• Hualilan Project deemed technically and economically viable for open pit mining.
• Probable Ore Reserve declared at 62.861 Mt at 0.75 g/t Au.
• Dual-stream processing approach adopted for flexibility and resilience.
• Conventional truck-and-shovel surface mine with contract mining model.

The Hualilan Project Pre-Feasibility Study (PFS) by Challenger Gold Ltd. concludes that the project is technically and economically viable for open pit mining. The study establishes a JORC-compliant Probable Ore Reserve of 62.861 Mt at 0.75 g/t Au, containing approximately 1.514 Moz Au, 7.728 Moz Ag, and 170 kt Zn. The reserve is based on Indicated Mineral Resources and is supported by pit design, production scheduling, metallurgical test work, and an economic model. The project will utilize a dual-stream processing approach, incorporating a 1.5 Mt/a Process Plant and an 8.0 Mt/a heap leach facility, allowing for ore routing based on value, metallurgy, and overall project economics. The study also confirms the need for further exploration and optimization to enhance project value.

Probable Ore Reserve of 62.861 Mt at 0.75 g/t Au

The project is positioned for further advancement, with a sound basis for moving to the Definitive Feasibility Study stage.