Challenger Gold (CEL) Noosa Mining Investor Conference summary

Asset overview and strategic positioning

• Two key assets in South America: Hualilan Gold Project (Argentina) and a 9 million oz porphyry project (Ecuador).

• Hualilan has a high-grade core of 1.5 million oz at 5 g/t gold, with a total resource of 2.8 million oz.

• Ecuador asset valued at ~$170 million after a neighboring $650 million acquisition, matching current market cap.

• Recent $35 million capital raise fully funds Toll Milling and production ramp-up.

• Major gold funds and insiders have significant ownership, aligning interests.

Toll Milling strategy and financials

• Toll Milling to process 3% of ore body, generating ~$150 million EBITDA and $100 million after tax over three years.

• Toll Milling funds transition to a 150,000 oz/year operation.

• Batch processing arrangement ensures clear gold allocation and cost control.

• First blast scheduled for September, mining in October, processing in November, and first gold pour in December.

• Cash flow from Toll Milling expected to support larger project development.

Project expansion and exploration potential

• Heap Leach test results enable recovery from low-grade ore, unlocking nearly all 2.8 million oz.

• New mine plan targets 12–13 year life, recovering just under 2 million oz, with annual production over 150,000 oz.

• Deposit remains open at depth and along strike, with significant exploration upside.

• Ownership of 600 sq km and underlying land streamlines permitting and reduces costs.

• Exploration to resume with cash flow, targeting additional discoveries.