Chalice Mining Ltd (ASX: CHN) shares are having a strong session on Thursday.

At the time of writing, the ASX mining stock is up 8% to $1.73.

Why is this ASX mining stock jumping?

Investors have been bidding this mineral exploration company's shares higher today after it released an update on its Gonneville PGE-Ni-Cu-Co Project in Western Australia.

According to the release, the ASX mining stock's environmental approvals and pre-feasibility study (PFS) for Gonneville are progressing to plan.

The PFS is on track for completion in the fourth quarter of 2025, and draft environmental review documents (ERDs) are scheduled for submission in mid-2026.

In respect to the latter, management advised that the project development scope and conceptual site layout has been finalised for the ERDs. It is planning a long life bulk open-pit mine with an initial smaller process throughput for the first four years and a subsequent expansion from year five.

The good news is that the ASX mining stock had cash and listed investments of $83 million at 31 March 2025. It notes that this means that it is fully funded through to the Gonneville Final Investment Decision (FID), which is targeted for late 2027.

But that doesn't mean that the company isn't keeping its options opened for funding. It continues to engage with the Western Australian and Commonwealth Governments around potential common user infrastructure options and funding support.

Should you invest?

The team at Bell Potter remains positive on this ASX mining stock. Although it hasn't yet responded to this update, its analysts recently put a speculative buy rating and $5.75 price target on its shares. This is over 200% greater than its current share price.

Commenting on the stock, the broker said:

CHN's Gonneville project continues to offer exposure to a globally significant, critical minerals PGE-Ni-Cu-Co Project in a Tier 1 jurisdiction. It has designation at both State and Federal levels as a Major Project, conferring dedicated co-ordination and support for the project through statutory approvals processes.

CHN is sufficiently funded to complete its PFS by end CY25 and lay out a clear case for the project's value to the market ahead of any potential transaction via its strategic MOU with Mitsubishi Corporation. We make no changes to our valuation with this update and retain our Speculative Buy recommendation and Valuation of $5.75/sh.

Overall, this could make the mining stock a good pick if you have a high tolerance for risk and want exposure to this side of the market.