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2026-11-06
◂ Monitor CEL ASX

Challenger Gold Limited

PFS Developer · Gold · Silver · Zinc · Argentina · Ecuador Rating locked: sign in to view v6.2
Last 2026-11-06
A$1.6
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$273.8M
EV
A$226M
Cash
A$20M
Debt
A$21M
9 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

3 assets

Core asset

Hualilan

Argentina

PFS Developer100% ownedGoldSilverZinc

Standalone mine development after toll-mining reset; PFS current, finance and RIGI pending.

Project location

Approximate location

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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVUS$1.1B5% discount
IRR34.8%Published return
Initial capexUS$267MPublished capital estimate
Operating cost1,618US$/oz payable gold AISC

Post-tax NPV5 at US$3500/oz gold, US$58/oz silver and US$1.35/lb zinc; AISC US$1618/oz payable gold; RIGI 25% tax assumed but unapproved.

Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured, Indicated and Inferred132.1 million tonnes2.735 Moz AuEqGold · Silver · Zinc—
Ore ReserveProbable62.9 million tonnes0.75 g/t Au; 1.514 Moz contained Au, 7.728 Moz Ag and 170 kt ZnGold · Silver · Zinc—
Tenements1
hualilan-mining-rightsGranted— None · No expiry supplied
Milestones4
  1. RIGI submission targeted late 2026

    Pending · High materiality

  2. NI 43-101 technical update early 2027

    Pending · High materiality

  3. Full project financing targeted mid-2027

    Pending · High materiality

  4. Resource and reserve updates H2 2027

    Pending · High materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Hualilan environmental impact authorization, Resolution 688-MM-2024San Juan, ArgentinaGranted—Yes
Economic studies3
StudyStageStatusDateSummary
2023 scoping studyScoping StudySuperseded2023-11-08Historical scoping study superseded by 2026 PFS.
2025 toll milling PFSPFSSuperseded2025-06-04September 2026 roadmap explicitly says this should not be relied upon.
2026 standalone Hualilan PFSPFSCurrent2026-05-1814.25 year standalone project, heap leach and flotation, post-tax NPV5 US$1.101b at US$3500 gold.

Material

El Guayabo

Ecuador

Resource Stage100% ownedGoldCopper

Inferred resource exploration asset; no funded mine study. El Guayabo 2 additional interest conditional.

Project location

Approximate location

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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceInferred292 million tonnes4.7 Moz AuEqGold · Copper—
Tenements1
el-guayabo-rightsGranted— None · No expiry supplied

Material

Colorado V

Ecuador

Resource Stage50% ownedGoldCopper

Resource project with 50% attributable CEL interest under joint venture/earn-in.

Project location

Approximate location

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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceIndicated and Inferred278.1 million tonnes4.4 Moz AuEq on 100% basisGold · Copper—
Tenements1
colorado-v-rightsGranted— None · No expiry supplied