Challenger Exploration (ASX:CEL)

$42.1m placement to support development of Hualilan Gold Project following four-fold ground position increase

Henslow acted as Joint Lead Manager to raise $42.1m for Challenger Exploration. The raise was strongly supported by domestic and international institutions, both new and existing, with a cornerstone investment from a globally renowned investor. Challenger have increased their ground position around their Hualilan Project four-fold and the Company now has a district land position of 80 square kilometres surrounding Hualilan. The placement funds will be applied to fund a new 100,000m drill program and the acquisition of the final 25% of the project, amongst other activities for the Hualilan Project. Funds raised will also be applied to additional drilling at the Company’s El Guayabo project and for general working capital.

Becoming a globally significant gold producer through amplified exploration.

The company is developing two complementary gold/copper projects in South America. The strategy for the Hualilan Gold Project is for it to provide a high-grade low CapEx operation in the near term. This underpins CEL with low risk, high margin source of cash flow while it prepares for a much larger bulk gold operation in Ecuador. The company holds a 100% interest in the El Guayabo Project and 75% interest in the Hualilan Gold Project.

The Highlights

  • $170.1m

    Market Capitalisation


    ASX Listed Company

Funds to expedite drilling programs, scoping studies and expansion

This is the second raise that Henslow has completed for Challenger and we look forward to strengthening the partnership with Challenger as they continue their Hualilan and EI Guayabo/Colorado V drilling program.

Another great result from our flagship Hualilian Gold Project. The project continues to deliver excellent results as we step along strike and down dip to extend historical mineralisation.

Kris Knauer, Managing Director of CEL