M&A

Chalice land buys cover Julimar

Company readying for future development

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Chalice will pay A$11.25 million in cash and issue 1.03 million shares, worth about $6.6 million at Friday's closing price.

The four properties cover a combined area of about 723 hectares.

The purchases come after Chalice picked three properties in November for nearly $15 million in cash and shares.

The company has now acquired a total of 1668 hectares, or 17sq.km, of private land, covering all of the current known mineralisation at the Gonneville Intrusion.

Chalice had been drilling on operating farms under land access and compensation agreements.

The company is working towards a maiden resource by mid-year, which is hotly anticipated.

Chalice shares hit a fresh all-time high of $6.66 intraday last week and were up 2.6% to $6.58 this morning, valuing the company at $2.3 billion.

The company is Macquarie's preferred base metal exploration pick with an outperform rating and $5.50 price target.

Bell Potter Securities has a speculative buy rating and $6.35 price target.

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