PRESS RELEASE: SOLD OUT!
100% of Challenger Gold Concentrate Sold
GDM Secures International Offtake Agreement for Challenger Gold Mine
Great Divide Mining Ltd (ASX:GDM) has secured a binding international offtake agreement for all the gold concentrate produced from its recommissioned Challenger Gold Mine at Adelong, NSW, for the next 12 months.
The 12-month agreement covers 100% of gold concentrate production from Challenger through to 30 June 2027 and establishes an international export and sales pathway for the mine as GDM continues its staged operational ramp-up.
Under the agreement, Challenger gold concentrate will be exported in containerised shipments via the Port of Melbourne to international customers, linking GDM directly into global commodity markets.
The agreement also provides for payments shortly after shipment documentation is completed, supporting near-term operational cash flow, as production volumes continue to increase.
GDM CEO Justin Haines said the agreement marked another major milestone in the Company’s rapid transition from explorer to gold producer.
“In less than two years GDM has progressed Challenger from a dormant historic gold mine to active gold production and now international concentrate exports,” Haines said.
“Securing a long-term international offtake agreement for 100% of production is a significant commercial milestone for GDM and an important step in transitioning Challenger into sustained commercial operation.”
The Challenger Processing Plant recently achieved first gold production and has now commenced continuous gold concentrate shipments as part of the Company’s broader operational ramp-up strategy.
GDM is currently processing historic mineralised mine waste and surface material at Challenger while continuing optimisation activities across the processing plant and associated infrastructure.
Haines said the agreement reflected growing international demand for Australian gold concentrate production.
“We believe this agreement further validates GDM’s strategy of recommissioning historic mining assets capable of delivering near-term production and cash flow,” he said.
“Importantly, Challenger is now connected directly into global commodity markets through an established international export pathway.”
“GDM is building a producing gold business based around low-impact brownfield mine restarts, existing infrastructure and rapid pathways to cash flow,” said Haines.
ENDS
