Challenger Gold's strategic placement and funding update

Challenger Gold Limited (ASX: $CEL) has successfully completed a strategic placement of 66,377,283 shares at a price of 8.5 cents per share, representing a 6% premium to the last trading price. This placement, which includes a one for one option exercisable at a price of 14 cents per share for 12 months, has generated proceeds of A$5,642,069. The strategic placement also marks the entry of Mr. Eduardo Elsztain's group, a prominent Argentine businessman, as a new shareholder of the company, taking a 5% stake at a premium to market. This move has provided an immediate cash injection of A$5.6 million, with the option exercise potentially injecting an additional A$9.3 million, subject to exercise. The funding enables Challenger Gold to continue advancing aggressively while the strategic funding process continues.

Executive commentary on strategic placement and funding update

As Executive Director of Challenger Gold, I am delighted to welcome Mr. Eduardo Elsztain as a new shareholder of our Company. This partnership not only reinforces our strategic position in San Juan, Argentina but also underscores the confidence and shared vision in the potential of our gold project within Argentina. The investment is a testament to the hard work of our team and the robust potential of our exploration efforts. We look forward to collaborating closely to unlock value for all stakeholders and contribute positively to the local community and economy. This marks a significant milestone in our journey, and we are excited about the opportunities this partnership will bring.

Summary of Challenger Gold's strategic placement and funding update

Challenger Gold (ASX: $CEL) has successfully completed a strategic placement, welcoming Mr. Eduardo Elsztain's group as a new shareholder, taking a 5% stake at a premium to market. This move has provided an immediate cash injection of A$5.6 million, with the option exercise potentially injecting an additional A$9.3 million, subject to exercise. The funding enables Challenger Gold to continue advancing aggressively while the strategic funding process continues. The company's strategic position in San Juan, Argentina is reinforced, and the investment signifies confidence in the potential of the gold project within Argentina. The immediate cash injection allows the funding process to continue, with the option to extend it until after the completion of the Hualilan Pre-Feasibility Study if required. This successful completion of the strategic placement and the ongoing funding process align with Challenger Gold's ambition to become a globally significant gold producer, with a focus on developing its Hualilan Gold Project in San Juan, Argentina and preparing for a larger bulk gold operation at El Guayabo in Ecuador.