Completion of Strategic Placement and Toll Processing Agreement

Challenger Gold Limited (ASX: CEL) has completed a strategic placement of AU$ 6.6 million with Inversiones Financieras del Sur S.A. This transaction makes Mr. Elsztain CEL’s largest shareholder with a 12.7% stake. The placement involved issuing 147,726,678 ordinary shares at 4.5 cents per share, generating AU$6,647,700.50 in net proceeds. Each share includes a two-year warrant with a strike price of 10% above the placement price for the first year and 20% for the second.

Additionally, CEL has paid the US$2 million up-front fee required under its Toll Processing Agreement with Casposo Argentina Mining Limited. This agreement secures the processing of 450,000 tonnes of Hualilan material over three years. CEL intends to appoint Mr. Elsztain as Non-Executive Chairman and Mr. Saul Zang as Non-Executive Director, enhancing its leadership team. These milestones strengthen CEL’s strategic and operational outlook.

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