Can Challenger Gold’s Hualilan Toll Milling Deliver $88M EBITDA in Three Years?

• 450,000 wet metric tonnes of ore to be toll milled over three years
• Projected EBITDA of US$88 million at base metal prices, rising to US$143 million at spot prices
• Pre-tax NPV of US$73.8 million with a rapid 7-month payback period
• Mining from three open pits with rent-to-buy equipment model