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Chalice Mining (ASX: CHN) has undertaken a board refresh, appointing three experienced resources executives as it prepares to advance its flagship Gonneville critical minerals project in Western Australia towards a final investment decision (FID) in the first half of 2028.
The appointments bring additional expertise in project financing, development, approvals and stakeholder engagement at a critical stage for the company, which is seeking to unlock one of the largest undeveloped platinum group metals (PGM), nickel, copper and cobalt deposits in the Western world.
Former MMG and Woodside Petroleum chief financial officer Ross Carroll will succeed Derek La Ferla as independent non-executive chairman, while former senior Rio Tinto executive Gerard Rheinberger and sustainability specialist Dr Soolim Carney will join as non-executive directors.
The appointments will take effect following Chalice’s annual general meeting on November 20, subject to shareholder approval.
La Ferla will retire after five years as chairman, completing an extensive international board renewal process designed to position Chalice for Gonneville’s development and construction phases.
“Chalice is entering the most consequential phase in its history as we take Gonneville through the final stages of development studies, approvals and financing,” La Ferla said.
“Collectively, these appointments significantly strengthen the Board as we prepare for the key decisions required to finance and develop a project of Gonneville’s scale and strategic importance.”
Financing takes centre stage
For investors, Carroll’s appointment is particularly significant given the substantial capital requirements associated with bringing a major critical minerals project into production.
His experience across corporate finance, capital markets and major resources projects is expected to support Chalice as it develops a funding strategy for Gonneville.
Carroll identified securing investor support as a priority.
“In particular, I look forward to drawing on my previous transaction and capital markets experience to help secure the funding package and bring the investor support required to develop a project of this scale,” Carroll said.
Rheinberger brings major project delivery experience from Rio Tinto, while Carney contributes environmental, health, safety and community expertise, including direct knowledge of Gonneville from her previous executive role with Chalice.
The appointments follow Chalice’s engagement of Odin Partnership as strategic adviser earlier this year. Odin was founded by mining industry executives Mark Cutifani, Tony O’Neill and Omar Davis.
Together, the appointments indicate an increasing emphasis on the financing, approvals and execution capabilities required to move Gonneville beyond its study phase.
Gonneville’s investment proposition
Located in Western Australia, Gonneville contains approximately 17 million ounces of PGMs, 960,000 tonnes of nickel, 540,000 tonnes of copper and 96,000 tonnes of cobalt.
The project has received Strategic and Major Project Status from the Western Australian and Commonwealth governments.
A December 2025 pre-feasibility study outlined a 23-year open-pit operation generating an estimated $4.7 billion in pre-tax free cash flow, with a modelled payback period of 2.7 years.
Chalice estimates average all-in sustaining costs of $US370 per ounce of three-element PGMs, positioning Gonneville, according to the company, as a potentially highly competitive Western producer.
The study incorporates approximately half the existing mineral resource, leaving potential for future underground development.
However, challenging market conditions, particularly for nickel, have weighed heavily on Chalice’s valuation.
The company’s shares fell from $7.94 in April 2023 to $0.94 in February 2024. After recovering to approximately $2.48 earlier this year, they have since retreated to around $1.06, giving Chalice a market capitalisation of approximately $413.57 million.
Chalice finished FY26 with approximately $59 million in cash and listed investments and no debt, providing funding for ongoing development studies and critical-path activities.
The immediate investment focus now turns to how the refreshed board advances Gonneville’s financing strategy, approvals and remaining development studies ahead of the targeted 2028 FID.
For shareholders, the challenge is converting the project’s substantial resource base and favourable pre-feasibility economics into a financeable development proposition capable of progressing through changing commodity market conditions.
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