Slide 1: IMARC Corporate Update
For personal use only ASX: CEL IMARC Corporate Update (November 2-5 2022) 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: Corporate Snapshot
CORPORATE SNAPSHOT Fully funded to deliver several significant and value accretive milestones over the next 12 months Hualilan Gold Project (100% - San Juan) - 2.1 Moz1 resource open in all directions For personal use only Capital Structure • High-grade component of resource 1.1 Moz1 at 5.6 g/t AuEq
Slide 4: Interim Resource Estimate
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 5: Flor De Hualilan
Flor De Hualilan 2.1Moz and growing For personal use only
Slide 6: Geology – High-Grades Over 3.5 km
GEOLOGY – HIGH-GRADES OVER 3.5 KM Interim resource estimate captures 2.2 of the 3.5kilometres strike For personal use only GNDD-675 A B A Sentazon Sulphides logged B Flor de Hulailan Adit 13.0m at 15.5 g/t AuEq inc 8.5m at 21.9 g/t AuEq GNDD-316(Ext) drilled after the MRE cut-off date. Intersected t
Slide 7: 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
Slide 8: 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 9: 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 10: 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 11: 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 12: 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 13: Building a District Scale Footprint at Hualilan
BUILDING A DISTRICT SCALE FOOTPRINT AT HUALILAN Discoveries like Hualilan seldom occour in isolation For personal use only • We are building towards a district scale 600 km2 footprint: Hualilan Project Tenement Status ▪ 235 sqkm formally granted to CEL Formerly Granted ▪ 329 sqkm pending grant – reg
Slide 14: 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 15: El Guayabo/Colorado V Project, Ecuador
For personal use only El Guayabo/Colorado V Project Ecuador
Slide 16: El Guayabo Au-Cu Project Overview
Cangrejos Deposit EL GUAYABO Au-Cu Project Overview - 21.8 Moz at 0.6 g/t AuEq - Gold with Cu, Ag, Mo credits - 500,000 Oz AuEq production1 Phase #1 Exploration Drilling at El Guayabo and Colorado V (2021-2022) - ASIC US$604 Oz1 1 Source Lumina Gold (TSX: LUM) PEA June 2020 For personal use only • 5
Slide 17: Colorado V Drill Program Update
Cangrejos Deposit COLORADO V DRILL PROGRAM UPDATE - 21.8 Moz AuEq at 0.6 g/t AuEq - Gold with Cu, Ag, Mo credits First drill holes produce two significant gold discoveries - 500,000 Oz AuEq production1 - ASIC US$604 Oz1 For personal use only • Au-Cu soil anomalies 1km x 0.5km 1 Source Lumina Gold (T
Slide 18: 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 $0.15 • As we execute over the next 6-9 months there will be several valuation cataly
Slide 19: Company Strategy
COMPANY STRATEGY - Funded to complete key milestones in Argentina and Ecuador and create value for 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 a h
Slide 20: Appendix Hualilan Gold Project Mineral Resource Estimate
For personal use only Appendix 1 Hualilan Gold Project Mineral Resource Estimate
Slide 21: 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 Au Eq • Assumed commodity prices for the calculation of Au
Slide 22: 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