Chalice Mining released a scoping study conducted at its 100%-owned Gonneville Ni-Cu-PGE project, located in the Julimar intrusive complex in Western Australia. The study incorporates two open pit scenarios of 15Mtpa and 30Mtpa throughput, with an after-tax NPV of A$2.8B and A$4.2B and initial capex of ~A$1.6B and ~A$2.3B, respectively, at an after-tax IRR of 26%, short payback period of ~2 years and a mine life of ~18-19 years. A low strip ratio of 1.8x translates into low 2nd-quartile cash costs. While relatively high Pd, Ni, and Cu price assumptions pose a risk to the economic viability of the project, we note that these assumptions are based on the longer-term price forecasts targeting a production start in 2029. Overall, the preliminary study demonstrates a large-scale operation with a lot of exploration upside potential. Gonneville is one of the largest undeveloped Ni-PGE deposits in the world, hosting ~3Mt NiEq or ~30M oz PdEq. The current resource covers <10% of the Julimar intrusive complex, and recent drilling has identified high grades at depth beyond the resource boundary, which we believe can provide underground mining options in future studies. Chalice has earmarked A$50M for additional exploration and the PFS, which is planned for mid-2025. It is looking for a JV partner to develop this project and has received interest from several automakers, battery manufacturers and large miners.