Chalice Mining (ASX:CHN) share price tanks 11% in 2 days

The Chalice Mining (ASX:CHN) share price has taken an 11% whack over the past two days. Here's some of the latest from the ASX miner.

| More on:
Sad looking miner holding his head down.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Chalice Mining Ltd (ASX: CHN) shares have tanked 6.25% at the time of writing to presently sit at $4.05.

Furthermore, since Wednesday's close, the Chalice share price has fallen by around 11%, significantly more than the 1.7% fall seen in the All Ordinaries Index (ASX: XAO) over the past two days.

Let's take a look at what the company has been up to.

Chalice Mining share price falls after latest presentation

On Monday, the Chalice Mining share price fell by nearly 4% after the miner released its latest investor presentation.

The ASX miner lists its Julimar site as Australia's first "major" palladium discovery.

Palladium is used to create catalytic converters that are said to be more environmentally friendly than other types of converters. In February 2020, palladium reached its record price of US$2,856 per ounce.

Chalice believes that the heavy transport industry and energy storage sectors are rapidly growing areas but future palladium demand will increase even more.

According to Chalice, the palladium market has been in deficit for nine consecutive years.

The presentation draws further attention to some of the company's gold operations and the Hawkstone nickel-copper project, noting that each of these areas has delivered compelling results.

What's ahead for Chalice?

Chalice Mining continues to progress the Julimar Project, specifically, the major PGE-NI- Cu-Co-Au discovery.

In 2020, the ASX miner raised approximately $130 million to move the Julimar Project forward.

The miner also highlighted in its presentation that it is building trust with the key stakeholders of the Julimar Project, including indigenous and local communities, landowners and government parties.

The company plans to continue progressing with building its team and maintaining a pipeline of discoveries. Chalice will also continue pursuing its other projects including the Pyramid Hill Gold Project, Hawkstone Nickel-Copper-Cobalt Project, South West Nickel-Copper-PGE Project, and Viking Gold Project, among others. 

Chalice Mining share price snapshot

Over the past year, the Chalice Mining share price has exploded more than 1,500% higher. Year to date, Chalice shares have fallen by around 6%.

The ASX miner has a market capitalisation of $1.5 billion and 341.8 million shares outstanding.

Motley Fool contributor Gretchen Kennedy has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News

Two happy excited friends in euphoria mood after winning in a bet with a smartphone in hand.
Share Gainers

Why 4DMedical, Gold Road, Syrah, and Tyro shares are racing higher today

These shares are starting the week strongly. But why?

Read more »

Rising gold share price represented by a green arrow on piles of gold block.
Gold

2 ASX gold stocks racing higher in Monday's sinking market

Investors are sending these ASX gold stocks flying higher on Monday. But why?

Read more »

Frustrated stock trader screaming while looking at mobile phone, symbolising a falling share price.
Share Fallers

Why Brainchip, Helia Group, Reliance Worldwide, and Westpac shares are dropping today

These shares are starting the week in the red. But why?

Read more »

Man looking upwards contemplating which shares to buy
Broker Notes

CSL shares have climbed 10% since 11 April. Is it too late to buy?

What are analysts saying about this biotech giant after its recent rally? Let's find out.

Read more »

Man with rocket wings which have flames coming out of them.
Share Gainers

Guess which ASX All Ords share just rocketed 19% on BIG news

Investors are sending this ASX All Ords share flying on Monday. But why?

Read more »

Man looking happy and excited as he looks at his mobile phone.
Opinions

Why I think this small ASX dividend share is a great buy today

This small business offers a lot of what I like for passive income.

Read more »

Miner looking at a tablet.
Mergers & Acquisitions

Gold Road shares surge 10% on $3.7 billion takeover offer

The ASX 200 gold stock is soaring after finding itself in the acquisition crosshairs.

Read more »

A head shot of legendary investor Warren Buffett speaking into a microphone at an event.
Share Market News

Warren Buffett to retire: A historic changing of the guard at Berkshire Hathaway

It is an end of era for investors with this big news.

Read more »