How Challenger Gold’s Heap Leach Breakthrough Could Unlock 2.9Moz at Hualilan

• Final metallurgical testwork progressing on schedule for Hualilan PFS completion by early Q4 2025
• Heap leach column tests show gold recoveries up to 85%, outperforming global benchmarks
• Low-grade mineralisation (down to 0.15 g/t Au) demonstrates strong recoveries, unlocking significant resource potential
• Heap leach integration could transform project economics, enabling larger open-pit mining scenarios