Challenger Gold (CEL) H2 2025 earnings summary

Executive summary

• Achieved transition from exploration to mining development, with first gold production from the Hualilan Tolling Phase in Argentina and ongoing exploration in Ecuador.

• Secured significant capital through multiple placements, raising over $70 million to fund development and exploration.

• Completed key infrastructure and commenced mining ahead of schedule, with mining productivity exceeding forecasts.

Financial highlights

• Revenue for 2025 was AU$311.2M (US$200.7M), with profit after tax of $5.77M, down from $74.6M in 2024 due to non-recurring prior year gains.

• EBITDA from toll milling projected at US$88M (AU$136.4M) over three years, with post-tax NPV5 of US$50.5M at conservative gold prices.

• Cash and cash equivalents at year-end were $36.2M, up from $0.85M in 2024.

• Net assets increased to $240.9M from $203.0M year-over-year.

• Basic EPS was 0.29 cents, down from 5.39 cents in 2024.

Outlook and guidance

• Standalone Pre-Feasibility Study (PFS) for Hualilan on track for March 2026, targeting expanded open pit and heap leach operations.

• First gold sales from toll mining expected early in Q2 2026.

• Ongoing drilling and feasibility studies to support further resource upgrades and development.