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2026-11-06
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Chalice Mining Limited

PFS Developer · Platinum Group Metals · Nickel · Copper · AU Rating locked: sign in to view v8.1 · chn-20261104t223133-full
Last 2026-11-06
A$1.06
1D
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1M
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YTD
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1Y
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Upside
Locked: sign in to view
Mkt cap
A$413.6M
EV
A$362.4M
Cash
A$44.7M
Debt
A$0
1 newer ASX announcement not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$44.7MFY2025 (actual): 70,829,000FY2026 (actual): 51,439,000 Finite
Debt A$0 Net cash A$44.7M
Basic shares 390.2M 2026-09-30
Runway 6.7 quarters cash A$44.7m at 30 Sept 2026 divided by the September quarter net burn of A$6.7m (operating plus investing), before any funding; funding must be secured before FID.

Liquidity

Financial position

Cash of A$44.7m plus listed investments of about A$8.2m covers roughly 7 quarters of current spending, including pre-FID study and approvals cost. It does not fund the A$1.66bn development capex; the funding package (ECA, sovereign debt, grants, byproduct streams, offtake-linked finance, strategic equity) is not yet committed. No borrowings; lease liabilities A$1.7m.

Capital structure

Ownership and dilution

Ordinary shares
390.2M
Fully diluted
398.1M

30 June 2026 count 389,499,731 (AR note 20) plus 662,808 shares issued to the employee trust on 7 July 2026 (AR note 28) and 355,675 performance-right exercises and 850 FY22-23 rights exercised later in the quarter, reaching 390,162,539 at 30 September 2026 (Sept quarterly p.20). Prior-year balance date 30 June 2025: 389,026,788 (AR note 20). Fully diluted count adds all performance and retention rights (7,942,116); options are excluded because all strikes exceed the valuation.

Security classes12
ClassTypeQuantityStrikeExpiry
Performance rights, FY2022-23 vested, unexercised (1,510) and retention rights vested (101,076)Performance Right102.6K——
Performance rights FY2024-25, measurement date 30 June 2027Performance Right3.2M—2027-06-30
Performance rights FY2025-26, vested, unexercisedPerformance Right307.1K——
Performance rights FY2025-26, measurement date 30 June 2028Performance Right1.2M—2028-06-30
Performance rights FY2026-27, measurement date 30 June 2027Performance Right1.5M—2027-06-30
Performance rights FY2026-27, measurement date 30 June 2029Performance Right1.7M—2029-06-30
Unlisted options, exercise A$2.05, expiring 28 October 2027Option600KA$2.052027-10-28
Unlisted options, exercise A$2.96, expiring 5 November 2028Option400KA$2.962028-11-05
Unlisted options, exercise A$1.72, expiring 13 May 2028Option250KA$1.722028-05-13
Unlisted options, exercise A$2.13, expiring 7 April 2029Option1.5MA$2.132029-04-07
Unlisted options, exercise A$2.60, expiring 26 August 2028Option4.4MA$2.62028-08-26
Unlisted options, exercise A$1.78, expiring 23 July 2029Option4.6MA$1.782029-07-23

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY2025 (actual)AFY2026 (actual)A
Profit and loss
Revenue (metal-level PFS offtake model at our deck)AUDm0.00.0
Net loss after tax (reported)AUDmFY2025 (actual): -24,214,000 AUDFY2026 (actual): -26,189,000 AUD(24.2)(26.2)
Cash flow
Operating cash flow (after tax)AUDmFY2025 (actual): -17,759,000 AUDFY2026 (actual): -21,221,000 AUD(17.8)(21.2)
Capex (investing)AUDmFY2025 (actual): 231,000 AUDFY2026 (actual): 88,000 AUD0.20.1
Free cash flowAUDmFY2025 (actual): -17,990,000 AUDFY2026 (actual): -21,309,000 AUD(18.0)(21.3)
Balance sheet
Cash and cash equivalents (30 June; FY2027-FY2028 before new funding)AUDmFY2025 (actual): 70,829,000 AUDFY2026 (actual): 51,439,000 AUD70.851.4
BorrowingsAUDm0.00.0
Net debt / (net cash)AUDmFY2025 (actual): -70,829,000 AUDFY2026 (actual): -51,439,000 AUD(70.8)(51.4)
Per share
Ordinary shares on issue (30 June)m sharesFY2025 (actual): 389,026,788 sharesFY2026 (actual): 389,499,731 shares389.0389.5
Basic loss per share (reported)AUD/shareFY2025 (actual): -0.06 AUD/shareFY2026 (actual): -0.07 AUD/share(0.06)(0.07)
Multiples and ratios
P / E (x, current market cap)xFY2025 (actual): -16.76 xFY2026 (actual): -15.49 x(16.8)(15.5)
FCF yield (current market cap)%FY2025 (actual): -0.04 fractionFY2026 (actual): -0.05 fraction-4.4%-5.3%
Company guidance3
MetricProjectPeriodLowHighStatus
First Production (Commencement Of Operations)gonneville20302,0302,030 yearCurrent
Stage 1 ThroughputgonnevilleYears 1-4 of operation55 MtpaCurrent
Stage 2 ThroughputgonnevilleYears 5-23 of operation1314 MtpaCurrent

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-09-30

Arrangements disclosed in the FY26 annual report and the September 2026 quarterly. No royalty, stream, offtake or joint-venture agreement is signed for Gonneville; byproduct stream, offtake-linked finance and strategic investment are under discussion and are not arrangements.

A$5m contingent payment to Chalice on commercial production at Nyanzaga; not in the Gonneville valuation except as a probability-weighted bridge item.

Other · Conditional
Counterparties
Perseus Mining Limited (Nyanzaga Gold Project, Tanzania)
Applies to
Company-wide · Gold
Economic direction
Benefit
Period
From 2025-01-01; no end date stated
Key terms
Contingent payment on commercial production: 5,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.