Challenger Gold (CEL) Q3 2026 TU earnings summary

Executive summary

• Hualilán development advanced after the May 2026 PFS; the roadmap targets Phase 1 heap-leach production in early 2029, with construction ramp-up targeted from H2 2027.

• Leadership transition completed, including Peter Marrone as Chairman and Yohann Bouchard as Interim CEO; a 35,000 m drilling program commenced across four rigs.

Financial highlights

• Cash and liquid investments were A$34.6 million at 30 September 2026; pro forma liquidity rises to ~A$75.4 million assuming all proposed debentures are issued.

• Quarterly expenditure was ~A$27.6 million; administration and corporate costs were A$2.4 million, up from A$1.4 million in the previous quarter, mainly due to transaction and capital-raise costs.

• Administration costs included one-off legal, environmental permitting and half-year audit expenses; related-party payments included A$579,109 in director fees, A$38,541 in administration reimbursements and A$99,116 in geological consulting fees.

Outlook and guidance

• Available debenture proceeds are expected to fund planned activities through mid-2027, by which time completion of the full Hualilán development financing is targeted.

• The roadmap targets early-2029 Phase 1 heap-leach production; updated Mineral Resource and Ore Reserve estimates are expected in H2 2027, with a drilling update targeted for Q4 2026.

• Engineering and optimisation work is assessing heap-leach recovery of ~74.7% versus the PFS assumption of 69.7%, potential third-party grid infrastructure that could remove ~US$48 million of power-line capital, and cost-efficient fleet and processing configurations.