Challenger Exploration announced that revised terms for the acquisition of 100% El Guayabo Copper Gold concession in Ecuador have been finalised. As announced on 29 April 2019, the Company had conditional rights to acquire up to a 100% interest in the El Guayabo Project pursuant to minimum capital expenditure of AUD 5 million within 3 years from listing to earn a 51% interest. Following this, the Company could issue 180,000,000 Earn-in Shares to move to 100% of the project. Challenger has not yet attained a controlling beneficial interest in the project, so it is an excellent opportunity for the Company to consolidate its equity position through this transaction, rather than spend money on exploration to earn its interest. The Company has renegotiated and finalised a new agreement to immediately purchase 100% of the El Guayabo Gold Copper Project. The consideration will be the issue of 18 million shares in the company. In lieu of escrow, these shares will not be issued until 5 July 2021. The revised agreement is subject to approval by CEL shareholders in accordance with the ASX Listing Rules. CEL intends to call the Annual General Meeting that will include a resolution to approve the terms of this acquisition as soon as practical.