• Toll Milling plant commissioned, first processing of Hualilan material expected in January 2026
• Blasting and production drilling contracts signed, all required permits obtained
• Pre-Feasibility Study on track for Q1 2026 release, Enterprise Optimization Study completed
• $30 million placement to fund ramp-up, additional drilling, and standalone development

Challenger Gold Limited made considerable progress towards initial gold production from Toll Milling at its Hualilan Gold Project in Argentina during the quarter. The Casposo Toll Milling plant refurbishment and commissioning is now complete, with the plant currently processing lower-grade Casposo stockpiles. First processing of Hualilan material through the Casposo mill is now programmed for January 2026. The company has signed contracts with global explosives leader ORICA for blasting products and services, as well as a 24-month drilling services contract with THOR S.A. for blasthole drilling activities. All required permits, including the blasting permit and the Environmental Impact Assessment amendment, have now been obtained, fully enabling the Toll Milling phase. The standalone Pre-Feasibility Study for the Hualilan project remains on track for delivery during Q1 2026. During the quarter, Whittle Consulting completed an Enterprise Optimization Study that tested numerous mining and processing scenario combinations, with the final case significantly improving the PFS base case NPV. The company also completed a $30 million institutional placement to fund the ramp-up of Toll Milling, additional drilling to support the standalone Life of Mine development, and other preparatory work for the standalone development of Hualilan.

The company expects to commence first gold production from Toll Milling at the Hualilan Gold Project in January 2026. The standalone Pre-Feasibility Study for the Hualilan project is on track for delivery during Q1 2026.

Challenger Gold is focused on advancing the Hualilan Gold Project through the Toll Milling phase and completing the standalone Pre-Feasibility Study. The company is also preparing for the standalone development of the Hualilan project, with the proceeds from the recent $30 million placement to be used for this purpose.