• Environmental Impact Assessment ('EIA') Amendment approved for the Hualilán Gold Project
• Amends the original EIA to enable the haulage of ore from Hualilan to Casposo for Toll Treatment
• Marks a significant milestone for the Hualilan Gold Project with final approval required to allow Toll Milling to commence

Challenger Gold Limited (ASX: CEL) has received approval of the Environmental Impact Assessment ('EIA') Amendment for its Hualilán Gold Project in San Juan Province, Argentina, through Resolution No. 688-MM-2024. The approval amends the original environmental approval received in November 2024 to allow for trucking of Hualilan ore to Casposo and toll treatment via the Casposo plant. This approval is the final government approval required to enable toll milling of Hualilan ore, with the Hualilan Gold Project now fully permitted for toll milling. The Company has executed a binding Agreement with Casposo Argentina Mining Limited to process a minimum of 450,000t of near surface Hualilan mineralised material over the next approximately 3 years. The Casposo Plant, located 165km from Hualilan, has historically produced over 323,000 ounces of gold and 13.2 million ounces of silver. The primary objective of the Toll Milling strategy is to capitalise on the current high gold price (above US$3,300/oz) to generate early cash flow, which will be allocated towards the construction of the larger standalone Hualilan Gold Project. The Company recently released a Pre-Feasibility Study for Toll Milling, demonstrating outstanding economics with EBITDA of US$142.8M and post-tax free cash flow of US$91.8M at current spot prices.

The Toll Milling plan is based on processing a minimum of 450,000t of near surface Hualilan mineralised material over the next approximately 3 years. At current spot prices of ~US$3,300/oz Au and US$33/oz Ag, the three-year toll-milling plan is expected to generate EBITDA of US$142.8M and post-tax free cash flow of US$91.8M.