Challenger Gold Limited (ASX: CEL) (‘CEL’ or the ‘Company’) is pleased to announce it has entered into an Investment Protection Agreement (“IPA” or “the Agreement”) with the Government of Ecuador for its 100% owned El Guayabo Project (“El Guayabo” or “the Project”). Under the terms of the IPA, the Government of Ecuador has granted CEL legal protections including stability of the regulatory framework, resolution of disputes through international arbitration, and protection of CEL’s investment.

The IPA covers US$75 million in investment from CEL encompassing expenditures from CEL’s initial acquisition of the project in 2019 and expenditure incurred until the end of 2027. It has an initial term of 8 years and is renewable. Key incentives and protections under the IPA include:

• Regulatory stability and protection from changes to the current legal framework
• The legal framework at the time of execution will continue to apply if the terms are more favourable to the project owner than any potential new framework
• The IPA guarantees rights including non-discriminatory treatment, property protection, and legal certainty
• International arbitration, should there be any disputes in relation to the Project, with the seat of arbitration in London under the rules of the International Chamber of Commerce

Commenting on the Investment Protection Agreement, CEL Managing Director, Mr Kris Knauer, said

“The completion of the Investment Protection Agreement is a significant development for the Project..

The IPA provides certainty with respect to the legal framework governing the Project, including stable mining regulations and fiscal terms, and security of title and investment for the term of the agreement. Additionally, it provides protection from all forms of confiscation and a mechanism for international arbitration should there be any disputes related to the project.

The IPA is also timely given recent corporate action in Ecuador as we take steps to monetise our Ecuador assets following the significant resource upgrade from 4.5 million ounce1 to 9.1 million ounces^1,2,3.‘

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McLaren Minerals Limited (ASX: MML) (‘McLaren’ or ‘Company’), is pleased to provide a further update on the phase 1 Drill Program at its wholly owned McLaren Titanium Project in the western Eucla Basin, Western Australia. This update is driven by the completion of geological interpretation of all the drilling during this campaign, in the absence of laboratory results.

Highlights

McLaren Titanium Project

• 192 drill holes completed for a total of 4,067 metres, on time and without incident
• Significant extensions of prospective sediments outside of currently known resource boundaries observed during drilling:
  • North extension: approximately 2,200m wide, avg. 14m thick (max 23m),
  • Central zone eastern extension: 800m wide, avg. 20m thick (max 23m),
  • Southern zone: 2,600m wide, avg. 10m thick (max 15m).
• Metallurgical and geological samples submitted to IHC and Diamantina Laboratories
• Geological work has improved confidence in deposit morphology and is expected to reduce future drilling costs
• Strong community support confirmed within an established mining region

McLaren Mineral Sands Managing Director, Simon Finnis, commented:

“While we have not yet received any assays, phase 1 has delivered strong confidence to our team regarding this project. The most recent interpretation not only confirm the integrity of our geological model, but importantly, demonstrates the scale of the opportunity ahead. Defining substantial potential for mineralisation outside the current Resource boundary positions us well for future resource growth. We’ve also made solid ground operationally—drilling was completed on time, we’ve brought costs down, and we’re seeing strong local support. Taken together, these outcomes give us a great deal of confidence as we move toward the next phase of work and continue building long-term value for shareholders.”

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