Tim Goyder, Chalice Mining’s largest shareholder, says a slump in the critical minerals explorer’s share price is an overreaction by a market that wants “a bed of roses” and needs to “get real” about long-term value.

Chalice shares fell more than 25 per cent to $3.77 on Wednesday – the price has more than halved in four months – after investors were disappointed at the results of a long-awaited scoping study into its Gonneville project.