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Chalice Mining and Mitsubishi Corporation will work together to progress Chalice’s Gonneville nickel-copper-platinum group elements (PGE) project.

Under a non-binding memorandum of understanding (MoU), the two companies will collaborate on the ongoing pre-feasibility study (PFS) with the intention of forming a potential strategic partnership for the Western Australian project.

The MoU establishes a general framework for collaboration on technical, financing, marketing and offtake aspects of the project during the ongoing PFS.

Chalice is fully funded to complete the PFS, which is targeted for completion in mid 2025. Mitsubishi is considered a Tier 1 strategic partner for the project.

The MoU is non-exclusive and does not restrict Chalice from entering into any other transaction involving the project.

“Mitsubishi’s involvement in the Gonneville project follows extensive due diligence and discussions over the past 12 months and highlights the longer-term strategic nature and value of the project as a potential large-scale, long-life and low-carbon source of critical minerals for Western markets,” Chalice managing director and chief executive officer Alex Dorsch said.

“From the outset of the strategic process, Mitsubishi was always considered one of the most impressive and best suited strategic partners for the Gonneville project, based on its decades-long development, operational and trading track record.”

Mitsubishi is one of the leading natural resources investors in the mining industry, with significant long-term investments and joint ventures in Tier 1 assets globally.

“The project has the potential to become a large-scale, globally significant critical minerals asset, and its US IRA-qualifying suite of metals could have a strategic importance for Japan in the future,” Mitsubishi battery minerals office general manager Kota Ikenishi said.

“We are excited to work together with Chalice and leverage our complementary skillsets to advance the project as we explore the possibility of formalising a potential long-term partnership.”