CHALICE MINING LIMITED — Investor Presentation 2022

Jul 7, 2022

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ASX: CHN | OTCQB: CGMLF

Julimar – the start of a new Ni-Cu-PGE province in Western Australia Corporate Presentation 8 July 2022

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Forward looking statements and competent person(s) disclosure

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This presentation does not include all available Information on Chalice Mining Limited and should not be used in isolation as a guide to investing in the Company. Any potential investor should also refer to Chalice Mining Limited’s Annual Reports, ASX/OTCQB releases, filings on sedar.com and take independent professional advice before considering investing in the Company. For further information about Chalice Mining Limited, visit our website at chalicemining.com

Forward-Looking Statement

This presentation may contain forward-looking information, including forward looking information within the meaning of Canadian securities legislation and forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, forward-looking statements). These forwardlooking statements are made as of the date of this report and Chalice Mining Limited (the Company) does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements relate to future events or future performance and reflect Company management’s expectations or beliefs regarding future events and include, but are not limited to: the Company’s strategy and objectives; the timing and estimation of mineral resources, and the realisation of mineral resource estimates; the likelihood of exploration success; the timing of planned exploration and study activities on the Company’s projects; access to sites for planned drilling activities; the success of future potential mining operations; the impact of the discovery on the Julimar Project’s capital payback and hydrogen establishing a role in long-term energy strategies. In certain cases, forward-looking statements can be identified by the use of words such as, “affords”, “believe”, “continue”, “could”, “estimate”, “expected”, “future”, “interpreted”, “likely”, “may”, “open”, “plan” or “planned”, “potential”, “targets”, “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; 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, changes in commodity prices; economic conditions; grade or recovery rates; 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 SEDAR at sedar.com, ASX at asx.com.au and OTC Markets at otcmarkets.com. The Company also refers to the “Key Risks” section of its institutional capital raise presentation released to the ASX on 24 May 2022. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forwardlooking 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.

Disclaimer

Whilst care has been exercised in preparing and presenting this presentation, to the maximum extent permitted by law, the Company and its representatives:

• Make no representation, warranty or undertaking, express or implied, as to the adequacy, accuracy, completeness or reasonableness of this Presentation;

• Accept no responsibility or liability as to the adequacy, accuracy, completeness or reasonableness of this Presentation; and

Accept no responsibility for any errors or omissions from this Presentation.

Mineral Resources Reporting Requirements

As an Australian Company with securities quoted on the Australian Securities Exchange (ASX), Chalice is subject to Australian disclosure requirements and standards, including the requirements of the Corporations Act 2001 and the ASX. Investors should note that it is a requirement of the ASX listing rules that the reporting of mineral resources in Australia is in accordance with the JORC Code and that Chalice’s mineral resource estimates comply with the JORC Code. The requirements of JORC Code differ in certain material respects from the disclosure requirements of United States securities laws. 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. As a designated reporting issuer in the province of Ontario, Chalice is also subject to certain Canadian disclosure requirements and standards, including the requirements of NI 43-101. The Julimar Project is a material mineral project for the purposes of NI43-101. The confidence categories assigned under the JORC Code were reconciled to the confidence categories in the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards – for Mineral Resources and Mineral Reserves May 2014. As the confidence category definitions are the same, no modifications to the confidence categories were required.

Competent Person and Qualifying Persons Statement

The Information in this presentation that relates to exploration results for the Julimar Project is extracted from the following ASX announcements:

• “High-grade nickel-copper-palladium sulphide intersected at Julimar Project in WA”, 23 March 2020

• ‘More positive results from ongoing metallurgical testwork at Julimar”, 16 February 2021

• “Extensive Ni-Cu Soil Anomalism at Julimar” 9 June 2021

• “Gonneville High-Grade Zones Extended at Depth”, 28 September 2021

• “New Mineralised Intrusion Discovered at Julimar”, 2 December 2021

• “New results highlight underground potential at Julimar”, 2 March 2022

• “Exceptional high-grade extensional results at Julimar “, 2 May 2022

• “New Mineralised Zone Intersected at Dampier Target”, 7 July 2022

• The information in this presentation that relates to Mineral Resources has been extracted from the ASX announcement titled:

• “Updated Gonneville Mineral Resource”, 8 July 2022.

The above announcements are available to view on the Company’s website at chalicemining.com

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the original release continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person and Qualified Person’s findings are presented have not been materially modified from the relevant original market announcements.

Authorisation

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

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A globally recognised name in exploration – a team with a track record of finding mines and rewarding shareholders

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High-performance, results driven culture (mine finding + commercial DNA)

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Our purpose – to find the metals needed to decarbonise the world

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Our aspiration – to create a world class, multi-district green metals province

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Corporate Snapshot
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Top Shareholders[1]

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Tim Goyder
Founder in 2006
10%
42.0
Retail & HNWI
48%
Institutional
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Board of Directors

Management

Derek La Ferla ( Chairman ) Richard Hacker ( CFO ) Alex Dorsch ( MD & CEO ) Kevin Frost ( GM Discovery & Growth ) Morgan Ball ( NED ) Bruce Kendall ( GM Exploration ) Garret Dixon ( NED ) Soo Carney ( GM Env and Comm) Stephen McIntosh ( NED ) Michael Elias ( Study Mgr – Julimar ) Linda Kenyon ( NED ) Chris MacKinnon ( BD and Legal Mgr ) Jamie Armes ( Co Sec )

Capital Structure and Financials

Equity listings Shares out. 376M Market capitalisation ASX: CHN Shares (F/D) 378M ~A$1.5Bn (@ A$4.00 ps)[3] OTCQB: CGMLF Debt Cash[2] Cash & Investments[2] nil ~A$141M ~A$147M

ASX:CHN (A$/share)

10.00 8.00 6.00 4.00

2.00 0.00

Research Analyst Coverage

Bell Potter David Coates J.P. Morgan Al Harvey Jefferies Mitch Ryan Macquarie Bank Hayden Bairstow

4 4

2 As of 31 May 2022; 3 As at 7 July 2022

1 As of 31 May 2022

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11Moz 3E [2]
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A strategic, large-scale Resource with rare mix of critical minerals in sulphide mineralogy

Green metals at Julimar are essential for decarbonisation technologies like batteries, electric vehicles and hydrogen

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Strategy to evaluate a Gonneville starter mine development while the full extent of the mineral system is defined

100% owned by Chalice , and located in one of the world’s most attractive mining jurisdictions

Direct access to major highway, rail, power, port infrastructure as well as a large local workforce

Exploration upside – 4 rigs drilling greenfield targets along >30km Julimar Complex

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1 Refer to full Mineral Resource Statement in Appendix5
2 3E = Palladium (Pd) + Platinum (Pt) + Gold (Au)
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Gonneville is a rare tier-1 scale, near-surface Resource with high-grade optionality and compelling growth potential

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Updated Indicated and Inferred Mineral Resource Estimate[1] :

• 350Mt @ 0.96g/t Pd+Pt+Au (3E), 0.16% Ni, 0.10% Cu, 0.015% Co (~ 0.58% NiEq or ~ 1.8g/t PdEq )

• 11Moz 3E , 560kt Ni , 360kt Cu and 54kt Co contained

• Equivalent to ~ 2.0Mt NiEq or ~ 20Moz PdEq contained

• Resource is defined to depth of ~700m, open to the north and at depth

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• 1 Refer to full Mineral Resource Statement in Appendix

The Resource includes a significant higher-grade sulphide component, starting from a depth of ~30m

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Higher-grade sulphide component of Resource[1] :

• 82Mt @ 1.7g/t 3E, 0.21% Ni, 0.20% Cu, 0.020% Co (~ 1.0% NiEq or ~ 2.9g/t PdEq );

• 4.5Moz 3E, 180kt Ni, 170kt Cu, 16kt Co (~ 790kt NiEq or ~ 7.7Moz PdEq ) contained

• This higher-grade component affords the project significant

optionality in

development and could potentially materially enhance project economics in the initial years of operation

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• 1 Refer to full Mineral Resource Statement in Appendix

The Indicated portion of the Resource has been increased significantly to ~70%, with 90% in Indicated category above depth of 250m

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The Deposit remains open along strike to the north and down-dip, with ongoing drilling demonstrating potential for material growth

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• The ~550m thick Gonneville Intrusion strikes over ~1.9km and is open to the north

• ~800m of highgrade plunge extent is yet to be tested

• Step-out drilling is continuing with on 2 rigs

• wide-spacing, to determine overall scale of the system

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– Met testwork for Gonneville has focussed on two processing options selective Cu/Ni flotation or Cu flotation + Ni enrichment

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Simplified sequential flotation process for higher-grade sulphide mineralisation

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•
Rougher & Rougher &
Crush & grind cleaner cleaner
Higher-grade sulphide
(fresh) ore (P80 of 38- flotation into flotation into
75µm) Cu-PGE-Au Ni-Co-PGE
concentrate concentrate
•
Offtake Offtake
#1 #2
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Preliminary testwork to date on 15 sulphide composite samples from several geological domains (including higher-grade and lower-grade samples), demonstrates potential to produce two commercially attractive concentrates for sale from higher-grade sulphide material, with low levels of potentially deleterious elements

Variability testwork, mineralogical investigations and flotation optimisation work continues on the nickel-cobaltPGE concentrate

Simplified flotation and enrichment process for lower-grade disseminated sulphide mineralisation

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Potential
Offtake
Rougher &
Rougher &
cleaner flotation
Disseminated sulphide Crush & grind cleaner flotation
into bulk Ni-Cu- or
(fresh) ore (P80 of 38-75µm) into Cu-PGE-Au Co-PGE
concentrate Potential bulk
concentrate Potential bulk Potential Offtake – Ni-
concentrate
concentrate Co battery pre-cursor
enrichment
enrichment process product (i.e. MHP)
process
Cu-PGEs
Offtake #1
•
Copper and PGE recoveries are robust at lower grades, however more work is
Predicted metallurgical recovery
Metal underway to optimise flotation recovery of nickel and cobalt (and corresponding
range min-avg [1] -max (%)
PGEs which report to the nickel concentrate)
Palladium (~75%/25% Cu/Ni conc) 55-67-90 • Several processing alternatives to enrich bulk Ni-Cu-Co-PGE concentrate being
Platinum (~75%/25% Cu/Ni conc) 55-68-90 investigated in order to maximise recovery and payability, and potentially sell nickel-
cobalt intermediate product direct to battery manufacturers
Gold (to Cu conc) 30-62-65
Nickel (to Ni conc / MHP) 40-55-80 • $2.9M CRC-P grant from Commonwealth Govt to evaluate these ‘midstream’
processing options
Copper (to Cu conc) 88-92-95
Cobalt [2 ] (to Ni conc / MHP) 40-55-80 1 Average recovery based on average resource grades at >0.6% NiEq cut-off for sulphide (fresh) domain Average recovery based on average resource grades at >0.6% NiEq cut-off for sulphide (fresh) domain
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• Copper and PGE recoveries are robust at lower grades, however more work is underway to optimise flotation recovery of nickel and cobalt (and corresponding PGEs which report to the nickel concentrate)

• Several processing alternatives to enrich bulk Ni-Cu-Co-PGE concentrate being investigated in order to maximise recovery and payability, and potentially sell nickelcobalt intermediate product direct to battery manufacturers

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• 1 Average recovery based on average resource grades at >0.6% NiEq cut-off for sulphide (fresh) domain Average recovery based on average resource grades at >0.6% NiEq cut-off for sulphide (fresh) domain 2 Cobalt is associated with nickel and hence recoveries reflect the nickel grade

Gonneville represents just ~2km of the >30km long Julimar Complex – the upside to the north has the potential transform the project

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WA
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Baudin Target (untested)

State Forest Area

Flinders Target (untested)

• Large coincident Mag-AEM anomaly

• • Access pending

• Large AEM and Ni-Cu-PGE soil anomalies

• • Access pending

Julimar Complex

• Interpreted >30km long maficultramafic intrusive complex

Jansz & Torres Targets (drilling underway)

• Large AEM and Ni-Cu-PGE soil anomalies

Dampier Target (drilling underway)

• New 15-80m wide sulphide zone defined over 350m of strike & 250m dip – wide open

• First pass AC drilling complete on private farmland (assays pending) – ultramafic geology + anomalous Ni-Cu-PGE confirmed

Hartog Target (drilling underway)

• ~6.5km long AEM anomaly, with coincident ground EM and Ni-Cu-soil anomalies comparable to Gonneville

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* 350Mt @ 0.96g/t 3E, 0.16% Ni, 0.10% Cu, 0.015% Co
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Gonneville Deposit (Resource stage)

• 11Moz Pd+Pt+Au (3E), 560kt Ni, 360kt Cu, 54kt Co*

• 880 RC/diamond holes drilled across ~1.9km x 0.9km area

• Open to the north and down-dip

State Forest

Area

5ppb Pd in soil >700ppm Cr in soil >80ppm Ni in soil >20ppm Cu in soil State Forest boundary

New mineralised zone intersected in initial test of the Dampier Target , with early similarities to Gonneville

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• New 15-80m wide mineralised sulphide zone intersected in 3 initial holes at Dampier Target ( 10km NE of Gonneville )

• Ultramafic-mafic intrusive rocks and sulphide assemblage very similar to Gonneville, assays are pending

• ~350m strike & ~250m of dip – wide open

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Geology

(dolerite dykes not shown)

Saprolite-laterite Felsic intrusive/Gneiss Pyroxenite

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Mafic intrusive (mylonitic) Mafic intrusive

Sulphide Mineralisation

New intersection Disseminated sulphides Matrix sulphides

Drill holes DDH – new

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The early results have confirmed the prospectivity of the Julimar Complex, with multiple targets along strike now prioritised for immediate drilling

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• 4 rigs drilling on high-priority targets within the ~10km long Hartog-Dampier area:

• 2 rigs to continue step-out drilling at new Dampier zone on private farmland and in the Julimar State Forest

• 2 rigs to continue initial test of EMgravity-soil targets immediately north of Gonneville and at northern end of Hartog area

• Initial Dampier results have highlighted multiple coincident Mag-soil-EM targets SW and NE along strike

• Hamelin and Hann targets, ~4km along strike from Dampier, upgraded to high-priority

• MLEM to be completed over Baudin and Jansz targets – drilling access pending

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Initial drilling along the Julimar Complex and Gonneville Scoping Study represent significant upcoming milestones

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Chalice has consistently delivered since the Julimar discovery in early 2020

We are rapidly advancing Gonneville towards mine development…

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Julimar Significant Maiden Mineral Drilling Updated discovery and expansion Resource commences Mineral birth of the of tenure Estimate at at greenfield Resource new West (~8,000km[2] ) Gonneville targets along Estimate at Yilgarn Ni-Cuand exploration >30km Gonneville – PGE Province activities Julimar ~2.0Mt NiEq or (~6-9 rigs) Complex ~20Moz PdEq

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Completion of Gonneville PreGonneville Scoping Study Feasibility Study Mine Proposal – First step to begins – commence defining the advancing major economic towards an regulatory potential of initial mine approvals Gonneville development processes

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Mar-2020 Nov-2021 Jan-2022 Jul-2022
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Q3 2022 2 0 2 0 Q4 2022 2 0 2 2023
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• … while completing first pass exploration on large

• unexplored areas of the new West Yilgarn Province

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1 Refer to full Mineral Resource Statement in Appendix

The Julimar Project has the potential to deliver significant economic benefits and Chalice is committed to strong environmental stewardship

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Environment
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Community
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Exploring in the Julimar State Forest under a Conservation Management Plan using small-footprint diamond drill rigs to navigate around trees – no mechanised clearing of trees or vegetation required

Numerous case studies of successful mining projects in or around State Forest areas

Proximity to major communities provides a unique opportunity to build a workforce of local permanent residents ( drive in, drive out )

Community Info Sheets and Newsletters developed to deliver information on project activities and environmental practices

Strong environmental stewardship :

• Comprehensive program of baseline environmental surveys ongoing since 2020; covering flora, fauna, dieback, cultural heritage

• Development of Biodiversity Strategy underway to ensure potential mining in future co-exists with conservation values

• Baseline surface and groundwater studies underway; water studies are a priority focus for Chalice to ensure that water is responsibly managed as a shared resource

~$0.5M p.a. local procurement spend by Chalice, plus ~$1.5M p.a. spend by direct contractors in the local shires surrounding the Julimar Project

• ~29% of current workforce are locally based (Mar-22) and local opportunities growing

Active, open and transparent engagement continues with key stakeholders – trust is key to maintain our social licence

The Julimar discovery has kick-started the new West Yilgarn Ni-Cu-PGE Province, which could deliver more major discoveries

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Narryer
Burtville
Terrane
Narryer
Terrane
Youanmi
Terrane
Kurnalpi
Terrane
Barrabarra
Kalgoorlie
Terrane
West Yilgarn Ni-
Cu-PGE Province – YILGARN
discovered 2020,
CRATON Kalgoorlie-
~0.5Mt Ni to date
Kurnalpi Ni
Province –
discovered
Gonneville PGE-
Julimar 1965, >25Mt Ni
Ni-Cu-Co Deposit
PERTH
South West
Terrane
South West
N
Nickel Deposits
Chalice Tenure
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• Many of the ‘giant’ ortho-magmatic nickel-copper-PGE sulphide deposits such as Norilsk, Jinchuan, Thompson and Voisey’s Bay are located proximal to the margin of cratons

• In WA, the eastern Yilgarn (Archean craton) hosts several world-class nickel sulphide deposits with over 25Mt of Ni discovered since 1965

• ~1,200km long western margin of the Yilgarn presents a similar geological setting, but is almost entirely unexplored

• Chalice made the first major ortho-magmatic Ni-Cu-PGE discovery in the region (Julimar), subsequently staking >8,000km[2]

• Chalice has ‘first mover’ advantage in this exciting new province – strong potential to deliver more major Ni-Cu-PGE discoveries

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• Hundreds of potential host intrusions already identified in our area using limited regional-scale geophysics

• Rapid, low-cost exploration approach being used – EM, soil/auger sampling and shallow reconnaissance drilling

• Potential for highly variable mineralisation styles (Ni:Cu:PGE metal ratios) across the province

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Source: S&P Global

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New world class, strategic, ‘green metals’ Resource in Western Australia

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Significant exploration upside at Julimar and in the new West Yilgarn Ni-Cu-PGE Province

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High performance, well funded team with an excellent track record

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Appendix

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Julimar is capturing attention as a strategic asset for Australia and the western world, given its rare palladium-nickel-cobalt content

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Julimar is the first major PGE discovery in Australia and one of the few recent large-scale Ni-Cu-PGE discoveries in the western world

Pd, Pt, Ni and Co are classified as ‘critical minerals’ by most western governments

The western world is extremely reliant on Russian Palladium supply (~40% of global supply)

Strategically located in one of the world’s most stable mining jurisdi ~~c~~ tions and driven by a commitment to sustainable development

The Australian Government has committed >$1 billion to accelerate strategically significant projects and strengthen internal critical mineral security and supply chains[(1)]

Global Palladium Primary Supply Market Share 2022

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Russia
38%
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Russia also accounts for ~20% of class 1 (battery grade) nickel production

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North
America
15%
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15%
Zimbabwe
6%
Julimar
South
Africa
37%
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Source: ‘Provision of PGM market intelligence and long-term metal price forecasts’ SFA Oxford, March 2021 (1) ‘2022 Critical Minerals Strategy’ Department of Industry, Science, Energy and Resources, Australian Government, March 2022

Platinum and Palladium are essential in every stage of the hydrogen value chain, a critical solution to achieving net-zero carbon emissions

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Production

Transport and Storage

Utilisation

Green hydrogen produced by electrolysis of water using renewable energy (wind, solar, hydro)

Long-term storage and transport of green hydrogen likely to be achieved using liquified ammonia (NH3) as carrier

Green hydrogen ideal for use in green steel and Fuel Cell Electric Vehicles (FCEVs), likely to be the dominant technology for heavy transport such as trucks, trains and ships

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PGEs are essential catalysts in the Proton Exchange Membrane (PEM) Electrolyser

Pd is an essential catalyst in hydrogen-ammonia conversion and purification

PGEs are essential catalysts in most hydrogen fuel cell designs

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Source: ‘Hydrogen for Net-Zero’ Hydrogen Council & McKinsey & Company, November 2021 ‘Provision of PGM market intelligence and long-term metal price forecasts’ SFA Oxford, March 2021

‘Australian and Global Hydrogen Demand Growth Scenario Analysis’ Deloitte & COAG Energy Council, November 2019

The rapidly growing and increasingly adopted hydrogen economy has the potential to underpin long term PGE demand

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Current primary supply of Pt and Pd is ~16Moz Estimated Annual Pt and Pd Demand from Hydrogen (Moz)
p.a. Pd is in prolonged deficit while Pt in surplus
Electrolysers Light FCEVs Heavy FCEVs
8
Our view is that with conservative hydrogen
7
adoption , demand for Pt and Pd from hydrogen
could be as high as ~ 8Moz p.a. [(1)]
6
5
A modest hydrogen adoption scenario includes
~10% share of light vehicle market, ~40% share 4
of heavy vehicle market, and 50-70GW of
electrolyser capacity by 2040
3
2
Projections do not include PGE usage from
hydrogen applications in shipping, aviation, 1
industrial or steel manufacturing
-
2022 2026 2030 2034 2038 2042 2046 2050
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(1) Cautionary statement: The forward-looking statements have been estimated by Chalice using assumptions that have been informed by third party research. These statements are based on an assessment of economic and operating conditions and on various assumptions regarding future events and actions that, as at the date of this presentation, are considered reasonable by Chalice. Refer to “Long Term PGE Demand Forecast” slide in Appendix for additional information regarding the underlying assumptions and calculation methodology, and Slide 2 for a statement regarding the risks involved in forward-looking statements of this nature. Without limiting these risks, such forward-looking statements are predictive in character, may be affected by incorrect assumptions or by known or unknown risks and uncertainties, and may differ materially in due course. Investors are therefore cautioned against attributing undue certainty to forward-looking statements, including those outlined above.

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Battery manufacturers are searching for reliable, sustainable sources of battery-grade nickel – a unique opportunity for Julimar

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Battery-grade nickel consumers forecast to become heavily reliant on supply sources that do not meet sustainability standards , i.e. NPI

Julimar has the potential to become a globally significant source of class 1 nickel , which has a much lower carbon footprint than other sources

Julimar’s proximity to WA’s world class power grid and infrastructure make it uniquely positioned to deliver low carbon intensity metals

Class 1 nickel sources are likely to demand a premium , driven by the need to comply with emissions targets and to satisfy increasing sensitivity to sustainability standards

Estimated avg carbon intensity of nickel sources (kgCO2 eq. per kg Ni)

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70
60
50
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~4.5x
30
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Class I nickel Nickel sulphate Ferronickel (FeNi) Nickel Pig Iron (NPI)

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Source: Nickel Institute, Goldman Sachs Global Investment Research via ‘Nickel’s class divide’, April 2022.

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Chalice is actively growing its organisational capability
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Board of Directors

Management

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Derek La Ferla, Chairman

• Highly regarded ASX200 chair and company director with 30+ years experience as a corporate lawyer

• Chair of Poseidon Nickel and formerly Chair of Sandfire Resources

Alex Dorsch, Managing Director and Chief Executive Officer

• Diverse experience in consulting, engineering and corporate advisory in the energy and resources sectors

• Previously a Specialist consultant with McKinsey & Company

Morgan Ball, Non-Exec Director

• Chartered Accountant with 25+ years experience in the resources, logistics and finance industries

• Formerly CFO of Northern Star Resources and Saracen Mineral Holdings

Garret Dixon, Non-Exec Director

• 30+ years experience in resources and mining contracting sectors

• Formerly Executive VP Alcoa & President Bauxite

Stephen McIntosh, Non-Exec Director

• Highly regarded mining executive with 30+ years experience in exploration, major project studies and execution

• Formerly Group Executive and Head of Exploration & Development Projects at Rio Tinto

Linda Kenyon, Non-Exec Director

• Corporate lawyer and senior executive with 30+ years experience

• Formerly Company Secretary and member of Executive Leadership Team at Wesfarmers

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Richard Hacker, CFO

• Chartered Accountant with 20+ years experience in junior company financing, corporate and commercial management

• • Company CFO since 2006

Dr Kevin Frost, GM Discovery & Growth

• Co-recipient of AMEC’s Prospector of the Year Award in 2009 for the discovery of the Spotted Quoll nickel sulphide deposit in WA (Western Areas)

Bruce Kendall, GM Exploration

• Co-recipient of AMEC’s Prospector of the Year Award in 2012 for the discovery of the world-class Tropicana gold deposit in WA (AngloGold Ashanti)

Dr Soolim Carney, GM Environment and Community

• Environment, health and safety, indigenous affairs, govt relations and community specialist with 20+ years experience

• Former Regional Environment Manager for Alcoa Australia

Michael Elias, Study Manager – Julimar

• Study Director with 30+ years experience in mining sector

• • Specialist in study management, project development and management consulting

Chris MacKinnon, Business Development and Legal Manager

• 15 years experience as a corporate lawyer and finance advisor in the resources industry

Jamie Armes, Company Secretary

• Chartered Accountant with 20+ years experience within the accounting profession and administration of public listed companies in the mining and exploration industry

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Chalice is building a world-class
‘green metals’ portfolio in Australia
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Platinum and Palladium

Rare metals used in catalytic converters – a pollution control device which is in every petrol, diesel or hybrid vehicle. Palladium reduces greenhouse gas emissions from exhaust streams, including nitrogen oxides which are 300x more potent than CO2 as a greenhouse gas. These metals also have a future role to play in green hydrogen technologies.

Palladium market in deficit with supply dominated by Russia. Platinum supply dominated by South Africa.

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Nickel and Cobalt

Both nickel and cobalt are key materials required in batteries for electric vehicles (EV).

EV-driven nickel demand is forecast to increase 19x by 2040, and a lack of new nickel-sulphide discoveries worldwide in recent years has created a significant forecast supply shortage.

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Copper

Used extensively in the green energy industry including solar, hydro, nuclear, and geothermal energy, as well as EV and battery technologies.

The copper market is forecast to remain in deficit until 2026, again with a lack of new large-scale discoveries worldwide.

Source: Johnson Matthey PGM Market Report 2021; IEA “The Role of Critical World Energy Outlook Special Report Minerals in Clean Energy Transitions” March 2022; S&P Global Commodity Quarterly: Copper Q4 2021

24

Since our 2006 IPO, we have acquired quality assets, advanced projects quickly and generated exceptional returns

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2012 2020 Zara Gold Major PGE2022 Project in Eritrea NI-Cu-Co-Au 2006 sold for $100M 2016 discovery at ~ raised to $7.5M raised US$114M Cameron Julimar in IPO on ASX (pre-tax) 2018 progress to progress 2009 Gold Project Staked Project Julimar in Ontario Chalice & Zara Gold A$0.10ps / sold for Julimar 2021 studies Higginsville Project in ~ A$25M capital ~A$25M NickelGold spinEritrea Projects return to (pre-tax) Copper-PGE out into acquired for shareholders Project in Falcon ~A$7M Western Metals Ltd Australia (ASX: FAL) 2 0 0 6 2 0 0 8 2 0 1 0 2 0 1 2 2 0 1 4 2 0 1 6 2 0 1 8 2 0 2 0 2 0 2 2 2019 Quebec 2021 2017 2009-2011 Gold Tier-1 2007 ~A$43M Acquired East Projects maiden Cadillac Gold Chalice & raised sold to O3 Resource Higginsville to progress Project in Mining at Julimar Quebec and Projects sold Zara to DFS 2013 staked for ~A$12M Cameron Gold Pyramid Hill 2020 (pre-tax) Project in Gold Project ~$145M Ontario 2018 in Victoria raised to acquired for A$0.04ps / ~ progress ~A$8M A$10.6M Julimar capital return to shareholders 25

Interactive 3D Model & Video: Take a tour of our globally significant Julimar Ni-Cu-PGE Project in Western Australia

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https://inventum3d.com/c/chalicemining

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https://youtu.be/2oq3Y4Dfu4g

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Gonneville Mineral Resource Estimate (JORC Code 2012), 8 July 2022

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Domain Cut-off Grade	Category	Mass	Grade	Grade	Contained Metal	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	Indicated	8.6	1.9 - 0.06 - - -	- 1.9	0.52 - 0.02 - - -	- 0.54
	Inferred	0.4	1.9 - 0.13 - - -	- 2.0	0.03 - 0.00 - - -	- 0.03
	Subtotal	9.1	1.9 - 0.06 - - -	- 1.9	0.55 - 0.02 - - -	- 0.57
Sulphide (Transitional) 0.4% NiEq	Indicated	14	0.80 0.19 0.03 0.17 0.12 0.024	0.65 2.0	0.37 0.09 0.01 24 17 3	93 0.90
	Inferred	1.1	0.64 0.17 0.03 0.14 0.11 0.016	0.55 1.6	0.02 0.01 0 2 1 0	6 0.06
	Subtotal	15	0.79 0.19 0.03 0.16 0.12 0.023	0.65 1.9	0.39 0.09 0.01 25 18 4	99 0.96
Sulphide (Fresh) 0.4% NiEq	Indicated	220	0.73 0.16 0.03 0.16 0.10 0.016	0.59 1.8	5.1 1.1 0.20 360 230 34	1,300 12
	Inferred	110	0.71 0.15 0.03 0.16 0.11 0.015	0.58 1.7	2.4 0.52 0.10 170 110 16	610 5.9
	Subtotal	320	0.72 0.16 0.03 0.16 0.11 0.015	0.58 1.8	7.5 1.7 0.30 530 340 50	1,900 18
Underground MSO	Indicated	0.03	1.7 0.33 0.08 0.16 0.15 0.016	0.99 3.0	0 0 0 0.1 0.1 0.0	0.3 0
	Inferred	2.9	1.8 0.40 0.06 0.27 0.21 0.021	1.2 3.7	0.17 0.04 0.01 7.6 6.0 0.6	35 0.34
	Subtotal	2.9	1.8 0.40 0.06 0.26 0.21 0.021	1.2 3.7	0.17 0.04 0.01 7.6 6.1 0.6	35 0.34
All	Indicated	240	0.78 0.16 0.03 0.16 0.10 0.015	0.57 1.8	6.0 1.2 0.22 380 240 37	1,400 14
	Inferred	110	0.74 0.16 0.03 0.16 0.11 0.015	0.59 1.8	2.6 0.57 0.11 180 120 17	650 6.3
	Total	350	0.77 0.16 0.03 0.16 0.10 0.015	0.58 1.8	8.6 1.8 0.33 560 360 54	2,000 20

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 (%) + 0.33x Pd(g/t) + 0.24x Pt(g/t) + 0.29x Au(g/t) + 0.78x Cu(%) + 3.41x Co(%) PdEq sulphide (Palladium Equivalent g/t) = Pd (g/t) + 0.72x Pt(g/t) + 0.86x Au(g/t) + 2.99x Ni(%) + 2.33x Cu(%) + 10.18x Co(%) MSO optimisation defined reasonable shapes that could be extracted by underground mining methods. Includes drill holes drilled up to and including 18 March 2022.

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Higher-grade sulphide component of Gonneville Resource (in pit and underground), 8 July 2022

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Domain Cut-off Grade	Category	Mass	Grade	Grade	Grade	Contained Metal	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)
High-grade Sulphide (Transitional) 0.6% NiEq	Indicated	4.8	1.3 0.31 0.04 0.20 0.18 0.038	0.99 3.0	0.20 0.05 0.01 10 9 2		48 0.46
	Inferred	0.2	1.1 0.26 0.06 0.18 0.18 0.019	0.82 2.4	0.01 0.00 0.00 0 0 0		2 0.02
	Subtotal	5.1	1.3 0.30 0.05 0.20 0.18 0.037	0.98 3.0	0.21 0.05 0.01 10 9 2		50 0.48
High-grade Sulphide (Fresh) 0.6% NiEq	Indicated	52	1.3 0.29 0.06 0.21 0.19 0.019	0.94 2.8	2.2 0.49 0.11 110 99 10		490 4.8
	Inferred	22	1.3 0.29 0.08 0.21 0.23 0.018	0.98 2.9	0.94 0.20 0.05 46 52 4		220 2.1
	Subtotal	74	1.3 0.29 0.07 0.21 0.20 0.019	0.95 2.9	3.1 0.69 0.16 160 150 14		710 6.9
Underground MSO	Indicated	0.03	1.7 0.33 0.08 0.16 0.15 0.016	0.99 3.0	0 0 0 0.1 0.1 0.0		0.3 0
	Inferred	2.9	1.8 0.40 0.06 0.27 0.21 0.021	1.2 3.7	0.17 0.04 0.01 7.6 6.0 0.6		35 0.34
	Subtotal	2.9	1.8 0.40 0.06 0.26 0.21 0.021	1.2 3.7	0.17 0.04 0.01 7.6 6.1 0.6		35 0.34
All	Indicated	57	1.3 0.29 0.06 0.21 0.19 0.020	0.95 2.9	2.4 0.54 0.11 120 110 12		540 5.2
	Inferred	25	1.4 0.30 0.07 0.21 0.23 0.018	1.00 3.0	1.1 0.24 0.06 54 58 5		250 2.5
	Total	82	1.3 0.29 0.07 0.21 0.20 0.020	0.97 2.9	3.5 0.78 0.17 180 170 16		790 7.7

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. NiEq sulphide (Nickel Equivalent %) = Ni (%) + 0.33x Pd(g/t) + 0.24x Pt(g/t) + 0.29x Au(g/t) + 0.78x Cu(%) + 3.41x Co(%) PdEq sulphide (Palladium Equivalent g/t) = Pd (g/t) + 0.72x Pt(g/t) + 0.86x Au(g/t) + 2.99x Ni(%) + 2.33x Cu(%) + 10.18x Co(%) MSO optimisation defined reasonable shapes that could be extracted by underground mining methods. Includes drill holes drilled up to and including 18 March 2022.

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Flat grade-tonnage curve highlights the significant higher-grade component – providing the project with development optionality

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550 2.5
499
500
450 435 1.9
1.9 2.0
1.8
1.8
400 1.7
1.7
1.6
1.6
350 339 1.5
1.4
1.4 1.5
1.3
300 1.3
1.2
1.1
250 235 1.0
1.0
1.0
0.9
200
0.8
0.7
150 0.6
0.5 157
0.5
108
0.5
100 79
63
52
44
50 38 33 29 26 23 20 18 16 15 13 12 11 10
0 0.0
0.30 0.35 0.40 0.45 0.50 0.55 0.60 0.65 0.70 0.75 0.80 0.85 0.90 0.95 1.00 1.05 1.10 1.15 1.20 1.25 1.30 1.35 1.40
Cut-off Grade (NiEq%)
Tonnes NiEq % 29
Grade (NiEq %)
Mass (Mt)
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Metal equivalent assumptions of Gonneville Resource, 8 July 2022

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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 sulphide domains are calculated according to the formula below:

• « NiEq (%) = Ni (%) + 0.33x Pd(g/t) + 0.24x Pt(g/t) + 0.29x Au(g/t) + 0.78x Cu(%) + 3.41x Co(%);

• « PdEq (g/t) = Pd (g/t) + 0.72x Pt(g/t) + 0.86x Au(g/t) + 2.99x Ni(%) + 2.33x Cu(%) + 10.18x Co(%)

Metal recoveries used in the metal equivalent calculations are based on rounded average Resource grades for the higher-grade sulphide domain (>0.6% NiEq cutoff):

Pd – 70%, Pt – 70%, Au – 60%, Ni – 55%, Cu – 90%, Co – 55%.

Metal prices used are used are consistent with those used in the Whittle pit optimisation (based on long term consensus analyst estimates):

• « US$1,800/oz Pd, US$1,300/oz Pt, US$1,800/oz Au, US$22,00/t Ni, US$10,500/t Cu and US$75,000/t Co.

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 – 95%.

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

• « US$1,800/oz Pd, US$1,800/oz Au

For additional information on the assumptions used in the calculation of metal equivalents , refer to the ASX announcement titled “Updated Gonneville Mineral Resource” dated 8 July 2022.

Long term PGE demand forecast: supporting assumptions & calculations

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The long term PGE demand impact from the Hydrogen economy have been generated by Company analysis using assumptions and forecasts that have been informed by recent third party research. The assumptions used below relate to the year 2040. Note: There is the potential risk that these projections will not be achieved should the adoption of a hydrogen economy be less than expected or if major technological developments reduce the PGE loadings required for electrolysers and fuel cells.

Key Model Inputs (2040)

Technology	Input Unit Assumption PGE Demand Calculation
PEM electrolyser	Capacity GW 70 70 x 75% x 0.5 / 31.1(1) = ~ 0.8Moz Market share % 75 PGE loading g/kW 0.5
Light Vehicles	Light vehicle market million per annum 100 100 x 12% x 80 x 0.13 / 31.1(1) = ~4.0 Moz Light FCEV market share % 12 Light vehicle rating kW 80 PGE loading g/kW 0.13
Heavy Vehicles	Heavy vehicle market million per annum 7 7 x 40% x 250 x 0.13 / 31.1(1) = ~2.9 Moz Heavy FCEV market share % 40 Heavy vehicle rating kW 250 PGE loading g/kW 0.13

Source: ‘Provision of PGM market intelligence and long-term metal price forecasts’, SFA Oxford, April 2020 & 2021

• ‘Strategy Update’, AngloAmerican Platinum, 22 February 2021

• ‘Australian and Global Hydrogen Demand Growth Scenario Analysis’, Deloitte & COAG Energy Council, November 2019 ‘Fuelling the Future of Mobility’ Deloitte & Ballard, 2020

• ‘Committed to producing green metals’, Green Metals & Hydrogen Conference, Sibanye Stillwater, 26 Nov 2021

• (1) Calculations use a grams to ounce conversion ratio of 31.1.

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ABN 47 1 16 648 956

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www.chalicemining.com chalice-mining @ChaliceMining
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