Chalice Mining Conference Summary Company Overview - **Company**: Chalice Mining (OTCPK:CGML.F) - **Focus**: Discovery of a large-scale palladium, nickel, and copper resource near Perth, Australia, with significant quantities of gold, platinum, and cobalt [1][2] Key Financial Metrics - **Market Capitalization**: Approximately AUD 700 million [5] - **Cash and Investments**: AUD 71 million, funding the project to Final Investment Decision (FID) in early 2028 [3] - **Net Present Value (NPV)**: AUD 1.4 billion at base case prices, increasing by AUD 250 million for every $100 increase in palladium price [2][12] - **Internal Rate of Return (IRR)**: 23% at base case prices, currently around 38% at spot prices [7][12] - **Production Profile**: Expected to produce 220,000 ounces of precious metals and 16,000 tonnes of base metals annually, with a palladium equivalent of about 450,000 ounces [6] Project Development - **Mine Life**: Initial 23 years with potential for further resource extraction [6] - **Production Costs**: All-in sustaining cost of $370 per ounce, making it the lowest cost producer in the PGM space [7][19] - **Resource Size**: 660 million tonnes in an open pit, with 17 million ounces of contained PGMs [7][8] - **Reserve Conversion**: Approximately half of the resource is in proven and probable reserves [8] Market Dynamics - **Palladium Demand**: Strong demand driven by hybrid vehicle sales and electronics applications, with a significant market size of 9 million ounces per year [16][18] - **Geopolitical Factors**: U.S. tariffs on Russian palladium are expected to drive prices higher, as there are limited alternative sources [14][15] - **Supply Constraints**: South African and Russian producers are struggling to maintain production, leading to a potential supply crunch [19] Exploration and Future Opportunities - **Exploration Investment**: AUD 5-10 million allocated for grassroots exploration in the least explored western part of Yilgarn [3] - **Government Support**: Major and strategic project status from the government, with encouragement to expand the project [9] - **Funding Opportunities**: Anticipated low-cost financing and interest from export credit agencies for project funding [24] Metallurgical Advances - **Flow Sheet Development**: Successful development of a proven flow sheet for nickel and copper concentrates, overcoming previous challenges [21][22] - **Metallurgical Testing**: AUD 15 million spent on metallurgical test work, resulting in improved recovery rates [21] Conclusion - **Investment Opportunity**: Chalice Mining presents a compelling investment opportunity with significant upside potential as it approaches production, especially given the current undervaluation relative to spot NPV [4][12][25]

The abrdn Physical Palladium Shares ETF (NYSEARCA: PALL ), which is sponsored by the UK-based- ‘ aberdeen group’ , is a $560M-sized product (by AUM), that is widely seen as the go-to vehicle for retail investors looking toAnalyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (oth ...