Chalice Mining's Gonneville project advances as palladium prices recover

Chalice Mining Limited concluded the September 2025 quarter with approximately $76.4m in cash and listed investments and no debt. The company is fully funded through to a targeted final investment decision for the Gonneville Project in late CY27. Palladium prices continued an upward trend, reaching a two-year high of more than $1,600/oz in October 2025.

The pre-feasibility study (PFS) for the Gonneville Project is on track for completion in November 2025. Key aspects finalised include a long-life bulk open-pit mine with a simple concentrator-leach process plant, staged with lower throughput for the first four years and subsequent expansion. Metallurgical testwork has finalised a product mix including two smelter-grade concentrates, iron concentrate, and a Pd-Pt-Au doré, with offtake assumptions based on indicative terms received.

The company invested ~$5.2m in pre-development activities during the quarter, with total operating cash outflows of ~$5.9m. Regulatory approvals are progressing, with draft environmental review documents (ERDs) scheduled for submission in mid-CY26. Exploration activities included first-pass aircore drilling at the Klein Target and initial RC drilling planned for the Warspite and Schrodinger Targets.