The Chalice Mining Ltd (ASX: CHN) share price has returned to form on Tuesday.
At one stage today, the mineral exploration company's shares were up as much as 12% to $2.47.
In late trade, the company's shares have eased back but remain up almost 8% to $2.38.
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Why is the Chalice Mining share price jumping today?
Investors have been buying the company's shares today despite there being no news out of it.
However, it is worth noting that a number of beaten-down shares are rebounding strongly on Tuesday following an improvement in investor sentiment.
This has particularly been the case for mining and battery materials shares, which are having strong sessions.
For example, the likes of IGO Ltd (ASX: IGO) and Pilbara Minerals Ltd (ASX: PLS) are smashing the market on Tuesday.
And given how hard the Chalice Mining share price has fallen over the last six months, it isn't overly surprising to see it rise more than most.
That decline has been so severe that its shares are still down by approximately 70% since this time in April despite today's strong gain.
Should you invest?
One broker that sees a lot of value in the company's shares is Macquarie.
Last month, its analysts put an outperform rating and $3.50 price target on them. This implies a potential upside of 46% from current levels.
It believes the selloff that has ensued since the release of the Gonneville scoping study has been an overreaction.
