Challenger Gold (CEL) investor relations material

Project portfolio and exploration

• Hualilán in Argentina is the flagship, fully permitted, and advanced from exploration to execution after a PFS in May 2026, with a 14.25-year mine life and production averaging 135 koz/year after year 2.

• El Guayabo in Ecuador holds 9.1 million AuEq ounces, with 6.9 million attributable, and strong exploration potential remains open at depth and on strike.

• Located near a major project sold for AUD 650 million, El Guayabo's exploration plan is being developed, with updates expected next year.

• Exploration and reserve growth targeted through a 35,000m drilling campaign, aiming to expand resources, convert to reserves, and optimize the mine plan.

Development strategy and operational plans

• Hualilán will start with heap leach operations in 2029, followed by a flotation circuit, targeting a 14-year mine life.

• Staged CapEx allows initial heap leach build in two years, with flotation funded from cash flow, reducing operational risk.

• Bulk open pit mining and conventional methods are planned, with a 1.5 million ton/year flotation circuit.

• Staged, capital-efficient development with initial capex of $267M ($232M excluding contingency), leveraging existing infrastructure and government support.

• Multiple opportunities identified to enhance project value, including increased throughput, higher recovery rates, and third-party financing for infrastructure.

Financials and value creation

• Hualilán's feasibility study includes RIGI system benefits, adding $185 million to NPV; total CapEx is $267 million, with $48 million for a third-party-built power line.

• Project NPV is $1.1 billion at $3,500/oz gold and $1.8 billion at $4,500/oz, with a 35% return and payback in 1.25–2.25 years.

• Removal of Inferred Mineral Resources from the mine plan still yields a positive NPV and IRR, though with a reduced mine life.