OREMAVEN
XMM 7,722.00 -2.63% YTD +5.6% OM ASX 450.55 -2.56% YTD +0.1% OM PRECIOUS 349.20 -2.24% YTD +2.5% OM EX-PREC 418.91 -2.72% YTD -1.1% XAU 4,115.59 +2.31% YTD -4.9% GLD 375.49 +0.81% YTD -5.2% GDX 85.75 +1.37% YTD -0.0% SIL 77.33 -1.00% YTD -7.3% COPX 70.23 -5.81% YTD -1.8% URNM 40.07 -2.79% YTD -27.0%
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

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$20M Finite
Debt A$21M Net cash A$-978K
Basic shares 171.1M 2026-09-14
Runway 0.9 quarters June cash A$20.027m divided by Q2 combined operating and investing outflows A$22.887m; pre-August capital raising and before project financing.

Liquidity

Financial position

Pro forma equity proceeds augment cash, but September convertible refinancing remained unconfirmed in reviewed evidence; construction capex US$267m is unfunded.

Inventory composition3

June 30 carrying values total A$16.438m after A$1.82m inventory write-down; not added as surplus cash in NAV.

Ore stockpiles
A$5.3M carrying
Work in progress
A$1.6M carrying
Gold doré at net realizable value
A$9.5M carrying

Capital structure

Ownership and dilution

Ordinary shares
171.1M
Fully diluted
211.3M

Post 20:1 consolidation ordinary shares 171,120,303 on September 14 Appendix 2A. Add 40,145,689 listed options/performance rights without exercise proceeds for conservative fully diluted 211,265,992 share basis; do not add debenture conversion shares because its carrying value is deducted as debt. The 39,030 interest shares are already in ordinary shares.

Security classes8
ClassTypeQuantityStrikeExpiry
ASX CEL ordinary sharesOrdinary Share171.1M——
CELAZ optionsOption18.1MA$3.122029-06-30
CELAW options, varied strikesOption7.4M—2027-01-31
CELAH optionsOption100KA$22027-06-30
CELAX optionsOption12.5MA$2.42028-08-31
CELAY optionsOption1MA$3.92028-11-30
Performance rightsPerformance Right1M——
US$15m QRC convertible debenture; principal treated as debt in valuationConvertible1—2026-09-14

KPI history

Operating metrics

1 periods
Operating metric source table4
MetricProjectPeriodPeriod typeValueStatus
ProductionHualilan2026 Q2Quarter1,543 oz AuReported
ProductionHualilan2026 Q2Quarter6,670 oz AgReported
ThroughputHualilan2026 Q2Quarter39,342 tonnesReported
RecoveryHualilan2026 Q2Quarter88 percentReported
Company guidance1
MetricProjectPeriodLowHighStatus
Phase 1 Heap Leach First Productionhualilanearly 2029—— target early 2029Current

Capital history

Capital events

3 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-10RaisingA$2M833.3K—Completed—
2026-08-06Ann. 2026-08-13RaisingA$61.8M25.8M—Completed—
2025-01-01DebtUS$15M——Ongoing—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-09-26

Signed toll and disclosed joint-venture terms from annual report and subsequent issuer reset; no signed ore purchase contract inferred.

Signed 2024 toll processing agreement has residual payment obligation. The selective-mining plan and 2025 toll PFS are superseded; ore purchase replacement remains unsigned.

Tolling Or Processing · Active
Counterparties
Austral Gold / Casposo Argentina Mining
Applies to
Hualilan · Gold · Silver
Economic direction
Mixed
Period
From 2024-12-30; no end date stated
Key terms
contracted annual throughput: 150,000 tonnes/year
unpaid access fee: 1 US$ million
How it affects our valuation

No valuation treatment is available for this arrangement.

Power MOU may lower company-funded connection capex; funding is not executed.

Strategic Partnership · Conditional
Counterparties
YPF Luz
Applies to
Hualilan · Gold · Silver · Zinc
Economic direction
Benefit
Period
Dates not stated
Key terms
possible third-party funded power link: 48 US$ million
How it affects our valuation

No valuation treatment is available for this arrangement.

Colorado V resource shown on 100% basis; valuation uses only 50% attributable interest, subject to earn-in terms.

Joint Venture · Active
Counterparties
Goldking Mining Company SA
Applies to
Colorado V · Gold · Copper
Economic direction
Mixed
Period
Dates not stated
Key terms
CEL interest: 50 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

El Guayabo 2 interest is conditional and not assigned incremental quantified value.

Earn In · Conditional
Counterparties
Segundo Angel Marin Gomez
Applies to
El Guayabo · Gold · Copper
Economic direction
Benefit
Period
Dates not stated
Key terms
potential earn-in: 80 percent
How it affects our valuation

No valuation treatment is available for this arrangement.