net gain/(loss) on fair value of financial assets, net of tax Items that may be reclassified subsequently to profit or loss Exchange differences on translation of foreign operations Other comprehensive income/(loss) for the period Total comprehensive loss for the period Total comprehensive loss for the period attributable to owners of the parent Basic loss per share from continuing operations (cents per share) Diluted loss per share from continuing operations (cents per share)	100 496 1,335 1,911 (87) (73) (9) (29) (154) - (1,606) (1,685) (12,624) (10,906) (2,466) (904)
	(15,511) (11,190)
	2,462 (2,592)
	(13,049) (13,782)
	3,533 (8,748) (4) 1
	3,529 (8,747)
	(9,520) (22,529)
	(9,520) (22,529)
	(3.34) (3.62) (3.34) (3.62)

The above condensed consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.

Half-Year Report 2025

25

==> picture [57 x 48] intentionally omitted <==

Condensed Consolidated Statement of Financial Position

As at 31 December 2025

Note	31 December 2025 30 June 2025
	$’000 $’000
Current assets Cash and cash equivalents Receivables 4 Income tax receivable 5 Financial assets 6 Total current assets Non-current assets Financial assets Right-of-use assets Property, plant and equipment 7 Total non-current assets Total assets Current liabilities Trade and other payables 8 Grant funding repayable 9 Lease liabilities Employee benefits Total current liabilities Non-current liabilities Lease liabilities Employee benefits Total non-current liabilities Total liabilities Net assets Equity Issued capital 10 Accumulated losses Reserves Total equity	60,733 70,829 1,219 1,573 3,560 1,913 10,528 6,930
	76,040 81,245
	579 568 1,117 1,242 51,176 52,925
	52,872 54,735
	128,912 135,980
	2,798 2,901 1,333 1,333 225 208 449 387
	4,805 4,829
	1,554 1,671 70 62
	1,624 1,733
	6,429 6,562
	122,483 129,418
	368,412 368,049 (253,253) (239,494) 7,324 863
	122,483 129,418

The above condensed consolidated statement of financial position should be read in conjunction with the accompanying notes.

Half-Year Report 2025

26

==> picture [57 x 48] intentionally omitted <==

Condensed Consolidated Statement of Changes in Equity

For the Half-Year Ended 31 December 2025

	Issued Accumulated Share based payments Investment revaluation Foreign currency translation
	capital losses reserve reserve reserve Total
	$’000 $’000 $’000 $’000 $’000 $’000
Balance at 1 July 2025 Loss for the period Other comprehensive income/(loss) for the period Net gain on fair value of financial assets, net of tax Exchange differences on translation of foreign operations Total comprehensive income/(loss) for the year Issue of share capital (net of costs) Share-based payments Transfers between equity items Balance at 31 December 2025	368,049 (239,494) 4,807 (4,067) 123 129,418
	- (13,049) - - - (13,049) - - - 3,533 - 3,533 - - - - (4) (4)
	- (13,049) - 3,533 (4) (9,520)
	(2) - - - - (2) - - 2,587 - - 2,587 365 (710) (1,737) 2,082 - -
	368,412 (253,253) 5,657 1,548 119 122,483

	Issued Accumulated Share based payments Investment revaluation Foreign currency translation
	capital losses reserve reserve reserve Total
	$’000 $’000 $’000 $’000 $’000 $’000
Balance at 1 July 2024 Loss for the period Other comprehensive income/(loss) for the period Net loss on fair value of financial assets, net of tax Exchange differences on translation of foreign operations Total comprehensive income/(loss) for the year Issue of share capital (net of costs) Share-based payments Transfers between equity items Balance at 31 December 2024	367,467 (215,935) 4,255 6,883 121 162,791
	- (13,782) - - - (13,782) - - - (8,748) - (8,748) - - - - 1 1
	- (13,782) - (8,748) 1 (22,529)
	89 - - - - 89 - - 936 - - 936 495 721 (1,421) 205 - -
	368,051 (228,996) 3,770 (1,660) 122 141,287

The above condensed consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

Half-Year Report 2025

27

==> picture [57 x 48] intentionally omitted <==

Condensed Consolidated Statement of Cash Flows

For the Half-Year Ended 31 December 2025

	31 December 2025 31 December 2024
	$’000 $’000
Cash flows from operating activities Cash receipts from operations Cash paid to suppliers and employees Payments for mineral exploration and evaluation Payroll tax on granted securities Government grants and incentives received Interest received Interest paid Net cash (used in) operating activities Cash flows from investing activities Acquisition of property, plant and equipment Proceeds from sale of property, plant and equipment Proceeds from sale of financial assets Net cash from/(used in) investing activities Cash flows from financing activities Payment of principal portion of lease liabilities Payment of security deposits Share issue costs Net cash (used in) financing activities Net decrease in cash and cash equivalents Cash and cash equivalents at the beginning of the period Effect of exchange rate fluctuations on cash held Cash and cash equivalents at the end of the financialperiod	75 79 (1,052) (2,114) (12,533) (9,744) - (80) 23 944 1,469 2,203 (87) (73)
	(12,105) (8,785)
	(18) (214) 1,392 13 742 86
	2,116 (115)
	(101) (154) (2) - (2) (1)
	(105) (155)
	(10,094) (9,055) 70,829 88,950 (2) (2)
	60,733 79,893

The above condensed consolidated statement of cash flows should be read in conjunction with the accompanying notes.

Half-Year Report 2025

28

==> picture [57 x 48] intentionally omitted <==

==> picture [369 x 52] intentionally omitted <==

Notes to the Condensed Consolidated Financial Statements

For the Half-Year Ended 31 December 2025

1. SUMMARY OF MATERIAL ACCOUNTING POLICIES

(a) Statement of compliance

These interim consolidated financial statements are general purpose financial statements prepared in accordance with the requirements of the Corporations Act 2001, applicable accounting standards including AASB 134 ‘Interim Financial Reporting’, Accounting Interpretations and other authoritative pronouncements of the Australian Accounting Standards Board (‘AASB’). Compliance with AASB 134 ensures compliance with IAS 34 ‘Interim Financial Reporting’.

This condensed half-year report does not include full disclosures of the type normally included in an annual financial report. Therefore, it cannot be expected to provide as full an understanding of the financial performance, financial position and cash flows of the Group as in the annual financial report.

It is recommended that this financial report be read in conjunction with the annual financial report for the year ended 30 June 2025 and any public announcements made by Chalice Mining Limited (‘Chalice’ or ‘the Group’) and its subsidiaries during the half-year in accordance with continuous disclosure requirements arising under the Corporations Act 2001 and the rules of the Australian Securities Exchange.

(b) Basis of preparation

The interim report has been prepared on a historical cost basis, except for the revaluation of certain financial instruments. Cost is based on the fair value of the consideration given in exchange for assets. The Company is domiciled in Australia and is a for-profit entity. All amounts are presented in Australian dollars, unless otherwise noted. For the purposes of preparing the interim financial statements, the half-year has been treated as a discrete reporting period.

All amounts have been rounded to the nearest thousand, unless otherwise stated in accordance with ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191.

(c) Accounting policies and methods of computation

The accounting policies and methods of computation adopted are consistent with those of the previous financial year and corresponding half-year. These accounting policies are consistent with Australian Accounting Standards and with International Financial Reporting Standards.

(d) Significant accounting judgments and key estimates

The preparation of interim financial reports requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ from these estimates.

(e) New or amended Accounting Standards

The Group has adopted all new or amended Accounting Standards and Interpretations issued by the AASB that are mandatory for the current reporting period and the impact on the financial performance and position of the Company from the adoption of the new or amended Accounting Standards and Interpretations was not material. Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted and not expected to have a material effect.

Half-Year Report 2025

29

==> picture [57 x 48] intentionally omitted <==

Notes to the Condensed Consolidated Financial Statements

For the Half-Year Ended 31 December 2025

2. REVENUE AND EXPENSES

(a) Revenue Government grants and incentives(1) Other	31 December 2025 31 December 2024
	$’000 $’000
	23 417 77 79
	100 496

• (a) Revenue

• (1) Government grants and incentives for the half year ended 31 December 2025 represents funding received as part of a university research funding grant. Prior year comparative represents the Group’s share of grant income received under a Cooperative Research Centre Program (“CRC-P”) with the Commonwealth Government (refer note 9).

(b) Corporate and administrative expenses Depreciation Investor relations and marketing Share based payment expense – consultants (refer note 11(d)) Business development costs Regulatory and compliance Personnel expenses Other corporate and administration costs (c) Exploration and evaluation expenditure Gonneville - development/Studies West Yilgarn - Exploration Other generative projects - exploration INCOME TAX Current income tax: Refundable research and development tax credits Deferred income tax: Temporary differences relating to financial assets Total income tax benefit/(expense) reported in the condensed statement of comprehensive income. RECEIVABLES Current Other receivables Interest receivable GST receivable Prepayments	31 December 2025 31 December 2024
	$’000 $’000
	64 75 101 245 121 32 3 98 387 245 803 929 127 61
	1,606 1,685
	31 December 2025 31 December 2024
	$’000 $’000
	9,836 7,552 2,511 3,160 277 194
	12,624 10,906
	31 December 2025 $’000 31 December 2024 $’000 1,647 811 1,647 811 815 (3,403) 2,462 (2,592)
	31 December 2025 30 June 2025
	$’000 $’000
	21 151 275 418 445 417 478 587
	1,219 1,573

3. INCOME TAX

4. RECEIVABLES

Half-Year Report 2025

30

==> picture [57 x 48] intentionally omitted <==

Notes to the Condensed Consolidated Financial Statements

For the Half-Year Ended 31 December 2025

5. INCOME TAX RECEIVABLE

INCOME TAX RECEIVABLE
Research and development tax incentives refundable – FY2025 Research and development tax incentives refundable – FY2026	31 December 2025 30 June 2025
	$’000 $’000
	2,177 1,913 1,383 -
	3,560 1,913

6. FINANCIAL ASSETS

Current Equity instruments designated at fair value through other comprehensive income: Listed equity investments(1)	31 December 2025 30 June 2025
	$’000 $’000
	10,528 6,930
	10,528 6,930

• (1) Listed equity investments held at 31 December 2025 predominately includes 27,331,579 ordinary shares in Encounter Resources Limited (ASX: ENR, (Encounter)). The market value of the shares at 30 June 2025 was $6 million or $0.225 per share, however at 31 December 2025 the market value increased to $10.4 million or $0.38 per share. No further investments were acquired during the period.

Listed equity investments are measured using Level 1 inputs under the fair value hierarchy in accordance with AASB 13, with fair value movements recognised through other comprehensive income.

7. PROPERTY, PLANT AND EQUIPMENT

31 December 2025 Cost Accumulated depreciation Net book amount Property, plant and equipment movement Carrying value – 1 July 2025 Additions Disposals/write offs(1) Depreciation charge Carrying value – 31 December 2025	Plant, equipment Office furniture & computer Freehold land &
	& vehicles equipment buildings Total
	$’000 $’000 $’000 $’000
	1,700 1,846 50,002 53,548 (831) (1,122) (419) (2,372)
	869 724 49,583 51,176
	984 802 51,139 52,925 5 13 - 18 (46) (1) (1,499) (1,546) (74) (90) (57) (221)
	869 724 49,583 51,176

(1) In November 2025, the Group sold an accommodation building in Toodyay (including associated plant and equipment), which was surplus to the Company’s requirements during the study phase. Total proceeds received from the sale was $1.4 million, with a total net loss on sale of $0.2 million after selling costs.

Half-Year Report 2025

31

==> picture [57 x 48] intentionally omitted <==

Notes to the Condensed Consolidated Financial Statements

For the Half-Year Ended 31 December 2025

30 June 2025 Cost Accumulated depreciation Net book amount Property, plant and equipment movement Carrying value – 1 July 2024 Additions Disposals/write offs Transfers Depreciation charge Carrying value – 30 June 2025 8. TRADE AND OTHER PAYABLES Trade payables Accrued expenses 9. GRANT FUNDING REPAYABLE Grant funding repayable		Office furniture & computer Freehold land &
	Plant,
	equipment
	& vehicles	equipment buildings Total
	$’000	$’000 $’000 $’000
	1,783 (799)	1,837 51,666 55,286 (1,035) (527) (2,361)
	984	802 51,139 52,925
	869 154 (23) 177 (193)	1,032 51,472 53,373 9 - 163 (12) - (35) 19 (196) - (246) (137) (576)
	984	802 51,139 52,925
		31 December 2025 30 June 2025
		$’000 $’000
		277 270 2,521 2,631
		2,798 2,901
		31 December 2025 30 June 2025
		$’000 $’000
		1,333 1,333
		1,333 1,333

The Group previously recognised government grant funding under the Cooperative Research Centres Project (CRC-P). The project has been completed and eligible grant revenue and related expenditure has been recognised in prior periods. At 31 December 2025, $1.3 million (30 June 2025: $1.3 million) remains repayable to the Commonwealth Government, representing unspent grand funds required to be refunded. The amount is recognised as a current liability at reporting date.

10. ISSUED CAPITAL

Issued and fully paid ordinary shares Movements in ordinary shares on issue At 1 July Shares issued on vesting of performance rights (refer note11(b)(2)) Share issue costs Balance at end of period	31 December 2025 30 June 2025
	No. $’000 No. $’000
	389,026,788 368,049 388,963,304 367,467
	78,803 365 63,484 494 - (2) - 88
	389,105,591 368,412 389,026,788 368,049

Half-Year Report 2025

32

==> picture [57 x 48] intentionally omitted <==

Notes to the Condensed Consolidated Financial Statements

For the Half-Year Ended 31 December 2025

11. SHARE-BASED PAYMENTS

(a) Recognised share-based payment expense

SHARE-BASED PAYMENTS Recognised share-based payment expense
The share-based payment expense recognised during the period: Expense arising from equity settled share-based payment transactions to employees and KMP Expense arising from equity settled share-based payment transactions to investor relations consultants (refer note 11(d))	31 December 2025 31 December 2024
	$’000 $’000
	2,466 904 121 32
	2,587 936

(b) Performance Rights

The following table illustrates the number and movements in performance rights during the period.

Performance Rights At 1 July Performance rights issued(1) Performance rights exercised(2) Performance rights lapsed On issue at the end of the period	31 December 2025 30 June 2025
	No. No.
	5,176,565 2,176,102 2,497,245 4,787,665 (47,488) (43,769) (584,130) (1,743,433)
	7,042,192 5,176,565

• (1) During the half-year ended 31 December 2025, the Company granted 1,155,326 performance rights as part of the Short-Term Incentive (STI), and 1,341,919 performance rights as part of the Long-Term Incentive (LTI) to eligible Key Management Personnel and employees, under the Group’s Employee Securities Incentive Plan.

The fair value of the performance rights granted was $2.1 million and $2.4 million respectively. As the performance conditions attaching to the rights are subject to non-market vesting conditions only, the grant date fair value was based on the quoted market price of the Company’s shares at grant date. The fair value is based on a weighted average share price of $1.833.

At each reporting period, the estimated number of awards expected to vest is reassessed to reflect nonmarket vesting conditions, with any adjustments recognised in share-based payment expense. The grant date fair value will be recognised over the respective vesting periods of approximately one year (STI) and three years (LTI).

Details of the performance conditions attaching to the performance rights granted during the half-year are disclosed in section 9.4.7 (b)(STI performance conditions) and 9.4.8 (f) (LTI performance conditions) of the Directors’ Report included in the Company’s 2025 Annual Report.

• (2) On 31 July 2025, 12.5% of the FY2022-23 Performance Rights that were issued to KMP and employees in 2022 vested on the achievement of certain performance conditions measured over the three years ended 30 June 2025. This equated to 78,803 performance rights being vested, and the remaining 551,676 performance rights were cancelled. On 31 July 2025, the Company issued 78,803 shares to the Company’s Employee Share Trust for allocation to the participants upon exercising their Performance Rights,

Subsequent to vesting, 47,488 Performance Rights were exercised into an equivalent number of fully paid ordinary shares with 31,315 performance rights vested, not exercised.

Half-Year Report 2025

33

==> picture [57 x 48] intentionally omitted <==

Notes to the Condensed Consolidated Financial Statements

For the Half-Year Ended 31 December 2025

(c) Retention Rights

The following table illustrates the number and movements in retention rights during the period.

Retention Rights At 1 July Retention rights lapsed On issue at the end of the period	31 December 2025 30 June 2025
	No. No.
	394,140 545,021 - (150,881)
	394,140 394,140

(d) Share Options – issued under the Employee Share Incentive Plan

Share options At 1 July Options issued – employees(1) Options issued – directors(2) Options forfeited Options exercised On issue at the end of the period	31 December 2025 30 June 2025
	No. No.
	- - 3,564,560 - 1,388,676 - (38,568) - - -
	4,914,668 -

• (1) On 27 August 2025, the Group granted 3,564,560 share options under its Employee Securities Incentive Plan to certain KMP and employees. The share options vest on 26 August 2027, with an exercise price of $2.60, and expire on 26 August 2028.

• (2) On 20 November 2025, 1,388,676 share options were granted to directors following approval by shareholders at the 2025 Annual General Meeting. The share options were issued under the Company’s Employee Securities Incentive Plan and with the same terms and conditions as those options granted to certain KMP and employees.

Share options granted are equity-settled share-based payment arrangements. The grant date fair value was determined in accordance with AASB 2 using the Black-Scholes option pricing model, which considers the share price at grant date, exercise price, expected volatility, expected life, dividend yield, and the risk-free interest rate.

Non-market vesting conditions (including service and performance conditions) are not incorporated into the grant date fair value and are instead reflected through adjustments to the number of options expected to vest. The fair value of options granted is recognised as an expense over the vesting period, with a corresponding increase in equity.

Half-Year Report 2025

34

==> picture [57 x 48] intentionally omitted <==

Notes to the Condensed Consolidated Financial Statements

For the Half-Year Ended 31 December 2025

The following table provides the assumptions made in determining the fair value of the options granted during the period:

he following table provides the assumptions made in determining the fair value of he period:	the options granted during
Share price at grant date (weighted average) Exercise price (weighted average) Expected volatility Expected life Expected dividends Risk-free interest rate (weighted average) Fair value per option (weighted average)	31 December 2025
	$1.836
	$2.60
	70%
	3 years
	Nil
	3.51%
	$0.705

(e) Share Options – not issued under the Employee Share Incentive Plan

Share options At 1 July Options issued On issue at the end of the period	31 December 2025 30 June 2025
	No. No.
	850,000 - 400,000 850,000
	1,250,000 850,000

On 5 November 2025, the Group granted 400,000 share options to consultants in lieu of consulting fees for the provision of investor relations services. The share options have an exercise price of $2.96, expire on 5 November 2028, with 200,000 share options vesting on 30 April 2026, and the remaining 200,000 vesting on 31 October 2026.

The fair value of the non-incentive scheme share options granted was determined using a Black-Scholes pricing model. The following table provides the assumptions made in determining the fair value of the options granted during the period:

Share price at grant date Exercise price Expected volatility Expected life Expected dividends Risk-free interest rate Fair value per option (weighted average)	31 December 2025
	$1.82
	$2.96
	70%
	3 years
	Nil
	3.62%
	$0.645

Half-Year Report 2025

35

==> picture [57 x 48] intentionally omitted <==

Notes to the Condensed Consolidated Financial Statements

For the Half-Year Ended 31 December 2025

12. COMMITMENTS AND CONTINGENCIES

Exploration and other commitments

The commitments listed below relate to exploration commitments and also other contractual commitments. In order to maintain current rights of tenure to exploration tenements, the Group is required to perform minimum exploration work to meet the minimum expenditure requirements as specified by various governments in order to maintain exploration tenements in good standing. Therefore, amounts stated are based on the minimum commitments known within the next year. The Group may in certain situations apply for exemptions under relevant mining legislation or enter into joint venture arrangements which significantly reduce the working capital commitments. These obligations are not provided for in the financial report and are payable:

Within 1 year Within 2-5 years Later than 5 years	31 December 2025 30 June 2025
	$’000 $’000
	4,462 4,498 - 438 - -
	4,462 4,936

Other than as disclosed above, there has been no other material changes to commitments since 30 June 2025.

13. EVENTS SUBSEQUENT TO REPORTING DATE

On 6 January 2026, the Company issued 394,140 shares following the vesting of 100% of the FY2022-23 Retention Rights granted to KMP and employees. Subsequent to 6 January 2026, 251,561 Retention Rights were exercised by KMP and employees, with 142,579 remaining unexercised.

During February 2026, the Company issued an additional 90,437 Performance Rights to new employees, under the same terms and conditions as the FY2025-2026 Performance Rights issued in August 2026.

Other than disclosed above, there has not been any other matter or circumstances that has arisen after balance date that has significantly affected or may significantly affect, the operations of the Group, the results of those operations, or state of the affairs of the Group in future financial periods.

14. OPERATING SEGMENTS

The Group has identified its operating segments based on the internal reports that are reviewed and used by the Board of Directors (chief operating decision makers) in assessing performance and determining the allocation of resources.

The Group considers that it only operated in one reportable segment, being mineral exploration and evaluation. The segment financial information is as per the Group’s consolidated financial statements.

15. FINANCIAL INSTRUMENTS

The directors consider the carrying value of financial assets and financial liabilities recognised in the consolidated financial statements to approximate their fair values. In particular, listed equity investments designated at fair value through other comprehensive income which comprise of ASX listed entities are measured at fair value using quoted market prices at the reporting date (Level 1 fair value measurement).

The directors have assessed that the fair value of cash and short-term deposits, trade receivables, trade payables and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.

Half-Year Report 2025

36

==> picture [57 x 48] intentionally omitted <==

Directors’ Declaration

For the Half-Year Ended 31 December 2025

In the opinion of the directors of Chalice Mining Limited (‘the Company’):

1. The financial statements and notes thereto, as set-out on pages 25 to 36 are in accordance with the Corporations Act 2001 including:

2. (a) complying with Australian Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 and other mandatory professional reporting requirements; and

3. (b) giving a true and fair view of the Group’s financial position as at 31 December 2025 and of its performance for the half-year ended on that date.

4. There are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

5. This declaration has been given after receiving the declaration made to the directors for the half-year ended 31 December 2025 in accordance with the fourth edition of the ASX Corporate Governance Councils Corporate Governance Principles and Recommendations.

This declaration is signed in accordance with a resolution of the directors of the Company, made pursuant to s.303(5) of the Corporations Act 2001 .

Dated this 13th day of March 2026

On behalf of the board

==> picture [103 x 69] intentionally omitted <==

Alex Dorsch

Managing Director and Chief Executive Officer

Half-Year Report 2025

37

==> picture [57 x 48] intentionally omitted <==

Independent Auditor’s Review Report

==> picture [455 x 643] intentionally omitted <==

Half-Year Report 2025

38

==> picture [57 x 48] intentionally omitted <==

==> picture [471 x 666] intentionally omitted <==

Half-Year Report 2025

39

==> picture [595 x 838] intentionally omitted <==

----- Start of picture text -----

Half-Year Report 2025
40
----- End of picture text -----