Challenger Gold (CEL) Investor update summary

Management and Governance Enhancements

• New leadership team with proven mine development and financial expertise is in place, focused on value creation and project execution.

• Local management in San Juan, Argentina, has been supplemented to ensure fit-for-purpose oversight.

• Board and management have extensive experience in large-scale mine development and operations across the Americas.

Strategic Objectives and Market Positioning

• Five strategic priorities include advancing Hualilán to commercial production by early 2029, increasing NPV, securing project financing, expanding international investor exposure, and unlocking value from the Ecuador project.

• Upgrading reporting standards to NI 43-101 and pursuing OTCQX listing to attract North American investors.

• Active marketing campaign planned in Australia and internationally to increase institutional presence and shareholder profile.

Project Portfolio and Development Highlights

• Two large-scale gold projects: Hualilán in Argentina (development stage) and El Guayabo in Ecuador (exploration stage), with combined resources exceeding 9 Moz AuEq.

• Hualilán PFS outlines 1.8 Moz AuEq production over 14.25 years, $267M initial capex, $1.1B post-tax NPV, and 35% IRR.

• El Guayabo features a large porphyry system with 9.1 Moz AuEq resources, open at depth and along strike.