Ann: September 2023 Quarterly Activities & Cashflow Report, page-5

Respectfully disagree. Focus is on ALL payable metals - Ni, Co, Pd, Pt, Au, Cu

Report says they are still working on metallurgy recoverables. It is only a SCOPING STUDY for goodness sake.

It is NOT the definitive and last word on the metals we can expect to produce and sell for.

It is so far into the future it is next to impossible to use today's prices in the SS. Market wants to price the SS using today's prices. Wrong!

Market is frequently wrong and all the naysayers have jumped on with glee and rubbing salt into the wound.

This is a WORLD CLASS deposit in a Tier-1 mining jurisdiction. Nothing like Gonneville anywhere else in the world.

Indonesia's challenge is that the nickel they sell is very dirty and very carbon intensive. Whereas Chalice's nickel is in class one category and very very economical to extract and process.

The mining cost for production of all six metals is in the 2nd quartile cost category. This is unbelievable. The PFS due in 2025 will confirm this.

My opinion only and not investment advice.