CHN chart, page-5374

Found some medium term research from the Bell Potter guys, they modelled looking at T1 and T2 pricing from last 12 months. T2 close to highs, but given we are looking at 2029, the relative forecast price performance may not be too fanciful. In an inflationary world prices for commodities outperform other assets in real terms, so the expectation would be that their real prices increase and easily pass their nominal 2022 levels.

$20!

GLTA Wazz

So what does all this mean for Chalice?

On the basis that product prices turn upwards as anticipated:-

• upon reaching Targets 1 for each of Palladium, Nickel and Copper, revenues would be essentially equal to the LoM estimates.
• Target 2 would give annual revenues 32% higher - US$342m (A$526m)

Would probably double Gonneville’s NPV for 30Mtpa from US$2,800m to over US$5,000m

CHN has 389m shares outstanding.

100% undiluted

NPV_6.5

• US$1,900m 15Mtpa at LoM prices US$4.88/share (A$7.50)
• US$2,800m 30Mtpa at LoM prices US$7.20 (A$11.08)
• US$5,000m 30Mtpa at Target 2 prices US$12.85 (A$19.77)

Chalice A$3.31

Ridiculous pricing of this remarkable company.

• Once prices reach Target 2 (mostly recent prices of past 12 months) the Gonneville Project would be worth >US$5,000m.

• • This is A$20/share undiluted.

• As this Scoping Study moves to Prefeasibility Study (mid 2025) numbers will be more accurate but resources are likely to be larger.
  • (Of course costs will be higher but so will product prices)
  • Deeper drilling at Gonneville is likely to have confirmed higher grade underground opportunities