Challenger Gold (CEL) Q3 2025 TU earnings summary

Executive summary

• Significant progress at Hualilan Gold Project with toll milling plant commissioned and first processing of Hualilan ore scheduled for January 2026.

• All critical infrastructure and permits for toll milling are in place, including blasting and environmental approvals.

• Stand-alone Pre-Feasibility Study (PFS) for Hualilan remains on track for Q1 2026, with optimization studies indicating improved project NPV.

• Ecuador projects' Mineral Resource Estimate (MRE) doubled to 9.1 Moz AuEq, enhancing asset value and monetization options.

Financial highlights

• Cash at quarter-end was $26.7 million; pro-forma cash at 31 October 2025 is $52 million after a $30 million institutional placement.

• Exploration and development expenditure for the quarter was $3.9 million, up from $2.6 million in the previous quarter.

• Administration and corporate costs were $1.2 million, including $0.4 million interest and $0.24 million in one-off costs.

Outlook and guidance

• First blast at Hualilan scheduled for November 2025, with mining in December and processing in January 2026.

• 40,000m drill campaign fully funded and commencing January 2026 to support expanded Life of Mine development.

• Stand-alone PFS for Hualilan on track for release in Q1 2026.