• GDM acquires 49% stake in Challenger Mines Pty Ltd, giving it 100% ownership
• ADG paid settlement sum of $134,288 to CMPL for joint venture expenses and property sale
• ADG entitled to 1% royalty on net smelter return of gold from CMPL mining tenements, capped at 125,000 ounces

Great Divide Mining Ltd (GDM) has completed the acquisition of Adelong Gold Limited's (ADG) 49% equity in Challenger Mines Pty Ltd (CMPL), giving GDM 100% ownership of the Challenger Mine in Adelong, NSW. The settlement included the sale of ADG's shares in CMPL to GDM in exchange for 10,000,000 GDM shares, payment of a $134,288 settlement sum by ADG to CMPL, and ADG retaining the proceeds from the sale of a non-core residential property in Adelong. Additionally, ADG is entitled to receive a capped royalty of 1% of the net smelter return on saleable gold produced from the CMPL mining tenements, up to 125,000 ounces. The incorporated CMPL joint venture has now been terminated, with GDM commencing a restructure of the development plans to suit a sole-funded and optimised operation. GDM is targeting initial cashflow from operations by the end of Q3FY26, with a focus on finalising the installation and commissioning of spirals and jig into the process plant, producing a demonstration concentrate, finalising approvals to enable recovery of mullock, and commencing technical studies to support a potential small open cut at the Challenger Extended deposit.

GDM is targeting initial cashflow from operations at the Challenger Gold Mine by the end of Q3FY26 as it focuses on finalising plant upgrades, producing a demonstration concentrate, and advancing technical studies to support potential open cut mining.