Mayank Bansal, CFA
Mayank Bansal is a CFA Charterholder and heads the Equity Research team at Kapitales Research, with over 5 years of experience analysing global equity markets. He leads fundamental, data-driven research combining rigorous financial analysis with macro trends.
Chalice Mining Keeps Gonneville Development on Course, With Feasibility Study Due in Q3 CY27
Highlights:
Chalice Reports Steady Progress at Gonneville
Chalice Mining Limited (ASX: CHN) gave an update on its development and exploration activities in its September 2026 Quarterly Activities Report, published on 27 October 2026. The report covered progress at the flagship Gonneville Palladium-Nickel-Copper-Cobalt Project in Western Australia, as well as continuing funding talks, environmental approval work and exploration programs.
Chalice is still aiming to wrap up the Gonneville FS in the third quarter of calendar 2027. Technical studies, engineering and project financing work are all being advanced so the project can be positioned for a possible Final Investment Decision (FID) in the first half of 2028.
Pilot Plant and Engineering Work Under Way
The next major milestone is an eight-week continuous pilot plant campaign beginning in November 2026. It will run five tonnes of ore that reflects the first three years of planned plant feed, with the aim of confirming the project’s processing flowsheet. Pilot results are due in the first quarter of 2027. Chalice also said testwork had shown that the palladium-platinum-gold-nickel elution step could be simplified.
Engineering work is due to begin in November. The company does not expect any significant changes to the current two-stage open-pit plan, the projected processing rate of 5–14 million tonnes per annum, or to project costs and timing. Submissions of the Environmental Review Document and Public Environment Report to Western Australian and Commonwealth regulators are still planned for the December quarter of 2026. Chalice added that an independent review led by Dr Tom Hatton, a former WA EPA Chair, backed both its approvals strategy and its intended development schedule.
Financing Talks and Exploration Update
Chalice is continuing to speak with prospective financiers, offtake counterparties and strategic investors. It plans to cover 60–70% of pre-production capital needs through export credit agencies, sovereign debt or grants, while the balance could come from byproduct sales, financing tied to offtake agreements and strategic equity. The company noted considerable appetite for its copper concentrate given tight market conditions, and said interest in its nickel concentrate was underpinned by limited sulphur supply.
On the exploration front, Chalice finished a 16-hole reverse circulation drill program at the Warrego North Copper-Gold Project in the Northern Territory, with assay results still to come. At the Deep Blue prospect, part of the Goomalling Copper Project in Western Australia, drilling intersected copper-silver-gold mineralisation over roughly 1.2 kilometres of strike. Additional soil sampling, geophysics and drilling are planned.
Cash Balance and Next Steps
As at 30 September 2026, Chalice held AU$44.7 million in cash plus AU$8.2 million in listed investments, totalling around AU$53 million. It also anticipates a contingent AU$5 million payment once commercial production starts at the Nyanzaga Gold Project in Tanzania, where first production is forecast for early 2027. Looking ahead, Chalice is targeting FS completion in Q3 CY27, funding and key environmental approvals in H1 CY28, and first production at Gonneville in early 2030, subject to project milestones and regulatory approvals.
Note: All data presented is based on information available at the time of writing.
Disclaimer for Kapitales Research
The materials provided by Kapitales Research, including articles, news, data, reports, opinions, images, charts, and videos ("Content"), are intended for personal, non-commercial use only. The primary goal of this Content is to educate and inform readers. This Content is not meant to offer financial advice, nor does it include any recommendation or opinion that should be relied upon for making financial decisions. Certain Content on this platform may be sponsored or unsponsored, but it does not serve as a solicitation or endorsement to buy, sell, or hold any securities, nor does it encourage any specific investment activities. Kapitales Research is not authorized to provide investment advice, and we strongly advise users to seek guidance from a qualified financial professional, such as a financial advisor or stockbroker, before making any investment choices. Kapitales Research disclaims all liability for any direct, indirect, incidental, or consequential damages arising from the use of the Content, which is provided without any warranties. The opinions expressed by contributors or guests are their own and do not necessarily reflect the views of Kapitales Research. Media such as images or music used on this platform are either owned by Kapitales Research, sourced through paid subscriptions, or believed to be in the public domain. We have made reasonable efforts to credit sources where appropriate. Kapitales Research does not claim ownership of any third-party media unless explicitly stated otherwise.
Customer Notice:
Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.Disclosure: The information mentioned above has been sourced from the company reports and a third-party database, i.e. Koyfin. Investors are advised to use strict stop-loss to protect their investments in case of any unfavorable/uncertain market events.
Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com.au