Challenger Gold Doubles Ecuador Resource to 9.1¹ Million Ounces Gold Equivalent²

Highlights

• Mineral Resource Estimate ('MRE') at Challenger Gold's Ecuador projects increased from 4.5 to 9.1 Moz1 AuEq2 - a 100% growth milestone (Refer Table 1).
• Attributable resource to CEL 6.9 Moz AuEq2 across El Guayabo (100%) and Colorado V (50%).
• Significant upside remains: The resource is based on drilling 5 of the 15 major anomalies, with all 13 anomalies drilled returning mineralisation.
• Completion of exploration in Ecuador enables the Company to commence the value realisation process, including strategic divestment options.

• Large-Scale Opportunity: The updated MRE positions Challenger Gold’s Ecuador assets among the largest undeveloped gold resources in South America, with 567Mt @ 0.50g/t AuEq for 9.1Moz AuEq on a total project basis.
• Premium High-Grade Core Enhances Economics: The resource includes a higher-grade core of 2.1 Moz @ 1.0g/t AuEq, including 1.2 Moz @ 1.2g/t AuEq, offering potential for early-stage production and strong cash flow generation.
• Strategic Location Validates District Potential: The projects are adjacent to Lumina Gold’s 20.5Moz Cangrejos project4 , which recently secured a $300M financing deal with Wheaton Precious Metals, confirming the district’s world-class potential as a globally significant gold-copper region.
• Development-Ready Infrastructure: Located just 35km from a deepwater port with existing power, water, and road access on granted Mining Leases, the project benefits from reduced development costs and logistical efficiencies.

Value Realisation Strategy for Ecuador

Challenger Gold Limited plans to unlock the value of its Ecuador assets through several strategic options:

• TSX Listing: Spin off the Ecuador projects into a standalone entity listed on the TSX, where similar projects trade at premium valuations compared to ASX-listed peers.
• Strategic Sale: Divest the assets outright which could generate immediate capital for advancing Challenger’s flagship Hualilan Gold Project in Argentina.
• Farm-In Partnership: Partner with a major mining company to fund development while retaining exposure through royalties or equity participation.

Focus on the Hualilan Gold project The upgraded MRE concludes Challenger Gold Limited's exploration program in Ecuador, enabling the Company to focus entirely on advancing its flagship Hualilan Gold Project in Argentina, which features:

• A total resource of 2.8Moz AuEq1 , including a high-grade core of 1.5 Moz @ 5.6g/t AuEq1
• Mineralisation which remains open in all directions
• A toll milling Agreement to capitalise on the current high gold price (above US$3,000/oz) to generate early cash flow
• This cashflow will be allocated towards the construction of the standalone Hualilan Gold project
• Positioning Hualian as one of South America’s premier near-term production opportunities

Monetisation of the Ecuador assets will ensure shareholders benefit directly from both value realisation in Ecuador and production growth at Hualilan.

Commenting on the resource, CEL Managing Director, Mr Kris Knauer, said

“I would like to congratulate our exploration team in Ecuador for their outstanding work in doubling project resources from 4.5Moz to 9.1Moz AuEq, including a high-grade core of 2.1Moz at 1.0g/t AuEq.

This resource update represents a transformational milestone for Challenger Gold shareholders, enabling us to move forward with unlocking significant value from our Ecuador assets while focusing entirely on bringing our flagship Hualilan project into production.

This is only the beginning for the asset – the current resource is based on drilling just five of fifteen major anomalies identified across our Ecuador projects, with all thirteen anomalies drilled so far returning significant mineralisation."

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