• A$85 million funding support secured for Hualilán
• New leadership team appointed to guide development
• Transitioning from toll treatment to integrated mining and processing
• 35,000-metre drilling campaign underway to test mineralisation
• Targeting construction start in 2027 and production in early 2029

Challenger Gold Limited (ASX: CEL) has reinforced the strategic rationale for advancing its Hualilán Gold Project in Argentina, following an operational review. The review confirmed Hualilán as a robust gold development asset with a 14.25-year life-of-mine production target of 1.84 million ounces of gold equivalent (AuEq), averaging 135,000 ounces AuEq per annum post-start-up. The Company has secured A$85 million in funding, including support from institutional shareholders and new global mining investors. A new leadership team has been appointed to guide the project through feasibility, permitting, financing, and construction readiness. Challenger is transitioning from a toll treatment model to an integrated mining and processing operation to improve ore routing flexibility and reduce operational risk. An initial 35,000-metre diamond drilling campaign is underway to test extensions of known mineralisation and support Mineral Resource conversion. The Company is targeting construction commencement in 2027 and production start in early 2029.

1.84Moz AuEq production target over 14.25 years, A$85 million funding secured

Challenger Gold aims to maximize cashflow through the current operational transition, accelerate development workstreams, and align near-term decisions with the larger PFS value case.