Chalice sails through $2b market value

Chalice Mining was worth more than $2 billion today (Wednesday) after a share price surge by the market darling explorer this week which boosted the riches of its chairman Tim Goyder by nearly $28 million (reports The West Australian).
9th April 2021
Resources Rising Stars

Chalice Mining was worth more than $2 billion today (Wednesday) after a share price surge by the market darling explorer this week which boosted the riches of its chairman Tim Goyder by nearly $28 million (reports The West Australian).

Shares in the company stacked on 7.5 per cent on Tuesday and a further 5.8 per cent on Wednesday to an all-time closing high of $6.21, giving it a market capitalisation of nearly $2.15b.

WestBusiness understands the renewed interest in the stock stems from presentations by Mr Goyder and managing director Alex Dorsch to investors on the East Coast and in Europe.

The market is also said to be reacting belatedly to positive results from soil sampling and electromagnetic surveying two weeks ago at the company’s flagship Julimar project 70km north-east of Perth.

On March 25, Chalice reported new prospective conductors and nickel-copper soil anomalies from early-stage ground exploration at its 6.5km-long Hartog target, which lies immediately to the north of the company’s Gonneville discovery.

The Gonneville palladium/nickel/copper discovery was made in the company’s first hole at Julimar just over a year ago, with subsequent drilling firming up the find.

Shares in Chalice have been on a tear from less than 20¢ ever since.

The company’s airborne and ground surveying to the north of Gonneville has boosted hopes that the deposit could be merely the south-western tip of a belt-scale discovery that might extend over the company’s 26km-long Julimar landholding.

Chalice is continuing a seven-rig resource definition drilling program at Gonneville but will require further government approvals to drill in the State Forest to the north, where signs are pointing to further mineralisation.

The recent share price surge puts a value of $231m on Mr Goyder’s 11 per cent holding in Chalice.

The mining investor, who made about $225m from his investments last year, also holds an 18 per cent stake in Liontown Resources worth about $147m and a 19 per cent stake in Devex Resources worth $13.6m.

Mr Goyder is chairman of both companies, which hold ground to the north of Julimar and have also experienced strong share price growth over the past year. He also holds a 2 per cent stake in Perth Basin gas player Strike Energy worth $12m.

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