Slide 1: Red Cloud Pre-PDAC Mining Showcase
For personal use only ASX: CEL Red Cloud Pre-PDAC Mining Showcase (March 2-3 2023) Hualilan Gold Project : Cerro Sur looking north to Cerro Norte Challenger Exploration Limited Argentina and Ecuador Gold / Copper Projects 1
Slide 2: Important Notices and Disclaimer
IMPORTANT NOTICES AND DISCLAIMER For personal use only 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 me
Slide 3: Challenger Exploration Snapshot
CHALLENGER EXPLORATION SNAPSHOT Two significant discoveries, both with grade and scale, provide strategic flexibility For personal use only • Hualilan Gold Project (100% - San Juan) - 2.1 Moz1 resource open in all directions • High-grade system overlying a large intrusion-hosted discovery EL GUAYABO
Slide 4: Corporate Snapshot
CORPORATE SNAPSHOT Funded to deliver several significant and value accretive milestones For personal use only Key Company Metrics Capital Structure ASX Ticker CEL • Fully diluted Enterprise Value of A$162m (A$77 Oz) Share Price (as at 20 Feb 2023) 14.0c • 2.1 Moz maiden Hualilan Resource with an upg
Slide 5: Key Milestones Over the Next Months
KEY MILESTONES OVER THE NEXT 9 MONTHS Capital raise allows the delivery of several significant and value accretive objectives For personal use only Hualilan Gold Project, Argentina El Guayabo Project, Ecuador • Acquisition of underlying land covering project: • Ongoing Drill results – 100% owned gro
Slide 6: 2.1Moz and growing
For personal use only 2.1Moz and growing 6
Slide 7: Hualilan Gold Project
Hualilan Gold Project Taken 2 November 2022 from Bell 429 helicopter For personal use only Drilling GNDD-763 to GNDD-765 (218,000 drill metres) Gap Zone 7
Slide 8: Interim Resource Estimate (126,000 of 204,000m drilling)
INTERIM RESOURCE ESTIMATE (126,000 of 204,000m drilling) Dial in your preferred grade – the grade tonnage distribution provides significant flexibility • Interim Resource of 2.1 million ounces1 at a discovery cost of US$8.20/Oz: For personal use only Significant intersections after the MRE Cut of da
Slide 9: Key Points
Key Points • A number of coherent zones of near surface high-grade mineralisation at For personal use only Sentazon. Magnata Fault and Main Norte manto • These high-grade and near surface zones generally correlate to the indicated section of the MRE which will support a scoping study • Provides a po
Slide 10: MRE Block Model Sections
For personal use only MRE Block Model Sections (from south to north) Shows how the current 2.1 million ounce resource will increase significantly 10
Slide 11: Verde Zone Type Section
VERDE ZONE TYPE SECTION Verde now extended across the Magnata Fault and open to the south For personal use only Muchilera Sediment-hosted • Contribution to the MRE: i. Open Pit – 37,000 Oz ii. Underground – 56,000 Oz iii. Total - 93,000 Oz • This zone is only lightly drilled • Open to the north and
Slide 12: Magnata Fault Zone Type Section
MAGNATA FAULT ZONE TYPE SECTION Fault zones extend over 500 metres vertically and remain open at depth For personal use only Magnata Fault (Central) • Contribution to the MRE: i. Open Pit – 370,000 Oz ii. Underground – 35,000 Oz iii. Total - 404,000 Oz • Mineralisation is open to the east and the we
Slide 13: Central Verde Zone Recent Infill Drilling
CENTRAL VERDE ZONE RECENT INFILL DRILLING Several significant stacked zones of mineralisation within the conceptual US$1,800 pit shell For personal use only • GNDD-458 intersected 67.7m at 7.7 g/t AuEq • This intersection was in a 200m metre strike section of the central Verde Zone that had appeared
Slide 14: Northern Margin of the Verde Zone
NORTHERN MARGIN OF THE VERDE ZONE - Mineralisation strong and open to the north based on visual infill results For personal use only Verde Zone • Contribution to the MRE: i. Open Pit – 631,000 Oz ii. Underground – 83,000 iii. Total - 714,000 Oz • Open to the north along strike and open at depth. Thi
Slide 15: Robust Starter Pit and Excellent Metallurgy
ROBUST STARTER PIT AND EXCELLENT METALLURGY Produces high value and saleable concentrates at excellent recoveries For personal use only Skarn Material (Gravity + Cu/Pb and Zn Sequential Float) Intrusion-hosted material (Gravity + Single Stage Float) • Payable Recoveries into concentrate of 95% Au, 9
Slide 16: Building a District Scale Footprint at Hualilan
BUILDING A DISTRICT SCALE FOOTPRINT AT HUALILAN Discoveries like Hualilan seldom occour in isolation – hence a 600 sqkm footprint which is unexplored For personal use only • Building towards a district scale 600 km2 footprint: ▪ 235 km2 granted to CEL ▪ 329 km2 pending grant (registered in Mining Ca
Slide 17: A Far Bigger Play Than Extending Within 3.5km Strike
A FAR BIGGER PLAY THAN EXTENDING WITHIN 3.5KM STRIKE Exploration has only focussed on one side of the intrusion responsible for Hualilan For personal use only Processing of surface magnetic data indicates there are at least five major intrusive ATE supports the concept that centres the same 3 age as
Slide 18: El Guayabo/Colorado V Project, Ecuador
For personal use only El Guayabo/Colorado V Project Ecuador 18
Slide 19: El Guayabo Au-Cu Project Overview
Cangrejos Deposit EL GUAYABO Au-Cu Project Overview - 17.1 Moz at 0.6 g/t AuEq - Gold with Cu, Ag, Mo credits - 500,000 Oz AuEq production1 - ASIC US$604 Oz1 Phase #1 Exploration Drilling at El Guayabo and Colorado V (2021-2022) 1 Source Lumina Gold (TSX: LUM) PEA June 2020 For personal use only • 5
Slide 20: For personal use only
For personal use only A B GYDD-22-024 638.2m at 0.6 g/t AuEq inc 304.3m at 1.0 g/t AuEq inc 108.5m at 2.4 g/t AuEq inc 54.2 m at 4.0 g/t AuEq ? 20
Slide 21: A Sensible Approach to Porphyry Exploration
A SENSIBLE APPROACH TO PORPHYRY EXPLORATION Consistent zone of high-grade Au-Cu-Ag within the main body of mineralisation in the GY-A Discovery zone For personal use only • Drilling indicates bulk gold discovery with several centres of similar scale to the adjoining 17Moz Cangrejos • Sensible low ri
Slide 22: CV-A / CV-B
For personal use only CV-A CV-B 22
Slide 23: Valuation and Milestones
For personal use only Valuation and Milestones 23
Slide 24: Value Proposition
VALUE PROPOSITION Many catalysts achieved and significant opportunity to be re-rated with several price catalysts in the short term Several Share Price catalysts as we execute our strategy Now For personal use only $0.14 • As we execute over the next 6-9 months there will be several valuation cataly
Slide 25: Company Strategy
COMPANY STRATEGY - Funded to complete key milestones in Argentina and Ecuador and create value for CEL shareholders For personal use only Our Aspiration is to become a globally significant gold producer Hualilan Gold Project El Guayabo Project Company Strategy Argentina Ecuador • Hualilan to provide
Slide 26: Appendix Hualilan Gold Project Mineral Resource Estimate
For personal use only Appendix 1 Hualilan Gold Project Mineral Resource Estimate 26
Slide 27: Argentina - Accomplishments We Are Most Proud Of
ARGENTINA - ACCOMPLISHMENTS WE ARE MOST PROUD OF Strong social licence to develop the Hualilan Gold Project For personal use only • We have been in Argentina 3 years Some of the Challenger Exploration Team at Hualilan • Direct Jobs created: 60 • Indirect Jobs created: 300 • Local supplier developmen
Slide 28: Ecuador - Accomplishments We Are Most Proud Of
ECUADOR - ACCOMPLISHMENTS WE ARE MOST PROUD OF CEL is now used as as example of how responsible mining can work by the local authorities in Ecuador For personal use only • 1,000,000m3 acid mine drainage treated Some of the Challenger Exploration Team at Hualilan • Direct Jobs created: 40 • Indirect
Slide 29: Hualilan Gold Project - Mineral Resource Estimate
HUALILAN GOLD PROJECT - MINERAL RESOURCE ESTIMATE Interim JORC 2012 Compliant MRE released July 1st 2022 and references For personal use only 4 Gold Equivalent (AuEq) values El Guayabo Project- Requirements under the JORC Code Mt Au Ag Zn Pb AuEq • Assumed commodity prices for the calculation of AuE
Slide 30: Challenger Exploration Limited
CHALLENGER EXPLORATION LIMITED (ASX:CEL) ACN 123 591 382 Level 1, 1205 Hay Street, West Perth WA 6005 | P: +61 8 6380 9235 For personal use only Kris Knauer Scott Funston Elvis Jurcevic Jane Morgan CEO & Managing Director CFO & Finance Director Investor Relations Media Relations +61 411 885 979 +61