Commercial operations commenced at Challenger Gold Mine

• Commissioning activities at Challenger Gold Mine successfully completed
• Operation now transitioned to commercial production
• Targeting gold concentrate grades of 30 grams per tonne

Great Divide Mining Ltd (GDM) is pleased to announce that commissioning activities at its Challenger Gold Mine in Adelong, NSW, have been successfully completed, with the operation now transitioning to commercial production. The commissioning program has been supported by analytical laboratory testing of processed ore, confirming system performance and providing confidence in process optimisation and product quality. GDM has now transitioned from commissioning to steady-state operations, with ongoing processing of historic tailings material to continue. Based on commissioning outcomes, GDM is confident in the site's ability to consistently produce gold concentrate targeting grades of 30 grams per tonne. Preparations are underway for the shipment of the first gold concentrate, with dispatch scheduled in the coming days to an established refining partner. This milestone represents a significant step in the rapid recommissioning of the Challenger Mine, achieved within a compressed timeframe and without the need for large-scale capex or new mining activity. GDM's phased approach to recommissioning -- utilising existing infrastructure, processing historic tailings, and applying modern recovery techniques -- continues to underpin both operational performance and environmental outcomes.

Based on commissioning outcomes, GDM is confident in the site's ability to consistently produce gold concentrate targeting grades of 30 grams per tonne.