Challenger pours first gold from Hualilán development in Argentina
Having confirmed a low-cost and low-risk development opportunity to produce 1.8-million ounces of gold over a 14-year mine life at the Hualilán project in Argentina, ASX-listed Challenger has poured its first gold bar from the project under a toll milling agreement with fellow-listed Austral Gold’s Caspaso Argentina Mining business.
The toll milling agreement provides the company a yearly guaranteed processing capacity of 150 000 t and total secured capacity of 450 000 t over a three-year period.
The initial pour produced about 200 kg of doré estimated to contain 500 oz of gold and 6 000 oz of silver from about 15 000 t of ore.
Challenger CEO Kris Knauer says the first of many gold pours at Hualilán marks a transformative moment for Challenger and signifies the company’s formal transition from explorer to producer.
“Delivering our maiden doré bars reflects the dedication of our on‑site operations team and the invaluable contribution of the people of San Juan. We are fortunate to be able to draw on the skills and commitment of the local community, whose support has been essential to achieving this milestone.”
Proceeds from the first doré sale represent the company’s first source of non-dilutive capital since listing and mark an important milestone in further strengthening the balance sheet.
Early gold production materially derisks Hualilán and provides growing confidence in the company’s capacity to fund the next phase of development.
This initial cash flow is particularly timely as Challenger mobilises at least four rigs to continue core drilling and accelerate the project’s progression toward construction, positioning Hualilán strongly for its next stage of growth.
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