PRESS RELEASE: GDM acquires 100% of Challenger Gold Mine

Latest Press Release

Great Divide Mining (ASX:GDM) has confirmed completion of binding agreements to acquire the remaining 49% of the shareholding it doesn’t currently own in Challenger Mines Pty Ltd.

“This is another step in providing a clearer runway to restart and scale the Challenger Gold Mine,” said Justin Haines, GDM’s CEO.

“It provides a little more clarity both for the Adelong community and for GDM shareholders,” he continued.

GDM now seeks to progress development at a GDM pace – focusing on upgrading processing and production capacity to commercially sustainable levels, with a long-term targeted output of ~25,000 oz per annum.

CEO Justin Haines said the shift to full ownership allows the mine to move forward more decisively.

“Challenger can now advance on a production-focused footing … sustainable revenues, staged development, lifting production levels and all the while continue to separate gold using only water and gravity – no chemicals – which has always been a cornerstone of our recommissioning strategy,” he said.

“Over the next 12 months, GDM will continue whole-of-mine optimisation, installing upgraded gravity spiral gold separators, clearing and processing at-surface tailings and mullock heaps, and commence works for open-cut mining at the site,” Haines continued.

“This is about building a long-life, sustainable operation and doing it at a pace that will deliver near-term cash flows,” Haines said.

ENDS

Media Contacts:

Name: John Kochanski - 'jk'Company: Great Divide Mining - GoldEmail: [email protected]Phone: 0411831122

Attachments:

December 8, 2025/by Reland Pigte

About Great Divide Mining - Gold

Great Divide Mining Ltd (ASX: GDM) Great Divide Mining is an Australian Gold, Antimony and critical metals miner, explorer and developer with five projects across 17 tenements (including two in application). GDM’s focus is on operating producing assets within areas of historical mining and past exploration with nearby infrastructure, thus enabling rapid development. Through a staged exploration and development programme, GDM intends to generate cash flow from its initial projects to support further exploration across its portfolio of highly prospective tenements. https://greatdividemining.com.au/ About the Challenger Gold Mine The Challenger Gold Mine, owned by Challenger Mines Pty Ltd is located in Adelong in southern New South Wales. GDM poured its’ first gold at the site on July 16, 2025 earning a 51% interest. GDM has now completed agreements to acquire the remaining 49% shareholding. The 70km² project area features significant exploration upside together with an operational gold processing plant which is being upgraded. As owner, GDM benefits from direct management control, a fast-tracked route to near-term cash flow, and exposure to a high-grade, underexplored goldfield with substantial growth potential together with onsite processing and gold extraction facilities.

TERMS OF USE

By sending a press release and/or signing up for a subscription of our service Get The Word Out, you agree to the following terms of use, limitations, quality policy and fair use policy. Get The Word Out reserves the right to suspend or delete your account if any of the terms below are believed not to have been adhered to. Get The Word Out reserves the right to delete any content that does meet the following terms and policies.

1. Accuracy

By using Get The Word Out, you agree to only publish information that you know to be true and accurate. You are solely responsible for the facts and accuracy of all information submitted by you for distribution by Get The Word Out. Get The Word Out will make reasonable efforts to correct any error of fact brought to its attention.

2. Acceptable content

You agree to only submit content that might be classified as a “news announcement”. That is: it is a new event or statement related to the company or organisation that the release is being submitted under. You agree not to use Get The Word Out to distribute how-to articles, generally-information articles, whitepapers, or opinions. You must not submit content that infringes on copyright or the proprietary rights of a third party, or is unlawful or offensive. Releases must adhere to professional standards and may be deleted if they do not. You acknowledge that we reserve the right to edit your release's headline, subject and body text to ensure it is appropriate, relevant and suitable for the purpose.

3. Attribution

You agree to submit content only on behalf of the organisation that the release is being submitted under. Content that may be considered misleading in terms of who the material is being submitted by, or in terms of who the content is related to should not be posted and may be deleted or edited. When submitting a release you must be the owner of the email that is being used to send emails via Get The Word Out.

4. Categorisation

You agree to categorise content only under those categories that are relevant to the content. In general, we advise attempts to categorise content under more than five categories will lead to that content being reviewed and possibly removed. You acknowledge that we reserve the right to edit release's tags to ensure your release is sent only to relevant people.

5. Linking and fair-use

You agree not to add more than one link to a website in any press release. Over-linking solely for Search Engine Optimisation purposes is not allowed and is advised against due to penalties that may be associated with over-linking. And our gremlins will hunt down over-linking and delete such transgressions.

Inquiries concerning any Get The Word Out content including text, photos, video, audio and other content, or that may be related to the use of the Get The Word Out service should be addressed to The Director, Digitaliyf Pty Ltd of PO Box 3045, Newstead, 4006 Australia.