Challenger Gold (‘Challenger’) is a gold explorer and developer, advancing the Hualilan project in Argentina, with earlier stage exploration in Ecuador. Hualilan has a 1.5Moz reserve (plus by-products), and, based on the recent PFS, should produce 135koz/year of gold at an all-in sustaining cost (“AISC”) of US$1,624/oz, with initial capex of US$267m. However, there is significant scope for production growth and 60,000m of exploration is planned in 2026. Our NAV for the project is US$887m with an ....
