Hualilan Toll Milling Drilling and Explosives Contracts

• Contract signed with ORICA for blasting products and services
• Contract signed with THOR S.A. for blasthole drilling services
• Casposo Toll Milling plant refurbishment and commissioning completed

Challenger Gold Limited (ASX:CEL) has executed a contract with global explosives leader ORICA for the provision of blasting products and on-site blasting services to support the Hualilan Toll Milling Phase. The company has also signed a 24-month drilling services contract with THOR S.A. for blasthole drilling activities. These agreements support the Toll Milling Phase of the flagship Hualilan Gold Project, located in San Juan Province, Argentina. The THOR contract covers drilling for blasting and ore control across approximately 3.2 million tonnes of ore and waste material. Mobilization is scheduled for late October 2025, with full drill-and-blast operations to follow shortly thereafter. The ORICA agreement covers the supply of bulk explosives, initiating systems, and blasting services from 2025 to 2028, awarded after a competitive tender. Challenger's decision to engage specialized local contractors for the Toll Milling Phase forms part of its risk-mitigation strategy, leveraging THOR's and ORICA's established local workforce and technical capability to ensure a smooth operational start-up and consistent production performance. Additionally, the refurbishment of the Casposo Plant has been successfully completed, including the commissioning phase, marking a key milestone as Challenger advances toward first gold production.