Challenger Gold Limited · ASX:CEL
Challenger Gold — Investor Presentation (July 2025)
29 slides from Challenger Gold's investor presentation, Jul 1, 2025
Slide 1: Challenger Gold Limited – The Next High-Grade Gold Producer
ASX: CEL Challenger Gold Limited July 2025 Hualilan Gold Project : Cerro Sur looking north to Cerro Norte The Next High-Grade Gold Producer 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 – Scoping Study Cautionary Statement
IMPORTANT NOTICES AND DISCLAIMER SCOPING STUDY CAUTIONARY STATEMENT The Scoping Study referred to in this presentation has been undertaken to determine the viability of a development of CEL’s Hualilan Gold Project and confirm the business case to progress more definitive studies on the project as th
Slide 4: Challenger Gold Snapshot
CHALLENGER GOLD SNAPSHOT Two significant discoveries, both with grade and scale, provide strategic flexibility Hualilan Gold Project El Guayabo Gold-Copper Project EL GUAYABO Au-Cu PROJECT EL ORO, ECUADOR 100% Owned El Oro; Ecuador Resource of 9.1 Moz2 AuEq 2.8 Moz1 AuEq Resource 9.1 Moz2 AuEq (6.9M
Slide 5: Corporate Snapshot
CORPORATE SNAPSHOT An experienced Board & Management team with a proven track record Key Executives Kris Knauer Sergio Sonia Mike Zivcic Stuart CEO & Rotondo Delgado COO Munroe Director Exec Vice Exec Director Exploration Chairman Manager • Exploration geologist. • Background in construction • Maste
Slide 6: Argentina – Transformed by RIGI
ARGENTINA – TRANSFORMED BY RIGI Investment climate in Argentina has transformed from negative to positive – now seen as a ‘go to’ Mining destination Hualilan is located in the San Juan province of Argentina ▪ Number 1 mining jurisdiction in South America (Fraser Institute Survey). BHP/ Lundin Vicuna
Slide 7: Toll Milling – Early Production in 2025
TOLL MILLING – EARLY PRODUCTION IN 2025 Recent equity raising fully funds CEL through to production via toll milling in Q4 2025 ▪ Toll Milling Agreement with Austral Gold Limited for 450 kWMT over 3 REVENUE EBITDA years, starting in Q4 2025. US$201.3M | AU$312.0M US$88.5M | AU$137.2M US$2,500/ oz Au
Slide 8: Hualilan Standalone PFS Expected Early 2026
HUALILAN STANDALONE PFS EXPECTED EARLY 2026 Potential for a significant increase in scale from the 2023 Scoping Study ▪ 2023 Scoping Study: Underground w/ HG starter pits. Avg. annual production over 7 year LOM - 116 koz Au (141 koz AuEq) for a ~1.0 Moz AuEq LOM. ▪ 5.8 Mt UG ore at 4.39 g/t AuEq and
Slide 9: Challenger's Ecuadorian Assets
CHALLENGER’S ECUADORIAN ASSETS 9.1 Moz Au equivalent - containing several high-grade zones Total El Guayabo/ Colorado V Project Resources of 9.1 million Ounces ▪ Total footprint 3,663 Ha – likely to host a Tier 1 Gold Project. ▪ Adjoins the 20.5 Moz Au (26 Moz AuEq) Cangrejos Gold Project. ▪ CEL att
Slide 10: Hualilan Gold Project
Hualilan Gold Project San Juan Argentina 10
Slide 11: Hualilan Deposit
HUALILAN DEPOSIT Manto style Zinc skarn with secondary intrusive overprint via vertical E-W faults Sentazon Fault 11
Slide 12: High-Grade Mineralisation Open at Depth
HIGH-GRADE MINERALISATION OPEN AT DEPTH Multiple locations over the 2.2 kilometres of strike that need to be followed up with deeper drilling Mineralisation Open at Depth ▪ MRE defined down to 450 metres sub- surface, with mineralisation open at depth ▪ High-grade intersections which are open at dep
Slide 13: District Scale Play
DISTRICT SCALE PLAY Several exciting regional gold targets defined for drilling Several exciting regional exploration Targets ▪ Several regional gold targets generated by Ion LeachTM grid sampling designed to see through the thin cover. ▪ 5km x 2.5km Cu anomaly also defined by Ion LeachTM. ▪ Traditi
Slide 14: Excellent Metallurgy
EXCELLENT METALLURGY Conventional Flotation with Flotation Tails Leach plus Heap Leach of the low-grade halo Key Ore Types 2. High-grade Au Skarn (Gravity + Bulk Float) 1. HG Zn/Au Skarn: 35% of Au - (4g/t Au, 20g/t Ag, 2.5% Zn) • Recoveries of 94% (gold) and 70% (silver) 2. HG Au Skarn: 35% of Au -
Slide 15: Hualilan Mineral Resource Estimate - 2.8 Moz
HUALILAN MINERAL RESOURCE ESTIMATE - 2.8 MOZ Grade tonnage distribution provides significant optionality and flexibility 2023 Mineral Resource Estimate (MRE) - 2.8 million ounces (AuEq) Cut-off Au Ag Zn AuEq Con. Oz ▪ Based on 240,000 metres of diamond core drilling – reducing risk. (g/t AuEq) Tonne
Slide 16: Building a District Scale Footprint at Hualilan
BUILDING A DISTRICT SCALE FOOTPRINT AT HUALILAN Hualilan is a big system and we have only scratched the surface 2.8Moz 54.4 g/t Au, 151 g/t Ag 2.5 km 3.5km 12.1 g/t Au, 62.1 g/t Ag AuEq Resource Mineralised Resource Strike Strike (marked in red) 632 km2 Deepest hole Several 26.9 g/t Au, 423 g/t Ag 2
Slide 17: 2023 Scoping Study Outcomes
2023 SCOPING STUDY OUTCOMES Robust low capex quick payback option for a low gold price funding constrained environment The 2023 Scoping Study provided a starting point for a Hualilan targeting the high-grade Objective Outcome core of the deposit ▪ Targeted high-grade core of MRE while Consistent Pro
Slide 18: Toll Milling - 2025 Pre-Feasibility Study Outcomes
TOLL MILLING – 2025 PRE-FEASIBILITY STUDY OUTCOMES PFS demonstrates robust toll milling outcome for while only taking 3% of Hualilan’s MRE Key Assumptions Gold Silver ✓ High grade, reserve-only schedule Recovery 84.4% 65.7% ▪ Average mined grade of 6.2 g/t Au and 35 g/t Ag, front loaded to 6.91 g/t
Slide 19: Toll Milling Mine Plan
TOLL MILLING MINE PLAN Designed to transition seamlessly to, and facilitate, the larger full-scale development Toll Milling site layout designed with full-scale operations in mind ▪ Four low-strip high-grade starter pits identified – providing surplus material relative to Toll Milling contractual ob
Slide 20: Why Toll Milling and What Does It Achieve?
WHY TOLL MILLING AND WHAT DOES IT ACHIEVE ? Toll Milling can provide a pathway to fund stand-alone Hualilan development Transformational cashflow from the execution of Toll Milling, Parameter USD/ WMT Ore sufficient to fund stand-alone Hualilan development Gold | Silver Price (USD/ oz) 2000 | 20 250
Slide 21: Key Deliverable Tracking
KEY DELIVERABLE TRACKING Subject to outcome of studies, Challenger is targeting FID for Hualilan standalone development in CY2027 2025 2026 2027 Indicative Timeline Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Toll Milling Site Works and Ramp-Up Toll Milling Production Hualilan Drilling & Upsized Standalone Pre-Fe
Slide 22: Ecuador: Lumina Gold Takeover Demonstrates Significant Value
Ecuador Lumina Gold Takeover demonstrates significant value 22
Slide 23: Project Resources of 9.1 Million Ounces
PROJECT RESOURCES OF 9.1 MILLION OUNCES Just a start – only 5 of the 15 regionally significant gold-in-soil anomalies drilled Total project resource of 9.1 million ounces at 0.50 g/t AuEq 570mt at 0.4 g/t Au, 2.2 g/t Ag, 0.1% Cu, 10 ppm Mo CV-A and CV-B MRE of 4.4 million ounces at 0.50 g/t AuEq – (
Slide 24: Typical Cross Sections
TYPICAL CROSS SECTIONS Broad consistent zones of mineraliation over 1 kilometre true width El Guayabo - 4.7 Moz AuEq Colorado V - 4.4 Moz AuEq GY-A Anomaly and GY-B Anomaly CV-A Anomaly 24
Slide 25: Challenger Corporate Strategy
CHALLENGER CORPORATE STRATEGY Considerable optionality within the Challenger portfolio with Company now well-positioned to maximise value of diversified portfolio ▪ Recent equity raising has fully funded Challenger through to production via Toll Milling from Q4 2025. ▪ Toll Milling Agreement feeds ~
Slide 26: Challenger Gold Limited
CHALLENGER GOLD LIMITED (ASX:CEL) ACN 123 591 382 Level 1, 100 Havelock Street, West Perth WA 6005 | P: +61 8 6385 2743 Challenger Gold Limited ASX Ticker : CEL Kris Knauer Sergio Rotondo Sonia Delgado Jane Morgan CEO & Managing Director Vice Chairman Executive Director Media Relations +61 411 885 9
Slide 27: Appendices
Appendices 27
Slide 28: Argentina Mineral Resource and Reserve Estimate
ARGENTINA MINERAL RESOURCE AND RESERVE ESTIMATE Released 4 June 2025 Ore Reserve Statement Cut-off Grade Tonnes AuEq Au Ag AuEq Contained Au Contained Ag Contained Classification (gpt AuEq) (000 dmt) (gpt) (gpt) (gpt) (000 oz) (000 oz) (000 oz) Proven 1.9 - - - - - - - Probable 1.9 427.5 7.0 6.6 37.
Slide 29: Ecuador Mineral Resource Estimate
ECUADOR MINERAL RESOURCE ESTIMATE Released 9 April 2025 Au Ag Cu Mo AuEq AuEq Domain Category Mt (g/t) (g/t) (%) (ppm) (g/t) (Mozs) El Guayabo Concessions (CEL 100%) US$2000 optimised shell Note: Some rounding errors may be present > 0.3 g/t AuEq Inferred 240 0.36 2.4 0.06 8.0 0.48 3.7 Table 1 Combi