Well-known Perth mining figure, Tim Goyder, has invested over $30 million to support Chalice Mining's (ASX:CHN)
share price. This investment comes after the share price suffered a significant downturn earlier this month due to investor dissatisfaction with the Scoping Study for the massive Gonneville renewable metals prospect in Western Australia.
The study, released on August 29, led to a 45% drop in Chalice's share price, plummeting from just over $5 on that day to just under $3 the following Monday.
A substantial shareholding notice issued on Tuesday morning revealed that Goyder had increased his stake in Chalice to more than 40.57 million shares, equivalent to 10.43% of the company. This marked a significant increase from his previous holding of 8.8% and 33.128 million shares in late 2022.
What this notice didn't fully convey were the details of this change. Between September 6 and Monday, Goyder invested $31 million to purchase 10.873 million Chalice shares, with his largest purchase being 4 million shares on September 6. On that day alone, he spent more than $19.3 million acquiring Chalice shares.
Goyder's substantial buying activity played a pivotal role in stabilising the company's shares, as many investors, predominantly speculators, began divesting themselves of the stock when they realised that the Gonneville project was poised to become an operational mine in the coming years, thus altering Chalice's status from a mining 'hot stock.'
Notably, Tim Goyder previously served as the chairman of Chalice but stepped down in 2021 to focus on other endeavors, including chairing Liontown Resources. Liontown Resources is currently the subject of a $6.6 billion takeover bid from Albemarle, a leading US lithium mining and processing company.
Gina Rinehart's Hancock Prospecting has also entered into the Liontown (ASX:LTR)
deal with a 7.72% stake and aims to potentially influence Albemarle's plans or pursue a joint venture.
Goyder holds a 15% stake in Liontown and stands to gain nearly $1 billion if Albemarle's offer materialises after the US company completes its due diligence in a month's time. Albemarle currently holds a 4.3% stake in Liontown and could potentially increase it to 19.9% by acquiring Goyder's stake.