Good presentation by the MD this morning. Less hyperbole and...

Good presentation by the MD this morning. Less hyperbole and more facts.

Alex said a MRE update will be out in around a months time.
Will contain an additional 200 drill holes.
~ 120 Infill and ~80 Step out.

There are 5 rigs working across the state forest, having completed 90 holes since gaining access in Jan 2022.

Finer grind size is required to improve recovery.
They need to do more Nickel test work.

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Sounds like the next update will be much the same as the previous MRE upgrade on 8/07/22 where they included an additional 245 holes prioritizing upgrading the resource into the Indicated category (From ~45% to 70%) with a small increase in resource size (~5%)

Its also good to see them looking into improving Ni recovery, Its been one of my major concerns. If you do a peer comparison, at 49%-55% it needs a lot of improvement, but will it come at the cost of other payable metals?



Finally, on page 29 of the presentation they used metal prices of:
US1 800 /oz Pd, US 1 300 /oz Pt, US 1 800 /oz Au, US 22 000 /t Ni, US 10 500 /t Cu and US 75 000 /t Co for their calculations.

These figures were taken from S&P Global Market Intelligence (typically for 2025) in the previous MRE in July 2022.

In December 2022, S&P Global Market Intelligence revised their price assumptions. It will be interesting to see which figures Chalice use in the upcoming MRE for their calculations. I'll let you do the math.



Overall pleased with the presentation. The words years & decades are being used more frequently over unrealistic promises for short term SP sugar hits.

This will be a good investment if they can unlock the Ni recovery puzzle and when the overall market finds a floor. Still going to be very volatile for some time.