The Challenger deposit occurs within the Mulgathing Complex of the Christie Subdomain in the north- western Gawler Craton, with the area characterised by Archaean to mid-Proterozoic high- grade metamorphic (granulite facies) gneissic basement.

Gold mineralisation at the Challenger Mine occurs in deformed quartz veins within narrow plunging lodes hosted by gneiss. The lodes represent the limbs and hinge zones of an isoclinal fold package around 500m wide containing multiple subparallel lodes in a deposit with intense structural control and a dominant 30-degree plunge to the north east.

The mineralised structures are interpreted to have a high level of continuity with individual shoots being mined and interpreted through drilling data for over 2,200m of plunge extent from surface (1,193 mRL). The deposit extends from surface to -147 mRL (~1.3km depth).

Challenger lodes include Challenger West (CW), Challenger South-Southwest (CSSW), Aminus, M1, M2, M3 and South East Zone (SEZ). The lodes are offset some 150m in plan by the 215 Shear at a depth of 900 – 1,000 metres, but continue to plunge at a similar orientation below the shear and all are open to depth. M1 and M2 have been mined on several levels below the 215 Shear. The deposit has been developed to ~1,130m depth (065 mRL).

High-grade gold mineralisation is associated with coarse-grained quartz veins with feldspar, cordierite, and sulphides within a hornblende orthoclase chlorite-s ........

The Challenger Project Tenements host the historical high-grade underground Challenger Mine which produced ~1.2Moz gold while in operation from 2002 – 2018.

The Challenger Mine is maintained in a state of care and maintenance. Due to the depth of the mine and requirement for substantial investment to renew the geological understanding of the deposit at depth, it is not a priority focus for the Company.

The Challenger resource models were used to create detailed life of mine (LOM) designs for the extraction of each resource lode. The design was based around an uphole retreat, top down stoping sequence. This mining technique has been used in the past, and will be used in the future.

Mining of the narrow vein Challenger lodes has been designed with a minimum mining width of 1.5m. Based on historical mining at Challenger an external dilution of 40% has been applied in the calculation of all reserves, unless the development has been completed and a full stope analysis has been produced indicating variations to this dilution based on geotechnical input. A specific stope extraction factor has been applied to each level in the reserve estimation, based on the geological resource model, geotechnical requirements and the extraction sequence of each orebody shoot.

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