CHALLENGER GOLD LIMITED

ASX Release 31 January 2024

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QUARTERLY REPORT FOR THE PERIOD ENDED 31 DECEMBER 2023

Highlights

Hualilan Gold Project - San Juan, Argentina

Scoping Study (SS) completed during the quarter demonstrating outstanding economics, rapid payback and strong cashflows (Refer ASX Release 8 November 2023).
The Study focused on the high-grade core of Hualilan to present a low startup-capital project capable of being funded by the Company in the current challenging market conditions. Highlights of the study include:
- Forecast EBITDA of US$738m ( A$1.1 billion ) over Life of Mine (LOM);
- Rapid payback period of under 1.25 years based on current production target; and,
- Average annual production target of 116,000 oz Au, 440,000 oz Ag, 9,175 t Zn (141koz AuEq[1]
- Global lowest-quartile C1[1] cash cost of US$527/oz (A$811) and AISC[2] of US$830/oz (A$1277);
- An initial mine life of 7 years, with mineralisation open at depth potentially extending LOM;
- Low-risk starter pit followed by conventional sub-level open stope (SLOS) underground mining;
- Pre-tax NPV[5 ] US$409m ( A$629m ) at US$1,750/oz Au $20/oz silver (spot gold price US$1975);
- Pre-tax NPV[5] increases to A$869m at current gold (US$2,035) and silver (US$23) prices;
- Project IRR (Pre-Tax Real) of 75% and a breakeven gold price of US$983/oz.
Outstanding potential upside to the Scoping Study with several material opportunities for improvement under evaluation for inclusion in the final development plan including:
- The recently confirmed conversion of the Au-Ag concentrate produced by the flotation circuit into doré on site, thereby reducing transport and TC/RC costs, and increasing payability
- Inclusion of a heap leach, alongside a flotation, to capture value from the low-grade portion of the Hualilan orebody, which was excluded under the high-grade SS strategy
- Reduction in the cut-off grade of zinc ore fed into the flotation circuit
- Re-optimisation of both the underground and open pit (previously done at US$1700 Au) using lower cut-off grades supported by work subsequent to the completion of the SS
- Reduction in open pit mining unit cost through owner-operator and bulk mining efficiencies.
Hualilan regional exploration program extended with several attractive new targets emerging.

El Guayabo/Colorado V Gold/Copper Projects - El Oro, Ecuador

The Company is awaiting the completion of an independent Project Report done to the standards required under the Canadian 43-101 reporting regime.
This 43-101 report will include an independent update the existing El Guayabo Mineral Resource Estimate.

1 AuEq information as required under JORC is provided on Page 20 of this ASX release as footnote to Table 11 (Hualilan MRE)

Challenger Gold Limited Issued Capital Australian Registered Office Directors Contact ACN 123 591 382 1,261.1m shares Level 1 Kris Knauer, MD and CEO T: +61 8 6380 9235 ASX: CEL 10m options 1205 Hay Street Sergio Rotondo, Chairman E: [email protected] 44.2m perf rights West Perth WA 6005 Sonia Delgado, Executive Director Fletcher Quinn , Non - Exec Director Brett Hackett, Non-Exec. Director Pini Althaus, Non-Exec. Director

www.challengergold.com

ASX Release 31 January 2024

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Challenger Gold (ASX: CEL) (“ CEL ” or the “ Company ”) is pleased to provide its Quarterly Activities Report for the period ended 31 December 2023 (“Quarter”, “Reporting Period”).

During the Quarter the Company's completed its Scoping Study for the Hualilan Gold Project (refer ASX release 8 November 2023 titled "Hualilan Gold Project Scoping Study"). The study presents an initial economic evaluation of the project and suggests that the project could become one of the lowest-cost ASX producers, with a rapid payback period, and average annual production of 116,000 oz gold (141,000 oz gold equivalent[1] ) based on the Study production target. Notwithstanding the outstanding outcome of the Study, the Company has identified several clear, and potentially material, opportunities for optimisation and improvement which are currently under evaluation.

Cash at bank at the end of the quarter was $4.3 million in line with budget forecasts. During the quarter the company commenced a process aimed at procuring funding to complete the Hualian bankable Feasibility Study via either:

A Strategic Investor; or
Royalty or Stream Finance; or
Other forms of non-dilutive finance

The process is progressing well with several options currently being evaluated.

Net exploration expenditure for the quarter was $1.7 million, a 45% reduction from the September quarter on the back of a 25% reduction from the June quarter. A total of $565,000 of this spend was related to Ecuador which was primarily the cost of assays related to the channel sampling program, consultants for the preparation of an independent report under the Canadian 43-101 reporting regime and ongoing cost of the Ecuador exploration team. With the completion of this work ongoing spend in Ecuador is has reduced a further 30% into this quarter. Exploration spend for Argentina was primarily the Scoping Study of approximately $550,000 and geophysics, both of which are now complete, with the remainder for regional exploration expenditure and consultants and employees. Accordingly, spend in Argentina has continued to reduce into the current quarter.

Net spend during the quarter was $2.7 million which included the exploration net spend of $1.7 million and Administration and Corporate costs of $1.0M. The $1.0M administration and corporate costs, with no significant costs outside of those expected related to an ASX listed Company, with staff costs of $69k and exploration staff costs ($178k) to related parties and their associates. The Company benefited from its cost reduction program which has achieved considerable cost savings across all operations and corporate and is ongoing. The current quarter will be the first quarter that captures all cost saving measures.

On the 28 November 2023, the Company announced the appointment of Dr Sonia Delgado as an Executive Director. Dr Delgado is based in Argentina and over a distinguished career in the Argentinian public sector, has occupied positions including, Assistant Office of the State Prosecutor of the Province of San Juan; Undersecretary of Planning and Promotion of Mining Development and, most recently, Secretary of Mining for the province of San Juan, Argentina.

Challenger Gold Limited ACN 123 591 382 ASX: CEL

Issued Capital 1,261.1m shares 10m options

44.2m perf rights

Australian Registered Office Level 1 1205 Hay Street

Directors Kris Knauer, MD and CEO Sergio Rotondo, Chairman Sonia Delgado, Executive Director Fletcher Quinn , Non - Exec Director Brett Hackett, Non-Exec. Director Pini Althaus, Non-Exec. Director

Contact

T: +61 8 6380 9235 E: [email protected]

West Perth WA 6005

www.challengergold.com

ASX Release 31 January 2024

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Dr. Delgado's legal background and strategic view is a significant asset in navigating the regulatory environment of the mining industry. Her expertise will be vital in ensuring that the company adheres to all relevant laws and regulations, thereby minimizing legal risks and protecting the company's interests as it embarks towards production.

During the quarter the following Performance Shares and Performance Rights vested having met the applicable vesting criteria with the release of this Scoping Study. The Company notes that all owners of the vesting performance Shares and Performance Rights are existing shareholders with freely trading existing shares.

Performance Shares	Number	Expiry
Class B	60,000,000	N/A
Performance Rights	Number	Expiry
Performance B	9,500,000	4 July 2026
Performance C	2,500,000	N/A

Challenger Gold Limited ACN 123 591 382 ASX: CEL

Issued Capital 1,261.1m shares 10m options

44.2m perf rights

Australian Registered Office Level 1 1205 Hay Street

West Perth WA 6005

Directors

Kris Knauer, MD and CEO Sergio Rotondo, Chairman Sonia Delgado, Executive Director Fletcher Quinn , Non - Exec Director Brett Hackett, Non-Exec. Director Pini Althaus, Non-Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengergold.com

ASX Release 31 January 2024

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HUALILAN GOLD PROJECT - ARGENTINA

HUALILAN SCOPING STUDY ( Refer to ASX Release 8 November 2023)

During the Quarter, the Company announced the outcomes of the Hualilan Scoping Study ("the Study "). The study presented an initial economic evaluation of the project and suggests that the project could become one of the lowest-cost ASX producers, with a rapid payback period, and average annual production of 116,000 oz Au, 440,000 oz Ag, 9,175 t Zn (141,000 oz gold equivalent[1] ) based on the Study production target.

The Study forecasts EBITDA of US$738m (A$1.1 billion) over Life of Mine (LOM) and a LOM All In Sustaining cash Cost (ASIC) of US$830/oz using gold price od US$1750/oz. Sensitivity analysis demonstrates the project would require a grade reduction or gold price reduction in the order of 44% to reach the breakeven gold price of US$953 from an NPV perspective.

A summary of the study financial outcomes provided in Table 1 with the key assumptions in Table 2. Complete study details are available in the Scoping Study which is included as an Annexure to the November 8th ASX release.

Notwithstanding the excellent outcome of the Study, the Company has identified several clear, and potentially material, opportunities for optimisation and improvement. Additionally, the Company is undertaking an external analysis of the projects carbon intensity, which will be released to the ASX upon completion.

Table 1 - Scoping Study Case 1 (conventional flotation) summary financial outcomes

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Revenue EBITDA
US$1.5B US$738m
A$2.3B A$1.1B
C1 Cash Costs Operating Margin
US$527/oz 50%
A$811/oz EBITDA/Revenue
All In Sustaining Cash Costs (ASIC) NPV [5] (Pre tax)
US$830/0z US$409m
A$1277oz A$630m
IRR (Pre-tax) NPV [5] (Pre tax) - spot prices
75.2% US$533m
A$820m
Payback Period Initial LOM
1.25 years 7 Years
(post tax) (mineralisation open in all directions)
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Challenger Gold Limited Issued Capital ACN 123 591 382 1,261.1m shares ASX: CEL 10m options 44.2m perf rights

Australian Registered Office Level 1 1205 Hay Street

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West Perth WA 6005
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Directors

Contact

Kris Knauer, MD and CEO T: +61 8 6380 9235 Sergio Rotondo, Chairman E: [email protected] Sonia Delgado, Executive Director Fletcher Quinn , Non - Exec Director Brett Hackett, Non-Exec. Director Pini Althaus, Non-Exec. Director

www.challengergold.com

ASX Release 31 January 2024

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Table 2 - Key Scoping Study Assumption

Price Assumption		Study Assumption	Study Assumption	Study Assumption	5 Year Average	Spot
Gold			US$1750/ oz		$1710	$1975
Silver			US$20/ oz		$20.72	$23
Zinc			US$1.15/ lb		$1.28	$1.15
Lead			US$0.94/ lb		$0.93	0.98
AUD/USD				0.65	0.70	0.65
Metallurgical Recoveries and Concentrate			Payability		Recovery (%)	Avg Payability1 (%)
Gold					95.8%	88.4%
Silver					93.0%	54.8%
Zinc					89.0%	73.1%
Lead					75.8%	93.6%
Concentrate Transport (site to smelter including				insurance)		US$150/ wmt
Mining Physicals					Open Pit	Underground
Tonnes Ore					1.3 Mt	5.8 Mt
Tonnes Waste					8.4 Mt	2.1 Mt
Underground development						58,937m
Indicated and Inferred Resource (%	indicated/%			inferred)	82%/ 18%	81%/ 19%
Gold Grade (LOM average)					3.4 g/ t	3.6 g/ t
Silver Grade (LOM average)					22.3 g/ t	12.1 g/ t
Zinc Grade (LOM average Type C material)					3.9%	2.7%
Lead Grade (LOM average Type C material)					0.33%	0.14%
Unit operating Costs					Unit	Unit Cost
Open pit Mining (ore/waste)					US$/ t mined	3.00

Underground Mining					US$/ t mined	34.74
Underground Development
Inclined Development (5 m x 5 m)					US$/ m	2,828
Horizontal development (5 m x 5		m)			US$/ m	2,828
Vertical Development					US$/ m	2,333
Slot Rises (included in underground mining cost)					US$/ m	1,500
Underground Development					US$/ t mined	28.29
Total Underground Mining and Development					US$/ t mined	63.03

Processing (Type C ≥1.5% Zn)			34% total PMI		US$/ t processed	16.31
Processing (Type B ≥1.5 g/ t Au, <1.5% Zn)			60% total PMI		US$/ t processed	12.12
Processing (Type A <1.5 g/ t Au)			7% total PMI`		US$/ t processed	9.26
G&A					US$/ t processed	5.38

1 Payability after Transport Cost . Refining Cost (TC/RC) / Penalties

Challenger Gold Limited ACN 123 591 382 ASX: CEL

Issued Capital Australian Registered Office 1,261.1m shares Level 1 10m options 1205 Hay Street 44.2m perf rights West Perth WA 6005

Directors

Contact

www.challengergold.com

ASX Release 31 January 2024

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Study Approach

The Hualilan Project has inherent optionality given that the Hualilan Mineral Resource Estimate (MRE) starts at surface and contains a high grade core of 8.1 Mt at 5.0 g/t Au, 17.4 g/t Ag, 1.8% Zn at the underground optimisation cut-off grade of 2.37 g/t AuEq, within the larger MRE of 60.5 Mt at 1.1 g/t Au, 6.0 g/t Ag, 0.44% Zn.

The Study commenced using benchmarked costs provided by Mining Plus from a sub-set of their internal mining database, specifically originating from operations in Latin America. This allowed for a preliminary options assessment of:

Open-pit (OP) vs underground (UG) vs combination mining
Different potential processing flowsheets which considered multiple circuit combinations which included or excluded: gravity concentration, floatation (including FTL) and CIL
Multiple potential processing throughput rates; and
Approximate capital cost of various options.

An initial OP optimisation, using the aforementioned Mining Plus benchmarked unit costs from Latin America, indicated that potential exists for a large open pit which would take advantage of economies of scale. Initial pit optimisation using a mining cost of US$2.00/t, pit wall slopes of 55[o] on the east, and a US$1800 gold price generated a pit, which at Revenue Factor 71, recovered 47.6 Mt of mineralisation and delivered an undiscounted value of US$1.0B, with a further 2 Mt of high-grade mineralisation potentially mineable via underground methods below the optimised shell.

After considering these initial results and the associated capital costs, the Company took the decision to focus the Study on the high-grade core of the mineralisation. This decision was primarily made to ensure that CEL had a credible pathway to fund production via a development plan with a low upfront capital cost and a rapid payback. The present, challenging market conditions did not appear conducive to the Company’s ability to fund the higher capital cost (and/ or potentially longer payback period) required for the construction of a high-volume OP mine, despite it being likely that mine development could be staged to manage capital outflows.

A key part of the reasoning behind this decision was that the initial pit optimisation showed material levels of sensitivity to OP mining unit cost and to pit slope angle, particularly on the eastern side of the pit where the Hualilan hills would need to be pioneered and mined back. The geotechnical data required to support a 55[o] overall pit slope in the limestone unit of the Hualilan Hills was not available, and beyond the scope of the study. It should be noted that overall pit slopes greater than 55[o] are commonly observed in nearby limestone quarries.

Finally, the possibility of a low-grade heap leach as an additional processing stream was unable to be evaluated due to long-lead (90 day) metallurgical column test work in progress at the time of this release. Heap leaching is potentially an important opportunity to consider as studies continue as it could provide a low cost pathway to process the low-grade mineralisation via a large open pit.

Challenger Gold Limited ACN 123 591 382 ASX: CEL

Issued Capital 1,261.1m shares 10m options

44.2m perf rights

Australian Registered Office Level 1 1205 Hay Street

West Perth WA 6005

Directors

Kris Knauer, MD and CEO Sergio Rotondo, Chairman Sonia Delgado, Executive Director Fletcher Quinn , Non - Exec Director Brett Hackett, Non-Exec. Director

Contact

E: [email protected]

Pini Althaus, Non-Exec. Director

T: +61 8 6380 9235

www.challengergold.com

ASX Release 31 January 2024

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Table 3 - Key Scoping Study LOM Financial and Physical Outcomes

Key LOM Production Statistics	Year 1	LOM
Life of Mine (LOM)		7 years
Ore tonnes mined		7.1 million
Ore processing rate		1,050,000 tpa
Average Annual gold production (recovered)		116,000 oz
Average Annual silver production (recovered)		440,000 oz
Average Annual zinc production (recovered)		9,175 t
Average Annual lead production (recovered)		474 t
Average Annual production (Au equivalent)3		141,000 oz
Key LOM Financial Metric	US$	A$
Revenue (LOM)	$1,465 million	$2,254 million
EBITDA (LOM)	$738 million	$1,135 million
C1 Cost (Real – US$/ oz)	$527/ oz	$811/ oz
ASIC (real – US$/ oz)	$830/ oz	$1277/ oz
Free cashflow (Pre-tax) LOM	$682 million	$1,049 million
Free cashflow (Average per annum)	$101 million	$155 million
Pre Tax NPV5	$409 million	$630 million
Post Tax NPV5	$295 million	$454 million
Payback Period (Pre-Tax)		1.25 years
Payback Period (Post Tax)		1.25 years
Project IRR (Pre-Tax Real)		75.2%
Project IRR (Post Tax Real)		66.0%
Pre Production Capital Costs	US$	A$
Pre-production capital	$134 million	$206 million
Contingencies	$15 million	$23 million
Total Pre-Production Capital	$152 million	$234 million
Key Social Metrics	US$	A$
LOM royalties and corporate taxes	$166 million	$256 million
LOM Expenditure	$772 million	$1,187 million
LOM Economic Value Add Argentina	$938 million	$1,443 million

Challenger Gold Limited ACN 123 591 382

ASX: CEL

Issued Capital

1,261.1m shares 10m options

44.2m perf rights

Australian Registered Office Directors Level 1 Kris Knauer, MD and CEO 1205 Hay Street Sergio Rotondo, Chairman West Perth WA 6005 Sonia Delgado, Executive Director Fletcher Quinn , Non - Exec Director Brett Hackett, Non-Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

Pini Althaus, Non-Exec. Director

www.challengergold.com

ASX Release 31 January 2024

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Mine Design and Production Target

The Study mine plan was designed to supply Potential Mining Inventory (PMI) to the processing plant at a rate of approximately 1 Mtpa. The mine design is comprised of three high-grade starter open pits( North, Central, and South) which will be mined using conventional excavator and truck techniques over 4 years by a mining contractor. It was necessary to include a starter pit as an underground startup would not provide sufficient waste material for the construction of the Tailings Storage Facility (TSF). Additionally, a starter pit offers a reduced production risk profile in the early year of operation.

Owner-operated underground mining was modelled on the basis of sub-level open stoping (SLOS), with a 30 m crown pillar between the pit floor and the upper most underground stope. Based on the available geotechnical data, and on similar operations, the following stoping assumptions were used for the UG mine design:

Level spacing (floor to floor) - 20 m;
Strike length (regardless of stope width) - 20 m;
Minimum stoping width - 2.5 m; and
Minimum crown pillar of 30 m below the designed open pits.

Hualilan will utilise paste backfill and as such there are no further requirements for UG pillars . The three underground portals have been located outside the open pits to decouple the UG development schedule from OP production rates and to provide flexibility to start underground development earlier. This was a critical factor in the earlier trade off studies that negatively affected the NPV of the combined open pit and underground options, with underground mining unable to commence prior to the completion of open pit mining creating material impact to NPV.

During the pre-production year, PMI will be extracted from the pit and stockpiled, and waste will be sent to TSF for construction of the first embankment lift, which will initially store two years of processing production. Underground mining will also commence at the start of the pre-production year in the north and south UG zones. In the first year of production, the plant will be fed with PMI from the stockpiles (SP), open pit and underground. From the second year onwards, the plant will be supplied with PMI primarily coming from the underground mine.

When processing commences there will be approximately 655 kt of PMI on stockpiles, which is equivalent to approximately 7 months mill feed, and approximately 400 kt of this is high-grade SP. This also opens the possibility to commence processing earlier if construction and commissioning is completed ahead of schedule. The underground mine plan has three operating areas (north, central and south), each of which are capable of being scaled up in response to production issues in another. There is also scope to share equipment between the 3 underground mining areas, however this option has not been included in the Scoping Study analysis.

Challenger Gold Limited ACN 123 591 382 ASX: CEL

Issued Capital 1,261.1m shares 10m options

44.2m perf rights

Australian Registered Office Level 1 1205 Hay Street

West Perth WA 6005

Contact T: +61 8 6380 9235 E: [email protected]

www.challengergold.com

ASX Release 31 January 2024

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Figure 1: Breakdown of Scheduled Process Plant Feed by Resource Category

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Process Plant Feed Indicated/Inferred Resources
100.0%
90.0%
80.0%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
Year-1 Year-2 Year-3 Year-4 Year-5 Year-6 Year-7
Indicated Inferred
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A breakdown of the PMI schedule for processing across the life of the project is shown in Figure 1. Over 80% of the PMI schedule for processing in classified as Indicated Resource, with the balance classified as Inferred Resource. In the early years of production the percentage of Indicated Resource processed is higher, with an average of 88% Indicated Resource scheduled for processing in the first 3 years of plant operation.

At the completion of the SS production plan the unmined component of the Hualilan Project MRE is:

53.5Mt at 1.0g/t AuEq (0.8 g/t Au, 4.9 g/t Ag, 0.32% Zn, 0.06% Pb) - containing 1.7 Moz AuEq

Capital Costs

The capital cost estimate was prepared by Mining Plus and a number of independent external consultants retained by CEL. There was limited use of benchmarking, with costs generally sourced from vendor quotes/ indicative prices, or detailed first principal cost analysis using vendor quotes based on the preliminary project design. Where benchmarking was used to provide any capital costs the primary source was the Mining Plus internal cost database, augmented by Challenger’s consultants databases. Where benchmarking was used to provide capital cost estimates this was specifically stated.

The cost estimate is expressed in Q3 2023 US$ and used the USD/ARS exchange rate at the time the quotation was provided (average 200 ARS/USD) for any in-country costs provided in ARS. In practice in Argentina most cost quotes are generally provided in USD and converted into ARS based on the

Challenger Gold Limited	Issued Capital	Australian Registered Office	Directors	Contact
ACN 123 591 382	1,261.1m shares	Level 1	Kris Knauer, MD and CEO	T: +61 8 6380 9235
ASX:CEL	10m options	1205 Hay Street	Sergio Rotondo, Chairman	E: [email protected]
	44.2m perf rights	West Perth WA 6005	Sonia Delgado, Executive Director
			Fletcher Quinn,Non-Exec Director
			Brett Hackett, Non-Exec. Director
			Pini Althaus, Non-Exec. Director

www.challengergold.com

ASX Release 31 January 2024

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prevailing USD/ARS rate. The costs do not include allowances for escalation or exchange rate fluctuations. All costs are exclusive of the Argentinian value added tax (VAT), which is applied separately in the financial model used for economic evaluation.

The capital cost estimate for this scoping study has a target accuracy range of ±15% where costs have been sourced from vendor quotes or first principles analysis. The costs developed by benchmarking have a target accuracy of ±35%.

Table 4: Summary Capital Cost Estimate (all figures in US$)

Description	Pre- production Capital Costs	Sustaining Capital Cost	Total Capital Cost
1. Open Pit Development (inc. Truck Shop, Wash Bay, Tyre Bay)	5.8		5.8
2. Underground Development (inc. paste plant)	21.8	45.0	66.8
3. Process Plant	59.0	8.9	67.9
4. TSF	5.4	3.2	8.6
5. On-site Infrastructure	8.7	1.5	10.2
6. Off-site infrastructure	0.0	0.0	0.0
7. Owners Costs	15.6		15.6
8. Indirect Costs	2.7		2.7
9. Contingency	14.7	0.5	15.2
Total Capital Expenditure	133.7	59.0	192.7
10. Other Pre-production Costs3	18.4		18.4
Total Pre-Production Capital	152.1	59.0	211.1

All figures are rounded to reflect the relative accuracy of the estimate.
Totals may not sum due to rounding as required by reporting guidelines.
Pre-production costs are operating costs that occur prior to the mill operating.

The following areas were included in the Pre-Production Capital Cost estimate:

Open Pit Mine (open pit mine development, equipment fleet, pre-stripping/ pioneering and supporting infrastructure and services);
Underground Mine (underground development, equipment fleet, paste backfill plant and supporting infrastructure and services);
Process plant (gold-silver, zinc-gold-silver, and lead–gold-silver concentrates), conventional 1- 1.2 Mtpa concentrator and Flotation Tails Leach circuit with supporting plant infrastructure and services;
TSF;
On‐site infrastructure (earthworks, sitework, roads, water treatment and distribution, camp and other general facilities);
Off‐site infrastructure;
Owners Costs including EPCM, spares, first fills, transport costs and import costs;

Challenger Gold Limited ACN 123 591 382 ASX: CEL

Issued Capital Australian Registered Office 1,261.1m shares Level 1 10m options 1205 Hay Street 44.2m perf rights West Perth WA 6005

Directors

Kris Knauer, MD and CEO Sergio Rotondo, Chairman Sonia Delgado, Executive Director Fletcher Quinn , Non - Exec Director Brett Hackett, Non-Exec. Director Pini Althaus, Non-Exec. Director

Contact

T: +61 8 6380 9235 E: [email protected]

www.challengergold.com

ASX Release 31 January 2024

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Indirect costs;
Other Pre-production Costs (other operating costs prior to commercial production/ processing) ; and,
Contingency (applied at +15%).

Total capital costs are US$133.7 million, not including US$18.4 million of capitalised mining costs. Total Pre-development capital costs of US$152.1 million are summarised in Table 4. More complete details of pre-development capital costs are provided in the Chapter 24 of the Scoping Study.

Operating Costs

The operating cost estimates in the Study are based on: contractor operated truck and excavator open pit mining; owner operated underground mining via longitudinal SLOS with paste backfill; processing which includes gravity recovery, conventional flotation and with Floatation Tail Leach (FTL); and, deposition of the tails not consumed in the paste backfill process in a Tailing Storage Facility (TSF).

Operating cost estimates have generally been derived from first principles costs analysis prepared by external consultants, rather than by benchmarking. These cost estimates include local labour rates derived from San Juan industry standards, costs sourced by vendor/ supplier quotations both in Argentina and externally, and productivity rates that reflect the local workforce and conditions. Unless otherwise stated in this ASX Release or the Annexure Scoping Study Report the operating cost estimates have an expected accuracy range of ±15%.

The operating estimate is expressed in Q3 US$ and used USD/ARS exchange rate at the time the quotation was provided for any in country costs provided in ARS. In practice, in Argentina, most quotes are generally provided in USD and converted into ARS based on the prevailing USD/ARS. This includes diesel, equipment hire for both general and specialised mining equipment, reagents and consumables. The exceptions are Government provided services such as grid power and in-country labour. Generally, the rate of increase in the ARS price tracks the decline in the ARS/USD rate for power and labour, however there is a 1-3 month lag in the repricing of ARS denominated costs. For any ARS denominated input costs, such as grid power and labour, Challenger has used the 2022H2/2023H1 prices, as converting the current local ARS costs into a USD denominated price at the prevailing ARS rate would artificially lower these input costs on a USD basis.

Underground Mining Costs

Table 5 provides a breakdown of the underground mining costs which were derived from a detailed first principles analysis prepared by external underground mining consultants via a bottom up analysis. The mine operating cost estimate included the costs associated with stope preparation, drilling, blasting, ground support, backfill, underground loading and hauling and material transport to the primary crusher on surface, as well as support and ancillary equipment operations and maintenance, power, direct labour, and mine operations supervision staff.

Challenger Gold Limited ACN 123 591 382 ASX: CEL

Issued Capital 1,261.1m shares 10m options

44.2m perf rights

Australian Registered Office Level 1 1205 Hay Street

West Perth WA 6005

Directors

Contact

www.challengergold.com

ASX Release 31 January 2024

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Table 5 – Underground Mining Costs

Category	US$/t Processed Incremental	US$/t Processed Total
Stoping	4.56	7.75
Slot Rises	3.19
Production Bogging		2.89
Trucking		4.43
Mine Auxiliary – Pumping	0.05	14.66
Mine Auxiliary – Ventilation	0.51
Mine Auxiliary – Backfill	3.13
Mine Auxiliary – Power	2.67
Mine Auxiliary – Labour	4.07
Mine Auxiliary – General	4.22
Mine Supervision		5.01
Total Underground Mining Cost 34.74

Process Costs

The process operating cost estimate accounts for the operating and maintenance costs associated with the process plant operation, supporting services, infrastructure, and tailings filtering. Operating costs associated with the paste backfill plant are included in the mine operating cost estimate.

Process plant operating costs have been estimated by Challenger’s consulting metallurgists from first principles, using mechanical equipment specifications for estimation of power consumption, metallurgical test-work for reagent and grinding media consumption estimates, preliminary labour schedules and salary build‐ups for process labour and maintenance labour. The cost of spares was estimated as a fixed percentage of 5% of the mechanical equipment supply cost.

Quotations for consumables such as reagents, lime, binder and grinding media were obtained from suppliers inclusive of transportation to site. A unit power cost of US$0.07/ kWh was assumed with power consumption based on the results of comminution testing and desired grind size. An allowance equal to the power usage of the comminution circuit was applied to the rest of the process plant. Grid power is currently US$0.06/ kWh in San Juan.

The PMI feed has been divided into three separate categories based on gold and zinc grades. Each type of PMI has a slightly different flow sheet:

Type A material - the lower grade PMI containing <1.5 g/t Au and <1.5% Zn (Type A) processed via bulk flotation with cleaning stages.
Type B material - The higher grade PMI ≥1.5 g/t Au with <1.5% Zn (Type B) follows the same flow sheet as Ore Type A with the addition of flotation tails leach (FTL).
Type C material - For the PMI containing ≥1.5% Zn (Type C) a stage of Pb-Cu rougher flotation and Zn flotation is added.

Challenger Gold Limited ACN 123 591 382 ASX: CEL

Issued Capital Australian Registered Office Directors Contact 1,261.1m shares Level 1 Kris Knauer, MD and CEO T: +61 8 6380 9235 10m options 1205 Hay Street Sergio Rotondo, Chairman E: [email protected] 44.2m perf rights West Perth WA 6005 Sonia Delgado, Executive Director Fletcher Quinn , Non - Exec Director Brett Hackett, Non-Exec. Director

Pini Althaus, Non-Exec. Director

www.challengergold.com

ASX Release 31 January 2024

==> picture [132 x 97] intentionally omitted <==

Table 6: Process Operating Cost for PMI Type C

Type C (Au≥ 1.5 g/t Au, Zn≥ 1.5%) Sequential Flotation + FTL

Category	Cost
	Annual US$ Unit US$/t Ore
Operating Labor	1,915,984 1.82
Maintenance Labor	1,084,274 1.08
Power	2,100,000 2.10
Reagents and Consumables	9,499,572 9.50
Spares	1,712,329 1.71
Assays	100,000 0.10
Totals	16,312,159 16.31

Table 7: Process Operating Cost for PMI Type B

Type B (Au≥ 1.5 g/t Au, Zn< 1.5%) Bulk Flotation + FTL	Type B (Au≥ 1.5 g/t Au, Zn< 1.5%) Bulk Flotation + FTL
Category	Cost
	Annual US$ Unit US$/t Ore
Operating Labor	1,915,984 1.82
Maintenance Labor	1,084,274 1.08
Power	2,100,000 2.10
Reagents and Consumables	5,306,407 5.31
Spares	1,712,329 1.71
Assays	100,000 0.10
Totals	12,118,994 12.12

Table 8: Process Operating Cost for PMI Type A

	Type A(Au< 1.5g/t Au, Zn< 1.5%) Bulk Flotation	Type A(Au< 1.5g/t Au, Zn< 1.5%) Bulk Flotation	no FTL
Category		Cost
		Annual US$ Unit US$/t Ore
Operating Labor		1,915,984 1.82
Maintenance Labor		1,084,274 1.08
Power		2,100,000 2.10
Reagents and Consumables		2,443,723 2.44
Spares		1,712,329 1.71
Assays		100,000 0.10
Totals		9,256,310 9.26

The plant has been designed to batch all three PMI types by bypassing the Cu-Pb and Zn flotation and/ or the FTL circuit. An availability of 90% has been assumed for the flotation circuit. Given the

Challenger Gold Limited Issued Capital ACN 123 591 382 1,261.1m shares ASX: CEL 10m options 44.2m perf rights

Australian Registered Office Level 1 1205 Hay Street West Perth WA 6005

Directors Contact Kris Knauer, MD and CEO T: +61 8 6380 9235 Sergio Rotondo, Chairman E: [email protected] Sonia Delgado, Executive Director Fletcher Quinn , Non - Exec Director Brett Hackett, Non-Exec. Director Pini Althaus, Non-Exec. Director

www.challengergold.com

ASX Release 31 January 2024

==> picture [132 x 97] intentionally omitted <==

slightly different flowsheets, the three types of PMI have different reagent consumption which drives process costs. Annual and LOM operating costs for the process and surface infrastructure for the three types of PMI are shown in Table 6, Table 7 and Table 8 (previous page).

Opportunities

The Company has identified several clear and material opportunities for improvement of the Scoping Study outcome which are currently under evaluation. These include:

A low-grade zinc concentration pathway, based on a recent flotation test on a composite grading 0.36% Zn which produced a saleable Zn concentrate grading 48% Zn. Based on prior flotation test work, an assumption was used in the Study that an economic zinc concentrate was only achievable from at a grade >1.5% Zn. The MRE contains approximately 267,000t of zinc of which only 70,000t is accessed in the Scoping Study mine plan. The ability to economically recover part of the additional 197,000t of zinc in the MRE could significantly enhance economics, given the recovered portion of the ~70,000t of zinc generates US$132m revenue based on the Study forecasts.
Further improvement to the underground stope optimisation, development sequence and production scheduling. The underground stope optimisation was undertaken using an assumption of US$1700/oz gold. Additionally, some improvements in production and development unit costs in the order of 10-20% have already been identified in the intervening period since running the stope optimisation. These improvements in production and development costs are yet to be incorporated into the optimisation, and are likely to result in additional stopes being included in the mine plan. Additionally, optimisation included a Pseudoflow analysis on the underground design to remove uneconomic areas that sit above the stope cut-off grade. Pseudoflow removed 832kt containing 72,000 oz AuEq[3] from the underground mine plan that may be profitable at current spot prices and revised operating costs.
The improvement in underground optimisation includes reviewing the staging of development during the pre-production period to optimise CAPEX whilst trading off against ensuring access to the highest value stopes in early phases of the UG mine.
Recovery of the 30-metre crown pillar design which has been left between the base of the open pits and the underground workings. This crown pillar design contains approximately 15,000 Oz AuEq[3] . The study currently assumes no recovery of this crown pillar, however additional geotechnical information may support the recovery of this crown pillar.
Inclusion of a heap leaching option which provides a process path for a significant proportion (~50%) of the MRE that was excluded in the high-grade/ low-tonnage SS production model. Preliminary column testing on a low-grade composite yielded promising results. As a result of this, a panel of column tests were initiated to test the three material types separately at a range of different head grades. Results from this current panel of column tests will not be available until December 2023, but a positive outcome has potential to add significant value to the project.
Reduction in open pit mining unit cost through owner-operator and bulk mining efficiencies. A unit cost of US$3.00/ t was assumed for the Study, initially as a conservative estimate based

Pini Althaus, Non-Exec. Director

www.challengergold.com

ASX Release 31 January 2024

==> picture [132 x 97] intentionally omitted <==

on the predicted reduced scale of the open pit operation, and later to account for contractor premiums. However, preliminary first-principles cost modelling by the Company, and discussions with equipment vendors around collaboration and operating partnerships, indicates that an owner operated unit cost around US$2.00/ t may be achievable at scale. This impact of a reduced mining unit cost is even more pronounced in a high-volume mining scenario that incorporates a low-grade heap leach. This cost estimate is supported by localised benchmarking at other owner-operator OP mines in Argentina.

Potential processing of the Au-Ag concentrate on site to produce gold and silver dore via high intensity leach. This could remove costs associated with the transport and treatment (TC/RC) of the forecast LOM production of 412kt of Au-Ag concentrate and improve payability.

On site upgrading of Au-Ag Concentrate to Dore

Subsequent to the Scoping Study the Company reported results from a metallurgical testwork program undertaken to evaluate the opportunity to upgrade the Au-Ag concentrate produced in the Hualilan bulk flotation circuit into doré.

The process route for the Hualian Gold Project involves crushing, milling, gravity recovery of gold, conventional flotation, and flotation tailings leach (FTL). This produces a high-grade Zn-Au-Ag concentrate, a high-grade Pb-Au-Ag concentrate, gold-silver doré, and an Au-Ag concentrate.

The majority of the gold and silver produced at Hualilan is via the Au-Ag concentrate, which comprises the cleaner Au-Ag concentrate combined with the gravity-recovered-gold (GRG) concentrate. This combined Au-Ag concentrate contains approximately 81% of the forecast annual production of 116 koz Au and 65% of the annual 440 koz Ag. The Au-Ag concentrate will likely be sold to off-takers in Asia, with forecast costs of US$150/t to transport the concentrate, and concentrate Treatment and Refining charges (TC/RC's) of approximately US$100/t.

Thus, the ability to produce gold-silver doré bars onsite will remove the transport and TC/RC costs associated with the 412,000 t of Au-Ag concentrate produced over the Scoping Study LOM, thereby significantly improving project economics. Additionally, the payability for doré (99.5% Au and 97.5% Ag) compares favourably to the forecast payability of the Au-Ag concentrate (95% Au and 60% Ag).

The Company has identified a low-cost and simple process option which would potentially allow for doré production on site from the Au-Ag concentrate. This involves a fine grind of the Au-Ag concentrate, followed by an intensive cyanide leach cycle to recover the Au and Ag, with the pregnant leach solution (PLS) containing the Au and Ag added to the existing carbon-in-leach (CIL) circuit, which is required for the FTL process.

To test this potential process option, a representative sample of the Au-Ag concentrate was prepared from a combination of Au-Ag cleaner concentrates which were produced during flotation test-work. Two charges of this representative Au-Ag cleaner concentrate underwent an intensive leach at SGS Laboratories in Lakefield. The first sample at the existing size of 40 µm P80 grind and the second at 16.7 µm P80 grind. The results are outlined in Table 9 below. The recovery of 96% of the gold from the

Challenger Gold Limited ACN 123 591 382 ASX: CEL

Pini Althaus, Non-Exec. Director

www.challengergold.com

ASX Release 31 January 2024

==> picture [132 x 97] intentionally omitted <==

concentrate at 16.7-micron grind indicates an increase in overall Au payability from 95% via the concentrate to 95.75% via the doré option.

Operating costs associated with the fine grind and the intensive leach cycle, including cyanide consumption of 30.7 kg NaCN/t of concentrate processed, are anticipated to be less than US$100/t Au-Ag concentrate. This will result in a net cost saving of at least US$150/t, in addition to the uplift in Au payability. Additional testwork, including a pre-oxidation stage, is expected to further reduce the reagent consumption and associated costs of the intensive leach.

The results for Ag recovery remain pending, however any recovery above the 60% payability for Ag in the Au-Ag concentrate provides additional upside. The gravity-recovered-gold concentrate will also be converted to doré on site, likely via an Acacia reactor. The CAPEX and OPEX associated with this will be minor, considering the small amount (3.5 kt of GRG concentrate) that will be processed annually.

Table 9 - Results Intensive Leach Testing Au-Ag Cleaner concentrate.

Sample Name	CN Test #	Size P80 µ	Reagent Addition	Reagent Addition	Reagent Consumption	Reagent Consumption	Free CN*	Au Extraction, %	Au Extraction, %	Au Extraction, %	Au Residue, g/t	Au Residue, g/t	Au Residue, g/t	Au Head Grade, g/t	Au Head Grade, g/t
			NaCN, kg/t	CaO, kg/t	NaCN, kg/t	CaO, kg/t	mg/L	24 h	48 h	72 h	Cut A	Cut B	Average	Calc'd	Direct
Comb Flot Conc	CN17	40	23.5	27.1	19.7	26.8	692	84	91	92.5	1.76	1.77	1.77	24.5
Comb Flot Conc	CN18	16.7	33.6	12.4	30.7	12.4	510	95	86	96	0.94	0.93	0.94	22.8

Next Steps

Next steps to add to the robustness of the current project and provide a pathway for future development for the project include:

Analysis of the results for the suite of Column Leach tests are currently underway, which will allow for an assessment of the viability of Heap Leach as a potential processing pathway for the low-grade mineralisation. Additionally, a second suite of Column leach tests at half and one inch crush sizes has commenced with the results of these 90-day tests due in April;
Completion of additional flotation testing on the potential low-grade zinc concentration pathway;
Completion of additional flotation testing, including locked-cycle and variability test work, which will be required to provide sufficient data for the PFS;
Additional intensive-leach tests on the representative concentrate sample to optimise for grind size and reagent consumption against Au-Ag recovery. This will allow the Company to maximise the improvement in projected economics from the production of doré on site..
Development of a detailed first-principles open pit mining cost model, in collaboration with equipment vendors, to evaluate the potential owner operated bulk mining efficiencies;
Completion of a suite of CIL test work (with dual-laboratory verification) to allow Au and Ag recoveries and NACN consumption to be modelled for both the high-grade and low-grade mineralisation, thereby allowing for a definitive evaluation of the CIL processing option;

Challenger Gold Limited ACN 123 591 382 ASX: CEL

Australian Registered Office Level 1 1205 Hay Street

Issued Capital 1,261.1m shares Level 1 10m options 1205 Hay Street 44.2m perf rights West Perth WA 6005

Directors

Kris Knauer, MD and CEO Sergio Rotondo, Chairman Sonia Delgado, Executive Director Fletcher Quinn , Non - Exec Director Brett Hackett, Non-Exec. Director Pini Althaus, Non-Exec. Director

Contact

T: +61 8 6380 9235 E: [email protected]

www.challengergold.com

ASX Release 31 January 2024

==> picture [132 x 97] intentionally omitted <==

Update the first-principle cost models for the processing and general and administrative areas such that they can be utilised to assess the cost impact of variable process throughputs;
Update the processing cost model to be inclusive of heap leaching, should the Column Test results be positive;
Complete geotechnical data gathering, including: additional core logging; collection of Point Load Test data from existing drill core; gathering of televiewer data from existing drill holes; and, any drilling of additional geotechnical test holes;
Updating the underground stope optimisation for final underground mining and development cost forecasts;
Further optimisation of the open pit/ underground interface and which components of the orebody should be included in each; and,
Additional drilling of some of the drill targets identified in the Hualilan regional exploration programme.

REGIONAL EXPLORATION PROGRAM

During the Quarter, the Company continued its "Regional" exploration program at Hualilan. This Regional Program is designed to explore for potential Hualilan repeats, initially along the 30 kilometres of prospective strike near the contact between the intrusives and sediments, the zone that hosts the current Hualilan MRE.

During the quarter the program was extended for a third time due to encouraging results. With several new targets developing. These new targets include:

A gold In soil anomaly approximately 4 kilometres north of and on strike with the current MRE where coincident surface mineralisation in limestones has been Identified
Gold anomalies on two of the three reconnaissance Ion Leach traverses 5 kilometers northeast and 6 kilometers southeast of the current MRE
A 3-kilometre copper anomaly some 10 kilometers southeast of Hualilan which is coincident on the only two Ion Leach traverses in the area

Challenger Gold Limited Issued Capital ACN 123 591 382 1,261.1m shares ASX: CEL 10m options

44.2m perf rights

Australian Registered Office Level 1 1205 Hay Street

West Perth WA 6005

Directors

Kris Knauer, MD and CEO Sergio Rotondo, Chairman Sonia Delgado, Executive Director Fletcher Quinn , Non - Exec Director Brett Hackett, Non-Exec. Director Pini Althaus, Non-Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengergold.com

ASX Release 31 January 2024

==> picture [132 x 97] intentionally omitted <==

EL GUAYABO GOLD AND COLORADO V GOLD/COPPER PROJECT - ECUADOR

43-101 Technical Report

During the quarter the Company commissioned an Independent technical report on the Project done in accordance with the National Instrument 43-101 which sets out the requirements for the preparation and content of a technical report in Canda. This report will incorporate an updated Mineral Resource Estimate done in compliance with the 43-101 framework.

Rock-Saw Channel Sampling Program

The surface rock-saw Channel Sampling program has been designed to test for the extensions of mineralisation to surface in the upper 200 metres of the GY-A anomaly which forms a steep hill.

The rock-saw sampling is completed using a rock saw to cut and recover a continuous channel measuring approximately 4cm x 4cm along any outcrop. The 4cm x 4cm sample weight averages 4.8 kg per metre, approximately the same as the NQ sized drill core in the El Guayabo Project drill program. The samples are logged and submitted for assay with QAQC samples (duplicates, blanks, and standards) using the same procedure as drill core. This program has been completed with assays for the final 25% of the program pending.

Surface Mapping

During the quarter surface mapping continued north-east of the CV-A and CV-B anomalies on the Colorado V concession. Mapping indicated the extension of alteration and breccia bodies along strike from CV-A (results include 528.7m at 0.5 g/t AuEq[2 ] - 0.3 g/t Au, 2.0 g/t Ag, 0.1 % Cu including 397.1m at 0.6 g/t AuEq[2 ] - 0.3 g/t Au, 2.8 g/t Ag, 0.1% Cu ) and CV-B (results include 570.0m at 0.4 g/t AuEq[2] - 0.2 g/t Au, 2.0 g/t Ag, 0.1% Cu including 306.0m at 0.5 g/t AuEq[2] - 0.2 g/t Au, 2.3 g/t Ag, 0.1% Cu ) and the tenement boundary with Lumina Golds Cangrejos deposit. .

Surface mapping in the vicinity of the CV-D and CV-E anomalies has indicated the presence of outcropping breccia which appears consistent with the breccia's containing higher-grade mineralisation at GY-A and GY-B in the current MRE. This breccia has been identified over approximately 200 square meters at surface with the interpreted steeply plunging breccia body not validly tested by the three exploration holes drilled at CV-D and CV-E. This program remains ongoing. Ends

1 AuEq information as required under JORC is provided on Page 20 of this ASX release as footnote to Table 11 (Ecuador MRE)

For further information contact:

Kris Knauer Sergio Rotondo Media Enquiries Managing Director Executive Chairman Jane Morgan +61 411 885 979 +1 (646) 462 9273 + 61 405 555 618 [email protected] [email protected] [email protected]

Challenger Gold Limited Issued Capital ACN 123 591 382 1,261.1m shares ASX: CEL 10m options 44.2m perf rights

Australian Registered Office Level 1 1205 Hay Street

West Perth WA 6005

Directors

Contact

www.challengergold.com

ASX Release 31 January 2024

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The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant original market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

ADDITIONAL INFORMATION

COMPETENT PERSON STATEMENT – EXPLORATION RESULTS AND MINERAL RESOURCES

The information that relates to sampling techniques and data, exploration results, geological interpretation and Mineral Resource Estimate has been compiled Dr Stuart Munroe , BSc (Hons), PhD (Structural Geology), GDip (AppFin&Inv) who is a full-time employee of the Company. Dr Munroe is a Member of the AusIMM. Dr Munroe has over 20 years’ experience in the mining and metals industry and qualifies as a Competent Person as defined in the JORC Code (2012).

Dr Munroe has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results and Mineral Resources. Dr Munroe consents to the inclusion in this report of the matters based on information in the form and context in which it appears. The Australian Securities Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

The Mineral Resource Estimate for the Hualilan Gold Project was first announced to the ASX on 1 June 2022 and updated 29 March 2023. The Mineral Resource Estimate for the El Guayabo Project was first announced to the ASX on 14 June 2023. The Company confirms it is not aware of any information or assumptions that materially impacts the information included in that announcement and that the material assumptions and technical parameters underpinning the Mineral Resource Estimate continue to apply and have not materially changed.

FORWARD LOOKING STATEMENTS

The announcement may contain certain forward-looking statements. Words ‘anticipate’, ‘believe’, ‘expect’, ‘forecast’, ‘estimate’, ‘likely’, ‘intend’, ‘should’, ‘could’, ‘may’, ‘target’, ‘plan’, ‘potential’ and other similar expressions are intended to identify forward-looking statements. Indication of, and guidance on, future costings, earnings and financial position and performance are also forward-looking statements.

Such forward looking statements are not guarantees of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Avanco Resources Ltd, its officers, employees, agents and associates, which may cause actual results to differ materially from those expressed of implied in such forward-looking statements. Actual results, performance, or outcomes may differ materially from any projections or forward-looking statements or the assumptions on which those statements are based.

You should not place any undue reliance on forward-looking statements and neither. Avanco nor its directors, officers, employees, servants or agents assume any responsibility to update such information. The stated Production Targets are based on the Company’s current expectations of future results or events and should not be relied upon by investors when making investment decisions. Further evaluation work and appropriate studies are required to establish sufficient confidence that this target will be met.

Financial numbers, unless stated as final, are provisional and subject to change when final grades, weight and pricing are agreed under the terms of the offtake agreement. Figures in this announcement may not sum due to rounding. All dollar amounts in this report refer to United States Dollar unless otherwise stated.

SCOPING STUDY

All references to the Scoping Study and its outcomes in this report relate to the announcement dated 8 November 2023 "Hualilan Gold Project Scoping Study". Please refer to that announcement for full details and supporting information.

Challenger Gold Limited ACN 123 591 382 ASX: CEL

Issued Capital Australian Registered Office 1,261.1m shares Level 1 10m options 1205 Hay Street 44.2m perf rights West Perth WA 6005

Directors Kris Knauer, MD and CEO Sergio Rotondo, Chairman Sonia Delgado, Executive Director Fletcher Quinn , Non - Exec Director Brett Hackett, Non-Exec. Director

Contact T: +61 8 6380 9235 E: [email protected]

Pini Althaus, Non-Exec. Director

www.challengergold.com

ASX Release 31 January 2024

==> picture [132 x 97] intentionally omitted <==

Table 10: Hualilan Hold Project Mineral Resource Estimate (March 2023)

Domain	Category	Mt	Au (g/t)	Ag (g/t)	Zn (%)	Pb (%)	AuEq (g/t)	AuEq (Mozs)
US$1800 optimised shell > 0.30 ppm AuEq	Indicated	45.5	1.0	5.1	0.38	0.06	1.3	1.9
	Inferred	9.6	1.1	7.3	0.43	0.06	1.4	0.44
Below US$1800 shell >1.0ppm AuEq	Indicated	2.7	2.0	9.0	0.89	0.05	2.5	0.22
	Inferred	2.8	2.1	12.4	1.1	0.07	2.8	0.24
Total		60.6	1.1	6.0	0.4	0.06	1.4	2.8

Note: Some rounding errors may be present

1 Gold Equivalent (AuEq) values - Requirements under the JORC Code

Assumed commodity prices for the calculation of AuEq is Au US$1900 Oz, Ag US$24 Oz, Zn US$4,000/t, Pb US$2000/t
Metallurgical recoveries are estimated to be Au (95%), Ag (91%), Zn (67%) Pb (58%) across all ore types (see JORC Table 1 Section 3 Metallurgical assumptions ) based on metallurgical test work.
The formula used: AuEq (g/t) = Au (g/t) + [Ag (g/t) x 0.012106] + [Zn (%) x 0.46204] + [Pb (%) x 0.19961]
CEL confirms that it is the Company’s opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold.

Table 11: El Guayabo Interim MRE, June 2023

Domain	Category	Mt	Au (g/t)	Ag (g/t)	Cu (%)	Mo (ppm)	AuEq (g/t)	AuEq (Mozs)
*US$1800 optimised shell* *> 0.3 g/t AuEq*	Inferred	212.2	0.36	2.8	0.07	6.5	0.50	3.4
*Below US$1800 shell >0.4* *g/t AuEq*	Inferred	56.5	0.46	1.8	0.07	7.5	0.59	1.1
*Total*	*Inferred*	*268.7*	*0.38*	*2.6*	*0.07*	*7.2*	*0.52*	*4.5*

Note: Some rounding errors may be present

2 Gold Equivalent (AuEq) values - Requirements under the JORC Code

Assumed commodity prices for the calculation of AuEq is Au US$1800 Oz, Ag US$22 Oz, Cu US$9,000/t, Mo US$44,080/t
Metallurgical recoveries are estimated to be Au (85%), Ag (60%), Cu (85%) Mo (50%) across all ore types (see JORC Table 1 Section 3 Metallurgical assumptions ) based on metallurgical test work.
The formula used: AuEq (g/t) = Au (g/t) + [Ag (g/t) x 0.012222] + [Cu (%) x 1.555] + [Mo (%) x 4.480026]
CEL confirms that it is the Company’s opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold.

Issued Capital 1,261.1m shares 10m options 44.2m perf rights

1,261.1m shares

Australian Registered Office Level 1 1205 Hay Street

West Perth WA 6005

Directors

Kris Knauer, MD and CEO Sergio Rotondo, Chairman Sonia Delgado, Executive Director Fletcher Quinn , Non - Exec Director Brett Hackett, Non-Exec. Director Pini Althaus, Non-Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

Challenger Gold Limited ACN 123 591 382 ASX: CEL

www.challengergold.com

ASX Release 31 January 2024

==> picture [132 x 97] intentionally omitted <==

Appendix 1 - Schedule of Tenements

Project	Property Name	Tenure Title	Interest	Area	DNPM No	Status of
		Holder	%	(ha)	of Area	Tenure
El Guayabo	El Guayabo	Torata Mining Resources S.A	100%	281	COD225	Granted
El Guayabo	Colorado V	Goldking Mining CompanyS.A	earning 50%	2331	COD3363.1	Granted
El Guayabo	El Guaybo 2	Mr. Segundo Ángel Marín Gómez	earning 80%	957	COD300964	Granted
Hualilan	Divisadero	Golden Mining S.R.L.	100%	6	5448-M-1960	Granted
Hualilan	Flor de Hualilan	Golden Mining S.R.L.	as above	6	5448-M-1960	Granted
Hualilan	Pereyra y Aciar	Golden Mining S.R.L.	as above	6	5448-M-1960	Granted
Hualilan	Bicolor	Golden Mining S.R.L.	as above	6	5448-M-1960	Granted
Hualilan	Sentazon	Golden Mining S.R.L.	as above	6	5448-M-1960	Granted
Hualilan	Muchilera	Golden Mining S.R.L.	as above	6	5448-M-1960	Granted
Hualilan	Magnata	Golden Mining S.R.L.	as above	6	5448-M-1960	Granted
Hualilan	Pizarro	Golden Mining S.R.L.	as above	6	5448-M-1960	Granted
Hualilan	La Toro	CIA GPL S.R.L.	as above	6	5448-M-1960	Granted
Hualilan	La Puntilla	CIA GPL S.R.L.	as above	6	5448-M-1960	Granted
Hualilan	Pique de Ortega	CIA GPL S.R.L.	as above	6	5448-M-1960	Granted
Hualilan	Descrubidora	CIA GPL S.R.L.	as above	6	5448-M-1960	Granted
Hualilan	Pardo	CIA GPL S.R.L.	as above	6	5448-M-1960	Granted
Hualilan	Sanchez	CIA GPL S.R.L.	as above	6	5448-M-1960	Granted
Hualilan	Andacollo	CIA GPL S.R.L.	as above	6	5448-M-1960	Granted
Hualilan	North of "Pizarro" Mine	Golden Mining S.R.L.	as above	1.9	195-152-C- 1981	Granted
Hualilan	South of "La Toro"Mine	CIA GPL S.R.L.	as above	1.9	195-152-C- 1981	Granted
Hualilan	Josefina	Golden Mining S.R.L.	as above	2570	30.591.654	Granted
Hualilan		Armando J. Sanchez	100% Option	721.90	414-998-M-05	Granted
Hualilan	Guillermina	Armando J. Sanchez	100% Option	2,921.05	1124-045-S-19	Granted
Hualilan	Agu 3	Armando J. Sanchez	100% Option	1,500.00	1124-114-S-14	Granted
Hualilan	Agu 5	Armando J. Sanchez	100% Option	1443.50	1124-343-S-14	Granted
Hualilan	Agu 6	Armando J. Sanchez	100% Option	1500.00	1124-623-S-17	Granted
Hualilan	Agu 7	Armando J. Sanchez	100% Option	1459.00	1124-622-S-17	Granted
Hualilan	El Petiso	Armando J. Sanchez	100% Option	18.00	2478-C-71	Granted

Challenger Gold Limited ACN 123 591 382 ASX: CEL

Issued Capital 1,261.1m shares 10m options

44.2m perf rights

Australian Registered Office Level 1 1205 Hay Street

West Perth WA 6005

Directors

Kris Knauer, MD and CEO Sergio Rotondo, Chairman Sonia Delgado, Executive Director Fletcher Quinn , Non - Exec Director Brett Hackett, Non-Exec. Director Pini Althaus, Non-Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengergold.com

ASX Release 31 January 2024

==> picture [132 x 97] intentionally omitted <==

Appendix 2 - ASX Waivers

The ASX granted the Company a waiver from ASX Listing Rule 7.3.2 to permit the notice of meeting (the “Notice”) seeking shareholder approval for the issue of up to 245,000,001 fully paid ordinary shares in the Company (“Waiver Securities”) upon the Company satisfying the milestones in relation to each of the Projects (“Milestones”) not to state that the Waiver Securities will be issued within 3 months of the date of the shareholder meeting.

The Waiver Securities must be issued no later than 60 months after the date of reinstatement of the Company’s securities to official quotation.

All Waiver Securities agreements were amended, received shareholder approval and have been issued.

Performance Shares

The Company issued 60,000,000 Class A Performance Shares and 60,000,000 Class B Performance Shares.

A summary of the terms and conditions of the Performance Shares are as follows:

The Performance Shares shall automatically convert into Shares, provided that if the number of Shares that would be issued upon such conversion is greater than 10% of the Company’s Shares on issue as at the date of conversion, then that number of Performance Shares that is equal to 10% of the Company’s Shares on issue as at the date of conversion under this paragraph will automatically convert into an equivalent number of Company Shares. The conversion will be completed on a pro rata basis across each class of Performance Shares then on issue as well as on a pro rata basis for each Holder. Performance Shares that are not converted into Shares under this paragraph will continue to be held by the Holders on the same terms and conditions.

(No Conversion if Milestone not Achieved): If the relevant Milestone is not achieved by the required date (being seven years from the date of the Proposed Acquisition or such other date as required by ASX), then all Performance Shares held by each Holder shall lapse.

(After Conversion): The Shares issued on conversion of the Performance Shares will, as and from 5.00pm (WST) on the date of issue, rank equally with and confer rights identical with all other Shares then on issue and application will be made by the Company to ASX for official quotation of the Shares issued upon conversion (subject to complying with any restriction periods required by the ASX). (Milestones):

The Performance Shares will, convert upon the satisfaction of the following milestones:

(Class A): A JORC Compliant Mineral Resource Estimate of at least Inferred category on either Project of the following: a minimum 500,000 ounces of gold (AU) or Gold Equivalent (in accordance with clause 50 of the JORC Code) at a minimum grade of 6 grams per tonne Gold Equivalent; or

a minimum 1,500,000 ounces of gold (AU) or Gold Equivalent (in accordance with clause 50 of the JORC Code) at a minimum grade of 2.0 grams per tonne Gold Equivalent; or

a minimum 3,000,000 ounces of gold (AU) or Gold Equivalent (in accordance with clause 50 of the JORC Code) at a minimum grade of 1.0 grams per tonne Gold Equivalent.

(Class B): The Class B Performance Shares held by the holder will convert into an equal number of Shares upon the Company:

Completion and announcement by CEL (subject to the provision of information allowable at the time of completion) of a positive Scoping Study (as defined in the JORC Code) on either Project by an independent third-party expert which evidences an internal rate of return of US Ten Year Bond Rate plus 10% (using publicly available industry assumptions, including deliverable spot commodity / mineral prices, which are independently verifiable) provided that the total cumulative EBITDA over the project life is over US$50m.

Class A Performance Shares and Class B Performance Shares have vested, with 60 million ordinary shares issued on 14 April 2023 and 60 million ordinary shares issued on 8 November 2023.

Challenger Gold Limited ACN 123 591 382 ASX: CEL

Issued Capital Australian Registered Office 1,261.1m shares Level 1 10m options 1205 Hay Street 44.2m perf rights West Perth WA 6005

Directors

Contact

www.challengergold.com

ASX Release 31 January 2024

==> picture [132 x 97] intentionally omitted <==

About Challenger Gold

Challenger Gold Limited’s (ASX: CEL) aspiration is to become a globally significant gold producer. The Company is developing two complementary gold/copper projects in South America with the Company's flagship Hualilan Gold Project in San Juan, Argentina containing resources of 2.8 million ounces gold equivalent .

The Company strategy is for the 100% owned Hualilan Gold Project to provide a high-grade low capex operation in the near term while it prepares for larger bulk gold operation at El Guayabo in Ecuador.

Hualilan Gold Project , located in San Juan Province Argentina, is a near term development opportunity. It has extensive drilling with over 150 historical and almost 900 CEL drill-holes. The Company has released a JORC 2012 Compliant resource of 2.8 Moz AuEq which remains open in most directions. This resource contains a high-grade core 9.9 Mt at 5.0 g/t AuEq for 1.6 Moz AuEq and 29.1Mt at 2.2 g/t AuEq for 2.4 Moz AuEq within a larger MRE of 60.6 Mt at 1.4 g/t AuEq for 2.8 Moz AuEq. The resource was based on approximately 240,000 metres of CEL drilling. Drill results have included 6.1m @ 34.6 g/t Au, 21.9 g/t Ag, 2.9% Zn , 67.7m @ 7.3 g/t Au, 5.7 g/t Ag, 0.6% Zn, and 63.3m @ 8.5 g/t Au, 7.6 g/t Ag, 2.8% Zn . This drilling intersected high-grade gold over 3.5 kilometres of strike and extended the known mineralisation along strike and at depth in multiple locations. The high-grade skarn mineralisation is underlain by a significant intrusionhosted gold system with intercepts including 209.0m at 1.0 g/t Au, 1.4 g/t Ag, 0.1% Zn and 110.5m at 2.5 g/t Au, 7.4 g/t Au, 0.90% Zn in intrusives. The Hualilan Scoping Study demonstrates production of 116,000 oz Au, 440,000 oz Ag, 9175t Zn (141,000 oz AuEq) at an ASIC of US$830/oz over an Initial 7 year mine life. CEL's current program will include a Pre-Feasibility Study, and regional exploration along the previously unexplored 30 kilometres of prospective stratigraphy.
El Guayabo Gold/Copper Project covers 35 sq kms in southern Ecuador and is located 5 kilometres along strike from the 20.5 million ounce Cangrejos Gold Project[1] . Prior to CEL the project was last drilled by Newmont Mining in 1995 and 1997 targeting gold in hydrothermal breccias. Historical drilling demonstrated potential to host significant gold and associated copper and silver mineralisation. Historical drilling has returned a number of intersections including 156m @ 2.6 g/t Au, 9.7 g/t Ag, 0.2% Cu and 112m @ 0.6 % Cu, 0.7 g/t Au, 14.7 g/t Ag which have never been followed up. CEL's maiden drilling program confirmed the discovery of a major Au-Cu-Ag-Mo gold system spanning several zones of significant scale. The Company has drilled thirteen regionally significant Au-soil anomalies with over 500 metres of mineralisation intersected at seven of these thirteen anomalies, confirming the potential for a major bulk gold system at El Guayabo. The Company reported a maiden 4.5 Moz gold equivalent MRE . This MRE is based on 34 drill holes, for 22,572 metres, from the Company's Phase 1 and 2 diamond core drill program at its 100% owned El Guayabo concession. The drilling has focussed on 2 of the 7 anomalies that have returned plus 500 metre drill intercepts and mineralisation remains open in all directions.
1 Source : Lumina Gold (TSX : LUM) July 2020 43-101 Technical Report

Challenger Gold Limited Issued Capital ACN 123 591 382 1,261.1m shares ASX: CEL 10m options

44.2m perf rights

Australian Registered Office Level 1 1205 Hay Street

West Perth WA 6005

Directors

Kris Knauer, MD and CEO Sergio Rotondo, Chairman Sonia Delgado, Executive Director Fletcher Quinn , Non - Exec Director Brett Hackett, Non-Exec. Director Pini Althaus, Non-Exec. Director

Contact

T: +61 8 6380 9235 E: [email protected]

www.challengergold.com

JORC Code, 2012 Edition – Table 1 report template

Section 1 Sampling Techniques and Data -Hualilan Project

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	JORC Code explanation	Commentary
*Sampling techniques*	-	Nature and quality of sampling (eg	Diamond core (HQ3 and NQ3) was cut longitudinally on site using a diamond saw or split using a hand operated hydraulic
		cut channels, random chips, or	core sampling splitter. Samples lengths are generally from 0.5m to 2.0m in length (average 1.74m). Sample lengths are
		specific specialised industry standard	selected according to lithology, alteration, and mineralization contacts.
		measurement tools appropriate to the minerals under investigation,	For reverse circulation (RC) drilling, 2-4 kg sub-samples from each 1m drilled were collected from a face sample recovery cyclone mounted on the drill machine.
		such as down hole gamma sondes,
		or handheld XRF instruments, etc).	Channel samples are cut into underground or surface outcrop using a hand-held diamond edged cutting tool. Parallel saw
		These examples should not be taken as limiting the broad meaning of	cuts 3-5cm apart are cut 2-4cm deep into the rock which allows for the extraction of a representative sample using a hammer and chisel. The sample is collected onto a plastic mat and collected into a sample bag.
		sampling.	Core, RC and channel samples were crushed to approximately 85% passing 2mm. A 500g or a 1 kg sub-sample was taken
	-	Include reference to measures taken	and pulverized to 85% passing 75µm. A 50g charge was analysed for Au by fire assay with AA determination. Where the
		to ensure sample representivity and	fire assay grade is > 10 g/t gold, a 50g charge was analysed for Au by Fire assay with gravimetric determination.
		the appropriate calibration of any
		measurement tools or systems used.	A 10g charge was analysed for at least 48 elements by 4-acid digest and ICP-MS determination. Elements determined
	-	Aspects of the determination of	include Ag, As, Ba, Be, Bi, Ca, Ce, Co, Cr, Cs, Cu, Fe, Ga, Ge, Hf, In, K, La, Li, Mg, Mn, Mo, Na, Nb, Ni, P, Pb, Rb, Re, S, Sb Sc,
		mineralisation that are Material to	Se, Sn, Sr, Ta, Te, Th, Ti, Tl, U, V, W, Y, Zn and Zr.
		the Public Report.	For Ag > 100 g/t, Zn, Pb and Cu > 10,000 ppm and S > 10%, overlimit analysis was done by the same method using a
	-	In cases where ‘industry standard’	different calibration.
		work has been done this would be	Unused pulps are returned from the laboratory to the Project and stored in a secure location, so they are available for any
		relatively simple (eg ‘reverse	further analyses. Remaining drill core is stored undercover for future use if required.
		circulation drilling was used to obtain 1 m samples from which 3 kg	Visible gold observed has been observed in only 1 drill core sample only. Coarse gold is not likely to result in sample bias.
		was pulverised to produce a 30 g	Historic Data:
		charge for fire assay’). In other	There is little information provided by previous explorers to detail sampling techniques. Selected drill core was cut with a
		cases, more explanation may be	diamond saw longitudinally and one half submitted for assay. Assay was generally done for Au. In some drill campaigns,
		required, such as where there is	Ag and Zn were also analysed. There is limited multielement data available. No information is available for RC drill
		coarse gold that has inherent	techniques and sampling.
		sampling problems. Unusual
		commodities or mineralisation types
		(eg submarine nodules) may
		warrant disclosure of detailed
		information.

Australian Registered Office

www.challengergold.com

Criteria	JORC Code explanation	JORC Code explanation	Commentary
*Drilling techniques*	-	Drill type (eg core, reverse	CEL drilling of HQ3 core (triple tube) was done using various truck and track mounted drill machines that are operated by
		circulation, open-hole hammer,	various drilling contractors based in Mendoza and San Juan. The core has not been oriented as the rock is commonly too
		rotary air blast, auger, Bangka,	broken to allow accurate core orientation.
		sonic, etc) and details (eg core	CEL drilling of reverse circulation (RC) drill holes was done using a track-mounted LM650 universal drill rig set up for
		diameter, triple or standard tube,	reverse circulation drilling. Drilling was done using a 5.25 inch hammer bit.
		depth of diamond tails, face-
		sampling bit or other type, whether core is oriented and if so, by what method, etc).	Collar details for historic drill holes, DD drill holes, RC drill holes completed by CEL that are used in the resource estimate are detailed in CEL ASX releases: 1 June 2022 (Maiden MRE): https://announcements.asx.com.au/asxpdf/20220601/pdf/459jfk8g7x2mty.pdf and 29 March 2023 (MRE update):https://announcements.asx.com.au/asxpdf/20230329/pdf/45n49jlm02grm1.pdf
			Collar locations for drill holes are surveyed using DGPS. Three DD holes and 3 RC holes have hand-held GPS collar surveys.
			Historic Data:
			Historic drill hole data is archival, data cross checked with drill logs and available plans and sections where available. Collar
			locations have been checked by CEL using differential GPS (DGPS) to verify if the site coincides with a marked collar, tagged
			drill site or likely drill pad location. In most cases the drill collars coincide with historic drill site, some of which (but not all)
			are tagged. The collar check surveys were reported in POSGAR (2007) projection and converted to WGS84.
*Drill sample recovery*	-	Method of recording and assessing	Drill core is placed into wooden boxes by the drillers and depth marks are indicated on wooden blocks at the end of each
		core and chip sample recoveries and	run. These depths are reconciled by CEL geologists when measuring core recovery and assessing core loss. Triple tube
		results assessed.	drilling has been being done by CEL to maximise core recovery.
	-	Measures taken to maximise sample recovery and ensure representative	- 761 CEL diamond drill holes completed have been used for the CEL resource estimate. Some of these holes are located outside the resource area.
		nature of the samples.	Total drilled is 224,180.60 metres, including cover drilled of 22,041.30 metres (9.8 %).
	-	Whether a relationship exists	Of the remaining 202,139.30 metres of bedrock drilled, core recovery is 96.8%.
		between sample recovery and grade	RC sub-samples are collected from a rotary splitter mounted to the face sample recovery cyclone. A 2-4 kg sub-samples is
		and whether sample bias may have	collected for each metre of RC drilling. Duplicate samples are taken at the rate of I every 25-30 samples using a riffle
		occurred due to preferential	splitter to split out a 2-4 kg sub-sample. The whole sample recovered is weighed to measure sample recovery and
		loss/gain of fine/coarse material.	consistency in sampling.
			- 37 CEL RC drill holes have been used in the CEL resource estimate.
			Total metres drilled is 2,923m. Cover drilled is 511 m (17.5%)
			Channel samples have been weighed to ensure a consistency between sample lengths and weights. The channel samples
			are collected from saw-cut channels and the whole sample is collected for analysis. There is no correlation between
			sample length and assay values.
			- 193 surface and underground channels have been used in the CEL resource estimate.
			Channels total 2597.70 metres in length. The average weightper metre sampled is 3.7 kg/m which is adequate

www.challengergold.com

Challenger Gold Limited ACN 123 591 382 ASX:CEL Issued Capital 1,261.1m shares 10m options 44.2m perf rights Australian Registered Level 1 1205 Hay Street West Perth WA 6005 Criteria JORC Code explanation *Logging* - Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation mining studies and metallurgical studies. - Whether logging is qualitative or quantitative in nature. Core (or costean channel etc) photography. - The total length and percentage of the relevant intersections logged. *Sub-sampling* *techniques and* *sample preparation* - If core whether cut or sawn and whether quarter half or all core taken. - If non-core whether riffled tube sampled rotary split etc and whether sampled wet or dry. - For all sample types the nature quality and appropriateness of the sample preparation technique. - Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. - Measures taken to ensure that the sampling is representative of the in- situ material collected including for instance results for field duplicate/second-half sampling. - Whether sample sizes are appropriate to the grain size of the material being sampled.	Criteria JORC Code explanation	Commentary
		for the rock being sampled and compares well with the expected weight for ½ cut HQ3 drill core of 4.1 kg/m. A possible relationship has been observed in historic drilling between sample recovery and Au Ag or Zn values whereby low recoveries have resulted lower reported values. Historic core recovery data is incomplete. Core recovery is influenced by the intensity of natural fracturing in the rock. A positive correlation between recovery and RQD has been observed. The fracturing is generally post mineral and not directly associated with the mineralisation.
	*Logging* - Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation mining studies and metallurgical studies. - Whether logging is qualitative or quantitative in nature. Core (or costean channel etc) photography. - The total length and percentage of the relevant intersections logged.	For CEL drilling, all the core (100%) is photographed and logged for recovery, RQD, weathering, lithology, alteration, mineralization, and structure to a level that is suitable for geological modelling, Mineral Resource Estimation and metallurgical test work. RC drill chips are logged for geology, alteration and mineralisation to a level that is suitable for geological modelling resource estimation and metallurgical test work. Where possible logging is quantitative. Geological logging is done into MS Excel in a format that can readily be cross-checked and is back-up transferred to a secure, offsite, cloud-based database which holds all drill hole logging sample and assay data. No specialist geotechnical logging has been undertaken. Detailed logs are available for most of the historical drilling. Some logs have not been recovered. No core photographs from the historic drilling have been found. No drill core has survived due to poor storage and neglect. No historic RC sample chips have been found.
	*Sub-sampling* *techniques and* *sample preparation* - If core whether cut or sawn and whether quarter half or all core taken. - If non-core whether riffled tube sampled rotary split etc and whether sampled wet or dry. - For all sample types the nature quality and appropriateness of the sample preparation technique. - Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. - Measures taken to ensure that the sampling is representative of the in- situ material collected including for instance results for field duplicate/second-half sampling. - Whether sample sizes are appropriate to the grain size of the material being sampled.	CEL samples have been submitted to the MSA laboratory in San Juan, the ALS laboratory in Mendoza and the former SGS laboratory in San Juan for sample preparation. The sample preparation technique is considered appropriate for the style of mineralization present in the Project. Sample sizes are appropriate for the mineralisation style and grain size of the deposit. Sample intervals are selected based on lithology, alteration, and mineralization boundaries. Representative samples of all of the core are selected. Sample length averages 1.74m. Second-half core or ¼ core samples have been submitted for a mineralised interval in 1 drill hole only and for some metallurgical samples. The second half of the core samples has been retained in the core trays for future reference. Competent drill core is cut longitudinally using a diamond saw for sampling of ½ the core. Softer core is split using a wide blade chisel or a manual core split press. The geologist logging the core, marks where the saw cut or split is to be made to ensure half-core sample representivity. From GNDD073 and later holes, duplicate core samples consisting of two ¼ core samples over the same interval have been collected approximately every 30-50m drilled. Duplicate core sample results and correlation plots (log scale for Au, Ag, Zn, Pb, Fe and S) are shown below: count RSQ mean median variance original duplicate original duplicate original duplicate Au (ppm) 3,523 0.960 0.076 0.077 0.007 0.006 0.640 0.816
		Office Directors Kris Knauer, MD and CEO Sergio Rotondo, Chairman Sonia Delgado, Executive Director Fletcher Quinn,Non-Exec Director Brett Hackett, Non-Exec. Director Pini Althaus, Non-Exec. Director Contact T: +61 8 6380 9235 E: [email protected]

www.challengergold.com

Commentary
Ag (ppm)	3,523	0.696	0.53	0.48	0.17	0.16	7.99	3.55
Cd (ppm)	3,523	0.979	1.34	1.26	0.08	0.08	160.63	144.11
Cu (ppm)	3,523	0.451	14.84	13.85	3.40	3.30	4.3E+03	2.5E+03
Fe (%)	3,523	0.990	1.997	1.996	1.700	1.710	3.74	3.75
Pb (ppm)	3,523	0.940	64.7	62.4	13.7	13.4	1.9E+05	2.7E+05
S (%)	3,523	0.973	0.333	0.330	0.140	0.140	0.346	0.332
Zn (ppm)	3,523	0.976	254	243	73	72	3.8.E+06	3.5.E+06
RSQ = R squared
RC sub-samples over 1m intervals are collected				at the drill site from a cyclone mounted on the				drill rig. A duplicate RC
sample is collected for		every 25-30m drilled.

ACN 123 591 382 ASX: CEL

Australian Registered Office

Issued Capital

1,261.1m shares Level 1 10m options 1205 Hay Street 44.2m perf rights West Perth WA 6005

Directors

Contact

www.challengergold.com

Criteria JORC Code explanation

Commentary

The duplicate RC sample results and correlation plots (log scale for Au, Ag, Zn, Pb, Fe and S) are shown below:

count RSQ	mean original duplicate	median original duplicate	variance original duplicate
Au (ppm) 85 0.799 0.101 0.140 0.017 0.016 0.041 0.115 Ag (ppm) 85 0.691 1.74 2.43 0.59 0.58 13.59 64.29 Cd (ppm) 85 0.989 15.51 16.34 0.41 0.44 4189 4737 Cu (ppm) 85 0.975 47.74 53.86 5.80 5.70 2.4E+04 3.1E+04 Fe (%) 85 0.997 1.470 1.503 0.450 0.410 7.6 7.6 Pb (ppm) 85 0.887 296.0 350.6 26.3 32.4 6.0E+05 7.4E+05 S (%) 85 0.972 0.113 0.126 0.020 0.020 0.046 0.062 Zn (ppm) 85 0.977 3399 3234 158 177 2.5.E+08 2.1.E+08 RSQ = R squared

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Challenger Gold Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,261.1m shares 10m options 44.2m perf rights

Australian Registered Office

Directors

Level 1 Kris Knauer, MD and CEO 1205 Hay Street Sergio Rotondo, Chairman West Perth WA 6005 Sonia Delgado, Executive Director Fletcher Quinn , Non - Exec Director Brett Hackett, Non-Exec. Director Pini Althaus, Non-Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengergold.com

Criteria JORC Code explanation Commentary

==> picture [452 x 148] intentionally omitted <==

45 duplicate channel sample assays have been collected from the underground and surface sampling program. These data show more scatter due to surface weathering.

The duplicate channel sample results and correlation plots (log scale for Au, Ag, Zn, Pb, Fe and S) are shown below:

count RSQ	mean original duplicate	median original duplicate	variance original duplicate
Au (ppm) 45 0.296 1.211 2.025 0.042 0.039 8.988 23.498 Ag (ppm) 45 0.037 8.42 23.25 1.09 1.22 177.31 3990.47 Cd (ppm) 45 0.373 124.23 77.85 7.54 7.80 61687.10 26171.51 Cu (ppm) 45 0.476 713.23 802.79 46.20 37.40 2.8E+06 3.0E+06 Fe (%) 45 0.428 4.266 5.745 1.390 1.560 44.4 107.0 Pb (ppm) 45 0.007 955.4 3776.0 75.3 60.7 3.5E+06 3.0E+08 S (%) 45 0.908 1.307 1.432 0.040 0.030 14.294 16.234 Zn (ppm) 45 0.509 15117 12684 1300 763 8.8.E+08 5.2.E+08 RSQ = R squared

Challenger Gold Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,261.1m shares 10m options

44.2m perf rights

Australian Registered Office

Directors

Contact

T: +61 8 6380 9235 E: [email protected]

www.challengergold.com

Criteria	JORC Code explanation	JORC Code explanation	Commentary

*Quality of assay data*	-	The nature quality and	The MSA laboratory used for sample preparation in San Juan was inspected by Stuart Munroe (Exploration Manager) and
*and laboratory tests*		appropriateness of the assaying and laboratory procedures used and	Sergio Rotondo (CEL Director) prior to any samples being submitted. The laboratory has been visited and revied most recently by Stuart Munroe (Exploration Manager) in May 2022. The laboratory procedures are consistent with
		whether the technique is considered	international best practice and are suitable for samples from the Project. The SGS laboratory in San Juan and the ALS
		partial or total.	laboratory in Mendoza has not yet been inspected by CEL representatives due to COVID-19 restrictions. Each laboratory
	-	For geophysical tools spectrometers	presents internal laboratory standards for each job to gauge precision and accuracy of assays reported.
		handheld XRF instruments etc the	CEL have used two different blank samples, submitted with drill core and subjected to the same preparation and assay as
		parameters used in determining the	the core samples, RC sub-samples and channel samples. The blank samples are sourced from surface gravels in the Las
		analysis including instrument make	Flores area of San Juan and from a commercial dolomite quarry near San Juan. In both cases the blank material is
		and model reading times	commonlyfor construction. Commonly,the blank samples are strategically placed in the sample sequence immediately

www.challengergold.com

==> picture [725 x 391] intentionally omitted <==

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Criteria JORC Code explanation Commentary
calibrations factors applied and their after samples that were suspected of containing higher grade Au, Ag, S or base metals to test the lab preparation and
derivation etc. contamination procedures. The values received from the blank samples suggest only rare cross contamination of samples
- Nature of quality control procedures during sample preparation.
adopted (eg standards blanks
duplicates external laboratory
checks) and whether acceptable
levels of accuracy (i.e. lack of bias)
and precision have been established.
For GNDD001 – GNDD010 samples analysed by MSA in 2019, three different Certified Standard Reference pulp samples
(CRM) with known values for Au Ag Pb Cu and Zn were submitted with samples of drill core to test the precision and
accuracy of the analytic procedures MSA laboratory in Canada. 26 reference analyses were analysed in the samples
submitted in 2019. The standards demonstrate suitable precision and accuracy of the analytic process. No systematic bias
is observed.
----- End of picture text -----

Challenger Gold Limited

ACN 123 591 382 ASX: CEL

Australian Registered Office

Issued Capital Australian Registered Office Directors 1,261.1m shares Level 1 Kris Knauer, MD and CEO 10m options 1205 Hay Street Sergio Rotondo, Chairman 44.2m perf rights West Perth WA 6005 Sonia Delgado, Executive Director Fletcher Quinn , Non - Exec Director Brett Hackett, Non-Exec. Director Pini Althaus, Non-Exec. Director

Contact

T: +61 8 6380 9235 E: [email protected]

www.challengergold.com

==> picture [725 x 417] intentionally omitted <==

----- Start of picture text -----

Criteria JORC Code explanation Commentary
For drill holes from GNDD011 plus unsampled intervals from the 2019 drilling, 17 different multi-element Certified
Standard Reference pulp samples (CRM) with known values for Au Ag Fe S Pb Cu and Zn. 7 different CRM’s with known
values for Au only have been submitted with samples of drill core, RC chips and channel samples to test the precision and
accuracy of the analytic procedures of the MSA,ALS and SGS laboratories used. In the results received to date there has
been no systematic bias is observed. The standards demonstrate suitable precision and accuracy of the analytic process.
A summary of the standard deviations from the expected values for CRM’s used is summarised below. Generally, an
average of standard deviations close to zero indicates a high degree of accuracy and a low range of standard deviations
with a low fail count indicates a high degree of precision.
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Challenger Gold Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,261.1m shares 10m options 44.2m perf rights

Australian Registered Office

Directors

Contact

T: +61 8 6380 9235 E: [email protected]

www.challengergold.com

==> picture [725 x 404] intentionally omitted <==

----- Start of picture text -----

Criteria JORC Code explanation Commentary
----- End of picture text -----

Challenger Gold Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,261.1m shares 10m options 44.2m perf rights

Australian Registered Office

Directors

Contact

Level 1 Kris Knauer, MD and CEO T: +61 8 6380 9235 1205 Hay Street Sergio Rotondo, Chairman E: [email protected] West Perth WA 6005 Sonia Delgado, Executive Director Fletcher Quinn , Non - Exec Director Brett Hackett, Non-Exec. Director Pini Althaus, Non-Exec. Director

www.challengergold.com

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Criteria JORC Code explanation Commentary
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Challenger Gold Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,261.1m shares 10m options 44.2m perf rights

Australian Registered Office

Directors

Contact

www.challengergold.com

==> picture [725 x 421] intentionally omitted <==

----- Start of picture text -----

Criteria JORC Code explanation Commentary
----- End of picture text -----

Challenger Gold Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,261.1m shares 10m options

44.2m perf rights

Australian Registered Office

Directors

Contact

www.challengergold.com

Criteria JORC Code explanation	Commentary	Commentary	Commentary

*Verification of* *sampling and* *assaying* - The verification of significant intersections by either independent or alternative company personnel. - The use of twinned holes. - Documentation of primary data entry procedures data verification data storage (physical and electronic) protocols. - Discuss any adjustment to assay data.	Final sample assay analyses are received by digital file in PDF and CSV format. There is no adjustment made to any of the assay values received. The original files are backed-up and the data copied into a cloud-based drill hole database, stored offsite from the project. The data is remotely accessible for geological modelling and resource estimation. Assay results summarised in the context of this report have been rounded appropriately to 2 significant figures. No assay data have been otherwise adjusted. Replicate assay of 186 coarse reject samples from 2019 drilling has been done to verify assay precision. Original core samples were from the 2019 DD drilling which were analysed by MSA (San Juan preparation and Vancouver analysis). Coarse reject samples were analysed by ALS (Mendoza preparation and Vancouver analysis). The repeat analysis technique was identical to the original. The repeat analyses correlate very closely with the original analyses providing high confidence in precision of results between MSA and ALS. A summary of the results for the 186 sample pairs for key elements is provided below: Mean Median Std Deviation Element MSA ALS MSA ALS MSA ALS Correlation coefficient Au (FA and GFA ppm) 4.24 4.27 0.50 0.49 11.15 11.00 0.9972 Ag (ICP and ICF ppm) 30.1 31.1 5.8 6.2 72.4 73.9 0.9903 Zn ppm (ICP ppm and ICF %) 12312 12636 2574 2715 32648 33744 0.9997 Cu ppm (ICP ppm and ICF %) 464 474 74 80 1028 1050 0.9994 Pb ppm (ICP ppm and ICF %) 1944 1983 403 427 6626 6704 0.9997 S (ICP and ICF %) 2.05 1.95 0.05 0.06 5.53 5.10 0.9987 Cd (ICP ppm) 68.5 68.8 12.4 12.8 162.4 159.3 0.9988 As(ICPppm)) 76.0 79.5 45.8 47.6 88.1 90.6 0.9983
	Au (FA and GFA ppm) 4.24 4.27 Ag (ICP and ICF ppm) 30.1 31.1 Zn ppm (ICP ppm and ICF %) 12312 12636 Cu ppm (ICP ppm and ICF %) 464 474 Pb ppm (ICP ppm and ICF %) 1944 1983 S (ICP and ICF %) 2.05 1.95 Cd (ICP ppm) 68.5 68.8 As(ICPppm)) 76.0 79.5	0.50 0.49 5.8 6.2 2574 2715 74 80 403 427 0.05 0.06 12.4 12.8 45.8 47.6	11.15 11.00 72.4 73.9 32648 33744 1028 1050 6626 6704 5.53 5.10 162.4 159.3 88.1 90.6

Challenger Gold Limited

ACN 123 591 382 ASX: CEL

Australian Registered Office

Issued Capital

1,261.1m shares

Level 1

10m options

1205 Hay Street

44.2m perf rights West Perth WA 6005

Directors

Contact

www.challengergold.com

Criteria JORC Code explanation	Commentary
	Fe (ICP %) 4.96 4.91 REE(ICPppm) 55.1 56.2	2.12 2.19 28.7 31.6	6.87 6.72 98.2 97.6

Mean Median Std Deviation Correlation Element count SGS ALS SGS ALS SGS ALS coefficient Challenger Gold Limited Issued Capital Australian Registered Office Directors Contact ACN 123 591 382 1,261.1m shares Level 1 Kris Knauer, MD and CEO T: +61 8 6380 9235 ASX: CEL 10m options 1205 Hay Street Sergio Rotondo, Chairman E: [email protected] 44.2m perf rights West Perth WA 6005 Sonia Delgado, Executive Director Fletcher Quinn , Non - Exec Director Brett Hackett, Non-Exec. Director Pini Althaus, Non-Exec. Director

www.challengergold.com

Criteria JORC Code explanation	Commentary
	Au (FA ppm) 140 Ag (ICP ppm) 140 Zn (ICP ppm) 140 Pb (ICP ppm) 140 S (ICP %) 140 Fe(ICP %) 140	0.27 0.30 1.16 1.14 555 565 92.3 95.4 0.64 0.61 1.62 1.59	0.01 0.02 0.16 0.16 50 56 13.6 13.5 0.17 0.17 0.64 0.66	0.98 1.05 6.15 6.31 2471 2469 338 351 1.22 1.12 1.91 1.88
*Location of data* *points* - Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys) trenches mine workings and other locations used in Mineral Resource estimation. - Specification of the grid system used. - Quality and adequacy of topographic control.	Following completion of drilling, collars are marked and surveyed using a differential GPS (DGPS) relative to a nearby Argentinian SGM survey point. The collars have been surveyed in POSGAR 2007 zone 2 and converted to WGS84 UTM zone 19s. Following completion of the channel sampling, the location of the channel samples is surveyed from a survey mark at the entrance to the underground workings, located using differential GPS. The locations have been surveyed in POSGAR 2007 zone 2 and converted to WGS84 UTM zone 19s. The drill machine is set-up on the drill pad using hand-held survey equipment according to the proposed hole design. Diamond core drill holes up to GNDD390 are surveyed down-hole at 30-40m intervals down hole using a down-hole compass and inclinometer tool. RC drill holes and diamond core holes from GNDD391 were continuously surveyed down hole using a gyroscope to avoid magnetic influence from the drill string and rocks. The gyroscope down-hole survey data is recorded in the drill hole database at 10m intervals. Ten diamond drill holes have no down hole survey data due to drill hole collapse or blockage of the hole due to loss of drilling equipment. These are GNDD036, 197, 212, 283, 376, 423, 425, 439, 445 and 465. For these holes, a survey of the collar has been used with no assumed deviation to the end of the hole. All current and previous drill collar sites, Minas corner pegs and strategic surface points have been surveyed using DGPS to provide topographic control for the Project. In addition, AWD3D DTM model with a nominal 2.5 metre precision has been acquired for the project and greater surrounding areas. Drone-based topographic survey data with 0.1 meter precision is being acquired over the project to provide more detail where required.

Challenger Gold Limited

Issued Capital

Australian Registered Office

Directors

Contact

ACN 123 591 382 1,261.1m shares Level 1 Kris Knauer, MD and CEO T: +61 8 6380 9235 ASX: CEL 10m options 1205 Hay Street Sergio Rotondo, Chairman E: [email protected] 44.2m perf rights West Perth WA 6005 Sonia Delgado, Executive Director Fletcher Quinn , Non - Exec Director Brett Hackett, Non-Exec. Director Pini Althaus, Non-Exec. Director

www.challengergold.com

Criteria	JORC Code explanation	JORC Code explanation	Commentary
*Data spacing and*	-	Data spacing for reporting of	Nominal 80m x 80m, 40m x 80m and 40m x 40m drill spacing is being applied to the drilling to define mineralised areas to
*distribution*		Exploration Results.	Indicated Resource level of confidence, where appropriate. Drilling has been completed to check previous exploration,
	-	Whether the data spacing and	extend mineralisation along strike, and provide some information to establish controls on mineralization and exploration
		distribution is sufficient to establish	potential.
		the degree of geological and grade	Samples have not been composited.
		continuity appropriate for the
		Mineral Resource and Ore Reserve
		estimation procedure(s) and
		classifications applied.
	-	Whether sample compositing has
		been applied.
*Orientation of data*	-	Whether the orientation of sampling	As far as is currently understood and where practicable, the orientation of sampling achieves unbiased sampling of
*in relation to*		achieves unbiased sampling of	structures and geology controlling the mineralisation. Some exploration holes have drilled at a low angle to mineralisation
*geological structure*		possible structures and the extent to which this is known considering the deposit type.	and have been followed up with drill holes in the opposite direction to define mineralised domains. For underground channel sampling, the orientation of the sample is determined by the orientation of the workings. Where the sampling is parallel with the strike of the mineralisation, plans showing the location of the sampling relative to
	-	If the relationship between the	the orientation of the mineralisation, weighted average grades and estimates of true thickness are provided to provide a
		drilling orientation and the	balanced report of the mineralisation that has been sampled.
		orientation of key mineralised structures is considered to have	Drilling has been designed to provide an unbiased sample of the geology and mineralisation targeted. In exceptional
		introduced a sampling bias this	circumstances, where drill access is restricted, drilling may be non-optimally angled across the mineralised zone.
		should be assessed and reported if
		material.
*Sample security*	-	The measures taken to ensure	Samples were under constant supervision by site security, senior technical personnel and courier contractors prior to
		sample security.	delivery to the preparation laboratories in San Juan and Mendoza.
*Audits or reviews*	-	The results of any audits or reviews	There has not yet been any independent reviews of the sampling techniques and data.
		of sampling techniques and data.

Challenger Gold Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,261.1m shares 10m options 44.2m perf rights

Australian Registered Office

Directors

Contact

T: +61 8 6380 9235 E: [email protected]

www.challengergold.com

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria JORC Code explanation	Commentary	Commentary	Commentary	Commentary	Commentary	Commentary	Commentary	Commentary	Commentary	Commentary
*Mineral tenement* *and land tenure* *status* - Type reference name/number location and ownership including agreements or material issues with third parties such as joint ventures partnerships overriding royalties native title interests historical sites wilderness or national park and environmental settings. - The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	The Hualilan Project comprises fifteen Minas (equivalent of mining leases) and five Demasias (mining lease extensions) held under an farmin agreement with Golden Mining SRL (Cerro Sur) and CIA GPL SRL (Cerro Norte). Fourteen additional Minas and eight exploration licences (Cateos) have been transferred to CEL under a separate farmin agreement. Six Cateos and eight requested mining leases are directly held. This covers all of the currently defined mineralization and surrounding prospective ground. There are no royalties held over the tenements. Granted mining leases (Minas Otorgadas) at the Hualilan Project Name Number Current Owner Status Grant Date Area(ha) Cerro Sur Divisadero 5448-M-1960 Golden MiningS.R.L. Granted 30/04/2015 6 Flor de Hualilan 5448-M-1960 Golden MiningS.R.L. Granted 30/04/2015 6 PereyrayAciar 5448-M-1960 Golden MiningS.R.L. Granted 30/04/2015 6 Bicolor 5448-M-1960 Golden MiningS.R.L. Granted 30/04/2015 6 Sentazon 5448-M-1960 Golden MiningS.R.L. Granted 30/04/2015 6 Muchilera 5448-M-1960 Golden MiningS.R.L. Granted 30/04/2015 6 Magnata 5448-M-1960 Golden MiningS.R.L. Granted 30/04/2015 6 Pizarro 5448-M-1960 Golden MiningS.R.L. Granted 30/04/2015 6 Cerro Norte La Toro 5448-M-1960 CIA GPL S.R.L. Granted 30/04/2015 6 La Puntilla 5448-M-1960 CIA GPL S.R.L. Granted 30/04/2015 6 Pique de Ortega 5448-M-1960 CIA GPL S.R.L. Granted 30/04/2015 6 Descrubidora 5448-M-1960 CIA GPL S.R.L. Granted 30/04/2015 6 Pardo 5448-M-1960 CIA GPL S.R.L. Granted 30/04/2015 6 Sanchez 5448-M-1960 CIA GPL S.R.L. Granted 30/04/2015 6 Andacollo 5448-M-1960 CIA GPL S.R.L. Granted 30/04/2015 6 Mining Lease extensions (Demasias) at the Hualilan Project Name Number Current Owner Status Grant date Area (ha) Cerro Sur North of "Pizarro" Mine 195-152-C-1981 Golden Mining S.R.L. Granted 29/12/1981 2.42 Cerro Norte
	Name	Number		Current Owner		Status	Grant Date		Area(ha)
	Cerro Sur
	Divisadero	5448-M-1960		Golden MiningS.R.L.		Granted	30/04/2015			6
	Flor de Hualilan	5448-M-1960		Golden MiningS.R.L.		Granted	30/04/2015			6
	PereyrayAciar	5448-M-1960		Golden MiningS.R.L.		Granted	30/04/2015			6
	Bicolor	5448-M-1960		Golden MiningS.R.L.		Granted	30/04/2015			6
	Sentazon	5448-M-1960		Golden MiningS.R.L.		Granted	30/04/2015			6
	Muchilera	5448-M-1960		Golden MiningS.R.L.		Granted	30/04/2015			6
	Magnata	5448-M-1960		Golden MiningS.R.L.		Granted	30/04/2015			6
	Pizarro	5448-M-1960		Golden MiningS.R.L.		Granted	30/04/2015			6
	Cerro Norte
	La Toro	5448-M-1960		CIA GPL S.R.L.		Granted	30/04/2015			6
	La Puntilla	5448-M-1960		CIA GPL S.R.L.		Granted	30/04/2015			6
	Pique de Ortega	5448-M-1960		CIA GPL S.R.L.		Granted	30/04/2015			6
	Descrubidora	5448-M-1960		CIA GPL S.R.L.		Granted	30/04/2015			6
	Pardo	5448-M-1960		CIA GPL S.R.L.		Granted	30/04/2015			6
	Sanchez	5448-M-1960		CIA GPL S.R.L.		Granted	30/04/2015			6
	Andacollo	5448-M-1960		CIA GPL S.R.L.		Granted	30/04/2015			6
	Mining Lease extensions (Demasias) at the Hualilan Project
	Name		Number		Current Owner	Status		Grant date		Area (ha)
	Cerro Sur
	North of "Pizarro" Mine		195-152-C-1981		Golden Mining S.R.L.	Granted		29/12/1981		2.42
	Cerro Norte

Challenger Gold Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,261.1m shares 10m options 44.2m perf rights

Australian Registered Office Level 1

1205 Hay Street West Perth WA 6005

Directors

Kris Knauer, MD and CEO Sergio Rotondo, Chairman Sonia Delgado, Executive Director Fletcher Quinn , Non - Exec Director Brett Hackett, Non-Exec. Director Pini Althaus, Non-Exec. Director

Contact

T: +61 8 6380 9235 E: [email protected]

www.challengergold.com

Commentary	Commentary
South of "Andacollo" Mine		545.208-B-94	CIA GPL S.R.L.		Pending Reconsideration		14/02/1994		1.83
South of "Sanchez" Mine		545.209-B-94	CIA GPL S.R.L.		Registered		14/02/1994		3.50
South of "La Toro" Mine		195-152-C-1981	CIA GPL S.R.L.		Granted		29/12/1981		2.42
South of "Pizarro" Mine		545.207-B-94	Golden Mining S.R.L.		Registered		14/02/1994		2.09
Requested Mining Leases (Minas Solicitados)
Name				Number		Status		Area(ha)
Elena				1124.328-G-2021		Registered		2,799.24
Juan Cruz				1124.329-G-2021		Granted		933.69
Paula(over "LoQue Vendra")				1124.454-G-2021		Application		1,460.06
Argelia				1124.486-G-2021		Registered		3,660.50
Ana Maria(over Ak2)				1124.287-G-2021		Registered		5,572.80
Erica(Over "El Peñón")				1124.541-G-2021		Application		6.00
Silvia Beatriz(over “AK3”)				1124.572-G-2021		Application		2,290.75
Soldado Poltronieri (over 1124188-20, 545867-R-94 and 545880-O-94)				1124.108-2022		Application		777.56
Mining Lease Farmin Agreements
Name	Number		Transfrred to CEL			Status		Area(ha)
Marta Alicia	2260-S-58		In Process			Granted		23.54
Marta	339.154-R-92		In Process			Granted		478.50
Solitario 1-5	545.604-C-94		In Process			Application		685.00
Solitario 1-4	545.605-C-94		In Process			Registered		310.83
Solitario 1-1	545.608-C-94		In Process			Application		TBA
Solitario 6-1	545.788-C-94		In Process			Application		TBA
AGU 3	11240114-2014		No			Granted		1,500.00
AGU 5	1124.0343-2014		No			Granted		1,443.58
AGU 6	1124.0623-2017		No			Granted		1,500.00
AGU 7	1124.0622-S-17		No			Granted		1,500.00
Guillermina	1124.045-S-2019		No			Granted		2,921.05
El Petiso	1124.2478-71		No			Granted		18.00
Ayen/Josefina	1124.495-I-20		No			Granted		2059.6

Challenger Gold Limited

ACN 123 591 382 ASX: CEL

Australian Registered Office

Issued Capital

Directors

1,261.1m shares Level 1 Kris Knauer, MD and CEO 10m options 1205 Hay Street Sergio Rotondo, Chairman 44.2m perf rights West Perth WA 6005 Sonia Delgado, Executive Director Fletcher Quinn , Non - Exec Director Brett Hackett, Non-Exec. Director Pini Althaus, Non-Exec. Director

Contact

T: +61 8 6380 9235 E: [email protected]

www.challengergold.com

Criteria JORC Code explanation	Commentary	Commentary
	Exploration Licence		(Cateo) Farmin Agreements
	Name		Number	Transfrred to CEL		Status			Area(ha)
	-		295.122-R-1989	Inprocess		Registered			1,882.56
	-		338.441-R-1993	Inprocess		Granted			2,800.00
	-		545.880-O-1994	Inprocess		Registered			149.99
	-		414.998-2005	Yes		Granted			721.90
	-		1124.011-I-07	No		Granted			2552
	-		1124.012-I-07	No		Registered			6677
	-		1124.013-I-07	No		Granted			5818
	-		1124.074-I-07	No		Granted			4484.5
	Exploration Licence		(Cateo) Held (Direct Award)
	Name		Number		Transfrred to CEL		Status	Area(ha)
	-	1124-248G-20			Yes		Current	933.20
	-	1124-188-G-20(2 zones)			Yes		Current	327.16
	-	1124.313-2021			Yes		Current	986.41
	-	1124.564-G-2021			Yes		Current	1,521.12
	-	1124.632-G-2022			Yes		Current	4,287.38
*Exploration done* *by other parties* - Acknowledgment and appraisal of exploration by other parties.	Intermittent historic sampling has produced a large volume of information and data including sampling, geological maps, reports, trenching data, underground surveys, drill hole results, geophysical surveys, non-JORC resource estimates plus property examinations and detailed studies by multiple geologists. Prior to exploration by CEL, no work has been completed on the Project since 2006. There is at least 6 km of underground workings that pass through mineralised zones at Hualilan. Surveys of the workings are likely to be incomplete. Commonly incomplete records of the underground geology and sampling have been compiled and digitised as has sample data geological mapping adit exposures and drill hole results. Historic geophysical surveys exist but have been superseded by surveys completed by CEL. Historic drilling on or near the Hualilan Project (Cerro Sur and Cerro Norte combined) extends to over 150 drill holes. The key historical exploration drilling and sampling programs are: - 1984 – Lixivia SA channel sampling & 16 RC holes (AG1-AG16) totalling 2,040m - 1995 - Plata Mining Limited (TSE: PMT) 33 RC holes (Hua- 1 to 33) + 1,500 RC chip samples - 1998 – Chilean consulting firm EPROM (on behalf of Plata Mining) systematic underground mapping and channel sampling

Challenger Gold Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,261.1m shares 10m options 44.2m perf rights

Australian Registered Office

Level 1 1205 Hay Street

West Perth WA 6005

Directors

Kris Knauer, MD and CEO Sergio Rotondo, Chairman Sonia Delgado, Executive Director Fletcher Quinn , Non - Exec Director Brett Hackett, Non-Exec. Director Pini Althaus, Non-Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengergold.com

	Criteria	JORC Code explanation	JORC Code explanation		Commentary
					- 1999 – Compania Mineral El Colorado SA (“CMEC”) 59 diamond core holes (DDH-20 to 79) plus 1,700m
					RC program
					- 2003 – 2005 – La Mancha (TSE Listed) undertook 7,447m of DDH core drilling (HD-01 to HD-48)
					- Detailed resource estimation studies were undertaken by EPROM Ltd. (EPROM) in 1996 and CMEC (1999
					revised 2000) both of which are well documented and La Mancha 2003 and 2006.
					The collection of all exploration data by the various operators was of a high standard and appropriate
					sampling techniques intervals and custody procedures were used. Not all the historic data has been archived
					and so there aregaps in the availabilityof the historic data.
	*Geology*	-	Deposit type geological	setting and style	Mineralisation occurs in all rock types where it preferentially replaces limestone, shale and sandstone and occurs
			of mineralisation.		in fault zones and in fracture networks within dacitic intrusions.
					The mineralisation is Zn-(Pb-Cu-Ag) distal skarn (or manto-style skarn) overprinted with vein-hosted
					mesothermal to epithermal Au-Ag mineralisation. It has been divided into three phases – prograde skarn,
					retrograde skarn and a later quartz-rich mineralisation consistent with the evolution of a large hydrothermal
					system. Precise mineral paragenesis and hydrothermal evolution is the subject of on-going work which is being
					used for exploration and detailed geometallurgical test work.
					Gold occurs in native form as inclusions with sulphide (predominantly pyrite) and in pyroxene. The
					mineralisation commonly contains pyrite, chalcopyrite sphalerite and galena with rare arsenopyrite, pyrrhotite
					and magnetite.
					Mineralisation is either parallel to bedding in bedding-parallel faults, in veins or breccia matrix within fractured
					dacitic intrusions, at lithology contacts or in east-west striking steeply dipping siliceous faults that cross the
					bedding at a high angle. The faults have thicknesses of 1–4 metres and contain abundant sulphides. The
					intersection between the bedding-parallel mineralisation and east-striking cross veins seems to be important in
					localising the mineralisation.
					Complete oxidation of the surface rock due to weathering is thin. A partial oxidation / fracture oxidation layer
					near surface is 1 to 40m thick and has been modelled from drill hole intersections.
	*Drill hole*	-	A summary of all information material to		Significant intersections previous reported for historic drill holes, DD drill holes, RC drill holes completed by CEL
	*Information*		the understanding of the exploration results including a tabulation of the		are detailed in CEL ASX releases: 1 June 2022 (Maiden MRE): https://announcements.asx.com.au/asxpdf/20220601/pdf/459jfk8g7x2mty.pdf
			following information for all Material drill		and 29 March 2023 (MRE update):
			holes:		https://announcements.asx.com.au/asxpdf/20230329/pdf/45n49jlm02grm1.pdf
		-	easting and northing of	the drill hole	A cut-off grade of 1 g/t Au equivalent has been used with up to 2m of internal diltion or a cut-off grade of 0.2 g/t
			collar		Au equivalent and up to 4m of internal diltion has been allowed. No metallurcial or recovery factors have been
		-	elevation or RL (Reduced Level –		used in the intersections reported.
			elevation above sea level in metres) of
Challenger Gold Limited		Issued Capital		Australian Registered Office Directors Contact
ACN 123 591 382		1,261.1m shares		Level 1	Kris Knauer, MD and CEO T: +61 8 6380 9235
ASX:CEL		10m	options	1205 Hay Street	Sergio Rotondo, Chairman E: [email protected]
		44.2m perf rights		West Perth WA 6005 Sonia Delgado, Executive Director
					Fletcher Quinn,Non-Exec Director
					Brett Hackett, Non-Exec. Director
					Pini Althaus, Non-Exec. Director

www.challengergold.com

	Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
			the drill hole collar
		-	dip and azimuth of the hole
		-	down hole length and interception depth
		-	hole length.
		-	If the exclusion of this information is
			justified on the basis that the information
			is not Material and this exclusion does
			not detract from the understanding of
			the report the Competent Person should
			clearly explain why this is the case.
	*Data aggregation*	-	In reporting Exploration Results weighting		Weighted average significant intercepts are reported to a gold grade equivalent (AuEq). Results are
	*methods*		averaging techniques maximum and/or		reported to cut-off grade of a 1.0 g/t Au equivalent and 10 g/t Au equivalent allowing for up to 2m of
			minimum grade truncations (eg cutting of high		internal dilution between samples above the cut-off grade and 0.2 g/t Au equivalent allowing up to 10m of
			grades) and cut-off grades are usually Material		internal dilution between samples above the cut-off grade. The following metals and metal prices have
			and should be stated.		been used to report gold grade equivalent (AuEq): Au US$ 1780 / oz Ag US$24 /oz and Zn US$ 2800 /t.
		-	Where aggregate intercepts incorporate short		Metallurgical recoveries for Au, Ag and Zn have been estimated from the results of interim metallurgical
			lengths of high-grade results and longer		test work completed by SGS Metallurgical Operations in Lakefield, Ontario using a combination of gravity
			lengths of low-grade results the procedure used		and flotation of a combined metallurgical sample from 5 drill holes.
			for such aggregation should be stated and		Using data from the interim test results, and for the purposes of the AuEq calculation for drill hole
			some typical examples of such aggregations		significant intercepts, gold recovery is estimated For the AuEq calculation average metallurgical recovery is
			should be shown in detail.		estimated to be 94.9% for gold, 90.9% for silver, 67.0% for Zn and 57.8% for Pb.
		-	The assumptions used for any reporting of		Metal prices used to report AuEq are Au US$ 1900 / oz, Ag US$24 /oz, Zn US$ 4,000 /t and Pb US 2,000/t
			metal equivalent values should be clearly		Accordingly, the formula used for Au Equivalent is: AuEq (g/t) = Au (g/t) + [Ag (g/t) x (24/1900) x
			stated.		(0.909/0.949)] + [Zn (%) x (40.0031.1/1900) x (0.670/0.949)] + (Pb (%) x 20.0031.1/1900) x (0.578/.9490}.
					Metallurgical test work and geological and petrographic descriptions suggest all the elements included in
					the metal equivalents calculation have reasonable potential of eventual economic recovery. While Cu and
					Pb are reported in the table above as they were not yet considered economically significant at the time of
					the interim metallurgical test results, these metals were not used in the Au equivalent calculation at this
					early stage of the Project.
					No top cuts have been applied to the reported grades.
	*Relationship*	-	These relationships are particularly	The mineralisation is moderately or steeply dipping and strikes NNE and ENE. For some drill holes, there is
	*between*		important in the reporting of Exploration	insufficient information to confidently establish the true width of the mineralized intersections at this stage of
	*mineralisation*		Results.	the exploration program.
		-	If the geometry of the mineralisation with respect to the drill hole angle is known its	Apparent widths may be thicker in the case where the dip of the mineralisation changes and/or bedding-parallel
Challenger Gold Limited		Issued Capital Australian Registered Office			Directors Contact
ACN 123 591 382		1,261.1m shares Level 1			Kris Knauer, MD and CEO T: +61 8 6380 9235
ASX:CEL		10m	options 1205 Hay Street		Sergio Rotondo, Chairman E: [email protected]
		44.2m perf rights West Perth WA 6005			Sonia Delgado, Executive Director
					Fletcher Quinn,Non-Exec Director
					Brett Hackett, Non-Exec. Director
					Pini Althaus, Non-Exec. Director

www.challengergold.com

Criteria	JORC Code explanation	JORC Code explanation	Commentary
*widths and*		nature should be reported.	mineralisation intersects NW or ENE-striking cross faults and veins.
*intercept lengths*	-	If it is not known and only the down hole lengths are reported there should be a clear statement to this effect (eg ‘down	Representative cross section interpretations have been provided periodically with releases of significant intersections to allow estimation of true widths from individual drill intercepts.
		_hole length true width not known’). _
*Diagrams*	-	Appropriate maps and sections (with	Representative maps and sections are provided in the body of reports released to the ASX.
		scales) and tabulations of intercepts
		should be included for any significant
		discovery being reported These should
		include but not be limited to a plan view
		of drill hole collar locations and
		appropriate sectional views.
*Balanced reporting*	-	Where comprehensive reporting of all	All available final data have been reported where possible.
		Exploration Results is not practicable
		representative reporting of both low and
		high grades and/or widths should be
		practiced to avoid misleading reporting
		of Exploration Results.
*Other substantive*	-	Other exploration data if meaningful and	Specific gravity measurements have been taken from the drill core recovered during the drilling program. These
*exploration data*		material should be reported including	data are used to estimate densities in Resource Estimates.
		(but not limited to): geological	Eight Induced Polarisation (IP) lines have been completed in the northern areas of the Project. Stage 1 surveying
		observations; geophysical survey results;	was done on 1 kilometre length lines oriented 115° azimuth, spaced 100m apart with a 50m dipole. The initial
		geochemical survey results; bulk samples	results indicate possible extension of the mineralisation with depth. Stage 2 surveying was done across the
		– size and method of treatment;	entire field on 1 – 3 kilometre length lines oriented 090°, spaced 400m apart with a 50m dipole. On-going data
		metallurgical test results; bulk density	interpretation is being done as drilling proceeds.
		groundwater geotechnical and rock	Three ground magnetic surveys and a drone magnetic survey have been completed. The results of these data
		characteristics; potential deleterious or	and subsequent geological interpretations are being used to guide future exploration.
		contaminating substances.	Metallurgical test results are used to estimate the AuEq (gold equivalent) as detailed above in_Data Aggregation_
			and below in_Section 3: Metallurgical Factors or Assumptions_.
			The formula used for AuEq is: AuEq (g/t) = Au (g/t) + [Ag (g/t) x (24/1900) x (0.909/0.949)] + [Zn (%) x
			(40.0031.1/1900) x (0.670/0.949)] + (Pb (%) x 20.0031.1/1900) x (0.578/.9490}.
			Point resistivity surveys have been completed east of the Project for the purposes of detecting the presence of
			groundwater. Three surveys (total of 22 points) have been completed. A water bore has been drilled
			approximately 4 kilometres to the east of the Project which found water in permeable Quaternary sedimentary
			deposits above hard-rock basement at 128 metres vertical depth. Testing and commissioning of the bore has yet
			to be completed. Furthergeophysical test work isplanned to determine the extent of the aquifer.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary	Commentary
*Further work*	-	The nature and scale of planned further	•	CEL	Plans to undertake the following over the next 12 months
		work (eg tests for lateral extensions or		•	Additional resource extension, infill and exploration drilling;
		depth extensions or large-scale step-out		•	Geophysical tests for undercover areas.
		drilling).		•	Structural interpretation and alteration mapping using high resolution satellite data and geophysics to
	-	Diagrams clearly highlighting the areas of possible extensions including the main geological interpretations and future drilling areas provided this information is		• •	better target extensions of known mineralisation. Field mapping program targeting extensions of known mineralisation. Further metallurgical test work.
		not commercially sensitive.

Challenger Gold Limited ACN 123 591 382 ASX: CEL

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Directors

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Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in the preceding section also apply to this section.)

	Criteria	Criteria	JORC Code explanation	JORC Code explanation	Commentary
	*Database integrity*		-	Measures taken to ensure that data has not	Geological logging completed by previous explorers was done on paper copies and transcribed into a series of
				been corrupted by for example transcription or	excel spreadsheets. These data have been checked for errors. Checks have been made against the original logs and
				keying errors between its initial collection and	with follow-up twin and close spaced drilling. Only some of the historic drill holes have been used in the Resource
				its use for Mineral Resource estimation	Estimate, including the results presented in Section2. Some drill holes have been excluded where the geology
				purposes.	indicates that the drill hole is likely mis-located or where the drill hole has been superseded by CEL drilling.
			-	Data validation procedures used.
					For CEL drilled holes, assay data is received in digital format. Backup copies are backed up into a cloud-based file
					storage system and the data is entered into a drill hole database which is also securely backed up off site.
					The drill hole data is backed upand is updatedperiodicallybythe CEL GIS and data management team.
	*Site visits*		-	Comment on any site visits undertaken by the	The Competent Person has undertaken site visits during exploration. Site visits were undertaken in 2019 and 2020
				Competent Person and the outcome of those	before COVID-19 closed international travel. Post COVID numerous site visits have undertaken since November
				visits.	2021. The performance of the drilling program, collection of data, sampling procedures, sample submission and
			-	If no site visits have been undertaken indicate	exploration program were initiated and reviewed during these visits.
				why this is the case.
	*Geological*		-	Confidence in (or conversely the uncertainty of)	The geological interpretation is considered appropriate given the drill core density of data that has been collected,
	*interpretation*			the geological interpretation of the mineral	access to mineralisation at surface and underground exposures. Given the data, geological studies past and
				deposit.	completed by CEL, the Competent Person has a high level of confidence in the geological model that has been used
			-	Nature of the data used and of any	to constrain the mineralised domains. It is assumed that networks of fractures controlled by local geological
				assumptions made.	factors have focussed hydrothermal fluids and been the site of mineralisation in both the prograde zinc skarn and
			-	The effect if any of alternative interpretations	retrograde mesothermal – epithermal stages of hydrothermal evolution.
				on Mineral Resource estimation.	The interpretation captures the essential geometry of the mineralised structure and lithologies with drill data
			-	The use of geology in guiding and controlling	supporting the findings from the initial underground sampling activities. Mineralised domains have been built
				Mineral Resource estimation.	using explicit wireframe techniques from 0.2 – 0.5 g/t AuEq mineralised intersections, joined between holes by the
			-	The factors affecting continuity both of grade	instruction from the geology and structure. Continuity of grade between drill holes is determined by the intensity
				and geology.	of fracturing, the host rock contacts (particularly dacite – limestone contacts) and by bedding parallel faults,
					particularly within limestone, at the limestone and overlying sedimentary rock contact and within the lower
					sequences of the sedimentary rocks within 40m of the contact.
					No alternative interpretations have been made form which a Mineral Resource Estimate has been made.
	*Dimensions*		-	The extent and variability of the Mineral	31 separate domains were interpreted over a strike length of 2.3kms. The domains vary in width and orientation
				Resource expressed as length (along strike or	from 2m up to 100m in width. The deepest interpreted domain extends from the surface down approximately
				otherwise) plan width and depth below surface	600m below surface.
				to the upper and lower limits of the Mineral
Challenger Gold Limited			Issued Capital Australian Registered Office		Directors Contact
ACN 123		591 382	1,261.1m shares Level 1		Kris Knauer, MD and CEO T: +61 8 6380 9235
ASX:CEL			10m	options 1205 Hay Street	Sergio Rotondo, Chairman E: [email protected]
			44.2m perf rights West Perth WA 6005		Sonia Delgado, Executive Director
					Fletcher Quinn,Non-Exec Director
					Brett Hackett, Non-Exec. Director
					Pini Althaus, Non-Exec. Director

www.challengergold.com

Criteria	JORC Code explanation	JORC Code explanation	Commentary
		Resource.
*Estimation and*	-	The nature and appropriateness of the	Estimation was made for Au Ag, Zn and Pb being the elements of economic interest. Estimate was also made for
*modelling*		estimation technique(s) applied and key	Fe and S being the elements that for pyrite which is of economic and metallurgical interest and is also used	to
*techniques*		assumptions including treatment of extreme grade values domaining interpolation	estimate the density for bocks in the Mineral Resource Estimate.
		parameters and maximum distance of	No previous JORC Resource estimates or non-JORC Foreign Resource estimates were made with similar methods to
		extrapolation from data points. If a computer	compare to the current Resource estimate. No production records are available to provide comparisons.
		assisted estimation method was chosen include
		a description of computer software and	A 2m composite length was selected after reviewing the original sample lengths from the drilling which showed an
		parameters used.	average length of 1.54m for samples taken within the mineralised domains.
	-	The availability of check estimates previous
		estimates and/or mine production records and	A statistical analysis was undertaken on the sample composites top cuts for Au, Ag, Zn and Pb composites on a
		whether the Mineral Resource estimate takes	domain-by-domain basis. The domains were then grouped by host rock and mineralisation style and group	domain
		appropriate account of such data.	top cuts were applied in order to reduce the influence of extreme values on the resource estimates without
	-	The assumptions made regarding recovery of	downgrading the high-grade composites too severely. The top-cut values were chosen by assessing the high-end
		by-products.	distribution of the grade population within each group and selecting the value above which the distribution
	-	Estimation of deleterious elements or other	became erratic. The following table shows the top cuts applied to each group and domain for Au, Ag, Zn and Pb.
		non-grade variables of economic significance	No top cut was applied to estimation of Fe and S.
		(eg sulphur for acid mine drainage
		characterisation).	Group Au(ppm) Ag (ppm) Zn(%) Pb(%)
	-	In the case of block model interpolation the block size in relation to the average sample	Fault Zone hosted (Magnata and Sanchez) and CAL(limestone)hosted 80 300 20 5
		spacing and the search employed.	LUT(siltstone)hosted 20 100 5 1
	-	Any assumptions behind modelling of selective	DAC(intrusive)hosted 15 70 5 1.8
		mining units.
	-	Any assumptions about correlation between	Block modelling was undertaken in Surpac™ V6.6 software.
		variables.
	-	Description of how the geological	A block model was set up with a parent cell size of 10m (E) x 20m (N) x 10m (RL) with standard sub-celling to 2.5m
		interpretation was used to control the resource	(E) x 5.0m (N) x 2.5m (RL) to maintain the resolution of the mineralised domains. The 20m Y and vertical block
		estimates.	dimensions were chosen to reflect drill hole spacing and to provide definition for potential mine planning. The
	-	Discussion of basis for using or not using grade cutting or capping.	shorter 10m X dimension was used to reflect the geometry and orientation of the majority of the domain wireframes.
	-	The process of validation the checking process used the comparison of model data to drill hole	Group Variography was carried out using Leapfrog Edge software on the two metre composited data from each of the 31 domains for each variable.
		data and use of reconciliation data if available

Australian Registered Office

Challenger Gold Limited Issued Capital ACN 123 591 382 1,261.1m shares Level 1 ASX: CEL 10m options 1205 Hay Street 44.2m perf rights West Perth WA 6005

Directors

Contact

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	Criteria	JORC Code explanation	JORC Code explanation		Commentary
					All relevant variables; Au, Ag, Pb, Zn, Fe and S in each domain were estimated using Ordinary Kriging using only
					data from within that domain. The orientation of the search ellipse and variogram model was controlled using
					surfaces designed to reflect the local orientation of the mineralized structures.
					An oriented “ellipsoid” search for each domain was used to select data for interpolation.
					A 3 pass estimation search was conducted, with expanding search ellipsoid dimensions and decreasing minimum
					number of samples with each successive pass. First passes were conducted with ellipsoid radii corresponding to
					40% of the complete range of variogram structures for the variable being estimated. Pass 2 was conducted with
					60% of the complete range of variogram structures for the variable being estimated. Pass 3 was conducted with
					dimensions corresponding to 200% of the semi-variogram model ranges. Blocks within the model where Au was
					not estimated during the first 3 passes were assigned as unclassified. Blocks for Ag, Pb, Zn, Fe and S that were not
					estimated were assigned the average values on a per-domain basis.
					Validation checks included statistical comparison between drill sample grades and Ordinary Kriging block estimate
					results for each domain. Visual validation of grade trends for each element along the drill sections was also
					completed in addition to swath plots comparing drill sample grades and model grades for northings, eastings and
					elevation. These checks showgood correlation between estimated blockgrades and drill samplegrades.
	*Moisture*	-	Whether the tonnages are estimated on a dry		Tonnage is estimated on a dry basis.
			basis or with natural moisture and the method
			of determination of the	moisture content.
	*Cut-off*	-	The basis of the adopted cut-off grade(s) or		The following metals and metal prices have been used to report gold grade equivalent (AuEq): Au US$ 1900 / oz,
	*parameters*		quality parameters applied.		Ag US$24 /oz, Zn US$ 4,000 /t and Pb US 2,000/t.
					Average metallurgical recoveries for Au, Ag, Zn and Pb have been estimated from the results of Stage 1
					metallurgical test work completed by SGS Metallurgical Operations in Lakefield, Ontario using a combination of
					gravity and flotation combined metallurgical samples as detailed in the Criteria below.
					For the AuEq calculation average metallurgical recovery is estimated as 94.9% for gold, 90.9% for silver, 67.0% for
					Zn and 57.8% for Pb.
					Accordingly, the formula used for Au Equivalent is: AuEq (g/t) = Au (g/t) + [Ag (g/t) x (24/1900) x (0.909/0.949)] +
					[Zn (%) x (40.0031.1/1900) x (0.670/0.949)] + (Pb (%) x 20.0031.1/1900) x (0.578/.9490}.
					Based on the break-even grade for an optimised pit shell for gold equivalent, a AuEq cut-off grade of 0.30 ppm is
					used to report the resource within an optimised pit shell run at a gold price of US$1,800 per ounce and allowing for
					Ag, Zn and Pb credits. Under this scenario, blocks with a grade above the 0.30 g/t Au Eq cut off are considered to
					have reasonable prospects of mining by open pit methods.
					A AuEq cut-off grade of 1.0 ppm was used to report the resource beneath the optimised pit shell run as these
					blocks are considered to have reasonableprospects of future miningbyunderground methods.
Challenger Gold Limited		Issued Capital		Australian Registered Office	Directors Contact
ACN 123 591 382		1,261.1m shares		Level 1	Kris Knauer, MD and CEO T: +61 8 6380 9235
ASX:CEL		10m	options	1205 Hay Street	Sergio Rotondo, Chairman E: [email protected]
		44.2m perf rights		West Perth WA 6005	Sonia Delgado, Executive Director
					Fletcher Quinn,Non-Exec Director
					Brett Hackett, Non-Exec. Director
					Pini Althaus, Non-Exec. Director

www.challengergold.com

Criteria	JORC Code explanation	JORC Code explanation	Commentary
*Mining factors or*	-	Assumptions made regarding possible mining	The Resource estimate has assumed that near surface mineralisation would be amenable to open pit mining given
*assumptions*		methods minimum mining dimensions and	that the mineralisation is exposed at surface and under relatively thin unconsolidated cover. A surface mine
		internal (or if applicable external) mining	optimiser has been used to determine the proportion of the Resource estimate model that would be amenable to
		dilution. It is always necessary as part of the	eventual economic extraction by open pit mining methods. The surface mine optimiser was bult using the
		process of determining reasonable prospects	following parameters with prices in USD:
		for eventual economic extraction to consider	- Au price of $1,800 per oz, Ag price of $23.4 per oz, Zn price of $3,825 per tonne and Pb price of $1,980
		potential mining methods but the assumptions	per tonne
		made regarding mining methods and	- Average metallurgical recoveries of 94.9% for Au, 90.9 % for Ag and 67 % for Zn and 57.8 % for Pb.
		parameters when estimating Mineral	- Ore and waste mining cost of $2.00 per tonne
		Resources may not always be rigorous. Where	- Unconsolidated cover removal cost of $0.10 per tonne
		this is the case this should be reported with an	- Processing cost of $10.00 per tonne
		explanation of the basis of the mining	- Transport and marketing of $50 / oz of AuEq (road to Jan Juan then rail to Rosario Port)
		assumptions made.	- Royalty of $60 per oz Au, 3% for Ag, Zn and Pb.
			- Assumed concentrate payability of 94.1% for Au, 82.9% for Ag, 90 % for Zn and 95 % for Pb.
			- 45° pit slopes on the western side of the pit and 55° on the eastern side of the pit
			Blocks above a 0.30 g/t AuEq within the optimised open pit shell are determined to have reasonable prospects of
			future economic extraction by open pit mining and are included in the Resource estimate on that basis.
			Blocks below the open pit shell that are above 1.0 g/t AuEq are determined to have reasonable prospects of future
			economic extraction byunderground miningmethods and are included in the Resource estimate on that basis.
*Metallurgical*	-	The basis for assumptions or predictions	CEL has completed Stage 1 metallurgical test work on representative composite sample of mineralisation
*factors or*		regarding metallurgical amenability. It is	from:
*assumptions*		always necessary as part of the process of determining reasonable prospects for eventual	1. Two separate composite samples of limestone-hosted massive sulphide (manto) Sample A has a weighted average grade of 10.4 g/t Au, 31.7 g/t Ag, 3.2 % Zn and 0.46 % Pb. Sample B has a weighted average grade of
		economic extraction to consider potential	9.7 g/t Au, 41.6 g/t Ag, 4.0% Zn and 0.48% Pb.
		metallurgical methods but the assumptions	2. One dacite (intrusive) composite sample with a weighted average grade of 1.1 g/t Au, 8.1 g/t Ag and 0.10 %
		regarding metallurgical treatment processes	Zn and 0.04% Pb.
		and parameters made when reporting Mineral	3. One sediment hosted (fine grained sandstone and siltstone) composite sample with a weighted average
		Resources may not always be rigorous. Where	grade of 0.68 g/t Au, 7.5 g/t Ag, 0.34 % Zn and 0.06 % Pb.
		this is the case this should be reported with an	4. One oxidised limestone (manto oxide) composite sample with a weighted average grade of 7.0 g/t Au, 45
		explanation of the basis of the metallurgical	g/t Ag, 3.7% Zn and 0.77% Pb.
		assumptions made.
			Gravity recovery and sequential flotation tests of the higher-grade limestone hosted mineralisation involved;
			1. primary P80 = 51 micron primary grind,
			2. gravity recovery,
			3. Pb-Cu followed byZn rougher flotation,

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	JORC Code explanation		Commentary
			4. p80 = 29 micron regrind of the Zn rougher concentrate,
			5. two re-cleaning stages of the Pb/Cu rougher concentrate,
			6. four re-cleaning Sages on the Zn rougher concentrate, and
			7. additional gravity recovery stages added to the Zn Rougher concentrate
			This results in the following products that are likely to be saleable
			- Au-Ag concentrate (118 g/t Au, 286 g/t Ag) with low deleterious elements,
			- Pb concentrate (65% Pb, 178 g/t Au, 765 g/t Ag) with low deleterious elements, and
			- Zn concentrate (51% Zn, 10 g/t Au, 178 g/t Ag) with low deleterious elements, relatively high Cd, but at a
			level that is unlikely to attract penalties.
			- tailing grades of 2 to 3 g/t Au which respond to intensive cyanide leach with recoveries of 70-80% of any
			residual gold and silver to a gold doré bar.
			Two intensive leach tests of Au-Ag concentrate to doré have been completed using a representative sample of
			the Au-Ag concentrate. One split of the sample was finely ground to p80 of 16.7 μm and the second split
			finely ground to p80 of 40 μm. The 16.7 μm sample returned a recovery of 96.0% Au and the 40 μm sample
			returned a recovery of 92.8% Au. These results provide an option to eliminate concentrate transport costs and
			increase payability for the Au-Ag concentrate.
			Gravity recovery and flotation tests of the intrusive-hosted mineralisation involved;
			1. primary P80 = 120-80 micron primary grind,
			2. gravity recovery,
			3. single stage rougher sulphide flotation,
			4. P80 = 20-30 micron regrind of the rougher concentrate (5-10% mass),
			5. one or two re-cleaning stages of the Au-Ag Rougher concentrate
			At primary grind of p80 = 76 micron and regrind of p80 = 51 micron an Au-Ag concentrate can be produced
			grading 54 g/t Au and 284 g/t Ag with total recoveries of 97% (Au) and 85% (Ag).
			One test of a sediment hosted composite sample (5-10% of the mineralisation at the Project) was a repeat of
			the testing done on the intrusive-hosted mineralisation. This produced an Au-Ag concentrate grading 23.6 g/t
			Au and 234 g/t Ag at total recoveries of 85% (Au) and 87% (Ag). Further test work is likely to be done as part
			of more detailed studies. It is likely that the concentrate produced from the sediment-hosted mineralisation
			will be combined with the Au-Ag concentrate from the limestone and intrusive-hosted mineralisation.
			Applying recoveries of 70% for both gold and silver to the various concentrate tailings components
			where leaching is likely to be undertaken during production generates recoveries of:
			▪ 95%(Au), 93%(Ag), 89%(Zn), 70%(Pb)from the high-grade skarn(manto)component of the mineralisation;
Challenger Gold Limited	Issued Capital	Australian Registered Office	Directors Contact
ACN 123 591 382	1,261.1m shares	Level 1	Kris Knauer, MD and CEO T: +61 8 6380 9235
ASX:CEL	10m options	1205 Hay Street	Sergio Rotondo, Chairman E: [email protected]
	44.2m perf rights	West Perth WA 6005	Sonia Delgado, Executive Director
			Fletcher Quinn,Non-Exec Director
			Brett Hackett, Non-Exec. Director
			Pini Althaus, Non-Exec. Director

www.challengergold.com

	Criteria	JORC Code explanation	JORC Code explanation	Commentary
				▪ 96% (Au) and 88% (Ag) from the intrusion-hosted component of the mineralisation;
				▪ 85% (Au) and 87% (Ag) from the sediment-hosted component of the mineralisation;
				An intensive cyanide leach test	of oxide (limestone and dacite hosted mineralisation has produced recoveries
				of 78% (Au) and 64% (Ag) which is expected to be recovered into gold doré bar. While the oxide component of
				the mineralisation comprises only a small percentage of the Hualilan mineralisation its lies in the top 30-40
				metres and would be mined early in the case of an open pit operation.
				Based on the test work to date	and the proportions of the various mineralisation types in the current
				geological model, it is expected that overall average recoveries for potentially saleable metals will be:
				- 94.9% Au,
				- 90.9% for Ag
				- 67.0% for Zn and
				- 57.8% for Pb
				As further results are obtained,	these assumptions will be updated.
				Additional Stage 2 work involving column testing of low-grade material, improved recovery of Zn in lower-
				grade mineralisation, comminution and variability testing, blended test work, and pilot plant testing is
				ongoingandplanned.
	*Environmental*	-	Assumptions made regarding possible waste	It is considered that there are no significant environmental factors which would prevent the eventual extraction of
	*factors or*		and process residue disposal options. It is	gold from the project. Environmental surveys and assessments have been completed in the past and will form a
	*assumptions*		always necessary as part of the process of determining reasonable prospects for eventual	part of future pre-feasibility studies.
			economic extraction to consider the potential
			environmental impacts of the mining and
			processing operation. While at this stage the
			determination of potential environmental
			impacts particularly for a greenfields project
			may not always be well advanced the status of
			early consideration of these potential
			environmental impacts should be reported.
			Where these aspects have not been considered
			this should be reported with an explanation of
			the environmental assumptions made.
	*Bulk density*	-	Whether assumed or determined. If assumed	CEL has collected specific gravity (SG) measurements from drill core, which have been used to estimate block
			the basisfor the assumptions. If determined	densities for the Resource estimate.
Challenger Gold Limited		Issued Capital Australian Registered Office		Directors	Contact
ACN 123 591 382		1,261.1m shares Level 1		Kris Knauer, MD and CEO	T: +61 8 6380 9235
ASX:CEL		10m	options 1205 Hay Street	Sergio Rotondo, Chairman	E: [email protected]
		44.2m perf rights West Perth WA 6005		Sonia Delgado, Executive Director
				Fletcher Quinn,Non-Exec Director
				Brett Hackett, Non-Exec. Director
				Pini Althaus, Non-Exec. Director

www.challengergold.com

JORC Code explanation	JORC Code explanation	Commentary
	the method used whether wet or dry the	Within the mineralised domains there are 956 SG measurements made on drill core samples of 0.1 – 0.2 metres
	frequency of the measurements the nature size	length. Measurements we determined on a dry basis by measuring the difference in sample weight in water and
	and representativeness of the samples.	weight in air. For porous samples, the weight in water was measured after wrapping the sample so that no water
-	The bulk density for bulk material must have	enters the void space during weighing.
	been measured by methods that adequately	In oxidised and partially oxidised rocks, SG clusters around an average of 2.49 g/cc (2,490 kg/m3) which is
	account for void spaces (vugs porosity etc)	independent of depth. A density of 2,490 kg/m3 has been used for oxidised, fracture oxidised and partially
	moisture and differences between rock and	oxidised blocks.
	alteration zones within the deposit.
-	Discuss assumptions for bulk density estimates
	used in the evaluation process of the different
	materials.
		In fresh rock samples, a regression model for block density determination has been made by plotting assay interval
		Fe (%) + S (%) from the interval where the SG measurement was made against the SG measurement. Fe and S are
		the two elements that form pyrite which is the mineral that is commonly associated with gold and base metal
		mineralisation at Hualilan. SG plotted against (Fe+S) follows a linear trend within the mineralised domains for
		oxide and fresh rock as shown below.

Challenger Gold Limited

ACN 123 591 382 ASX: CEL

Issued Capital 1,261.1m shares 10m options 44.2m perf rights

Australian Registered Office

Level 1 1205 Hay Street

West Perth WA 6005

Directors

Kris Knauer, MD and CEO Sergio Rotondo, Chairman Sonia Delgado, Executive Director Fletcher Quinn , Non - Exec Director Brett Hackett, Non-Exec. Director Pini Althaus, Non-Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengergold.com

Criteria	JORC Code explanation	JORC Code explanation	Commentary
			For fresh rock at zero Fe + S (%) the density is assumed to be 2,530 kg/m3(2.52 g/cc). The regression slope has a
			linear increase in density of 26.1 kg/m3(0.0261 g/cc) for each 1 percent increase in Fe + S (%). The formula used for
			block density (kg/m3)determination in oxide rock is 2,530 + 26.1 x(Fe % + S%).
*Classification*	-	The basis for the classification of the Mineral	The Mineral Resource has been classified based on the guidelines specified in the JORC Code. As a guide to
		Resources into varying confidence categories.	reasonable prospects for economic extraction, the classification level is based upon semi-qualitative assessment of
	-	Whether appropriate account has been taken	the geological understanding of the deposit, geological and mineralisation continuity, drill hole spacing, QC results,
		of all relevant factors (ie relative confidence in	search and interpolation parameters, analysis of available density information and possible mining methods.
		tonnage/grade estimations reliability of input	The estimation search strategy was undertaken in three separate passes with different search distances, and the
	-	data confidence in continuity of geology and metal values quality quantity and distribution of the data). Whether the result appropriately reflects the Competent Person’s view of the deposit.	minimum number of samples used to estimate a block which were then used as a guide for the classification of the resource into Indicated, Inferred and Unclassified. The classification was then further modified to restrict the Indicated Resource to the domains with closer spaced drilling. The potential open pit resource was constrained within an optimised pit shell run using a gold price of US$1,800 per ounce. Resources reported inside the pit shell were reported above a AuEq cut-off grade of 0.3 g/t and Resources outside the pit shell were reported above a AuEq cut-off grade of 1.0 g/t. Scoping study results have
			indicated that underground mining and open pit mining are both possible allowing for classification of Indicated
			and Inferred Mineral Resources throughout the estimation.
			The Competent Person has reviewed the result and determined that these classifications are appropriate given the
			confidence in thegeology,data,results from drillingandpossible miningmethods as detailed in the scopingstudy.
*Audits or reviews*	-	The results of any audits or reviews of Mineral	The Mineral Resource estimate has not been independently audited or reviewed.
		Resource estimates.

Australian Registered Office

Challenger Gold Limited

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ACN 123 591 382 1,261.1m shares Level 1 ASX: CEL 10m options 1205 Hay Street 44.2m perf rights West Perth WA 6005

Directors

www.challengergold.com

Criteria	JORC Code explanation	JORC Code explanation	Commentary
*Discussion of*	-	Where appropriate a statement of the relative	There is sufficient confidence in the data quality drilling methods and analytical results that they can be relied
*relative accuracy/*		accuracy and confidence level in the Mineral	upon. The available geology and assay data correlate well. The approach and procedure is deemed appropriate
*confidence*		Resource estimate using an approach or procedure deemed appropriate by the	given the confidence limits. The main factors which could affect relative accuracy are: - domain boundary assumptions
		Competent Person. For example the application	- orientation
		of statistical or geostatistical procedures to	- grade continuity
		quantify the relative accuracy of the resource	- top cut.
		within stated confidence limits or if such an	Grade continuity is variable in nature in this style of deposit and has not been demonstrated to date and closer
		approach is not deemed appropriate a	spaced drilling is required to improve the understanding of the grade continuity in both strike and dip directions. It
		qualitative discussion of the factors that could	is noted that the results from the twinning of three holes by La Mancha are encouraging in terms of grade
		affect the relative accuracy and confidence of	repeatability.
		the estimate.	The deposit contains very high grades and there is need for the use of top cuts.
	-	The statement should specify whether it relates	No production data is available for comparison.
		to global or local estimates and if local state
		the relevant tonnages which should be relevant
		to technical and economic evaluation.
		Documentation should include assumptions
		made and the procedures used.
	-	These statements of relative accuracy and
		confidence of the estimate should be compared
		withproduction data where available.

Challenger Gold Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,261.1m shares 10m options 44.2m perf rights

Australian Registered Office

Directors

Contact

T: +61 8 6380 9235

E: [email protected]

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JORC Code, 2012 Edition – Table 1 Report Template

Section 1: Sampling Techniques and Data -El Guayabo Project

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
*Sampling*	-	Nature and quality of sampling (eg cut	El Guayabo:
*techniques*		channels, random chips, or specific specialised	CEL Drilling:
		industry standard measurement tools	•	CEL have drilled HQ diamond core which is sampled by cutting the core longitudinal into two halves. One half is
		appropriate to the minerals under		retained for future reference and the other half is sent for sampling.
		investigation, such as down hole gamma	•	Sampling is done according to the geology. Sample lengths range from 0.5 to 2.5 metres. The average sample
		sondes, or handheld XRF instruments, etc).		length is 1.5m. Samples are prepared at SGS Laboratories in Guayaquil for 30g fire assay and 4-acid digest ICPMS
		These examples should not be taken as		and then assayed in SGS Lima.
		limiting the broad meaning of sampling.	•	The sample size is considered representative for the geology and style of mineralisation intersected. All the core
	-	Include reference to measures taken to ensure		All collected material is sampled for assay.
		sample representivity and the appropriate	Historic	Drilling:
		calibration of any measurement tools or	•	Newmont Mining Corp (NYSE: NEM) (“Newmont”) and Odin Mining and Exploration Ltd (TSX: ODN) (“Odin”)
		systems used.		core drilled the property between February 1995 and November 1996 across two drilling campaigns.
	-	Aspects of the determination of mineralisation	•	The sampling techniques were reviewed as part of a 43-101 Technical report on Cangrejos Property which also
		that are Material to the Public Report.		included the early results of the El Joven joint venture between Odin and Newmont, under which the work on
	-	In cases where ‘industry standard’ work has		the El Guayabo project was undertaken. This report is dated 27 May 2004 and found the sampling techniques
		been done this would be relatively simple (eg		and intervals to be appropriate with adequate QA/QC and custody procedures, core recoveries generally 100%,
		‘reverse circulation drilling was used to obtain		and appropriate duplicates and blanks use for determining assay precision and accuracy.
		1 m samples from which 3 kg was pulverised	•	Duplicates were prepared by the Laboratory (Bonder Cleg) which used internal standards. Newmont also
		to produce a 30 g charge for fire assay’). In		inserted its own standards at 25 sample intervals as a control on analytical quality
		other cases more explanation may be	•	Diamond drilling produced core that was sawed in half with one half sent to the laboratory for assaying per
		required, such as where there is coarse gold		industry standards and the remaining core retained on site.
		that has inherent sampling problems. Unusual	•	Cu assays above 2% were not re-assayed using a technique calibrated to higher value Cu results hence the
		commodities or mineralisation types (eg		maximum reported assay for copper is 2%.
		submarine nodules) may warrant disclosure of	•	All core samples were analysed using a standard fire assay with atomic absorption finish on a 30 g charge (30 g
		detailed information.		FAA). Because of concerns about possible reproducibility problems in the gold values resulting from the presence
				of coarse gold, the coarse crusher rejects for all samples with results greater than 0.5 g/t were re-assayed using
				the “blaster” technique - a screen type fire analysis based on a pulverized sample with a mass of about 5 kg.
				Samples from most of these intersections were also analysed for Cu, Mo, Pb, Zn and Ag.
			•	CEL has re-sampled sections of the Newmont and Odin drill core. ¼ drill core was cutover intervals that
				replicated the earlier sampling. Sample intervals ranged from 0.7 – 4.5m with an average of 2.0m. 533 samples

www.challengergold.com

Criteria	JORC Code explanation	Commentary	Commentary
			totaling 1,094.29m were collected. Sampling was done for Au analysis by fire assay of a 30g charge and 43
			element 4-acid digest with ICP_AES determination.
		•	Field mapping (creek traverse) by CEL includes collection of rock chip samples for assay for Au by fire assay (50g)
			with AAS determination and gravimetric determination for values > 10 g/t Au and assay for 48 elements by 4-
			acid digest with ICP-MS determination. Rock chip samples are taken so as to be as representative as possible of
			the exposure being mapped.
		Colorado	V:
		•	Soil sampling: A database of 4,495 soil analyses has been provided by Goldking Mining Company S.A. (GK) has
			been fully evaluated. No information has been provided on the method of sample collection or assay technique.
			The soil analyses include replicate samples and second split analyses. Pulps have been securely retained by
			Goldking Mining Company and have been made available to CEL for check assaying. Check assaying is planned,
			including collection of field duplicates.
		•	Rock chip sampling during regional mapping has been done on selected exposures. Sampling involves taking 2-3
			kg of rock using a hammer from surface exposures that is representative of the exposure.
		•	Selected intervals of drill core have been cut longitudinally and half core were submitted for gold determination
			at GK’s on-site laboratory prior to CEL’s involvement with the Project.
		•	Re-sampling of the core by CEL involves taking ¼ core (where the core has previously been sampled) or ½ core
			(where the core has not previously been sampled). The core is cut longitudinally and sample intervals of 1 – 3
			meters have been collected for analysis. ZK0-1 and ZK1-3 have been analysed for gold by fire assay (30g) with
			ICP determination and other elements by 4 acid digest with ICP-AES finish (36 elements) at SGS del Peru S.A.C.
			SAZK0-1, SAZK0-2, SAZK2-1, ZK0-2, ZK0-5, ZK1-5, ZK1-6, ZK2-1, ZK3-1, ZK3-4, ZK13-1 and ZK18-1 have been
			analysed for of gold by fire assay (30g) with ICP determination and other elements by 4 acid digest with
			combined ICP-AES and ICP-MS finish (50 elements) at SGS del Peru S.A.C. Samples from other holes have been
			analysed for gold by fire assay (30g) with ICP determination and overlimit (>10 g/t Au) by fire assay with
			gravimetric determination and other elements by 4-acid digest with ICP-MS (48 elements) at ALS Laboratories in
			Peru.
		•	Underground development has been mapped and channel sampled. Channel samples have been taken by
			cutting a horizontal channel of approximately 5 cm width and 4 cm depth into the walls at a nominal height of
			1m above the ground. The channel cuts were made with an angle grinder mounted with a diamond blade.
			Samples were extracted from the channel with a hammer and chisel to obtain a representative sample with a
			similar weight per metre as would be obtained from a drill core sample. Analysis of the samples has been done
			by ALS Laboratories in Peru using the same preparation and analysis as has been used for drill core samples.

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	Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
	*Drilling*	-	Drill type (eg core, reverse circulation, open-	El Guayabo:
	*techniques*		hole hammer, rotary air blast, auger, Bangka,	CEL Drilling:
			sonic, etc) and details (eg core diameter, triple	•	Diamond core drilling collecting HQ core (standard tube). The core is not oriented.
			or standard tube, depth of diamond tails,	Historic Drilling:
			face-sampling bit or other type, whether core	•	Diamond core drilling HQ size from surface and reducing to NQ size as necessary. The historical records do not
			is oriented and if so, by what method, etc).		indicate if the core was oriented
				Colorado V:
				•	Diamond drilling was done using a rig owned by GK. Core size collected includes HQ, NQ and NQ3. There is no
					indication that oriented core was recovered.
	*Drill sample*	-	Method of recording and assessing core and	El Guayabo:
	*recovery*		chip sample recoveries and results assessed.	CEL Drilling:
		-	Measures taken to maximise sample recovery	•	Core run lengths recovered are recorded against the drillers depth markers to determine core recovery. Core
			and ensure representative nature of the		sample recovery is high using standard HQ and NQ drilling
			samples.	•	No relationship between sample recovery and grade has been observed.
		-	Whether a relationship exists between sample	Historic Drilling:
			recovery and grade and whether sample bias	•	In a majority of cases core recovery was 100%.
			may have occurred due to preferential loss/gain of fine/coarse material.	• •	In the historical drill logs where core recoveries were less than 100% the percentage core recovery was noted. No documentation on the methods to maximise sample recovery was reported in historical reports however
					inspection of the available core and historical drilling logs indicate that core recoveries were generally 100% with
					the exception of the top few metres of each drill hole.
				•	No material bias has presently been recognised in core.
				•	Observation of the core from various drill holes indicate that the rock is generally fairly solid even where it has
					been subjected to intense, pervasive hydrothermal alteration and core recoveries are generally 100%.
					Consequently, it is expected that the samples obtained were not unduly biased by significant core losses either
					during the drilling or cutting processes
				Colorado V:
				•	Core from Goldking has been re-boxed prior to sampling where boxes have deteriorated, otherwise the original
					boxes have been retained. Core lengths have been measured and compared to the depth tags that are kept in
					the boxes from the drilling and recovered lengths have been recorded with the logging.
				•	Where re-boxing of the core is required, core has been placed in the new boxes, row-by row with care taken to
					ensure all of the core has been transferred.
				•	No relationship has been observed between core recovery and sample assay values.
	*Logging*	-	Whether core and chip samples have been	•	All drill current drill core and all available historic drill core has been logged qualitatively and quantitatively
			geologically and geotechnically logged to a		where appropriate. All core logged has been photographed after logging and before sampling.
Challenger Gold Limited			Issued Capital Australian Registered Office		Directors Contact
ACN 123 591 382			1,261.1m shares Level 1		Kris Knauer, MD and CEO T: +61 8 6380 9235
ASX:CEL			10m options 1205 Hay Street		Sergio Rotondo, Chairman E: [email protected]
			44.2m perf rights West Perth WA 6005		Sonia Delgado, Executive Director
					Fletcher Quinn,Non-Exec Director
					Brett Hackett, Non-Exec. Director
					Pini Althaus, Non-Exec. Director

www.challengergold.com

JORC Code explanation	JORC Code explanation	Commentary
	level of detail to support appropriate Mineral	• Peer review of core logging is done to check that the logging is				representative.
	Resource estimation, mining studies and	• 100% of all core including		all relevant intersections are logged
	metallurgical studies.	• Progress of current and historic El Guayabo and Colorado V drill core re-logging and					re-sampling is summarized
-	Whether logging is qualitative or quantitative	below:
	in nature. Core (or costean, channel, etc.)
	photography.	Historic EL Guayabo Drilling
-	The total length and percentage of the				Core		Total
	relevant intersections logged.	Hole_ID	Depth(m)	Logging Status	Photograph	Sampling Status	Samples
		GY-01	249.2	Complete	Complete	Partial	25
		GY-02	272.9	Complete	Complete	Partial	88
		GY-03	295.99	Pending	Complete	Pending
		GY-04	172.21	Pending	Complete	Pending
		GY-05	258.27	Partial	Complete	Partial	56
		GY-06	101.94	Pending	Complete	Pending
		GY-07	127.0	Pending	Complete	Pending
		GY-08	312.32	Pending	Complete	Pending
		GY-09	166.25	Pending	Complete	Pending
		GY-10	194.47	missing core	missing core	missing core
		GY-11	241.57	Complete	Complete	Partial	84
		GY-12	255.7	Partial	Complete	Pending
		GY-13	340.86	missing core	missing core	missing core
		GY-14	309.14	missing core	missing core	missing core
		GY-15	251.07	missing core	missing core	missing core
		GY-16	195.73	missing core	missing core	missing core
		GY-17	280.04	Complete	Complete	Partial	36
		GY-18	160.35	Pending	Complete	Pending
		GY-19	175.42	Pending	Complete	Pending
		Logged (m)	1,043.71	Re-logged		Samples Submitted	289
		Total(m)	4,185.01	Odin Drilled

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Criteria JORC Code explanation	Commentary
	JDH-01 236.89 missing core missing core missing core JDH-02 257.62 missing core missing core missing core JDH-03 260.97 missing core missing core missing core JDH-04 219.00 missing core missing core missing core JDH-05 210.37 missing core missing core missing core JDH-06 302.74 Complete Complete Partial JDH-07 105.79 missing core missing core missing core JDH-08 352.74 missing core missing core missing core JDH-09 256.70 Complete Complete Partial JDH-10 221.64 Complete Complete Partial JDH-11 217.99 Pending Complete Pending JDH-12 124.08 Complete Complete Partial JDH-13 239.33 Complete Complete Partial JDH-14 239.32 Complete Complete Partial	98 49 43 22 21 30 263 Total Samples 581 204 282 545 513 445 258 407 214
	Logged (m) 1,038.09 Re-logged Samples Submitted Total(m) 3,245.18 Newmont Drilled
	CEL El Guayabo Drill Hole Processing Completed during Drill Camp #1, Phase #1 2021-2022 Hole_ID Depth(m) Logging Status Core Photograph Sampling Status
	GYDD-21-001 800.46 Complete Complete Complete GYDD-21-002 291.70 Complete Complete Complete GYDD-21-002A 650.58 Complete Complete Complete GYDD-21-003 723.15 Complete Complete Complete GYDD-21-004 696.11 Complete Complete Complete GYDD-21-005 632.05 Complete Complete Complete GYDD-21-006 365.26 Complete Complete Complete GYDD-21-007 651.80 Complete Complete Complete GYDD-21-008 283.68 Complete Complete Complete

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Criteria JORC Code explanation	Commentary
	GYDD-21-009 692.67 Complete Complete Complete 517 GYDD-21-010 888.60 Complete Complete Complete 620 GYDD-21-011 314.46 Complete Complete Complete 227 GYDD-21-012 797.65 Complete Complete Complete 588 GYDD-21-013 517.45 Complete Complete Complete 388 GYDD-22-014 783.60 Complete Complete Complete 546 GYDD-22-015 368.26 Complete Complete Complete 265 GYDD-22-016 469.75 Complete Complete Complete 314 Logged (m) 9,927.23 Samples Submitted 6,915 Total Drilled(m) 9,927.23 CEL El Guayabo Drill Hole Processing Completed during Drill Camp #1, Phase # 2 2022-2023 Hole_ID Depth(m) Logging Status Core Photograph Sampling Status Total Samples GYDD-22-017 860.75 Complete Complete Complete 601 GYDD-22-018 734.05 Complete Complete Complete 534 GYDD-22-019 861.05 Complete Complete Complete 632 GYDD-22-020 750.00 Complete Complete Complete 544 GY2DD-22-001 776.40 Complete Complete Complete 520 GYDD-22-021 812.85 Complete Complete Complete 596 GYDD-22-022 702.85 Complete Complete Complete 514 GYDD-22-023 795.55 Complete Complete Complete 573 GYDD-22-024 650.00 Complete Complete Complete 466 GYDD-22-025 1194.05 Complete Complete Complete 881 GYDD-22-026 1082.45 Complete Complete Complete 803 GYDD-22-027 875.35 Complete Complete Complete 658 GYDD-22-028 521.20 Complete Complete Complete 364 GYDD-22-029 528.95 Complete Complete Complete 382 GYDD-22-030 691.20 Complete Complete Complete 506

Criteria
JORC Code explanation

Commentary

GYDD-21-009
692.67
Complete
Complete
Complete
517
GYDD-21-010
888.60
Complete
Complete
Complete
620
GYDD-21-011
314.46
Complete
Complete
Complete
227
GYDD-21-012
797.65
Complete
Complete
Complete
588
GYDD-21-013
517.45
Complete
Complete
Complete
388
GYDD-22-014
783.60
Complete
Complete
Complete
546
GYDD-22-015
368.26
Complete
Complete
Complete
265
GYDD-22-016
469.75
Complete
Complete
Complete
314
Logged (m)
9,927.23
Samples Submitted
6,915
Total Drilled(m)
9,927.23
CEL El Guayabo Drill Hole Processing Completed during Drill Camp #1, Phase # 2 2022-2023
Hole_ID
Depth(m)
Logging Status
Core
Photograph
Sampling Status
Total
Samples
GYDD-22-017
860.75
Complete
Complete
Complete
601
GYDD-22-018
734.05
Complete
Complete
Complete
534
GYDD-22-019
861.05
Complete
Complete
Complete
632
GYDD-22-020
750.00
Complete
Complete
Complete
544
GY2DD-22-001
776.40
Complete
Complete
Complete
520
GYDD-22-021
812.85
Complete
Complete
Complete
596
GYDD-22-022
702.85
Complete
Complete
Complete
514
GYDD-22-023
795.55
Complete
Complete
Complete
573
GYDD-22-024
650.00
Complete
Complete
Complete
466
GYDD-22-025
1194.05
Complete
Complete
Complete
881
GYDD-22-026
1082.45
Complete
Complete
Complete
803
GYDD-22-027
875.35
Complete
Complete
Complete
658
GYDD-22-028
521.20
Complete
Complete
Complete
364
GYDD-22-029
528.95
Complete
Complete
Complete
382
GYDD-22-030
691.20
Complete
Complete
Complete
506

Challenger Gold Limited Issued Capital ACN 123 591 382 1,261.1m shares ASX: CEL 10m options 44.2m perf rights

Australian Registered Office Directors Contact Level 1 Kris Knauer, MD and CEO T: +61 8 6380 9235 1205 Hay Street Sergio Rotondo, Chairman E: [email protected] West Perth WA 6005 Sonia Delgado, Executive Director Fletcher Quinn , Non - Exec Director Brett Hackett, Non-Exec. Director Pini Althaus, Non-Exec. Director

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Criteria JORC Code explanation	Commentary
	GYDD-23-031 696.40 Complete Complete Complete 486 GYDD-23-032 781.45 Complete Complete Complete 586 GYDD-23-033 565.85 Complete Complete Complete 387 GYDD-23-034 413.65 Complete Complete Complete 307 GYDD-23-035 381.85 Complete Complete Complete 258 GYDD-23-036 767.45 Complete Complete Complete 573 GYDD-23-037 823.10 Complete Complete Complete 607 GYDD-23-038 651.80 Complete Complete Complete 466 GYDD-23-039 812.40 Complete Complete Complete 598 GYDD-23-040 352.40 Complete Complete Complete 255 GYDD-23-041 779.00 Complete Complete Complete 543 GYDD-23-042 746.40 Complete Complete Complete 528 GYDD-23-043 742.15 Complete Complete Complete 556 Logged (m) 20,350.60 Samples Submitted 14,724 Total Drilled (m) 20,350.60 Colorado V: • Core has been logged for lithology, alteration, mineralisation and structure. Where possible, logging is quantitative. • Colorado V core re-logging and re-sampling is summarized below: Historic Colorado V Drilling Hole_ID Depth(m) Logging Status Core Photograph Sampling Status Total Samples ZK0-1 413.6 Complete Complete Samples Submitted 281 ZK0-2 581.6 Complete Complete Samples Submitted 388 ZK0-3 463.0 Complete Complete Samples Submitted 330 ZK0-4 458.0 Complete Complete Samples Submitted 350 ZK0-5 624.0 Complete Complete Samples Submitted 482 ZK1-1 514.6 Complete Complete Samples Submitted 288 ZK1-2 403.1 Complete Complete Not Re-Sampled

Criteria
JORC Code explanation

Commentary

GYDD-23-031
696.40
Complete
Complete
Complete
486
GYDD-23-032
781.45
Complete
Complete
Complete
586
GYDD-23-033
565.85
Complete
Complete
Complete
387
GYDD-23-034
413.65
Complete
Complete
Complete
307
GYDD-23-035
381.85
Complete
Complete
Complete
258
GYDD-23-036
767.45
Complete
Complete
Complete
573
GYDD-23-037
823.10
Complete
Complete
Complete
607
GYDD-23-038
651.80
Complete
Complete
Complete
466
GYDD-23-039
812.40
Complete
Complete
Complete
598
GYDD-23-040
352.40
Complete
Complete
Complete
255
GYDD-23-041
779.00
Complete
Complete
Complete
543
GYDD-23-042
746.40
Complete
Complete
Complete
528
GYDD-23-043
742.15
Complete
Complete
Complete
556
Logged (m)
20,350.60
Samples Submitted
14,724
Total Drilled (m)
20,350.60
Colorado V:
•
Core has been logged for lithology, alteration, mineralisation and structure. Where possible, logging is
quantitative.
• Colorado V core re-logging and re-sampling is summarized below:
Historic Colorado V Drilling
Hole_ID
Depth(m)
Logging Status
Core
Photograph
Sampling Status
Total
Samples
ZK0-1
413.6
Complete
Complete
Samples Submitted
281
ZK0-2
581.6
Complete
Complete
Samples Submitted
388
ZK0-3
463.0
Complete
Complete
Samples Submitted
330
ZK0-4
458.0
Complete
Complete
Samples Submitted
350
ZK0-5
624.0
Complete
Complete
Samples Submitted
482
ZK1-1
514.6
Complete
Complete
Samples Submitted
288
ZK1-2
403.1
Complete
Complete
Not Re-Sampled

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Commentary
ZK1-3	425.0	Complete	Complete	Samples Submitted	279
ZK1-4	379.5	Complete	Complete	Samples Submitted	267
ZK1-5	419.5	Complete	Complete	Samples Submitted	266
ZK1-6	607.5	Complete	Complete	Samples Submitted	406
ZK1-7	453.18	Complete	Complete	Samples Submitted	370
ZK1-8	556.0	Complete	Complete	Not Re-Sampled
ZK1-9	220.0	Complete	Complete	Samples Submitted	140
ZK2-1	395.5	Complete	Complete	Samples Submitted	320
ZK3-1	372.48	Complete	Complete	Samples Submitted	250
ZK3-1A	295.52	Pending	Pending	Pending
ZK3-2	364.80	Complete	Complete	Samples Submitted	235
ZK3-4	322.96	Complete	Complete	Samples Submitted	156
ZK4-1	434.0	Complete	Complete	Not Re-sampled
ZK4-2	390.5	Complete	Complete	Not Re-sampled
ZK4-3	650.66	Complete	Complete	Not Re-sampled
ZK4-4	285.0	Complete	Complete	Not Re-sampled
ZK5-1	321.90	Complete	Complete	Not Re-sampled
ZK5-2	321.0	Complete	Complete	Not Re-sampled
ZK5-3	446.5	Complete	Complete	Not Re-sampled
ZK5-4	508.0	Complete	Complete	Not Re-sampled
ZK5-5	532.0	Complete	Complete	Samples Submitted	378
ZK6-1	552.6	Complete	Complete	Not Re-sampled
ZK6-2	531	Complete	Complete	Not Re-sampled
ZK10-1	454.0	Complete	Complete	Samples Submitted	229
ZK10-2	318.82	Complete	Complete	Samples Submitted	206
ZK10-3	331.52	Complete	Complete	Samples Submitted	220
ZK11-1	237.50	Complete	Complete	Not Re-sampled
ZK12-1	531.50	Complete	Complete	Not Re-sampled
ZK12-2	510.6	Complete	Complete	Not Re-sampled

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Commentary
ZK13-1	394.0	Complete	Complete	Samples Submitted	246
ZK13-2	194.0	Complete	Complete	Not Re-sampled
ZK16-1	324.0	Complete	Complete	Samples Submitted	212
ZK16-2	385.83	Complete	Complete	Samples Submitted	223
ZK18-1	410.5	Complete	Complete	Samples Submitted	286
ZK19-1	548.60	Complete	Complete	Not Re-sampled
ZK100-1	415.0	Complete	Complete	Not Re-sampled
ZK103-1	524.21	Complete	Complete	Not Re-sampled
ZK105-1	404.57	Complete	Complete	Not Re-sampled
ZK205-1	347.0	Complete	Complete	Samples Submitted	211
SAZK0-1A	569.1	Complete	Complete	Samples Submitted	396
SAZK0-2A	407.5	Complete	Complete	Samples Submitted	260
SAZK2-1	430.89	Complete	Complete	Samples Submitted	195
SAZK2-2	354.47	Complete	Complete	Not Re-Sampled
CK2-1	121.64	missing core	missing core	missing core
CK2-2	171.85	missing core	missing core	missing core
CK2-3	116.4	missing core	missing core	missing core
CK2-4	146.12	missing core	missing core	missing core
CK2-5	357.56	Complete	Complete	Complete
CK2-6	392.56	Complete	Complete	Complete
CK3-1	185.09	missing core	missing core	missing core
CK3-2	21.75	missing core	missing core	missing core
CK3-3	138.02	missing core	missing core	missing core
CK5-1	273.56	Complete	Complete	Not Re-Sampled
CK5-2	273.11	Complete	Complete	Not Re-Sampled
CK13-1	227.1	Complete	Complete	Not Re-Sampled
CK13-2	231.16	Complete	Complete	Not Re-Sampled
CK13-3	197.06	Complete	Complete	Not Re-Sampled
CK13-4	176.57	Complete	Complete	Not Re-Sampled

www.challengergold.com

Criteria JORC Code explanation	Commentary
	CK13-5 184.70 Complete Complete Not Re-Sampled CK21-1 143.47 Complete Complete Not Re-Sampled Logged (m) 25,315.07 Re-logged Samples Submitted 7,894 Total (m) 24,414.20 Core Shack Total(m) 26,528.26 Drilled CEL Colorado V Drill Hole Processing Completed during Drill Camp #1, Phase #1 2022 Hole_ID Depth(m) Logging Status Core Photograph Sampling Status Total Samples CVDD-22-001 533.20 Complete Complete Complete 398 CVDD-22-002 575.00 Complete Complete Complete 412 CVDD-22-003 512.40 Complete Complete Complete 384 CVDD-22-004 658.95 Complete Complete Complete 478 CVDD-22-005 607.15 Complete Complete Complete 456 CVDD-22-006 600.70 Complete Complete Complete 427 CVDD-22-007 808.00 Complete Complete Complete 602 CVDD-22-008 535.70 Complete Complete Complete 306 CVDD-22-009 890.80 Complete Complete Complete 668 CVDD-22-010 890.20 Complete Complete Complete 645 CVDD-22-011 672.50 Complete Complete Complete 481 CVDD-22-012 756.70 Complete Complete Complete 556 CVDD-22-013 752.45 Complete Complete Complete 467 CVDD-22-014 863.40 Complete Complete Complete 642 CVDD-22-015 758.35 Complete Complete Complete 558 CVDD-22-016 558.45 Complete Complete Complete 380 CVDD-22-017 746.05 Complete Complete Complete 540 Logged (m) 11,720.00 Samples Submitted 8,400 Total(m) 11,720.00

Criteria
JORC Code explanation

Commentary

CK13-5
184.70
Complete
Complete
Not Re-Sampled
CK21-1
143.47
Complete
Complete
Not Re-Sampled
Logged (m)
25,315.07
Re-logged
Samples Submitted
7,894
Total (m)
24,414.20
Core Shack
Total(m)
26,528.26
Drilled
CEL Colorado V Drill Hole Processing Completed during Drill Camp #1, Phase #1 2022
Hole_ID
Depth(m)
Logging Status
Core
Photograph
Sampling Status
Total
Samples
CVDD-22-001
533.20
Complete
Complete
Complete
398
CVDD-22-002
575.00
Complete
Complete
Complete
412
CVDD-22-003
512.40
Complete
Complete
Complete
384
CVDD-22-004
658.95
Complete
Complete
Complete
478
CVDD-22-005
607.15
Complete
Complete
Complete
456
CVDD-22-006
600.70
Complete
Complete
Complete
427
CVDD-22-007
808.00
Complete
Complete
Complete
602
CVDD-22-008
535.70
Complete
Complete
Complete
306
CVDD-22-009
890.80
Complete
Complete
Complete
668
CVDD-22-010
890.20
Complete
Complete
Complete
645
CVDD-22-011
672.50
Complete
Complete
Complete
481
CVDD-22-012
756.70
Complete
Complete
Complete
556
CVDD-22-013
752.45
Complete
Complete
Complete
467
CVDD-22-014
863.40
Complete
Complete
Complete
642
CVDD-22-015
758.35
Complete
Complete
Complete
558
CVDD-22-016
558.45
Complete
Complete
Complete
380
CVDD-22-017
746.05
Complete
Complete
Complete
540
Logged (m)
11,720.00
Samples Submitted
8,400
Total(m)
11,720.00

Challenger Gold Limited

ACN 123 591 382 ASX: CEL

Australian Registered Office

Issued Capital

Directors

Contact

1,261.1m shares Level 1 Kris Knauer, MD and CEO T: +61 8 6380 9235 10m options 1205 Hay Street Sergio Rotondo, Chairman E: [email protected] 44.2m perf rights West Perth WA 6005 Sonia Delgado, Executive Director Fletcher Quinn , Non - Exec Director Brett Hackett, Non-Exec. Director Pini Althaus, Non-Exec. Director

www.challengergold.com

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
*Sub-sampling*	-	If core, whether cut or sawn and whether	El Guayabo:
*techniques and*		quarter, half or all core taken.	CEL:
*sample*	-	If non-core, whether riffled, tube sampled,	•	For sampling, all core is cut using a diamond saw, longitudinally into two halves. One half is sampled for assay
*preparation*		rotary split, etc and whether sampled wet or		and the other retained for future reference. Where duplicate samples are taken, ¼ core is cut using a diamond
		dry.		saw to prepare two ¼ core duplicates.
	-	For all sample types, the nature, quality and	•	The location of the cut is marked on the core by the geologist that logged the core to ensure the cut creates a
		appropriateness of the sample preparation		representative sample.
		technique.	•	The sample preparation technique is appropriate for the material being sampled
	-	Quality control procedures adopted for all	Historic:
		sub-sampling stages to maximise	•	Core was cut with diamond saw and half core was taken
		representivity of samples.	•	All drilling was core drilling as such this is not relevant
	-	Measures taken to ensure that the sampling is	•	Sample preparation was appropriate and of good quality. Each 1-3 m sample of half core was dried, crushed to a
		representative of the in situ material collected,		nominal – 10 mesh (ca 2mm), then 250 g of chips were split out and pulverized. A sub-sample of the pulp was
		including for instance results for field		then sent for analysis for gold by standard fire assay on a 30 g charge with an atomic absorption finish with a
		duplicate/second-half sampling.		nominal 5 ppb Au detection limit.
	-	Whether sample sizes are appropriate to the grain size of the material being sampled.	•	Measures taken to ensure that the sampling is representative of the in-situ material collected is not outlined in the historical documentation however a program of re-assaying was undertaken by Odin which demonstrated
				the repeatability of original assay results
			•	The use of a 1-3 m sample length is appropriate for deposits of finely disseminated mineralisation where long
				mineralised intersections are to be expected.
			•	CEL ¼ core sampling was done by cutting the core with a diamond saw. Standards (CRM) and blanks were
				inserted into the batched sent for preparation and analysis. No duplicate samples were taken and ¼ core was
				retained for future reference. The sample size is appropriate for the style of mineralisation observed.
			•	CEL rock chip samples of 2-3 kg are crushed to a nominal 2mm and a 500 g sub-sample is pulverized. The rock
				chips are collected from surface expose in creeks. Sampling is done so as to represent the material being
				mapped. The sample size is appropriate for the grain size of the material being sampled.
			Colorado	V:
			•	No information is available on the method/s that have been used to collect the soil samples.
			•	Selected intervals of drill core have been cut longitudinally using a diamond saw and ½ core has been sampled.
				Sample intervals range from 0.1m to 4.5m with an average length of 1.35m. The size of the samples is
				appropriate for the mineralisation observed in the core.
			•	Re-sampling of the core involves cutting of ¼ core (where previously sampled) or ½ core where not previously
				sampled. ¼ or ½ core over intervals of 1-3 metres provides an adequate sample size for the material being
				sampled.

www.challengergold.com

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
*Quality of assay*	-	The nature, quality and appropriateness of the	El Guayabo:
*data and*		assaying and laboratory procedures used and	CEL: Camp #1, Phase#1
*laboratory tests*		whether the technique is considered partial or	•	All drill core collected by CEL has been crushed to a nominal 2mm size. A 500 g sub-sample has been pulverized
		total.		to 85% passing 75 micron at the SGS Laboratory in Guayaquil. Sub-samples of the pulps have been analyzed by
	-	For geophysical tools, spectrometers,		SGS for Au by Fire Assay (30g) with AAS determination and gravimetric determination where over limit. Sub-
		handheld XRF instruments, etc, the		samples of the pulps are also assayed for a multi element suite by 4-acid digest with ICPMS determination
		parameters used in determining the analysis		(including Cu, Mo, Ag, Zn, Pb, S and Fe). All assay techniques are partial assays of the total sample.
		including instrument make and model,	•	Samples submitted by CEL include standards (CRM), blanks and duplicate samples to provide some control
		reading times, calibrations factors applied and		(QAQC) on the accuracy and precision of the analyses.
		their derivation, etc.	•	6 different CRM pulp samples have been submitted with the core samples. All 6 are certified for Au, 2 are
	-	Nature of quality control procedures adopted		certified for Ag, 5 are certified for Cu, 1 is certified for Fe and 3 are certified for Mo.
		(eg standards, blanks, duplicates, external	•	For Au, of 222CRM pulp analyses, 215 are within +/- 2 SD (97%)
		laboratory checks) and whether acceptable	•	For Ag, of 54CRM pulp analyses, all are within +/- 2 SD (100%)
		levels of accuracy (ie lack of bias) and	•	For Cu, of 126CRM pulp analyses, 125 are within +/- 2 SD (99%)
		precision have been established.	•	For Mo, of 83CRM pulp analyses, 81 are within +/- 2 SD (98%)
			•	For Fe, of 65CRM pulp analyses, 63 are within +/- 2 SD (97%)
			•	118samples of pulp that are known to have a blank Au value have been included with the samples submitted. 16
				samples returned Au values of >5 ppb (up to 11 ppb) indicating only mild instrument calibration or
				contamination during fire assay.
			•	337¼ core duplicate samples have been submitted. The duplicate analyses for Au, Ag, Cu, Pb, Zn, As and Mo
				have been analysed. The duplicate sample analyses follow very closely the original analyses providing assurance
				that the sample size and technique is appropriate.

Challenger Gold Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,261.1m shares 10m options 44.2m perf rights

Australian Registered Office

Directors

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengergold.com

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Criteria JORC Code explanation Commentary
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Challenger Gold Limited

ACN 123 591 382 ASX: CEL

Australian Registered Office

Issued Capital

Directors

Contact

www.challengergold.com

==> picture [735 x 436] intentionally omitted <==

----- Start of picture text -----

Criteria JORC Code explanation Commentary
12 SGS - CRM Blank - Au (ppb)
10
8
6
4
2
0
0 20 40 60 80 100 120
CEL: Camp #1, Phase#2
• All drill core collected by CEL has been crushed to a nominal 2mm size. A 500 g sub-sample has been pulverized
to 85% passing 75 micron at the SGS Laboratory in Guayaquil. Sub-samples of the pulps have been analyzed by
SGS for Au by Fire Assay (30g) with AAS determination and gravimetric determination where over limit. Sub-
samples of the pulps are also assayed for a multi element suite by 4-acid digest with ICPMS determination
(including Cu, Mo, Ag, Zn, Pb, S and Fe). All assay techniques are partial assays of the total sample.
• Samples submitted by CEL include standards (CRM), blanks and duplicate samples to provide some control
(QAQC) on the accuracy and precision of the analyses.
• 7 different CRM pulp samples have been submitted with the core samples. All 7 are certified for Au, 3 are
certified for Ag, All 7 are certified for Cu, 1 is certified for Fe and 4 are certified for Mo.
• For Au, of 453 CRM pulp analyses, 445 are within +/- 2 SD (98%)
• For Ag, of 155 CRM pulp analyses, 150 are within +/- 2 SD (97%)
• For Cu, of 453 CRM pulp analyses, 444 are within +/- 2 SD (98%)
• For Mo, of 286 CRM pulp analyses, 272 are within +/- 2 SD (95%)
• For Fe, of 2 CRM pulp analyses, All are within +/- 2 SD (100%)
• 228 samples of pulp that are known to have a blank Au value have been included with the samples submitted. 11
samples returned Au values of >5 ppb (up to 9 ppb) indicating only mild instrument calibration or contamination
during fire assay.
• 671 ¼ core duplicate samples have been submitted. The duplicate analyses for Au, Ag, Cu, Pb, Zn, As and Mo
have been analysed. The duplicate sample analyses follow very closely the original analyses providing assurance
that the sample size and technique is appropriate.
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Challenger Gold Limited Issued Capital ACN 123 591 382 1,261.1m shares ASX: CEL 10m options 44.2m perf rights

Australian Registered Office

Directors

Contact

www.challengergold.com

==> picture [735 x 435] intentionally omitted <==

----- Start of picture text -----

Criteria JORC Code explanation Commentary
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Challenger Gold Limited

ACN 123 591 382 ASX: CEL

Australian Registered Office

Issued Capital

Directors

Contact

www.challengergold.com

==> picture [735 x 441] intentionally omitted <==

----- Start of picture text -----

Criteria JORC Code explanation Commentary
10 SGS - CRM Blank - Au (ppb)
9
8
7
6
5
4
3
2
1
0
0 50 100 150 200 250
Historic:
• The nature, quality and appropriateness of the assaying and laboratory procedures used by Newmont and Odin
are still in line with industry best practice with appropriate QA/QC and chain of custody and are considered
appropriate.
• Available historical data does not mention details of geophysical tools as such it is believed a geophysical
campaign was not completed in parallel with the drilling campaign.
• Duplicates were prepared by the Laboratory (Bonder Cleg) which used internal standards. Newmont also
inserted its own standards at 25 sample intervals as a control on analytical quality. Later Odin undertook a re-
assaying program of the majority of the higher-grade sections which confirmed the repeatability.
• Given the above, it is considered acceptable levels of accuracy and precision have been established
• CEL ¼ and ½ core samples were prepared for assay at SGS Del Ecuador S.A.in Quito, Ecuador with analysis
completed by in Lima at SGS del in Peru S.A.C and by ALS Laboratories in Quito with analysis completed by ALS in
Vancouver, Canada. Samples were crushed and a 500g sub-sample was pulverized to 85% passing 75 µm. The
technique provides for a near total analysis of the economic elements of interest.
• CEL rock chip samples were prepared for assay at ALS Laboratories (Quito) with analysis being completed at ALS
Laboratories (Peru). The fire assay and 4-acid digest provide for near-total analysis of the economic elements of
interest. No standards or blanks were submitted with the rock chip samples.
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www.challengergold.com

Criteria	JORC Code explanation	Commentary	Commentary
		Colorado	V:
		CEL: Camp #1, Phase#1
		•	All drill core collected by CEL has been crushed to a nominal 2mm size. A 500 g sub-sample has been pulverized
			to 85% passing 75 micron at the SGS Laboratory in Guayaquil. Sub-samples of the pulps have been analyzed by
			SGS for Au by Fire Assay (30g) with AAS determination and gravimetric determination where over limit. Sub-
			samples of the pulps are also assayed for a multi element suite by 4-acid digest with ICPMS determination
			(including Cu, Mo, Ag, Zn, Pb, S and Fe). All assay techniques are partial assays of the total sample.
		•	Samples submitted by CEL include standards (CRM), blanks and duplicate samples to provide some control
			(QAQC) on the accuracy and precision of the analyses.
		•	8 different CRM pulp samples have been submitted with the core samples. All 8 are certified for Au, 3 are
			certified for Ag, 7 are certified for Cu, 1 is certified for Fe and 4 are certified for Mo.
		•	For Au, of 352 CRMpulp analyses, 346 are within +/- 2 SD (98%)
		•	For Ag, of 134 CRMpulp analyses, 127 are within +/- 2 SD (95%)
		•	For Cu, of 338CRM pulp analyses, 324 are within +/- 2 SD (96%)
		•	For Mo, of 197CRM pulp analyses, 187 are within +/- 2 SD (95%)
		•	For Fe, of 15CRM pulp analyses, all are within +/- 2 SD (100%)
		•	162samples of pulp that are known to have a blank Au value have been included with the samples submitted. 24
			samples returned Au values of >5 ppb (up to 11 ppb) indicating only mild instrument calibration or
			contamination during fire assay.
		•	474¼ core duplicate samples have been submitted. The duplicate analyses for Au, Ag, Cu, Pb, Zn, As and Mo
			have been analysed. The duplicate sample analyses follow very closely the original analyses providing assurance
			that the sample size and technique is appropriate.

Challenger Gold Limited

ACN 123 591 382 ASX: CEL

Australian Registered Office

Issued Capital

Directors

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengergold.com

==> picture [735 x 437] intentionally omitted <==

----- Start of picture text -----

Criteria JORC Code explanation Commentary
----- End of picture text -----

Challenger Gold Limited

ACN 123 591 382 ASX: CEL

Australian Registered Office

Issued Capital

Directors

Contact

www.challengergold.com

Criteria	JORC Code explanation	Commentary	Commentary
		Historic:
		•	No information is available on the methods used to analyse the historic soil or drill core samples. Assay results
			are not provided in this report.
			Soil samples have been analysed by GK for Au, Cu, Ag, Zn, Pb, As, Mn, Ni, Cr, Mo, Sn, V, Ti, Co, B, Ba, Sb, Bi and
			Hg. Pulps have been securely retained and check assaying is planned.
		•	Drill core was partially assayed for gold only with assays undertaken by Goldking’s on site laboratory
		•	CEL samples of drill core re-sampled by CEL. Blanks and CRM (standards) were added to the batches to check
			sample preparation and analysis.
			3 separate CRM’s were included in the batches sent for analysis. All three have certified Au values. The results
			of the analysis of the CRM are shown below. With a few exceptions, the CRM has returned results within +/- 2
			SD of the certified reference value. There is no bias in the results returned from either SGS or ALS laboratories.
			CRM3 analyses by fire assay at SGS did not include overlimit (>10 g/t).

Challenger Gold Limited

ACN 123 591 382 ASX: CEL

Australian Registered Office

Issued Capital

Directors

Contact

www.challengergold.com

==> picture [735 x 342] intentionally omitted <==

----- Start of picture text -----

Criteria JORC Code explanation Commentary
• No duplicate samples have been submitted.
• Two different blanks have been included randomly within the sample batches. A CRM blank with a value of
<0.01 ppm (10 ppb) Au was used initially. More recent batches have used a blank gravel material which has no
certified reference value. The results are shown below. The first 4 gravel blanks show elevated Au values which
is believed to be due to contamination of the blank prior to submission and not due to laboratory contamination.
With one exception, the blanks have returned values below 10 ppb.
----- End of picture text -----

Challenger Gold Limited

ACN 123 591 382 ASX: CEL

Australian Registered Office

Issued Capital

Directors

Contact

www.challengergold.com

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
*Verification of*	-	The verification of significant intersections by	El Guayabo:
*sampling and*		either independent or alternative company	CEL Drilling:
*assaying*		personnel.	•	Samples from significant intersections have not been checked by a second laboratory. No holes have been
	-	The use of twinned holes.		twinned.
	-	Documentation of primary data, data entry	•	Data from logging and assaying is compiled into a database at the Project and is backed up in a secure location.
		procedures, data verification, data storage		CEL GIS personnel and company geologists check and verify the data. No adjustments are made to any of the
		(physical and electronic) protocols.		assay data.
	-	Discuss any adjustment to assay data.	Historic:
			•	All intersections with results greater than 0.5 g/t were re-assayed using the “blaster” technique - a screen type
				fire analysis based on a pulverized sample with a mass of about 5 kg. Additionally, Odin re-assayed the many of
				the higher-grade sections with re-assay results demonstrating repeatability of the original results.
			•	Neither Newmont nor Odin attempted to verify intercepts with twinned holes
			•	Data was sourced from scanned copies of original drill logs and in some cases original paper copies of assay
				sheets are available. This data is currently stored in a drop box data base with the originals held on site.
			•	No adjustments to assay data were made.
			•	CEL assay data has not been independently verified or audited. Data is stored electronically in MS Excel and PDF
				format from the Laboratory and entered into a Project database for analysis. There has been no adjustment of
				the data.
			Colorado	V:

www.challengergold.com

	Criteria	JORC Code explanation	JORC Code explanation		Commentary	Commentary
					•	There is no information available on the verification of sample and assay results. No assay data is provided in
						this report. Soil replicate samples and second split assay results have been provided but not fully analysed at
						this stage.
					•	Of the 4,495 soil samples in the GK database, 166 are replicate samples and 140 are second split re-analyses.
						37 samples have no coordinates in the database.
						The remaining 4,152 have analyses for all 19 elements indicated above.
					•	Significant intersections have been internally checked against the assay data received. The data received has
						been archived electronically and a database of all drill information is being developed. There is no adjustment of
						the assaydata.
	*Location of data*	-	Accuracy and quality of surveys used to locate		El Guayabo:
	*points*		drill holes (collar and down-hole surveys),		CEL Drilling:
			trenches, mine workings and other locations		•	Drill hole collars are surveyed after the drilling using a DGPS. The co-ordinate system used is PSAD 1956, UTM
			used in Mineral Resource estimation.			zone 17S.
		-	Specification of the grid system used.		•	Down-hole surveys are performed at regular intervals down hole (nominally 50 metres or as required by the
		-	Quality and adequacy of topographic control.			geologist) during the drilling of the hole to ensure the hole is on track to intersect planned targets. Down hole
						surveys are done using a magnetic compass and inclinometer tool fixed to the end of the wire line. Down hole
						surveys are recorded by the drillers and sent to the geologist and GIS team for checking and entry into the drill
						hole database.
					Historic:
					•	Newmont undertook survey to located drill holes in accordance with best practice at the time. No formal check
						surveying has been undertaken to verify drill collar locations at this stage
					•	Coordinate System: PSAD 1956 UTM Zone 17S Projection: Transverse Mercator Datum: Provisional S American
						1956
					•	Quality of topographic control appears to be+ - 1 meter which is sufficient for the exploration activities
						undertaken.
					•	Rock chip samples have been located using topographic maps with the assistance of hand-held GPS.
					Colorado	V:
					•	Coordinate System: PSAD 1956 UTM Zone 17S Projection: Transverse Mercator Datum: Provisional S American
						1956
					•	No information is available on the collar and down-hole survey techniques used on the Colorado V concession.
					•	Rock chip sample locations are determined by using a handheld GPS unit which is appropriate for the scale of the
						mapping program beingundertaken.
	*Data spacing and*	-	Data spacing for reporting	of Exploration	•	Drilling is exploration based and a grid was not considered appropriate at that time.
	*distribution*		Results.		•	A JORC compliant Mineral Resource has not been estimated
Challenger Gold Limited			Issued Capital	Australian Registered Office		Directors Contact
ACN 123 591 382			1,261.1m shares	Level 1		Kris Knauer, MD and CEO T: +61 8 6380 9235
ASX:CEL			10m options	1205 Hay Street		Sergio Rotondo, Chairman E: [email protected]
			44.2m perf rights	West Perth WA 6005		Sonia Delgado, Executive Director
						Fletcher Quinn,Non-Exec Director
						Brett Hackett, Non-Exec. Director
						Pini Althaus, Non-Exec. Director

www.challengergold.com

	Criteria	JORC Code explanation	JORC Code explanation		Commentary	Commentary
		-	Whether the data spacing and distribution is		•	Sample compositing was not used
			sufficient to establish the degree of geological
			and grade continuity appropriate for the
			Mineral Resource and Ore Reserve estimation
			procedure(s) and classifications applied.
		-	Whether sample compositing has been
			applied.
	*Orientation of*	-	Whether the orientation of sampling achieves		•	A sampling bias is not evident.
	*data in relation*		unbiased sampling of possible structures and		•	Drill pads are located in the best possible location to ensure there is no bias introduced, subject to the
	*to geological*		the extent to which this is	known, considering		topography and existing infrastructure. The steep terrain and thick vegetation often dictates where is it possible
	*structure*		the deposit type.			to place a drill collar.
		-	If the relationship between the drilling
			orientation and the orientation of key
			mineralised structures is considered to have
			introduced a sampling bias, this should be
			assessed and reported if material.
	*Sample security*	-	The measures taken to ensure sample		El Guayabo:
			security.		CEL Samples:
					•	All CEL samples are held in a secure compound from the time they are received from the drillers to the time they
						are loaded onto a courier truck to be taken to the laboratory. The logging and sampling is done in a fenced and
						gated compound that has day and night security. Samples are sealed in bags and then packed in secure poly
						weave bags for transport
					Historic:
					•	Newmont sent all its field samples to the Bondar Clegg sample preparation facility in Quito for preparation. From
						there, approximately 100 grams of pulp for each sample was air freighted to the Bondar Clegg laboratory (now
						absorbed by ALS-Chemex) in Vancouver, for analysis. There is no record of any special steps to monitor the
						security of the samples during transport either between the field and Quito, or between Quito and Vancouver.
						However, Newmont did insert its own standards at 25 sample intervals as a control on analytical quality.
					•	CEL samples are kept in a secure location and prepared samples are transported with appropriate paperwork,
						securely by registered couriers. Details of the sample security and chain of custody are kept at the Project office
						for future audits.
					Colorado	V:
					•	GK analysed samples in an on-site laboratory. It is understood that the samples have remained on site at all
						times.
					•	CEL have collected samples at the core shed at El Guayabo and secured the samples in polyweave sacks for
						transport bycourier to SGS Laboratories in Guayaquil forpreparation. SGS in Guayaquil courier theprepared
Challenger Gold Limited			Issued Capital	Australian Registered Office		Directors Contact
ACN 123 591 382			1,261.1m shares	Level 1		Kris Knauer, MD and CEO T: +61 8 6380 9235
ASX:CEL			10m options	1205 Hay Street		Sergio Rotondo, Chairman E: [email protected]
			44.2m perf rights	West Perth WA 6005		Sonia Delgado, Executive Director
						Fletcher Quinn,Non-Exec Director
						Brett Hackett, Non-Exec. Director
						Pini Althaus, Non-Exec. Director

www.challengergold.com

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				sample pulps to SGS in Peru for analysis. Photographs and documentation are retained to demonstrate the
				chain of custodyof the samples at all stages.
*Audits or reviews*	-	The results of any audits or reviews of	El Guayabo:
		sampling techniques and data.	CEL drilling:
			•	There has been no audit or review of the sampling techniques and data
			Historic:
			•	The sampling techniques were reviewed as part of a 43-101 Technical report on Cangrejos Property which also
				included the early results of the El Joven joint venture between Odin and Newmont, under which the work on
				the El Guayabo project was undertaken. This report is dated 27 May 2004 and found the sampling techniques
				and intervals to be appropriate with adequate QA/QC and custody procedures, core recoveries generally 100%,
				and appropriate duplicates and blanks use for determining assay precision and accuracy.
			•	There have been no audits of reviews of CEL data for the El Guayabo.
			Colorado	V:
			•	No audits or reviews of sampling techniques and data is known. Goldking did twin two earlier holes with results
				still being compiled.
	-

Section 2: Reporting of Exploration Results -El Guayabo Project

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
*Mineral*	-	Type, reference name/number, location and	-	The El Guayabo (Code. 225) mining concession is located within El Oro Province. The concession is held by Torata
*tenement and*		ownership including agreements or material		Mining Resources S.A (TMR S.A) and was granted in compliance with the Mining Act (“MA”) in on April 27, 2010. There
*land tenure*		issues with third parties such as joint ventures,		are no overriding royalties on the project other than normal Ecuadorian government royalties.
*status*		partnerships, overriding royalties, native title	-	The property has no historical sites, wilderness or national park issues.
	-	interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	-	The mining title grants the owner an exclusive right to perform mining activities, including, exploration, exploitation and processing of minerals over the area covered by the prior title for a period of 25 years, renewable for a further 25 years. Under its option agreement, the owner has been granted a negative pledge (which is broadly equivalent to a fixed and floating charge) over the concession. In addition, a duly notarized Irrevocable Promise to Transfer executed byTMR S.A in favor of AEP has been lodged with the Ecuador Mines Department.

Challenger Gold Limited	Issued Capital	Australian Registered Office	Directors	Contact
ACN 123 591 382	1,261.1m shares	Level 1	Kris Knauer, MD and CEO	T: +61 8 6380 9235
ASX:CEL	10m options	1205 Hay Street	Sergio Rotondo, Chairman	E: [email protected]
	44.2m perf rights	West Perth WA 6005	Sonia Delgado, Executive Director
			Fletcher Quinn,Non-Exec Director
			Brett Hackett, Non-Exec. Director
			Pini Althaus, Non-Exec. Director

www.challengergold.com

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
			-	The Colorado V mining concession (Code No. 3363.1) located in Bellamaria, Santa Rosa, El Oro, Ecuador was granted in
				compliance with the Mining Act (“MA”) in on July 17, 2001. It is adjacent to El Guayabo concession to the north. The
				concession is held by Goldking Mining Company S.A. There are no overriding royalties on the project other than
				normal Ecuadorian government royalties.
			-	The concession has no historical sites, wilderness or national park issues.
			-	The El Guayabo 2 (Code. 300964) mining concession is located Torata parish, Santa Rosa canton, El Oro province,
				Ecuador. The concession is held by T Mr. Segundo Ángel Marín Gómez and Mrs. Hermida Adelina Freire Jaramillo and
				was granted in compliance with the Mining Act (“MA”) on 29April 29, 2010. There are no overriding royalties on the
				project other than normal Ecuadorian government royalties.
			-	Thepropertyhas no historical sites,wilderness,or nationalpark issues.
*Exploration*	-	Acknowledgment and appraisal of	El	Guayabo:
*done by other*		exploration by other parties.	-	Previous exploration on the project has been undertaken by Newmont and Odin from 1994 to 1997. This included
*parties*				surface pit and rock chip geochemistry, followed by the drilling of 33 drill holes for a total of 7605.52 meters) to
				evaluate the larger geochemical anomalies.
			-	The collection of all exploration data by Newmont and Odin was of a high standard and had appropriate sampling
				techniques and intervals, adequate QA/QC and custody procedures, and appropriate duplicates and blanks used for
				determining assay precision and accuracy.
			-	The geological interpretation of this data, including core logging and follow up geology was designed and directed by
				in-country inexperienced geologists. It appears to have been focused almost exclusively for gold targeting surface gold
				anomalies or the depth extensions of higher-grade gold zones being exploited by the artisanal miners. The geologic
				logs for all drill holes did not record details that would have been typical, industry standards for porphyry copper
				exploration at that time. Several holes which ended in economic mineralisation have never been followed up.
			-	In short, important details which would have allowed the type of target to be better explored were missed which in
				turn presents an opportunity to the current owner.
			Colorado V:
			-	All exploration known has been completed by GK. Drilling has been done from 2016 to 2019. 56 drill holes, totaling
				21,471.83m have been completed by GK.
			El	Guayabo 2:
			-	Exploration work undertaken by the previous owner was limited to field mapping and sampling including assaying of a
				small number of samples for gold, silver, copper, lead and zinc. The report is only available in Spanish and assays were
				conducted in a local laboratoryin Ecuador with the majorityof this work undertaken in 2017.
*Geology*	-	Deposit type, geological setting and style of	-	It is believed that the El Guayabo, El Guayabo 2, and Colorado V concessions contain a “Low Sulfide” porphyry gold
		mineralisation.		copper system and intrusive-related gold. The host rocks for the intrusive complex is metamorphic basement and
				Oligocene – Mid-Miocene volcanic rocks. This suggests the intrusions are of a similar age to the host volcanic
				sequence, which also suggests an evolvingbasement magmatic system. Intrusions are described in the core logs as

www.challengergold.com

Criteria
JORC Code explanation Commentary

quartz diorite and dacite. Mineralization has been recognized in:
–
Steeply plunging breccia bodies (up to 200 m in diameter) associated with intrusive diorites emplaced in the
metamorphic host rock.
–
Porphyry style veins and stockwork as well as late Quartz/Calcite/sulfide veins and veinlets
–
Disseminatedpyrite andpyrrhotite in the intrusions and in the metamorphic host rock near the intrusions.

Drill hole
Information
-
A summary of all information material to the
understanding of the exploration results
including a tabulation of the following
information for all Material drill holes:
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level – elevation
above sea level in metres) of the drill hole
collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
-
If the exclusion of this information is justified
on the basis that the information is not
Material and this exclusion does not detract
from the understanding of the report, the
Competent Person should clearly explain why
this is the case. El Guayabo Historic drill hole information is provided below.

Australian Registered Office

www.challengergold.com

Commentary
Historic Colorado V Drill Hole Information:
Hole ID	East (m)	North (m)	Elevation	Azimuth	Dip	Final depth	Driller
				(°)	(°)
ZK0-1	626378.705	9608992.99	204.452	221	-60	413.60	Shandong Zhaojin
ZK0-2	626378.705	9608992.99	204.452	221	-82	581.60	Shandong Zhaojin
ZK0-3	626475.236	9609095.444	197.421	221	-75	463.00	Shandong Zhaojin
ZK0-4	626476.119	9609098.075	197.225	221	-90	458.00	Shandong Zhaojin
ZK0-5	626475.372	9609100.909	197.17	300	-70	624.00	Shandong Zhaojin
ZK1-1	626310.629	9608865.923	226.385	61	-70	514.60	Shandong Zhaojin
ZK1-2	626313.901	9608867.727	226.494	150	-70	403.10	Shandong Zhaojin
ZK1-3	626382.401	9608894.404	229.272	61	-70	425.00	Shandong Zhaojin
ZK1-4	626502.206	9608982.539	227.333	61	-70	379.50	Shandong Zhaojin
ZK1-5	626497.992	9608979.449	227.241	241	-70	419.50	Shandong Zhaojin
ZK1-6	626500.813	9608979.367	227.315	180	-70	607.50	Shandong Zhaojin
ZK1-7	626498.548	9608979.541	227.28	241	-82	453.18	Shandong Zhaojin
ZK1-8	626501.094	9608980.929	227.208	61	-85	556.00	Shandong Zhaojin
ZK1-9	626416.4	9609040.6	202.416	203	-23	220.00	Lee Mining
ZK2-1	626329.859	9609005.863	213.226	221	-90	395.50	Shandong Zhaojin
ZK3-1	628295.833	9608947.769	309.987	279	-38	372.48
ZK3-1-A	626416.4	9609040.6	202.416	179	-29	295.52	Lee Mining
ZK3-2	628295.833	9608947.769	309.987	205	-30	364.80
ZK3-4	628295.833	9608947.769	309.987	170	-30	322.96
ZK4-1	626281.066	9609038.75	224.176	221	-90	434.00	Shandong Zhaojin
ZK4-2	626281.066	9609038.75	224.176	221	-70	390.50	Shandong Zhaojin
ZK4-3	626386.498	9609186.951	225.517	221	-70	650.66	Shandong Zhaojin
ZK4-4	626287.7817	9609031.298	215	215	-05	285.00
ZK5-1	626377.846	9608790.388	273.43	221	-78	321.90	Shandong Zhaojin
ZK5-2	626377.539	9608793.769	273.542	41	-78	319.00	Shandong Zhaojin
ZK5-3	626383.556	9608800.999	273.622	330	-70	446.50	Shandong Zhaojin
ZK5-4	626383.556	9608800.999	273.622	330	-78	508.00	Shandong Zhaojin
ZK5-5	626432.795	9608847.735	242.572	61	-70	532.00	Shandong Zhaojin
ZK6-1	626230.28	9609020.202	260.652	221	-70	552.60	Shandong Zhaojin
ZK6-2	626165.623	9608991.594	271.928	221	-70	531.00	Shandong Zhaojin
ZK10-1	626700.8538	9609675.002	126.617	221	-53	454.00	Lee Mining
ZK10-2	626744.7	9609711	110.817	310	-30	318.82
ZK10-3	626744.7	9609711	110.817	310	-60	331.52
ZK11-1	626446.263	9608705.238	290.028	221	-78	237.50	Shandong Zhaojin

www.challengergold.com

	JORC Code explanation	Commentary	Commentary
		ZK12-1	626088.326	9609034.197	314.552	221	-70	531.50	Shandong Zhaojin
		ZK12-2	626019.538	9608961.409	294.649	221	-70	510.60	Shandong Zhaojin
		ZK13-1	627763.877	9609906.484	197.899	180	-70	394.00	Shandong Zhaojin
		ZK13-2	627757.925	9609713.788	234.34	0	-70	194.00	Shandong Zhaojin
		ZK16-1	626432.95	9609539.705	207.288	153	-45	330.00
		ZK16-2	626432.95	9609539.705	207.288	183	-45	394.00
		ZK18-1	627123.327	9609846.268	142.465	180	-70	410.50	Shandong Zhaojin
		ZK19-1	626753.271	9608802.634	386.627	221	-70	548.60	Shandong Zhaojin
		ZK100-1	626170.882	9608923.778	251.177	131	-70	415.00	Shandong Zhaojin
		ZK103-1	628203.1453	9607944.85	535.324	215	-53	524.21	Lee Mining
		ZK105-1	628172.5923	9607826.055	541.244	183	-54	404.57	Lee Mining
		ZK205-1	626257.123	9608795.904	243.297	160	-70	347.00	Shandong Zhaojin
		SAZK0-1A	627477.062	9609865.618	217.992	180	-70	569.10	Shandong Zhaojin
		SAZK0-2A	627468.807	9609805.054	213.63	180	-70	407.50	Shandong Zhaojin
		SAZK2-1	627330.0126	9609556.466	201.145	76	-05	430.89	Lee Mining
		SAZK2-2	627330.0126	9609556.466	201.145	62	-05	354.47	Lee Mining
		CK2-1	626328.573	9609000.856	216.798	221	-45	121.64	Shandong Zhaojin
		CK2-2	626328.573	9609000.856	216.798	251	-45	171.85	Shandong Zhaojin
		CK2-3	626328.573	9609000.856	216.798	191	-45	116.40	Shandong Zhaojin
		CK2-4	626328.573	9609000.856	216.798	221	-70	146.12	Shandong Zhaojin
		CK2-5	626254.4315	9608931.693	190.593	342	-05	357.56	Lee Mining
		CK2-6	626298.1066	9608961.819	203.231	332	-18	392.56	Lee Mining
		CK3-1	626359.641	9608859.373	205.96	20	-15	185.09	Shandong Zhaojin
		CK3-2	626359.641	9608859.373	205.96	163	00	21.75	Shandong Zhaojin
		CK3-3	626359.641	9608859.373	205.96	50	-15	138.02	Shandong Zhaojin
		CK5-1	626460.1233	9608906.592	202.124	194	-74	273.56	Lee Mining
		CK5-2	626457.0999	96089.8.4999	202.126	251	-69	273.11	Lee Mining
		CK13-1	626610.0642	9608838.445	202.556	41	-05	227.10	Lee Mining
		CK13-2	626610.0642	9608838.445	202.556	41	-40	231.16	Lee Mining
		CK13-3	626605.2307	9608833.471	202.556	221	-59	197.06	Lee Mining
		CK13-4	626604.0848	9608836.544	203.013	209	-45	176.57	Lee Mining
		CK13-5	626607.5245	9608832.296	203.013	136	-45	184.70	Lee Mining
		CK21-1	626693.536	9608691.062	204.927	41	00	143.47	Lee Mining
		CEL: El Guayabo Project (Guayabo Concession), Camp #1, Phase #1, Drill Hole					Information
		Hole ID	East (m)	North (m)	Elevation	Azimuth	Dip	Final depth	Driller
						(°)	(°)
Challenger Gold Limited	Issued Capital	Australian Registered Office	Directors	Contact
ACN 123 591 382	1,261.1m shares	Level 1	Kris Knauer, MD and CEO	T: +61 8 6380 9235
ASX:CEL	10m options	1205 Hay Street	Sergio Rotondo, Chairman	E: [email protected]
	44.2m perf rights	West Perth WA 6005	Sonia Delgado, Executive Director
			Fletcher Quinn,Non-Exec Director
			Brett Hackett, Non-Exec. Director
			Pini Althaus, Non-Exec. Director

www.challengergold.com

Commentary
GYDD-21-001	628893.56	9606473.61	1074.98	330	-60	800.46	CEL
GYDD-21-002	629648.12	9606889.41	913.03	330	-60	291.70	CEL
GYDD-21-002A	629648.91	9606888.00	913.71	330	-60	650.58	CEL
GYDD-21-003	628613.31	9606603.66	1031.61	149	-60	723.15	CEL
GYDD-21-004	628612.169	9606605.66	1031.91	330	-60	696.11	CEL
GYDD-21-005	628433.90	9606380.35	962.07	329	-60	632.05	CEL
GYDD-21-006	628435.80	9606380.46	962.58	100	-60	365.26	CEL
GYDD-21-007	628087.05	9606555.24	840.093	150	-60	651.80	CEL
GYDD-21-008	628435.62	9606377.74	962.24	150	-60	283.68	CEL
GYDD-21-009	628932.60	9606035.43	987.81	100	-60	692.67	CEL
GYDD-21-010	628088.44	9606552.79	839.92	180	-60	888.60	CEL
GYDD-21-011	628987.88	9606169.64	1018.56	330	-60	314.46	CEL
GYDD-21-012	628844.64	9605438.73	870.24	129	-60	797.65	CEL
GYDD-21-013	628967.42	9605725.52	901.76	190	-60	517.45	CEL
GYDD-22-014	628741.17	9605761.53	955.53	100	-60	783.60	CEL
GYDD-22-015	628436.64	9606377.19	961.88	150	-72	368.26	CEL
GYDD-22-016	628267.60	9606450.31	872.25	150	-62	469.75	CEL
CEL: El Guayabo	Project (Guayabo	Concession), Camp	#1, Phase #2 Drill Hole		Information
Hole ID	East (m)	North (m)	Elevation	Azimuth	Dip	Final depth	Driller
				(°)	(°)
GYDD-22-017	627096.13	9605850.15	885.89	225	-60	860.75	CEL
GYDD-22-018	627408.50	9606259.17	961.10	150	-60	734.05	CEL
GYDD-22-019	627018.22	9606591.53	860.80	075	-60	861.05	CEL
GYDD-22-020	627410.33	9606261.79	961.50	225	-60	750.00	CEL
GY2DD-22-001	627271.92	9604368.13	496.50	100	-60	776.40	CEL
GYDD-22-021	629039.50	9605861.33	893.20	330	-60	812.85	CEL
GYDD-22-022	628988.58	9606167.81	1017.10	150	-60	702.85	CEL
GYDD-22-023	629058.43	9606272.80	1045.70	150	-60	795.55	CEL
GYDD-22-024	628971.40	9606104.67	1003.00	150	-60	650.00	CEL
GYDD-22-025	629055.83	9606277.30	1045.50	330	-60	1194.05	CEL
GYDD-22-026	628949.34	9606571.90	1062.60	345	-60	1082.45	CEL
GYDD-22-027	628725.86	9606619.12	1047.88	150	-60	875.35	CEL
GYDD-22-028	628488.59	9606449.24	961.82	150	-75	521.20	CEL
GYDD-22-029	628391.57	9606502.21	904.05	150	-65	528.95	CEL
GYDD-22-030	628723.89	9606622.50	1047.60	330	-60	691.20	CEL
GYDD-23-031	628552.90	9606591.85	988.40	150	-60	696.40	CEL

Challenger Gold Limited Issued Capital ACN 123 591 382 1,261.1m shares ASX: CEL 10m options 44.2m perf rights

www.challengergold.com

Criteria
JORC Code explanation
Commentary

G
G
G
G
G
G
G
G
G
G
G
G
C
C

YDD-23-032
628669.96
9606599.34
1030.39
150
-60
781.45
CEL
YDD-23-033
628307.35
9606457.68
891.75
150
-70
565.85
CEL
YDD-23-034
628544.67
9606432.20
987.21
150
-70
413.65
CEL
YDD-23-035
628235.55
9606391.22
879.35
150
-60
381.85
CEL
YDD-23-036
628588.16
9606460.88
975.68
330
-70
767.45
CEL
YDD-23-037
628958.10
9605809.79
900.54
330
-60
823.10
CEL
YDD-23-038
628191.89
9606645.00
753.18
150
-55
651.80
CEL
YDD-23-039
628752.96
9605770.05
954.41
150
-60
812.40
CEL
YDD-23-040
628702.92
9606813.34
1040.18
150
-60
352.40
CEL
YDD-23-041
628788.051
9605899.887
955.430
150
-60
779.00
CEL
YDD-23-042
628960.507
9605803.955
898.063
150
-60
746.40
CEL
YDD-23-043
628544.25
9606848.97
898.569
150
-60
742.15
CEL
EL: El Guayabo Project (Guayabo Concession), Camp #1, Phase #1 & #2 Channel Information
EL Channels taken within MRE limits and with ≥3 samples in length
Channel_ID
Location
Target
Start
East (m)
Start
North (m)
Start
Elev. (m)
End
East (m)
End
North (m)
End
Elev (m)
CSADRI-001
GY
B
629097.60
9605892.67
903.12
629181.25
9606057.67
901.51
CSADRI-002
GY-B
629168.77
9606038.20
904.26
628712.25
9606253.44
909.94
CSADRI-003
GY-B
628530.10
9606353.27
912.15
628599.15
9606318.08
911.16
CSADRI-004
GY-B
628555.19
9606336.81
912.18
628542.18
9606318.23
911.88
CSBARR-001
GY-C
628865.19
9605519.64
854.70
628846.18
9605528.57
856.14
CSBARR-004
GY-C
628835.51
9605533.39
856.63
628833.43
9605557.20
856.61
CSBARR-005
GY-C
628832.16
9605532.92
856.91
628825.05
9605525.92
857.30
CSBQCU1-001
GY-A
628564.61
9606364.46
1049.49
628555.37
9606328.29
1049.49
CSBQCU1-002
GY-A
628552.80
9606332.35
1050.46
628548.87
9606324.18
1046.30
CSBQCU1-003
GY-A
628561.98
9606365.72
1049.34
628554.31
9606367.91
1049.28
CSBQCU1-005
GY-A
628551.58
9606368.66
1049.47
628545.99
9606360.99
1049.52
CSBQCU1-006
GY-A
628544.56
9606363.81
1049.49
628534.71
9606365.51
1049.49
CSBQLB1-001
GY-A
628398.56
9606395.53
935.10
628409.97
9606378.08
935.62
CSBQLB1-003
GY-A
628411.32
9606375.14
936.55
628427.64
9606332.55
938.55
CSBQLB1-004
GY-A
628408.71
9606350.56
937.75
628408.64
9606338.95
937.75
CSBQLB1-005
GY-A
628409.45
9606371.16
936.23
628399.49
9606359.55
936.23
CSBQLB2-001
GY-A
628382.51
9606385.53
932.07
628405.02
9606347.10
932.47
CSBQLB2-002
GY-A
628381.30
9606380.33
932.37
628379.97
9606376.57
932.37

YDD-23-032	628669.96	9606599.34	1030.39	150	-60	781.45	CEL
YDD-23-033	628307.35	9606457.68	891.75	150	-70	565.85	CEL
YDD-23-034	628544.67	9606432.20	987.21	150	-70	413.65	CEL
YDD-23-035	628235.55	9606391.22	879.35	150	-60	381.85	CEL
YDD-23-036	628588.16	9606460.88	975.68	330	-70	767.45	CEL
YDD-23-037	628958.10	9605809.79	900.54	330	-60	823.10	CEL
YDD-23-038	628191.89	9606645.00	753.18	150	-55	651.80	CEL
YDD-23-039	628752.96	9605770.05	954.41	150	-60	812.40	CEL
YDD-23-040	628702.92	9606813.34	1040.18	150	-60	352.40	CEL
YDD-23-041	628788.051	9605899.887	955.430	150	-60	779.00	CEL
YDD-23-042	628960.507	9605803.955	898.063	150	-60	746.40	CEL
YDD-23-043	628544.25	9606848.97	898.569	150	-60	742.15	CEL
EL: El Guayabo Project (Guayabo Concession), Camp #1, Phase #1 & #2 Channel					Information
EL Channels taken within MRE limits and with ≥3			samples in length
	Location	Start	Start	Start	End	End		End
Channel_ID	Target	East (m)	North (m)	Elev. (m)	East (m)	North (m)		Elev (m)
	GY
CSADRI-001	B	629097.60	9605892.67	903.12	629181.25	9606057.67		901.51
CSADRI-002	GY-B	629168.77	9606038.20	904.26	628712.25	9606253.44		909.94
CSADRI-003	GY-B	628530.10	9606353.27	912.15	628599.15	9606318.08		911.16
CSADRI-004	GY-B	628555.19	9606336.81	912.18	628542.18	9606318.23		911.88
CSBARR-001	GY-C	628865.19	9605519.64	854.70	628846.18	9605528.57		856.14
CSBARR-004	GY-C	628835.51	9605533.39	856.63	628833.43	9605557.20		856.61
CSBARR-005	GY-C	628832.16	9605532.92	856.91	628825.05	9605525.92		857.30
CSBQCU1-001	GY-A	628564.61	9606364.46	1049.49	628555.37	9606328.29		1049.49
CSBQCU1-002	GY-A	628552.80	9606332.35	1050.46	628548.87	9606324.18		1046.30
CSBQCU1-003	GY-A	628561.98	9606365.72	1049.34	628554.31	9606367.91		1049.28
CSBQCU1-005	GY-A	628551.58	9606368.66	1049.47	628545.99	9606360.99		1049.52
CSBQCU1-006	GY-A	628544.56	9606363.81	1049.49	628534.71	9606365.51		1049.49
CSBQLB1-001	GY-A	628398.56	9606395.53	935.10	628409.97	9606378.08		935.62
CSBQLB1-003	GY-A	628411.32	9606375.14	936.55	628427.64	9606332.55		938.55
CSBQLB1-004	GY-A	628408.71	9606350.56	937.75	628408.64	9606338.95		937.75
CSBQLB1-005	GY-A	628409.45	9606371.16	936.23	628399.49	9606359.55		936.23
CSBQLB2-001	GY-A	628382.51	9606385.53	932.07	628405.02	9606347.10		932.47
CSBQLB2-002	GY-A	628381.30	9606380.33	932.37	628379.97	9606376.57		932.37

Challenger Gold Limited

Issued Capital

Australian Registered Office

Directors

Contact

www.challengergold.com

Commentary
CSBQLB3-001	GY-A	628313.38	9606349.71	938.80	628332.64	9606305.96	940.42
CSBQLB3-002	GY-A	628331.99	9606305.98	938.32	628330.44	9606303.38	938.40
CSBQLB3-003	GY-A	628330.98	9606301.14	938.32	628327.57	9606286.57	938.73
CSBQLB3-004	GY-A	628337.64	9606329.71	938.05	628331.74	9606329.82	938.19
CSBQLB4-001	GY-A	628422.11	9606586.27	870.15	628451.59	9606526.64	871.71
CSBQLB4-002	GY-A	628451.08	9606524.96	873.05	628451.39	9606501.29	873.54
CSBQLB5-001	GY-A	628428.63	9606546.08	881.50	628433.71	9606519.76	881.69
CSBQLB5-002	GY-A	628436.61	9606517.10	883.53	628452.93	9606508.75	883.98
CSBQLB5-003	GY-A	628455.26	9606508.65	885.18	628455.20	9606505.13	885.27
CSBQLB6-001	GY-A	628447.83	9606540.96	896.64	628458.78	9606525.44	896.72
CSBQLB6-002	GY-A	628465.44	9606521.09	896.71	628466.74	9606510.56	895.83
CSBQLB7-001	GY-A	628386.49	9606612.65	846.41	628458.70	9606503.47	849.30
CSBQNW1-001	GY-A	628399.20	9606316.75	988.08	628404.71	9606303.52	989.23
CSBQNW1-002	GY-A	628403.16	9606310.69	990.37	628410.63	9606314.06	995.21
CSBQNW2-001	GY-A	628428.50	9606259.40	1010.13	628435.75	9606258.32	1010.87
CSBQNW2-002	GY-A	628433.37	9606249.96	1002.97	628440.28	9606273.91	1003.40
CSBQNW3-001	GY-A	628414.95	9606318.02	1002.80	628424.22	9606318.24	1003.12
CSBQSU1-001	GY-A	628565.84	9606365.44	1049.16	628582.34	9606368.81	1047.18
CSBQSU2-001	GY-A	628408.04	9606355.42	975.92	628396.24	9606327.32	980.84
CSBQSU2-002	GY-A	628396.98	9606325.26	982.04	628397.54	9606318.52	985.20
CSBQSU3-001	GY-A	628560.54	9606332.95	1083.39	628556.62	9606332.24	1079.28
CSBQSU4-001	GY-A	628558.11	9606345.78	1074.65	628541.63	9606343.34	1077.32
CSBQSU5-001	GY-A	628541.03	9606341.08	1079.20	628538.01	9606338.92	1080.95
CSBQSU6-001	GY-A	628534.31	9606336.20	1081.68	628527.14	9606329.21	1076.71
CSBQSU7-001	GY-A	628358.48	9606388.92	929.74	628381.26	9606387.28	932.54
CSBQSU7-002	GY-A	628383.26	9606387.28	932.55	628387.70	9606390.76	933.46
CSCARE1-001	GY-B	628956.41	9606217.05	1006.45	628940.83	9606237.35	1006.57
CSCARE1-002	GY-B	628938.74	9606238.51	1006.49	628939.27	9606259.47	1006.59
CSCARE1-003	GY-B	628939.49	9606261.21	1006.62	628915.78	9606345.10	1006.95
CSCARE1-004	GY-B	628914.42	9606346.93	1007.88	628910.31	9606351.80	1007.88
CSCARE1-005	GY-B	628916.02	9606346.93	1007.18	628915.79	9606385.70	1007.39
CSCAYA1-001	GY-C	628983.70	9605271.31	734.41	629024.77	9605325.90	737.75
CSCAYA1-002	GY-C	629027.04	9605328.41	737.28	629005.63	9605347.74	737.24
CSCAYA1-003	GY-C	629003.19	9605348.90	737.42	628971.71	9605386.76	738.51
CSCHON-001	GY-C	628931.52	9605592.50	843.93	628922.57	9605615.45	844.66

Australian Registered Office

www.challengergold.com

Commentary
CSCHOR-001	GY-C	628971.99	9605585.96	808.18	628967.66	9605599.28	808.18
CSCHOR-002	GY-C	628963.93	9605607.64	808.78	628957.03	9605640.25	809.01
CSCHOR-003	GY-C	628965.92	9605595.69	808.30	628954.73	9605585.23	809.85
CSDURA-001	GY-A	628227.90	9606366.15	870.94	628233.65	9606367.67	871.03
CSDURA-002	GY-A	628237.73	9606367.79	871.76	628278.47	9606372.36	872.70
CSDURA-003	GY-A	628280.86	9606371.10	872.76	628305.14	9606377.74	873.18
CSDURA-004	GY-A	628305.96	9606377.17	875.03	628306.13	9606377.16	876.52
CSDURA-005	GY-A	628305.70	9606375.49	875.08	628305.91	9606375.48	876.26
CSDURA-006	GY-A	628304.83	9606371.55	874.71	628298.41	9606328.41	875.37
CSDURA-007	GY-A	628300.06	9606326.34	876.77	628296.81	9606306.71	877.07
CSDURA-008	GY-A	628305.06	9606379.60	875.23	628305.17	9606379.54	876.47
CSDURA-009	GY-A	628306.80	9606381.81	875.00	628306.92	9606381.75	876.09
CSDURA-010	GY-A	628307.66	9606383.85	875.60	628307.65	9606383.78	876.82
CSDURA-021	GY-A	628306.04	9606409.45	875.49	628281.99	9606414.99	875.88
CSFIGR1-001	GY-A	628568.54	9606315.41	1065.39	628568.60	9606329.94	1066.71
CSFIGR2-001	GY-A	628533.86	9606298.18	1047.65	628547.66	9606319.06	1049.81
CSFIGR2-002	GY-A	628546.11	9606315.43	1051.72	628543.82	9606317.34	1053.67
CSL10085-001	GY-A	628924.38	9606395.12	128.14	628918.80	9606398.91	126.65
CSL10085-003	GY-A	628910.03	9606407.35	119.40	628907.59	9606408.57	117.91
CSL10085-005	GY-A	628786.96	9606621.50	1083.67	628786.16	9606622.66	1080.21
CSL10085-MN1	GY-A	628823.95	9606562.44	1129.24	628801.53	9606546.52	1130.94
CSL9535-001	GY-A	628388.50	9606197.56	966.61	628419.90	9606167.91	993.72
CSL9535-002	GY-A	628421.91	9606168.51	994.28	628436.20	9606159.54	1005.07
CSL9535-003	GY-A	628435.86	9606152.93	1008.82	628441.86	9606146.64	1015.07
CSL9535-004	GY-A	628444.51	9606145.38	1015.92	628448.52	9606136.99	1023.19
CSL9535-005	GY-A	628449.94	9606134.61	1025.30	628454.36	9606125.46	1033.88
CSL9535-MN1	GY-A	628401.26	9606190.25	972.52	628466.82	9606150.77	975.65
CSL9635-001	GY-A	628620.51	9606012.31	1104.81	628615.82	9606019.52	1115.40
CSL9635-002	GY-A	628526.97	9606151.03	1079.13	628534.14	9606159.13	1079.56
CSL9635-004	GY-A	628525.73	9606232.56	1037.22	628523.80	9606241.00	1029.53
CSL9735-001	GY-A	628705.59	9606073.41	1091.45	628694.25	9606079.04	1102.79
CSL9735-003	GY-A	628622.83	9606221.70	1101.10	628624.15	9606219.05	1102.43
CSL9735-004	GY-A	628624.92	9606215.99	1102.80	628627.37	9606201.02	1109.00
CSL9870-001	GY-A	628593.17	9606538.97	1008.91	628626.52	9606425.27	1005.57
CSL9870-002	GY-A	628623.03	9606476.82	1015.56	628632.96	9606461.94	1017.51

Challenger Gold Limited

Issued Capital

Australian Registered Office

Directors

Contact

www.challengergold.com

Commentary
CSL9870-004	GY-A	628635.18	9606459.58	1024.76	628638.45	9606459.48	1024.52
CSL9870-005	GY-A	628638.91	9606456.92	1024.96	628642.80	9606446.01	1025.96
CSL9870-006	GY-A	628643.94	9606445.83	1028.21	628650.33	9606433.99	1031.25
CSL9870-007	GY-A	628653.72	9606431.36	1032.67	628657.39	9606408.96	1052.20
CSL9870-008	GY-A	628656.18	9606407.94	1054.04	628657.81	9606401.96	1061.52
CSL9870-009	GY-A	628659.13	9606397.48	1067.50	628660.39	9606395.61	1070.62
CSL9870-010	GY-A	628662.78	9606394.96	1073.58	628663.53	9606390.03	1078.41
CSL9870-012	GY-A	628673.93	9606383.83	1095.35	628680.17	9606379.95	1104.49
CSL9870-014	GY-A	628683.02	9606377.25	1110.43	628692.34	9606371.68	1125.05
CSL9870-016	GY-A	628700.52	9606372.66	1131.44	628703.77	9606366.06	1142.13
CSL9870-017	GY-A	628706.01	9606363.64	1146.60	628711.57	9606361.22	1154.59
CSL9870-018	GY-A	628696.28	9606344.63	1150.57	628701.30	9606322.31	1172.39
CSL9970-001	GY-A	628685.08	9606600.30	1031.67	628696.64	9606576.19	1054.35
CSL9970-002	GY-A	628698.96	9606572.06	1059.20	628700.26	9606569.75	1061.64
CSL9970-003	GY-A	628702.13	9606565.81	1066.98	628705.71	9606562.16	1072.86
CSL9970-004	GY-A	628707.62	9606561.27	1075.29	628737.76	9606561.59	1094.24
CSL9970-005	GY-A	628738.79	9606560.57	1096.01	628741.18	9606547.27	1110.06
CSL9970-008	GY-A	628729.96	9606504.43	1144.07	628737.17	9606494.79	1149.86
CSL9970-009	GY-A	628750.90	9606478.28	1157.94	628755.74	9606471.35	1164.72
CSSALI-001	GY-A	629670.78	9607005.76	869.65	629675.67	9606990.81	870.19
CSSALI-003	GY-A	629679.90	9606979.99	870.86	629681.97	9606951.09	872.71
CSSALI-004	GY-A	629679.77	9606952.89	872.27	629676.74	9606948.38	872.56
CSSALI-005	GY-A	629673.30	9606950.55	872.35	629655.94	9606941.79	872.52
CSSALI-007	GY-A	629651.46	9606938.95	872.57	629550.37	9606896.35	874.89
CSTINO-001	GY-A	629119.86	9606777.84	946.21	629138.76	9606671.07	948.99
CSTINO-002	GY-A	629136.64	9606668.16	949.01	629153.42	9606643.44	949.40
CSTINO-004	GY-A	629155.57	9606640.24	949.47	629164.64	9606625.11	949.68
CSTINO-005	GY-A	629135.08	9606670.05	948.29	629044.73	9606523.90	949.88
CSINDI1-001	GY-A	628196.08	9606683.90	735.22	628239.76	9606704.20	736.09
CSINDI1-003	GY-A	628243.79	9606704.06	736.22	628341.62	9606746.58	737.82
CSINDI1-004	GY-A	628344.90	9606749.17	737.82	628361.73	9606763.00	737.95
CSINDI1-005	GY-A	628364.80	9606763.28	737.91	628385.38	9606769.00	738.00
CSINDI1-006	GY-A	628389.28	9606769.33	737.99	628598.03	9606692.87	741.47
CSINDI1-007	GY-A	628599.47	9606691.89	741.22	628671.25	9606673.90	742.44
CSINDI2-001	GY-A	628226.78	9606632.59	744.27	628235.83	9606625.31	744.32

Australian Registered Office

Challenger Gold Limited

Issued Capital

Directors

ACN 123 591 382 1,261.1m shares Level 1 Kris Knauer, MD and CEO ASX: CEL 10m options 1205 Hay Street Sergio Rotondo, Chairman 44.2m perf rights West Perth WA 6005 Sonia Delgado, Executive Director Fletcher Quinn , Non - Exec Director Brett Hackett, Non-Exec. Director Pini Althaus, Non-Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengergold.com

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				CSINDI2-003 GY-A 628235.38 9606620.79 744.29	628225.57	9606613.70		744.46
			CEL: El Guayabo Project (Colorado V Concession), Camp #1, Phase #1 Drill Hole Information
				Hole ID East (m) North (m) Elevation Azimuth	Dip Final depth		Driller
				(°)	(°)
				CVDD-22-001 626891.522 9609246.373 199.393 300	-60	533.20	CEL
				CVDD-22-002 627198.352 9609719.449 198.970 120	-60	575.00	CEL
				CVDD-22-003 626894.633 9609244.452 199.514 120	-60	512.40	CEL
				CVDD-22-004 627209.772 9609873.677 203.018 120	-60	658.95	CEL
				CVDD-22-005 626893.119 9609246.715 199.383 030	-65	607.15	CEL
				CVDD-22-006 627698.461 9609900.275 180.879 300	-60	600.70	CEL
				CVDD-22-007 626419.745 9609344.874 264.563 120	-60	808.00	CEL
				CVDD-22-008 627444.177 9610249.652 191.069 120	-60	535.70	CEL
				CVDD-22-009 626664.672 9609635.445 179.594 120	-60	890.80	CEL
				CVDD-22-010 626436.552 9609542.080 244.110 120	-60	890.20	CEL
				CVDD-22-011 628295.444 9610306.768 156.815 300	-60	672.50	CEL
				CVDD-22-012 627329.632 9607382.048 524.050 315	-60	756.70	CEL
				CVDD-22-013 626906.497 9609603.539 174.956 120	-60	752.45	CEL
				CVDD-22-014 627294.523 9607344.459 518.531 115	-60	863.40	CEL
				CVDD-22-015 625799.563 9605232.572 428.500 280	-60	758.35	CEL
				CVDD-22-016 627053.570 9607990.935 377.253 140	-60	558.45	CEL
				CVDD-22-017 625582.100 9605073.535 384.291 150	-60	746.05	CEL
*Data*	-	In reporting Exploration Results, weighting	•	No grade cutting has been used to derive the weighted average grades reported.
*aggregation*		averaging techniques, maximum and/or	•	Minimum cut of grade of 0.2 g/t Au Equivalent (AuEq) was used for determining intercepts.
*methods*		minimum grade truncations (eg cutting of high	•	Aggregate intercepts have been reported with higher grade inclusions to demonstrate the impact of aggregation. A
		grades) and cut-off grades are usually Material		bottom cut of 0.5 g/t Au Equivalent has been used to determine the higher-grade inclusions. Given the generally
		and should be stated.		consistent nature of the mineralisation the impact of the aggregation of high-grade results and longer lengths of low-
	-	Where aggregate intercepts incorporate short		grade results does not have a large impact. For example, in the intercept of 156m @ 2.6 g.t Au in hole GGY-02:
		lengths of high grade results and longer lengths	•	over half of the intercept comprises gold grades in excess of 1 g/t Au
		of low grade results, the procedure used for	•	only 20% of the intercept includes grades between 0.2 and 0.5 g/t Au
		such aggregation should be stated and some	•	over one third includes gold grades in excess of 2 g/t Au.
		typical examples of such aggregations should be	•	Au Eq assumes a gold price of USD 1,780/oz, a silver price of USD 22 /oz, a copper price of USD 9,650 /t, and a
		shown in detail.		Molybdenum price of US$40,500/t
	-	The assumptions used for any reporting of	•	Metallurgical recovery factors for gold, silver, copper, and Molybdenum are assumed to be equal. No metallurgical
		metal equivalent values should be clearly		factors have been applied in calculating the AuEq at this early stage of the	Project, hence the formula		for calculating
		stated.		the Au Eqis: Au(g/t)+(Ag (g/t)x 22/1780)+(1.68604 x Cu(%)+(7.07612	x Mo(%)).

www.challengergold.com

Criteria	JORC Code explanation	Commentary
		• CEL confirms that it is the company’s opinion that all the elements included in the metal equivalents calculation have a
		reasonable potential to be recovered and sold
		Guayabo:
		A cut-off grade of 0.1 g/t Au was used to report the assays of re-samples core and channel samples from underground
		development with up to 10 metres of internal dilution below cut-off allowable for the reporting of significant intercepts,
		consistent with a large low-grade mineralized system. Intersections that use a different cut-off are indicated.
		Significant Historic intersections from El Guayabo drilling are shown below:

Challenger Gold Limited

ACN 123 591 382 ASX: CEL

Australian Registered Office

Issued Capital

Directors

Contact

T: +61 8 6380 9235 E: [email protected]

www.challengergold.com

Criteria JORC Code explanation Commentary

==> picture [360 x 403] intentionally omitted <==

Significant intersections from Historic and Re-assayed drill core from El Guayabo drill holes:

Challenger Gold Limited ACN 123 591 382 ASX: CEL

Issued Capital

1,261.1m shares 10m options 44.2m perf rights

Australian Registered Office

Level 1 1205 Hay Street

West Perth WA 6005

Directors

Contact

www.challengergold.com

Criteria JORC Code explanation	Commentary	Commentary
	Drill hole	Total Au Ag Cu Au Eq From To (m) (g/t) (g/t) (%) (g/t) historical intercept 139 249.2 110.2m 0.4 1.1 0.06 0.5 (re-assayed section) 141 177 36.0m 0.54 2.30 0.08 0.7 (original assays) ‘ ‘ 36.0m 0.56 1.51 0.08 0.7 (re-assayed section) 205 236 31.0m 0.19 0.89 0.03 0.3 (original assays) ‘ ‘ 31.0m 0.21 0.13 0.03 0.3 historical intercept 9.7 166 156.3m 2.6 9.7 0.16 3.0 (re-assayed section) 40 102 62.0m 5.22 21.33 0.25 5.9 (original assays) ‘ ‘ 62.0m 4.83 19.96 0.23 5.5 historical intercept 114 166 52.0m 1.3 3.3 0.18 1.6 (re-assayed section) 114 171 57.0m 1.20 3.44 0.18 1.5 (original assays) ‘ ‘ 57.0m 1.24 3.53 0.17 1.6 historical intercept 12 162 150.0m 0.4 11.0 0.30 1.0 (re-assayed section) 10 60 50.0m 0.45 19.23 0.33 1.2 (original assays) ‘ ‘ 50.0m 0.51 21.74 0.44 1.5 (re-assayed section) 64 98 34.0m 0.10 5.25 0.16 0.4 (original assays) ‘ ‘ 34.0m 0.84 6.22 0.16 1.2 (re-assayed section) 132 162 30.0m 0.10 6.35 0.33 0.7 (original assays) ‘ ‘ 30.0m 0.07 6.18 0.31 0.7 historical intercept 14 229 215.0m 0.2 9.6 0.36 0.9 (re-assayed section) 14 126 112.0m 0.17 10.89 0.30 0.8 (original assays) ‘ ‘ 112.0m 0.18 11.73 0.36 0.9 (re-assayed section) 166 206 40.0m 0.09 5.08 0.22 0.5 (original assays) ‘ ‘ 40.0m 0.09 4.90 0.22 0.5 (re-assayed section) 218 231 13.0m 0.22 8.52 0.41 1.0 (original assays) ‘ ‘ 13.0m 0.34 19.48 0.96 2.2 historical intercept 69 184 115.0m 0.5 2.1 0.03 0.5 (re-assayed section) 94 129 35.0m 0.45 2.76 0.04 0.6 (original assays) ‘ ‘ 35.0m 0.30 4.01 0.03 0.4 (re-assayed section) 206 258 52.0m 0.37 2.00 0.06 0.5 (original assays) ‘ ‘ 52.0m 0.26 1.42 0.06 0.4 historical intercept 17.99 89.6 71.6m 0.2 2.0 0.10 0.4 (re-assayed section) 10.3 81.3 71.0m 0.18 1.38 0.03 0.2 (original assays) ‘ ‘ 71.0m 0.20 1.59 0.07 0.3
	(#)
	GY-001

	GY-002

	GY-005

	GY-011

	GY-017

	JDH-006

Challenger Gold Limited ACN 123 591 382 ASX: CEL

Australian Registered Office

Issued Capital

1,261.1m shares 10m options

Level 1

1205 Hay Street

44.2m perf rights West Perth WA 6005

Directors

Kris Knauer, MD and CEO Sergio Rotondo, Chairman Sonia Delgado, Executive Director Fletcher Quinn , Non - Exec Director Brett Hackett, Non-Exec. Director Pini Althaus, Non-Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengergold.com

Criteria JORC Code explanation	Commentary
historical intercept 164.8 281 116.2m 0.6 8.9 0.40 1.4 (re-assayed section) 150.6 281.1 130.5m 0.26 7.21 0.26 0.8 (original assays) ‘ ‘ 130.5m 0.42 8.02 0.36 1.1 JDH-009 historical intercept 10.3 122 111.7m 0.7 14.6 0.58 1.8 (re-assayed section) 6.7 107.8 101.1m 0.21 13.80 0.36 1.0 (original assays) ‘ ‘ 101.1m 0.22 15.08 0.59 1.4 JDH-10 historical intercept 1.5 50.9 49.4m 0.5 2.5 0.09 0.7 (re-assayed section) 15.2 50.9 35.7m 0.44 2.88 0.10 0.6 (original assays) ‘ ‘ 35.7m 0.41 2.96 0.10 0.6 historical intercept 140 203 81.6m 0.4 1.3 0.07 0.5 (re-assayed section) 150.5 203.4 52.9m 0.36 1.34 0.07 0.5 (original assays) ‘ ‘ 52.9m 0.39 1.24 0.06 0.5 JDH-012 historical intercept 12.2 53.96 41.8m 0.6 6.5 0.02 0.7 (re-assayed section) 18.3 54 35.7m 0.68 7.62 0.02 0.8 (original assays) ‘ ‘ 35.7m 0.69 7.36 0.02 0.8 JDH-013 historical intercept 89.9 154.9 65.0m 1.4 2.8 0.06 1.5 (re-assayed section) 112.3 155 42.7m 2.11 2.84 0.05 2.2 (original assays) ‘ ‘ 42.7m 2.00 3.70 0.08 2.2 JDH-014 historical intercept 26.96 75.69 48.7m 0.4 5.2 0.10 0.6 (re-assayed section) 27 61.5 34.5m 0.64 5.99 0.13 0.9 (original assays) ‘ ‘ 34.5m 0.52 6.25 0.13 0.8 historical intercept 128.52 175.3 46.8m 0.46 3.3 0.08 0.6 (re-assayed section) 140.7 167.2 26.5m 0.26 2.24 0.07 0.4 (original assays) ‘ ‘ 26.5m 0.65 2.91 0.08 0.8 Colorado V: A cut-off grade of 0.1 g/t Au was used to report the assays of re-samples core and channel samples from underground development with up to 10 metres of internal dilution below cut-off allowable for the reporting of significant intercepts, consistent with a large low-grade mineralized system. Intersections that use a different cut-off are indicated. Historic: Significant intersections from Colorado V drill hole results from re-sampling of available core:
	JDH-009

	JDH-10


	JDH-012

	JDH-013

	JDH-014

Challenger Gold Limited ACN 123 591 382 ASX: CEL

Issued Capital 1,261.1m shares 10m options 44.2m perf rights

Australian Registered Office

Directors

Contact

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Criteria JORC Code explanation	Commentary
	Hole_id From (m) To (m) Interval (m) Au (g/t) Ag (g/t) Cu (ppm) Mo (ppm) Comment
	ZK0-1 9.4 37.5 28.1 0.4 1.0 and 66.5 89.5 23.0 0.9 4.7 and 105.7 129.7 24.0 0.3 1.0 and 167.5 214.0 46.5 0.4 7.1
	ZK1-3 46.0 103.7 57.7 0.5 1.9 inc 56.0 85.7 29.7 0.8 3.1 from 127.0 163.0 36.0 0.5 3.5 and 290.5 421.0 130.5 0.5 3.1 inc 302.5 380.5 78.0 0.7 3.5
	ZK1-5 211.4 355.0 145.6 1.5 1.7 inc 253.0 340.0 87.0 2.1 1.9
	ZK0-2 13.3 108.2 94.9 0.3 1.7 inc 75.7 108.2 32.5 0.4 2.6 and 172.7 193.1 20.4 0.3 2.1 and 225.0 376.4 151.4 0.9 3.8 inc 227.0 361.0 134.0 1.0 4.1 inc 227.0 290.0 63.0 1.6 5.1
	ZK3-4 26 38 12 0.3 1.5 513 5 and 50 114 64 0.2 1.5 549 5 inc 86 88 2 1.5 1.4 458 3 1 g/t Au cut off and 180 250 70 0.2 1.6 777 3
	ZK3-1 49.5 112.5 63 0.1 1.7 654 5 inc 94.5 96 1.5 1.5 1.4 3126 7 1 g/t Au cut off and 94.5 174 79.5 0.1 2 662 4 inc 171 172.5 1.5 1.4 2.6 771 7 1g/t Au cut off
	SAZK0-1 31.2 90.8 59.6 0.2 1.4 392 3 and 131.5 179.5 48 0.1 4.3 824 6 and 229.8 292.8 63 0.2 1 325 8 and 319 490.8 171.8 0.2 1.5 616 12 inc 352 446.5 94.5 0.3 2.4 996 15 1g/t Au cut off
	SAK2-1 66.5 275 208.5 0.3 1.5 626 5 inc 122 185 63 0.6 2.1 825 3 1 g/t Au cut off and 225.5 227 1.5 1.6 1.4 638 2 1g/t Au cut off

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Criteria JORC Code explanation	Commentary
	and 288.5 330.5 42 0.2 2 454 1 inc 288.5 291.5 3 1.3 5.6 1136 1 1g/t Au cut off
	SAZK0-2 0 80.7 80.7 0.4 1.9 478 3 inc 30.7 51.2 20.5 1 2.5 460 5 1 g/t Au cut off and 136 148 12 0.6 0.4 61 14 inc 137.5 140.5 3 1.4 0.3 10 4 1 g/t Au cut off and 200.5 403.8 203.3 0.3 1.3 588 15 Hole ends in mineralisation inc 293.5 399.3 105.8 0.5 1.3 635 16 inc 214 215.5 1.5 1.8 2.1 681 12 1 g/t Au cut off inc 344.5 399.3 54.8 0.7 1.5 767 12 inc 361.8 366.3 4.5 5.5 0.8 502 61 1 g/t Au cut off and 397.8 399.3 1.5 1.3 2.3 770 2 1g/t Au cut off
	ZK1-13 46.2 73.2 27 0.1 0.8 306 1 and 140 141.5 1.5 1.9 0.7 236 1 1 g/t Au cut off and 161 196 35 0.1 1.4 391 2
	ZK0-5 6.1 19.8 13.7 0.2 1.3 313 10 46.3 130.1 83.8 0.5 1.2 356 7 inc 67 118 51 0.7 1.4 409 5 0.5 g/t Au cut off inc 75.7 76.8 1.1 1.2 1.4 483 2 1 g/t Au cut off and 80.7 81.7 1 1.8 2.2 549 4 1 g/t Au cut off and 93.7 94.7 1 13.9 3.4 354 7 1 g/t Au cut off and 146.5 296.5 150 0.2 1 310 3 and 370 371.5 1.5 0.9 5.2 1812 3 and 414.3 415.8 1.5 1.2 0.3 127 1 and 560.5 562 1.5 2.3 0.6 189 2 and 596 598.2 2.2 1.7 2.1 391 4 and 607 608.5 1.5 2 0.8 190 2
	ZK18-1 NSI
	ZK0-4 3.70 458.00 454.30* 0.20 1.3 0.04 5.9 inc 42.60 154.25 111.65 0.39 1.9 0.05 7.6 0.5 g/t AuEq cut off inc 69.70 97.20 27.50 0.66 1.7 0.05 8.6 1.0g/t AuEqcut off
	ZK10-1 25.02 151.00 125.98 0.16 1.1 0.06 17.9 0.1 g/t AuEq cut off and 309.00 326.00 17.00 0.16 0.91 0.07 6.1 0.1 g/t AuEq cut off and 354.02 451.00 96.98* 0.17 1.2 0.06 15.8

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Criteria JORC Code explanation		Commentary
	inc 435.02 451.00 15.98 0.32 1.8 0.07 2.6 ZK16-2 19.00 267.31 248.31 0.33 2.7 0.07 2.6 0.1 g/t AuEq cut off inc 140.00 254.00 114.00 0.53 2.9 0.09 3.3 0.5 g/t AuEq cut off inc 224.00 254.00 30.00 0.85 3.6 0.12 3.4 1.0g/t AuEqcut off Mineralisation to end of hole Historic: Significant intersections from Colorado V channel sample results from underground exposure Channel_id From (m) Interval (m) AuEq (g/t) Au (g/t) Ag (g/t) Cu (%) Mo (ppm) Comment Main Adit 0.0 264.0 0.42 0.30 2.1 0.05 9.4 0.1 g/t AuEq cut off inc 0.0 150.0 0.60 0.46 2.4 0.07 9.8 0.5 g/t AuEq cut off inc 0.0 112.0 0.71 0.55 2.7 0.08 9.3 1 g/t AuEq cut off and 276.0 32.0 0.29 0.21 1.4 0.04 5.1 0.1g/t AuEqcut off Main Adit (west drive) 20.0 39.1 0.30 0.28 2.3 0.03 4.5 0.1 g/t AuEq cut off and 74.0 56.0 0.69 0.64 1.8 0.01 2.8 0.5 g/t AuEq cut off inc 84.0 46.0 0.81 0.76 2.1 0.01 3.0 1.0 g/t AuEq cut off CEL: Guayabo and Colorado V Concessions_Camp 1, Phase #1 & Phase #2 Drilling Intercepts: A cut-off grade of 0.1 g/t Au was used to report the assays of core samples with up to 10 metres of internal dilution below cut-off allowable for the reporting of significant intercepts, consistent with a large low-grade mineralized system. Intersections that use a different cut-off are indicated (e.g. 0.2g/t Au Eq, 0.5g/t AuEq, 1.0g/t AuEq, 10.0g/t AuEq). CEL: Significant intersections from El Guayabo Project (Guayabo Concession)_Camp #1, Phase #1 Drilling completed	inc 435.02 451.00 15.98* 0.32 1.8 0.07 2.6
		ZK16-2 19.00 267.31 248.31 0.33 2.7 0.07 2.6 0.1 g/t AuEq cut off inc 140.00 254.00 114.00 0.53 2.9 0.09 3.3 0.5 g/t AuEq cut off inc 224.00 254.00 30.00 0.85 3.6 0.12 3.4 1.0g/t AuEqcut off
	Drill Hole From To Interval Gold Ag Cu Mo AuEq Comments Total intercept
	(#) (m) (m) (m) (g/t) (g/t) (%) (ppm) (g/t) (gram metres)
	GYDD- 21-001 16.2 800.5 784.3 0.2 1.6 0.1 12.0 0.4 0.1 g/t cut-off 282.4 inc 167.5 548.0 380.5 0.3 2.0 0.1 18.4 0.5 1.0 g/t cut-off 178.8 inc 359.5 548.0 188.5 0.4 2.4 0.1 29.5 0.6 1.0 g/t cut-off 115.0 inc 403.0 431.0 28.0 0.5 6.9 0.2 104.4 1.0 1.0 g/t cut-off 26.6 inc 403.0 424.0 21.0 0.8 3.0 0.2 138.9 1.1 1.0 g/t cut-off 22.9 and 468.5 498.5 30.0 0.8 2.6 0.2 24.8 1.1 1.0g/t cut-off 31.8
	GYDD- 21-002 85 131.5 46.5 0.32 3.99 0.04 5.72 0.4 0.1 g/t cut-off 20.0 incl. 112 114.3 2.3 1.33 33.17 0.12 5.1 2.0 1.0g/t cut-off 4.5

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Challenger Gold Limited ACN 123 591 382 ASX:CEL Issued Capital 1,261.1m shares 10m options 44.2m perf rights Australian Registered Level 1 1205 Hay Street West Perth WA 6005 Criteria JORC Code explanation	Criteria JORC Code explanation	Commentary
		incl. 129.75 131.5 1.75 2.05 7.36 0.01 1.29 2.2 1.0 g/t cut-off 3.8 and 279.45 306.5 27.05 1.49 0.82 0.02 2.21 1.5 0.1 g/t cut-off 41.4 incl. 305 306.5 1.5 19.16 1.89 0.03 3.21 19.2 10.0 g/t cut- off 28.8 and 378.5 392 13.5 0.44 0.21 0.01 1.45 0.5 0.1 g/t cut-off 6.2 and 447.9 448.8 0.9 0.74 4.85 0.06 1.92 0.9 0.1 g/t cut-off 0.8 and 499.8 557.8 58 0.14 0.3 0.01 1.53 0.2 0.1 g/t cut-off 9.3 incl. 547.8 554.8 7 0.39 0.21 0.01 1.74 0.4 0.5 g/t cut-off 2.9 incl. 554.1 554.8 0.7 1.06 0.2 0.01 1.08 1.1 1.0g/t cut-off 0.8
		GYDD- 21-003 71.85 191.06 119.2 0.4 0.8 0.0 2.2 0.5 0.1 g/t cut-off 53.9 inc 76.35 153.56 77.2 0.5 0.5 0.0 1.1 0.6 1.0 g/t cut-off 45.6 inc 76.35 102.56 26.2 1.1 0.9 0.0 1.7 1.1 1.0 g/t cut-off 29.3 inc 101.80 102.56 0.8 20.6 4.9 0.0 0.6 20.7 10.0 g/t cut 15.7 and 356.50 371.50 15.0 0.3 0.4 0.0 5.0 0.4 0.1 g/t cut-off 5.3 inc 361.00 362.50 1.5 1.0 0.5 0.0 3.9 1.1 1.0 g/t cut-off 1.6 and 575.80 597.20 21.4 0.1 2.6 0.1 57.7 0.3 0.1 g/t cut-off 6.7 and 662.20 723.15 61.0 0.1 0.9 0.0 24.5 0.2 0.1g/t cut-off 12.3
		GYDD- 21-004 37.10 375.75 338.7 0.2 1.0 0.0 6.5 0.3 0.1 g/t cut-off 84.7 inc 223.46 375.75 152.3 0.2 1.3 0.0 7.3 0.3 0.1 g/t cut-off 50.0 inc 348.75 375.75 27.0 0.5 1.8 0.0 7.3 0.6 1.0 g/t cut-off 16.9 and 613.50 646.50 33.0 0.2 0.6 0.1 18.7 0.3 0.1 g/t cut-off 8.6 inc 639.00 646.50 7.5 0.5 0.5 0.0 10.7 0.5 1.0g/t cut-off 4.1
		GYDD- 21-005 16.10 597.75 581.7 0.3 0.9 0.0 2.5 0.3 0.1 g/t cut-off 194.3 inc 389.80 478.15 88.4 0.6 1.8 0.1 1.5 0.8 1.0 g/t cut-off 66.7 inc 476.50 478.15 1.7 25.1 1.8 0.0 4.0 25.2 10.0 g/t cut 41.5 and 567.34 597.75 30.4 1.4 0.9 0.0 5.1 1.5 1.0 g/t cut-off 45.6 inc 592.59 597.75 5.2 7.1 2.0 0.0 3.9 7.2 1.0 g/t cut-off 36.9 inc 596.15 597.15 1.0 22.0 3.9 0.0 10.9 22.2 10g/t cut-off 22.2
		GYDD- 21-006 3.30 313.10 309.8 0.2 6.3 0.2 3.0 0.7 0.1 g/t cut-off 207.1 inc 17.40 276.50 259.1 0.2 7.3 0.2 3.3 0.8 0.1 g/t cut-off 195.9
		inc 74.40 276.50 202.1 0.3 6.5 0.3 3.6 0.8 based on lithology 165.7
		inc 74.40 107.40 33.0 0.3 15.5 0.5 3.7 1.3 1.0 g/t cut-off 43.4 and 231.90 285.50 53.6 0.7 8.8 0.4 1.1 1.5 1.0g/t cut-off 81.7
		GYDD- 21-007 85.30 94.00 8.7 0.4 3.6 0.1 4.6 0.6 1.0 g/t cut-off 5.5
		Office Directors Kris Knauer, MD and CEO Sergio Rotondo, Chairman Sonia Delgado, Executive Director Fletcher Quinn,Non-Exec Director Brett Hackett, Non-Exec. Director Pini Althaus, Non-Exec. Director Contact T: +61 8 6380 9235 E: [email protected]

www.challengergold.com

Challenger Gold Limited ACN 123 591 382 ASX:CEL Issued Capital 1,261.1m shares 10m options 44.2m perf rights Australian Registered Level 1 1205 Hay Street West Perth WA 6005 Criteria JORC Code explanation	Criteria JORC Code explanation	Commentary
		and 149.50 509.60 360.1 0.1 0.9 0.1 9.6 0.3 0.2 g/t cut off 95.1 inc 253.50 265.50 12.0 0.4 2.0 0.1 10.3 0.5 1.0 g/t cut-off 6.1 and 309.50 316.70 7.2 0.4 2.6 0.2 16.6 0.8 0.5 g/t cut-off 5.7 and 450.20 493.20 43.0 0.4 1.0 0.1 21.3 0.6 0.5 g/t cut-off 24.1 and 628.77 651.80 23.0 0.1 0.7 0.4 5.5 0.2 0.2 g/t cut-off 4.6 inc 649.25 651.80 2.6 0.6 2.4 0.1 2.1 0.8 EOH 1.9
		GYDD- 21-008 5.30 263.10 257.8 0.8 7.9 0.3 1.5 1.4 0.1 g/t cut-off 361.0 inc 184.10 263.10 79.0 2.4 17.5 0.7 1.6 3.8 1.0 g/t cut-off 298.6 inc 209.40 263.10 53.7 3.5 23.9 0.9 1.7 5.3 5.0 g/t cut-off 285.7 inc 248.80 255.60 6.8 16.9 50.1 1.9 1.6 20.6 10g/t cut-off 104.2
		GYDD- 21-009 0.00 692.70 692.7 0.2 2.0 0.1 7.7 0.3 EOH 191.9 inc 220.50 441.00 220.5 0.3 4.3 0.1 8.7 0.6 0.5 g/t cut-off 128.3 inc 282.80 303.50 20.7 0.3 16.5 0.3 5.5 1.0 0.5 g/t cut-off 20.5 inc 359.00 439.50 80.5 0.5 1.3 0.2 5.8 0.9 1.0 g/t cut-off 68.8 inc 359.00 371.00 12.0 1.4 3.1 0.2 6.3 1.7 1.0 g/t cut-off 20.1 and 398.00 439.50 41.5 0.5 7.2 0.2 5.7 1.0 1.0 g/t cut-off 41.0 inc 421.20 439.50 18.3 0.9 14.4 0.5 5.3 1.8 1.0g/t cut-off 33.4
		GYDD- 21-010 70.20 880.10 809.9 0.2 1.1 0.1 11.9 0.3 0.2 g/t cut-off 227.6 inc 124.10 536.30 412.1 0.2 1.2 0.1 14.0 0.4 0.2 g/t cut-off 153.7 inc 318.70 536.30 217.6 0.3 1.6 0.1 19.9 0.5 0.5 g/t cut-off 102.9 inc 319.70 358.40 38.7 0.5 1.8 0.1 8.4 0.7 1.0 g/t cut-off 28.6 and 468.10 536.30 68.2 0.4 2.2 0.1 31.8 0.7 1.0 g/t cut-off 45.4 and 581.60 880.10 298.5 0.1 1.0 0.0 10.3 0.2 0.2 g/t cut-off 61.8 inc 650.00 660.50 10.5 0.5 3.3 0.1 16.9 0.7 1.0g/t cut-off 6.9
		GYDD- 21-011 3.00 310.90 307.9 0.5 2.4 0.0 13.6 0.6 0.2 g/t cut-off 191.5 inc 13.00 21.00 8.0 0.7 12.4 0.1 2.0 0.9 0.5 g/t cut-off 7.3 and 156.05 258.90 102.9 1.1 2.7 0.0 19.1 1.2 0.5 g/t cut-off 122.7 inc 156.05 213.05 57.0 1.7 3.6 0.0 9.0 1.8 1.0g/t cut-off 104.3
		GYDD- 21-012 2.00 226.84 224.8 0.3 2.4 0.0 2.7 0.4 0.2 g/t cut-off 83.6 inc 2.00 44.50 42.5 0.6 2.3 0.0 1.9 0.7 1.0 g/t cut-off 31.1 inc 2.00 6.50 4.5 1.8 0.8 0.0 1.8 1.9 1.0 g/t cut-off 8.4 and 31.00 38.50 7.5 0.9 6.5 0.0 1.8 1.1 1.0 g/t cut-off 8.1 and 339.94 365.60 25.7 0.1 2.2 0.0 2.3 0.2 0.2 g/t cut-off 4.6 and 464.20 491.90 27.7 0.1 2.6 0.0 2.6 0.2 0.2 g/t cut-off 6.4 and 669.60 741.60 72.0 0.3 0.8 0.0 3.2 0.3 0.2g/t cut-off 23.1
		Office Directors Kris Knauer, MD and CEO Sergio Rotondo, Chairman Sonia Delgado, Executive Director Fletcher Quinn,Non-Exec Director Brett Hackett, Non-Exec. Director Pini Althaus, Non-Exec. Director Contact T: +61 8 6380 9235 E: [email protected]

www.challengergold.com

Criteria JORC Code explanation	Commentary
	inc 677.10 732.60 55.5 0.3 0.7 0.0 3.6 0.4 1.0g/t cut-off 20.4
	GYDD- 21-013 33.60 164.50 130.9 0.2 4.2 0.1 5.7 0.4 0.2 g/t cut-off 51.4 inc 33.60 95.75 62.2 0.3 5.2 0.1 8.5 0.5 1.0 g/t cut-off 32.4 inc 61.25 74.75 13.5 0.8 8.3 0.1 6.0 1.0 1.0 g/t cut-off 13.8 and 189.15 517.45 328.3 0.2 2.2 0.1 23.3 0.4 EOH 114.9 inc 341.04 432.00 91.0 0.4 1.7 0.1 32.3 0.6 0.5 g/t cut-off 55.3 inc 341.04 350.00 9.0 0.9 1.7 0.0 7.9 1.0 1.0 g/t cut-off 8.9 and 412.14 430.14 18.0 0.7 2.2 0.1 35.7 0.9 1.0g/t cut-off 17.0
	GYDD- 22-014 15.30 609.80 594.50 0.16 2.22 0.05 7.34 0.28 0.1 g/t cut off 164.7 inc 538.50 609.80 71.30 0.50 2.67 0.07 14.28 0.66 1.0 g/t cut off 46.9 inc 556.50 584.30 27.80 1.14 4.43 0.12 27.61 1.43 1.0g/t cut off 39.6
	GYDD- 22-015 3.00 308.70 305.70 0.15 4.65 0.15 1.54 0.46 0.1 g/t cut off 141.7 incl. 87.10 146.90 59.80 0.19 7.06 0.25 1.48 0.69 1.0 g/t cut off 41.2 and 257.65 304.90 47.25 0.38 6.74 0.25 1.30 0.89 1.0 g/t cut off 42.1 inc 257.65 275.65 18.00 0.40 9.81 0.35 1.37 1.11 1.0 g/t cut off 20.0 and 289.90 304.90 15.00 0.57 7.73 0.31 1.20 1.19 1.0g/t cut off 17.8
	GYDD- 22-016 68.00 333.42 265.42 0.29 2.90 0.08 2.93 0.47 0.1 g/t cut off 123.5 inc 225.80 333.42 107.62 0.51 5.65 0.16 2.09 0.86 1.0 g/t cut off 92.0 inc 294.30 333.42 39.12 0.61 8.45 0.25 1.86 1.13 1.0 g/t cut off 33.9 and 225.80 256.80 31.00 0.73 6.10 0.17 2.05 1.09 1.0g/t cut off 44.1
	CEL: Significant intersections from El Guayabo Project (Guayabo Concession)_Camp #1, Phase #2 Drilling completed Drill Hole From To Interval Gold Ag Cu Mo AuEq Comments Total intercept (#) (m) (m) (m) (g/t) (g/t) (%) (ppm) (g/t) (gram metres) GYDD- 22-017 8.00 110.12 102.12 0.22 1.13 0.01 1.30 0.26 0.1 g/t AuEq cut off 26.1 incl. 8.00 70.40 62.40 0.30 1.57 0.02 1.30 0.36 0.1 g/t AuEq cut off 22.2 incl. 9.50 24.50 15.00 0.71 3.65 0.04 2.43 0.82 1.0 g/t AuEq cut off 12.4 and 153.96 172.03 18.07 0.47 2.63 0.02 1.82 0.53 1.0 g/t AuEq cut off 9.6 and 380.75 382.75 2.00 1.21 0.46 0.02 1.30 1.25 1.0 g/t AuEq cut off 2.5 and 406.06 443.82 37.76 0.25 0.54 0.02 1.26 0.29 1.0 g/t AuEq cut off 10.9 and 521.25 686.65 165.40 0.21 0.73 0.04 2.85 0.28 0.1g/t AuEqcut off 45.7

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Criteria JORC Code explanation	Commentary
	incl. 544.50 552.00 7.50 0.43 1.26 0.54 1.61 0.54 0.5 g/t AuEq cut off 4.0 and 591.00 621.25 30.25 0.45 0.86 0.03 1.22 0.52 0.5 g/t AuEq cut off 15.6 and 644.65 652.15 7.50 0.49 1.43 0.10 1.87 0.68 0.5 g/t AuEq cut off 5.1 and 667.15 668.65 1.50 1.18 0.41 0.01 0.70 1.21 1.0 g/t AuEq cut off 1.8 and 818.50 821.00 2.50 0.43 2.84 0.91 0.58 0.62 0.5g/t AuEqcut off 1.5
	GYDD- 22-018 4.00 734.05 730.05 0.14 0.67 0.03 5.85 0.21 0.1 g/t AuEq cut off 151.3 incl. 4.00 315.71 311.71 0.20 0.73 0.03 7.37 0.25 0.1 g/t AuEq cut off 79.0 incl. 4.00 60.00 56.00 0.53 0.66 0.02 5.67 0.57 1.0 g/t AuEq cut off 31.8 incl. 32.00 60.00 28.00 0.82 0.78 0.02 5.83 0.86 1.0 g/t AuEq cut off 24.1 and 129.00 130.50 1.50 1.96 0.26 0.01 2.50 1.98 1.0 g/t AuEq cut off 3.0 and 177.30 178.80 1.50 1.12 1.11 0.05 5.60 1.20 1.0 g/t AuEq cut off 1.8 and 243.30 244.80 1.50 1.05 1.28 0.04 4.50 1.13 1.0 g/t AuEq cut off 1.7 and 383.25 388.65 5.40 0.14 1.45 0.09 3.20 0.32 0.1 g/t AuEq cut off 1.7 and 423.15 434.40 11.25 0.24 0.84 0.03 6.58 0.31 0.1 g/t AuEq cut off 3.5 and 583.90 626.50 42.60 0.44 0.95 0.06 5.43 0.55 1.0 g/t AuEq cut off 23.3 and 698.30 701.30 3.00 0.51 0.54 0.04 1.68 0.59 0.5g/t AuEqcut off 1.8
	GYDD- 22-019 77.30 855.50 778.20 0.23 0.58 0.01 0.79 0.26 0.1 g/t AuEq cut off 202.3 incl. 77.30 92.10 14.80 0.30 3.75 0.02 3.30 0.38 0.1 g/t AuEq cut off 5.6 and 292.30 570.00 277.70 0.33 0.75 0.01 2.59 0.36 0.1 g/t AuEq cut off 100.0 incl. 328.13 499.47 171.34 0.46 0.89 0.01 2.13 0.49 1.0 g/t AuEq cut off 84.0 incl. 328.13 426.50 98.37 0.63 0.64 0.01 2.34 0.66 1.0 g/t AuEq cut off 64.7 incl. 328.13 334.92 6.79 1.87 4.70 0.07 1.28 2.05 1.0 g/t AuEq cut off 13.9 and 384.47 426.50 42.03 0.85 0.36 0.01 3.08 0.87 1.0 g/t AuEq cut off 36.6 incl. 384.47 408.50 24.03 1.30 0.46 0.02 3.54 1.34 1.0 g/t AuEq cut off 32.1 and 463.50 465.00 1.50 1.51 4.49 0.02 1.90 1.60 1.0 g/t AuEq cut off 2.4 and 497.04 499.47 2.43 3.13 24.21 0.16 2.51 3.70 1.0 g/t AuEq cut off 9.0 and 538.50 540.00 1.50 2.13 5.89 0.13 2.30 2.42 1.0 g/t AuEq cut off 3.6 and 688.20 855.50 167.30 0.40 0.53 0.02 3.67 0.45 0.5 g/t AuEq cut off 74.4 incl. 688.20 839.00 150.80 0.43 0.56 0.02 3.09 0.48 0.5g/t AuEq cut off 71.8 incl. 796.50 839.00 42.50 1.31 1.20 0.05 2.35 1.42 1.0 g/t AuEq cut off 60.4 incl. 796.50 819.00 22.50 2.26 1.94 0.08 2.36 2.42 1.0g/t AuEqcut off 54.5
	GYDD- 22-020 0.00 12.00 12.00 0.31 0.53 0.02 4.55 0.35 0.1 g/t AuEq cut off 4.2 and 69.72 75.72 6.00 0.69 0.69 0.02 3.47 0.74 1.0 g/t AuEq cut off 4.4 and 95.17 242.80 147.63 0.18 1.02 0.02 5.45 0.23 0.5g/t AuEq cut off 33.4 incl. 119.17 200.79 81.62 0.20 1.09 0.03 6.24 0.26 1.0 g/t AuEq cut off 21.0 and 290.50 445.50 155.00 0.13 1.70 0.05 3.65 0.24 0.1 g/t AuEq cut off 37.4 incl. 292.00 299.50 7.50 0.46 3.75 0.16 4.06 0.78 0.5g/t AuEqcut off 5.9

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Challenger Gold Limited ACN 123 591 382 ASX:CEL Issued Capital 1,261.1m shares 10m options 44.2m perf rights Australian Registered O Level 1 1205 Hay Street West Perth WA 6005 Criteria JORC Code explanation	Criteria JORC Code explanation	Commentary
		and 385.00 433.50 48.50 0.19 2.59 0.08 4.59 0.35 0.1g/t AuEq cut off 16.9 incl. 385.00 409.50 24.50 0.22 2.83 0.08 5.55 0.39 0.5g/t AuEq cut off 9.5 and 623.50 750.00 126.50 0.28 0.98 0.04 5.73 0.37 0.1g/t AuEq cut off 47.2 incl. 635.50 661.00 25.50 0.75 1.81 0.09 2.88 0.92 0.5g/t AuEq cut off 23.5 incl. 637.00 652.00 15.00 1.03 2.24 0.12 3.54 1.27 1.0 g/t AuEq cut off 19.0 incl. 729.00 731.00 2.00 0.94 1.24 0.08 3.50 1.10 1.0g/t AuEqcut off 2.2
		GYDD- 22-021 5.20 646.00 640.80 0.11 1.88 0.06 9.45 0.25 0.1g/t AuEq cut off 158.3 incl. 56.13 339.70 283.57 0.14 2.04 0.07 6.22 0.29 0.5g/t AuEq cut off 83.2 incl. 56.13 129.30 73.17 0.19 2.14 0.09 8.30 0.38 0.5g/t AuEq cut off 27.4 and 703.00 760.00 57.00 0.11 0.96 0.04 14.35 0.20 0.1g/t AuEqcut off 11.4
		GYDD- 22-022 0.00 702.85 702.85 0.16 2.75 0.05 6.65 0.29 0.1g/t AuEq cut off 204.4 incl. 23.90 52.00 28.10 0.18 30.43 0.04 1.44 0.63 1.0 g/t AuEq cut off 17.6 and 278.20 395.80 117.60 0.22 3.16 0.09 5.67 0.42 0.1 g/t AuEq cut off 49.7 incl. 292.40 307.75 15.35 0.43 4.27 0.09 5.95 0.65 0.5g/t AuEq cut off 9.9 incl. 352.00 365.70 13.70 0.29 4.60 0.16 3.29 0.62 0.5g/t AuEq cut off 8.5 incl. 378.18 385.30 7.12 0.59 2.50 0.11 8.98 0.82 0.5g/t AuEq cut off 5.8 and 446.50 523.60 77.10 0.42 2.74 0.12 5.68 0.67 1.0 g/t AuEq cut off 51.3 incl. 446.50 450.53 4.03 2.14 5.01 0.19 7.16 2.52 1.0 g/t AuEq cut off 10.2 and 492.20 520.60 28.40 0.63 3.59 0.18 9.96 0.99 1.0g/t AuEqcut off 28.0
		GYDD- 22-023 15.50 795.55 780.05 0.18 2.07 0.04 6.36 0.31 0.1 g/t AuEq cut off 240.0 incl. 15.50 305.70 290.20 0.34 2.70 0.04 5.11 0.45 0.1 g/t AuEq cut off 130.9 incl. 35.00 44.00 9.00 0.95 1.20 0.03 0.76 1.02 1.0 g/t AuEq cut off 9.2 incl. 144.70 161.20 16.50 0.73 3.21 0.06 7.09 0.87 1.0 g/t AuEq cut off 14.4 and 195.30 196.80 1.50 0.79 56.00 0.03 1.80 1.53 1.0 g/t AuEq cut off 2.3 and 222.80 277.00 54.20 0.73 4.72 0.07 10.75 0.91 0.5g/t AuEq cut off 49.5 incl. 224.30 252.70 28.40 1.05 3.45 0.05 7.54 1.17 1.0 g/t AuEq cut off 33.3 and 441.50 557.85 116.35 0.35 3.97 0.08 4.39 0.54 0.1 g/t AuEq cut off 62.4 incl. 461.00 462.50 1.50 0.99 13.40 0.22 4.50 1.53 1.0 g/t AuEq cut off 2.3 incl. 510.60 545.85 35.25 0.74 6.76 0.14 6.64 1.06 1.0g/t AuEqcut off 37.4
		GYDD- 22-024 10.10 648.25 638.15 0.30 2.07 0.13 10.53 0.55 0.1 g/t AuEq cut off 351.2 incl. 10.10 53.70 43.60 0.19 3.17 0.02 3.16 0.26 0.1 g/t AuEq cut off 11.5 and 94.80 118.80 24.00 0.17 0.39 0.03 11.41 0.23 0.1 g/t AuEq cut off 5.5 and 144.80 146.30 1.50 7.89 2.85 0.02 2.10 7.96 1.0 g/t AuEq cut off 11.9 and 332.16 648.25 316.09 0.49 3.31 0.24 14.53 0.95 0.1 g/t AuEq cut off 298.8 OR 344.00 648.25 304.25 0.50 3.37 0.25 14.46 0.98 0.1 g/t AuEq cut off 296.9 incl. 332.16 487.00 154.84 0.92 5.72 0.45 18.96 1.76 0.1g/t AuEqcut off 272.5
		ffice Directors Kris Knauer, MD and CEO Sergio Rotondo, Chairman Sonia Delgado, Executive Director Fletcher Quinn,Non-Exec Director Brett Hackett, Non-Exec. Director Pini Althaus, Non-Exec. Director Contact T: +61 8 6380 9235 E: [email protected]

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Criteria JORC Code explanation	Commentary
	incl. 344.00 452.50 108.50 1.28 7.78 0.62 20.00 2.44 1.0 g/t AuEq cut off 264.3 incl. 369.25 418.75 49.50 2.36 13.96 1.13 26.35 4.45 1.0 g/t AuEq cut off 220.4 OR 369.25 423.43 54.18 2.20 12.91 1.04 24.70 4.14 1.0g/t AuEqcut off 224.1
	GY2DD- 22-001 191.00 202.20 11.20 0.74 14.46 0.01 2.26 0.94 0.5 g/t AuEq cut off 10.5 and 290.40 291.30 0.90 1.26 2.56 0.00 1.20 1.30 1.0 g/t AuEq cut off 1.2 and 403.10 492.50 89.40 0.13 6.71 0.01 3.13 0.22 0.5 g/t AuEq cut off 19.9 incl. 403.10 412.80 9.70 0.41 15.24 0.01 1.84 6.06 0.5 g/t AuEq cut off 58.8 and 592.60 596.68 4.08 0.85 120.96 0.01 4.05 2.37 0.1g/t AuEqcut off 9.7
	GYDD- 22-025 4.0 EOH 1190.0 0.2 1.3 0.1 12.6 0.3 0.1 g/t AuEq cut off 357.0 Incl. 4.0 515.1 511.1 0.3 2.1 0.1 11.9 0.4 0.1 g/t AuEq cut off 204.4 Incl. 65.0 434.5 369.5 0.3 2.2 0.1 13.3 0.5 0.1 g/t AuEq cut off 184.8 Incl. 65.0 243.3 178.8 0.5 2.4 0.1 8.8 0.6 0.3 g/t AuEq cut off 107.3 Incl. 65.0 166.0 101.0 0.6 2.8 0.1 5.9 0.8 1.0 g/t AuEq cut off 80.8 Incl. 65.0 101.0 36.0 0.8 2.5 0.1 5.1 0.9 1.0g/t AuEqcut off 32.9
	GYDD- 22-026 93.3 94.5 1.3 231.3 10.7 0.0 1.8 231.5 1 g/t AuEq cut off 301.0 and 94.5 1045.1 960.0 0.1 1.4 0.1 14.7 0.3 0.1 g/t AuEq cut off 212.7 Incl. 208.5 563.6 355.1 0.2 1.9 0.1 24.3 0.4 0.1 g/t AuEq cut off 142.0 and 208.5 239.0 30.5 0.4 5.3 0.1 26.6 0.6 1.0 g/t AuEq cut off 18.3 Incl. 377.5 416.0 38.5 0.4 1.4 0.1 32.4 0.6 1.0g/t AuEqcut off 23.1
	GYDD- 22-027 0.0 eoh 871.9 0.2 1.3 0.0 14.2 0.3 0.1 g/t AuEq cut off 261.6 Incl. 92.6 367.9 275.3 0.3 1.8 0.0 8.3 0.4 0.1 g/t AuEq cut off 110.1 Incl. 92.6 106.0 13.4 0.6 3.0 0.1 31.8 0.8 1.0 g/t AuEq cut off 10.2 and 202.6 270.5 67.9 0.5 3.2 0.1 7.7 0.6 1.0 g/t AuEq cut off 40.7 and 302.0 317.8 15.8 0.6 0.5 1.4 0.0 0.6 1.0 g/t AuEq cut off 40.8 and 360.0 367.9 7.9 0.8 5.3 0.0 2.8 0.9 1.0g/t AuEqcut off 6.8
	GYDD- 22-028 4.5 379.7 375.2 0.2 2.5 0.1 1.6 0.4 0.1 g/t AuEq cut off 150.1 Incl. 4.5 23.3 18.8 0.7 1.2 0.0 4.7 0.7 1.0 g/t AuEq cut off 14.1 and 172.3 366.6 194.3 0.2 3.4 0.1 1.3 0.5 0.1 g/t AuEq cut off 87.8 and 318.0 366.6 48.6 0.5 6.4 0.3 1.1 1.0 1.0g/t AuEqcut off 48.6
	GYDD- 22-029 7.0 389.2 382.2 0.2 2.7 0.1 2.0 0.3 0.1 g/t AuEq cut off 114.7 Incl. 153.3 360.5 207.3 0.2 3.8 0.1 2.2 0.5 0.1 g/t AuEq cut off 103.7 Incl. 192.3 226.8 34.5 0.2 8.3 0.2 3.5 0.7 1.0 g/t AuEq cut off 24.2 and 342.2 360.5 18.3 0.6 4.4 0.2 1.6 1.0 1.0g/t AuEqcut off 18.3

Australian Registered Office

Challenger Gold Limited

Issued Capital

ACN 123 591 382 1,261.1m shares ASX: CEL 10m options

Level 1 1205 Hay Street

44.2m perf rights West Perth WA 6005

Directors

Contact

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Criteria JORC Code explanation	Commentary
	GYDD- 22-030 0.0 eoh 689.5 0.2 1.4 0.1 9.0 0.3 0.1 g/t AuEq cut off 234.4 Incl. 75.4 393.0 317.7 0.4 1.2 0.1 15.0 0.5 0.1 g/t AuEq cut off 158.9 Incl. 76.9 80.6 6.0 1.5 1.7 0.0 7.3 1.6 1.0 g/t AuEq cut off 9.8 and 280.5 334.5 54.0 0.9 1.7 0.1 13.6 1.0 1.0 g/t AuEq cut off 54.0 and 370.5 393.0 22.5 1.1 1.7 0.1 9.1 1.3 1.0g/t AuEqcut off 29.3
	GYDD- 23-031 1.0 532.0 531.0 0.2 0.5 0.0 1.2 0.3 0.1 g/t AuEq cut 159.3 Incl. 1.0 24.9 23.9 0.9 0.5 0.1 0.8 0.9 1 g/t AuEq cut 21.6 and 152.6 185.7 33.1 0.5 1.5 0.0 1.7 0.6 1 g/t AuEq cut 19.9 and 292.1 308.1 16.0 0.6 0.5 0.0 1.5 0.6 1g/t AuEqcut 9.6
	GYDD- 23-032 0.0 781.5 781.5 0.2 1.3 0.0 8.6 0.3 212.6 Incl. 120.3 377.2 257.0 0.4 1.8 0.0 6.5 0.5 122.6 Incl. 120.3 270.7 150.5 0.6 2.4 0.0 7.9 0.7 100.4 Incl. 120.3 188.3 68.1 1.0 3.6 0.1 9.3 1.1 77.6 and 162.7 188.3 25.7 1.7 5.3 0.1 13.9 1.9 48.9
	GYDD- 23-033 7.0 449.2 442.2 0.2 2.1 0.1 3.7 0.3 125.1 Incl. 164.3 411.9 247.6 0.2 3.0 0.1 4.6 0.4 99.5 Incl. 216.2 367.6 151.4 0.2 4.0 0.1 4.1 0.5 70.8 Incl. 216.8 225.0 8.2 0.5 11.8 0.1 1.6 0.7 6.1 and 264.3 290.0 25.8 0.4 4.9 0.2 7.8 0.7 18.3 and 335.0 364.6 29.6 0.3 5.8 0.2 1.8 0.6 18.5
	GYDD- 23-034 108.9 273.5 164.6 0.2 3.8 0.2 1.3 0.6 94.4 Incl. 161.6 182.6 21.0 0.5 3.5 0.2 1.1 0.9 18.3 and 224.2 250.9 26.7 0.3 7.0 0.3 1.4 1.0 26.3 and 375.2 411.2 36.0 0.5 0.8 0.0 1.1 0.5 19.3
	GYDD- 23-035 0.0 268.7 268.7 0.1 0.7 0.0 4.6 0.2 55.9 Incl. 55.8 84.0 28.2 0.4 1.0 0.0 1.4 0.4 12.3 and 240.5 255.2 14.7 0.4 1.1 0.1 6.0 0.5 7.7
	GYDD- 23-036 65.9 67.4 1.5 2.9 1.7 0.0 0.8 2.9 4.4 and 80.9 99.8 19.0 0.7 1.7 0.0 1.5 0.7 13.5 and 189.9 767.5 577.6 0.1 1.0 0.0 4.5 0.2 123.1 Incl. 189.9 353.2 163.3 0.3 0.8 0.0 2.4 0.4 63.7 Incl. 189.9 253.3 63.4 0.6 0.7 0.0 1.2 0.7 42.6

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Criteria JORC Code explanation	Commentary
	GYDD- 23-037 0.0 767.2 767.2 0.1 1.4 0.0 12.7 0.2 149.5 Incl. 81.9 183.7 101.8 0.2 1.9 0.0 4.3 0.3 32.4 Incl. 150.7 173.2 22.5 0.3 2.1 0.1 3.4 0.5 11.3 and 390.5 438.8 48.3 0.1 2.5 0.1 16.4 0.3 14.5
	GYDD- 23-038 157.7 235.3 77.6 0.1 2.0 0.1 1.1 0.3 20.9 Incl. 212.2 235.3 23.1 0.2 2.0 0.1 1.1 0.4 9.8 and 321.9 483.3 161.4 0.1 2.1 0.1 2.7 0.3 40.7 Incl. 321.9 376.5 54.7 0.2 3.4 0.1 3.3 0.4 21.9 Incl. 360.3 376.5 16.2 0.5 4.5 0.1 4.0 0.8 12.2
	GYDD- 23-039 4.6 809.9 805.3 0.5 1.6 0.0 4.2 0.6 470.3 Incl. 4.6 551.3 546.7 0.7 2.0 0.1 3.5 0.8 429.4 Incl. 4.6 235.8 231.2 1.4 2.5 0.1 3.7 1.5 351.6 Incl. 108.0 117.9 9.9 1.0 3.3 0.0 2.5 1.1 10.6 and 190.5 202.8 12.3 21.4 1.5 0.0 1.9 21.5 263.9 Incl. 190.5 192.0 1.5 172.3 8.0 0.0 1.3 172.4 258.7
	CEL: Significant intersections from El Guayabo Project (Guayabo Concession)_Phase #1-#2 Channel completed(Incl. in MRE) Channel ID From (m) To (m) Interval (m) Gold (g/t) Ag (g/t) Cu (%) Mo (ppm) AuEq (g/t) Comments Total intercept (gram meters) CSADRI- 001 0.00 187.00 187.0 0.357 1.983 0.063 4.502 0.5 0.5 g/t cut off 91.8 inc 2.00 62.00 60.0 0.355 2.912 0.127 5.945 0.6 0.5 g/t cut off 36.6 inc 22.00 36.00 14.0 0.524 2.847 0.150 10.909 0.8 0.5 g/t cut off 11.5 inc 102.00 108.00 6.0 0.693 2.573 0.078 2.693 0.9 0.5 g/t cut off 5.1 inc 154.00 183.00 29.0 0.861 3.635 0.063 7.062 1.0 1.0 g/t cut off 29.5 inc 154.00 167.00 13.0 1.439 6.688 0.106 10.254 1.7 1.0 g/t cut off 22.2 inc 173.00 181.00 8.0 0.608 1.700 0.043 4.445 0.7 0.5 g/t cut off 5.6 CSADRI- 002 0.00 136.00 136.0 0.434 1.533 0.033 3.277 0.5 0.5 g/t cut off 69.4 inc 10.00 16.00 6.0 0.744 2.420 0.050 3.853 0.9 0.5 g/t cut off 5.2 inc 40.00 54.00 14.0 0.651 2.196 0.052 3.011 0.8 0.5 g/t cut off 10.8 inc 84.00 112.00 28.0 1.060 1.552 0.038 4.386 1.1 1.0g/t cut off 32.1

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Commentary	Commentary
and	186.00	310.00	124.0	0.171	0.882	0.025	5.863	0.2	0.1 g/t cut off	28.4
and	497.20	513.20	16.0	0.610	0.440	0.021	1.878	0.7	0.5 g/t cut off	10.4
CSADRI- 003	0.00	73.50	73.5	0.270	3.002	0.087	2.108	0.5	0.5 g/t cut off	33.5
inc	22.00	27.60	5.6	0.169	10.711	0.480	2.085	1.1	1.0 g/t cut off	6.2
inc	65.50	71.50	6.0	1.122	2.937	0.043	2.953	1.2	1.0 g/t cut off	7.4
CSADRI- 004	0.00	25.00	25.0	0.344	6.334	0.143	2.202	0.7	0.5 g/t cut off	16.6
inc	0.00	6.00	6.0	0.922	6.087	0.135	1.937	1.2	1.0 g/t cut off	7.4
inc	20.50	23.50	3.0	0.432	22.255	0.465	2.040	1.5	1.0 g/t cut off	4.5
CSTINO- 001	0.00	111.30	111.3	0.278	1.055	0.018	4.962	0.3	0.1 g/t cut off	36.2
CSTINO- 002	2.82	25.67	22.8	0.360	1.907	0.029	4.937	0.4	0.1 g/t cut off	10.0
inc	2.82	7.01	4.2	1.605	3.023	0.056	3.384	1.7	1.0 g/t cut off	7.3
CSTINO- 004	0.00	19.37	19.4	0.042	1.272	0.042	3.892	0.1	0.1 g/t cut off	2.5
CSTINO- 005	0.00	174.40	174.4	1.093	1.889	0.038	4.774	1.2	1.0 g/t cut off	206.4
inc	2.12	8.18	6.1	13.43 3	7.846	0.059	2.872	13.6	10.0 g/t cut off	82.5
inc	30.13	36.12	6.0	4.139	5.592	0.081	2.506	4.3	1.0 g/t cut off	26.0
inc	68.03	74.27	6.2	1.277	2.550	0.035	4.128	1.4	1.0 g/t cut off	8.6
inc	148.49	156.58	8.1	5.939	3.354	0.059	5.072	6.1	5.0 g/t cut off	49.2
CSSALI- 001	0.00	16.73	16.7	0.194	3.346	0.014	2.584	0.3	0.1 g/t cut off	4.4
CSSALI- 007	9.92	79.28	69.4	0.153	7.948	0.047	3.794	0.3	0.1 g/t cut off	23.1
inc	31.76	63.35	31.6	0.256	14.174	0.068	5.363	0.5	0.5 g/t cut off	17.4
inc	51.70	61.42	9.7	0.202	35.702	0.153	4.352	0.9	0.5 g/t cut off	8.8
CSCAYA 1-001	30.00	78.30	48.3	0.235	0.964	0.020	3.401	0.3	0.1 g/t cut off	13.7
CSCAYA 1-002	0.00	32.00	32.0	0.989	2.676	0.030	3.471	1.1	1.0 g/t cut off	34.4
CSCAYA 1-003	0.00	56.30	56.3	0.272	1.582	0.042	9.314	0.4	0.1 g/t cut off	20.8
inc	28.00	48.00	20.0	0.352	1.993	0.048	13.609	0.5	0.5 g/t cut off	9.3
CSCHON -001	0.00	26.67	26.7	0.278	3.026	0.027	5.517	0.4	0.1 g/t cut off	9.8

Challenger Gold Limited

ACN 123 591 382 ASX: CEL

Australian Registered Office

Issued Capital

1,261.1m shares 10m options

Level 1 1205 Hay Street

44.2m perf rights West Perth WA 6005

Directors

Kris Knauer, MD and CEO Sergio Rotondo, Chairman Sonia Delgado, Executive Director Fletcher Quinn , Non - Exec Director Brett Hackett, Non-Exec. Director Pini Althaus, Non-Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengergold.com

Commentary	Commentary
CSCHOR R-001	0.00	15.87	15.9	0.138	3.068	0.037	4.758	0.2	0.1 g/t cut off	3.8
CSCHOR R-002	9.95	35.12	25.2	0.215	4.541	0.048	2.040	0.4	0.1 g/t cut off	8.9
inc	9.95	13.97	4.0	0.929	14.603	0.153	1.396	1.4	1.0 g/t cut off	5.5
CSCHOR R-003	0.00	17.99	18.0	1.026	8.422	0.037	6.311	1.2	1.0 g/t cut off	21.5
inc	8.02	15.96	7.9	2.007	13.955	0.048	2.957	2.3	1.0 g/t cut off	18.0
CSBARR- 001	0.00	23.10	23.1	0.363	0.964	0.036	3.136	0.4	0.1 g/t cut off	10.1
CSBARR- 004	0.00	26.40	26.4	0.263	2.908	0.040	6.480	0.4	0.1 g/t cut off	9.8
inc	13.80	24.90	11.1	0.451	3.917	0.042	2.370	0.6	0.5 g/t cut off	6.4
CSBARR- 005	0.00	12.00	12.0	0.188	1.532	0.025	9.233	0.3	0.1 g/t cut off	3.1
CSBQCU 1-001	0.00	39.10	39.1	0.220	14.129	0.037	1.042	0.5	0.5 g/t cut off	17.9
inc	0.00	8.00	8.0	0.340	15.700	0.038	0.928	0.6	0.5 g/t cut off	4.8
inc	34.00	38.00	4.0	0.253	33.725	0.072	1.294	0.8	0.5 g/t cut off	3.2
CSBQCU 1-002	0.00	12.00	12.0	0.423	17.840	0.108	1.448	0.8	0.5 g/t cut off	9.9
CSBQCU 1-003	0.00	10.00	10.0	0.295	16.046	0.038	1.022	0.6	0.5 g/t cut off	5.6
CSBQCU 1-004	0.00	4.00	4.0	0.120	4.830	0.015	0.780	0.2	0.2 g/t cut off	0.8
CSBQCU 1-005	0.00	11.20	11.2	0.594	12.531	0.062	0.906	0.9	0.5 g/t cut off	9.6
CSBQCU 1-006	0.00	12.00	12.0	0.315	16.168	0.062	1.170	0.6	0.5 g/t cut off	7.4
CSBQSU 1-001	0.00	19.00	19.0	0.298	1.572	0.026	1.373	0.4	0.2 g/t cut off	6.9
CSBQSU 2-001	12.00	38.00	26.0	0.785	1.961	0.009	1.657	0.8	0.5 g/t cut off	21.5
CSBQSU 2-002	0.00	9.00	9.0	12.43 7	11.057	0.019	1.250	12.6	10.0 g/t cut off	113.5
CSBQSU 3-001	0.00	7.50	7.5	6.980	6.423	0.017	1.033	7.1	5.0 g/t cut off	53.2
CSBQN W1-002	0.00	17.40	17.4	3.164	6.031	0.024	2.587	3.3	1.0 g/t cut off	57.1
inc	0.00	12.00	12.0	0.661	1.685	0.009	1.537	0.7	0.5 g/t cut off	8.4

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Criteria
JORC Code explanation

Commentary

CSBQN
W2-001
0.00
12.65
12.7
0.977
20.993
0.100
1.742
1.4
1.0 g/t cut off
17.8
CSBQN
W2-002
0.00
26.73
26.7
0.202
6.268
0.064
1.090
0.4
0.2 g/t cut off
10.4
CSFIGR1
-001
0.00
17.39
17.4
0.881
4.933
0.066
1.220
1.1
1.0 g/t cut off
18.3
inc
10.21
15.60
5.4
2.169
5.654
0.064
1.361
2.3
1.0 g/t cut off
12.7
CSFIGR2
-001
0.00
29.48
29.5
0.674
30.075
0.243
1.889
1.5
1.0 g/t cut off
43.0
inc
18.17
27.65
9.5
1.585
79.153
0.525
2.420
3.5
1.0 g/t cut off
32.7
CSFIGR2
-002
0.00
5.23
5.2
1.805
85.161
1.986
2.357
6.2
5.0 g/t cut off
32.4
CSCARE
1-001
0.00
24.00
24.0
0.083
0.345
0.032
10.317
0.1
0.1 g/t cut off
3.6
CSCARE
1-002
0.00
25.20
25.2
0.144
1.401
0.038
12.310
0.2
0.2 g/t cut off
5.9
CSCARE
1-003
0.00
94.40
94.4
0.137
4.255
0.079
15.214
0.3
0.2 g/t cut off
31.4
CSCARE
1-005
29.70
46.90
17.2
0.178
1.694
0.022
22.333
0.3
0.2 g/t cut off
4.3
CEL: Significant intersections from El Guayabo Project (Guayabo Concession)_Phase #1-#2 Channel(New Results )
Channel
ID
From (m)
To (m)
Interval
(m)
Gold
(g/t)
Ag
(g/t)
Cu
(%)
Mo
(ppm)
AuEq
(g/t)
Comments
Total
intercept
(gram
meters)
CSBQLB
1-001
0.00
23.00
23.0
0.091
0.707
0.064
5.033
0.2
0.2 g/t cut off
4.9
CSBQLB
1-004
0.00
13.51
13.5
0.166
5.356
0.068
1.599
0.3
0.2 g/t cut off
4.7
CSBQLB
1-005
0.00
17.54
17.5
0.625
3.237
0.018
3.453
0.7
0.5 g/t cut off
12.3
inc
5.98
11.99
6.0
1.287
3.814
0.024
2.395
1.4
1.0 g/t cut off
8.3
CSBQLB
2-001
0.00
35.32
35.3
0.312
2.390
0.031
8.106
0.4
0.2 g/t cut off
14.1
CSBQLB
2-002
0.00
5.97
6.0
0.859
0.792
0.044
5.197
0.9
0.5 g/t cut off
5.6
inc
0.00
3.97
4.0
1.200
0.678
0.043
4.514
1.3
1.0 g/t cut off
5.1
CSBQSU
7-001
0.00
25.41
25.4
0.418
0.362
0.021
10.423
0.5
0.5 g/t cut off
11.8

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Commentary
inc	6.15	10.27	4.1	1.914	0.255	0.032	4.097	2.0	1.0	g/t	cut	off	8.1
CSBQSU 7-002	0.00	7.97	8.0	0.175	0.486	0.029	3.196	0.2	0.2	g/t	cut	off	1.8
CSDURA -001	0.00	7.90	7.9	0.073	0.299	0.039	2.503	0.1	0.1	g/t	cut	off	1.1
CSDURA -002	0.00	43.20	43.2	0.225	0.942	0.026	1.996	0.3	0.2	g/t	cut	off	12.2
CSDURA -003	0.00	27.30	27.3	0.226	2.378	0.035	3.109	0.3	0.2	g/t	cut	off	8.7
CSDURA -004	0.00	2.20	2.2	0.433	12.748	0.098	1.565	0.8	0.5	g/t	cut	off	1.7
CSDURA -005	0.00	1.90	1.9	1.284	46.937	0.666	1.342	3.0	1.0	g/t	cut	off	5.7
CSDURA -006	0.00	45.80	45.8	1.268	4.751	0.030	5.324	1.4	1.0	g/t	cut	off	63.3
inc	2.00	19.80	17.8	2.499	7.144	0.038	7.507	2.7	1.0	g/t	cut	off	47.3
CSDURA -007	0.00	22.20	22.2	0.553	3.227	0.015	2.636	0.6	0.5	g/t	cut	off	13.8
CSDURA -008	0.00	2.20	2.2	0.328	4.038	0.019	1.245	0.4	0.2	g/t	cut	off	0.9
CSDURA -009	0.00	1.90	1.9	4.859	38.324	0.312	1.096	5.9	5.0	g/t	cut	off	11.1
CSDURA -010	0.00	2.20	2.2	4.835	10.733	0.197	0.907	5.3	5.0	g/t	cut	off	11.7
CSDURA -011	0.00	1.60	1.6	1.625	50.569	0.284	1.173	2.7	1.0	g/t	cut	off	4.4
CSDURA -012	0.00	1.00	1.0	0.477	7.270	0.054	1.160	0.7	0.5	g/t	cut	off	0.7
CSDURA -013	0.00	1.30	1.3	0.146	6.860	0.076	1.750	0.4	0.2	g/t	cut	off	0.5
CSDURA -014	0.00	1.00	1.0	1.090	3.110	0.017	1.370	1.2	1.0	g/t	cut	off	1.2
CSDURA -015	0.00	1.30	1.3	0.995	6.510	0.008	1.280	1.1	1.0	g/t	cut	off	1.4
CSDURA -016	0.00	1.10	1.1	1.188	8.130	0.019	1.610	1.3	1.0	g/t	cut	off	1.5
CSDURA -017	0.00	1.10	1.1	1.286	16.500	0.062	1.610	1.6	1.0	g/t	cut	off	1.8
CSDURA -018	0.00	1.10	1.1	0.719	14.700	0.101	2.160	1.1	1.0	g/t	cut	off	1.2

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Commentary	Commentary
CSDURA -019	0.00	1.10	1.1	18.65 0	49.100	0.447	0.850	20.0	10.0 g/t cut off	22.0
CSDURA -020	0.00	1.20	1.2	0.416	4.950	0.037	0.950	0.5	0.5 g/t cut off	0.6
CSDURA -021	0.00	26.70	26.7	0.333	1.294	0.041	1.175	0.4	0.2 g/t cut off	11.2
CSBQLB 3-001	0.00	63.90	63.9	0.321	2.029	0.034	5.873	0.4	0.2 g/t cut off	26.1
CSBQLB 3-004	0.00	7.80	7.8	0.199	1.094	0.018	6.632	0.2	0.2 g/t cut off	1.9
CSBQLB 4-001	3.70	78.80	75.1	0.169	0.920	0.016	1.475	0.2	0.2 g/t cut off	15.7
CSBQLB 4-002	0.00	25.80	25.8	0.328	2.596	0.038	2.135	0.4	0.2 g/t cut off	11.0
CSBQLB 5-002	1.90	22.90	21.0	0.638	0.874	0.013	2.037	0.7	0.5 g/t cut off	14.1
CSBQLB 5-003	0.00	5.30	5.3	1.057	1.378	0.019	2.315	1.1	1.0 g/t cut off	5.9
CSBQLB 6-001	1.52	23.56	22.0	2.625	1.998	0.023	1.193	2.7	1.0 g/t cut off	59.3
CSBQLB 6-002	0.00	13.37	13.4	5.267	5.282	0.098	1.732	5.5	5.0 g/t cut off	73.5
CSBQLB 7-001	58.84	156.82	98.0	0.365	2.315	0.017	1.142	0.4	0.2 g/t cut off	41.4
inc	85.70	103.68	18.0	0.926	5.884	0.020	1.300	1.0	1.0 g/t cut off	18.6
CSL9870 -001	8.07	131.82	123.7	0.295	0.609	0.012	1.351	0.3	0.2 g/t cut off	40.1
inc	84.35	124.81	40.5	0.587	0.874	0.010	1.638	0.6	0.5 g/t cut off	24.9
CSL9870 -002	0.00	18.37	18.4	0.337	0.252	0.008	1.191	0.4	0.2 g/t cut off	6.5
CSL9870 -005	0.00	15.74	15.7	0.837	0.555	0.006	1.744	0.9	0.5 g/t cut off	13.5
CSL9970 -002	0.00	3.57	3.6	1.445	2.065	0.012	1.504	1.5	1.0 g/t cut off	5.3
CSL9970 -004	16.09	38.62	22.5	0.243	0.627	0.018	4.345	0.3	0.2 g/t cut off	6.4
CSL9970 -005	0.00	22.93	22.9	0.941	1.881	0.019	47.204	1.0	1.0 g/t cut off	23.6
CSL9970 -008	0.00	16.27	16.3	0.289	0.216	0.017	10.883	0.3	0.2 g/t cut off	5.3

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Criteria JORC Code explanation	Commentary
	CSL9970 -009 0.00 12.57 12.6 0.209 0.176 0.027 5.386 0.3 0.2 g/t cut off 3.3 CSL9735 -002 0.00 3.56 3.6 0.512 0.074 0.011 0.885 0.5 0.5 g/t cut off 1.9 CSL9635 -001 0.00 15.86 15.9 0.749 1.378 0.005 0.917 0.8 0.5 g/t cut off 12.3 CSL9635 -002 0.00 15.69 15.7 1.736 4.938 0.018 1.446 1.8 1.0 g/t cut off 28.7 CEL: Significant intersections from El Guayabo Project (Colorado V Concession)_Camp #1, Phase #1 drilling completed
	Drill Hole From To Interval Gold Ag Cu Mo AuEq Comments Total intercept
	(#) (m) (m) (m) (g/t) (g/t) (%) (ppm) (g/t) (gram metres)
	CVDD- 22-001 4.50 533.20 528.70 0.30 2.30 0.09 13.22 0.49 1.0 g/t cut off 260.8 incl. 4.50 401.60 397.10 0.34 2.76 0.11 14.31 0.56 1.0 g/t cut off 222.4 incl. 6.00 114.00 108.00 0.42 2.83 0.13 15.75 0.68 1.0 g/t cut off 73.8 and 166.60 296.80 130.20 0.42 3.33 0.12 15.55 0.67 1.0 g/t cut off 87.8 incl. 273.50 284.30 10.80 2.51 14.93 0.35 9.16 3.29 1.0g/t cut off 35.6
	CVDD- 22-002 5.00 575.00 570.00 0.21 1.99 0.08 11.43 0.38 0.1 g/t cut off 218.6 incl. 14.00 320.70 306.70 0.22 2.27 0.12 13.59 0.45 0.5 g/t cut off 138.2 incl. 174.65 199.50 24.85 0.40 4.54 0.25 53.36 0.91 1.0 g/t AuEq cut off 22.7 incl. 309.30 319.20 9.90 0.97 6.14 0.26 15.83 1.50 1.0 g/t AuEq cut off 14.8 and 387.10 396.20 9.10 0.75 6.91 0.14 8.93 1.08 1.0 g/t AuEq cut off 9.8 incl. 490.20 504.20 14.00 0.77 1.29 0.03 24.72 0.85 1.0g/t AuEqcut off 11.9
	CVDD- 22-003 2.5 eoh 509.90 0.24 1.41 0.07 31.30 0.4 0.1 g/t AuEq cut off 203.96 incl. 2.5 246.5 244.00 0.36 1.76 0.09 44.80 0.6 0.5 g/t AuEq cut off 146.4 incl. 2.5 159.4 156.90 0.44 1.76 0.10 54.70 0.7 1.0 g/t AuEq cut off 109.83 incl. 2.5 75.8 73.30 0.55 1.81 0.11 59.10 0.8 1.0 g/t AuEq cut off 58.64 incl. 66.3 75.8 9.50 0.85 1.40 0.13 146.00 1.2 1.0g/t AuEqcut off 11.4
	CVDD- 22-004 203 eoh 456.20 0.13 0.91 0.05 10.90 0.25 0.1 g/t AuEq cut off 114.05 incl. 443.9 649.3 205.40 0.19 1.00 0.06 11.10 0.3 0.5 g/t AuEq cut off 61.62 incl. 448.4 504.5 56.10 0.23 1.13 0.07 8.30 0.4 1.0 g/t AuEq cut off 22.44 incl. 593 602 9.00 0.58 0.87 0.04 6.70 0.7 1.0g/t AuEqcut off 6.3

Australian Registered Office

Challenger Gold Limited

Issued Capital

Directors

Contact

ACN 123 591 382 1,261.1m shares ASX: CEL 10m options

www.challengergold.com

Challenger Gold Limited ACN 123 591 382 ASX:CEL Issued Capital 1,261.1m shares 10m options 44.2m perf rights Australian Registered Level 1 1205 Hay Street West Perth WA 6005 Criteria JORC Code explanation	Criteria JORC Code explanation	Commentary
		CVDD- 22-005 8.1 572.2 564.10 0.21 2.30 0.09 44.10 0.4 0.1 g/t AuEq cut off 225.64 incl. 8.1 286.1 278.00 0.30 3.21 0.11 68.20 0.6 0.5 g/t AuEq cut off 166.8 incl. 25.8 154.5 128.70 0.39 3.36 0.11 112.10 0.7 1.0g/t AuEqcut off 90.09
		CVDD- 22-006 96.4 600.7 504.3 0.31 1.43 0.07 1.8 0.3 0.1 g/t AuEq cut off 151.29 incl. 97.9 374.0 276.1 0.25 1.54 0.07 1.9 0.4 1.0 g/t AuEq cut-off 110.44 incl. 200.2 209.1 8.9 0.63 1.24 0.07 1.1 0.8 1.0 g/t AuEq cut-off 7.12 and 257.9 374.0 116.1 0.39 2.56 0.14 2.0 0.5 1.0 g/t AuEq cut-off 58.05 incl. 257.9 288.9 31.0 0.32 3.99 0.16 1.4 0.6 1.0 g/t AuEq cut-off 18.60 and 365.0 374.0 9.0 1.51 1.98 0.22 1.7 1.9 1.0g/t AuEqcut-off 17.10
		CVDD- 22-007 73.9 806.1 732.2 0.20 1.16 0.04 8.1 0.3 0.1 g/t AuEq cut off 219.66 incl. 251.0 589.3 338.3 0.30 1.49 0.06 6.8 0.4 1.0 g/t AuEq cut-off 135.32 incl. 251.0 498.2 247.2 0.37 1.72 0.06 5.8 0.5 1.0 g/t AuEq cut-off 123.60 incl. 251.0 301.7 50.7 0.78 1.79 0.06 5.1 0.9 1.0 g/t AuEq cut-off 45.63 and 422.5 438.3 15.8 0.62 1.59 0.06 4.0 0.7 1.0g/t AuEqcut-off 11.06
		CVDD- 22-008 129.8 179.2 49.5 0.20 0.66 0.02 1.3 0.25 0.1 g/t AuEq cut off 12.37 and 431.1 448.8 17.7 0.15 1.18 0.05 4.0 0.25 0.1g/t AuEqcut off 4.42
		CVDD- 22-009 1.0 195.4 194.4 0.12 1.22 0.04 11.1 0.2 0.1 g/t AuEq cut off 38.88 and 259.3 397.8 136.5 0.08 1.15 0.06 12.4 0.2 0.1 g/t AuEq cut off 27.30 and 812.5 886.5 74.3 0.10 0.56 0.04 13.0 0.2 0.1g/t AuEqcut off 14.86
		CVDD- 22-010 114.5 888.4 773.9 0.27 1.30 0.06 11.8 0.4 0.1 g/t AuEq cut off 309.56 incl. 182.3 585.1 402.8 0.40 1.65 0.08 10.9 0.6 1.0 g/t AuEq cut off 241.68 incl. 182.3 482.1 299.8 0.50 1.83 0.09 11.7 0.7 1.0 g/t AuEq cut off 209.86 incl. 182.3 363.2 180.9 0.73 2.43 0.11 9.5 1.0 1.0 g/t AuEq cut off 180.90 incl. 182.3 244.7 62.4 1.53 2.70 0.12 7.0 1.8 1.0g/t AuEqcut off 112.32
		CVDD- 22-011 168.25 174.25 6.00 0.07 0.77 0.07 15.18 0.21 0.1 g/t AuEq cut off 1.24 and 194.45 201.95 7.50 0.06 0.70 0.06 11.53 0.17 0.1 g/t AuEq cut off 1.30 and 363.20 455.00 91.80 0.13 0.56 0.04 4.03 0.20 0.1 g/t AuEq cut off 18.18 incl. 363.20 367.70 4.50 0.33 0.62 0.05 11.91 0.42 0.1 g/t AuEq cut off 1.90 and 397.70 433.70 36.00 0.24 0.61 0.04 3.03 0.32 0.1g/t AuEqcut off 11.66
		CVDD- 22-012 46.12 48.75 2.63 0.63 1.89 0.02 1.92 0.68 0.1 g/t AuEq cut off 1.78 and 123.85 153.85 30.00 0.17 1.03 0.01 1.78 0.20 0.1 g/t AuEq cut off 5.93 and 215.44 239.44 24.00 0.19 4.70 0.01 1.86 0.26 0.1g/t AuEqcut off 6.28
		Office Directors Kris Knauer, MD and CEO Sergio Rotondo, Chairman Sonia Delgado, Executive Director Fletcher Quinn,Non-Exec Director Brett Hackett, Non-Exec. Director Pini Althaus, Non-Exec. Director Contact T: +61 8 6380 9235 E: [email protected]

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Criteria JORC Code explanation	Commentary
	and 413.87 429.69 15.82 0.23 0.58 0.00 1.54 0.24 0.1g/t AuEqcut off 3.79
	CVDD- 22-013 227.00 472.75 245.75 0.16 1.37 0.01 2.65 0.20 0.1 g/t AuEq cut off 48.07 incl. 265.00 291.00 26.00 0.20 2.50 0.01 1.32 0.25 0.1 g/t AuEq cut off 6.49 and 319.00 333.00 14.00 0.23 4.16 0.02 2.91 0.31 0.1 g/t AuEq cut off 4.37 and 366.40 367.40 1.00 1.56 1.19 0.01 1.80 1.59 1.0 g/t AuEq cut off 1.59 and 396.00 449.90 53.90 0.27 2.02 0.01 2.47 0.28 0.1 g/t AuEq cut off 15.08 incl. 434.50 435.90 1.40 1.72 11.00 0.08 0.90 1.99 1.0 g/t AuEq cut off 2.79 and 731.70 733.20 1.50 0.30 0.39 0.01 1425.60 1.32 1.0g/t AuEqcut off 1.98
	CVDD- 22-014 59.65 65.85 6.20 1.13 1.30 0.01 1.80 1.15 0.1 g/t AuEq cut off 7.16 and 171.20 172.10 0.90 11.63 16.10 0.03 1.60 11.8 8 1.0 g/t AuEq cut off 10.70 and 198.20 216.00 17.80 0.44 1.18 0.01 1.94 0.48 0.1 g/t AuEq cut off 8.48 incl. 210.20 215.25 5.05 0.90 1.33 0.01 1.83 0.94 1.0 g/t AuEq cut off 4.76 and 256.80 271.15 14.35 1.17 4.73 0.03 2.22 1.28 1.0 g/t AuEq cut off 18.31 and 344.65 346.15 1.50 1.46 0.39 0.01 1.60 1.48 1.0 g/t AuEq cut off 2.21 and 401.10 405.60 4.50 4.58 9.62 0.02 1.76 4.73 1.0 g/t AuEq cut off 21.30 and 486.70 506.20 19.50 0.39 0.71 0.01 2.79 0.41 0.1 g/t AuEq cut off 8.02 incl. 504.70 506.20 1.50 3.04 4.11 0.03 1.70 3.14 1.0 g/t AuEq cut off 4.71 and 605.10 606.60 1.50 1.11 2.53 0.01 1.40 1.16 1.0 g/t AuEq cut off 1.73 and 687.60 693.60 6.00 0.71 3.66 0.01 1.56 0.77 1.0 g/t AuEq cut off 4.63 and 845.60 846.33 0.73 8.59 4.57 0.00 1.80 8.65 1.0g/t AuEqcut off 6.32
	CVDD- 22-015 9.10 757.57 748.47 0.10 0.42 0.04 9.15 0.17 0.1 g/t AuEq cut off 127.96 incl. 23.20 23.80 0.60 2.24 6.04 0.22 16.30 2.70 1.0 g/t AuEq cut off 1.62 and 77.40 233.69 156.29 0.13 0.75 0.06 17.80 0.25 0.5 g/t AuEq cut off 39.23 OR 77.40 291.75 214.35 0.13 0.68 0.06 18.05 0.24 0.1 g/t AuEq cut off 51.23 incl. 169.62 171.12 1.50 0.97 0.64 0.06 8.40 1.09 1.0 g/t AuEq cut off 1.64 and 364.20 365.70 1.50 0.88 1.11 0.15 8.40 1.15 1.0 g/t AuEq cut off 1.73 and 440.70 442.20 1.50 1.25 0.71 0.05 0.80 1.35 1.0 g/t AuEq cut off 2.02 and 646.57 648.07 1.50 5.96 0.22 0.02 1.50 6.00 1.0g/t AuEqcut off 8.99
	CVDD- 22-016 10.80 81.00 70.20 0.42 7.15 0.01 4.08 0.53 0.5 g/t AuEq cut off 37.49 incl. 10.80 22.80 12.00 0.58 5.86 0.02 2.14 0.68 1.0 g/t AuEq cut off 8.18 and 36.30 48.70 12.40 1.48 18.52 0.01 14.33 1.74 1.0 g/t AuEq cut off 21.55 and 275.00 515.90 240.90 0.11 2.26 0.02 3.34 0.16 0.1 g/t AuEq cut off 39.06 incl. 312.50 326.00 13.50 0.14 5.42 0.04 5.66 0.27 0.1 g/t AuEq cut off 3.64 and 397.50 436.50 39.00 0.20 2.60 0.01 2.44 0.26 0.1g/t AuEqcut off 9.99

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Criteria JORC Code explanation	Commentary
	CVDD- 22-017 20.30 301.50 281.20 0.08 0.62 0.05 4.56 0.17 0.1 g/t AuEq cut off 47.06 incl. 53.20 54.70 1.50 0.33 4.75 0.43 2.90 1.13 1.0 g/t AuEq cut off 1.69 and 167.95 221.50 53.55 0.14 0.88 0.06 8.94 0.25 0.1 g/t AuEq cut off 13.39 and 388.50 445.50 57.00 0.10 0.36 0.03 3.01 0.16 0.1 g/t AuEq cut off 8.93 incl. 388.50 390.00 1.50 1.17 0.20 0.01 1.00 1.19 1.0 g/t AuEq cut off 1.78 and 648.10 664.60 16.50 0.02 1.19 0.10 1.32 0.21 0.1g/t AuEqcut off 3.43

-	•
*Relationship* *between* *mineralisation* *widths and* *intercept* *lengths* - These relationships are particularly important in the reporting of Exploration Results. - If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. - If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’). - The geometry of the breccia hosted mineralisation appears to be predominantly near-vertical pipes while the geometry of the intrusive hosted mineralisation is sub-vertical. - The preliminary interpretation is that the breccia hosted mineralisation occurs in near vertical breccia pipes. Thus, intersections in steeply inclined holes may not be representative of the true width of this breccia hosted mineralisation. The relationship between the drilling orientation and some of the key mineralised structures and possible reporting bias in terms of true width is illustrated in the figure below.

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Criteria JORC Code explanation Commentary Diagrams - Appropriate maps and sections (with scales) See section above and sections accompanying this release and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary
*Balanced*	-	Where comprehensive reporting of all	- The reporting is fair and representative of what is currently understood to be the geology and controls on
*reporting*		Exploration Results is not practicable,	mineralisation at the project.
		representative reporting of both low and high
		grades and/or widths should be practiced to
		avoid misleading reporting of Exploration
		Results.
*Other*	-	Other exploration data, if meaningful and	El Guayabo:
*substantive*		material, should be reported including (but not	Quantec Geophysical services conducted a SPARTAN Broadband Magnetotelluric and TITAN IP/EMAP surveys completed
*exploration data*		limited to): geological observations; geophysical	February 3rd to April 1st, 2019 over the El Guayabo property by Quantec Geoscience Ltd. on behalf of AAR Resources.
		survey results; geochemical survey results; bulk	The survey covered 16 square kilometersa with data collected on 300m 3D spacing on a gride oriented at 10 degerees and
		samples – size and method of treatment;	100 degerees. The grid was moved 10 degrees so the survey could be orineted perpendicu;lar to the main geological
		metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	srtuctures. The survey involved a total of 205 Magnetotelluric (MT) sites and 2 test TITAN IP/EMAP profiles were surveyed The final survey results to which will be delivered will consist of : • Inversion 2D products  2D model sections (for each line) of the:  DC resistivity model;
			 IP chargeability model using the DC resistivity model as a reference;
			 IP chargeability model using a half-space resistivity model as a reference;
			 MT(EMAP) resistivity model;
			 Joint MT+DC resistivity model; IP chargeability model using the MT+DC resistivity model;
			• Inversion 3D products
			 3D MT model;
			 Cross-sections and Elevation Plan maps of the 3D MT models;
			Figures showing Survey Locations and Results are included in the boidy of this release
			DCIP INVERSION PROCEDURES
			DCIP is an electrical method that uses the injection of current and the measurement of voltage difference along with its rate
			of decay to determine subsurface resistivity and chargeability respectively. Depth of investigation is mainly controlled by the
			array geometry but may also be limited by the received signal (dependent on transmitted current) and ground resistivity.
			Chargeability is particularly susceptible to data with a low signal-to-noise ratio. The differences in penetration depth between
			DC resistivity and chargeability are a function of relative property contrasts and relative signal-to-noise levels between the
			two measurements. A detailed introduction to DCIP is given in Telford, et al. (1976). The primary tool for evaluating data is
			through the inversion of the data in two or three dimensions. An inversion model depends not only on the data collected,
			but also on the associated data errors in the reading and the “model norm”. Inversion models are not unique and may contain
			“artefacts” from the inversionprocess. The inversion model maynot accuratelyreflect all the information apparent in the

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Criteria	JORC Code explanation	Commentary
		actual data. Inversion models must be reviewed in context with the observed data, model fit, and with an understanding of
		the model norm used.
		The DC and IP inversions use the same mesh. The horizontal mesh is set as 2 cells between electrodes. The vertical mesh is
		designed with a cell thickness starting from 20 m for the first hundred metres to accommodate the topographic variation
		along the profiles, and then increases logarithmically with depth. The inversions were generally run for a maximum of 50
		iterations. The DC data is inverted using an unconstrained 2D inversion with a homogenous half-space of average input data
		as starting model. For IP inversions, the apparent chargeability is computed by carrying out two DC resistivity forward
		models with conductivity distributions𝝈(𝒙𝒊,𝒛𝒋) and (𝟏−𝜼)𝝈(𝒙𝒊,𝒛𝒋) (Oldenburg and Li, 1994), where (𝒙𝒊,𝒛𝒋) specifies the
		location in a 2D mesh. The conductivity distributions used in IP inversions can be the inverted DC model or a half space of
		uniform conductivity. Two IP inversions are then calculated from the same data set and parameters using different reference
		models. The first inversion of the IP data uses the previously calculated DC model as the reference model and is labelled the
		IP dcref model. The second IP inversion uses a homogeneous half-space resistivity model as the reference model and is
		labelled IP hsref model. This model is included to test the validity of chargeability anomalies, and to limit the possibility of
		inversion artefacts in the IP model due to the use of the DC model as a reference. The results of this second IP inversion are
		presented on the digital archived attached to this report.
		MAGNETOTELLURIC INVERSIONS
		The Magnetotelluric (MT) method is a natural source EM method that measures the variation of both the electric (E) and
		magnetic (H) field on the surface of the earth to determine the distribution at depth of the resistivity of the underlying rocks.
		A complete review of the method is presented in Vozoff (1972) and Orange (1989).
		The measured MT impedance Z, defined by the ratio between the E and H fields, is a tensor of complex numbers. This tensor
		is generally represented by an apparent resistivity (a parameter proportional to the modulus of Z) and a phase (argument of
		Z). The variation of those parameters with frequency relates the variations of the resistivity with depth, the high frequencies
		sampling the sub-surface and the low frequencies the deeper part of the earth. However, the apparent resistivity and the
		phase have an opposite behaviour. An increase of the phase indicates a more conductive zone than the host rocks and is
		associated with a decrease in apparent resistivity. The objective of the inversion of MT data is to compute a distribution of
		the resistivity of the surface that explains the variations of the MT parameters, i.e. the response of the model that fits the
		observed data. The solution however is not unique and different inversions must be performed (different programs, different
		conditions) to test and compare solutions for artefacts versus a target anomaly.
		An additional parameter acquired during MT survey is the Tipper. Tipper parameters Tzx and Tzy (complex numbers)
		represent the transfer function between the vertical magnetic field and the horizontal X (Tzx), and Y (Tzy) magnetic fields
		respectively (as the impedance Z represent the transfer function between the electric and magnetic fields). This tipper is a
		‘local’ effect, mainly defined by the lateral contrast of the resistivity. Consequently, the tipper can be used to estimate the
		geological strike direction. Another important use of the tipper is to display its components as vectors, named induction
		vectors. The induction vectors (defined by the real components of Tzx and Tzy) plotted following the Parkinson-Real-Reverse-
		Angle convention willpoint to conductive zones. The tipper is then agood mappingtool to delineate more conductive zones.

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Challenger Gold Limited ACN 123 591 382 ASX:CEL Issued Capital 1,261.1m shares 10m options 44.2m perf rights Australian Registered O Level 1 1205 Hay Street West Perth WA 6005 Criteria JORC Code explanation	Criteria JORC Code explanation	Commentary
		The depth of investigation is determined primarily by the frequency content of the measurement. Depth estimates from any individual sounding may easily exceed 20 km. However, the data can only be confidently interpreted when the aperture of the array is comparable to the depth of investigation. The inversion model is dependent on the data, but also on the associated data errors and the model norm. The inversion models are not unique, may contain artefacts of the inversion process and may not therefore accurately reflect all the information apparent in the actual data. Inversion models need to be reviewed in context with the observed data, model fit. The user must understand the model norm used and evaluate whether the model is geologically plausible. For this project, 2D inversions were performed on the TITAN/EMAP profiles data. For each profile, we assume the strike direction is perpendicular to the profile for all sites: the TM mode is then defined by the inline E-field (and cross line H- field); no TE mode (cross line E-field) were used in the 2D inversions. The 2D inversions were performed using the TM-mode resistivity and phase data interpolated at 6 frequencies per decade, assuming 10% and 5% error for the resistivity and phase respectively, which is equivalent to 5% error on the impedance component Z. No static shift of the data has been applied on the data. The 3D inversion was carried out using the CGG RLM-3D inversion code. The 3D inversions of the MT data were completed over an area of approximately 5km x 3.5km. All MT sites from this current survey were used for the 3D inversion. The 3D inversion was completed using a sub sample of the MT data with a maximum of 24 frequencies at each site covering the measured data from 10 kHz to 0.01 Hz with a nominal 4 frequencies per decade. At each site, the complete MT complex impedance tensors (Zxx, Zxy, Zyx, and Zyy) were used as input data with an associated error set to 5% on each parameter. The measured tipper data (Tzx, Tzy) were also used as input data with an associated error set to 0.02 on each parameter. A homogenous half space with resistivity of 100 Ohm-m was used as the starting model for this 3D MT inversion. A uniform mesh with 75 m x 75 m cell size was used in horizontal directions in the resistivity model. The vertical mesh was defined to cover the first 4 km. Padding cells were added in each direction to accommodate the inversion for boundary conditions. The 3D inversion was run for a maximum of 50 iterations. In addition a total of 129 samples distributed along 12 holes were analysed to measure the resistivity (Rho (Ohmm) and chargeability properties (Chargeability M and Susceptibility (SCPT 0.001 SI) . The equipment used for the analyses was the Sample Core IP Tester, manufactured by Instrumentation GDD Inc. It should be noted that these measures should be taken only as first order estimate, and not as “absolute” (true) value as readings by the field crew were not repeated and potentially subject to some errors (i.e. wrong size of the core entered in the equipment). Colorado V: Exploration Target: An Exploration Target for two mineralized zones on the Colorado V mining concession has been made using surface gold in soil anomalies, drill hole geological and assay information and panel sampling from an adit at one of the targets. Exploration Target Anomaly A Unit Low estimate High Estimate* Surface area (100 ppb Au in soil envelope): m2 250000 250000 Depth m 400 400 Bulk Density kg/m3 2600 2750
		ffice Directors Kris Knauer, MD and CEO Sergio Rotondo, Chairman Sonia Delgado, Executive Director Fletcher Quinn,Non-Exec Director Brett Hackett, Non-Exec. Director Pini Althaus, Non-Exec. Director Contact T: +61 8 6380 9235 E: [email protected]

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Criteria
JORC Code explanation

Commentary

Tonnage
Mt
260
275
Grade Au
g/t
0.4
0.7
Grade Ag
g/t
1.5
2.5
tonnage above cut-off
%
70%
90%
Contained Au
Moz
2.3
5.6
Contained Ag
Moz
8.8
19.9
Exploration Target Anomaly B
Unit
Low estimate
High Estimate
Surface area (100 ppb Au in soil envelope):
m2
175000
175000
Depth
m
400
400
Bulk Density
kg/m3
2600
2750
Tonnage
Mt
182
193
Grade Au
g/t
0.4
0.7
Grade Ag
g/t
1.5
2.5
% Tonnage above cut-off
%
70%
90%
Contained Au
Moz
1.6
3.9
Contained Ag
Moz
6.1
13.9
Total of Target A & B
Unit
Low estimate
High Estimate
Tonnage
Mt
442
468
Contained Au
Moz
4.0
9.5
Contained Ag
Moz
14.9
33.8
The potential quantity and grade of the Colorado V Exploration Target is conceptual in nature. There has been insufficient
exploration to estimate a Mineral Resource and that it is uncertain if further exploration will result in the estimation of a
Mineral Resource.
The following is an explanation of the inputs used in formulating the Exploration Target.
•
Surface Area: The surface area of the target has been estimated by projecting drill hole gold significant intersections
vertically to the surface. The surface projection of the intersections in the drill holes coincides with the 100 ppb Au
gold-in-soil anomaly contour. This area has been used to estimate the horizontal extent of the mineralization.
•
Depth: A depth of 400 metres from surface has been used as an estimate of the depth that an open pit and
underground bulk tonnage mining project would be expected to extend. The mineralization at Colorado V is
controlled by steeply plunging / dipping intrusions and breccia which is expected to extend to at least 400m depth
from surface.
•
Bulk Density: The bulk density is based on geological observations of the rocks that host the mineralization. Typical
bulk densities for these rock types are in the range used.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
			•	Gold and Silver grades: The gold and silver grade range has been estimated from the weighted average and median
				sample grades and deviations from mean from drill core and underground panel sampling.
			•	Proportion of tonnage above cut-off grade: These values are estimates based on drill hole intersection grade
				continuity down-hole assuming that not all of the Target volume, if sampled would be above the economic cut-off
				grade.
*Further work*	-	The nature and scale of planned further work	-	Drill test priority targets identified through exploration reported previously on both the EL Guayabo and Colorado V
		(eg tests for lateral extensions or depth		targets, centered on surface soil and rock chip sampling, underground channel sampling and previously completed
		extensions or large-scale step-out drilling).		drilling which has been relogged and resampled.
	-	Diagrams clearly highlighting the areas of	-	Interpretation of magnetic survey data following calibration with drilling.
		possible extensions, including the main	-	Undertake additional IP and/or EM surveys subject to a review of the appropriateness of the techniques and
		geological interpretations and future drilling		calibration with drill hole data.
		areas, provided this information is not
		commercially sensitive.

Section 3: Estimation and Reporting of Mineral Resources-El Guayabo Project

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	JORC Code explanation	Commentary
Database integrity	-	Measures taken to ensure that data has not been	The database includes both drilling completed by previous explorers, drill holes recently completed by
		corrupted by for example transcription or keying errors	the Company and underground channel samples completed by the Company.
		between its initial collection and its use for Mineral
		Resource estimation purposes.	Drill core from historic drilling has been recently re-logged and re-sampled. These data are transcribed
	-	Data validation procedures used.	by the database / GIS team into a database held on site at EMSA offices in Totara, Ecuador. Only the drill
			hole collar and down-hole survey from the historic data has been directly transcribed from the historic
			data. All other data is newly generated.
			Logging data from channel samples and drill holes completed by the Company (Phase 1 and Phase 2) are
			transcribed into the same database as the historic data. Drill hole collar, survey, logging is captured
			directly into MS Excel and peer reviewed before being given to the database team. Final assay data
			received from the labs is reviewed (blanks, duplicates and standards) and then added to the database.
			Backup copies of all data are retained in separate files.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary
			The drill hole data is backed upand is updatedperiodically.
Site visits	-	Comment on any site visits undertaken by the Competent	The Competent Person has undertaken site visits from 2019, during early-stage exploration and drilling.
		Person and the outcome of those visits.	Early site visits were undertaken to review the progress of exploration prior to drilling and to review
	-	If no site visits have been undertaken indicate why this is	historic drill core. The most recent site visit was in June 2022 to review the geology, drilling program,
		the case.	collection of data,sampling procedures,sample submission and explorationprogram.
Geological	-	Confidence in (or conversely the uncertainty of) the	The geological interpretation and understanding of the controls on mineralisation has been used to
interpretation		geological interpretation of the mineral deposit.	model the geometry of the mineralised system. El Guayabo is a high-level porphyry intrusive and
	-	Nature of the data used and of any assumptions made.	intrusive-related breccia complex with mineralisation controlled by regional scale and local scale fault-
	-	The effect if any of alternative interpretations on Mineral	fracture zones and lithology contacts. Multiple pulses of mineralisation are evident in the alteration and
		Resource estimation.	vein overprinting relationships.
	-	The use of geology in guiding and controlling Mineral	Given the available data and understanding of the geological controls on mineralisation, the Competent
		Resource estimation.	Person has confidence in the geological model that has been used to constrain the high grade and low
	-	The factors affecting continuity both of grade and geology.	grade mineralised domains.
			At the El Guayabo deposits, continuity of grade between drill holes is determined by the intensity of
			fracturing, the host rock contacts (particularly intrusive – metamorphic sediment contacts). The high-
			grade mineralised domains have been built using explicit wireframe techniques using a nominal cut-off
			grade over a 2,0 metre interval of 0.7 – 1.0 g/t AuEq mineralised intersections, joined between holes
			using the AuEq grade, geology and controlling structure. The Low-grade domain surrounding the high-
			grade has been generated using Leapfrog to build a 0.2 g/t AuEq isosurface, following the main NE to ENE
			strike, dipping steeply NW with a nominal range of 200m.
			No alternative interpretations have beengenerated that form the basis for a Mineral Resource Estimate.
Dimensions	-	The extent and variability of the Mineral Resource	The Mineral Resource consists of 3 sub-parallel zones.
		expressed as length (along strike or otherwise) plan width	GY-A has a NE strike of 0.9 kilometres dipping NW at 80 degrees, width of 0.4 kilometres and and is
		and depth below surface to the upper and lower limits of	estimated to a depth of 650 metres below surface.
		the Mineral Resource.	GY-B has a strike of 0.5 kilometres, dipping NW at 80 degrees, with of 0.2 kilometres and is estimated to
			a depth of 400 metres below surface.
			GY-C has a ENE strike of 0.8 kilometres, dipping NNW at 80 degrees, with of 0.2 kilometres and is
			estimated to a depth of 450 metres below surface.
			All 3 zones remain open in all directions.
Estimation and	-	The nature and appropriateness of the estimation	Estimation was made for Au Ag, Cu and Mo being the elements of economic interest.
modelling		technique(s) applied and key assumptions including	No previous Resource Estimation has been done to compare to the current Resource estimate. No
techniques		treatment of extreme grade values domaining interpolation parameters and maximum distance of	production records are available to provide comparisons. A 2 metre composite length in the high-grade domain and a 3 metre composite length in the low-grade
		extrapolation from data points. If a computer assisted	domain was selected after reviewing the composite statistics.
		estimation method was chosen include a description of

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Criteria	JORC Code explanation	JORC Code explanation	Commentary
		computer software and parameters used.	A statistical analysis was undertaken on the sample composites top cuts for Au, Ag, Cu and Mo
	-	The availability of check estimates previous estimates	composites for each domain. The top-cut values were chosen by assessing the high-end distribution of
		and/or mine production records and whether the Mineral	the grade population within each domain and selecting the value above which the distribution became
		Resource estimate takes appropriate account of such data.	erratic. The following table shows the top cuts applied to each group
	-	The assumptions made regarding recovery of by-products.
	-	Estimation of deleterious elements or other non-grade	Domain Au(ppm) Ag (ppm) Cu(%) Mo(ppm)
		variables of economic significance (eg sulphur for acid	High-grade(GY-A,GY-B) 10 70 - 200
		mine drainage characterisation).	High-grade(GY-C) 11 70 - 150
	-	In the case of block model interpolation the block size in	Low-grade(GY-A,GY-B) 10 - -
		relation to the average sample spacing and the search	Low-grade(GY-C) 8 - - -
		employed.
	-	Any assumptions behind modelling of selective mining	Block modelling was undertaken in Surpac™ V6.6 software.
		units.
	-	Any assumptions about correlation between variables.	A block model was set up with a parent cell size of 10m (E) x 10m (N) x 10m (RL) for the high-grade
	-	Description of how the geological interpretation was used	domains and 20m (E) x 20m (N) x 20m (RL) for the low-grade domains.
		to control the resource estimates.
	-	Discussion of basis for using or not using grade cutting or	Group Variography was carried out using Leapfrog Edge software on composited data from each of the
		capping.	domains for each variable.
	-	The process of validation the checking process used the comparison of model data to drill hole data and use of reconciliation data if available	Variables in each domain were estimated using Ordinary Kriging. The orientation of the search ellipse and variogram model was controlled using surfaces designed to reflect the local orientation of the mineralized structures.
			An oriented “ellipsoid” search for each domain was used to select data for interpolation.
			Estimation search ellipse ranges were adjusted for each element in each domain based on the variogram
			ranges.
			Validation checks included statistical comparison between drill sample grades and Ordinary Kriging block
			estimate results for each domain. Visual validation of grade trends for each element along the drill
			sections was also completed in addition to swath plots comparing drill sample grades and model grades
			on a range of northings. These checks show good correlation between estimated block grades and drill
			samplegrades.
Moisture	-	Whether the tonnages are estimated on a dry basis or with	Tonnage is estimated on a dry basis.
		natural moisture and the method of determination of the
		moisture content.

Challenger Gold Limited

ACN 123 591 382 ASX: CEL

Australian Registered Office

Issued Capital

1,261.1m shares Level 1 10m options 1205 Hay Street 44.2m perf rights West Perth WA 6005

Directors

Kris Knauer, MD and CEO Sergio Rotondo, Chairman Sonia Delgado, Executive Director Fletcher Quinn , Non - Exec Director Brett Hackett, Non-Exec. Director Pini Althaus, Non-Exec. Director

Contact

T: +61 8 6380 9235 E: [email protected]

www.challengergold.com

	Criteria	JORC Code explanation	JORC Code explanation			Commentary
	Cut-off parameters	-	The basis of the adopted cut-off grade(s) or quality			The following metals and metal prices have been used to report gold grade equivalent (AuEq): Au US$
			parameters applied.			1800 / oz Ag US$22 /oz, Cu US$ 9,000 /t and Mo US 44,080/t.
						Average metallurgical recoveries for Au, Ag, Zn and Pb have been estimated from similar projects in
						Ecuador. No metallurgical test work has been completed on the mineralisation at El Guayabo.
						For the AuEq calculation average metallurgical recovery is estimated as 85% for gold, 60% for silver, 85%
						for Cu and 50% for Mo.
						Accordingly, the formula used for Au Equivalent is:
						AuEq = Au g/t + (Ag g/t x 0.01222 x [60/85]) + (Cu % x [90/57.8778] x {85/85]) + (Mo % x 440.8/57.8778) x
						[50/85], or AuEq = Au g/t + (Ag g/t x 0.008627) + (Cu % x 1.555000) + (Mo % x 4.480026)
						Based on the break-even grade for an optimised pit shell for gold equivalent, a AuEq cut-off grade of 0.30
						ppm is used to report the resource within an optimised pit shell run at a gold price of US$1,800 per
						ounce and allowing for Ag, Cu and Mo credits. Under this scenario, blocks with a grade above the 0.25
						g/t Au Eq cut off are considered to have reasonable prospects of mining by open pit methods.
						A AuEq cut-off grade of 0.40 ppm was used to report the resource beneath the optimised pit shell run as
						these blocks are considered to have reasonable prospects of future mining by bulk underground
						methods.
	Mining factors or	-	Assumptions made regarding possible mining methods			The Resource estimate has assumed that near surface mineralisation would be amenable to open pit
	assumptions		minimum mining dimensions and internal (or if applicable			mining. A surface mine optimiser has been used to determine the proportion of the Resource Estimate
			external) mining dilution. It is always necessary as part of			model that would be amenable to eventual economic extraction by open pit mining methods. The
			the process of determining reasonable prospects for			surface mine optimiser used the following parameters with prices in USD:
			eventual economic extraction to consider potential mining			- Au price of $1,800 per oz, Ag price of $22 per oz, Cu price of $9,000 per tonne and Mo price of
			methods but the assumptions made regarding mining			$44,080 per tonne
			methods and parameters when estimating Mineral			- Average metallurgical recoveries of 85 % for Au, 60 % for Ag and 85 % for Cu and 50 % for Mo.
			Resources may not always be rigorous. Where this is the			- Ore and waste mining cost of $2.00 per tonne
			case this should be reported with an explanation of the			- Processing cost of $7.60 per tonne
			basis of the mining assumptions made.			- GA cost of $0.80 per tonne
						- Refining, transport and marketing of $60 / oz of AuEq
						- Royalty net of transport cost – 3% NSR - $52.20/oz AuEq.
						- 47.5° overall pit slopes
						Blocks above a 0.30 g/t AuEq within the optimised open pit shell are determined to have reasonable
						prospects of future economic extraction by open pit mining and are included in the Resource estimate on
						that basis.
						Blocks below the open pit shell that are above 0.40 g/t AuEq are determined to have reasonable
						prospects of future economic extraction by underground mining methods and are included in the
						Resource Estimate on that basis.
Challenger Gold Limited		Issued Capital		Australian Registered Office	Directors Contact
ACN 123 591 382		1,261.1m shares		Level 1	Kris Knauer, MD and CEO T: +61 8 6380 9235
ASX:CEL		10m	options	1205 Hay Street	Sergio Rotondo, Chairman E: [email protected]
		44.2m perf rights		West Perth WA 6005	Sonia Delgado, Executive Director
					Fletcher Quinn,Non-Exec Director
					Brett Hackett, Non-Exec. Director
					Pini Althaus, Non-Exec. Director

www.challengergold.com

Criteria	JORC Code explanation	JORC Code explanation	Commentary
Metallurgical factors	-	The basis for assumptions or predictions regarding	No metallurgical test work has been completed on the El Guayabo mineralisation.
or assumptions		metallurgical amenability. It is always necessary as part of the process of determining reasonable prospects for	Metallurgical assumptions are based on recovery by floatation of separate Cu-Au-Ag and Mo concentrates as is proposed for similar projects in Ecuador with transport and shipping of the
		eventual economic extraction to consider potential	concentrates from ports nearby to the Project. The following assumptions are based on test work
		metallurgical methods but the assumptions regarding	reported by Lumina Gold at the nearby Cangrejos Project, which is part of the same intrusive complex as
		metallurgical treatment processes and parameters made	El Guayabo.
		when reporting Mineral Resources may not always be rigorous. Where this is the case this should be reported with an explanation of the basis of the metallurgical assumptions made.	Gold – 85% (Lumina Gold PFS) Copper – 85% (PFS recovery is 79% but this is based on a mix of fresh (87%) and part oxidised (50%) whereas there is minimal oxidised material at El Guayabo - Lumina 43-101 report June 2022) Silver – 60% (PFS recovery is 55% but this is based on a mix of fresh (60%) and part oxidised (50%) whereas these is minimal oxidised material at El Guayabo) - Lumina 43-101 report June 2022)
			Molybdenum – 50%(Lumina 43-101 report June 2022)
Environmental	-	Assumptions made regarding possible waste and process	It is considered that there are no significant environmental factors which would prevent mining.
factors or		residue disposal options. It is always necessary as part of	Mining is assumed to be crush, grind and sequential flotation with appropriate waste dump and tailings
assumptions		the process of determining reasonable prospects for eventual economic extraction to consider the potential	disposal. No detailed environmental impact studies have been completed.
		environmental impacts of the mining and processing
		operation. While at this stage the determination of
		potential environmental impacts particularly for a
		greenfields project may not always be well advanced the
		status of early consideration of these potential
		environmental impacts should be reported. Where these
		aspects have not been considered this should be reported
		with an explanation of the environmental assumptions
		made.
Bulk density	-	Whether assumed or determined. If assumed the basis for	The Company has collected 379 specific gravity (SG) measurements from drill core, which have been used
		the assumptions. If determined the method used whether	to estimate block densities for the Resource Estimate.
		wet or dry the frequency of the measurements the nature	Measurements we determined on a dry basis by measuring the difference in sample weight in water and
		size and representativeness of the samples.	weight in air.
	-	The bulk density for bulk material must have been	The SG values across the different rock types and mineralisation styles are stable and so an average SG
		measured by methods that adequately account for void	was applied for the whole block model to estimate the density.
		spaces (vugs porosity etc) moisture and differences	Of the SG values measure the range is 1.83 to 3.63 g/cc. The average value is 2.74 g/cc and the median
		between rock and alteration zones within the deposit.	value is 2.73 g/cc.
	-	Discuss assumptions for bulk density estimates used in the	A bulk density value of 2.73 g/cc (2,730 kg/m3) was applied to the blocks to estimate tonnage.
		evaluationprocess of the different materials.

www.challengergold.com

Criteria	JORC Code explanation	JORC Code explanation	Commentary
Classification	-	The basis for the classification of the Mineral Resources	The Mineral Resource has been classified based on the guidelines specified in the JORC Code. The
		into varying confidence categories.	classification level is based upon semi-qualitative assessment of the geological understanding of the
	-	Whether appropriate account has been taken of all	deposit, geological and mineralisation continuity, drill hole spacing, QC results, search and interpolation
		relevant factors (ie relative confidence in tonnage/grade	parameters and an
		estimations reliability of input data confidence in	analysis of available density information.
		continuity of geology and metal values quality quantity	The estimation search strategy was undertaken in one pass with classification of the resource into
	-	and distribution of the data). Whether the result appropriately reflects the Competent Person’s view of the deposit.	Inferred. The potential open pit resource was constrained within an optimised pit shell run using a gold price of $1,800 per ounce. Blocks inside the pit shell were reported above a AuEq cut-off grade of 0.30 ppm and blocks outside the pit shell were reported above a AuEq cut-off grade of 0.40 ppm. The Resource
			Estimate is classified 100% Inferred.
			The Competent Person has reviewed the result and determined that these classifications are appropriate
			given the drill hole spacing, domain constraints and confidence in the geology, data and results from
			drilling.
Audits or reviews	-	The results of any audits or reviews of Mineral Resource	The Mineral Resource estimate has not been independently audited or reviewed.
		estimates.
Discussion of	-	Where appropriate a statement of the relative accuracy	There is sufficient confidence in the data quality, drilling methods and analytical results that they can be
relative accuracy/		and confidence level in the Mineral Resource estimate	relied upon for the estimation technique applied. No alternative techniques have been applied to test
confidence		using an approach or procedure deemed appropriate by the Competent Person. For example the application of	the accuracy of the estimate. The approach and procedure applied is deemed appropriate given the confidence limits and Resource
		statistical or geostatistical procedures to quantify the	Category applied. The main factors which could affect relative accuracy are:
		relative accuracy of the resource within stated confidence	- domain boundary extent and assumptions
		limits or if such an approach is not deemed appropriate a	- orientation of the controlling structure
		qualitative discussion of the factors that could affect the	- grade continuity and range modelling
		relative accuracy and confidence of the estimate.	- composite top cuts.
	-	The statement should specify whether it relates to global	No production data is available for comparison with block grades.
		or local estimates and if local state the relevant tonnages
		which should be relevant to technical and economic
		evaluation. Documentation should include assumptions
		made and the procedures used.
	-	These statements of relative accuracy and confidence of
		the estimate should be compared with production data
		where available.

www.challengergold.com

Challenger Gold Limited

ACN 123 591 382 ASX: CEL

Australian Registered Office

Issued Capital

Directors

Contact

www.challengergold.com

AI assistant

CHALLENGER GOLD LIMITED — Interim / Quarterly Report 2023

64637_rns_2024-01-30_bc6c040a-091b-425c-8b5f-ece31407f0f2.pdf

QUARTERLY REPORT FOR THE PERIOD ENDED 31 DECEMBER 2023

Highlights

Hualilan Gold Project - San Juan, Argentina

El Guayabo/Colorado V Gold/Copper Projects - El Oro, Ecuador

HUALILAN GOLD PROJECT - ARGENTINA

HUALILAN SCOPING STUDY ( Refer to ASX Release 8 November 2023)

Directors

Contact

Directors

Study Approach

Issued Capital

Contact

Mine Design and Production Target

53.5Mt at 1.0g/t AuEq (0.8 g/t Au, 4.9 g/t Ag, 0.32% Zn, 0.06% Pb) - containing 1.7 Moz AuEq

Capital Costs

Operating Costs

Underground Mining Costs

Process Costs

Opportunities

On site upgrading of Au-Ag Concentrate to Dore

Next Steps

Directors

REGIONAL EXPLORATION PROGRAM

EL GUAYABO GOLD AND COLORADO V GOLD/COPPER PROJECT - ECUADOR

43-101 Technical Report

Rock-Saw Channel Sampling Program

Surface Mapping

For further information contact:

ADDITIONAL INFORMATION

COMPETENT PERSON STATEMENT – EXPLORATION RESULTS AND MINERAL RESOURCES

FORWARD LOOKING STATEMENTS

SCOPING STUDY

1 Gold Equivalent (AuEq) values - Requirements under the JORC Code

2 Gold Equivalent (AuEq) values - Requirements under the JORC Code

Directors

Appendix 1 - Schedule of Tenements

Directors

Appendix 2 - ASX Waivers

Directors

About Challenger Gold

Section 1 Sampling Techniques and Data -Hualilan Project

(Criteria in this section apply to all succeeding sections.)

Australian Registered Office

Challenger Gold Limited

Australian Registered Office

Issued Capital

Directors

Contact

Criteria JORC Code explanation

Challenger Gold Limited

Issued Capital

Australian Registered Office

Directors

Contact

Challenger Gold Limited

Issued Capital

Australian Registered Office

Directors

Contact

Challenger Gold Limited

Australian Registered Office

Contact

Challenger Gold Limited

Issued Capital

Australian Registered Office

Directors

Contact

Challenger Gold Limited

Issued Capital

Australian Registered Office

Directors

Contact

Challenger Gold Limited

Issued Capital

Australian Registered Office

Directors

Contact

CHALLENGER GOLD LIMITED Interim / Quarterly Report 2023