Challenger Gold (CEL) Investor update summary

Strategic Leadership and Funding

• Incoming leadership brings decades of mining and capital markets experience, aiming to transition from exploration to production with a focus on maximizing shareholder value.

• AUD 85 million equity raise fully funds the next phase, ending reliance on incremental financing and enabling comprehensive exploration and development.

• Management has a proven track record of building and optimizing mines, with significant personal investment in the company.

Project Overview and Strategy

• Two major projects: Hualilan Gold Project (Argentina, 100% owned, 2.8 Moz AuEq) and El Guayabo Gold-Copper Project (Ecuador, 9.1 Moz AuEq, 6.9 Moz attributable), both open at depth and along strike.

• Hualilan offers significant exploration upside, with ongoing efforts to upgrade resources and optimize mining and processing.

• El Guayabo’s resource is adjacent to a major orebody and has a high-grade core, with further exploration planned.

Hualilan Gold Project – Pre-Feasibility and Economic Highlights

• Hualilan is advancing from resource to development-ready status, supported by a robust pre-feasibility study confirming technical and economic viability.

• Large-scale open-pit operation with 14.25-year mine life, staged production ramping from 105 koz to 135 koz AuEq per annum, and LOM production of 1,843 koz AuEq.

• Pre-feasibility base case NPV of AUD 1.45 billion at AUD 3,500/oz gold, with low all-in sustaining costs (~$1,600/oz), rapid payback (just over two years), and strong leverage to higher prices.

• Pre-production capex of $232M, 2.25-year payback, and post-tax NPV5 of $1,101M at $3,500/oz Au.

• Stage development allows early heap leach production, with expansion funded by internal cash flow, reducing financing risk.