Quarterly Activities Report

• Appointment of new Chairman and COO subject to transaction completion
• Completion of $85 million capital raise
• Hualilan Pre-Feasibility Study highlights robust development opportunity
• Initial mining and processing activities provide valuable insights
• Withdrawal of El Guayabo Gold-Copper Project divestment pending review

Challenger Gold Ltd has reported its activities for the quarter ended 30 June 2026. Key highlights include the completion of the institutional portion of Tranche 2 of the $85 million capital raise, the appointment of Mr. Peter Marrone as Chairman and Mr. Yohann Bouchard as COO, and the completion of the Hualilan Pre-Feasibility Study (PFS). The PFS highlights Hualilan as a robust, large-scale, high-quality development opportunity with a production target of 1.84 Moz of AuEq across a life-of-mine (LOM) of 14.25 years. The PFS presents a compelling economic proposition, with a pre-tax NPV5 of US$1,450M and a post-tax NPV5 of US$1,01M. The Company remains focused on maximising the long-term value of Hualilán, including the advancement of the Phase 1 stand-alone heap leach operation. Initial smaller-scale mining and processing activities for toll milling are providing valuable insights to support the assessment of Hualilán as a larger-scale development.

Challenger Gold Ltd remains focused on maximising the long-term value of Hualilán, including the advancement of the Phase 1 stand-alone heap leach operation.