Challenger Gold Limited ($CEL)

Good morning, everyone, and thank you for joining us today for the Challenger Gold Investor Webinar. I'm Jane Morgan, Investor and Media Relations Manager. And today, I'm joined by our CEO and Managing Director, Kris Knauer; our incoming Non-Executive Chair, Peter Marrone; and our incoming Chief Operating Officer, Yohann Bouchard. Today, we'll be running through the investor presentation, which was lodged on the ASX this morning, followed by a Q&A session. [Operator Instructions] So to ask a question throughout today's webinar, please use the Q&A function which can be found at the bottom of your screen. Kris, I'll hand to you.

Thanks, Jane, and good morning, everyone, and thank you for joining us today. It's my pleasure to welcome you to Challenger Gold's June 2026 webinar. Before we begin, I'd like to introduce the team presenting today. Joining me is Peter Marrone, our incoming Non-Executive Chairman. Peter brings over 3 decades of global mining and capital markets experience, including founding and leading major gold companies and consistently delivering strong shareholder returns. Also joining us is Yohann Bouchard, our incoming COO. Yohann brings more than 25 years of operational and technical expertise across the Americas with a proven track record of building and optimizing mining operations and driving them through free cash flow. Together, Peter and Yohann significantly strengthened Challenger's capability as we transition from an explorer into development and production. Today, we'll walk you through the strategy, the strength of our asset base and the disciplined decisions we're making to maximize shareholder value. Our focus is the Hualilan Gold Project in Argentina, a large high-scale quality system that's rapidly advancing towards stand-alone production. Over the course of this presentation, we'll show you how we are positioning Challenger Gold for long-term growth underpinned by strong fundamentals and a clear pathway to value creation. Before we get into the detail, just a quick note on the usual disclaimers. Today's presentation includes forward-looking statements, which reflect our current expectations but are subject to change based on market conditions and project execution. We'd encourage everyone to keep that in mind as we walk through the opportunity. This presentation builds on our recently completed feasibility -- Pre-Feasibility Study, which represents a critical milestone in transforming Hualilan from a resource to development-ready asset. The critical milestone is transitioning Hualilan from a resource -- sorry, to develop -- the pre-feas establishes a technically and economically viable pathway forward, confirming that the project can be advanced through the definitive feasibility study and into production. It defines a clear operating concept, capital framework and economic profile while also identifying areas for optimization as we move to the next phase. Importantly, the study demonstrates that Hualilan has a sound foundation for development while still retaining substantial upside. I'll now hand over to Peter, who will walk you through the strategic rationale behind the deal and the broader positioning of the company.

So Kris, thank you very much, and thank you, ladies and gentlemen, for participating on this conference call and webinar. This is a compelling combination. We are talking about scale, grade, growth across 2 high-quality assets. We are in the process of completing an $85 million equity raise. This is a reset of the company. It is a combination of a management with an existing management, a combination of management competency and systems together with a company with these 2 high-quality assets, one in Argentina and one in Ecuador. That $85 million equity raise is a reset of the company. It repositions the company to take advantage of the opportunities that are presented from these assets. Gone will be the days of hand to mouth in terms of financing. We are now fully financed for this phase of the development of the company. And that means then that we can properly explore this project, particularly Hualilan. We can upgrade inferred resources to measured and indicated. We can expand mineralized zones, and we can conduct a regional exploration program and at depth -- this deposit is open at depth. We can validate what is assumed in the feasibility study to be leaching recoveries of roughly 69%, 70%, but it also demonstrates that there are higher recoveries in the range of 80% to 85%. So we can validate how we can get those higher recoveries from the heap leaching. We can optimize the mine rate and sequence. We can develop trade-off studies that create a balanced approach between proper and efficient mining, how we stack processing stockpile management and ultimately, net present value optimization. So what does it all mean? It means that we have a project that has high prospectivity, considerable value. It is deeply discounted in terms of that value that is represented in the project and a value that can further increase as a result of these plans that we have for the optimization of this project. What it means in the end, though is we intend to develop this as a mine. And so we're bringing the competency and skill set of an entire management team to take this company to the next level and to develop this mine. And in the meantime, we have all of that optionality of that exploration program at Hualilan and of course, exploration program that exists at Ecuador. Historically, the company has indicated in the case of Ecuador that the plan is to sell it. Let's put that away. We don't intend to do that. It is rare to find a deposit that has 9.1 million ounces already attributable to the company, almost 7 million ounces. We intend to spend some of that $85 million on an exploration program to properly understand what we have. We think we can significantly increase the resource. Don't be surprised if in these resources, if historical examples, if precedents are true to this particular situation, if we double that existing resource that exists at the project. So there's considerable prospectivity. Our objective is to determine what is that prospectivity and how to deliver value from it. So we have a pathway to production. There's significant exploration upside and optionality. We have significant resources and with the conversion of inferred material to measured and indicated, that resource will increase. Our objective at the end of the day is to develop Hualilan into a mine to determine what we have in Ecuador and of course, to maximize value. I'm an investor in this company. I'm coming in with a significant equity investment. I'm leading the charge on that $85 million financing. And in the end, my position in this company will be amongst the largest of the shareholders in the company. And bringing with that, of course, is the management, a management that has demonstrated that it can deliver value from projects and from public companies before. Yohann, along with others that are joining the company as this program develops, have been instrumental in the development of Yamana that went from a $100 million market capitalization to $5.5 billion when it was sold in 2023. And similarly, some of that management that formed Allied Gold in 2023 as Yamana was sold with an initial market capitalization of roughly $800 million, $900 million and in progress on selling that company for $5.5 billion. Let's wish everyone here on this call and who are representative shareholders the success that takes this from the market capitalization that we have to something that is substantially more valuable. And I see this as a multiple of the existing market capitalization of the existing share price. And with that, let me pass it back to you, Kris.

Thanks very much, Peter. And as we move through the Pre-Feasibility Study highlights, really, this pre-feas is a watershed. What it demonstrates is that Challenger has no longer got a resource in Hualilan. It's got a credible and investment-ready development project. Importantly, the pre-feas is a starting point for value creation, not the end. It demonstrates that even under these conservative assumptions, the project delivers strong economics while leaving considerable upside. In terms of the pre-feas, I'll talk to Argentina first. One of the key pillars underpinning the transformation of the company is that Argentina is now a strong and go-to mining destination, particularly San Juan, which was always one of the established mining regions in South America. It's got excellent infrastructure, proximity to major operations, strong logistical access. What makes this particularly compelling is that Argentina has undergone a structural transformation in its investment environment. With the removal of currency controls, you've got improved fiscal terms with the introduction of the RIGI regime, the country shifted from being a challenging environment, and that's what it was when we first came into Argentina to one that's now considered a premier destination for mining. For Challenger, this means we're developing a large-scale gold project in a jurisdiction that's now offering greater certainty, lower costs and improved capital returns, all of which directly enhance our investment base. Pre-feas highlights are there on that slide. It demonstrates that we've got a robust large-scale open pit with strong economics and manageable capital requirements. At the base case gold price of $3,500 gold, the project delivers an NPV of approximately $1.45 billion. This increases significantly at higher gold. And that project NPV is a multiple of the current market cap of the company. Project benefits from low operating costs, all-in sustaining cash costs of just over $1,600 per ounce. And in the early years, that's much lower. We've got a rapid payback period of just over 2 years and first production averaging 100,000 ounces from our start-up over the first 2 years and then increasing to 135,000 ounces. The project's underlying fundamentals are high returns, low cost, and fast payback, which is the core of the investment thesis. What's particularly compelling is the high returns and capital efficiency. We're looking at a project with relatively modest upfront capital requirements, USD 232 million, yet it delivers multiple that in NPV. It's also worth noting that the power grid -- if the power grid is constructed by a third party, initial CapEx is reduced by almost $58 million with those costs paid for over the life of mine operating costs. When you combine these elements, low NPV, fast payback, long mine life, abundant exploration upside, you've got a project that stands out as both robust and highly financeable even under these conservative assumptions. I'll move on to the next slide. So looking at the broader operating concept, Hualilan is a long-life, flexible and resilient operation, again, underpinned by conservative assumptions with strong leverage to upside. At its core, it's a simple open pit mining operation using well-understood contract mining and proven processing technologies. The integration of a high-margin flotation circuit for the higher-grade material alongside a low-cost heap leach pathway for lower-grade material allows us to capture value across the entire ore body and generate dore on site. Key takeaway here is that we're delivering a project that combines operational simplicity, strong economic performance. It's a long-life asset with low all-in sustaining cash cost, robust margins, significant free cash flow even at conservative gold prices. Just as importantly, this is not a static plan. We have a clear pathway to enhance and grow the project, which Yohann will touch on later through infill drilling to upgrade resources, optimization of the processing performance and continued exploration at depth and along strike. What this means today from an investment perspective is that Hualilan is not only robust and financeable today, but also positioned to improve over time with multiple levers available to increase production, extend mine life and ultimately drive higher returns for shareholders. The project generates significant cash flow over USD 1.8 billion post tax in the base case and demonstrates strong leverage to gold prices. Importantly, the stage development approach enables early production from heap leach, followed by expansion funded through internal cash flow, which significantly reduces financing risk. I've just got the production profile up now. Now this production profile, again reinforces the strength of the project as a long-term asset. We're looking at consistent meaningful gold production over more than a decade delivered at a competitive all-in sustaining cost. What is particularly attractive is the visibility and predictability this provides. The project is not reliant on sort of short-term narrow spikes, high-grade zones. It's a large-scale system capable of delivering steady output over time, which is highly valued by institutional investors. At the same time, we've got clear upside levers. These include extending the mine life through resource conversion, improving recoveries, expanding the resource base through exploration. So what you're really seeing here is a project that combines scale, stability and growth potential. That's a rare combination that underpins a very strong long-term investment case. I'll now hand over to Yohann, who will walk you through the opportunities and path forward.

Well, thank you, Kris. I will now take you through the opportunities and path forward. So while the PFS demonstrates a strong base case, it is important to emphasize that it represents a foundation, not a final outcome. As we move into DFS, our focus is on identifying and capturing the value across the operation and improving both efficiencies and the economic. So the Pre-Feasibility Study highlights not only the strong base case, but also a broad set of clearly identifiable opportunities for further improvement. This is a project that has already delivered a strong economic, yet still offer multiple tangible levers to drive additional value. One of the most immediate opportunities lie in the capital optimization, particularly around power, where there is a potential to reduce upfront capital by approximately USD 48 million through alternative grid and power solution. But at the same time, we have significant opportunities to extend mine life and improve operational sequencing through the conversion of inferred resource -- and to resource into indicated categories, which enhance confidence, increase flexibility and support higher value planning decision. Beyond that, we see opportunities across the full value chain such as improving Heap Leach recovery, accelerating plant construction, optimizing pit design and enhancing contractor performance. There is not high-risk concept here. There's our practical executable improvement that will be pursued through DFS process. The key takeaway is that we are working from a well-established, low-risk foundation, but with a very well and credible pathway to unlock material incremental value in the next phase. Going to Slide 13 now. So what underpins all of these opportunities is the fact that Hualilan has a very strong foundation, both in terms of resource and geology potential. We are operating within a large land package that has not been systematically explored for several years, which mean there is a high probability of additional discoveries and meaningful resources expansion. Importantly, the PFS should be seen as a starting point rather than a ceiling of value. It defines a robust and bankable base case, but it does not yet fully capture the scale of what the system could become. Our immediate focus is on infill drilling to upgrade resources alongside targeted exploration to test extension at depth and along strike. At the same time, we will continue to evaluate alternative mining and processing scenarios to ensure we are extracting maximum value from the asset. What this creates is a very compelling narrative, a project that is already economically attractive, but with substantial embedded upside that can be unlocked through disciplined technical work. Turning now to Slide 14. So on the next 3 to 6 months, we are entering a very active and important phase for the project. The objective here is to take a strong PFS and turn it into a fully optimized development-ready DFS. This includes a significant drilling program in a range of 35,000 meters focused on both infill and exploration, which is expected to increase resource confidence and potentially expand the overall resource base. From an engineering perspective, we will be refining every aspect of the operation, validating Heap Leach recovery, optimizing mining rate, and sequencing and developing a detailed trade-off scenario across mining, processing and stockpiling. These scenarios are critical because they allow us to identify the optimal balance between capital intensity, operating costs and production profile. We will also undertake comprehensive sensitivity and optimization work to ensure that the final development plan is maximizing NPV while maintaining a disciplined approach to risk. So what you should take away from this slide is that we have a clear structure and near-term pathway to further enhance the project. And importantly, the work program is already well defined and actionable. Turning now to Slide 15. Well, this slide really brings together the strategy rationale behind the deal and the direction of the company going forward. So the central theme here is that the company is now fully funded following a $85 million equity raising. This provides the flexibility to prioritize the most value-accretive development pathway as toll milling progresses. We have identified opportunities to accelerate the stand-alone Phase 1 Heap Leach development, which is clearly the most value-accretive development pathway. The rationale for this is very clear. A stand-alone Heap Leach operation provides a low-cost, more scalable processing model, a full operational control, removing reliance on third-party processing and a material uplift in net asset value, driven by lower unit costs and the ability to capture value across a large portion -- a larger portion of the resources. So importantly, this is not a change in direction. It is an acceleration of the strategy that is aligned with the market expectation. We aim to move more quickly from an interim capital-light approach to our full integrated development model. This builds a strong momentum to our objective of first stand-alone production supported by funding certainty, operational learning and a clear strategy focus. The key message is this. We are taking a project that has already robust and financable, and we aim to maximize its full potential, both operationally and in terms of shareholder value. I will now hand over the presentation to Kris that will give a brief overview on the Ecuadorian assets. Thank you.

Thanks, Yohann. And look, I'll briefly turn to Ecuador, which represents a significant strategic asset within our portfolio. While the near-term focus is very much on Hualilan, Ecuador provides substantial long-term optionality. I've got a slide that details Ecuador there. Now look, the asset hosts approximately 9.1 million ounces, almost 7 million ounces net to us. Project adjoins what is a Tier 1 asset, Lumina Gold's Cangrejos deposit with 26 million ounces of gold equivalent. Only a small portion of the project has been drilled to date. We've got 15 large regionally significant gold and soil anomalies. We've drilled 14 of those. All of them except one are mineralized. That 9.1 million ounce resource comes from drilling [ 4.5 ] of sort of the first of those 14 anomalies. So rather than divesting prematurely, we're now focused on fully understanding unlocking this potential. I'd like to pass over to Peter, firstly, for his initial thoughts on Ecuador and then general closing remarks and to field questions.

So Kris, if I may, I'm not sure that I've got the slide number correct, but this is the PFS overview. It may be Slide 9. Perhaps if we put it -- that's the one, the one that follows this one, the one that follows.

This one, Peter?

That's the one, yes. So I want to conclude with these comments. I refer to unique opportunity, a path to production and significant exploration upside. We will encourage questions that deal with how we get to the -- to where we get to. The deal is designed effectively as a repositioning, a combination of a company that this management has that is integrating into Challenger Gold. That brings experienced leadership, secured funding, access to further capital, establishes a strategic direction and access possibly in the event that it becomes relevant to build the platform of the company to other assets and other opportunities for our shareholders. But the objective remains simple. The objective is to maximize shareholder value. And I hope everyone can see on the screen on the bottom of the screen below the line that reads LOM all-in sustaining costs. The post-tax NPV, all in United States dollars at $3,500 gold is $1.1 billion. It is sensitive to gold price. So if we said, let's look at $4,000 gold, then that number increases to roughly $1.4 billion to $1.5 billion and all the way to $1.8 billion at $4,500 gold. I'm a gold bull. I believe the gold price is stabilizing. There are good reasons why it is doing what it is doing today. But I think we'll be seeing in a rearview mirror that $4,500 gold. So there's an impressive opportunity here for further value creation. But as Kris and Yohann mentioned, this is the foundation here. This Pre-Feasibility Study is only foundational. It is an excellent base case, but we think we can optimize and we can improve on that. So with exploration successes, those optimizations and improvements, the sensitivity to gold price and with a view that gold price is at least $3,500 -- when we look at a company with a market capitalization today, again, in United States dollars of roughly a couple of hundred million dollars, one can see why this is a deep value play and the value proposition is there. Let me conclude with what I began with. The objective here is to maximize shareholder value, and we think we have all the ingredients here to achieve that objective. So with that, perhaps Jane and Kris, if we can open it up to questions.

Yes. Wonderful. Thank you for that, gentlemen. I will make a note as well the webinar attendees just mentioned that the audio might have some issues. I'll let you know that we are recording today's webinar, and it will be circulated following the presentation. But let's jump into questions. And once again, if you do have questions for the team, please use the Q&A function which can be found at the bottom of your screen. Let me jump into it. So -- looking beyond Hualilan, do you believe the market is assigning any meaningful value to Ecuador today? And how should investors think about that asset over the next few years?

We'll probably try Peter first, I think.

Thank you, Jane and Kris. So excellent question. And the answer at this point is I don't know what value to ascribe to it, but I do know or at least I certainly strongly believe hand-on-heart conviction that the market is assigning 0 value to this asset. A model might show that there is some value to it, but I don't believe that the market capitalization of the company, the share price of the company is reflecting any value for this asset. And yet, we have 9.1 million ounces. It is open in many directions. The attributable ounces to the company is already 6.9 million ounces. And with what we think is a modest exploration plan, let's say, 30,000 meters of drilling, possibly $5 million to $6 million, we think that there's an opportunity to significantly increase that resource, possibly even doubling it. So the result of all of that is it's difficult for me to say what the value is, but there is 0 value ascribed to it now, and there could be significant value ascribed to it into the future. Assets such as these are rare, companies such as these with 2 high-quality assets with multimillion ounces of inventory are very rare. But an asset with 9 million ounces with the potential for that to increase possibly even double or more. If we look at other situations and including transactions with assets such as those, they've gone into the hundreds of millions of dollars and possibly even close to $1 billion of value. That type of optionality requires that we spend some time on it, understanding it, drilling it and making sure that we can maximize that value for it. So here's the good news. My view, certainly, as I modeled this, as I came in with my investment, I didn't ascribe any value to it. The rest of it is all upside, and I think there's a lot of upside.

Wonderful. There's quite a few questions coming through just on the tolling. Kris, I might go to you for this one. So is Challenger going to let the 3-year toll mining agreement play out to assist with funding? Or are we looking to get into production quicker by raising more capital?

No. So look, at the moment, tolling is continuing. What we're doing at the moment is we've just finished a big infill program. we're integrating that. We're updating the near surface block models. As we've sort of said in the quarterly, the Magnata pit looks really good. We're moving as quickly as we can into the Magnata pit. We've done the first blast there. So go-forward plan definitely continue with toll milling. And after we integrate that, it will take another -- sometime late third quarter, we will be able to come out with an update on toll milling in terms of expected production over the life of toll milling. So no, look, at the moment, toll milling very much continuing as planned.

Jane, I want to volunteer some comments on that as well. Toll milling does give us some understanding of the ore body, gives us an understanding of the recoveries as we process that ore, does provide some cash flow to the company. But the value here is not in toll milling. The value is in the opportunities that Kris and in particular, Yohann described, treating this as an integrated project. So yes, it's wonderful that we can generate some cash flow. It's wonderful that we can generate some understanding or better understanding of the ore body that we can start mining effectively and processing through the Casposo plant. But at the end of the day, the success here and the value that $1.8 billion of value, $1.1 billion at $3,500 as the baseline and then the increase on top of that comes from treating this as an integrated project and accelerating some of the aspects that have been touched on in this presentation, a significant one being taking that inferred to measured and indicated, determining what is at depth along strike and increasing that 2.8 million ounces, looking at satellite deposits where we know there is mineralization, but because of a cash star situation has not been explored, and looking at those recoveries because we don't believe that the recoveries are 69% or 70%. We think that the recoveries are significantly higher.

Wonderful. I'm jumping around a bit here. There's quite a few questions. I'm going to stick with tolling activity now as well. So can you address the status of the current tolling activity? How is the trucking functioning? And what kind of grades -- sorry, tonnage and grades are involved?

Yes. So look, at the moment, we're comfortably tracking at 1,000 tonne a day, which is the trucking rate that we were originally forecast. In terms of treatment, you look at our last quarterly, we're treating an average of around about 2.5 gram material for the first batch. I think toll milling is definitely going to be a second batch story when we get into the Magnata pit where grades are significantly higher, where we don't have issues in the resource due to the use of the near surface channel samples. But at the moment, trucking proceeding as planned, processing -- proceeding rates as planned, recoveries are slightly better than we'd hoped. And I think the second batch of toll milling will demonstrate its real potential.

Thank you, Kris. Just another one here. So on one of the charts in the presentation, the all-in sustaining costs jumped significantly over time before falling back. This webinar has just asked if you could describe why.

Yes. Look, that's just a simple function of the grade of the material we're mining. It's a relatively fixed cost to process a tonne of ore either through the Heap Leach facility or the processing cost. Grades are variable. So if we're mining 1.5 gram material in year 4, 5 and 6, and then we're mining 3 gram material in years sort of 7, 8 and 9, what you see is a significantly lower all-in sustaining cost in those years where the grade is higher. It's just a function of the grade of the ore body. Having said that, I know that's one of the things Yohann is working on with sort of looking at mine scheduling where we can flatten out that grade profile aren't we, Yohann?

Yes, you're correct, Kris. Kris, I just also want to add to that. I mean, this is mostly based, I mean, driven by production basically in the fix or the costs are pretty much fixed, as Kris mentioned. And for sure, it's mostly related to kind of stripping ratio and grade. So that's explained that. And the idea would be to smooth that out, and that's part of the optimization process that we're going to undertake.

Thank you, gentlemen. Just one here. Are there plans to release a detailed exploration program update at Hualilan? And they've said this is clearly a huge opportunity along strike and at depth to significantly grow the production base over time.

Yes, yes and yes. Absolutely. We think that there's more ounces here than that 2.8 million ounces. The starting point is let's bring some of that inferred into measured and indicated. And there's a reason for that more than just the certainty of an upgrade of resources. It will also mean that, that strip ratio might change, actually improve. And that also means that we have more ore coming out of the Heap Leach pads rather than removal of waste to get to ore. And that goes to the question that was just asked about the costs. So we should be able to blend out the production and to improve the costs. But at the end of the day, however, this is about optionality. That's what the gold play is all about. And that optionality improves if we can take that 2.8 million ounces to something more. And we think that there's an excellent potential for that. So we have a budget for the infill drilling from inferred to measured and indicated, and we are working on a budget for that exploration plan, both regional and along strike and at depth. And let's not forget Ecuador.

Wonderful. Another one here. So what are the time lines to implement Phase 1 heap leaching production? And how much of Phase 1 is funded by tolling and existing funding? This one is just asked, will there be a requirement for future funding to complete Phase 1 in drilling?

I can take that one here. I mean, for sure, I mean, we're building on a really strong PFS, which is really nice to work with. And I had a chance to visit the operation as well. I would say the camp is well established. Again, solid block model. Technical information is there. We're redoing pretty much everything our way, but I really like, I would say, the concept that's been put together. So from my view, we're going to, for sure, work on a DFS. But at the same time, we're going to start to work on detailed engineering to have -- because we pretty much know, I mean, the capacity of the pit, the size of the leach pad, crushing, we know exactly what it should look like. So we can start to work on that. And the goal would be to put the leach pad in production, I would say, in Q1 2029. And we can even do better than that and be in production in Q4 2028. So we believe that -- I mean, we have some good understanding of what the leach pad need, I mean, the way to manage leach pad in South America. And I think that we did it in the past, and I think that we can do it again. So I think it's a pretty straightforward process.

Thanks, Yohann. Peter, I'm going to hand to you for this one. This webinar attendees just asked how your team became aware of Challenger Gold and if there's a longer-term plan to pursue a TSX listing.

Excellent questions. So I first became aware of Challenger last year. It is the largest individual shareholder in the company an Argentine, very well-established business person, and I've done business with him before, and he brought this opportunity to my attention. But I really wasn't paying that much attention to it at the time. I began to pay more attention to it earlier this year when Kris reached out to me, and he reached out around the time that we had announced that my company, Allied Gold, was in for sale on this transaction that we've announced with Zijin Gold. Again, as I described before, we took the company public in late 2023 for just about $800 million, $900 million, and we have an offer that has been approved by shareholders going through the regulatory review approval process. Most of those approvals are in place at this point that takes us to completion with a sale of $5.5 billion. As that transaction was in progress and Chris approached me, I began to take a more critical eye on the assets in Challenger Gold, and I began to see that value play, what I described earlier as a deep value play. And Yohann with whom I worked before, there are several others that are not yet in management, but that are in progress and coming into management. But Yohann to start, who's worked with me before, Yohann was the Chief Operations Officer of Yamana Gold. And as you are aware, Yamana went from a modest company, as I mentioned before, to something very substantial. And he is the instrumental driver of the operational success that took that company from about 2015, '16 to 2023, taking it to the success that we achieved. An example, we built a mine in Argentina. We built a mine in San Juan province. We're the last management to build a mine in Argentina with our Cerro Moro mine. So he's built mines. We've worked together on that. We've optimized projects, a project in Brazil that went from 78,000 ounces to 200,000 ounces with an incremental phased approach to expansion. And so a couple of months ago, a little more than a couple of months ago, I guess, Yohann, we reached out to each other and decided that perhaps we can work together. And with his expertise, competency, knowledge of South America, it became very apparent that this would be an excellent fit, and that's how Yohann became involved. But stay tuned. There will be other members of the management of Allied and Yamana that will be joining the management of this company, technical services, exploration, supply chain that will further optimize and improve and get us to that point that I mentioned of getting this project built and delivering that shareholder value.

Thank you, Peter. Next one. So given the recent capital raising, can you help investors understand your expected funding runway and under what circumstances the company might need to raise additional equity before reaching key operational milestones?

Well, for feasibility purposes, detailed engineering, long lead time items and some of the work that has been described in this presentation, the answer is we're funded. More capital will be required for the purposes of the actual development, the final development, but that's under evaluation at this point. What you see in the feasibility study in our view, is a high-end number because we are looking at do we need that flotation plant or do we go for heap leaching for longer, particularly if the recoveries are close to 85%, one can do the math and say, well, if you're going from 69% to 85%, can you get the same level of production without having to build that plant, and that saves significantly on capital. The other one, interestingly, is power. So there is an allocation for a power line, but the pre-feasibility study assumes that the company is footing the bill for that. And so we're looking at it from the perspective of how can we have a third party do that. Is there an opportunity for other power sources, renewable power sources. This is a warm climb with lots of sunshine. So can we rely in some respects on solar with a battery backup. So these are some of the things that we're evaluating presently. Yes, more capital will be required, not immediately, but it will be required at that point in time when we're going through the full development phase, and that would be some time out. But we're already developing a plan on how to do that. And again, if we look at the success of the management in prior situations, we've been able to build mines and finance the development of those mines in Mali, in Côte d'Ivoire, in Ethiopia, in Argentina, in Chile, in Canada. And so we certainly think that we can, in a very effective way, in a way that is not offensive to shareholders, including myself, including Yohann and Kris as shareholders, we can bring that capital expertise to bear to complete the project.

Thank you, Peter. A few questions just coming through on the share price. So I might combine a couple of them together. Why do you think the Challenger share price does not reflect the company value? And secondly, what factors would trigger a re-rate in the share price, so it's more accurately reflected?

Well, thank God, it doesn't yet. Otherwise, we would not be having this conversation. The value play is there, and that's why we are investing. But my view is that companies that transition from advanced exploration to feasibility and development, often there's a lag to the true value potential and realizing the value potential. I hope I'm not being unfair in saying that the company has suffered from a chronic undercapitalization. It has lacked the resources and the funding to be able to pursue its projects in a way that is efficient. And in addition to that, I think it's normal and natural for shareholders to be a bit concerned and even suspicious if they're saying, well, you intend to develop a project, but where is your management team. So I think some of the milestones that will develop into an increase in share price were already in place. And it's just a matter now of having these discussions, these communications with investors, the people that are on the line, and that will begin to reflect itself in a higher share price.

Yes, absolutely. I think we've gone through all the questions here, but any sort of final words and perhaps what shareholders should be looking out for from a news flow perspective over the next 6 to 12 months?

Exploration, very important. And again, on the 2, perhaps 3 fronts, inferred coming into measured and indicated at depth along strike and some of the regional areas of mineralization at Hualilan, the exploration potential in Ecuador. Those would be some of the items that would be milestones that are very near to present day, some of the work that we will be doing on the recoveries. Again, Yohann, as you said, a considerable amount of work, high-quality work has already been done. Those column tests have already demonstrated that there is a recovery potential that is significantly greater than the conservative assumption in the pre-feasibility study. Part of the work that we have to do then is making sure that we have a proper block model that is designed for operational success. And that then will give us a better understanding of which ores we should be putting through heap leaching that provide us with better recoveries and provide us with a faster return and payback. All of that, I expect to be announceable events over the course of the next, let's say, a couple of months to the end of the year.

Wonderful. Well, gentlemen, I think we have answered all the questions, and we've run out of time as well. So I want to thank you for your insights today, and I want to thank you all for joining us. A copy of today's recording will be available online following the webinar. And if we've missed any of your questions, please feel free to reach out by the contact details on the bottom of our ASX releases. And we look forward to hosting you next time.

Thank you.

Thank you.