CHALLENGER GOLD LIMITED (CEL)

The suspension of trading in the securities of Challenger Gold Limited will be lifted immediately following the release by CEL of an announcement regarding the outcomes of the Pre-Feasibility Study completed on its 100% owned Hualilan Gold project.

The company lodges its notice of security consolidation or split.

The company has secured binding commitments for approximately 708 million new fully paid ordinary shares at A$0.12 each, raising A$85 million. This includes A$69.7 million from an Institutional Placement to investors, A$10 million from the Mr. Marrone Placement (A$8 million) and other lead investors (A$2 million), and A$5.3 million from Eduardo Elsztain's affiliates. Additionally, one unlisted option will be issued for every two New Shares subscribed, exercisable at $0.156, expiring on 30 June 2029.

The company releases its pre-feasibility study summary report.

The Pre-Feasibility Study for the Hualilan Gold Project shows strong potential with a pre-tax NPV of US$1.45 billion and a target of 1.84 million ounces of AuEq over 14.25 years. Initial capital is US$232 million, average annual production is 135,000 ounces, and AISC is US$1,618/oz, with a payback in 2.25 years.

The company has requested an extension of its voluntary suspension, which was initially granted on 12 May 2026, following a trading halt on 8 May 2026. This extension is pending the announcement of the Pre-Feasibility Study results for the Hualilan Gold project. The Company seeks the suspension to remain effective until 18 May 2026 or until the announcement is made. The Directors confirm there are no reasons against granting this voluntary suspension or any other necessary market information.

The company's securities are suspended from quotation under Listing Rule 17.2 at CEL's request, pending an announcement. They will remain suspended until either the end of CEL's requested period or the announcement's market release.

The suspension of trading in the securities of Challenger Gold Limited will be lifted immediately following the release by CEL of an announcement regarding its capital raising activities.

The company lodges its pre-feasibility study summary report.

The Hualilan toll milling pre-feasibility study has been completed, revealing robust economics and a forecasted EBITDA of A$221m over three years of tolling at current prices. The study also highlights low upfront capital, quick payback, competitive cost structure, and financing risk reduction. Key operational findings support the high-grade reserve-only schedule and payable metal target.

The company raised A$34.5 million through binding commitments for a two-tranche placement of 431 million new shares at an offer price of A$0.08 per share. The proceeds will be used to fund CEL's first cash flow from the Hualilan Gold Project in Argentina, accelerate drilling and studies for an upsized standalone Life of Mine development, and cover working capital and transaction costs. The placement will also issue one free-attaching unlisted option for every two new shares subscribed.

The company will suspend its securities from quotation under Listing Rule 17.2 pending an announcement. The suspension will continue until the end of the requested period or the announcement's release to the market, unless otherwise decided by ASX.

name changed from Challenger Exploration Limited