Challenger Gold advances Hualilán project with A$85M funding

Challenger Gold Limited has announced a strategic reset for its 100%-owned Hualilán Gold Project in Argentina's San Juan Province. The company is transitioning from a third-party toll treatment model to a larger, integrated mining and processing operation. This shift is supported by an A$85 million equity raising intended to fund resource drilling, feasibility studies, and development preparation.

A Pre-Feasibility Study (PFS) for the project outlines a 14.25-year mine life with a production target of 1.84 million ounces of gold equivalent. At a gold price of US$3,500/oz, the study projected a pre-tax net present value (NPV5) of US$1.45 billion. The proposed integrated development includes an open-pit operation featuring a 1.5 million tonnes per annum flotation plant and an 8Mtpa heap leach circuit.

To support this expansion, Challenger Gold has strengthened its leadership team, appointing Peter Marrone as Non-Executive Chairman, Yohann Bouchard as Chief Operating Officer, Felipe Riquelme as Chief Financial Officer, and Luke Buchanan as VP of Project and Strategic Planning. The company has also commenced a 35,000-metre diamond drilling program to drive resource growth. Challenger aims to begin construction in 2027, targeting standalone production in early 2029, subject to regulatory approvals and financing.