Hualilán

• Last February, Challenger began transporting ore to the Casposo plant under the processing agreement (toll milling) signed with Austral Gold. • Milling is carried out in 90-day batches, with full plant cleanout between batches. • An initial processing rate of approximately 300 t/day has been planned, to be increased to around 1,000 t/day as operations transition to continuous day and night shifts. • The signed agreement stipulates that Casposo will process Challenger Gold’s ore for three years, while Hualilán advances engineering work and permitting to begin construction of its own plant. The strategy is to capitalize on the current rise in gold prices to generate cash flow while advancing mine development. • Hualilan’s 2023 Scoping Study outcomes: 141,000 oz Gold equivalent per annum) average Life Of Mine production and US$134 Million Pre-Development CAPEX

Processing facility includes a crusher, mill, gravity recovery circuit, conventional sulphide floatation, and floatation-tails leaching (FTL).,

116,000 oz gold, 440,000 oz silver and 9,175 tons oz zinc (141.000 oz gold equiv.)

• Resource (indicated and inferred) of 2.8 Moz of gold equivalent

Distal Zn and Au skarn deposit, with locally high-grade Au mineralization, hosted in underlying intrusive rocks.