The company plans to commence drilling programmes in the fourth quarter of CY2024. Credit: Maksim Safaniuk /Shutterstock.

Chalice Mining has announced a reduction in its board size and a series of cost-cutting measures in response to the current downturn in metal prices.

The company aims to preserve its financial position while continuing to advance its Gonneville Platinum Group Element (PGE)-nickel-copper-cobalt project located on Chalice-owned farmland in Western Australia.

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Chalice has streamlined its board of directors from six to four members, with non-executive directors Linda Kenyon and Jo Gaines stepping down on 31 August 2024.

“The company extends its sincere thanks to Linda and Jo for their significant contributions over several years and wishes them the very best in the future,” the miner stated.

The company is also implementing targeted reductions in corporate overheads and project expenditures. Monthly expenditure rate is expected to decrease from A$2.4m ($1.61m) to A$1m before the end of 2024.

The reduction is in line with the completion of key activities such as metallurgical test work and environmental modelling for the Gonneville project by the end of calendar year (CY) 2024.

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As of 30 June 2024, Chalice reported A$111m in cash and listed investments.

The company set a targeted exploration budget for the financial year 2025, focusing on its extensive West Yilgarn licence area.

It plans to commence drilling programmes in the fourth quarter of CY2024 to explore new copper-gold and magmatic sulphide targets near the Gonneville project.

In July 2024, Chalice and Japan’s Mitsubishi signed a non-binding memorandum of understanding (MOU) to partner on the Gonneville project.