Challenger Gold (CEL) investor relations material

Executive summary

• Completed institutional portion of $85M capital raise; remaining balance to settle early next week.

• Released Hualilan standalone Pre-feasibility Study (PFS), confirming robust, large-scale, high-quality development potential.

• Appointed Peter Marrone as Chairman and Yohann Bouchard as COO, with Bouchard to serve as interim CEO following Kris Knauer's retirement.

• Initial toll milling and smaller-scale mining provided valuable data for larger-scale project assessment.

Financial highlights

• Cash and cash equivalents at quarter end: $20.0M, prior to $61.9M from Tranche 2 of capital raise.

• Expenditure during the quarter totaled $22.9M, including $2.3M in one-off costs for drilling, mobilisation, PFS completion, and accommodation.

• Administration and corporate costs: $1.4M, up from $1.0M last quarter due to transaction and capital raise costs.

• Exploration and development expenditure: $2.6M, down from $3.1M in the previous quarter.

Outlook and guidance

• Focus remains on maximizing long-term value of Hualilan, advancing Phase 1 heap leach operation, and refining PFS for resource conversion.

• Ongoing review and update of toll milling block model and cost structure; updated assessment expected next quarter.

• Exploration strategy for El Guayabo and Colorado V projects under review by new management.