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1ASX: CEL Investor Presentation September 2026 INVESTOR PRESENTATION SEPTEMBER 2026
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2ASX: CEL Investor Presentation September 2026 DISCLAIMER This presentation is for informational purposes only and does not constitute an offer to sell, or solicitation to purchase, any securities. Such Offer can be made only through proper subscription documentation and only to investors meeting strict suitability requirements. Any failure to comply with these restrictions may constitute a violation of applicable securities laws. In providing this presentation Challenger Gold Limited ACN 123 591 382 (“CEL” or “the Company”) has not considered the financial position or needs of the recipient. Persons needing advice should consult their stockbroker, bank manager, solicitor, attorney, accountant or other independent financial and legal advisors. 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, production, 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 r isks, uncertainties and other factors, many of which are beyond the control of Challenger, its officers, employees, agents and associates, which may cause actual results to differ materially fr om those expressed of implied in such forward-looking statements. Relevant factors include risks associated with exploring for gold, project development and construction and the mining, processing and sale of gold, including without limitation, the ability to obtain all necessary approvals and the time and conditions attached to the same, changes in commodity prices, foreign exchange fluctuations and general econ omic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the Company operates or may in the future operate, environmental conditions. Actual results, performance, or outcomes may differ materially from a ny 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. Challenger 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 sh ould 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. Figures in this announcement may not sum due to rounding. Forward looking statements in this presentation only apply at the date of issue. Subject to any continuing obligations under applicable law or any relevant securities exchange listing rules, in providing this information the Company does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based. RESOURCES, RESERVES AND PRODUCTION TARGETS This announcement contains references to the Company’s Pre-Feasibility Study and its outcomes for the Hualilan Gold Project announced to the ASX on 18 May 2026 entitled 'Hualilan Gold Project Pre- Feasibility Study'. The Company confirms that it is not aware of any new information or data that materially affects the info rmation included in the original market announcement and that all material assumptions and technical parameters underpinning the production target, forecast financial information, Mineral Resource Est imates and Ore Reserve estimates for the Hualilan Gold Project in the relevant original market announcement continue to apply and have not materially changed. The Company confirms that the form a nd context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. The information in this presentation that relates to the Ore Reserves and Mineral Resources for the Company’s El Guayabo Gold Project has been extracted from the ASX releases by Challenger entitled ‘Ecuador Resource Doubled to 9.1 Million Ounces AuEq’ dated 9 April 2025, available at www.challengergold.com and www.asx.com. Challenger confirms that it is not aware of any ne w information or data that materially affects the information included in that market announcement and, in relation to the estimates of Challenger’s Ore Reserves and Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in that market announcement continue to apply and have not materially changed . Challenger confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from those releases. IMPORTANT NOTICES AND DISCLAIMER
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3ASX: CEL Investor Presentation September 2026 JORC CODE It is a requirement of the ASX Listing Rules that the reporting of ore reserves and mineral resources in Australia comply with the Joint Ore Reserves Committee’s Australasian Code for Reporting of Mineral Resources and Ore Reserves ("JORC Code"). Investors outside Australia should note that while ore reserve and mineral resource estimates of the Company in this document comply with the JORC Code (such JORC Code-compliant ore reserves and mineral resources being "Ore Reserves" and "Mineral Resources" respectively), they may not comply with the relevant guidelines in other countries and, in particular, do not comply with Industry Guide 7, which governs disclosures of mineral reserves in registration statements filed with the SEC. Information contained in this document describing mineral deposits may not be comparable to similar information made public by companies subject to the reporting and disclosure requirements of US securities laws. In particular, Industry Guide 7 does not recognise classifications other than proven and probable reserves and, as a result, the SEC generally does not permit mining companies to disclose their mineral resources in SEC filings. You should not assume that quantities reported as “resources” will be converted to reserves under the JORC Code or any other reporting regime or that the Company will be able to legally and economically extract them. PRE-FEASIBILITY STUDY CAUTIONARY STATEMENT The Pre-Feasibility Study referred to in this presentation has been undertaken to determine the viability of a development of Challenger’s Hualilan Gold Project and confirm the business case to progress more definitive studies on the project as the next step towards production. This study is a prefeasibility level technical and economic study of the potential viability of the Hualilan Mineral Resource Estimate (“MRE”) remaining after the completion of toll milling. The PFS serves as a critical intermediate step in the project development lifecycle, bridging early conceptual assessments and a Pre- Feasibility Study (“PFS”). Its primary purpose is to evaluate whether the resource can be technically, economically, and environmentally developed into a viable mining project. The PFS defines the technical, economic, and execution framework for the Hualilan Project at an AACE Class 4 level of accuracy. The PFS is based on the material assumptions outlined below. These include assumptions about the availability of funding. While CEL considers all of the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the Scoping Study will be achieved. To achieve the range of outcomes indicated in the Pre Feasibility Study, funding in the order of US$232 million will be required. Investors should note that there is no certainty that CEL will be able to raise that quantum of funding when needed. It is also possible that such funding may only be available on terms that may be dilutive to or otherwise affect the value of CEL's existing shares. Furthermore, it is also possible that CEL could pursue other ‘value realisation’ strategies such as a sale, partial sale, or joint venture of the project. If it does, this could materially reduce CEL's proportionate ownership of the project. Given the uncertainties involved, investors should not make any investment decisions based solely on the results of the PFS. The PFS is presented in USD unless otherwise stated and to an accuracy of ±30%. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised. CEL is satisfied that the proportion of Inferred Mineral Resources is not the determining factor in project viability. The viability of the development scenario demonstrated in the Pre Feasibility Study does not depend on the inclusion of the Inferred Mineral Resources. Removing the Inferred Mineral Resources from the mine plan still produces a positive NPV and attractive IRR but reduces the mine life to 11.5 years. The PFS contains forward looking statements, and the Company has determined that it has a reasonable basis for doing so and b elieves there is a reasonable basis to fund the Hualilan Gold Project. This announcement has been authorised for release by the Interim CEO of Challenger Gold Limited . IMPORTANT NOTICES AND DISCLAIMER
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4ASX: CEL Investor Presentation September 2026 YOHANN BOUCHARD COO (Interim CEO) FELIPE RIQUELME Chief Financial Officer LUKE BUCHANAN VP , Projects & Strategy PETER MARRONE Chairman • Proven track-record of value creation, most recently as leaders with Yamana Gold, Allied Gold, New Gold, and Andean Precious Metals. • Extensive mine development & operations experience, including operating large-scale open-pit mines across the Americas, aligning with the Company’s transition from exploration success to project execution. • Enhanced financial capability, adding the financial and capital markets expertise needed to support the company's next phase of growth. • Greater depth of technical expertise to optimize and de-risk the Hualilán project through completion of detailed engineering. NEW LEADERSHIP APPOINTMENTS BOARD OF DIRECTORS PETER MARRONE Chairman SERGIO ROTONDO Executive Vice Chairman SONIA DELGADO Executive Director EDUARDO ELSZTAIN Non-Executive Director FLETCHER QUINN Non-Executive Director BRETT HACKETT Non-Executive Director CAROLINA ZANG Non-Executive Director STRENGTHENED LEADERSHIP TEAM Proven Record of Mine Development Success and Strong Shareholder Returns
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5ASX: CEL Investor Presentation September 2026 TWO LARGE-SCALE GOLD PROJECTS Near-term Production Pathway with Long-term Growth Optionality HUALILÁN Gold Development Project1 San Juan, Argentina 2026 PFS HIGHLIGHTS 1.8 Moz AuEq produced over a 14.25 year mine life Fully permitted. Roadmap to start production by early 2029 Low initial capex of $267 million. Quick payback of 2.25 years Post-tax NPV5 of $1.1B ($1.8B at $4,500/oz gold price) Opportunities in progress to further improve PFS economics Hualilán El Guayabo EL GUAYABO Gold-Copper Exploration Project2 El Oro, Ecuador LARGE SCALE PORPHYRY SYSTEM 9.1 Moz gold equivalent resources (6.9 Moz attributable to CEL) Combines the El Guayabo and Colorado V deposits Open at depth and along strike with district-scale potential Large footprint of 3,663 Ha. Multiple untested targets On the same system as the 26 Moz AuEq Cangrejos Project (sold in 2025 for A$650M) 1. See the Company’s ASX announcement dated 18 May 2026 entitled 'Hualilan Gold Project Pre-Feasibility Study’. 2. See the Company’s ASX announcement dated 9 April 2025 entitled ‘Ecuador Resource Doubled to 9.1 Million Ounces AuEq’ .
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6ASX: CEL Investor Presentation September 2026 STRATEGIC OBJECTIVES Five Priorities to Increase Shareholder Value Hualilán Commercial Production by Early 2029 • Proactively advance detailed engineering • Complete expanded testwork programs • Procure long-lead-time equipment Increase Hualilán NPV Ahead of Construction • Exploration and reserve growth • Finalize optimisation studies • Reduce upfront capital investment Secure Project Financing • Disciplined cost control and cash flow management • Refinance convertible debenture in Q3 2026 • Completed full project financing plan by mid-2027 Increase Exposure to International Institutional Investors • NI 43-101 Technical Report • Upgrade to the OTCQX in the US • Evaluate potential secondary listing options Realize Shareholder Value from Ecuador Project • Geology and resource review • Develop exploration strategy • Evaluate strategic options for unlocking shareholder value 1 4 3 2 5
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7ASX: CEL Investor Presentation September 2026 ECUADOR OVERVIEW 6 km From the 26 Moz AuEq Cangrejos Project Sold in 2025 for A$650M TIER-1 DISTRICT POTENTIAL PROPERTY-WIDE TARGETS Immediately adjacent to the 26 Moz Cangrejos deposit. Interpreted to be part of the same system in Ecuador's highly prospective Andean belt. The Company has identified 15 major gold-in-soil anomalies and drilled 13 of them, with seven returning more than 500 metres of mineralization. BULK-TONNAGE HIGH-GRADE CORE Characterized by thick mineralized intervals, supporting the potential for large-scale open-pit mining. Structurally controlled zones of higher- grade mineralization surrounded by extensive lower-grade disseminated mineralization. RAPID RESOURCE GROWTH SIGNIFICANT UPSIDE From a maiden resource in 2023, continued drilling has expanded the combined inventory to 9.1 Moz AuEq, highlighting substantial growth potential. Mineralization remains open along strike and at depth, while several large anomalies are only partially tested, providing a pipeline for future resource expansion and new discoveries.
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8ASX: CEL Investor Presentation September 2026 HUALILÁN LOCATION A Permitted Project in a Premier Mining Jurisdiction HUALILÁN SAN JUAN MENDOZA SAN LUIS CHILE LA RIOJA NORTH Glencore El Pachón Austral Gold Casposo McEwen Mining Los Azules BHP/Lundin Vicuna (Jose Maria/Filo) Barrick Del Carmen/Alturas Minas Argentinas Gualcamayo Barrick/Shandong Gold Pascua-Lama Veladero SAN JUAN ARGENTINA A Premier Investment Destination SAN JUAN An Established Mining Province • Argentina’s investment landscape has shifted decisively. • RIGI regime for large investments provides several tax and foreign exchange benefits, estimated to improve project NPV by approximately $185 M, as reflected in PFS. • Application is on track for Q4 2026 with confirmation anticipated in H1 2027. • San Juan hosts several major mines, with access to a skilled workforce and services • The province is one of the top-ranked mining jurisdictions in South America. • Challenger’s new leadership team and site management have experience building and operating mines in Argentina, including San Juan. SITE LOCATION Proximity to Infrastructure & Services ENVIRONMENT & COMMUNITY Fully Permitted & Social Acceptance • Located 120 km north-west of the provincial capital of San Juan. • Year-round access by sealed highway. • Relatively low elevation of 1,700 metres. • Proximity to infrastructure and services drives low capital and operating cost and reduces development risk. • EIA already approved, enabling progression to full mine construction and development. • Strong community and governmental support. • Significant positive social benefit, creating over 900 new jobs and significantly contributing to local, provincial and national economies.
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9ASX: CEL Investor Presentation September 2026 RIGI APPLICATION ON TRACK $185 Million Benefit to NPV, as Reflected in PFS WHAT IS RIGI RIGI (Large Investment Incentive Regime) is Argentina’s framework for attracting large- scale investment, providing qualifying projects with competitive tax, customs and foreign exchange benefits, supported by long-term fiscal and regulatory stability. ELIGIBILITY • Total investment exceeding US$200 million. • More than 40% of the investment made during the first two years. TAX & CASH FLOW BENEFITS • 25% Corporate Tax Rate • 7% Dividend Tax, reducing to 3.5% after Year 7 • Accelerated Depreciation • Unlimited Tax Loss Carryforwards • VAT Recovery Mechanism • 100% Bank Tax Credit TRADE & CUSTOMS BENEFITS • Duty-free Imports • No Export Duties After Year 3 • Unrestricted Import & Export Access FOREIGN EXCHANGE BENEFITS • Progressive FX Benefits, reaching 100% by Year 4 • Offshore Retention Permitted BENEFITS Q3 2026 SET-UP Q4 2026 APPLICATION H1 2027 ANTICIPATED APPROVAL 1 2 3 TIMELINE
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10ASX: CEL Investor Presentation September 2026 Fully Permitted EIA already approved, enabling full mine development and production. Tier-1 Mining Jurisdiction San Juan combines mining expertise, infrastructure and government support for development. Experienced Team Enhanced leadership team with a track record of mine development and operation success. Capital Efficient Development Staged development accelerates production and reduces pre-production capex. Low Operational Risk Bulk open-pit mining with dual-path conventional processing and doré produced on site. Significant Upside Deposit remains open along strike and at depth. Project enhancement opportunities under evaluation. MEANINGFUL PRODUCTION 1,843 koz LOM gold equivalent production, averaging 135 koz/year after year 2 COMPELLING VALUE $1,101 M post-tax NPV at a 5% discount rate ($1,823 M at $4,500/oz) LONG MINE LIFE 14.25 years With significant potential for mine life extension and production growth SUPERIOR RETURNS 35% post-tax IRR, supporting a compelling fast-track development case MODEST INITIAL CAPEX $267 M pre-production capital cost ($232 M excluding contingency) QUICK PAYBACK 2.25 years from first production (1.25 years at $4,500/oz) HUALILÁN IS IDEALLY POSITIONED FOR FAST-TRACKING Rare Combination of Project Attributes Supports Accelerated Development 1. See the Company’s ASX announcement dated 18 May 2026 entitled 'Hualilan Gold Project Pre-Feasibility Study'.
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11ASX: CEL Investor Presentation September 2026 Exploration Upside Along strike, parallel & at depth HUALILÁN ACCELERATED PFS PRODUCTION PROFILE Rapid Ramp-up to Sustained Long-Term Production 101 110 163 107 95 100 124 108 177 171 184 136 121 132 12 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 14.25 YR 135,000 life of mine Avg production AuEq oz/year 2029 First Heap Leach Production Heap Leach: 69 Mt at 0.37 g/t AuEq Flotation: 18.2 Mt at 2.4 g/t AuEq LOM AuEq Production: 1,843 koz after Year 2 GOLD EQUIVALENT PRODUCTION (koz) 2031 First Flotation Production Challenger has identified opportunities to increase, smooth and extend the PFS production profile One corporate action is to smooth the production profile by bringing production from later years forward This production profile assumes the PFS recoveries, which management now concludes may be improved in future studies
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12ASX: CEL Investor Presentation September 2026 HUALILÁN ROADMAP TO COMMERCIAL PRODUCTION Integrated Strategy to Achieve Stand-Alone Gold Production by Early 2029 ENGINEERING EXPLORATION FINANCING EXECUTION • Advance detailed engineering on critical-path activities to bring heap leach into production by early 2029 • Parallel technical studies to de-risk execution, optimise the mine plan & enhance project economics • NI 43-101 technical report • Continue near-mine infill & exploration drilling targeting extensions to known mineralisation, resource growth & reserve conversion • In parallel, assess additional resource growth opportunities across the broader Hualilán district • Refinance existing convertible debenture while continuing to evaluate additional project financing options • Evaluation of potential secondary listing options increase exposure to a broader group of international institutional investors • Commence procurement of long-lead equipment • Finalize agreement for third- party construction of the power connection • Ramp-up construction through the second half of 2027 • All permits are in place STRATEGIC PRIORITIES $ PRODUCTION 2026 2027 2028 2029 ENGINEERING, PROCUREMENT & CONSTRUCTIONPFS ACCELERATED TIMELINE
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13ASX: CEL Investor Presentation September 2026 MINE PLAN OPTIMISATION Targeting improved production profile & efficiencies • Optimised mine-to-process integration aimed at improving equipment utilisation, stockpile management and production scheduling. • Exploring possibilities to bring forward gold production, defer waste stripping, and improve unit mining costs. EXPLORATION & RESERVE GROWTH Drilling near-mine and in-pit targets • Advancing a 35,000-metre drilling program designed to expand the reserve base, convert resources to reserves and support mine plan optimisation. • Potential opportunities to convert in-pit material currently classified as waste into economically recoverable ore. MULTIPLE PATHWAYS TO CREATE ADDITIONAL VALUE Targeted Initiatives Designed to Improve Value Ahead of Project Construction REDUCED UPFRONT CAPEX Potentially transferring $48 M of upfront power line capex • Targeting reduced capital intensity through third-party financing and construction of the power connection • Potential to transfer upfront funding requirements to operating costs over the LOM, while reducing infrastructure delivery risk. • Basic engineering for the power line is underway. IMPROVED HEAP LEACH RECOVERIES Gold recovery may increase to 74.7% from 69.7% • Potential recovery increase of 5%, supported by metallurgical testwork given the extended leach residence times. • Additional large-diameter column tests and other testwork underway to validate results and further optimize heap leach recoveries and reagent consumption. %
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14ASX: CEL Investor Presentation September 2026 DETAILED ENGINEERING & PROJECT READINESS Proactively Advancing Phase 1 Workstreams to Accelerate Project Development DETAILED ENGINEERING METALLURGICAL TESTWORK • Phase 1 detailed engineering underway with BBA Consultants • Covers the open pit mine, heap leach pad, process facilities and site services • Improves project definition and cost certainty • Supports procurement of long-lead equipment in H1 2027 • Expanded testwork program commenced • Aiming to optimise and validate recovery and operating assumptions and pad design • Includes variability testing for crush sizes and reagent concentrations, permeability and load tests • Merrill-Crowe/ADR trade-off study in progress to optimise plant design GEOTECHNICAL PROGRAM EARLY SITE EARTHWORKS • 5,500m geotechnical and hydrogeological drilling program with associated testing and analysis • Will inform detailed pit design and infrastructure placement and de-risk execution • Includes groundwater management studies • Proactively bringing forward expenditure to support accelerated development schedule • Construction of the mining camp, access roads, and main gate is advanced • As of the end of June, small-scale mining activities have stockpiled 79,897 tonnes of ore at an average grade of 0.72 g/t gold for future processing
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15ASX: CEL Investor Presentation September 2026 EXPLORATION & RESERVE GROWTH Initial Drilling Designed to Incrementally Expand In-Pit & Near-Pit Mineralization DACITE LUTITE CAL COVER ARANITE 2026 PFS PIT DESIGN DACITE LUTITE COVER CAL ARANITE 2026 PFS PIT DESIGN DRILL TARGETS: NORTH END OF RESERVES PIT SECTION VIEW DRILL TARGETS: SOUTH END OF RESERVES PIT SECTION VIEW PLUNGE +12 AZIMUTH 031 200 m PLUNGE +12 AZIMUTH 031 200 m Q3 2026 COMMENCE DRILLING Q4 2026 INITIAL EXPLORATION UPDATE H2 2027 RESERVE & RESOURCE UPDATE 1 2 3 TIMELINE First Exploration Program in 3 Years 35,000m drilling campaign launched to expand resources and reserves, convert resources to reserves, and support mine plan optimisation. Incremental Reserves Growth Four rigs drilling within and around the current pit to add incremental open-pit Ore Reserves. Unlocking Additional Ore Potential Enhanced geological understanding may convert material currently classified as waste into economically recoverable ore. New Exploration Focus Targeting intrusion-hosted, dacite-related gold mineralization with strong continuity, scale, and heap-leach processing suitability.
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16ASX: CEL Investor Presentation September 2026 EXPLORATION & RESERVE GROWTH Potential Resource Growth Targets In-Pit & Along Strike DRILL TARGETS: NORTH END OF RESERVES PIT Plan View: 1765 mRL DACITE CAL LUTITE COVER ARANITE 2026 PFS PIT DESIGN CAL LUTITE DACITE COVER DRILL TARGETS: SOUTH END OF RESERVES PIT Plan View: 1750 mRL ARANITE 2026 PFS PIT DESIGN
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17ASX: CEL Investor Presentation September 2026 INVESTMENT SUMMARY & NEAR-TERM CATALYSTS A Compelling Pathway to Near-Term Gold Production, with Milestones Through 2027 Q3 2026 Q4 2026 H1 2027 H2 2027 Hualilán accelerated production roll out Bidding packages for long-lead equipment Convertible debenture financing Exploration update Project development update Submit RIGI application NI 43-101 report Results of optimisation studies Anticipated RIGI confirmation Resource and reserve update Construction ramp-up Complete project financing package Production targeted for early 2029 at Hualilán Fully permitted, capital efficient gold development project Strong PFS economics: US$1.1B NPV and 35% IRR Multiple opportunities to enhance project value before development Experienced operational team executing a clear production roadmap District-scale exploration upside in Ecuador INVESTMENT SUMMARY NEAR-TERM CATALYSTS With the planned optimizations at current gold prices, the net asset value can be expected to significantly increase.
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18ASX: CEL Investor Presentation September 2026 MINERAL RESOURCE & ORE RESERVE STATEMENTS
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19ASX: CEL Investor Presentation September 2026 ORE RESERVES & MINERAL RESOURCES Hualilán Ore Reserves Process Classification Cut-off NSR ($/t) Tonnes (000s) Grade Contained Metal Gold (g/t) Silver (g/t) Zinc (%) Gold (koz) Silver (koz) Zinc (kt) Heap Leach Proven 2.60 - - - - - - - Probable 2.60 48,300 0.37 2.63 0.12 581 4,081 60 Bulk Flotation Proven 0.00 - - - - - - - Probable 0.00 11,400 1.91 5.14 0.33 701 1,885 37 Sequential Flotation Proven 0.00 - - - - - - - Probable 0.00 3,161 2.28 17.34 2.30 232 1,763 73 Total Ore Reserves Proven variable - - - - - - - Probable variable 62,861 0.75 3.82 0.27 1,514 7,728 170 Proven + Probable variable 62,861 0.75 3.82 0.27 1,514 7,728 170 Hualilan Ore Reserve Statement, Released May 2026 Notes: 1. Ore Reserves are reported in accordance with the JORC Code (2012 Edition). 2. The Ore Reserves are based on a Pre-Feasibility Study (PFS) completed in April 2026, considering modifying factors including mining, metallurgical, economic, environmental, social, and regulatory factors. 3. The Ore Reserves are inclusive of diluting material and mining losses. 4. Ore reserves are reported using a variety of NSR cut-off grades. The NSR was calculated as the revenue from a given block, less the processing and G&A costs. The cut-off NSR values and the parameters used in the NSR calculation are as follows: a. Heap Leach: NSR > $2.60/t b. Bulk and Sequential Flotation: NSR > $0/t c. Processing Cost: Heap leach = $2.89/t, bulk float = $19.09/t, sequential float = $22.40/t d. Heap Leach Recovery: 69.65% Au, 44.78% Ag e. Bulk Flotation Recovery: 94.7% Au, 69.04% Ag f. Sequential Flotation Recovery: 92.20% Au, 73.42% Ag, 83.68% Zn g. Heap Leach Selling Cost: 5% of Au revenue, 11.5% of Ag revenue h. Bulk Flotation Selling Cost: 5% of Au revenue, 11.5% of Ag revenue i. Sequential Flotation Selling Cost: 7.09% of Au revenue, 25.29% of Ag revenue, 40.82% of Zn revenue j. Metal prices: $US3,500/oz Au, $US58.33/oz Ag and $US1.35/lb Zn. 5. The Ore Reserve estimate is supported by a mine design, schedule, and economic model demonstrating positive cash flow under reasonable assumptions. 6. Metallurgical recoveries used for the estimation are based on a test-work program specifically evaluating metal recoveries in the two flowsheets contemplated for this project: flotation and heap leaching. 7. The Ore Reserve is reported above a pit design which was based on an optimised pit shell generated using metal prices and operating costs consistent with the PFS inputs. 8. Rounding has been applied in accordance with JORC Code guidelines. Totals may not sum exactly due to rounding. 9. The Ore Reserves were estimated by Grant Carlson, P.Eng., an employee of Fuse Advisors Inc., in Vancouver Canada, and a Competent Person and Member of Engineers and Geoscientists British Columbia, with sufficient experience relevant to the style of mineralisation and type of deposit under consideration. 10. The estimate includes only Probable Reserves as it is based on Indicated Mineral Resources. No Proved Reserves have been declared. 11. Inferred Resources are considered too speculative geologically to apply any economic value and are not included in this ore reserve estimate. 12. Units for the reserve estimate are metric tonnes and grams, plus troy ounces for gold. 13. The estimate of Ore reserves may be materially affected by geology, environment, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant risks.
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20ASX: CEL Investor Presentation September 2026 ORE RESERVES & MINERAL RESOURCES Hualilán Mineral Resources Domain Classification Tonnes (Mt) Grade Contained AuEq (oz)Gold (g/t) Silver (g/t) Zinc (%) AuEq (g/t) In-pit MRE > 0.8 g/t AuEq Indicated 16.9 2.1 8.33 0.79 2.4 1,275,588 Inferred 4.3 2.6 14.78 0.97 2.9 402,690 Total 21.2 2.2 9.64 0.83 2.5 1,678,279 In-pit MRE < 0.8 g/t AuEq Indicated 56.4 0.32 2.31 0.12 0.36 656,951 Inferred 52.6 0.13 1.50 0.06 0.16 266,343 Total 109.0 0.26 1.9 0.09 0.26 923,294 Total Below the Pit Indicated 0.61 1.7 8.4 1.1 2.0 38,191 Inferred 1.3 2.0 11.4 1.1 2.3 95,659 Total 1.9 1.9 10.5 1.1 2.1 133,850 Hualilan Mineral Resource Statement, Released May 2026 The MRE is reported to two significant figures to reflect appropriate precision and may not sum precisely due to rounding. A AuEq cut-off of 0.06 g/t has been used to reflect an expected cut-off given the metal price assumptions and metallurgical information for all processing routes. The MRE is inclusive of reserves. Gold Equivalent (AuEq) values: • Assumed commodity prices for the calculation of AuEq is Au US$3,500 /oz, Ag US$58.33 /oz, Zn US$2,976/t (US$ 1.35/lb). • Life of mine weighted average metallurgical recoveries are estimated to be Au (84.8%), Ag (59.1%), Zn (33.7%) across all mineralised material types based on metallurgical test work. • The formula used: is AuEq (g/t) = Au (g/t) + [Ag (g/t) x 0.01161490] + [Zn (%) x 0.14712530]. • CEL confirms that it is the Company’s opinion that all the elements included in the metal equivalents calculation have reasonable potential to be recovered and sold. The AuEq differs from the calculation used in the previous MRE by the removal of Pb as a metal of economic interest and changes in metal price assumptions. Domain Classification Tonnes (Mt) Grade Contained AuEq (oz)Gold (g/t) Silver (g/t) Zinc (%) AuEq (g/t) US$3500 optimised shell ≥ 0.06 g/t AuEq Indicated 73.3 0.74 3.7 0.27 0.82 1,932,540 Inferred 56.9 0.32 2.5 0.13 0.37 669,033 Below US$3500 shell ≥ 1.0 g/t AuEq Indicated 0.61 1.7 8.4 1.1 2.0 38,191 Inferred 1.3 2.0 11.4 1.2 2.3 95,659 Total 132.1 0.57 3.3 0.21 0.64 2,735,422
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21ASX: CEL Investor Presentation September 2026 ORE RESERVES & MINERAL RESOURCES Ecuador Mineral Resources, Released April 2025 Domain Category Mt Au (g/t) Ag (g/t) Cu (%) Mo (ppm) AuEq (g/t) AuEq (Moz) El Guayabo Concessions (CEL 100%) US$2,000 optimised shell > 0.3 g/t AuEq Inferred 240 0.36 2.4 0.06 8.0 0.48 3.7 Below US$20000 shell >0.4 g/t AuEq Inferred 52 0.44 1.9 0.07 9.0 0.57 1.0 Total MRE (El Guayabo) Inf 292 0.38 2.3 0.06 8.2 0.50 4.7 Total Colorado V Concession (CEL 50%) US$2,000 optimised shell > 0.3 g/t AuEq Indicated 56.5 0.35 2.3 0.08 11.0 0.49 0.9 US$2,000 optimised shell > 0.3 g/t AuEq Inferred 185.5 0.32 2.1 0.08 16.0 0.48 2.8 Below US$2,000 shell >0.4 g/t AuEq Inferred 36.1 0.49 2.3 0.06 11.0 0.61 0.7 Total MRE (Colorado V) Ind + Inf 278.1 0.35 2.2 0.08 14.3 0.50 4.4 Combined Project (El Guayabo and Colorado V on a 100% basis) US$2,000 optimised shell > 0.3 g/t AuEq Indicated 56 0.35 2.3 0.08 11.0 0.49 0.9 US$2,000 optimised shell > 0.3 g/t AuEq Inferred 426 0.34 2.3 0.07 9.6 0.34 6.6 Below US$2,000 shell >0.4 g/t AuEq Inferred 88 0.46 2.1 0.07 9.6 0.59 1.7 Grand Total Ind + Inf 570 0.36 2.2 0.07 9.7 0.36 9.1 Attributable to CEL (El Guayabo 100% and Colorado V 50%) US$2,000 optimised shell > 0.3 g/t AuEq Indicated 28 0.35 2.3 0.08 11.0 0.49 0.4 US$2,000 optimised shell > 0.3 g/t AuEq Inferred 333 0.35 2.3 0.07 10.2 0.48 5.2 Below US$2,000 shell >0.4 g/t AuEq Inferred 70 0.46 2.0 0.07 9.5 0.58 1.3 Grand Total Ind + Inf 431 0.37 2.3 0.07 10.2 0.50 6.9 Note: Some rounding errors may be present Table 1 Combined El Guayabo and Colorado V MRE 1 Gold Equivalent (AuEq) values - Requirements under the JORC Code •Assumed commodity prices for the calculation of AuEq is Au US$1,800 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.