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    Chalice taps Cutifani’s Odin team: Gonneville project economics for mine planners

    April 14, 2026|

    Reviewed by Tom Sullivan

    Chalice taps Cutifani’s Odin team: Gonneville project economics for mine planners

    First reported on MINING.com

    30 Second Briefing

    Chalice Mining has hired Odin Partnership, led by former Anglo American chief executive Mark Cutifani with Tony O’Neill and ex–Bank of America metals head Omar Davis, to advise on advancing the 23-year Gonneville palladium-nickel-copper project 70 km northeast of Perth. Gonneville’s current resource stands at 17 Moz 3E plus 960,000 t nickel, 540,000 t copper and 96,000 t cobalt, with the December prefeasibility study outlining A$820 million initial capex for a 5 Mtpa start, expanding to 14 Mtpa via a planned A$840 million phase-two. The project is modelled to deliver 220,000 oz/y 3E and 7,000 t/y nickel at AISC of $370/oz 3E, with a post-tax NPV8 of A$1 billion, 23% pre-tax IRR and a 2.7-year payback, targeting FID in H1 2028 and first production in 2030.

    Technical Brief

    • Odin Partnership will run an independent technical and value-optimisation review of Gonneville’s development plan.
    • Review scope includes mine staging, plant configuration options and assessment of geological and processing upside.
    • Organisational capability will be benchmarked, with Odin helping recruit execution-focused board, executive and project personnel.
    • Odin will support negotiations with potential strategic partners and off-takers already assessing the asset.
    • Existing non-binding MoU with Mitsubishi provides additional technical and product marketing input into offtake strategy.
    • Global PGE and base metals networks of Cutifani, O’Neill and Davis are aimed at lifting exposure in Europe and North America.

    Our Take

    With an initial A$820 million capex and a planned lift from 5 Mtpa to 14 Mtpa by year five, Gonneville sits at the larger, capital-intensive end of the critical minerals projects in our database, which tends to favour operators that can secure tier-one technical partners and structured financing rather than pure equity raises.

    A 23-year mine life with cumulative pre-tax free cash flow estimated at A$4.7 billion and a post-tax NPV8 of about A$1 billion signals a relatively modest NPV-to-capex ratio compared with some shorter-life Australian base metals projects in our database, suggesting project optimisation and phasing choices will be closely scrutinised by lenders and potential strategic investors.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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