Chalice Mining has announced a series of changes to maintain its strong financial footing amid the current metals price environment.
This includes reducing its board size, and cutting corporate overheads and project expenditures, enabling it to preserve its balance sheet as it progresses its Gonneville project.
The board will decrease from six to four members to better align Chalice with the necessary skill sets for executing its strategy. This will see non-executive directors Linda Kenyon and Jo Gaines step down on August 31.
Additionally, Chalice is taking steps to lower its monthly expenditure from approximately $2.4 million per month to $1 million per month over the next four months. These reductions coincide with the planned completion of key metallurgical testwork and environmental studies for Gonneville by the end of 2024, which are important for regulatory approvals.
Despite these cost-cutting measures, Chalice remains financially strong, with a healthy balance sheet with $111 million in cash and listed investments as of June 30.
The company is committed to continuing the Gonneville pre-feasibility study, which focuses on a staged, high-grade development scenario. Key activities include ongoing metallurgical test work, flowsheet development, and regulatory processes.
The 2024–25 financial year will see Chalice look to test high-priority targets across its extensive West Yilgarn licence area. Drill programs targeting new copper-gold and magmatic sulphide opportunities are scheduled to commence in the fourth quarter of 2024.
Located 70km north-east of Perth, Gonneville is considered one of Australia’s most significant discoveries in recent years, with the potential to host a suite of critical minerals including nickel, cobalt, copper, palladium and platinum.
Subscribe to Australian Mining and receive the latest news on product announcements, industry developments, commodities and more.
