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The company will replace service provider Orica as part of S&P Dow Jones Indices' quarterly rebalance of the ASX 200.
Northern Star completed a merger with Saracen Mineral Holdings in February to become Australia's second-largest gold producer by market capitalisation.
The gold miner is now valued at A$13.4 billion.
Despite being a pre-resource explorer, the success of Chalice Mining will see it join the ASX 200.
Shares in Chalice went from less than 20c in March last year to as much as $9 due to its Julimar nickel-copper-palladium-platinum discovery just outside Perth.
At Friday's closing price of $8.81, Chalice was capitalised at $3.05 billion for a 918% return over 12 months.
Orocobre will return to the ASX 200 after its shares made a strong comeback.
The lithium miner first joined the index in September 2016, but was removed in September 2020 as lithium prices bottomed.
The company recently announced a merger with another former ASX 200 member, Galaxy Resources, with the combined entity expected to be a contender for addition to the index.
Chalice and Orocobre replace Perenti Global and Resolute Mining.
Perenti shares are down 50% since the start of the year due to a guidance downgrade caused by pandemic-associated labour shortages.
Resolute is down about 30% after a US$105 million deal to sell its Bibiani gold mine in Ghana fell through.
