• Blast-hole drilling commenced on schedule on 1 November
• Mining contract executed with MAPAL Constructions and Mining S.A. for the Toll Milling phase
• MAPAL mobilisation completed, with mining preparatory works underway

Challenger Gold Ltd (ASX:CEL) has announced that its Argentine subsidiary, Golden Mining S.A., has entered into a 24-month mining services contract with MAPAL Constructions and Mining S.A. for the Toll Milling Phase of the Hualilan Gold Project in San Juan Province. The contract encompasses load and haul, auxiliary works, and run-of-mine (ROM) handling activities associated with approximately 3.37 million tonnes of material movement. Mobilisation to site commenced in late October 2025 and is now complete, with preparatory activities progressing through November 2025. Production mining activities remain on track to commence formally under the Mining Contract on 1 December 2025. The company has also executed a binding Agreement with Casposo Argentina Mining Limited to process a minimum of 450,000t of near surface Hualilan mineralised material over 3 years at the Casposo Plant located 165km from Hualilan. This Toll Milling strategy aims to generate early cash flow to be allocated towards the construction of the larger standalone Hualilan Gold project.

The Toll Milling Phase is a central component of Challenger's growth strategy, providing near-term cash flow, reducing capital intensity, and de-risking the development of the broader Hualilan Gold Project, one of Argentina's most advanced undeveloped gold assets.