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    CEL   AU000000CEL8

CHALLENGER EXPLORATION LIMITED

(CEL)
  Report
Delayed Australian Stock Exchange  -  05/16 02:11:01 am EDT
0.2600 AUD   -3.70%
05/03Challenger Exploration Achieves High Recovery Rates from Hualilan Project in Argentina
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05/02Challenger Exploration Reports Results from its Balance of its Stage 1 Metallurgical Testing at Flagship Hualilan Gold Project, in San Juan Argentina
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05/02CHALLENGER EXPLORATION : Application for quotation of securities - CEL
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Noosa Mining Investor Conference Presentation

11/10/2021 | 05:37pm EDT

ASX Release

11 November 2021

For personal use only

Noosa Mining Investor Conference Presentation

Challenger Exploration Limited (ASX: CEL) ("Challenger Exploration" or "The Company") is pleased to advise investors and shareholders that Kris Knauer, Managing Director, will be presenting as part of the Noosa Mining Conference on Thursday 11 November 2021.

Date: 11 November 2021

Time: 4.30pm (AEDT) / 3.30pm (AEST) / 1.30pm (AWST)

Presenter: Managing Director, Kris Knauer

The Company invites shareholders, investors, and media to participate in this event by logging at www.noosaminingconference.com.au. There is no cost to joining.

For further information contact:

Kris Knauer

Scott Funston

Managing Director

Chief Financial Officer

+61 411 885 979

+61 413 867 600

kris.knauer@challengerex.com

scott.funston@challengerex.com

Challenger Exploration Limited

Issued Capital

Australian Registered Office

Directors

Contact

ACN 123 591 382

974.4m shares

Level 1

Mr Kris Knauer, MD and CEO

T: +61 8 6380 9235

ASX: CEL

49.0m options

1205 Hay Street

Mr Scott Funston, Finance Director

E: admin@challengerex.com

Website: www.challengerex.com

120m perf shares

West Perth WA 6005

Mr Fletcher Quinn, Chairman

16m perf rights

www.challengerex.com

ersonal use only

ASX: CEL

Noosa in November

Nov 11 2021 (4.30pm AEDT)

Hualilan Gold Project : Cerro Sur looking north to Cerro Norte

Challenger Exploration Limited

Argentina and Ecuador Gold / Copper Projects

IMPORTANT NOTICES AND DISCLAIMER

DISCLAIMER

This presentation is for informational purposes only and does not constitute an offer to sell, or solicitation to purchase, any securities. Such Offer can be made only through proper subscription documentation and only to investors meeting strict suitability requirements. Any failure to comply with these restrictions may constitute a violation of applicable securities laws. In providing this presentation Challenger Exploration Limited ("CEL") has not considered the financial position or needs of the recipient. Persons needing advice should consult their stockbroker, bank manager, solicitor, attorney, accountant or other independent financial and legal advisors.

FORWARD LOOKING STATEMENTS

Various statements in this presentation constitute statements relating to intentions, future acts and events. Such statements are generally classified as "forward looking statements" and involve known and unknown risks, uncertainties and other important factors that could cause those future acts, events and circumstances to differ materially from what is presented or implicitly portrayed herein. Words such as "anticipates", "expects", "intends", "plans", "believes", "seeks", "estimates" and similar expressions are intended to identify forward-looking statements. CEL caution shareholders and prospective shareholders not to place undue reliance on these forward-looking statements, which reflect the view of CEL only as of the date of this presentation. The forward-looking statements made in this presentation relate only to events as of the date on which the statements are made.

COMPETENT PERSON STATEMENT EXPLORATION RESULTS

onlyThe information in this release is an accurate representation of the available data and studies for the material mining project. The information that relates to sampling techniques and data, exploration results and geological

use

interpretation has been compiled Dr Stuart Munroe , BSc (Hons), PhD (Structural Geology), GDip (AppFin&Inv) who is a full-time employee of the Company. Dr Munroe is a Member of the AusIMM. Dr Munroe has over 20 years'

experience in the mining and metals industry and qualifies as a Competent Person as defined in the JORC Code (2012). Dr Munroe has sufficient experience of relevance to the styles of mineralisation and the types of deposits

under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results. Dr

Munroe consents to the inclusion in this report of the matters based on information in the form and context in which it appears. The Australian Securities Exchange has not reviewed and does not accept responsibility for the

accuracy or adequacy of this release

COMPETENT PERSON STATEMENT HISTORICAL MINERAL ESTIMATES

The information in this release provided under ASX Listing Rules 5.12.2 to 5.12.7 is an accurate representation of the available data and studies for the material mining project. The information that relates to Mineral Resources

has been compiled by Dr Stuart Munroe , BSc (Hons), PhD (Structural Geology), GDip (AppFin&Inv) who is a full-time employee of the Company. Dr Munroe is a Member of the AusIMM. Dr Munroe has over 20 years' experience

in the mining and metals industry and qualifies as a Competent Person as defined in the JORC Code (2012).

ersonal

Dr Munroe and has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration to qualify as Competent Person as defined in the 2012 Edition of the JORC Code for Reporting of,

Mineral Resources and Ore Reserves. Dr Munroe consents to the inclusion in this report of the matters based on information in the form and context in which it appears. The Australian Securities Exchange has not reviewed and

does not accept responsibility for the accuracy or adequacy of this release.

JORC CODE

It is a requirement of the ASX Listing Rules that the reporting of ore reserves and mineral resources in Australia comply with the Joint Ore Reserves Committee's Australasian Code for Reporting of Mineral Resources and Ore Reserves ("JORC Code"). Investors outside Australia should note that while ore reserve and mineral resource estimates of the Company in this document comply with the JORC Code (such JORC Code-compliant ore reserves and mineral resources being "Ore Reserves" and "Mineral Resources" respectively), they may not comply with the relevant guidelines in other countries and, in particular, do not comply with Industry Guide 7, which governs disclosures of mineral reserves in registration statements filed with the SEC. Information contained in this document describing mineral deposits may not be comparable to similar information made public by companies subject to the reporting and disclosure requirements of US securities laws. In particular, Industry Guide 7 does not recognise classifications other than proven and probable reserves and, as a result, the SEC generally does not permit mining companies to disclose their mineral resources in SEC filings. You should not assume that quantities reported as "resources" will be converted to reserves under the JORC Code or any other reporting regime or that the Company will be able to legally and economically extract them.

EXPLORATION RESULTS

Refer to Company Announcements for full details on Exploration Results. CEL is not aware of any new information or data that materially effects the information contained in those announcements

2

111,000m of a planned 204,000m at Hualilan is complete -
just over 50% complete

INVESTMENT HIGHLIGHTS

Significant discovery with grade and scale, 11-rigs operating, fully funded

only

100% owned Hualilan Gold Project - historical resource of 500,000 oz Au at [10 g/t1]

Underlying intrusion-hosted system with significant scale

EL GUAYABO/COLORADO V GOLD-

9-rig 120,000m drill program underway. Better results as we understand the system.

COPPER PROJECT - EQUADOR

World class bulk gold target 5km

Results in the past 6 weeks include:

along strike from a ~17-million-ounce

49.0m at 2.4 g/t AuEq2

- 1.5 g/t Au, 10.4 g/t Ag, 1.7% Zn;

inc 2.9m at 17.7 g/t AuEq2

orebody3

(134m @ 1.0 g/t Au, 4.1 g/t Ag)

62.0m at 2.1 g/t AuEq2

- 1.7 g/t Au, 20.3 g/t Ag, 0.3% Zn;

inc 17.0m at 3.5 g/t AuEq2

use

35.0m at 2.3 g/t AuEq2

- 2.2 g/t Au, 3.0 g/t Ag, 0.1% Zn;

inc 29.0m at 2.7 g/t AuEq2

HUALILAN GOLD PROJECT -

63.3m at 9.8 g/t AuEq2

- 8.5 g/t Au, 7.9 g/t Ag, 2.9% Zn;

inc 24.1m at 23.3 g/t AuEq2

ARGENTINA

10.2m at 14.2 g/t AuEq2

- 12.5 g/t Au, 10.6 g/t Ag, 3.5% Zn; inc 4.5m at 25.6 g.t AuEq2

Historical resource 627,000 oz

80 km2 surrounding the Hualilan Project which captures 20 km of strike compared to the current

Au at 13.7 g/t1. High-grade

skarn overlying a large, and

2.2 km of strike where CEL's drilling has been focused

previously unrecognised,

Excellent metallurgy with >90% gold recovery into a clean high-grade gold concentrate

intrusion-hosted gold system

  • Cash balance of $36 million (at Sep 30) - fully funded for the foreseeable future:
  • 20,000 metres drilling in Ecuador with first two holes completed

ersonal

1

to en ure compliance with LR 5.12 please refer to the Company's ASX Release dated 25 February 2019. These estimates are foreign estimates and not reported in accordance with the JORC Code. A competent person has not done sufficient

work to clarify the foreign estimates as a mineral

resource in accordance with the JORC Code. It is uncertain that following evaluation and/or further exploration work that the foreign estimate will be able to be reported as a mineral resource. The company is not in possession of any new information or data relating to the foreign estimates that

mate ially impact on the reliability of the estimates that materially impacts on the reliability of the estimates or CEL's ability to verify the foreign estimates estimate as minimal resources in accordance with Appendix 5A (JORC Code). The company confirms that the supporting information

p ovided in the initial market announcement on February 25 2019 continues to apply and is not materially changed. Refer to Slide 19 for Foreign Resource Estimate

2

information regarding AuEq's reported under the JORC Code is provided on Slide 19 (Appendix 1) of this presentation.

3

3

3

Source: Lumina Gold NI 43-101 Technical Report Cangrejos Project July 2020

HUALILAN GOLD PROJECT - IN PHOTO

Up to 300 metres of mineralisation up plunge from current drilling

only

Outcrop of high-grade manto up

ersonaluse

Historical workings

Cerro Sur looking south from the Magnata Fault

4

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Challenger Exploration Ltd. published this content on 10 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 November 2021 22:33:09 UTC.


ę Publicnow 2021
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Financials
Sales 2021 - - -
Net income 2021 0,60 M 0,41 M 0,41 M
Net cash 2021 44,0 M 30,4 M 30,4 M
P/E ratio 2021 275x
Yield 2021 -
Capitalization 271 M 188 M 188 M
EV / Sales 2020 -
EV / Sales 2021 -
Nbr of Employees 3
Free-Float 74,6%
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Mean consensus BUY
Number of Analysts 1
Last Close Price 0,27 AUD
Average target price 0,60 AUD
Spread / Average Target 122%
Managers and Directors
Kris David Knauer Chief Executive Officer, MD & Executive Director
Francis Scott Funston CFO, Secretary & Executive Director
Fletcher Christeson Quinn Non-Executive Chairman
Stuart Munroe Exploration Manager
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