Challenger Gold Limited · ASX:CEL
Challenger Gold — Investor Presentation (September 2026)
21 slides from Challenger Gold's investor presentation, Sep 14, 2026
Slide 1: Investor Presentation September 2026
For personal use only INVESTOR PRESENTATION SEPTEMBER 2026 ASX: CEL Investor Presentation September 2026 1
Slide 2: Important Notices and Disclaimer
IMPORTANT NOTICES AND DISCLAIMER DISCLAIMER This presentation is for informational purposes only and does not constitute an offer to sell, or solicitation to purchase, any securities. Such Offer can be made only through proper subscription documentation and only to investors meeting strict suitabili
Slide 3: Important Notices and Disclaimer
IMPORTANT NOTICES AND DISCLAIMER JORC CODE It is a requirement of the ASX Listing Rules that the reporting of ore reserves and mineral resources in Australia comply with the Joint Ore Reserves Committee’s Australasian Code for Reporting of Mineral Resources and Ore Reserves ("JORC Code"). Investors
Slide 4: Strengthened Leadership Team
STRENGTHENED LEADERSHIP TEAM Proven Record of Mine Development Success and Strong Shareholder Returns NEW LEADERSHIP APPOINTMENTS BOARD OF DIRECTORS PETER MARRONE For personal use only • Proven track-record of value creation, most Chairman recently as leaders with Yamana Gold, Allied Gold, New Gold,
Slide 5: Two Large-Scale Gold Projects
TWO LARGE-SCALE GOLD PROJECTS Near-term Production Pathway with Long-term Growth Optionality HUALILÁN EL GUAYABO Gold Development Project1 Gold-Copper Exploration Project2 For personal use only San Juan, Argentina El Oro, Ecuador El Guayabo 2026 PFS HIGHLIGHTS LARGE SCALE PORPHYRY SYSTEM 1.8 Moz AuE
Slide 6: Strategic Objectives
STRATEGIC OBJECTIVES Five Priorities to Increase Shareholder Value Hualilán Commercial Production by Early 2029 1 • Proactively advance detailed engineering For personal use only • Complete expanded testwork programs • Procure long-lead-time equipment Increase Hualilán NPV Ahead of Construction 2 •
Slide 7: Ecuador Overview
ECUADOR OVERVIEW 6 km From the 26 Moz AuEq Cangrejos Project Sold in 2025 for A$650M TIER-1 DISTRICT POTENTIAL PROPERTY-WIDE TARGETS For personal use only Immediately adjacent to the 26 Moz The Company has identified 15 major Cangrejos deposit. Interpreted to be part gold-in-soil anomalies and drill
Slide 8: Hualilán Location
HUALILÁN LOCATION A Permitted Project in a Premier Mining Jurisdiction ARGENTINA SAN JUAN NORTH BHP/Lundin Vicuna (Jose Maria/Filo) A Premier Investment Destination An Established Mining Province For personal use only • Argentina’s investment landscape has • San Juan hosts several major mines, with
Slide 9: RIGI Application on Track
RIGI APPLICATION ON TRACK $185 Million Benefit to NPV, as Reflected in PFS BENEFITS WHAT IS RIGI RIGI (Large Investment Incentive Regime) is Argentina’s framework for attracting large- TAX & CASH FLOW BENEFITS For personal use only scale investment, providing qualifying projects with competitive tax
Slide 10: Hualilán Is Ideally Positioned for Fast-Tracking
HUALILÁN IS IDEALLY POSITIONED FOR FAST-TRACKING Rare Combination of Project Attributes Supports Accelerated Development Fully Permitted MEANINGFUL PRODUCTION COMPELLING VALUE For personal use only EIA already approved, enabling full mine development and production. 1,843 koz $1,101 M Tier-1 Mining
Slide 11: Hualilán Accelerated PFS Production Profile
HUALILÁN ACCELERATED PFS PRODUCTION PROFILE Rapid Ramp-up to Sustained Long-Term Production GOLD EQUIVALENT PRODUCTION (koz) 2029 2031 Heap Leach: 69 Mt at 0.37 g/t AuEq For personal use only This production First First One corporate action is to smooth profile assumes the Heap Leach Flotation the p
Slide 12: Hualilán Roadmap to Commercial Production
HUALILÁN ROADMAP TO COMMERCIAL PRODUCTION Integrated Strategy to Achieve Stand-Alone Gold Production by Early 2029 ACCELERATED TIMELINE For personal use only 2026 2027 2028 2029 PFS ENGINEERING, PROCUREMENT & CONSTRUCTION PRODUCTION STRATEGIC PRIORITIES ENGINEERING EXPLORATION $ FINANCING EXECUTION
Slide 13: Multiple Pathways to Create Additional Value
MULTIPLE PATHWAYS TO CREATE ADDITIONAL VALUE Targeted Initiatives Designed to Improve Value Ahead of Project Construction EXPLORATION & RESERVE GROWTH % IMPROVED HEAP LEACH RECOVERIES For personal use only Drilling near-mine and in-pit targets Gold recovery may increase to 74.7% from 69.7% • Advanci
Slide 14: Detailed Engineering & Project Readiness
DETAILED ENGINEERING & PROJECT READINESS Proactively Advancing Phase 1 Workstreams to Accelerate Project Development DETAILED ENGINEERING METALLURGICAL TESTWORK For personal use only • Phase 1 detailed engineering underway • Expanded testwork program commenced with BBA Consultants • Aiming to optimi
Slide 15: Exploration & Reserve Growth
EXPLORATION & RESERVE GROWTH Initial Drilling Designed to Incrementally Expand In-Pit & Near-Pit Mineralization DRILL TARGETS: NORTH END OF RESERVES PIT First Exploration Program in 3 Years SECTION VIEW 35,000m drilling campaign launched to expand resources and reserves, convert ARANITE resources to
Slide 16: Exploration & Reserve Growth
EXPLORATION & RESERVE GROWTH Potential Resource Growth Targets In-Pit & Along Strike DACITE For personal use only 2026 PFS PIT DESIGN CAL LUTITE 2026 PFS ARANITE PIT DESIGN COVER LUTITE COVER DACITE CAL ARANITE DRILL TARGETS: NORTH END OF RESERVES PIT DRILL TARGETS: SOUTH END OF RESERVES PIT Plan Vi
Slide 17: Investment Summary & Near-Term Catalysts
INVESTMENT SUMMARY & NEAR-TERM CATALYSTS A Compelling Pathway to Near-Term Gold Production, with Milestones Through 2027 INVESTMENT SUMMARY Production targeted for early 2029 at Hualilán For personal use only Fully permitted, capital efficient gold development project Strong PFS economics: US$1.1B N
Slide 18: Mineral Resource & Ore Reserve Statements
For personal use only MINERAL RESOURCE & ORE RESERVE STATEMENTS ASX: CEL Investor Presentation September 2026 18
Slide 19: Ore Reserves & Mineral Resources: Hualilán Ore Reserves
ORE RESERVES & MINERAL RESOURCES Hualilán Ore Reserves Notes: Hualilan Ore Reserve Statement, Released May 2026 1. Ore Reserves are reported in accordance with the JORC Code (2012 Edition). For personal use only 2. The Ore Reserves are based on a Pre-Feasibility Study (PFS) completed in April 2026,
Slide 20: Ore Reserves & Mineral Resources: Hualilán Mineral Resources
ORE RESERVES & MINERAL RESOURCES Hualilán Mineral Resources Hualilan Mineral Resource Statement, Released May 2026 Grade Tonnes Contained The MRE is reported to two significant figures to reflect appropriate precision Domain Classification Gold Silver Zinc AuEq For personal use only (Mt) AuEq (oz) a
Slide 21: Ore Reserves & Mineral Resources: Ecuador Mineral Resources
ORE RESERVES & MINERAL RESOURCES Ecuador Mineral Resources, Released April 2025 Au Ag Cu Mo AuEq AuEq Domain Category Mt (g/t) (g/t) (%) (ppm) (g/t) (Moz) El Guayabo Concessions (CEL 100%) For personal use only US$2,000 optimised shell Inferred 240 0.36 2.4 0.06 8.0 0.48 3.7 > 0.3 g/t AuEq Note: Som
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