Chalice Defines New Copper-Rare Earth Target Near Goomalling

4 June 2026 | Western Australia - Chalice Mining has reported strong new exploration results from the Deep Blue copper-molybdenum-silver-rare earth element target, located near Goomalling in Western Australia’s Wheatbelt region.

The Deep Blue target sits within the Northam JV Project, where Chalice is earning up to a 70% interest. The target is located about 15km south-east of the Caravel Copper Project, which is at pre-feasibility stage and hosts a 3Mt contained copper resource.

Recent rock chip sampling and ground geophysics have upgraded Deep Blue into what Chalice describes as a compelling drill-ready greenfield target. The company has defined a coherent 2.5km-long copper-molybdenum-silver soil anomaly, with a peak soil assay of 890ppm copper, around 17 times background levels.

Two rock chip samples returned highly anomalous rare earth results, including:

• 15.5% TREO from sample CFR500
• 19.3% TREO from sample CFR501
• Associated copper values of 384ppm and 377ppm
• Strong rare earth values including neodymium, praseodymium, dysprosium, terbium, samarium, gadolinium and yttrium

Chalice said the rare earth assemblage is dominated by high-value magnet rare earths, including neodymium and praseodymium, as well as defence-critical rare earths including samarium, gadolinium and yttrium. The company also reported 847ppm copper from a laterite rock chip over the peak soil anomaly.

Why it matters: Deep Blue is significant because it combines copper, molybdenum, silver and rare earth potential in a largely concealed area with no previous drilling. Chalice said strong coincident magnetic and gravity anomalies indicate the possible presence of a large-scale hydrothermal system with skarn-style affinities extending over more than 2km.

The target area is mostly covered by agricultural soils, with limited outcrop. This means the source of the copper-rare earth anomalism remains unknown, but the combination of soil geochemistry, rock chip results, magnetic features and gravity anomalies has provided Chalice with a clear target for drilling.

Chalice said a recently completed ground gravity survey confirmed a series of density anomalies that line up with the soil and magnetic anomalies, supporting the interpretation of a 2km-plus scale hydrothermal mineral system.

The company is now moving toward an initial 10-hole reverse circulation drilling program, with land access secured and drilling expected to begin in the coming weeks, subject to regulatory approvals.

Chalice said it remains well funded, with approximately $63 million in cash and listed investments as at 31 March 2026.

For Western Australia’s exploration sector, Deep Blue adds another early-stage critical minerals target in an agricultural region that has seen increasing attention for copper and rare earth opportunities. The first drilling program will be an important test of whether the surface geochemical and geophysical signals translate into mineralisation at depth.

Source: Chalice Mining ASX announcement, “Exceptional copper-rare earth target defined at Deep Blue”, 4 June 2026.