Completion of Hualilan Pre-Feasibility Study

• NPV of US$1.45bn (pre-tax) and LOM production of 1.8Moz AuEq
• Low upfront capital with Capex of US$232M
• Projected production of 135koz AuEq per annum after initial startup phase
• Significant social impact with 900 new jobs and US$287M provincial royalties
• Fully permitted with approved EIA in San Juan Province, Argentina

Challenger Gold Ltd. has completed the Pre-Feasibility Study (PFS) for its Hualilan Gold Project in San Juan, Argentina, highlighting a NPV of US$1.45bn (pre-tax) and 1.8Moz AuEq production over a 14.25-year life-of-mine (LOM). The project features a low upfront capital requirement with a Capex of US$232M, including US$203M for the project and US$64M for pre-production mining costs. The project is expected to produce 135koz AuEq per annum after an initial startup phase of two years. The PFS also highlights significant social benefits, including the creation of 900 jobs and provincial royalties of US$287M. The project is fully permitted with an approved Environmental Impact Assessment (EIA) in San Juan Province.

NPV of US$1.45bn (pre-tax) and LOM production of 1.8Moz AuEq

Challenger Gold is optimistic about the project's future, with potential for further optimization and expansion opportunities identified in the PFS.