Challenger Gold Completes A$85m Raise, Marrone Chair

Challenger Gold (ASX:CEL) announced completion of its A$85 million capital raise, details of which were initially announced on 18 May 2026 and 31 July 2026. Tranche 1 of the institutional placement raised approximately A$23.1 million through approximately 9.6 million new fully paid ordinary shares and approximately 4.8 million options, completed on 25 May 2026 using the company's placement capacity under ASX Listing Rules 7.1 and 7.1A, and Tranche 2 raised A$46.5 million through approximately 19.4 million new shares and approximately 9.7 million options, completed on 31 July 2026. The remaining balance has now settled, comprising a A$10.0 million placement to Mr Peter Marrone, who subscribed for A$8 million, and other lead investors, who subscribed for A$2 million, through approximately 4.2 million new shares and 2.1 million options, and a director placement of approximately A$5.34 million to affiliates of director Eduardo Elsztain through approximately 2.2 million new shares and 1.1 million options, both on the same terms as the institutional placement. One free-attaching unlisted option was issued for every two new shares subscribed under those two placements, exercisable at $3.12, which the company said represents a 30% premium to the offer price, and expiring on 30 June 2029. Challenger also completed the issue of approximately 10 million shares under the share purchase agreement with Mr Marrone and other lead investors for its acquisition of 100% of the shares in Blue Spruce Holdings (Australia) Pty Ltd, and an aggregate of 2.5 million concurrent SPA shares to Inversiones Financieras Del Sur and Dolphin Real Assets Fund SPC Ltd. All figures in the announcement are on a post-consolidation basis.

Alongside the raising, Mr Marrone, Allied Gold Chairman and Chief Executive Officer, has been formally appointed Non-Executive Chairman following shareholder approval at the extraordinary general meeting held on 27 July 2026 and completion of the capital raise. Former Yamana Gold Chief Operating Officer Yohann Bouchard has been formally appointed Chief Operating Officer and, as previously announced, will take the role of interim Chief Executive Officer. Felipe Riquelme has been appointed Chief Financial Officer effective 10 August 2026. Eduardo Elsztain, previously Non-Executive Chairman, has transitioned to Non-Executive Director following shareholder approval of Mr Marrone's appointment as a director. Kris Knauer has resigned as managing director and chief executive officer and has agreed to remain as a consultant to the company for a further six-month period to ensure an orderly transition.