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.

Gretchen Kennedy

Gretchen grew up in a small Connecticut town where she learned to read The Wall Street Journal as part of the grade six enrichment program. She moved to Australia in 2002, earned a Master of Arts (Professional Writing) and went on to spend eight years writing on Wall Street. In June 2018, Gretchen returned to Australia and has since developed a keen interest in all things ASX. In December 2020, she started writing for the Motley Fool. Gretchen's usually writing something, reading a book or chasing her dogs around.

Published March 5, 2021 3:43 pm AEDT

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.

Sad looking miner holding his head down. — Image source: Getty Images

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.

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