Chalice Mining has bolstered its executive and strategic capacity with the appointment of former Anglo American Chief Executive Mark Cutifani and technical director Tony O’Neill to its advisory board, signaling serious execution intent ahead of development decisions on its flagship Gonneville palladium-nickel-copper project in Western Australia. The company has also retained Odin Partnership as strategic advisor and Cutfield Freeman as debt advisors, assembling a heavyweight team to navigate the project toward financial close and production. The timing reflects both Chalice’s own advancement through feasibility studies and a rapidly improving macroeconomic backdrop for base and precious metals.
Commodity markets have turned sharply in Chalice’s favor. Palladium prices touched a three-year high of approximately US$2,160 per ounce in January 2026, while nickel is currently trading near two-year highs around US$19,500 per tonne. Beyond price strength, geopolitical conditions have shifted materially. The US introduction of a 133 percent tariff on Russian palladium, effectively restricting supply from Russia which accounts for approximately 40 percent of global supply, removes a structural overhang from the market. For a project targeting 220 kiloounces per annum of three-element precious metals alongside 7,000 tonnes of nickel and 8,000 tonnes of copper as co-products, this supply constraint represents a material tailwind.
Progress on the Gonneville project itself continues to advance across multiple fronts. The feasibility study commenced following completion of the pre-feasibility study in December 2025, with work progressing through geology, mining, processing and infrastructure workstreams. Geo-metallurgical testing has provided sufficient confidence in the process flowsheet and grade-recovery models, de-risking a critical component ahead of financier discussions. An eight-week continuous pilot of the full flowsheet is scheduled for the second half of 2026, representing the final validation step for both the feasibility study and eventual project financiers. Environmental assessment work continues, with submission of draft environmental review documents targeted for the fourth quarter.
Strategic funding conversations appear to be progressing constructively. Chalice reports strong interest from royalty and streaming companies, offtakers, credit agencies and commercial lenders. The company’s funding strategy is currently focused on byproduct stream monetization, offtake-linked finance, sovereign credit agencies and strategic investment. This optionality around financing structures and partners will be important as the company works toward a final investment decision.
For investors, the critical near-term catalysts center on pilot plant results in the second half of 2026 and environmental regulatory progression through to fourth quarter. Exploration activities are expanding across multiple jurisdictions, though the Gonneville project remains the primary value driver. This announcement is price sensitive and has been flagged as material by the ASX.
View the full ASX announcement (PDF)
About Chalice Mining Limited (ASX: CHN)
Chalice Mining Limited is an explorer and developer of precious and base metals, with a primary focus on its flagship Julimar project in Western Australia. The project contains platinum group elements, nickel, copper, cobalt, and gold resources. The company maintains additional exploration interests across Western Australia and the Northern Territory, positioning itself as a developer of green metals for the energy transition.
If you would like to discuss this announcement or how it might affect your portfolio, request a callback or call us on 1300 889 603.
