Challenger Gold targets Hualilán commercial production by early 2029

Challenger Gold (ASX:CEL) is proceeding with a detailed engineering and earthworks program at its Hualilán gold project in Argentina. The company's leadership team has made converting the site into a producing mine its primary objective. Stand-alone Phase 1 commercial production using a heap-leach method is targeted for early 2029. Flotation processing is planned to be added two years later. A preliminary feasibility study released in May 2026 projected 1.8 million ounces of gold equivalent over 14.25 years. This average translates to approximately 135,000 ounces annually after the first two years. Under US$3,500 per ounce prices, the project showed a post-tax net present value of about US$1.1 billion, a 35% internal rate of return, and a payback period of 2.25 years. Total pre-production capital requirements were estimated at about US$267 million. Four drilling rigs are currently active, working to grow resources and convert reserves to support the mine plan. Financing and technical milestones are scheduled through early 2027.