Challenger Gold Limited · ASX:CEL
Challenger Gold — Investor Presentation (June 2026)
21 slides from Challenger Gold's investor presentation, Jun 10, 2026
Slide 1: Challenger Gold Limited
For personal use only Challenger Gold Limited June 2026 ASX: CEL 1 Hualilan Gold Project: Cerro Sur looking north to Cerro Norte
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 COMPETENT PERSON STATEMENT – ORE RESERVES - GEOTECHNICAL CONSIDERATIONS The information that relates to mining geotechnical considerations has been compiled Dr. Paul Hughes, P.Eng., who is not a full-time employee of the Company. Dr. Hughes is a registered profession
Slide 4: Important Notices and Disclaimer
IMPORTANT NOTICES AND DISCLAIMER PRE FEASIBILITY CAUTIONARY STATEMENT The Pre Feasibility Study referred to in this presentation has been undertaken to determine the viability of a development of Challenger Gold Limited’s (“CEL”) Hualilan Gold For personal use only Project and confirm the business c
Slide 5: Challenger Gold Strategy Snapshot
CHALLENGER GOLD STRATEGY SNAPSHOT Two high-quality projects offering grade, scale and growth in top-tier mining jurisdictions Hualilan El Guayabo EL GUAYABO Au-Cu Gold Project Gold-Copper Project PROJECT EL ORO, ECUADOR El Oro; Ecuador Resource of 9.1 Moz2 AuEq For personal use only San Juan; Argent
Slide 6: Hualilan Gold Project: Pre-Feasibility Study Highlights
For personal use only Hualilan Gold Project Pre-Feasibility Study Highlights 6
Slide 7: Argentina – Transformed by RIGI
ARGENTINA – TRANSFORMED BY RIGI Argentina’s investment landscape has shifted decisively from a challenging environment to a premier, go-to destination Hualilan is located in the San Juan province of Argentina ▪ Number 1 mining jurisdiction in South America (Fraser Institute BHP/ Lundin Survey). For
Slide 8: PFS Highlights
PFS HIGHLIGHTS Large-scale open-pit gold project, de-risked for execution and underpinned by robust economics. Objective Outcome Consistent & Large-Scale ▪ 1,843 koz AuEq LOM production For personal use only Production ▪ 2-year staged development at 105 koz AuEq per annum followed by 135 koz AuEq pe
Slide 9: PFS Overview
PFS OVERVIEW A resilient, long-life asset underpinned by conservative gold pricing, with strong leverage to rising gold prices ` US$3,500 US$4,500 For personal use only Mining Physicals Mine Life Yrs 14.25 14.25 Long-life simple open-pit mining via contract mining utilising heap-leach (low-grade) an
Slide 10: Gold Production Overview
GOLD PRODUCTION OVERVIEW Robust long-term gold output delivered at a competitive AISC Substantial gold production over theProduction years at anProfile attractive (kozAISC AuEq) and AISC (US$/oz) For personal use only SIGNIFICANT UPSIDE TO EXTEND MINE LIFE THROUGH RESOURCE CONVERSION AND CONTINUED E
Slide 11: Hualilan Gold Project: Opportunities & Path Forward
For personal use only Hualilan Gold Project Opportunities & Path Forward 11
Slide 12: PFS Opportunities
PFS OPPORTUNITIES A well-established, low-risk PFS offering meaningful potential for additional value improvement Opportunities Impact Capex Opex LoM NPV For personal use only Power Grid Capex Reduction Upfront Capex Savings of US$48M ✓ ✓ Inferred-to-Indicated Resource Conversion Extended Mine Life
Slide 13: A Strong Foundation with Significant Upside
A STRONG FOUNDATION WITH SIGNIFICANT UPSIDE A solid concept with a clear path for additional value creation Significant Mineral Resource in a High-Potential Land Package For personal use only • Hualilan Gold Project has a significant defined resource within a top mining jurisdiction • Site has not b
Slide 14: Next Steps to Unlock Value
NEXT STEPS TO UNLOCK VALUE Our objective is to enhance an already robust initiative and accelerate its path to production Significant work program over the next 3-6 months For personal use only • Minimum 35,000 m drilling - infill plus some exploration which may be extended. • Validate heap leaching
Slide 15: Building on Strong Momentum
BUILDING ON STRONG MOMENTUM Accelerating the stand-alone Heap Leach will unlock significant value ▪ The Company has entered a new phase with stronger funding and operational management. For personal use only ▪ This enables a clearer path to stand-alone development and unlocking opportunities. ▪ With
Slide 16: Ecuador
For personal use only Ecuador 16
Slide 17: Challenger's Ecuadorian Assets
CHALLENGER’S ECUADORIAN ASSETS Positioned as a premier Tier 1 gold asset; the proposed divestment has been withdrawn. Total El Guayabo/ Colorado V Project Resources of 9.1 Moz AuEq ▪ Total footprint 3,663 Ha – likely to host a Tier 1 Gold Project For personal use only ▪ Adjoins the 20.5 Moz Au (26 M
Slide 18: Mineral Resource/Reserve Estimates
For personal use only Mineral Resource/Reserve Estimates 18
Slide 19: Argentina Mineral Resource and Reserve Estimate
ARGENTINA MINERAL RESOURCE AND RESERVE ESTIMATE Released May 2026 Ore Reserve Statement Notes: 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, Cut-off consideri
Slide 20: Argentina Mineral Resource and Reserve Estimate
ARGENTINA MINERAL RESOURCE AND RESERVE ESTIMATE Released May 2026 Mineral Resource Estimate For personal use only Domain Category Mt Au g/t Ag g/t Zn % AuEq1 g/t AuEq (oz) The MRE is reported to two significant figures to reflect appropriate precision and may not sum precisely due to rounding. A AuE
Slide 21: Ecuador Mineral Resource Estimate
ECUADOR MINERAL RESOURCE ESTIMATE 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 Note: Some rounding errors may be present Inferred 240 0.36 2.4 0.06 8.0 0.48 3.7 > 0.3 g/