• Toll milling activities at Hualilan Gold Project advanced significantly, with mining outperforming expectations
• Stand-Alone Pre-Feasibility Study on track for Q1 2026 delivery
• Limited activity at El Guayabo Project, company exploring monetization options

Challenger Gold Ltd is pleased to present its quarterly activities report for the period ending 31 December 2025. The key highlights include significant progress on the Hualilan Gold Project in Argentina, where toll milling activities have advanced significantly during the quarter. Mining commenced on schedule on 1 December 2025, with total material mined during December reaching 175,229 tonnes, exceeding the forecast 146,316 tonnes. Mining productivity rates continue to outperform forecasts. The company also reports that the Stand-Alone Pre-Feasibility Study for Hualilan remains on track for delivery in Q1 2026, with the open pit mine design and production schedule completed, and the financial model and capital cost estimation nearing completion. At the El Guayabo Project in Ecuador, limited activity was undertaken during the quarter due to the focus on the Hualilan start-up, but the company continues to explore monetization options for the project.

Challenger Gold expects to begin processing at the Casposo plant 2-4 weeks after ore haulage commences, once the minimum parcel of 17,000 tonnes of ore required under the toll milling agreement is delivered. The company also reports that the Casposo plant continues to perform well, with average gold recoveries exceeding 90%.