Commercial production from the Phase 1 heap leach operation at its 100%-owned Hualilán Gold Project in Argentina targeted for early 2029.
The roadmap is underpinned by the 2026 Pre-Feasibility Study, which outlines a post-tax NPV of approximately $1.1 billion and a 35% IRR at a $3,500/oz gold price.
A four-pillar plan spanning engineering, exploration, financing and execution is designed to de-risk the project and accelerate the path to first production.
Near-term catalysts include a RIGI application submission and convertible debenture refinancing in Q3 2026, followed by an exploration update and NI 43-101 technical report.
Challenger Gold Limited (ASX: CEL) has outlined an integrated development road map for its Hualilán Gold Project in San Juan, Argentina, targeting commercial production from the stand-alone Phase 1 heap leach operation by early 2029. The plan builds on the 2026 Pre-Feasibility Study, which detailed 1.8 million gold equivalent ounces of production over a 14.25-year mine life, pre-production capital of approximately $267 million, and a 2.25-year payback period.
The road map covers four priorities:
- advancing detailed engineering with BBA Consultants;
- continuing a 35,000-metre drilling program across four rigs;
- refinancing the company's US$15 million convertible debenture;
- and progressing procurement and site works ahead of a construction ramp-up in the second half of 2027.
Key near-term catalysts include the Argentina’s Régimen de Incentivo para Grandes Inversiones (RIGI) application submission and debenture refinancing in Q3 2026, an exploration update and project development update in Q4 2026, and the NI 43-101 technical report and optimisation study results in Q1 2027.
About us:
About Challenger Gold
Challenger Gold Limited (ASX: CEL) is a globally focused gold exploration and development company with a 2.8Moz AuEq Mineral Resource Estimate at the Hualilán Gold Project in San Juan, Argentina. The Company is advancing Hualilán toward development while continuing aggressive exploration programs designed to unlock further district-scale growth opportunities.
Challenger’s strategy is focused on rapidly advancing Hualilán through staged development and production while leveraging early cash flow generation and ongoing drilling success to build long-term shareholder value.
Contact details:
Jane Morgan Management | [email protected]
