The Chalice Mining Ltd (ASX: CHN) share price won't be going anywhere on Tuesday.
This comes as the company requested that its shares be placed in a trading halt.
At the time of writing, the mineral exploration company's shares are frozen at $6.67 apiece. It's worth noting that Chalice shares have gained more than 22% in value over the past week.
Why is the Chalice share price halted?
Prior to the market opening, the company requested the Chalice share price be halted while it prepares an announcement.
According to the release, the company is planning to make an announcement regarding a proposed capital raising.
Chalice has requested that the trading halt remain in place until Thursday 26 May or following the release of the announcement, whichever comes first.
Julimar exploration access update
While details remain unknown about the company's latest equity raise, we take a look at its flagship Julimar Project.
Located 70 kilometres north-east from Perth in Western Australia, the Julimar Project is a rich PGE-Ni-Cu target. Chalice controls 100% of a 2,000 square kilometre exploration licence prospective in the Avon Region.
PGE-Ni-Cu stands for a number of different minerals. The first, platinum group elements (PGE) consist of palladium (Pd), iridium (Ir), osmium (Os), rhodium (Rh) and ruthenium (Ru). Next on the list is nickel (Ni), and then copper (Cu).
Last week, the company advised that it received approvals to conduct a planned low-impact exploration drilling at the Hartog-Dampier targets.
The drill program is designed to provide an initial test of the potential for green metals (PGE-Ni-Cu) in the area.
These metals are very rare and are critical for decarbonising the global economy and addressing climate change through technologies such as renewables, electric vehicles, energy storage systems and green hydrogen.
About the Chalice share price
Since this time last year, Chalice shares have travelled south to register a loss of around 14%.
In 2022, the company's shares have fallen further on the back of weakened investor sentiment, down 30%.
In contrast, the S&P/ASX 300 Metals and Mining (ASX: XMM) sector is up 6% year to date.
Based on valuation grounds, Chalice has a market capitalisation of roughly $2.42 billion, with approximately 355.02 million shares outstanding.
