Challenger Gold Limited

Career chronology

• Appointed 6 Aug 2026; current at cutoff: Challenger Gold — Non-executive Chair. Challenger Gold sharpens Hualilan development pathway (Appointment and leadership changes); Interim Report for half year ended 30 June 2026 (Corporate directory)

• Current; company taken public in 2023: Allied Gold — Chairman and Chief Executive Officer. Directors & Management (Peter Marrone biography)

• Founded 2003; CEO until Aug 2018; Executive Chairman thereafter through 2023 transaction: Yamana Gold — Founder, CEO and Executive Chairman. Yamana Gold 2022 Management Information Circular (Director biography and transaction circular)

• Prior to Yamana; dates not established: Canadian investment bank; Toronto law practice — Investment banking head; corporate/securities lawyer. Yamana Gold 2022 Management Information Circular (Director biography)

Contributions and company outcomes

Founded and led Yamana through expansion and a court-approved sale

2003–2023 · documented · medium materiality

SEC-filed Yamana circular identifies Marrone as founder (2003), CEO to 2018 and Executive Chairman. Yamana’s 2022 arrangement circular documents a shareholder-approved, court-supervised transaction in which Pan American acquired Yamana and Agnico acquired Canadian assets; completion occurred in 2023. This establishes a major strategic transaction during his leadership, not a standalone measure of value creation or shareholder return.

Attribution: Individual involvement documented. His executive role and transaction negotiations are directly documented; market conditions and collective board responsibility remain relevant.

Relevance: Material precedent for mining strategy, capital markets and major transactions; fit does not guarantee Hualilan execution.

Yamana Gold 2022 Management Information Circular (Director biography); Yamana shareholder-approved arrangement circular (Arrangement description and court approvals)

Governance and interests

Yamana disclosed substantial target compensation and Marrone reduced awards

FY2021 compensation disclosed 2022 · documented · low materiality

Yamana’s SEC-filed 2022 circular records target total compensation of C$8.41m for 2021 and actual C$7.58m after Marrone elected to reduce STI by 15% and LTI grant value by 23%, with board support. This is disclosed compensation governance context, not a finding of misconduct; independent criticism of the package was not substantiated in primary materials reviewed.

Attribution: Individual involvement documented. The filing directly attributes the target/actual award and voluntary reduction to Marrone.

Relevance: Relevant to shareholder alignment and compensation oversight as a new chair.

Yamana Gold 2022 Management Information Circular (Executive Chairman compensation, p. 50)

Suitability for the current role

Long mining leadership and transaction experience is relevant to a development-stage chair

2003–2026 · analyst inference · medium materiality

SEC filing and Challenger biography document 20 years leading Yamana and current Allied Gold CEO/chair role. Evidence supports relevant strategy and capital-markets experience; the sources reviewed do not yet demonstrate a delivered Hualilan project outcome under his Challenger chairmanship.

Attribution: Responsibility not applicable. Inference based on cited leadership history, not personal attribution for Yamana’s full operating record.

Relevance: Strong strategic/transaction background; operational outcomes at Challenger are not yet assessable.

Yamana Gold 2022 Management Information Circular (Director biography); Directors & Management (Peter Marrone biography)

Evidence gaps

• Role chronology and education rely partly on issuer biographies; dates and credentials require primary-source confirmation where not specifically documented.

• Person-specific court, regulator, sanctions, professional-discipline and safety/environment register searches were not exhaustive.

• Hualilan technical and economic outcomes are project-level; no source establishes sole personal responsibility for outcomes.

• Company transition and counterpart disclosures are reported distinctly; no denial or allegation has been treated as an independent finding.

Career chronology

• Appointed COO and interim CEO in Aug 2026: Challenger Gold — Chief Operating Officer and Interim CEO. Challenger Gold sharpens Hualilan development pathway (Leadership reset); Directors & Management (Yohann Bouchard biography)

• 2025–2026; exact end date not disclosed in reviewed source: Andean Precious Metals — President. Directors & Management (Yohann Bouchard biography); Yohann Bouchard profile (Leadership page)

• 2023–Jan 2025: New Gold — Executive Vice President and Chief Operating Officer. New Gold 2024 Annual Information Form (Executive biography and cessation date); Directors & Management (Yohann Bouchard biography)

• Oct 2014–Mar 2023: Yamana Gold — Senior Vice President and Chief Operating Officer. Directors & Management (Yohann Bouchard biography); Yamana Gold 2022 Management Information Circular (Director biographies and management information)

• Earlier career; individual titles/dates incomplete: Primero Mining, IAMGOLD, Breakwater, Cambior — Operating and technical roles. Directors & Management (Yohann Bouchard biography)

Business failures and setbacks

Inherited Hualilan near-surface grade/model and toll-processing reset

June–Oct 2026 · documented · high materiality

Challenger’s July 2026 report states higher-grade continuity expected in the upper Norte and Sanchez pits did not materialize, attributing this to channel samples biasing the block model. It records 39,342t processed in May–June at about 88% gold recovery, followed by a transport/processing pause and a focus on the larger standalone development. The September counterparty update says fees for May/June were paid and the companies were discussing a new arrangement; the Oct 1 termination was later reported with a deferred US$1m fee. Bouchard joined after the model discrepancy was discovered and after the initial production campaign; no causal responsibility is established.

Attribution: Role overlaps event; causation unproven. The short-lived current CEO role overlapped the Aug–Oct strategic reset; the sampling/model issue and initial production performance predate or largely precede his appointment.

Relevance: Material operational continuity, grade-control and financing risk for the inherited plan.

Quarterly Activities Report (Quarterly Activities Report, mining and processing section); Austral Gold Provides Update on Casposo Toll Agreement (Update on toll agreement); Austral subsidiary and Challenger call it quits on toll agreement (Termination effective date and payment)

Industrial safety

Historical Yamana fatality during broad tenure; no individual or site link established

2014 · issuer reported · low materiality

Yamana’s 2014 CSR report recorded one employee fatality at Mercedes and reported that management investigated it and implemented corrective actions. Bouchard joined Yamana in October 2014, but the source does not identify him, his responsibility, or an overlap with the Mercedes site; the fatality is an employer-level event and is not attributed to him.

Attribution: Employer context; no individual link established. No individual contribution, oversight link or site responsibility established; event may predate/overlap only part of his Yamana tenure.

Relevance: Safety oversight is relevant to COO responsibilities, but no personal conclusion follows.

Yamana Gold 2014 Corporate Social Responsibility Report (2014 Safety Performance Indicators)

Suitability for the current role

Operations leader with multi-jurisdiction mining experience

By 2026-10 · analyst inference · medium materiality

Challenger’s biography states 25+ years in technical and operations roles, including Yamana operations in the Americas and San Juan province; New Gold’s 2024 filing says he ceased EVP/COO on 31 Jan 2025. This experience is role-relevant, but Challenger tenure is only two months at cutoff.

Attribution: Responsibility not applicable. Career responsibility is documented, but the short Challenger tenure does not yet establish delivery.

Relevance: Strong operating background for the COO/Interim CEO transition and Argentinian project context.

Directors & Management (Yohann Bouchard biography); New Gold 2024 Annual Information Form (Executive cessation date)

Evidence gaps

• Role chronology and education rely partly on issuer biographies; dates and credentials require primary-source confirmation where not specifically documented.

• Person-specific court, regulator, sanctions, professional-discipline and safety/environment register searches were not exhaustive.

• Hualilan technical and economic outcomes are project-level; no source establishes sole personal responsibility for outcomes.

• Company transition and counterpart disclosures are reported distinctly; no denial or allegation has been treated as an independent finding.

Career chronology

• Executive director disclosed since Sep 2021; current as of selected roster: Challenger Gold — Co-founder and Executive Vice Chair. Interim Report for half year ended 30 June 2026 (Corporate directory); Completion of Hualilan Toll Milling Pre-Feasibility Study (Directors list)

• Founded 2018; company consolidated Hualilan before Challenger acquisition: Golden Mining SA — Founder. Directors & Management (Sergio Rotondo biography); Interview with Sonia Delgado, Executive Director (Delgado account of operating-company relationship)

Contributions and company outcomes

Founded Golden Mining, which consolidated the Hualilan project

2018 onward · issuer reported · medium materiality

Challenger’s biography states Rotondo founded Golden Mining SA, which originally consolidated 100% of Hualilan; dated 2023 interview coverage also describes Golden Mining’s project acquisition and legal unblocking. This is a company-reported origin story; underlying title chain/legal resolutions were not separately reviewed.

Attribution: Individual involvement documented. Issuer biography directly links him as founder to the company that consolidated the asset; it does not establish sole responsibility for subsequent exploration/approval.

Relevance: Material project-generation and local stakeholder context.

Directors & Management (Sergio Rotondo biography); Interview with Sonia Delgado, Executive Director (Delgado describes Golden Mining operating structure)

Hualilan advanced to a toll-milling PFS and first production

2025–2026 · issuer reported · medium materiality

During Rotondo’s executive tenure, Challenger published a 2025 toll-milling PFS estimating positive project economics under stated assumptions and in June 2026 poured first doré. The PFS was an externally authored technical study; Rotondo’s individual causal contribution is not isolated.

Attribution: Role overlaps event; causation unproven. Executive vice chair tenure overlaps project strategy and advance; the reports do not connect him personally to mine design or operating decisions.

Relevance: Evidence of company milestone delivery, qualified by later strategic reset and discontinuation of toll arrangement.

Completion of Hualilan Toll Milling Pre-Feasibility Study (PFS key outcomes, study approach); First Gold Pour at Hualilan (ASX release dated 2 June 2026)

Suitability for the current role

Project-origin and construction background is relevant to strategic oversight

2018–2026 · analyst inference · medium materiality

Challenger reports Rotondo’s billion-dollar construction-project experience and economics/MBA qualifications; he founded the vehicle that consolidated Hualilan. Those biographical claims support strategic fit but do not establish mine construction or producing-mine performance personally.

Attribution: Responsibility not applicable. Judgment from issuer career profile; no independent construction-project list or outcome benchmark reviewed.

Relevance: Relevant to project strategy and local origin; detailed biography remains issuer-reported.

Directors & Management (Sergio Rotondo biography)

Evidence gaps

• Role chronology and education rely partly on issuer biographies; dates and credentials require primary-source confirmation where not specifically documented.

• Person-specific court, regulator, sanctions, professional-discipline and safety/environment register searches were not exhaustive.

• Hualilan technical and economic outcomes are project-level; no source establishes sole personal responsibility for outcomes.

• Company transition and counterpart disclosures are reported distinctly; no denial or allegation has been treated as an independent finding.

Career chronology

• Joined through legal work for Golden Mining; director/Country Manager roles before executive director appointment in 2023: Challenger Gold / Golden Mining SA — Executive Director; Argentina Country Manager; local subsidiary VP/General Manager. Interview with Sonia Delgado, Executive Director (Interview, career history); Directors & Management (Sonia Delgado biography)

• Started in 2004 and maintained until appointment by Challenger Exploration: Private legal practice — Founder and principal, Argentine labour-law firm. Directors & Management (Sonia Delgado biography); Interview with Sonia Delgado, Executive Director (Interview, career history)

• Public-sector roles; dates not specified by issuer biography: San Juan provincial / Argentina national government — Assistant State Prosecutor; mining development planning undersecretary; National Mining Ministry Chief of Advisors; provincial Secretary of Mining. Directors & Management (Sonia Delgado biography)

Education and qualifications

Law and labour-law postgraduate qualifications reported

Before 2023 · issuer reported · medium materiality

Challenger’s biography reports law honours and a labour-law master’s from National University of Cordoba; a 2023 interview independently describes her as a lawyer and provides the same qualification history. Degree verification was not performed.

Attribution: Responsibility not applicable. Qualifications are described by the issuer and interview; no academic register check.

Relevance: Relevant to Argentina legal, labour and permitting responsibilities.

Directors & Management (Sonia Delgado biography); Interview with Sonia Delgado, Executive Director (Interview introduction)

Contributions and company outcomes

Argentina leadership overlapped environmental approval and project advancement

2023–2026 · issuer reported · medium materiality

Challenger’s FY2024 annual report records project environmental monitoring and public/university collaboration; company announcements confirm EIA approval in October 2024 and later development milestones. Delgado was Argentina Country Manager and executive director during this period. These are company-level outcomes; personal authorship/approval responsibility is not established.

Attribution: Role overlaps event; causation unproven. Her local leadership overlapped the period, but regulators and technical teams made decisions; no individual causal attribution.

Relevance: Relevant to local project execution and permitting oversight.

Annual Report 2024 (Operations / sustainability and educational partnership sections); Completion of Hualilan Toll Milling Pre-Feasibility Study (Study and project status)

Business failures and setbacks

Hualilan operating plan reset followed grade/model shortfall and ended toll agreement

2026 · documented · high materiality

Challenger’s 2026 quarterly report attributes weaker-than-expected near-surface grade continuity to channel-sample bias; it later paused toll processing and transitioned toward an on-site plant, and the Casposo toll contract ended on 1 Oct 2026. Delgado’s executive and Argentina manager tenure overlapped these developments, but evidence does not connect her individually to model construction, mining control or the decision to terminate tolling.

Attribution: Role overlaps event; causation unproven. The event is company-level and no personal causal responsibility has been established.

Relevance: Material risk to delivery and capital needs for a project she helps oversee.

Quarterly Activities Report (Quarterly Activities Report, mining/model discussion); Austral subsidiary and Challenger call it quits on toll agreement (Termination effective date)

Suitability for the current role

Local government and legal experience relevant to project and stakeholder management

2004–2026 · analyst inference · medium materiality

Sources describe her legal practice, provincial mining-development and Secretary of Mining posts, followed by Challenger Argentina Country Manager and executive director. Dates for public offices are not provided, and no conflict-of-interest allegation or determination is identified in reviewed material.

Attribution: Responsibility not applicable. Career overlap is documented at a broad level; exact dates and any recusals were not reviewed.

Relevance: Strong local legal/regulatory experience, with public-office overlap requiring clear governance controls as a general role-fit consideration.

Directors & Management (Sonia Delgado biography); Interview with Sonia Delgado, Executive Director (Interview, career history)

Evidence gaps

• Role chronology and education rely partly on issuer biographies; dates and credentials require primary-source confirmation where not specifically documented.

• Person-specific court, regulator, sanctions, professional-discipline and safety/environment register searches were not exhaustive.

• Hualilan technical and economic outcomes are project-level; no source establishes sole personal responsibility for outcomes.

• Company transition and counterpart disclosures are reported distinctly; no denial or allegation has been treated as an independent finding.

Career chronology

• Appointed 10 Aug 2026: Challenger Gold — Chief Financial Officer. Challenger Gold sharpens Hualilan development pathway (CFO appointment); Directors & Management (Felipe Riquelme biography)

• Most recent role before Challenger; dates not established: Andean Precious Metals — Vice President, Financial Planning & Analysis. Directors & Management (Felipe Riquelme biography)

• Before Andean; titles/dates not established: New Gold and Yamana Gold — Senior finance leadership roles. Directors & Management (Felipe Riquelme biography)

Business failures and setbacks

CFO joined during funding and project-plan reset

2026 · documented · medium materiality

Challenger was adjusting from toll processing toward a standalone Hualilan project after near-surface grade-model discrepancies and toll-campaign pause; a US$1m deferred fee arose under the termination agreement. Riquelme joined after the underlying mining/model issue and has had limited time to manage the reset.

Attribution: Role overlaps event; causation unproven. No evidence connects him to prior planning assumptions or to the termination terms; role overlaps capital execution after Aug 10.

Relevance: Material funding and working-capital oversight issue for the new CFO.

Quarterly Activities Report (Quarterly Activities Report); Austral subsidiary and Challenger call it quits on toll agreement (Toll agreement termination and deferred payment); Challenger Gold sharpens Hualilan development pathway (CFO appointment)

Suitability for the current role

Mining finance background aligns with CFO appointment

Prior to Aug 2026 · analyst inference · medium materiality

Challenger’s profile states 15+ years in finance leadership across multinational miners, including VP FP&A at Andean Precious Metals and senior finance roles at New Gold and Yamana. It describes capital management, reporting and governance expertise. Past titles/dates and credentials are not independently corroborated in the reviewed source.

Attribution: Responsibility not applicable. Appointment and biography are documented, but no Challenger outcome can be attributed after two months in role.

Relevance: Relevant for financing, reporting and development capital stewardship; personal performance remains unassessed.

Directors & Management (Felipe Riquelme biography); Challenger Gold sharpens Hualilan development pathway (CFO appointment)

Evidence gaps

• Role chronology and education rely partly on issuer biographies; dates and credentials require primary-source confirmation where not specifically documented.

• Person-specific court, regulator, sanctions, professional-discipline and safety/environment register searches were not exhaustive.

• Hualilan technical and economic outcomes are project-level; no source establishes sole personal responsibility for outcomes.

• Company transition and counterpart disclosures are reported distinctly; no denial or allegation has been treated as an independent finding.

Career chronology

• Appointed 10 Aug 2026: Challenger Gold — Vice President, Project and Strategic Planning. Directors & Management (Luke Buchanan biography and appointment date); Challenger Gold sharpens Hualilan development pathway (Leadership reset)

• Immediately before Challenger; appointment date not established: New Gold — Vice President, Technical Services. Directors & Management (Luke Buchanan biography); New Gold 2024 Management Information Circular (Management circular biography and responsibilities)

• Before New Gold; dates not established: Yamana Gold — Senior Vice President, Technical Services. Directors & Management (Luke Buchanan biography); New Gold 2024 Management Information Circular (Management circular biography)

• Earlier career in Australia and Canada; dates not established: Newmont, AMC Consultants, Primero Mining — Progressively senior operating and technical roles. Directors & Management (Luke Buchanan biography); New Gold 2024 Management Information Circular (Management circular biography)

Education and qualifications

Mining engineering degree reported by issuer

By 2025 · issuer reported · medium materiality

Challenger and New Gold issuer materials report a Bachelor of Mining Engineering from the University of New South Wales; direct degree verification was not completed.

Attribution: Responsibility not applicable. Issuer reports degree and technical experience; no university register or credential document reviewed.

Relevance: Directly relevant to planning, reserves and project development.

Directors & Management (Luke Buchanan biography); New Gold 2024 Management Information Circular (Management circular biography)

Contributions and company outcomes

Technical-services remit covered reserves, studies and operating support at New Gold

2024 · issuer reported · medium materiality

New Gold’s 2025 management circular says Buchanan oversaw mine planning, resource/reserve estimates, technical studies and operating support, and reports he led technical reports and reserve preparation in 2024. These are employer-reported team/role outcomes and do not prove sole authorship or financial value.

Attribution: Individual involvement documented. The issuer directly links him to the technical-services remit and listed 2024 results; other contributors are not separated.

Relevance: Relevant technical evidence for Challenger’s project-planning VP role.

New Gold 2024 Management Information Circular (2024 results and biography)

Business failures and setbacks

Project planning responsibility now includes inherited grade and processing reset

2026 · documented · high materiality

The July 2026 report describes weaker-than-expected upper-pit grade continuity linked to channel-sample bias; Challenger then moved away from Casposo toll processing, terminating the agreement on 1 Oct. Buchanan joined on 10 Aug after the model issue and initial campaign. No evidence attributes the prior model or termination decision to him.

Attribution: Role overlaps event; causation unproven. He was appointed during the strategic reset; no direct responsibility for antecedent model assumptions is established.

Relevance: Material project planning and reserve-reconciliation challenge in his new remit.

Quarterly Activities Report (Quarterly Activities Report); Austral subsidiary and Challenger call it quits on toll agreement (Termination effective date and payment); Directors & Management (Appointment date)

Evidence gaps

• Role chronology and education rely partly on issuer biographies; dates and credentials require primary-source confirmation where not specifically documented.

• Person-specific court, regulator, sanctions, professional-discipline and safety/environment register searches were not exhaustive.

• Hualilan technical and economic outcomes are project-level; no source establishes sole personal responsibility for outcomes.

• Company transition and counterpart disclosures are reported distinctly; no denial or allegation has been treated as an independent finding.