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CHALLENGER GOLD LIMITED Capital/Financing Update 2021

Dec 28, 2021

64637_rns_2021-12-28_1dc4ffc1-cb1b-45b2-8e91-b9e32bf195b0.pdf

Capital/Financing Update

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ASX Release 29 December 2021

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Drilling significantly extends the high-grade Magnata Fault mineralisation along strike and at depth

Highlights

  • High grade Magnata Fault mineralisation extended up to 240 metres below previous drilling including an intercept of 44.5 g/t gold in the deepest hole drilled on the Magnata fault to date.

  • Mineralisation extended 130 metres west along strike via several significant intersections with grades appearing to be improving at depth, in the western section of the Magnata Fault.

  • Drilling intersects new zones of mineralisation, including a new massive sulphide zone which is a possible extension of the Magnata Manto mineralisation north of the Magnata Fault.

  • All holes intercepted mineralisation with significant intersections including (Refer Table 1):

  • 4.2m at 16.1 g/t AuEq[2] - 10.4 g/t Au, 61.5g/t Ag, 11.4% Zn from 330.8m and; 18.9m at 3.1 g/t AuEq[2] - 2.7 g/t Au, 9.9 g/t Ag, 0.5% Zn from 245.8m including; 6.6m at 6.6 g/t AuEq[2] - 5.8 g/t Au, 17.9 g/t Ag, 1.3% Zn from 137.0m (GNDD-370)

  • 29.0m at 5.3g/t AuEq[2] - 3.2 g/t Au, 44.6g/t Ag, 3.6% Zn from 306.0m including; 2.6m at 24.7 g/t AuEq[2] - 17.6 g/t Au, 218 g/t Ag, 10.1% Zn from 329.0 (GNDD-442)

  • 4.0m at 16.9g/t Au from 240.0m (silver and base metal results pending) and 1.1m at 44.5 g/t Au from 530.7m (silver and base metal results pending) (GNDD-416) ;

  • Substantial widths of near surface mineralisation intersected above the Magnata Fault, that is potentially economically significant in the context of an open pit with results including:

  • 63m at 0.5 g/t AuEq[2] - 0.4 g/t Au, 2.8 g/t Ag, 0.2% Zn from 47.0m and; 21.7 at 1.1 g/t AuEq[2] - 0.9 g/t Au, 9.3 g/t Ag, 0.2% Zn from 13.0m (GNDD408)

  • 55.0m at 0.7g/t AuEq[2] - 0.5 g/t Au, 6.2g/t Ag, 0.2% Zn from 190m (GNDD343)

  • 55.0m at 0.5g/t AuEq[2] - 0.3 g/t Au, 8.3g/t Ag, 0.1% Zn from 15.0m (GNDD354)

  • Magnata Fault mineralisation now covers 520 metres of strike and 500 metres vertically remaining open in all directions with mineralisation mapped in outcrop 200 metres to the east.

Commenting on the results, CEL Managing Director, Mr Kris Knauer, said

“The footprint of the high-grade mineralisation at Hualilan continues to expand and we are seeing no signs that we are approaching the limits of the deposit.

The Magnata Fault itself is now a significant body of high-grade mineralisation over 500 metres long extending from surface to 500 metres depth that remains open in all directions.

Additionally, with what we have seen in the last few holes drilled on the Magnata Fault, it looks like the western end of the Magnata Fault is going to emerge as an important new high-grade zone."

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital Australian Registered Office 978.7m shares Level 1 48.7m options 1205 Hay Street 120m perf shares West Perth WA 6005

16m perf rights

Directors

Directors Contact Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 Mr Scott Funston, Finance Director E: [email protected] Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

www.challengerex.com

ASX Release 29 December 2021

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Challenger Exploration ( ASX: CEL ) (“ CEL ” the “ Company ”) is pleased to announce results from the Company's flagship Hualilan Gold Project in San Juan, Argentina. The results are from a series of drill holes designed to test for extensions of high-grade mineralisation on the Magnata Fault at depth and along strike. The program was successful, with all 18 drill holes intersecting mineralisation and the footprint of the high-grade Magnata Fault mineralisation extended significantly.

HIGHLIGHTS

Highlights include GNDD-416 ( 4.0m at 16.9g/t Au from 240.0m and 1.1m at 44.5 g/t Au from 530.7m) and GNDD-422 ( 29.0m at 5.3g/t AuEq including 2.6m at 24.7 g/t AuEq). Both these holes intersected strong mineralisation below earlier holes which recorded limited intercepts. These holes confirm the Magnata Fault mineralisation remains strong and open at depth with GNDD-416 extending mineralisation to 500 metres below surface.

GNDD-370 intersected two zones of mineralisation. The upper zone ( 18.9m at 3.1 g/t AuEq including 6.6m at 6.6 g/t AuEq) is associated with the Magnata Fault and follows the limestone contact which demarcates the Magnata Fault at that location. The lower zone ( 4.2m at 16.1 g/t AuEq) is hosted in limestone and is a new domain of massive sulphide (manto) north of the Magnata Fault.

GNDD-348, which was collared 120 metres west of previous drilling on the Magnata Fault, successfully extended the Magnata Fault mineralisation 120 metres along strike. GNDD-348 intersected 23 metres of mineralisation from 227 metres until the end of the hole with the last two samples grading 6.0 g/t Au and 0.2 g/t Au. The hole has subsequently been extended with assays for the extension pending. Each of drill holes GNDD-343, GNDD313, GNDD-318, and GNDD-351, all collared west of GNDD-290 (the previous most westerly drill hole on the Magnata Fault), intersected mineralisation confirming the extension of consistent mineralisation another 120 metres west along the Magnata Fault. The mineralisation remains open along strike and at depth.

Additionally, drilling intersected a broad zone of near surface mineralisation in intrusive both above and surrounding the high-grade the Magnata Fault mineralisation. Examples include and 21.7m at 1.1 g/t AuEq and 63m at 0.5 g/t AuEq (GNDD-408) and 55.0m at 0.7g/t AuEq (GNDD 343). This confirms earlier intersections of substantial widths of near surface mineralisation above the Magnata Fault. This has the potential to be economically significant in the context of an open pit mining scenario.

MAGNATA FAULT

The Magnata and Sanchez Faults are two large east-west sub-vertical strike strip faults. The faults can be seen in outcrop and in magnetic data extending for tens of kilometres to the east and west of Hualilan. The Magnata Fault Zone is located at Cerro Sur 1.5 kilometres south of the Sanchez Fault and separates into the M1 and M2 Magnata Faults, both of which host high-grade mineralisation.

The Magnata and Sanchez Faults were historically recognised as major controls of the mineralisation at Hualilan. The mineralising fluids were interpreted to have migrated from a source below or along

Australian Registered Office Level 1 1205 Hay Street

Issued Capital 978.7m shares Level 1 48.7m options 1205 Hay Street 120m perf shares West Perth WA 6005

16m perf rights

Directors Contact Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 Mr Scott Funston, Finance Director E: [email protected] Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

www.challengerex.com

ASX Release 29 December 2021

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Challenger Exploration Limited Issued Capital Australian Registered Office Directors Contact
ACN 123 591 382 978.7m shares Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235
ASX: CEL 48.7m options 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected]
120m perf shares West Perth WA 6005 Mr Fletcher Quinn , Chairman
16m perf rights Mr Sergio Rotondo, Exec. Director
Figure 1 – Plan View showing current and pending Magnata Fault drilling
----- End of picture text -----

www.challengerex.com

ASX Release 29 December 2021

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strike, forming steeply dipping zones of mineralisation within the Magnata and Sanchez Faults. These fluids migrating up the faults are also responsible for replacement massive sulphide (Manto-style) high grade bodies, oriented parallel to the limestone beds, dipping to the west adjacent to the faults.

This program of extension drilling on the Magnata Fault was designed as a series of fences of holes spaced at 40 metres along the Magnata Fault. The holes on each fence were collared to intersect the Magnata Fault approximately 40 metres below the previous hole. The drilling targeted higher grade, thicker shoots within the fault zones. The location of the drill holes is shown in Figure 1.

DISCUSSION OF RESULTS

GNDD-370

GNDD-370 was collared approximately 100 metres north of the Magnata Fault and was drilled as a wildcat test in an area of limited drilling. The hole intersected two new zones of mineralisation. The upper zone returned 18.9 metres at 3.1 g/t AuEq (2.7 g/t gold, 9.9 g/t silver, 0.6% zinc) from 245.8m including 6.6 metres at 6.6 g/t AuEq (5.8 g/t gold, 17.9 g/t silver, 1.3% zinc) and 4.9 metres at 2.3 g/t AuEq (2.0 g/t gold, 10.1 g/t silver, 0.3% zinc) . This mineralisation is associated with the contact between the sediments and intrusives with this boundary now interpreted as the Magnata Fault in this location.

The deeper intersection of 4.2 metres at 16.1 g/t AuEq (10.4 g/t gold, 61.5g/t silver, 11.4% zinc) from 330.8m consists of high-grade skarn mineralisation hosted in limestone. A follow up hole GNDD-447 (assays pending) had been drilled to test 50 metres down dip from GNDD-370 and in other areas where this mineralisation may extend. This limestone hosted mineralisation occurs at a similar stratigraphic position as the Main Magnata Manto south of the Magnata Fault however additional drilling will be required to better define this new mineralised domain.

GNDD-442

GNDD-442 is one of the more significant holes in the current program. As Figure 2 (over the page) illustrates the hole was drilled underneath hole GNDD-175 (8.5 metres at 0.2 g/t AuEq) which had potentially indicated that mineralisation may be weakening at depth in the central part of the Magnata Fault. The intersection in GNDD-442 of 29.0 metres at 5.3 g/t AuEq (3.2 g/t gold, 44.6 g/t silver, 3.6% zinc) from 306.0m including 2.6 metres at 24.7 g/t AuEq (17.6 g/t gold, 218.0 g/t silver, 10.1% zinc) extended Magnata Fault high-grade mineralisation over 120 metres vertically below GNDD-221 (8.2 metres at 2.0 g/t AuEq) and 75 metres below GNDD-145. It confirms that thicker, higher grade mineralised shoots remains strong and open at depth in the central part of the Magnata Fault, as it does in the entire Magnata Fault.

Additionally, GND-442 intersected a number of zones of mineralisation above the Magnata Fault including 13.1 metres at 0.4 g/t AuEq (0.3 g/t gold, 1.4 g/t silver, 0.2% zinc) from 125.9m, 1.0 metres at 1.8 g/t AuEq (1.8 g/t gold, 4.0 g/t silver) from 229.0m, and 2.9 metres at 1.9 g/t AuEq (1.8 g/t gold, 1.9 g/t silver, 0.1% zinc) from 251.4m.

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital 978.7m shares 48.7m options 120m perf shares

16m perf rights

Australian Registered Office Level 1 1205 Hay Street West Perth WA 6005

Directors Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Contact T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

ASX Release 29 December 2021

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Figure 2 - Magnata Fault Cross Section 10S Showing GNDD-442 and earlier drilling

Challenger Exploration Limited Issued Capital Australian Registered Office Directors Contact ACN 123 591 382 978.7m shares Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 ASX: CEL 48.7m options 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] 120m perf shares West Perth WA 6005 Mr Fletcher Quinn , Chairman 16m perf rights Mr Sergio Rotondo, Exec. Director

www.challengerex.com

ASX Release 29 December 2021

==> picture [130 x 66] intentionally omitted <==

GNDD-416

GNDD-416 was drilled on the section of drilling 40 metres west along strike from GNDD-442. Similar to GNDD-442, the hole was a deep test below GNDD-265 and GNDD-278 both of which had not recorded any significant intercept. At this stage the Company has received preliminary gold results only for GNDD-416 with silver and base metal results pending.

GNDD-416 returned an outstanding result extending the high grade Magnata Fault mineralisation 240 metres vertically below drillhole GNDD-227 (3.7m at 2.1 g/t AuEq and 8.0 metres at 5.7 g/t AuEq) with an intercept of 1.1 metres at 44.5 g/t gold from 530.7m (silver and base metal results pending). This is the deepest intercept on the Magnata Fault and mineralisation has now been intersected over 500 metres vertical extent on the Magnata Fault. GNDD-416, and more recent drilling, shows that the Magnata Fault is near vertical and that drill hole GNDD-278 was likely stopped before it reached the Magnata Fault. GNDD-278 is now programmed to be extended 125 metres to test the Magnata Fault 75 metres above GNDD-416.

GNDD-363, GNDD-386

Drillhole GNDD-363 and GNDD-386 were drilled approximately 100 metres west along strike from GNDD-416. The two holes are located on the same fence of drillholes as GNDD-014 (14.7m at 3.3 g/t AuEq), GNDD-117 (10.0m at 2.7 g/t AuEq) GNDD-243 (7.1m at 3.6 g/t AuEq), GNDD-272 (11.1m at 20.0 g/t AuEq), and GNDD-286 (10.2m at 6.2 g/t AuEq) which are progressively deeper tests of the Magnata Fault.

GNDD-386 was a shallow hole designed to test the Magnata Fault up dip of GNDD-272. GNDD-386 extended the Magnata Fault mineralisation another 35 metres up dip intersecting 31.9m at 0.7 g/t AuEq (0.6 g/t gold, 6.4g/t silver, 0.1% zinc) from 64.6m. This wide low grade intersection contained two higher grade zones of 2.0m at 6.4 g/t AuEq (6.3 g/t gold, 2.7 g/t silver) from 67.0m and 0.9m at 6.4 g/t AuEq (6.3 g/t gold, 2.7 g/t silver) from 67.0m and 0.9m at 2.5 g/t AuEq (0.9 g/t gold, 0.8 g/t silver, 1.1% zinc) from 81.5m which are believed to be the near surface expression of the M1 and M2 Magnata faults.

GNDD-363 was designed to intersect the Magnata Fault 50 metres downdip of GNDD-243 the previous deepest hole on this section of the Magnata Fault. GNDD-363 successfully extended the mineralisation intersecting 21.9m at 0.8 g/t AuEq (0.5 g/t gold, 5.9g/t silver, 0.3% zinc) from 188.0m. This intersection contained two higher-grade zones, 1.5m at 2.6 g/t AuEq (1.4 g/t gold, 19.5 g/t silver, 2.4% zinc) and 5.1m at 1.2 g/t AuEq (1.0 g/t gold, 5.4 g/t silver, 0.2% zinc) . Another hole is planned to test 100 metres below GNDD-363. GNDD-370 (discussed above) intersected the Magnata Fault 60m down dip of GNDD-363 confirming the extension of the high-grade mineralisation at depth.

GNDD-318, GNDD-353, GNDD-354, GNDD-358, and GNDD-463 (assays pending)

GNDD-318, 353, 354, and 358 were drilled to follow up GNDD-290 which was previously the most westerly hole drilled on the Magnata Fault. GNDD-290 had intersected four separate zones of mineralisation including 2.1 metres at 2.7 g/t AuEq from 139.5m and 4.0 metres at 4.6 g/t AuEq from 162.6m. With all four follow up holes to GNDD-290 successfully intersecting mineralisation on this

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital Australian Registered Office 978.7m shares Level 1 48.7m options 1205 Hay Street 120m perf shares West Perth WA 6005

16m perf rights

Directors

Contact

Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 Mr Scott Funston, Finance Director E: [email protected] Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

www.challengerex.com

ASX Release 29 December 2021

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Figure 3 - Magnata Fault Cross Section 11S Showing GNDD-416

Challenger Exploration Limited Issued Capital Australian Registered Office Directors Contact ACN 123 591 382 978.7m shares Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 ASX: CEL 48.7m options 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] 120m perf shares West Perth WA 6005 Mr Fletcher Quinn , Chairman 16m perf rights Mr Sergio Rotondo, Exec. Director

www.challengerex.com

ASX Release 29 December 2021

==> picture [130 x 66] intentionally omitted <==

fence of Magnata Fault drilling the mineralisation has been defined over 200 metres vertically from surface at this location and remains open at depth.

GNDD-353 and GNDD-354 were drilled as up-dip tests of GNDD-290, both successfully intersecting consistent broad zones mineralisation in intrusive. GNDD-353 intersected 29.0 metres at 0.9 g/t AuEq (0.4 g/t gold, 31.1 g/t silver, 0.2% zinc) from 15.0m including 4.0 metres at 1.5 g/t AuEq (0.8 g/t gold, 52.0 g/t silver, 0.2% zinc) and 5.6 metres at 1.6 g/t AuEq (0.6 g/t gold, 68.3 g/t silver, 0.3% zinc).

GNDD-354 intersected 41.0 metres at 0.5 g/t AuEq (0.3 g/t gold, 8.3 g/t silver, 0.1% zinc) from 15.0m. This broad zone of low-grade mineralisation is consistent with what is found surrounding the Magnata Fault near surface and extending north and south within the intrusive. Additionally, both holes intersected zones of deeper mineralisation including 20.9 metres at 0.6 g/t AuEq (0.4 g/t gold, 5.3 g/t silver, 0.2% zinc) from 95.0m including 2.0 metres at 2.7 g/t AuEq (2.0 g/t gold, 22.3 g/t silver, 1.0% zinc) within the shale which is part of a large domain of mineralisation in that rock type which extends north and south of the Magnata Fault.

GNDD-318 and GNDD-358 were drilled as down-dip tests of GNDD-290 with both intersecting mineralisation on the Magnata Fault. GNDD-318, the deepest hole on this fence of drill holes, intersected 7.2 metres at 0.5 g/t AuEq (0.3 g/t gold, 2.4 g/t silver, 0.3% zinc) from 221.0m including 1.5 metres at 1.4 g/t AuEq (0.8 g/t gold, 8.2 g/t silver, 1.1% zinc) and 3.8 metres at 0.6 g/t AuEq (0.3 g/t gold, 7.1 g/t silver, 0.4% zinc) from 245.0m including 0.5 metres at 1.4 g/t AuEq (0.4 g/t gold, 10.5 g/t silver, 2.0% zinc) . These two intersections are interpreted as the M1 and M2 Magnata Fault structures.

Additionally, a deeper hole GNDD-463 (Photo 1 over the page) was drilled to test under GNDD-318 given recent drilling has shown that strong mineralisation can continue at depth below holes that failed to intersect high-grade zones. GNDD-463 (assays pending) intersected 8 metres logged as massive to semi-massive sulphide containing 20% pyrite and 15% sphalerite in strong pyroxene-garnet (skarn) alteration. This is consistent with high-grade intercepts in other drill holes at the project. Subject to assays this indicates that high-grade mineralisation seems to be coming in at depth on the western portion of the Magnata Fault.

GNDD-313 and GNDD-351 and GNDD-491 (assays pending)

GNDD-313 and 351 were 40 metre step-outs west of GNDD-290. GNDD-351 was drilled as a shallow test 50 metres up-dip from GNDD-313 and confirmed near surface mineralisation extending west on the Magnata Fault intersecting three zones of lower grade mineralisation consistent with what is seen near surface on the Magnata Fault.

GND-313 was designed to intersect the Magnata Fault structure approximately 100 metres subsurface. The hole intersected 24.0 metres at 0.7 g/t AuEq (0.5 g/t gold, 12.4 g/t silver) from 97.0m including 2.0 metres at 2.4 g/t AuEq (2.2 g/t gold, 14.1 g/t silver) and 14.8 metres at 0.9 g/t AuEq (0.9 g/t gold, 2.3 g/t silver, 0.1% zinc) from 143.0m including 2.5 metres at 4.5 g/t AuEq (4.3 g/t gold, 7.9 g/t silver, 0.2% zinc). These zones of mineralisation in GNDD-313 both consist of a lower grade

Challenger Exploration Limited Issued Capital Australian Registered Office Directors Contact ACN 123 591 382 978.7m shares Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 ASX: CEL 48.7m options 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] 120m perf shares West Perth WA 6005 Mr Fletcher Quinn , Chairman 16m perf rights Mr Sergio Rotondo, Exec. Director

www.challengerex.com

ASX Release 29 December 2021

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Photo 1 - GNDD-463 (assays pending) core photo showing 290.6-296.4 metres

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Photo 2 - GNDD-491 (assays pending) core photo showing 253.7-262.4 metres

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital 978.7m shares 48.7m options 120m perf shares 16m perf rights

Australian Registered Office Directors Contact Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

www.challengerex.com

ASX Release 29 December 2021

==> picture [130 x 66] intentionally omitted <==

halo and higher-grade skarn mineralisation and are consistent with the M1 and M2 Magnata Fault structures.

GNDD-491 (assays pending) has been completed as a test 100 metres underneath GNDD-313 with the visual results supporting the thesis of higher-grade mineralisation at depth on the Western Magnata Fault. The hole (Photo 2 previous page) is logged as intersecting over 10 metres of massive and semimassive sulphide mineralisation containing 10-15% Pyrite, 10% sphalerite and strong garnet-pyroxene (skarn) alteration which is consistent with high-grade mineralisation seen in other drill holes on the Magnata Fault. Drill holes GNDD-491 and GNDD-463, are the only deeper tests of the western section of the Magnata Fault and, based on visual results, a series of deeper holes are planned to test this western section of the Magnata Fault at depth.

GNDD-343

GNDD-343 was a step out collared a further 40 metres west of GNDD-313 and GNDD-351. The hole intersected 55.0 metres at 0.7 g/t AuEq (0.5 g/t gold, 6.2 g/t silver, 0.2% zinc) from 193.0m including 2.0 metres at 1.2 g/t AuEq (1.1 g/t gold, 9.2 g/t silver, 0.1% zinc), 14.0 metres at 1.3 g/t AuEq (1.1 g/t gold, 13.6 g/t silver, 0.2% zinc), and 1.5 metres at 2.2 g/t AuEq (1.4 g/t gold, 18.8 g/t silver, 1.4% zinc ). A deeper hole, designed to intersect the Magnata Fault 40 metres downdip of GNDD-343, is programmed.

GNDD-348

GNDD-348 is the most westerly drill hole on the Magnata Fault stepping another 20 metres west of GNDD-343. The hole intersected 23 metres of mineralisation on the Magnata Fault from 227 metres to the end of the hole at 250 metres. This confirms mineralisation on the Magnata Fault remains open to the west. The hole intersected 23.0 metres at 0.7 g/t AuEq (0.6 g/t gold, 7.9 g/t silver, 0.1% zinc) from 227.0m including 3.4 metres at 1.7 g/t AuEq (1.2 g/t gold, 28.2 g/t silver, 0.4% zinc ) and 0.9 metres at 6.6 g/t AuEq (6.1 g/t gold, 28.8 g/t silver, 0.3% zinc) with the last two splits at the end of the hole assaying 6.0 g/t gold and 0.2 g/t gold . The hole has been extended 79 metres with assays for the 79-metre extension pending. Additional drilling under GNDD-348 is planned.

GNDD-399 and GNDD-408

GNDD-399 and GNDD-408 were the most easterly holes in this round of Magnata Fault drilling and were collared to test the Magnata fault approximately 100 metres below GNDD-288 (GNDD-399) and 100 metres above GNDD-288 (GNDD-408). GNDD-288 had intersected 27.8m at 7.3 g/t AuEq from 399.0m including a higher-grade zone of 14.2m at 13.6 g/t AuEq above an intersection of 96 metres at 2.0 g/t AuEq from near surface. The deeper zone of mineralisation in GNDD-288 is believed to potentially be a new, and third, zone of east-west mineralisation associated with the Magnata Fault. This series of holes is shown on Cross Section 10 (Figure 4).

Issued Capital 978.7m shares 48.7m options 120m perf shares

16m perf rights

Australian Registered Office Level 1 1205 Hay Street

West Perth WA 6005

Directors

Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director

Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Contact T: +61 8 6380 9235 E: [email protected]

www.challengerex.com

ASX Release 29 December 2021

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Figure 4 - Magnata Fault Cross Section 10 Showing GNDD-399 and GNDD-408

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

==> picture [57 x 40] intentionally omitted <==

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Issued Capital
978.7m shares
48.7m options
120m perf shares
16m perf rights
----- End of picture text -----

Australian Registered Office Directors Contact Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

www.challengerex.com

ASX Release 29 December 2021

==> picture [130 x 66] intentionally omitted <==

GNDD-408 successfully confirmed the extension of the Magnata Fault mineralisation between GNDD157 (130.8 metres at 2.5 g/t AuEq) and holes GNDD-297 and GNDD-298 which intersected wide zones of low-grade mineralisation near surface on the Magnata Fault. An infill hole, designed to intersect the Magnata Fault between GNDD-408 and GNDD-297, is programmed to confirm that mineralisation is continuous over the 350 metres vertically from surface down to GNDD-288.

Additionally, GNDD-408 intersected the wide zone of near surface mineralisation which lies above the Magnata Fault that correlates to the southern extension of the Verde Zone. The intercept of 21.7 metres at 1.1 g/t AuEq (0.9 g/t gold, 9.3 g/t silver, 0.2% zinc) from 13.0m including 4.0 metres at 4.1 g/t AuEq (3.9 g/t gold, 15.7 g/t silver, 0.2% zinc) and 63.0 metres at 0.5 g/t AuEq (0.4 g/t gold, 2.8 g/t silver, 0.2% zinc) from 47.0m plus two further zones of mineralisation above the Magnata Fault. This extends the 66.0 metres at 0.6 g/t AuEq intercepted in GNDD-157 some 50 metres north.

GNDD-399 was designed to test the Magnata Fault 150 metres below GNDD-288. The hole encountered drilling problems and had to be reduced to NQ core from 548 metres downhole with the hole terminated at 605 metres. As Figure 4 illustrates the Magnata Fault in this location appears to dip steeply to the south rather than the north and it is postulated that GNDD-399 may have been stopped prior to reaching the Magnata Fault. GNDD-399 will be deepened or another hole drilled, likely in the reverse orientation, to validly test the Magnata Fault at this location in due course.

Additionally, GNDD-399 successfully intersected the wide zone of near surface mineralisation which lies above the Magnata Fault that correlates to the southern extension of the Verde Zone intersecting 17.5 metres at 0.4 g/t AuEq (0.3 g/t gold, 2.5 g/t silver, 0.2% zinc) from 5.0m and 51.3 metres at 0.4 g/t AuEq (3.9 g/t gold, 15.7 g/t silver, 0.2% zinc) from 57.0m. GNDD-399 also extended a third zone of intrusion hosted mineralisation encountered in GNDD-157 and GNDD-288 approximately 75 metres down dip intersecting 14.0 metres at 0.4 g/t AuEq (0.3 g/t gold, 1.4 g/t silver) from 277.0m. Ends

This ASX announcement was approved and authorised by the Board.

For further information contact:

Kris Knauer Scott Funston Media Enquiries
Managing Director Chief Financial Officer Jane Morgan
+61 411 885 979 +61 413 867 600 + 61 405 555 618
[email protected] [email protected] [email protected]

Previous announcements referred to in this release include:

27 July 2020 - CEL BUILDS ON NEW GOLD DISCOVERY AT HUALILAN WITH A SECOND SIGNIFICANT INTERSECTION 1KM ALONG STRIKE

23 Nov 2020 - MULTIPLE HIGH-GRADE INTERCEPTS IN EXPLORATION DRILLING AT HUALILAN

29 Jan 2021 - DRILLING CONTINUES TO EXTEND THE BOUNDARIES OF THE HIGH-GRADE MINERALISATION AT HUALILAN GOLD PROJECT 2 Feb 2021 - 131 METRES AT 2.5 G/T AUEQ2 IN NEW ZONE AT HUALILAN

14 Apr 2021 - SIGNIFICANT EXTENSIONS TO THE HIGH-GRADE MINERALISATION IN MULTIPLE DRILL HOLES AT CHALLENGER'S HUALILAN GOLD PROJECT

29 JUL 2021 - HIGH GRADE MINERALISATION SUBSTANTIALLY EXTENDED AT THE HUALILAN GOLD PROJECT

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital Australian Registered Office 978.7m shares Level 1 48.7m options 1205 Hay Street 120m perf shares West Perth WA 6005

16m perf rights

Directors

Contact

Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 Mr Scott Funston, Finance Director E: [email protected] Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

www.challengerex.com

ASX Release 29 December 2021

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----- Start of picture text -----

Challenger Exploration Limited Issued Capital Australian Registered Office Directors Contact
ACN 123 591 382 978.7m shares Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235
ASX: CEL 48.7m options 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected]
120m perf shares West Perth WA 6005 Mr Fletcher Quinn , Chairman
16m perf rights Mr Sergio Rotondo, Exec. Director
Figure 5 – Plan View showing current, pending and all Magnata Fault drilling
----- End of picture text -----

www.challengerex.com

ASX Release 29 December 2021

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Table 1: New intercepts reported.

Drill Hole From To Interval Gold Ag Zn AuEq Comments Total intercept
(#) (m) (m) (m) (g/t) (g/t) (%) (g/t) (gram metres)
GNDD313 97.00 121.00 24.00 0.53 12.4 0.02 0.70 0.2 g/t AuEq cut 16.7
inc 109.00 111.00 2.00 2.2 14.1 0.01 2.4 4.7
and 143.00 157.80 14.80 0.86 2.3 0.07 0.92 0.2 g/t AuEq cut 13.7
inc 148.50 151.00 2.50 4.3 7.9 0.24 4.5 11.3
GNDD318 221.00 228.17 7.17 0.29 2.4 0.29 0.45 0.2 g/t AuEq cut 3.2
inc 226.66 228.17 1.51 0.75 8.2 1.1 1.4 2.0
and 245.00 248.78 3.78 0.33 7.1 0.36 0.57 0.2 g/t AuEq cut 2.2
inc 248.28 248.78 0.50 0.42 10.5 1.9 1.4 0.7
GNDD321 261.00 263.00 2.00 1.13 1.0 0.06 1.2 2.3
GNDD343 190.00 245.00 55.00 0.51 6.2 0.16 0.66 0.2 g/t AuEq cut 36.5
inc 190.00 192.00 2.00 1.1 9.2 0.07 1.2 2.5
inc 204.00 218.00 14.00 1.1 13.6 0.15 1.3 18.5
inc 224.00 225.50 1.50 1.4 18.8 1.38 2.2 3.4
GNDD348 227.00 250.00 23.00 0.55 7.9 0.12 0.70 0.2 g/t AuEq cut 16.1
inc 227.00 230.40 3.40 1.2 28.2 0.42 1.7 5.9
inc 247.10 248.00 0.90 6.1 26.8 0.30 6.6 5.9
GNDD351 62.00 66.00 4.00 0.26 17.4 0.03 0.49 0.2 g/t AuEq cut 2.0
and 125.00 129.00 4.00 0.32 7.3 0.48 0.62 0.2 g/t AuEq cut 2.5
and 164.50 170.50 6.00 0.17 1.1 0.04 0.21 0.2 g/t AuEq cut 1.2
GNDD353 15.00 44.00 29.00 0.39 31.1 0.15 0.85 0.2 g/t AuEq cut 24.6
inc 21.00 25.00 4.00 0.75 52.0 0.16 1.5 5.9
inc 37.00 42.60 5.60 0.56 68.3 0.30 1.6 8.7
and 95.00 98.00 3.00 0.12 3.4 0.36 0.32 0.2 g/t AuEq cut 1.0
GNDD354 15.00 56.00 41.00 0.32 8.3 0.07 0.46 0.2 g/t AuEq cut 18.9
inc 29.00 37.00 8.00 0.53 15.8 0.07 0.76 6.1
and 95.00 115.85 20.85 0.42 5.3 0.23 0.59 0.2 g/t AuEq cut 12.2
inc 101.00 103.00 2.00 2.0 22.3 1.0 2.7 5.5
GNDD358 34.00 36.55 2.55 0.28 5.3 0.07 0.38 0.2 g/t AuEq cut 1.0
and 137.00 157.00 20.00 0.26 2.0 0.11 0.33 0.2 g/t AuEq cut 6.6
GNDD363 112.00 127.25 15.25 0.25 0.49 0.01 0.27 0.2 g/t AuEq cut 4.1
and 188.00 209.85 21.85 0.53 5.9 0.34 0.76 0.2 g/t AuEq cut 16.5
inc 188.00 189.50 1.50 1.4 19.5 2.35 2.6 4.0
inc 203.50 208.55 5.05 1.0 5.4 0.15 1.2 5.9
GNDD370 245.80 264.70 18.90 2.7 9.9 0.55 3.1 0.2 g/t AuEq cut 58.5
inc 247.00 253.60 6.60 5.8 17.9 1.3 6.6 43.5
inc 259.80 264.70 4.90 2.0 10.1 0.32 2.3 11.1
and 330.80 335.00 4.20 10.4 61.5 11.4 16.1 67.8
GNDD384 57.00 69.00 12.00 0.12 3.8 0.42 0.35 0.2 g/t AuEq cut 4.2

Challenger Exploration Limited Issued Capital Australian Registered Office Directors Contact ACN 123 591 382 978.7m shares Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 ASX: CEL 48.7m options 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] 120m perf shares West Perth WA 6005 Mr Fletcher Quinn , Chairman 16m perf rights Mr Sergio Rotondo, Exec. Director

www.challengerex.com

ASX Release 29 December 2021

==> picture [130 x 66] intentionally omitted <==

GNDD386 64.60 96.50 31.90 0.56 6.4 0.09 0.68 0.2 g/t AuEq cut 21.8
inc 67.00 69.00 2.00 6.3 2.7 0.01 6.4 12.7
inc 81.50 82.40 0.90 0.84 90.8 1.1 2.5 2.2
GNDD390 238.00 240.00 2.00 0.36 15.0 1.3 1.1 2.2
GNDD399 5.00 22.50 17.50 0.30 2.5 0.20 0.42 0.2 g/t AuEq cut 7.3
and 57.00 108.25 51.25 0.30 2.1 0.08 0.36 0.2 g/t AuEq cut 18.6
and 277.00 291.00 14.00 0.32 1.4 0.04 0.36 0.2 g/t AuEq cut 5.0
GNDD408 13.00 34.70 21.70 0.88 9.3 0.18 1.1 0.2 g/t AuEq cut 23.4
inc 23.00 27.00 4.00 3.9 15.7 0.22 4.1 16.6
and 47.00 110.00 63.00 0.38 2.8 0.22 0.51 0.2 g/t AuEq cut 31.9
inc 86.00 87.40 1.40 3.1 43.3 1.6 4.4 6.2
inc 101.20 104.00 2.80 1.6 20.5 2.8 3.1 8.6
and 184.00 188.00 4.00 0.35 1.3 0.27 0.49 0.2 g/t AuEq cut 1.9
and 248.90 257.00 8.10 0.35 0.78 0.16 0.43 0.2 g/t AuEq cut 3.5
and 325.00 337.50 12.50 1.0 1.3 0.23 1.1 0.2 g/t AuEq cut 13.7
inc 325.00 330.00 5.00 2.2 1.6 0.19 2.3 11.5
GNDD416 61.00 67.00 6.00 0.26 0.49 0.02 0.28 0.2 g/t AuEq cut 1.7
and 240.00 244.00 4.00 16.90 n/a n/a n/a 68.0
and 1.10 44.5 n/a n/a n/a 49.5
GNDD442 125.90 139.00 13.10 0.30 1.4 0.16 0.39 0.2 g/t AuEq cut 5.1
and 229.00 230.00 1.00 1.8 4.0 0.04 1.8 1.8
and 250.00 252.85 2.85 1.8 1.9 0.13 1.9 0.2 g/t AuEq cut 5.3
inc 251.40 252.85 1.45 2.9 2.7 0.16 3.0 4.3
and 306.00 335.00 29.00 3.2 44.6 3.6 5.3 0.2 g/t AuEq cut 154.0
inc 308.00 335.00 27.00 3.4 47.6 3.8 5.7 152.8
inc 329.00 331.60 2.60 17.6 218.0 10.1 24.7 64.2
GNDD145e 200.00 208.50 8.50 0.11 3.5 0.1 0.22 0.2 g/t AuEq cut 1.9
GNDD265e 56.00 60.00 4.00 0.57 1.3 0.1 0.63 previously reported 2.5
152.00 166.00 14.00 0.20 1.1 0.11 0.3 previously reported 3.6

See below for information regarding AuEq's reported under the JORC Code.

2 Gold Equivalent (AuEq) values - Requirements under the JORC Code

  • Assumed commodity prices for the calculation of AuEq is Au US$1780 Oz, Ag US$24 Oz, Zn US$2,800 /t

  • Metallurgical recoveries for Au, Ag and Zn are estimated to be 89%, 84% and 79% respectively (see JORC Table 1 Section 3 Metallurgical assumptions ) based on metallurgical test work.

  • The formula used: AuEq (g/t) = Au (g/t) + [Ag (g/t) x (24/1780) x (0.84/0.89)] + [Zn (%) x (28.00*31.1/1780) x (0.79/0.89)]

  • CEL confirms that it is the Company’s opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold.

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital 978.7m shares 48.7m options 120m perf shares 16m perf rights

Australian Registered Office Level 1 1205 Hay Street West Perth WA 6005

Directors

Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Contact

T: +61 8 6380 9235 E: [email protected]

www.challengerex.com

ASX Release 29 December 2021

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Hualilan Project Location Map
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Challenger Exploration Limited Issued Capital Australian Registered Office Directors Contact ACN 123 591 382 978.7m shares Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 ASX: CEL 48.7m options 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] 120m perf shares West Perth WA 6005 Mr Fletcher Quinn , Chairman 16m perf rights Mr Sergio Rotondo, Exec. Director

www.challengerex.com

ASX Release 29 December 2021

==> picture [130 x 66] intentionally omitted <==

About Challenger Exploration

Challenger Exploration Limited’s (ASX: CEL) aspiration is to become a globally significant gold producer. The Company is developing two complementary gold/copper projects in South America. The strategy for the 100% owned Hualilan Gold project is for it to provide a high-grade low capex operation in the near term. This underpins CEL with a low risk, high margin source of cashflow while it prepares for a much larger bulk gold operation at both Hualilan and El Guaybo in Ecuador.

The Company is fully funded for the next 2 years with cash at bank of $30 million and it has committed to a 9-rig 120,000 metre drill program at its Flagship Hualilan Gold project.

  1. Hualilan Gold Project , located in San Juan Province Argentina, is a near term development opportunity. It has extensive historical drilling with over 150 drill-holes and a non-JORC historical resource[(1)] of 627,000 Oz @ 13.7 g/t gold which remains open in most directions. The project was locked up in a dispute for the past 15 years and as a consequence had seen no modern exploration until CEL acquired the project in 2019. In the past 2 years CEL has completed 495 drill holes for more than 130,000 metres of drilling. Results have included 6.1m @ 34.6 g/t Au, 21.9 g/t Ag, 2.9% Zn , 6.7m @ 14.3 g/t Au, 140 g/t Ag, 7.3% Zn and 10.3m @ 10.4 g/t Au, 28 g/t Ag, 4.6% Zn . This drilling intersected high-grade gold over almost 2 kilometres of strike and extended the known mineralisation along strike and at depth in multiple locations. Recent drilling has demonstrated this high-grade skarn mineralisation is underlain by a significant intrusion-hosted gold system with intercepts including 209.0m at 1.0 g/t Au, 1.4 g/t Ag, 0.1% Zn and 110.5m at 2.5 g/t Au, 7.4 g/t Au, 0.90% Zn in intrusives. CEL's current program which is fully funded will take metres drilled by CEL to 204,000 metres, and include metallurgical test work of key ore types, and an initial JORC Compliant Resource and PFS.

  2. El Guayabo Gold/Copper Project covers 35 sq kms in southern Ecuador and was last drilled by Newmont Mining in 1995 and 1997 targeting gold in hydrothermal breccias. Historical drilling has demonstrated potential to host significant gold and associated copper and silver mineralisation. Historical drilling has returned a number of intersections including 156m @ 2.6 g/t Au, 9.7 g/t Ag, 0.2% Cu and 112m @ 0.6 % Cu, 0.7 g/t Au, 14.7 g/t Ag which have never been followed up. The Project has multiple targets including breccia hosted mineralisation, an extensive flat lying late-stage vein system and an underlying porphyry system target neither of which has been drill tested. CEL's first results confirm the discovery of large-scale gold system with over 250 metres of bulk gold mineralisation encountered in drill hole ZK-02 which contains a significant high-grade core of 134m at 1.0 g/t gold and 4.1 g/t silver including 63m at 1.6 g/t gold and 5.1 g/t silver.

Issued Capital 978.7m shares 48.7m options 120m perf shares

16m perf rights

Australian Registered Office Level 1 1205 Hay Street

West Perth WA 6005

Directors

Contact

Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 Mr Scott Funston, Finance Director E: [email protected] Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

www.challengerex.com

ASX Release 29 December 2021

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Foreign Resource Estimate Hualilan Project

La Mancha Resources 2003 foreign resource estimate for the Hualilan Project ^ La Mancha Resources 2003 foreign resource estimate for the Hualilan Project ^ La Mancha Resources 2003 foreign resource estimate for the Hualilan Project ^
Category Tonnes
(kt)		 Gold Grade
(g/t)		 Contained Gold
(koz)
Measured 218 14.2 100
Indicated 226 14.6 106
Total of Measured & Indicated 445 14.4 206
Inferred 977 13.4 421
Measured, Indicated & Inferred 1,421 13.7 627

^ Source: La Mancha Resources Toronto Stock Exchange Release dated 14 May 2003 -Independent Report on Gold Resource Estimate. Rounding errors may be present. Troy ounces (oz) tabled here

#1 For details of the foreign non-JORC compliant resource and to ensure compliance with LR 5.12 please refer to the Company's ASX Release dated 25 February 2019. These estimates are foreign estimates and not reported in accordance with the JORC Code. A competent person has not done sufficient work to clarify the foreign estimates as a mineral resource in accordance with the JORC Code. It is uncertain that following evaluation and/or further exploration work that the foreign estimate will be able to be reported as a mineral resource. The company is not in possession of any new information or data relating to the foreign estimates that materially impact on the reliability of the estimates that materially impacts on the reliability of the estimates or CEL's ability to verify the foreign estimates estimate as minimal resources in accordance with Appendix 5A (JORC Code). The company confirms that the supporting information provided in the initial market announcement on February 25, 2019, continues to apply and is not materially changed.

Competent Person Statement – Exploration results

The information that relates to sampling techniques and data, exploration results and geological interpretation has been compiled Dr Stuart Munroe , BSc (Hons), PhD (Structural Geology), GDip (AppFin&Inv) who is a fulltime employee of the Company. Dr Munroe is a Member of the AusIMM. Dr Munroe has over 20 years’ experience in the mining and metals industry and qualifies as a Competent Person as defined in the JORC Code (2012).

Dr Munroe has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results. Dr Munroe consents to the inclusion in this report of the matters based on information in the form and context in which it appears. The Australian Securities Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

Competent Person Statement – Foreign Resource Estimate

The information in this release provided under ASX Listing Rules 5.12.2 to 5.12.7 is an accurate representation of the available data and studies for the material mining project. The information that relates to Mineral Resources has been compiled by Dr Stuart Munroe , BSc (Hons), PhD (Structural Geology), GDip (AppFin&Inv) who is a full-time employee of the Company. Dr Munroe is a Member of the AusIMM. Dr Munroe has over 20 years’ experience in the mining and metals industry and qualifies as a Competent Person as defined in the JORC Code (2012).

Dr Munroe and has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration to qualify as Competent Person as defined in the 2012 Edition of the JORC Code for Reporting of, Mineral Resources and Ore Reserves. Dr Munroe consents to the inclusion in this report of the matters based on information in the form and context in which it appears. The Australian Securities Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

Challenger Exploration Limited Issued Capital Australian Registered Office Directors Contact ACN 123 591 382 978.7m shares Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 ASX: CEL 48.7m options 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] 120m perf shares West Perth WA 6005 Mr Fletcher Quinn , Chairman 16m perf rights Mr Sergio Rotondo, Exec. Director

www.challengerex.com

JORC Code, 2012 Edition – Table 1 report template

Section 1 Sampling Techniques and Data -Hualilan Project

(Criteria in this section apply to all succeeding sections.)

Criteria JORC Code explanation JORC Code explanation Commentary
Sampling techniques - Nature and quality of sampling (eg For historic exploration data, there is little information provided by previous explorers to detail sampling techniques. Drill
cut channels, random chips, or core was cut with a diamond saw longitudinally and one half submitted for assay. Assay was generally done for Au. In
specific specialised industry standard
some drill campaigns, Ag and Zn were also analysed. There is limited multielement data available. No information is
measurement tools appropriate to available for RC drill techniques and sampling.
the minerals under investigation, For CEL drilling, diamond core (HQ3) was cut longitudinally on site using a diamond saw. Samples lengths are from 0.5m to
such as down hole gamma sondes, 2.0m in length (average 1m), taken according to lithology, alteration, and mineralization contacts.
or handheld XRF instruments, etc).
These examples should not be taken
as limiting the broad meaning of		 For CEL reverse circulation (RC) drilling, 2-4 kg sub-samples from each 1m drilled are collected from a face sample recovery
cyclone mounted on the drill machine.
sampling. CEL channel samples are cut into underground or surface outcrop using a hand-held diamond edged cutting tool. Parallel
- Include reference to measures taken saw cuts 3-5cm apart are cut 2-4cm deep into the rock which allows for the extraction of a representative sample using
to ensure sample representivity and and hammer and chisel. The sample is collected onto a plastic mat and collected into a sample bag.
- the appropriate calibration of any
measurement tools or systems used.
Aspects of the determination of
mineralisation that are Material to
Core and channel samples were crushed to approximately 85% passing 2mm. A 500g or a 1 kg sub-sample was taken and
pulverized to 85% passing 75µm. A 50g charge was analysed for Au by fire assay with AA determination. Where the fire
assay grade is > 10 g/t gold, a 50g charge was analysed for Au by Fire assay with gravimetric determination.
the Public Report. A 10g charge was analysed for at least 48 elements by 4-acid digest and ICP-MS determination. Elements determined
- In cases where ‘industry standard’ were Ag, As, Ba, Be, Bi, Ca, Ce, Co, Cr, Cs, Cu, Fe, Ga, Ge, Hf, In, K, La, Li, Mg, Mn, Mo, Na, Nb, Ni, P, Pb, Rb, Re, S, Sb Sc, Se,
work has been done this would be Sn, Sr, Ta, Te, Th, Ti, Tl, U, V, W, Y, Zn and Zr.
relatively simple (eg ‘reverse Ag > 100 g/t, Zn, Pb and Cu > 10,000 ppm and S > 10% were re-analysed by the same method using a different calibration.
circulation drilling was used to
obtain 1 m samples from which 3 kg
was pulverised to produce a 30 g		 Sample intervals were selected according to geological boundaries. There was no coarse or visible gold observed in any of
the core or channel samples.
charge for fire assay’). In other
cases, more explanation may be
required, such as where there is
coarse gold that has inherent
sampling problems. Unusual
commodities or mineralisation types
(eg submarine nodules) may
warrant disclosure of detailed
information.

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Australian Registered Office

Issued Capital

Directors

Contact

978.7m shares Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 48.7m options 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] 120m perf shares West Perth WA 6005 Mr Fletcher Quinn , Chairman 16m perf rights Mr Sergio Rotondo, Exec. Director

16m perf rights

www.challengerex.com

JORC Code explanation

Criteria

Drilling techniques - Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, facesampling bit or other type, whether core is oriented and if so, by what method, etc).

Commentary

Collar details for diamond core drilling (DD) and reverse circulation (RC) historic drilling campaigns is provided below from archival data cross checked with drill logs and available plans and sections where available. Collars shown below are in WGS84, zone 19s which is the standard projection used by CEL for the Project. Collar locations have been check surveyed using differential GPS (DGPS) by CEL to verify if the site coincides with a marked collar or tagged drill site. In most cases the drill collars coincide with historic drill site, some of which (but not all) are tagged. The collar check surveys were reported in POSGAR (2007) projection and converted to WGS84.

Hole_id Type East
(m)		 North
(m)		 Elevation
(m ASL)		 Azimuth
(°)		 Dip
(°)		 Depth
(m)		 Date
AG01 DD 2504908.0 6602132.3 1807.6 000 -90 84.5 Jan-84
AG02 DD 2504846.5 6602041.1 1803.4 112 -70 60.0 Jan-84
AG03 DD 2504794.5 6601925.6 1803.1 080 -55 110.0 Jan-84
AG04 DD 2504797.1 6602065.5 1806.6 000 -90 168.0 Jan-84
AG05 DD 2504843.5 6601820.3 1798.1 000 -90 121.8 Jan-84
AG06 DD 2504781.9 6601922.8 1803.8 000 -90 182.2 Jan-84
AG07 DD 2504826.3 6601731.0 1796.9 000 -90 111.5 Jan-84
AG08 DD 2504469.8 6600673.7 1779.7 090 -57 80.2 Jan-84
AG09 DD 2504455.7 6600458.5 1772.6 000 -90 139.7 Jan-84
AG10 DD 2504415.5 6600263.9 1767.7 000 -90 200.8 Jan-84
AG11 DD 2504464.8 6600566.5 1775.9 000 -90 141.0 Jan-84
AG12 DD 2504847.6 6602161.7 1808.8 000 -90 171.4 Jan-84
AG13 DD 2504773.6 6601731.3 1798.7 000 -90 159.5 Jan-84
AG14 DD 2504774.7 6601818.8 1801.2 000 -90 150.2 Jan-84
AG15 DD 2504770.7 6601631.4 1796.7 000 -90 91.3 Jan-84
AG16 DD 2504429.5 6600665.8 1779.8 000 -90 68.8 Jan-84
Hole_id Type East
(m)		 North
(m)		 Elevation
(m ASL)		 Azimuth
(°)		 Dip
(°)		 Depth
(m)		 Date
MG01 RC 2504825.5 6602755.4 1800.0 100 -60 51.0 Jan-95
MG01A RC 2504810.5 6602755.4 1800.0 100 -60 116.0 Jan-95
MG02 RC 2504835.5 6602805.4 1800.0 100 -60 90.0 Jan-95
MG03 RC 2504853.5 6602880.4 1795.0 100 -60 102.0 Jan-95
MG04 RC 2504843.5 6602975.4 1800.0 100 -60 120.0 Jan-95
MG05 RC 2506130.5 6605055.4 1750.0 85 -60 96.0 Jan-95
MG06 RC 2506005.5 6605115.4 1750.0 100 -60 90.0 Jan-95
MG07 RC 2506100.5 6605015.4 1750.0 100 -60 96.0 Jan-95
MG08 RC 2505300.5 6603070.4 1740.0 95 -70 66.0 Jan-95
MG09 RC 2505285.5 6603015.4 1740.0 0 -90 102.0 Jan-95

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital

978.7m shares 48.7m options 120m perf shares 16m perf rights

Australian Registered Office Directors Contact Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

www.challengerex.com

Criteria
JORC Code explanation		 Commentary
MG10
RC
2505025.5
6600225.4
1724.0
100
-60
120.0
Jan-95
MG11
RC
2503380.5
6598560.5
1740.0
100
-60
78.0
Jan-95
MG12
RC
2503270.5
6597820.5
1740.0
100
-60
66.0
Jan-95
Hole_id
Type
East
(m)
North
(m)
Elevation
(m ASL)
Azimuth
(°)
Dip
(°)
Depth
(m)
Date
Hua01
RC
2504845.3
6602041.2
1809.7
117
-50
60.0
1999
Hua02
RC
2504889.5
6602081.1
1809.7
125
-55
45.0
1999
Hua03
RC
2505003.3
6602158.6
1810.7
000
-90
100.0
1999
Hua04
RC
2504873.3
6602169.1
1809.7
000
-90
100.0
1999
Hua05
RC
2505003.2
6602152.6
1810.7
180
-60
100.0
1999
Hua06
RC
2505003.3
6602161.6
1810.7
360
-60
100.0
1999
Hua07
RC
2504967.7
6602153.2
1810.2
000
-90
100.0
1999
Hua08
RC
2504973.2
6602153.7
1810.2
000
-90
13.0
1999
Hua09
RC
2504940.7
6602150.3
1809.7
180
-60
100.0
1999
Hua10
RC
2504941.8
6602156.8
1809.7
360
-60
100.0
1999
Hua11
RC
2504913.3
6602167.4
1809.7
360
-60
88.0
1999
Hua12
RC
2504912.8
6602165.9
1809.7
000
-90
100.0
1999
Hua13
RC
2504912.3
6602156.9
1809.7
180
-60
90.0
1999
Hua14
RC
2504854.3
6602168.2
1809.7
360
-60
100.0
1999
Hua15
RC
2504854.8
6602166.2
1809.7
117
-60
100.0
1999
Hua16
RC
2504834.2
6601877.8
1800.7
000
-90
100.0
1999
Hua17
RC
2504865.9
6602449.8
1814.1
90
-50
42.0
1999
Hua20
RC
2504004.1
6600846.4
1792.7
000
-90
106.0
1999
Hua21
RC
2504552.9
6600795.0
1793.9
000
-90
54.0
1999
Hole_id
Type
East
(m)
North
(m)
Elevation
(m ASL)
Azimuth
(°)
Dip
(°)
Depth
(m)
Date
DDH20
DD
2504977.3
6602133.3
1804.8
116
-54
49.1
1999-00
DDH21
DD
2504978.3
6602118.3
1804.8
000
-90
88.6
1999-00
DDH22
DD
2504762.9
6601587.1
1769.8
116
-65
66.0
1999-00
DDH23
DD
2504920.4
6601994.3
1767.9
000
-90
58.8
1999-00
DDH24
DD
2504821.0
6601938.8
1802.0
116
-80
100.3
1999-00
DDH25
DD
2504862.6
6601964.5
1803.7
116
-74
49.2
1999-00
DDH26
DD
2504920.4
6601975.3
1795.0
312
-60
80.3
1999-00
DDH27
DD
2504752.7
6601565.1
1806.6
116
-60
43.2
1999-00
DDH28
DD
2505003.6
6602174.3
1806.6
116
-50
41.7
1999-00

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

978.7m shares 48.7m options 120m perf shares 16m perf rights

Australian Registered Office Level 1

1205 Hay Street West Perth WA 6005

Directors

Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria JORC Code explanation Commentary Commentary
DDH29 DD 2504964.1 6602136.6 1810.0 350 -52 113.5 1999-00
DDH30 DD 2505004.1 6602156.3 1809.3 059 -85 62.1 1999-00
DDH31 DD 2504897.6 6602112.7 1808.1 116 -75 41.4 1999-00
DDH32 DD 2504939.4 6602139.2 1809.1 350 -51 100.7 1999-00
DDH33 DD 2504939.4 6602139.2 1809.1 350 -65 62.9 1999-00
DDH34 DD 2504826.5 6601920.2 1801.3 116 -70 69.4 1999-00
DDH35 DD 2505003.9 6602156.7 1808.8 310 -85 174.6 1999-00
DDH36 DD 2504637.5 6600777.3 1799.9 330 -50 45.5 1999-00
DDH37 DD 2504826.5 6601920.2 1809.4 000 -90 121.0 1999-00
DDH38 DD 2504820.8 6601912.2 1801.1 116 -75 67.7 1999-00
DDH39 DD 2504820.8 6601912.2 1801.1 116 -81 90.7 1999-00
DDH40 DD 2504832.3 6601928.1 1801.7 116 -70 85.7 1999-00
DDH41 DD 2504837.8 6601937.5 1801.6 116 -70 64.2 1999-00
DDH42 DD 2504829.2 6601952.5 1801.8 116 -60 65.1 1999-00
DDH43 DD 2504829.2 6601952.5 1801.8 116 -70 70.8 1999-00
DDH44 DD 2504811.3 6601895.1 1802.0 116 -60 102.2 1999-00
DDH45 DD 2504811.3 6601895.1 1802.0 116 -83 95.3 1999-00
DDH46 DD 2504884.4 6601976.3 1805.9 116 -45 71.6 1999-00
DDH47 DD 2504884.4 6601976.3 1805.9 116 -65 71.0 1999-00
DDH48 DD 2504866.9 6601962.7 1803.1 116 -47 30.7 1999-00
DDH49 DD 2504866.9 6601962.7 1803.1 116 -72 41.9 1999-00
DDH50 DD 2504821.4 6601913.9 1801.1 116 -77 87.5 1999-00
DDH51 DD 2504821.4 6601913.9 1801.1 116 -80 87.5 1999-00
DDH52 DD 2504825.5 6601901.1 1800.9 116 -83 74.0 1999-00
DDH53 DD 2504504.1 6600714.0 1788.7 090 -62 85.7 1999-00
DDH54 DD 2504504.1 6600714.0 1788.7 090 -45 69.1 1999-00
DDH55 DD 2504997.9 6602163.5 1808.6 360 -53 63.1 1999-00
DDH56 DD 2504943.1 6602171.3 1810.5 360 -75 50.6 1999-00
DDH57 DD 2504943.1 6602171.3 1810.5 000 -90 66.2 1999-00
DDH58 DD 2504970.3 6602153.3 1809.1 360 -71 62.0 1999-00
DDH59 DD 2504970.3 6602153.3 1809.1 000 -90 66.3 1999-00
DDH60 DD 2504997.9 6602162.5 1809.0 360 -67 59.9 1999-00
DDH61 DD 2504997.9 6602162.5 1809.0 000 -90 58.1 1999-00
DDH62 DD 2504751.4 6601602.6 1789.2 170 -45 68.4 1999-00
DDH63 DD 2504751.4 6601602.6 1789.2 170 -70 131.5 1999-00
DDH64 DD 2504776.3 6601596.9 1789.1 170 -45 66.7 1999-00
DDH65 DD 2504552.7 6600792.0 1793.8 194 -45 124.8 1999-00
DDH66 DD 2504552.7 6600792.0 1793.8 194 -57 117.0 1999-00

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

978.7m shares 48.7m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1

1205 Hay Street West Perth WA 6005

Directors

Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria
JORC Code explanation		 Commentary
DDH67
DD
2504552.7
6600792.0
1793.8
194
-66
126.1
1999-00
DDH68
DD
2504623.9
6600779.0
1800.7
000
-90
79.5
1999-00
DDH69
DD
2504623.9
6600779.0
1800.7
194
-60
101.5
1999-00
DDH70
DD
2504595.5
6600797.7
1798.1
190
-81
128.0
1999-00
DDH71
DD
2504631.6
6600797.4
1799.0
194
-63
136.3
1999-00
DDH72
DD
2504547.2
6600764.1
1799.6
194
-45
75.6
1999-00
DDH73
DD
2504593.4
6600766.5
1807.5
190
-57
70.8
1999-00
DDH74
DD
2504598.2
6600831.8
1795.3
190
-62
190.9
1999-00
DDH75
DD
2504731.2
6600784.7
1821.4
194
-45
40.2
1999-00
DDH76
DD
2504731.2
6600784.7
1821.4
180
-60
138.7
1999-00
DDH77
DD
2504734.1
6600785.0
1821.6
000
-90
85.6
1999-00
DDH78
DD
2504731.2
6600784.7
1821.4
180
-75
132.9
1999-00
DDH79
DD
2504721.6
6600790.1
1820.4
060
-70
38.6
1999-00
Hole_id
Type
East
(m)
North
(m)
Elevation
(m ASL)
Azimuth
(°)
Dip
(°)
Depth
(m)
03HD01A
DD
2504627.8
6600800.1
1798.4
180
-60
130.2
03HD02
DD
2504457.9
6600747.8
1782.9
180
-60
130.5
03HD03
DD
2504480.1
6600448.6
1774.0
360
-45
100.2
04HD04
DD
2504436.6
6600439.3
1773.4
360
-60
104.6
04HD05
DD
2504420.9
6600256.8
1769.5
110
-68
122.6
04HD06
DD
2504428.6
6600236.6
1768.1
110
-68
136.0
04HD07
DD
2504415.7
6600277.7
1769.0
100
-63
108.2
04HD08
DD
2504826.5
6601920.2
1801.3
116
-70
70.0
04HD09
DD
2504832.3
6601928.1
1801.7
116
-70
75.9
04HD10
DD
2504648.5
6600788.9
1801.5
205
-60
120.0
04HD11
DD
2504462.0
6600428.3
1773.6
075
-62
95.1
04HD12
DD
2504449.3
6600648.9
1779.6
360
-60
77.4
04HD13
DD
2504434.5
6600646.6
1779.7
360
-60
74.0
04HD14
DD
2504461.1
6600748.4
1783.1
180
-70
130.6
04HD15
DD
2504449.9
6600646.2
1779.6
360
-64
160.0
04HD16C
DD
2504457.1
6600311.7
1770.3
195
-65
225.5
04HD17
DD
2504417.5
6600256.6
1769.5
110
-72
213.2
04HD18
DD
2504528.5
6600792.0
1791.9
170
-50
140.7
04HD19
DD
2504648.5
6600788.9
1801.5
205
-77
120.0
04HD20
DD
2504648.5
6600788.9
1801.5
205
-80
120.0
04HD21
DD
2504648.5
6600788.9
1801.5
205
-60
120.0
04HD23
DD
2504441.0
6600456.0
1772.5
075
-82
499.7

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

978.7m shares 48.7m options 120m perf shares

16m perf rights

Australian Registered Office Level 1

Directors

Contact

Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

www.challengerex.com

Criteria
JORC Code explanation		 Commentary
04HD24
DD
2504389.0
6600252.0
1766.5
090
-81
188.2
04HD25
DD
2504456.0
6600294.0
1768.5
155
-84
500.8
04HD26
DD
2504424.0
6600409.0
1771.5
180
-69
464.9
04HD27
DD
2504461.0
6600428.0
1773.0
100
-45
60.0
04HD28
DD
2504461.0
6600428.0
1773.0
100
-60
63.7
04HD29
DD
2504438.0
6600087.0
1764.5
108
-45
265.0
04HD30
DD
2504421.0
6600044.0
1764.0
108
-45
128.2
04HD31
DD
2504687.0
6601326.0
1794.0
045
-60
242.9
04HD32
DD
2504828.0
6601916.0
1801.3
116
-70
68.4
05HD33
DD
2505410.0
6601983.0
1765.0
000
-60
81.4
05HD34
DD
2505451.0
6602079.0
1763.0
273
-60
269.0
05HD35
DD
2504905.0
6601689.0
1794.0
140
-65
350.0
05HD36
DD
2504880.0
6601860.0
1802.0
295
-70
130.0
05HD37
DD
2504866.0
6601888.0
1797.0
295
-70
130.0
05HD38
DD
2504838.0
6601937.0
1796.0
115
-70
70.0
05HD39
DD
2504964.0
6602128.0
1814.0
030
-70
217.5
05HD40
DD
2504964.0
6602128.0
1814.0
030
-50
150.0
05HD41
DD
2504931.0
6602125.0
1812.0
022
-60
142.5
05HD42
DD
2504552.7
6600791.5
1797.0
194
-57
120.0
05HD43
DD
2504552.7
6600791.5
1797.0
194
-45
95.5
05HD44
DD
2504603.0
6600799.0
1798.0
190
-61.5
130.5
05HD45
DD
2504362.0
6600710.0
1767.0
088
-60
121.5
05HD46
DD
2504405.0
6600282.0
1766.0
090
-75
130.7
05HD47
DD
2504212.0
6599177.0
1729.0
065
-45
181.5
05HD48
DD
2504160.0
6599164.0
1728.0
065
-60
100.7
CEL drilling of HQ3 core (triple tube) was done using various truck and track mounted drill machines that are operated by
various Argentinian drilling companies based in Mendoza and San Juan. The core has not been oriented as the rock is
commonly too broken to allow accurate core orientation.
CEL drilling of reverse circulation (RC) drill holes was done using a track-mounted LM650 universal drill rig set up for
reverse circulation drilling. Drilling is being done using a 5.25 inch hammer bit.
Collar details for DD drill holes and RC drill holes completed by CEL are shown below in WGS84, zone 19s projection. Collar
locations for drill holes are surveyed using DGPS. Interim collar locations are surveyed with a handheld GPS to be followed
up with DGPS when the hole is completed.
Hole_id
East (m)
North (m)
Elevation
(m)
Dip
(°)
Azimuth
(°)
Depth
(m)

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

978.7m shares 48.7m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1

1205 Hay Street West Perth WA 6005

Directors

Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria JORC Code explanation Commentary
GNDD001 504803.987 6601337.067 1829.289 -57 115 109.0
GNDD002 504793.101 6601312.095 1829.393 -60 115 25.6
GNDD002A 504795.405 6601311.104 1829.286 -60 115 84.5
GNDD003 504824.427 6601313.623 1827.768 -70 115 90.2
GNDD004 504994.416 6601546.302 1835.345 -60 115 100.0
GNDD005 504473.042 6600105.922 1806.448 -55 090 110.0
GNDD006 504527.975 6600187.234 1817.856 -55 170 100.9
GNDD007 504623.738 6600196.677 1823.447 -68 190 86.3
GNDD007A 504624.021 6600198.394 1823.379 -68 190 219.0
GNDD008 504625.047 6600198.059 1823.457 -60 184 109.4
GNDD008A 504625.080 6600199.718 1823.264 -60 184 169.0
GNDD009 504412.848 6599638.914 1794.22 -55 115 147.0
GNDD010 504621.652 6600196.048 1823.452 -68 165 146.5
GNDD011 504395.352 6599644.012 1794.025 -64 115 169.2
GNDD012 504450.864 6599816.527 1798.321 -55 115 120.0
GNDD013 504406.840 6599613.052 1792.378 -58 112 141.0
GNDD014 504404.991 6599659.831 1793.728 -59 114 140.0
GNDD015 504442.039 6600159.812 1808.700 -62 115 166.7
GNDD016 504402.958 6599683.437 1794.007 -60 115 172.0
GNDD017 504460.948 6600075.899 1806.143 -55 115 132.6
GNDD018 504473.781 6600109.152 1806.458 -60 115 130.0
GNDD019 504934.605 6601534.429 1834.720 -70 115 80.0
GNDD020 504463.598 6600139.107 1807.789 -58 115 153.0
GNDD021 504935.804 6601567.863 1835.631 -60 115 120.0
GNDD022 504835.215 6601331.069 1828.015 -60 113 100.0
GNDD023 504814.193 6601336.790 1828.535 -55 117 100.0
GNDD024 504458.922 6600123.135 1807.237 -70 115 150.0
GNDD025 504786.126 6601137.698 1823.876 -60 115 141.0
GNDD026 504813.588 6601444.189 1831.810 -55 115 100.0
GNDD027 504416.311 6599703.996 1794.702 -55 115 139.2

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital

978.7m shares 48.7m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria JORC Code explanation Commentary
GNDD028 504824.752 6601321.020 1827.837 -57 115 100.0
GNDD029 504791.830 6601316.140 1829.344 -71 115 120.2
GNDD030 504454.538 6599860.757 1799.266 -60 115 148.0
GNDD031 504622.013 6600198.726 1823.191 -60 130 149.0
GNDD032 504619.803 6600203.906 1822.790 -55 097 166.6
GNDD033 504830.792 6601385.842 1829.315 -55 115 62.0
GNDD034 504862.613 6601524.893 1834.263 -60 115 60.0
GNDD035 504782.969 6601234.234 1827.709 -78 115 119.5
GNDD036 504303.325 6599128.637 1779.458 -55 115 131.0
GNDD037 504462.875 6599831.674 1798.456 -55 115 83.5
GNDD038 504465.362 6600097.111 1806.580 -55 115 87.7
GMDD039 504815.800 6601318.000 1829.100 -70 115 80.0
GMDD040 504402.100 6599641.500 1794.800 -55 115 135.5
GMDD041 504473.000 6600104.000 1806.400 -55 095 428.0
GNDD042 504392.551 6599574.224 1790.603 -60 115 140.0
GMDD043 504815.800 6601320.000 1829.100 -67 115 80.0
GNDD044 504380.090 6599622.578 1791.934 -65 115 185.0
GNDD045 504366.823 6599679.058 1793.712 -57 115 311.0
GNDD046 504364.309 6599702.621 1794.533 -60 115 191.0
GNDD047 504459.642 6599644.133 1793.422 -60 115 101.0
GNDD048 504792.642 6601286.638 1828.497 -74 115 95.0
GNDD049 504807.030 6601419.483 1831.588 -60 115 90.0
GNDD050 504826.614 6601509.677 1833.357 -60 115 80.0
GNDD051 504766.792 6601032.571 1823.273 -60 115 120.0
GNDD060 504801.654 6601066.131 1822.596 -60 115 200.0
GNDD073 504367.546 6599724.992 1795.493 -57 115 150.2
GNDD074 504366.299 6599725.496 1795.450 -73 115 152.0
GNDD077 504821.005 6601145.026 1823.951 -60 115 222.0
GNDD079 504636.330 6600286.824 1823.053 -60 115 181.4
GNDD082 504769.532 6601169.127 1825.621 -60 115 266.0

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital

978.7m shares 48.7m options 120m perf shares 16m perf rights

Australian Registered Office

Directors

Level 1 Mr Kris Knauer, MD and CEO 1205 Hay Street Mr Scott Funston, Finance Director West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria JORC Code explanation Commentary
GNDD083 504646.604 6600336.172 1823.893 -60 115 181.0
GNDD085 504456.068 6599888.509 1799.895 -60 115 90.0
GNDD088 504815.0 6601194 1825.2 -60 115 237.0
GNDD088A 504815.621 6601193.811 1825.210 -60 115 265.0
GNDD089 504635.811 6600285.352 1823.032 -55 133 200.1
GNDD092 504839.792 6601208.375 1824.849 -60 115 300.0
GNDD093 504679.396 6600332.075 1827.365 -55 115 209.0
GNDD095 504804.597 6601219.844 1826.834 -67 115 203.0
GNDD096 504666.622 6600602.793 1820.371 -60 115 215.0
GNDD099 504384.933 6599759.693 1796.525 -60 115 150.0
GNDD100 504424.250 6599784.711 1796.728 -60 115 120.0
GNDD101 504781.691 6600986.509 1821.679 -60 115 220.0
GNDD102 504787.340 6601285.049 1828.549 -57 115 260.0
GNDD103 504432.004 6599482.162 1788.500 -55 115 299.0
GNDD105 504701.392 6601025.961 1824.818 -60 115 300.0
GNDD106 504438.745 6599613.089 1792.511 -55 115 300.0
GNDD108 504893.480 6601156.138 1824.948 -60 115 200.0
GNDD109 504788.659 6601026.581 1822.675 -60 115 209.0
GNDD112 504893.408 6601198.421 1825.402 -60 115 188.0
GNDD113 504704.700 6601067.100 1826.300 -60 115 230.0
GNDD113A 504705.888 6601065.628 1825.877 -60 115 461
GNDD114 504430.719 6600110.231 1807.080 -50 115 116.0
GNDD115 504860.469 6601289.558 1826.422 -60 115 251.0
GNDD116 504441.894 6599558.746 1790.917 -65 115 269.0
GNDD117 504428.815 6600110.985 1807.008 -60 115 120.0
GNDD118 505085.614 6601107.067 1811.275 -60 295 300.0
GNDD119 504827.094 6601535.651 1835.088 -66 115 115.0
GNDD120 504411.171 6600099.998 1806.316 -60 110 164.0
GNDD121 504863.473 6601140.462 1821.954 -57 115 181.0
GNDD122 504659.288 6600648.314 1819.643 -60 115 250.0

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital

978.7m shares 48.7m options 120m perf shares 16m perf rights

Australian Registered Office Directors Level 1 Mr Kris Knauer, MD and CEO 1205 Hay Street Mr Scott Funston, Finance Director West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria JORC Code explanation Commentary
GNDD123 504823.784 6601510.706 1833.612 -63 130 130.0
GNDD124 504410.706 6600099.603 1806.296 -70 115 160.0
GNDD125 505135.977 6601131.034 1809.281 -60 295 300.0
GNDD126 504716.358 6601149.031 1827.257 -60 115 196.0
GNDD127 504889.851 6601503.430 1834.161 -55 115 300.0
GNDD128 504715.660 6601106.719 1826.595 -60 115 230.0
GNDD129 504637.632 6600284.287 1805.395 -55 185 291.0
GNDD130 504838.247 6601093.352 1821.556 -60 115 227.0
GNDD131 504650.672 6600737.758 1821.134 -60 115 280.0
GNDD132 504819.319 6601357.930 1829.373 -55 115 300.0
GNDD133 504869.366 6601639.665 1835.213 -60 170 182.0
GNDD134 504639.057 6600284.444 1805.499 -55 154 290.0
GNDD135 504845.188 6601547.554 1834.906 -64 350 135.0
GNDD136 504837.721 6601445.719 1830.128 -55 115 310.0
GNDD137 504647.268 6600701.174 1820.549 -60 115 370.0
GNDD138 504883.975 6601540.420 1835.042 -65 350 237.0
GNDD139 504755.726 6601084.848 1824.694 -60 115 200.0
GNDD140 504991.396 6601549.750 1835.464 -60 60 230.0
GNDD141 504779.587 6601255.947 1828.225 -70 115 270.0
GNDD142 504433.887 6599629.407 1792.717 -62 115 360.0
GNDD143 504902.285 6601209.174 1826.545 -20 115 120.0
GNDD144 504961.182 6601524.651 1835.687 -70 40 410.0
GNDD145 504557.511 6600224.447 1818.092 -64 170 243.0
GNDD146 504772.849 6601212.611 1827.389 -70 115 350.0
GNDD147 504959.171 6601525.259 1835.597 -60 355 240.0
GNDD148 504845.962 6601442.396 1831.403 -24 115 85.5
GNDD149 504847.402 6601441.816 1832.186 -5 115 88.1
GNDD150 504848.651 6601525.476 1834.636 -65 350 251.0
GNDD151 504673.689 6601219.059 1830.640 -60 115 430.0
GNDD152 504901.725 6601465.446 1834.787 -15 115 165.0

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital

978.7m shares 48.7m options 120m perf shares 16m perf rights

Australian Registered Office

Directors

Level 1 Mr Kris Knauer, MD and CEO 1205 Hay Street Mr Scott Funston, Finance Director West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria JORC Code explanation Commentary
GNDD153 504690.458 6600986.257 1824.840 -70 115 326.0
GNDD154 504891.810 6601503.838 1834.134 -65 350 212.0
GNDD155 504779.116 6601123.548 1823.862 -60 115 420.0
GNDD156 504842.752 6601402.888 1830.505 -37 115 59.0
GNDD157 504638.216 6600284.907 1805.408 -55 170 527.0
GNDD158 504807.600 6601535.300 1837.000 -60 350 170.0
GNDD159 504910.382 6601145.345 1825.562 -40 115 202.0
GNDD160 504980.539 6601546.905 1835.243 -55 350 170.0
GNDD161 504664.113 6600816.520 1822.385 -60 115 251.00
GNDD162 504723.843 6601279.506 1830.376 -60 115 180.00
GNDD163 504749.611 6601575.347 1837.394 -60 115 180.00
GNDD164 504672.435 6601526.078 1836.853 -60 115 311.00
GNDD165 504488.377 6599862.768 1803.486 -10 115 253.80
GNDD166 504557.654 6600330.511 1817.438 -60 115 327.00
GNDD167 504727.540 6600880.315 1820.767 -60 115 251.00
GNDD168 504559.923 6600382.723 1816.844 -60 115 314.00
GNDD169 504683.848 6601565.336 1837.928 -60 115 416.00
GNDD170 504663.000 6600335.000 1822.900 -60 170 123.50
GNDD170A 504664.576 6600335.390 1826.501 -60 170 380.00
GNDD171 504674.659 6600904.137 1823.445 -70 115 350.00
GNDD172 504487.566 6599863.343 1802.727 -45 115 119.70
GNDD173 504697.019 6601339.596 1833.656 -60 115 191.00
GNDD174 504474.118 6600097.716 1807.933 -11 115 329.50
GNDD175 504653.221 6601093.209 1828.285 -60 115 353.00
GNDD176 504733.851 6600655.255 1817.503 -60 115 350.00
GNDD177 504759.610 6601481.663 1834.257 -60 115 160.00
GNDD178 504625.984 6600185.259 1824.078 -60 185 145.20
GNDD179 504406.541 6600185.242 1809.531 -55 170 192.10
GNDD180 504678.044 6600779.784 1821.026 -60 115 341.00
GNDD181 504669.174 6600332.942 1809.056 -60 160 401.00

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital

978.7m shares 48.7m options 120m perf shares 16m perf rights

Australian Registered Office Directors Level 1 Mr Kris Knauer, MD and CEO 1205 Hay Street Mr Scott Funston, Finance Director West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria JORC Code explanation Commentary
GNDD182 504669.526 6601127.040 1828.630 -60 115 332.00
GNDD183 504775.514 6601523.887 1835.124 -65 115 146.00
GNDD184 504670.292 6601174.696 1829.453 -60 115 321.50
GNDD185 504730.718 6601405.556 1832.739 -60 115 180.00
GNDD186 504735.990 6600742.990 1818.290 -60 115 209.00
GNDD187 504621.493 6601546.173 1839.975 -67 115 470.00
GNDD188 504658.832 6601043.631 1826.939 -60 115 277.00
GNDD189 504473.828 6600097.778 1807.415 -29 115 320.00
GNDD190 504894.932 6601473.630 1833.192 -65 350 269.00
GNDD191 504602.016 6601426.850 1837.553 -70 115 260.00
GNDD192 504617.912 6600575.207 1820.347 -60 115 260.00
GNDD193 504686.491 6601425.894 1834.934 -60 115 293.00
GNDD194 504670.153 6600333.303 1808.999 -60 140 300.00
GNDD195 504473.117 6600098.042 1807.172 -44 115 370.00
GNDD196 504633.370 6600393.771 1822.260 -60 115 296.00
GNDD197 504860.921 6601483.879 1831.591 -68 350 72.00
GNDD198 504787.448 6601250.012 1827.763 -60 115 161.00
GNDD199 504812.268 6601468.783 1832.487 -56 350 266.00
GNDD200 504966.362 6601074.292 1816.847 -60 295 280.00
GNDD201 504310.496 6599798.094 1798.387 -65 115 170.00
GNDD202 504524.999 6600443.375 1816.607 -60 115 320.00
GNDD203 504597.900 6600292.924 1820.443 -60 170 361.50
GNDD204 504858.596 6601037.331 1820.096 -60 295 190.10
GNDD205 504368.667 6599653.253 1792.808 -60 115 320.00
GNDD206 504502.882 6600109.342 1814.752 -45 90 315.60
GNDD207 504522.884 6600357.893 1816.137 -60 115 365.00
GNDD208 504919.928 6601011.763 1817.683 -60 295 299.00
GNDD209 504455.248 6599665.027 1793.655 -60 115 212.00
GNDD210 504462.426 6600034.696 1804.674 -55 115 404.00
GNDD211 504918.046 6601053.056 1818.575 -60 295 260.00

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital

978.7m shares 48.7m options 120m perf shares 16m perf rights

Australian Registered Office

Directors

Level 1 Mr Kris Knauer, MD and CEO 1205 Hay Street Mr Scott Funston, Finance Director West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria JORC Code explanation Commentary
GNDD212 504556.481 6600173.681 1823.158 -50 170 90.00
GNDD213 504437.719 6599952.199 1801.892 -55 115 401.00
GNDD214 504479.068 6599647.469 1794.866 -25 115 185.30
GNDD215 504841.586 6601002.965 1820.301 -60 295 215.50
GNDD216 504575.288 6600730.335 1823.004 -60 115 260.00
GNDD217 504528.620 6600189.318 1817.887 -60 170 140.00
GNDD218 504744.099 6601001.774 1823.249 -60 295 250.00
GNDD219 504559.700 6600171.900 1821.200 -67 170 125.00
GNDD220 504503.489 6600761.157 1825.667 -60 115 269.00
GNDD221 504559.700 6600171.900 1821.200 -75 170 165.00
GNDD222 504740.575 6600963.697 1822.322 -60 295 251.00
GNDD223 504516.675 6600218.714 1815.407 -60 170 200.00
GNDD224 504450.361 6600481.295 1818.275 -60 115 338.00
GNDD225 504526.735 6601150.967 1834.202 -60 115 299.00
GNDD226 504649.341 6601710.086 1842.687 -60 115 281.00
GNDD227 504517.120 6600217.001 1815.363 -66 170 266.00
GNDD228 504776.100 6601210.300 1827.900 -61 115 330.00
GNDD229 504632.614 6601318.236 1833.884 -60 115 255.00
GNDD230 504658.776 6601614.082 1840.047 -60 115 284.00
GNDD231 504919.069 6602642.725 1840.857 -60 110 240.00
GNDD232 504317.901 6599836.390 1799.881 -65 115 179.30
GNDD233 504669.895 6601527.348 1836.811 -50 115 236.00
GNDD234 504822.913 6601277.432 1827.472 -60 115 116.00
GNDD235 504381.663 6599939.975 1802.201 -65 115 140.00
GNDD236 504595.397 6601384.531 1836.630 -60 115 260.00
GNDD237 504628.160 6601590.640 1839.508 -60 115 450.00
GNDD238 504906.977 6602616.887 1841.656 -60 110 250.00
GNDD239 504477.711 6599648.097 1794.358 -50 115 91.00
GNDD240 504474.701 6600231.137 1813.421 -55 170 200.00
GNDD241 504489.556 6599566.448 1793.976 -45 115 146.50

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital

978.7m shares 48.7m options 120m perf shares 16m perf rights

Australian Registered Office Level 1 1205 Hay Street West Perth WA 6005

Directors

Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria JORC Code explanation Commentary
GNDD242 504577.073 6601302.101 1835.696 -60 115 340.20
GNDD243 504443.175 6600220.099 1811.582 -60 170 161.00
GNDD244 504840.051 6602586.818 1845.192 -60 110 281.00
GNDD245 504682.392 6601564.613 1837.879 -50 115 306.00
GNDD246 504304.458 6599841.564 1800.364 -72 115 212.00
GNDD247 504467.820 6599499.478 1797.272 -35 115 180.00
GNDD248 504663.877 6601484.106 1837.295 -60 115 320.00
GNDD249 504565.561 6601221.295 1834.153 -60 115 280.00
GNDD250 504330.009 6599876.638 1800.342 -60 115 197.00
GNDD251 504477.971 6599538.205 1794.923 -45 115 170.50
GNDD252 504831.382 6600924.214 1818.699 -60 295 308.00
GNDD253 504457.312 6599611.851 1792.452 -60 115 277.90
GNDD254 504619.880 6601545.848 1839.946 -60 115 413.00
GNDD255 504614.456 6601152.752 1830.734 -60 115 229.00
GNDD256 504439.108 6599479.931 1789.382 -40 115 200.00
GNDD257 504846.070 6600960.942 1819.000 -60 295 290.00
GNDD258 504479.202 6600229.965 1813.512 -64 170 270.00
GNDD259 504891.047 6601156.539 1824.952 -78 295 209.00
GNDD260 504686.229 6601779.816 1843.684 -60 115 281.00
GNDD261 504735.261 6600179.706 1847.318 -45 120 140.00
GNDD262 504907.951 6600975.057 1817.254 -60 295 290.00
GNDD263 504874.653 6601167.487 1825.604 -60 295 152.00
GNDD264 504404.218 6600202.470 1810.311 -60 170 229.80
GNDD265 504493.431 6600345.518 1815.122 -55 170 425.00
GNDD266 504730.982 6600175.224 1847.381 -40 170 90.00
GNDD267 504886.046 6601114.747 1820.458 -65 295 221.00
GNDD268 504445.758 6600392.598 1815.641 -60 115 360.00
GNDD269 504696.082 6600164.192 1843.123 -45 170 112.60
GNDD270 504888.213 6601199.370 1825.457 -80 295 155.30
GNDD271 504560.712 6600319.000 1817.861 -60 130 281.00

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital

978.7m shares 48.7m options 120m perf shares 16m perf rights

Australian Registered Office

Directors

Level 1 Mr Kris Knauer, MD and CEO 1205 Hay Street Mr Scott Funston, Finance Director West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria JORC Code explanation Commentary
GNDD272 504444.186 6600217.869 1811.622 -52 170 191.00
GNDD273 504559.651 6600163.955 1825.649 -20 170 80.00
GNDD274 504564.640 6600318.832 1818.105 -55 175 340.00
GNDD275 504887.265 6601199.716 1825.475 -55 295 131.00
GNDD276 504464.535 6600301.076 1814.073 -60 115 340.00
GNDD277 504848.561 6601090.785 1821.157 -60 295 155.00
GNDD278 504496.144 6600345.519 1815.221 -62 170 380.00
GNDD279 504590.000 6600164.000 1829.600 -45 155 90.00
GNDD280 504570.040 6601132.497 1831.818 -60 115 266.00
GNDD281 504599.717 6600293.500 1820.179 -67 170 470.00
GNDD282 504462.194 6600299.930 1814.097 -60 170 370.00
GNDD283 504590.0 6600164.0 1829.6 -5 155 95.00
GNDD284 504625.209 6600441.245 1819.581 -60 115 130.00
GNDD285 504527.110 6601149.718 1834.062 -70 115 401.00
GNDD286 504399.531 6600237.020 1811.846 -60 170 260.00
GNDD287 504539.531 6600481.313 1817.200 -60 115 265.00
GNDD288 504624.000 6600326.000 1819.400 -60 170 450.00
GNDD289 504647.461 6600176.710 1826.744 -45 170 278.30
GNDD290 504362.544 6600205.890 1810.788 -60 170 200.00
GNDD291 504546.405 6600521.755 1818.103 -60 115 203.00
GNDD292 504535.726 6600616.837 1820.761 -60 115 270.00
GNDD293 504660.200 6601397.535 1835.529 -60 115 215.00
GNDD294 504430.474 6600252.930 1811.867 -60 170 290.00
GNDD295 504564.607 6600558.819 1818.945 -60 115 221.00
GNDD296 504376.030 6599623.403 1791.894 -60 115 299.00
GNDD297 504647.466 6600176.787 1827.647 -20 170 167.50
GNDD298 504640.941 6601452.982 1837.368 -60 115 350.00
GNDD299 504310.496 6599705.054 1795.176 -60 115 170.00
GNDD300 504592.422 6600633.313 1820.584 -60 115 200.00
GNDD301 504634.840 6600298.360 1823.974 -25 115 90.20

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital

978.7m shares 48.7m options 120m perf shares 16m perf rights

Australian Registered Office

Directors

Level 1 Mr Kris Knauer, MD and CEO 1205 Hay Street Mr Scott Funston, Finance Director West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria JORC Code explanation Commentary
GNDD302 504110.500 6599843.600 1800.000 -60 115 572.00
GNDD303 504500.891 6600847.913 1827.602 -60 115 240.00
GNDD304 504745.198 6601445.416 1833.684 -60 115 158.00
GNDD305 504501.385 6600667.874 1822.845 -60 115 299.00
GNDD306 504175.078 6599950.641 1808.993 -62 115 320.00
GNDD307 504640.906 6600395.069 1823.493 -20 115 100.00
GNDD308 504499.434 6600937.779 1829.704 -60 115 1013.00
GNDD309 504597.494 6601511.123 1839.515 -60 115 390.00
GNDD310 504499.108 6600633.828 1821.946 -60 115 299.00
GNDD311 504218.233 6600014.914 1805.770 -60 115 246.00
GNDD312 504481.013 6599686.467 1798.612 -25 115 80.50
GNDD313 504320.983 6600200.995 1811.622 -60 170 210.00
GNDD314 504303.920 6599667.855 1794.313 -60 115 350.00
GNDD315 504505.360 6600720.169 1824.165 -60 115 497.00
GNDD316 504112.640 6599927.547 1805.311 -60 115 342.60
GNDD317 504284.373 6599072.783 1780.353 -10 110 155.00
GNDD318 504350.761 6600268.662 1813.067 -60 170 300.00
GNDD319 504647.143 6600701.925 1820.363 -60 295 240.00
GNDD320 504978.974 6600981.597 1814.818 -60 295 374.00
GNDD321 504391.793 6600263.900 1812.719 -60 170 281.10
GNDD322 504832.587 6600881.904 1817.644 -60 295 442.60
GNDD323 503850.645 6599923.562 1808.172 -60 115 479.00
GNDD324 504662.863 6601262.021 1832.385 -60 115 255.00
GNDD325 504485.093 6599778.228 1801.333 -41 115 83.50
GNDD326 503924.156 6600282.705 1820.784 -60 115 320.00
GNDD327 504460.883 6601268.457 1838.203 -60 115 480.00
GNDD328 504484.378 6599781.645 1801.594 -30 55 100.70
GNDD329 504481.146 6600826.822 1827.636 -60 115 458.00
GNDD330 504972.655 6600942.875 1814.522 -60 295 380.00
GNDD331 503963.429 6599824.291 1803.625 -70 115 301.60

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital

978.7m shares 48.7m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria JORC Code explanation Commentary
GNDD332 504587.327 6601349.860 1836.123 -60 115 320.00
GNDD333 504584.299 6600901.853 1825.624 -60 115 464.00
GNDD334 504989.070 6601040.241 1816.049 -60 295 371.00
GNDD335 503974.284 6599905.019 1806.353 -70 115 300.00
GNDD336 504449.105 6600702.650 1825.158 -60 115 422.00
GNDD337 504489.082 6601123.736 1833.786 -60 115 395.00
GNDD338 504207.674 6600061.020 1808.048 -60 115 299.00
GNDD339 504366.331 6599589.784 1790.480 -60 115 300.00
GNDD340 505041.328 6601043.067 1813.901 -60 295 380.00
GNDD341 504585.297 6600813.792 1824.256 -60 115 311.00
GNDD342 504310.285 6601451.069 1848.178 -60 115 472.80
GNDD343 504271.168 6600181.786 1811.314 -60 170 275.00
GNDD344 504583.430 6600683.591 1821.675 -60 115 320.00
GNDD345 505037.018 6601091.528 1813.669 -60 295 344.60
GNDD346 504358.1 6599705.9 1795.3 -75 115 173.00
GNDD347 504500.466 6601427.054 1840.795 -60 115 330.00
GNDD348 504241.279 6600191.024 1812.160 -60 170 329.00
GNDD349 504421.003 6600803.859 1828.548 -60 115 401.00
GNDD350 504529.203 6601199.425 1834.382 -60 115 395.00
GNDD351 504330.343 6600145.731 1809.579 -60 170 190.00
GNDD352 504312.347 6599706.594 1795.178 -62 115 359.00
GNDD353 504370.143 6600154.088 1808.140 -60 170 120.00
GNDD354 504369.024 6600177.667 1808.905 -60 170 125.00
GNDD355 504848.197 6601265.380 1825.624 -60 115 135.00
GNDD356 504477.148 6601483.299 1842.911 -60 115 384.70
GNDD357 504359.420 6600524.722 1821.211 -60 115 429.30
GNDD358 504361.672 6600209.193 1810.791 -63 170 179.80
GNDD359 504409.444 6601164.646 1838.317 -60 115 380.00
GNDD360 504840.785 6601177.453 1823.601 -60 115 448.20
GNDD361 504447.820 6601233.311 1837.867 -60 115 452.00

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital

978.7m shares 48.7m options 120m perf shares 16m perf rights

Australian Registered Office

Directors

Level 1 Mr Kris Knauer, MD and CEO 1205 Hay Street Mr Scott Funston, Finance Director West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria JORC Code explanation Commentary
GNDD362 504187.572 6599725.588 1798.878 -55 115 449.00
GNDD363 504430.474 6600252.930 1811.867 -60 170 290.00
GNDD364 504631.797 6600881.153 1824.044 -60 115 270.00
GNDD365 504477.996 6600421.245 1816.461 -60 115 410.00
GNDD366 504557.330 6601491.763 1841.003 -60 115 392.00
GNDD367 504584.367 6600857.252 1825.551 -60 115 521.00
GNDD368 504373.447 6601219.024 1840.835 -63 115 662.00
GNDD369 504584.103 6601255.061 1834.586 -60 115 289.70
GNDD370 504345.724 6600265.013 1812.842 -60 115 350.00
GNDD371 505138.063 6600280.515 1781.401 -60 170 300.00
GNDD372 504546.389 6601627.940 1843.754 -60 115 452.00
GNDD373 504881.845 6600896.065 1816.414 -60 295 452.00
GNDD374 505269.209 6600332.952 1783.566 -60 170 400.00
GNDD375 504200.643 6600337.960 1818.060 -60 115 370.00
GNDD376 504698.174 6601601.907 1838.970 -60 115 238.10
GNDD377 504919.607 6600743.155 1811.978 -60 115 461.00
GNDD378 504405.967 6599619.280 1792.369 -60 115 332.00
GNDD379 504359.152 6600346.594 1815.828 -60 115 350.00
GNDD380 504483.845 6600597.029 1821.531 -60 115 371.00
GNDD381 504810.676 6600935.545 1819.579 -60 295 290.00
GNDD382 504290.645 6599628.977 1792.364 -60 115 350.00
GNDD383 504352.0 6601761.2 1858.6 -60 115 461.00
GNDD384 504411.0 6600152.1 1809.7 -60 170 125.00
GNDD385 504459.4 6600651.9 1824.7 -60 115 401.00
GNDD386 504453.4 6600142.0 1808.4 -70 170 110.00
GNDD387 504453.3 6600522.3 1820.7 -60 115 344.00
GNDD388 505196.0 6600307.0 1769.8 -60 170 250.00
GNDD389 504917.0 6601503.0 1836.0 -24 115 100.00
GNDD390 504581.621 6600320.789 1818.609 -65 170 480.00
GNDD391 504388.708 6600464.603 1818.855 -60 115 554.00

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital

978.7m shares 48.7m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria JORC Code explanation Commentary
GNDD392 504566.471 6600779.044 1823.588 -60 115 251.00
GNDD393 504194.600 6599760.100 1804.000 -60 112 469.00
GNDD394 504471.923 6601926.255 1852.819 -60 115 401.00
GNDD395 504280.280 6600552.983 1824.092 -60 115 731.00
GNDD396 505056.631 6599621.549 1757.542 -60 115 211.50
GNDD397 504926.000 6601422.000 1855.900 -50 170 120.00
GNDD398 504901.411 6599438.800 1762.014 -60 115 200.00
GNDD399 504614.100 6600382.600 1818.200 -59 170 605.00
GNDD400 504921.643 6599372.092 1765.037 -60 115 300.00
GNDD401 504194.600 6599760.100 1804.000 -50 115 503.00
GNDD402 504628.400 6601676.400 1845.700 -60 115 320.00
GNDD403 504925.187 6601428.623 1852.431 -50 130 104.90
GNDD404 505020.0 6599331.0 1752.0 -60 115 220.00
GNDD405 504784.9 6601558.9 1839.7 -60 115 170.00
GNDD406 504509.289 6601601.067 1844.919 -60 112 701.00
GNDD407 504321.626 6599682.241 1794.314 -60 115 315.00
GNDD408 504629.050 6600279.989 1822.832 -50 170 377.00
GNDD409 504931.958 6601437.154 1852.930 -50 115 129.90
GNDD410 505178.7 6600404.0 1774.0 -60 170 346.40
GNDD411 504944.0 6601440.0 1855.5 -15 115 70.50
GNDD412 504465.0 6600561.0 1821.2 -60 115 320.00
GNDD413 504694.7 6600718.7 1816.1 -60 115 92.00
GNDD414 504142.5 6599740.4 1800.0 -60 112 572.00
GNDD415 504614.5 6600712.0 1819.8 -60 115 152.00
GNDD416 504487.5 6600407.8 1816.9 -60 170 236.00
GNDD416A 504487.5 6600411.0 1816.9 -60 170 213.40
GNDD416B 504480.000 6600429.152 1816.145 -60 170 608.00
GNDD417 504368.5 6600738.4 1830.3 -60 112 575.00
GNDD418 504894.0 6601243.6 1826.0 -60 115 140.00
GNDD419 505292.0 6601995.0 1785.8 -60 115 300.0

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital

978.7m shares 48.7m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria JORC Code explanation Commentary
GNDD420 504824.0 6601232.1 1827.8 -60 115 176.00
GNDD421 504724.3 6601212.4 1829.5 -60 115 212.00
GNDD422 504695.0 6601600.0 1841.9 -60 115 341.00
GNDD423 505106.0 6601553.0 1880.2 -60 040 23.70
GNDD424 504712.9 6601195.7 1829.8 -60 115 170.00
GNDD425 505106.0 6601553.0 1880.2 -57 350 80.00
GNDD426 504550.1 6600962.6 1828.6 -60 112 701.00
GNDD427 504730.1 6601673.1 1844.2 -60 115 230.00
GNDD428 504151.9 6599780.2 1803.5 -60 115 290.00
GNDD429 504738.0 6601360.5 1834.3 -60 115 182.00
GNDD430 505398.0 6601916.0 1776.0 -55 115 312.00
GNDD431 504770.3 6601345.5 1832.5 -60 115 116.00
GNDD432 504130.5 6600054.9 1811.4 -60 115 350.00
GNDD433 504664.9 6601747.7 1848.0 -60 115 318.00
GNDD434 505106.0 6601553.0 1880.2 -70 350 126.70
GNDD435 504752.7 6601309.5 1832.6 -60 115 150.00
GNDD436 504438.0 6601721.0 1855.2 -60 112 701.00
GNDD437 504403.7 6600633.7 1825.7 -60 115 584.00
GNDD438 504452.2 6600743.5 1826.8 -60 115 500.00
GNDD439 504724.4 6601322.7 1833.8 -60 115 182.00
GNDD440 503936.9 6599879.7 1804.3 -60 115 778.00
GNDD441 505106.0 6601553.0 1880.2 -45 010 81.20
GNDD442 504546.1 6600306.6 1816.5 -60 170 375.10
GNDD443 505050.0 6601544.0 1860.6 -50 340 114.60
GNDD444 504540.9 6600702.1 1823.0 -60 115 395.00
GNDD445 504624.4 6600663.2 1818.7 -60 115 296.00
GNDD446 504508.1 6601379.5 1841.9 -60 115 431.0
GNDD447 504267.1 6600300.3 1819.3 -60 115 450.00
GNDD448A 505050.0 6601544.0 1860.6 -15 130 85.00
GNDD449 505050.0 6601544.0 1860.6 -65 130 89.30

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital

978.7m shares 48.7m options 120m perf shares 16m perf rights

Australian Registered Office Level 1 1205 Hay Street West Perth WA 6005

Directors

Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria JORC Code explanation Commentary
GNDD450 504051.0 6600092.0 1810.0 -60 115 587.00
GNDD451 504692.6 6601469.9 1839.1 -60 115 272.00
GNDD452 504394.9 6600682.0 1827.5 -60 112 542.00
GNDD453 504386.9 6600597.4 1825.9 -60 115 514.20
GNDD454 505062.0 6601571.0 1864.0 -45 350 86.00
GNDD455 504367.0 6600298.0 1815.6 -60 115 473.00
GNDD456 504543.5 6601274.6 1837.8 -60 112 551.00
GNDD457 505062.0 6601571.0 1864.0 -65 350 189.50
GNDD458 504472.7 6601087.0 1831.4 -60 112 650.00
GNDD459 504463.3 6601665.1 1846.2 -60 115 482.00
GNDD460 504466.3 6600869.3 1830.8 -60 112 491.00
GNDD461 504042.0 6599964.0 1806.0 -60 115 530.00
GNDD462 505091.0 6601545.0 1875.0 -65 120 129.50
GNDD463 504345.1 6600294.3 1816.7 -60 170 320.00
GNDD464 504575.5 6601083.2 1830.2 -60 115 230.00
GNDD465 504026.0 6600060.0 1811.0 -60 115 602.00
GNDD466 504578.1 6600596.5 1818.2 -60 115 203.00
GNDD467 505091.0 6601545.0 1875.0 -30 120 121.00
GNDD468 504580.1 6600463.2 1816.5 -60 115 137.00
GNDD469 504934.7 6602328.0 1844.7 -55 115 320.00
GNDD470 504615.4 6600623.2 1818.9 -45 115 152.00
GNDD471 503999.0 6600247.6 1815.9 -60 115 596.00
GNDD472 504380.6 6601306.5 1839.7 -60 112 550.00
GNDD473 504101.0 6599980.4 1806.2 -60 112 458.00
GNDD474 504588.2 6600547.7 1818.6 -45 115 110.00
GNDD475 504672.0 6600466.0 1822.6 -75 115 146.00
GNDD476 505106.0 6601553.0 1880.2 -10 115 55.50
GNDD477 503644.0 6600028.0 1818.4 -60 112 320.00
GNDD478 504563.1 6601750.2 1847.7 -60 115 401.00
GNDD479 504597.9 6600292.9 1820.4 -50 170 305.00

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital

978.7m shares 48.7m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria JORC Code explanation Commentary
GNDD480 504012.0 6600022.0 1807.0 -60 115 632.00
GNDD481 505106.0 6601553.0 1880.2 -65 115 95.10
GNDD482 504343.9 6601279.5 1842.4 -60 115 620.00
GNDD483 504127.1 6599924.1 1804.4 -50 115 380.00
GNDD484 504388.6 6601523.4 1844.9 -60 115 482.00
GNDD485 504577.4 6600508.6 1819.1 -45 115 161.00
GNDD486 504399.4 6600326.6 1817.0 -60 170 362.00
GNRC052 504443.927 6599554.145 1790.676 -60 115 90
GNRC053 504452.888 6599589.416 1791.660 -60 115 96
GNRC054 504458.908 6599679.484 1794.408 -60 115 90
GNRC055 504461.566 6599726.253 1795.888 -60 115 102
GNRC056 504463.187 6599763.817 1796.276 -60 115 102
GNRC057 504453.440 6599901.106 1800.270 -60 115 96
GNRC058 504716.992 6600488.640 1825.624 -60 115 102
GNRC059 504785.101 6600721.845 1817.042 -60 115 84
GNRC061 504963.888 6601521.567 1835.635 -60 115 30
GNRC062 504943.260 6601531.855 1834.917 -60 115 30
GNRC063 504914.884 6601499.583 1833.781 -60 115 36
GNRC064 504895.067 6601472.101 1833.039 -60 115 36
GNRC065 504865.673 6601481.570 1831.536 -60 115 60
GNRC066 504896.480 6601506.894 1834.226 -60 115 48
GNRC067 504911.268 6601541.124 1836.127 -60 115 50
GNRC068 504990.546 6601552.694 1835.287 -60 030 114
GNRC069 504934.855 6601579.782 1836.179 -60 115 120
GNRC070 504925.545 6601566.505 1835.127 -60 350 84
GNRC071 504878.397 6601572.030 1833.873 -60 350 54
GNRC072 504877.872 6601568.814 1833.843 -70 350 72
GNRC075 504842.742 6601573.984 1835.428 -60 350 60
GNRC076 504828.279 6601539.638 1835.244 -60 115 76
GNRC078 504842.744 6601450.106 1830.180 -60 115 70

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital

978.7m shares 48.7m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria JORC Code explanation JORC Code explanation Commentary
GNRC080
504864.734
6601560.758
1834.333
-60
115
86
GNRC081
504815.835
6601460.850
1832.033
-73
115
86
GNRC084
504965.730
6601530.280
1836.056
-55
030
145
GNRC086
504838.724
6601402.481
1829.645
-60
115
60
GNRC087
504858.585
6601345.400
1828.417
-60
115
30
GNRC090
504821.284
6601359.986
1829.379
-60
115
60
GNRC091
504789.111
6601376.410
1830.448
-60
115
80
GNRC094
504852.454
6601307.187
1827.304
-60
115
60
GNRC097
504831.396
6601289.723
1827.153
-60
115
70
GNRC098
504784.865
6601253.409
1827.869
-76
115
96
GNRC104
504780.186
6601228.313
1827.663
-64
115
150
GNRC107
504623.1
6600197.1
1823.3
-60
185
120
GNRC110
504502.0
6600107.0
1814.0
-62
90
60
GNRC111
504427.8
6599739.8
1796.4
-60
115
120
Drill sample recovery - Method of recording and assessing Drill core is placed into wooden boxes by the drillers and depth marks are indicated on wooden blocks at the end of each
core and chip sample recoveries and run. These depths are reconciled by CEL geologists when measuring core recovery.
- results assessed.
Measures taken to maximise sample
Triple tube drilling has been being done by CEL to maximise core recovery.
recovery and ensure representative RC sub-samples are collected from a rotary splitter mounted to the face sample recovery cyclone. A 2-4 kg sub-samples is
nature of the samples. collected for each metre of RC drilling. Duplicate samples are taken at the rate of I every 25-30 samples using a riffle
- Whether a relationship exists
between sample recovery and grade		 splitter to split out a 2-4 kg sub-sample. The whole sample recovered is weighed to measure sample recovery and
consistency in sampling.
and whether sample bias may have A possible relationship has been observed between historic sample recovery and Au Ag or Zn grade whereby low
occurred due to preferential recoveries have resulted in underreporting of grade. Insufficient information is not yet available to more accurately
loss/gain of fine/coarse material. quantify this. Core recovery is influenced by the intensity of natural fracturing in the rock. A positive correlation between
recovery and RQD has been observed. The fracturing is generally post mineral and not directly associated with the
mineralisation.
Logging - Whether core and chip samples have
Detailed logs are available for most of the historical drilling. Some logs have not been recovered. No core photographs
been geologically and geotechnically
from the historic drilling have been found. No drill core has survived due to poor storage and neglect. No RC sample chips
logged to a level of detail to support have been found.
appropriate Mineral Resource
estimation mining studies and		 For CEL drilling, all the core is logged for recovery, RQD, weathering, lithology, alteration, mineralization, and structure to a
level that is suitable for geological modelling resource estimation and metallurgical test work. RC drill chips are logged for
metallurgical studies. geology,alteration and mineralisation to a level that is suitable forgeological modellingresource estimation and

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

978.7m shares 48.7m options 120m perf shares

16m perf rights

Australian Registered Office

Directors

Contact

Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

www.challengerex.com

Criteria
JORC Code explanation		 Commentary
-
Whether logging is qualitative or
quantitative in nature. Core (or
costean channel etc) photography.
-
The total length and percentage of
the relevant intersections logged.		 metallurgical test work. Where possible logging is quantitative. Geological logging is done in MS Excel in a format that can
readily be transferred to a database which holds all drilling logging sample and assay data.
Sub-sampling
techniques and
sample preparation
-
If core whether cut or sawn and
whether quarter half or all core
taken.
-
If non-core whether riffled tube
sampled rotary split etc and whether
sampled wet or dry.
-
For all sample types the nature
quality and appropriateness of the
sample preparation technique.
-
Quality control procedures adopted
for all sub-sampling stages to
maximise representivity of samples.
-
Measures taken to ensure that the
sampling is representative of the in-
situ material collected including for
instance results for field
duplicate/second-half sampling.
-
Whether sample sizes are
appropriate to the grain size of the
material being sampled.		 Competent drill core is cut longitudinally using a diamond saw for sampling of ½ the core. Soft core is split using a wide
blade chisel or a manual core split press. The geologist logging the core indicates on the drill core where the saw cut is to
be made to ensure half-core sample representivity.
Sample intervals are selected based on lithology alteration and mineralization boundaries. Sample lengths average 1.38m.
No second-half core samples have been submitted. The second half of the core samples has been retained in the core
trays for future reference.
From hole GNDD073, duplicate diamond core samples have been collected for every 25-30m drilled. The duplicate
diamond core samples are ¼ core samples. Duplicate core sample results and correlation plots (log scale for Au, Ag and
Zn) are shown below:
n
RSQ
mean
median
variance
original
duplicate
original
duplicate
original
duplicate
Au (ppm)
1667
0.969
0.109
0.112
0.008
0.007
1.304
1.674
Ag (ppm)
1667
0.696
0.69
0.59
0.18
0.17
15.23
5.99
Cd (ppm)
1667
0.981
2.09
1.94
0.11
0.11
311.62
278.12
Cu (ppm)
1667
0.405
16.55
14.31
3.30
3.20
7.8E+03
3.4E+03
Fe (%)
1667
0.983
1.771
1.759
1.650
1.660
3.0
2.9
Pb (ppm)
1667
0.967
83.5
83.2
15.2
14.6
3.4E+05
4.5E+05
S (%)
1667
0.981
0.343
0.337
0.130
0.120
0.572
0.540
Zn (ppm)
1667
0.978
360
340
79
77
7.4.E+06
6.8.E+06
n=count
RSQ = R squared

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital

978.7m shares 48.7m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Mr Kris Knauer, MD and CEO

Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Contact

T: +61 8 6380 9235 E: [email protected]

www.challengerex.com

Criteria

JORC Code explanation Commentary

==> picture [453 x 144] intentionally omitted <==

RC sub-samples over 1m intervals are collected at the drill site from a cyclone mounted on the drill rig. A duplicate RC sample is collected for every 25-30m drilled.

The duplicate RC sample results and correlation plots (log scale for Au, Ag and Zn) are shown below:

n
RSQ		 mean
original
duplicate		 median
original
duplicate		 variance
original
duplicate
Au (ppm)
85
0.799
0.101
0.140
0.017
0.016
0.041
0.115
Ag (ppm)
85
0.691
1.74
2.43
0.59
0.58
13.59
64.29
Cd (ppm)
85
0.989
15.51
16.34
0.41
0.44
4189
4737
Cu (ppm)
85
0.975
47.74
53.86
5.80
5.70
2.4E+04
3.1E+04
Fe (%)
85
0.997
1.470
1.503
0.450
0.410
7.6
7.6
Pb (ppm)
85
0.887
296.0
350.6
26.3
32.4
6.0E+05
7.4E+05
S (%)
85
0.972
0.113
0.126
0.020
0.020
0.046
0.062
Zn (ppm)
85
0.977
3399
3234
158
177
2.5.E+08
2.1.E+08
n=count
RSQ = R squared

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

978.7m shares 48.7m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria JORC Code explanation Commentary

==> picture [453 x 144] intentionally omitted <==

CEL samples have been submitted to the MSA laboratory in San Juan and the ALS laboratory in Mendoza for sample preparation. The sample preparation technique is considered appropriate for the style of mineralization present in the Project.

Sample sizes are appropriate for the mineralisation style and grain size of the deposit.

39 duplicate channel sample assays have been collected from the underground sampling program. These data show more scatter due to mobilisation of Au, Ag and Zn due to surface weathering.

==> picture [453 x 143] intentionally omitted <==

Quality of assay data and laboratory tests

  • The nature quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered

The MSA laboratory used for sample preparation in San Juan has been inspected by Stuart Munroe (Exploration Manager) and Sergio Rotondo (COO) prior to any samples being submitted. The laboratory procedures are consistent with international best practice and are suitable for samples from the Project. The SGS laboratory in San Juan and the ALS laboratory in Mendoza has not yet been inspected by CEL representatives.

Challenger Exploration Limited ACN 123 591 382

ASX: CEL

Issued Capital

978.7m shares 48.7m options 120m perf shares 16m perf rights

Australian Registered Office

Directors

Level 1

Mr Kris Knauer, MD and CEO

  • 1205 Hay Street Mr Scott Funston, Finance Director

  • West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria JORC Code explanation JORC Code explanation Commentary
partial or total. Internal laboratory standards were used for each job to gauge precision and accuracy of assays reported.
- For geophysical tools spectrometers
handheld XRF instruments etc the
parameters used in determining the
analysis including instrument make		 CEL submit blank samples (cobble and gravel material from a quarry nearby to Las Flores, San Yuan) with drill core, RC sub-
samples and channel sample to the MSA laboratory, ALS laboratory and SGS laboratory. The blank samples are
strategically placed in the sample sequence immediately after samples that were suspected of containing high grade Au Ag
Zn or Cu to test the lab preparation contamination procedures. The values received from the blank samples suggest rare
and model reading times cross contamination of samples during sample preparation.
calibrations factors applied and their
derivation etc.
- Nature of quality control procedures
adopted (eg standards blanks
duplicates external laboratory
checks) and whether acceptable
levels of accuracy (i.e. lack of bias)
and precision have been established.
For GNDD001 – GNDD010 samples analysed by MSA in 2019, three different Certified Standard Reference pulp samples
(CRM) with known values for Au Ag Pb Cu and Zn have been submitted with samples of drill core to test the precision and
accuracy of the analytic procedures and determination of the MSA laboratory in Canada Two of the standards were only
used 4 times each and the third . 26 reference analyses were analysed in the samples submitted in 2019. For CRM 1 one
sample returned an Au value > 2 standard deviations (SD) above the certified value. For CRM 2 one sample returned an Au
value < 2SD below the certified value. For CRM 3 (graphs below) one sample returned a Cu value > 2SD above the certified
value. All other analyses are within 2SD of the expected value. The standards demonstrate suitable precision and
accuracy of the analytic process. No systematic bias is observed.
For drill holes from GNDD011 and unsampled intervals from the 2019 drilling, 18 different Certified Standard Reference
pulp samples (CRM) with known values for Au Ag Fe S Pb Cu and Zn and 7 different CRM’s with known values for Au only
have been submitted with samples of drill core to test the precision and accuracy of the analytic procedures of the MSA
and ALS laboratories. In the results received to date there has been no observed bias in results of the CRM. The standards
demonstrate suitable precision and accuracy of the analytic process. No systematic bias is observed. A summary of the
standard deviations from the expected values for CRM’s used is summarised below. Generally, an average of standard
deviations close to zero indicates a high degree of accuracy and a low range of standard deviations with a low fail count
indicates a high degree of precision.
37 standard(CRM)sample assays submitted with the channel samples have been finalised. The results are consistent with

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital

978.7m shares 48.7m options 120m perf shares 16m perf rights

Australian Registered Office Level 1 1205 Hay Street West Perth WA 6005

Directors

Mr Kris Knauer, MD and CEO

Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

==> picture [725 x 406] intentionally omitted <==

----- Start of picture text -----

Criteria JORC Code explanation Commentary
CRM submitted with drill core samples.
----- End of picture text -----

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

978.7m shares 48.7m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Contact

T: +61 8 6380 9235 E: [email protected]

www.challengerex.com

==> picture [725 x 404] intentionally omitted <==

----- Start of picture text -----

Criteria JORC Code explanation Commentary
----- End of picture text -----

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

978.7m shares 48.7m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 Mr Scott Funston, Finance Director E: [email protected] Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

www.challengerex.com

==> picture [725 x 401] intentionally omitted <==

----- Start of picture text -----

Criteria JORC Code explanation Commentary
----- End of picture text -----

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

978.7m shares 48.7m options 120m perf shares 16m perf rights

Australian Registered Office

Directors

Contact

Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

www.challengerex.com

  • Criteria JORC Code explanation Commentary Verification of - The verification of significant Replicate assay of 186 coarse reject samples from 2019 drilling has been done to verify assay precision. Original core sampling and intersections by either independent samples were from the 2019 DD drilling which were analysed by MSA (San Juan preparation and Vancouver analysis). assaying or alternative company personnel. Coarse reject samples were analysed by ALS (Mendoza preparation and Vancouver analysis). The repeat analysis - The use of twinned holes. technique was identical to the original. The repeat analyses correlate very closely with the original analyses providing high - Documentation of primary data confidence in precision of results between MSA and ALS. A summary of the results for the 186 sample pairs for key

  • entry procedures data verification elements is provided below:

  • data storage (physical and electronic) protocols.

Mean Median Std Deviation

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital

978.7m shares 48.7m options 120m perf shares 16m perf rights

Australian Registered Office Directors Contact Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

www.challengerex.com

Criteria
JORC Code explanation		 Commentary
-
Discuss any adjustment to assay
data.		 Element
MSA
ALS		 MSA
ALS		 MSA
ALS
Au (FA and GFA ppm)
4.24
4.27
Ag (ICP and ICF ppm)
30.1
31.1
Zn ppm (ICP ppm and ICF %)
12312
12636
Cu ppm (ICP ppm and ICF %)
464
474
Pb ppm (ICP ppm and ICF %)
1944
1983
S (ICP and ICF %)
2.05
1.95
Cd (ICP ppm)
68.5
68.8
As (ICP ppm))
76.0
79.5
Fe (ICP %)
4.96
4.91
REE(ICPppm)
55.1
56.2		 0.50
0.49
5.8
6.2
2574
2715
74
80
403
427
0.05
0.06
12.4
12.8
45.8
47.6
2.12
2.19
28.7
31.6		 11.15
11.00
72.4
73.9
32648
33744
1028
1050
6626
6704
5.53
5.10
162.4
159.3
88.1
90.6
6.87
6.72
98.2
97.6

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital

978.7m shares 48.7m options 120m perf shares 16m perf rights

Australian Registered Office Level 1

1205 Hay Street West Perth WA 6005

Directors

Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director

Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria
JORC Code explanation		 Commentary
As (ICP ppm))
192
45.4
45.2
16.0
16.9
10823
9893
0.9947
Fe (ICP %)
189
3.07
3.30
2.38
2.31
4.80
9.28
0.9781
REE (ICP ppm)
192
63.5
72.8
39.4
44.3
3414
4647
0.9096
Mo(ICP and ICFppm)
192
7.69
1.68
6.74
0.97
85.83
10.33
0.3026
Values below detection were set to half the detection limit
Limit of detection for Fe was exceeded for 3 samples submitted to SGS with no overlimit analysis
REE is the sum off Ce, La, Sc, Y. Values below detection were set at zero
CEL have sought to twin some of the historic drill holes to check the results of previous exploration. A full analysis of the
twin holes has yet to be completed. The holes are:
GNDD003 – DDH34 and 04HD08
GNRC110 – DDH53
GNDD144 – 05HD39
GNRC107 – GNDD008/008A
GNDD206 – DDH54
Final sample assay analyses are received by digital file in PDF and CSV format. The original files are backed-up and the data
copied into a drill hole database for geological modelling.
Assay results summarised in the context of this report have been rounded appropriately to 2 significant figures. No assay
data have been otherwise adjusted.
Location of data
points
-
Accuracy and quality of surveys used
to locate drill holes (collar and
down-hole surveys) trenches mine
workings and other locations used in
Mineral Resource estimation.
-
Specification of the grid system
used.
-
Quality and adequacy of
topographic control.		 Following completion of drilling collars are surveyed using a differential GPS (DGPS) relative into the Argentinian SGM
survey. The locations have been surveyed in POSGAR 2007 zone 2 and converted to WGS84 UTM zone 19s.
Following completion of the channel sampling, the location of the channel samples taken underground is surveyed from a
survey mark at the entrance to the underground which is located using differential GPS. The locations have been surveyed
in POSGAR 2007 zone 2 and converted to WGS84 UTM zone 19s.
The drill machine is set-up on the drill pad using hand-held equipment according to the proposed hole design.
Diamond core drill holes are surveyed at 30-40m intervals down hole using a Reflex tool. RC drill holes are surveyed down
hole every 10 metres using a gyroscope to avoid magnetic influence from the drill rods.
All current and previous drill collar sites, Minas corner pegs and strategic surface points have been surveyed using DGPS to
provide topographic control for the Project.
Data spacing and
distribution
-
Data spacing for reporting of
Exploration Results.
-
Whether the data spacing and		 No regular drill hole spacing has been applied across the Project, although a nominal 40m x 40m drill spacing is being
applied to infill and extension drilling where appropriate. The current drilling is designed to check previous exploration,
extend mineralisation along strike, and provide some information to establish controls on mineralization and exploration

Australian Registered Office

Challenger Exploration Limited Issued Capital Australian Registered Office Directors Contact ACN 123 591 382 978.7m shares Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 ASX: CEL 48.7m options 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] 120m perf shares West Perth WA 6005 Mr Fletcher Quinn , Chairman 16m perf rights Mr Sergio Rotondo, Exec. Director

www.challengerex.com

Criteria JORC Code explanation JORC Code explanation Commentary
distribution is sufficient to establish potential. No Mineral Resource Estimate to JORC 2012 reporting standards has been made at this time.
the degree of geological and grade
continuity appropriate for the		 Samples have not been composited.
Mineral Resource and Ore Reserve
estimation procedure(s) and
classifications applied.
- Whether sample compositing has
been applied.
Orientation of data - Whether the orientation of sampling
As far as is currently understood and where practicable, the orientation of sampling achieves unbiased sampling of
in relation to achieves unbiased sampling of structures and geology controlling the mineralisation.
geological structure possible structures and the extent to
which this is known considering the
deposit type.		 For underground channel sampling, the orientation of the sample is determined by the orientation of the workings.
Where the sampling is parallel with the strike of the mineralisation, plans showing the location of the sampling relative to
the orientation of the mineralisation, weighted average grades and estimates of true thickness are provided to provide a
- If the relationship between the balanced report of the mineralisation that has been sampled.
drilling orientation and the
orientation of key mineralised Drilling has been designed to provide an unbiased sample of the geology and mineralisation targeted.
structures is considered to have
introduced a sampling bias this
should be assessed and reported if
material.
Sample security - The measures taken to ensure Samples were under constant supervision by site security, senior personnel and courier contractors prior to delivery to the
sample security. preparation laboratories in San Juan and Mendoza.
Audits or reviews - The results of any audits or reviews There has not yet been any independent reviews of the sampling techniques and data.
of sampling techniques and data.

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

978.7m shares 48.7m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria
JORC Code explanation
 Commentary Commentary Commentary Commentary Commentary Commentary
Mineral tenement
and land tenure
status
-
Type reference name/number location
and ownership including agreements or
material issues with third parties such
as joint ventures partnerships
overriding royalties native title interests
historical sites wilderness or national
park and environmental settings.
-
The security of the tenure held at the
time of reporting along with any known
impediments to obtaining a licence to
operate in the area.




 The current Hualilan project comprises 15 Minas (equivalent of mining leases) and 2 Demasias (mining lease extensions),
an additional 8 Minas and 3 exploration licences (Cateos) under a farmin agreement and a further 4 Cateos directly held.
This covers all of the currently defined mineralization and surrounding prospective ground. There are no royalties on the
project. CEL is earning a 75% interest in the Project by funding exploration to a Definitive Feasibility Study (DFS).
Granted mining leases (Minas Otorgadas) at the Hualilan Project
Name
Number
Current Owner
Status
Grant Date
Area (ha)
Cerro Sur
Divisadero
5448-M-1960
Golden Mining
S.R.L.
Granted
30/04/2015
6
Flor de Hualilan
5448-M-1960
Golden Mining
S.R.L.
Granted
30/04/2015
6
Pereyra y Aciar
5448-M-1960
Golden Mining
S.R.L.
Granted
30/04/2015
6
Bicolor
5448-M-1960
Golden Mining
S.R.L.
Granted
30/04/2015
6
Sentazon
5448-M-1960
Golden Mining
S.R.L.
Granted
30/04/2015
6
Muchilera
5448-M-1960
Golden Mining
S.R.L.
Granted
30/04/2015
6
Magnata
5448-M-1960
Golden Mining
S.R.L.
Granted
30/04/2015
6
Pizarro
5448-M-1960
Golden Mining
S.R.L.
Granted
30/04/2015
6
Cerro Norte
La Toro
5448-M-1960
CIA GPL S.R.L.
Granted
30/04/2015
6
La Puntilla
5448-M-1960
CIA GPL S.R.L.
Granted
30/04/2015
6
Name Number Current Owner Status Grant Date Area (ha)
Cerro Sur
Divisadero 5448-M-1960 Golden Mining
S.R.L.		 Granted 30/04/2015 6
Flor de Hualilan 5448-M-1960 Golden Mining
S.R.L.		 Granted 30/04/2015 6
Pereyra y Aciar 5448-M-1960 Golden Mining
S.R.L.		 Granted 30/04/2015 6
Bicolor 5448-M-1960 Golden Mining
S.R.L.		 Granted 30/04/2015 6
Sentazon 5448-M-1960 Golden Mining
S.R.L.		 Granted 30/04/2015 6
Muchilera 5448-M-1960 Golden Mining
S.R.L.		 Granted 30/04/2015 6
Magnata 5448-M-1960 Golden Mining
S.R.L.		 Granted 30/04/2015 6
Pizarro 5448-M-1960 Golden Mining
S.R.L.		 Granted 30/04/2015 6
Cerro Norte
La Toro 5448-M-1960 CIA GPL S.R.L. Granted 30/04/2015 6
La Puntilla 5448-M-1960 CIA GPL S.R.L. Granted 30/04/2015 6

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital

978.7m shares 48.7m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1

1205 Hay Street West Perth WA 6005

Directors

Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria
JORC Code explanation
 Commentary

Pique de Ortega 5448-M-1960 CIA GPL S.R.L. Granted 30/04/2015 6
Descrubidora 5448-M-1960 CIA GPL S.R.L. Granted 30/04/2015 6
Pardo 5448-M-1960 CIA GPL S.R.L. Granted 30/04/2015 6
Sanchez 5448-M-1960 CIA GPL S.R.L. Granted 30/04/2015 6
Andacollo 5448-M-1960 CIA GPL S.R.L. Granted 30/04/2015 6
Mining Lease extensions (Demasias) at the Hualilan Project
Name Number Current Owner Status Grant date Area (ha)
Cerro Sur
North of
"Pizarro" Mine		 195-152-C-1981 Golden Mining
S.R.L.		 Granted 05/12/2014 1.9
Cerro Norte
South of "La
Toro" Mine		 195-152-C-1981 CIA GPL S.R.L. Granted 05/12/2014 1.9
Mining Lease Farmin Agreements
Name Number Transfrred to CEL Status Grant Date Area (ha)
Marta Alicia 2260-S-58 Yes Current 23.54
Marta 339.154-R-92 Yes Current 478.50
Marta 1 339.153-R-92 Yes Current 163.42
AK4 1124.299-R-18 Yes Current 1500.00
Solitario 1-5 545.604-C-94 Yes Current 685.00
Solitario 1-4 545.605-C-94 Yes Current 310.83
Solitario 1-1 545.608-C-94 Yes Subject to
Approval		 TBA
Solitario 6-1 545.788-C-94 Yes Subject to
Approval		 TBA

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital

978.7m shares 48.7m options 120m perf shares 16m perf rights

Australian Registered Office Level 1

1205 Hay Street West Perth WA 6005

Directors

Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria
JORC Code explanation
 Commentary


Exploration Licence Farmin Agreements
Name Number Transfrred to CEL Status Grant Date Area (ha)
295.122-R-1989 Yes Current 1882.56
228.441-R-1993 Yes Subject to
Approval		 2800.00
545.880-O-1994 Yes Current 149.99
Exploration Licences Held (Direct Award)
Name Number Transfrred to CEL Status Grant Date Area (ha)
Ayen 1124.495-I-20 Yes Current 2059.60
1124-248G-20 Yes Current 933.20
1124-188-G-20 Yes Current 267.40
1124-188-G-20 Yes Current 600.00
Exploration done
by other parties
-
Acknowledgment and appraisal of
exploration by other parties.








 Intermittent sampling dating back over 500 years has produced a great deal of information and data including sampling
geologic maps reports trenching data underground workings drill hole results geophysical surveys resource estimates plus
property examinations and detailed studies by several geologists. Prior to the current exploration no work has been
completed since 2006.
There is 6 km of underground workings that pass through mineralised zones. Records of the underground geology and
sampling have been compiled and digitised as are sample data geological mapping trench data adit exposures and drill
hole results. Historic geophysical surveys exist but have largely yet to be check located and digitised.
Drilling on the Hualilan Project (Cerro Sur and Cerro Norte combined) extends to over 150 drill holes. The key historical
exploration drilling and sampling results are listed below.
-
1984 – Lixivia SA channel sampling & 16 RC holes (AG1-AG16) totalling 2040m
-
1995 - Plata Mining Limited (TSE: PMT) 33 RC holes (Hua- 1 to 33) + 1500 samples
-
1998 – Chilean consulting firm EPROM (on behalf of Plata Mining) systematic underground mapping and channel
sampling
-
1999 – Compania Mineral El Colorado SA (“CMEC”) 59 core holes (DDH-20 to 79) plus 1700m RC program

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

978.7m shares 48.7m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria JORC Code explanation JORC Code explanation Commentary
-
2003 – 2005 – La Mancha (TSE Listed) undertook 7447m of DDH core drilling (HD-01 to HD-48)
-
Detailed resource estimation studies were undertaken by EPROM Ltda. (EPROM) in 1996 and CMEC (1999 revised
2000) both of which were written to professional standards and La Mancha 2003 and 2006.
-
The collection of all exploration data by the various operators was of a high standard and had appropriate
samplingtechniques intervals and custody procedures were used.
Geology - Deposit type geological setting and Mineralisation occurs in all rock types where it preferentially replaces limestone, shale and sandstone and occurs in fault
style of mineralisation. zones and in fracture networks within dacitic intrusions.
The mineralisation has previously been classified as a Zn-Cu distal skarn (or manto-style skarn) with vein-hosted Au-Ag
mineralisation. It has been divided into three phases – prograde skarn retrograde skarn and a late quartz–galena event
the evolution of the hydrothermal system and mineral paragenesis is the subject of more detailed geometallurgical work.
Gold occurs in native form and as inclusions with sulphide and pyroxene. The mineralisation also commonly contains
pyrite, chalcopyrite sphalerite and galena with rare arsenopyrite, pyrrhotite and magnetite.
Mineralisation is either parallel to bedding in bedding-parallel faults, in veins or breccia matric within fractured dacitic
intrusions, at lithology contacts or in east-west striking steeply dipping siliceous faults that cross the bedding at a high
angle. The faults have thicknesses of 1–4 m and contain abundant sulphides. The intersection between the bedding-
parallel mineralisation and east-striking cross veins seems to be important in localising the mineralisation.
Drill hole - A summary of all information material The following significant intersections have been reported by previous explorers. A cut-off grade of 1 g/t Au equivalent
Information to the understanding of the exploration
results including a tabulation of the
has been used with up to 2m of internal diltion or a cut-off grade of 0.2 g/t Au equivalent and up to 4m of internal diltion
has been allowed. No metallurcial or recovery factors have been used. Drill collar location is provided in the previous
following information for all Material section.
drill holes: Hole_id
From(m)
Interval(m)
Au(g/t)
Ag (g/t)
Zn(%)
- easting and northing of the drill hole AG16
38.6
1.2
0.1
28.6
1.7
collar MG10
108.0
3.0
1.3
No assay
No assay
- elevation or RL (Reduced Level – DDH36
24.7
9.3
1.6
46.3
1.2
elevation above sea level in metres) of DDH53
17.3
1.4
1.0
1.7
0.00
the drill hole collar DDH53
24.0
8.9
3.7
239.5
0.03
- dip and azimuth of the hole DDH53
35.7
3.9
3.9
87.8
0.06
- down hole length and interception DDH53
41.0
3.0
2.6
7.6
0.20
depth DDH54
20.0
1.1
1.2
0.7
0.00
- hole length. DDH54
31.1
8.3
3.9
32.1
0.80
- If the exclusion of this information is DDH65
62.0
8.2
11.0
60.6
1.2
justified on the basis that the DDH65
82.0
1.0
1.8
33.4
0.30
information is not Material and this DDH66
83.1
7.2
23.7
42.9
2.4
exclusion does not detract from the DDH66
87.9
2.4
69.9
114.4
2.2

Challenger Exploration Limited

Issued Capital

Australian Registered Office

Directors

Contact

ACN 123 591 382 978.7m shares Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 ASX: CEL 48.7m options 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] 120m perf shares West Perth WA 6005 Mr Fletcher Quinn , Chairman 16m perf rights Mr Sergio Rotondo, Exec. Director

www.challengerex.com

Criteria JORC Code explanation Commentary
understanding of the report the DDH66 104.9 2.8 1.8 29.0 0.10
Competent Person should clearly DDH67 98.7 1.3 0.2 7.8 1.3
explain why this is the case. DDH68 4.0 17.9 2.2 6.3 0.20
DDH68 73.7 0.5 0.8 9.0 1.2
DDH69 4.0 16.1 2.3 1.6 0.10
DDH69 76.9 0.3 0.1 7.0 28.0
DDH69 79.7 0.8 1.3 120.0 4.5
DDH70 84.0 7.0 5.2 13.5 0.70
DDH71 11.0 2.0 0.5 218.0 0.06
DDH71 39.9 1.0 1.3 6.0 0.03
DDH71 45.5 1.1 0.4 22.8 0.60
DDH71 104.0 10.0 33.5 126.7 7.9
DDH72 26.0 11.7 3.8 14.1 1.3
DDH72 52.7 6.3 1.5 30.4 0.04
DDH73 62.5 3.5 0.5 15.6 0.60
DDH74 119.9 0.5 7.3 98.5 2.6
DDH76 61.3 0.7 4.0 11.1 0.50
DDH76 74.4 4.0 0.8 8.8 0.30
DDH76 84.8 1.2 1.4 10.9 2.0
DDH78 109.1 0.7 1.1 13.4 1.9
03HD01A 90.1 1.7 2.1 37.4 2.4
03HD03 55.0 2.4 2.5 25.6 2.3
04HD05 80.3 2.0 0.9 42.7 0.02
04HD05 97.5 1.8 1.9 35.0 0.04
04HD05 102.0 1.0 1.3 42.1 0.01
04HD05 106.0 1.0 0.7 28.0 0.05
04HD05 108.0 5.6 2.8 19.9 1.2
04HD06 65.4 1.2 46.6 846.0 0.50
04HD06 75.0 1.0 1.0 2.9 0.01
04HD06 104.5 7.6 1.8 5.0 1.2
04HD06 115.1 0.9 16.4 23.1 7.7
04HD07 98.3 2.2 1.4 32.5 0.90
04HD10 44.3 0.2 3.9 81.5 5.6
04HD10 55.5 0.5 1.3 11.5 0.46
04HD10 78.6 1.7 4.8 93.7 2.4
04HD11 28.0 1.0 0.1 9.3 1.4
04HD12 49.3 0.7 1.5 16.1 0.10

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital

978.7m shares 48.7m options 120m perf shares 16m perf rights

Australian Registered Office Directors Contact Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

www.challengerex.com

Criteria
JORC Code explanation		 Commentary
04HD13
61.5
1.0
0.8
7.9
0.20
04HD15
103.7
0.3
1.7
32.9
0.80
04HD16C
107.5
6.8
8.6
117.1
9.1
04HD16C
111.8
2.5
7.6
75.6
11.5
04HD16C
144.9
1.9
9.1
31.2
5.5
04HD16C
171.1
0.4
0.5
9.4
1.7
04HD17
134.9
0.7
2.5
14.3
4.1
04HD17
139.1
0.5
10.5
9.4
0.20
04HD17
199.6
0.2
0.8
3.5
5.9
04HD17
202.1
1.9
4.5
1.5
0.70
04HD20
43.2
1.8
0.9
83.9
0.20
04HD21
70.1
0.2
4.8
60.6
6.4
04HD21
141.1
0.6
12.9
105.0
4.8
04HD24
72.0
2.0
2.5
3.2
0.04
04HD24
83.0
2.0
3.1
25.3
0.04
04HD24
94.0
4.2
0.7
21.2
0.10
04HD25
92.0
1.7
2.4
51.5
6.3
04HD26
21.7
2.3
1.5
32.5
3.0
04HD28
42.8
0.4
1.9
4.5
0.10
04HD29
37.0
1.0
0.1
112.0
0.01
05HD42
90.5
1.0
1.9
6.1
0.03
05HD42
115.0
3.0
29.0
103.1
0.20
05HD43
69.0
1.0
1.8
2.3
0.01
05HD43
81.0
3.0
2.8
51.5
0.50
05HD43
90.7
2.3
1.4
29.6
0.30
05HD44
87.5
1.1
3.8
3.4
0.01
05HD44
91.2
1.4
0.0
3.6
2.8
From GNDD001 the following significant assay results have been received reported to a cut-off of 1.0 g/t AuEq (gold
equivalent) unless otherwise indicated. Drill collar location is provided in the previous section.
Drilling in 2019 Significant Results:
Hole_id
Interval(m)
From
Au(g/t)
Ag (g/t)
Zn(%)
AuEq (g/t)
GNDD001
10.00
27.00
0.94
4.9
0.33
1.1
(2)
inc
3.00
32.00
2.3
5.8
0.50
2.6
GNDD002A
5.00
31.00
0.74
2.7
0.67
1.1
and
3.00
81.50
3.1
8.6
5.8
5.7
GNDD003
6.10
55.00
34.6
22
2.9
36.2
(1)

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital

978.7m shares 48.7m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria JORC Code explanation Commentary
GNDD004 20.50 5.50 1.1 5.3 0.45 1.4 (2)
inc 8.47 6.03 2.0 7.8 0.68 2.4
and 3.43 18.67 1.2 3.2 0.26 1.3
GNDD005 19.00 29.00 1.3 8.1 0.62 1.6 (2)
inc 2.00 29.00 0.79 18 3.3 2.5
and 4.00 43.00 5.1 22 0.49 5.6
and 7.00 59.00 7.8 72 1.4 9.3
inc 3.00 61.00 16.5 135 1.6 18.9 (1)
and 10.00 75.00 0.75 38 0.27 1.4 (2)
inc 3.00 77.00 1.7 39 0.43 2.3
inc 1.00 83.00 1.2 156 0.72 3.5
GNDD006 6.50 78.50 4.2 21 0.29 4.6
inc 3.80 78.50 6.8 34 0.41 7.4
and 1.45 90.00 2.1 41 0.92 3.1
GNDD007 45.92 13.00 0.43 7.8 0.12 0.58 (2)
inc 3.00 45.00 1.9 5.2 0.26 2.0
inc 3.00 55.00 2.3 35 0.54 2.9
GNDD007A 27.00 25.00 0.43 7.2 0.09 0.56 (2)
inc 1.80 46.00 2.4 3.1 0.12 2.5
and 0.70 60.30 0.8 25 0.21 1.2
and 6.70 149.00 14.3 140 7.3 19.3
inc 3.06 150.60 27.5 260 12.9 36.5 (1)
and 0.60 176.40 1.9 6.7 0.99 2.4
GNDD008 35.50 16.50 0.33 8.1 0.10 0.47 (2)
inc 1.00 36.00 1.7 6.2 0.08 1.9
inc 1.63 43.37 1.7 8.4 0.14 1.9
inc 1.15 47.85 1.2 16 0.56 1.7
and 5.70 91.00 12.3 182 0.67 15.0 (1)
and 1.00 99.70 0.93 43 0.52 1.7
and 2.40 107.00 6.3 222 1.9 10.0
GNDD008A 35.50 17.50 0.24 13 0.08 0.43 (2)
and 20.00 95.00 3.3 45 0.55 4.1 (2)
inc 2.64 96.60 22.8 218 0.68 25.9 (1)
inc 10.00 105.00 0.6 28.2 0.71 1.2
GNDD009 7.00 72.00 2.3 102 0.08 3.6
and 3.00 100.00 0.85 50 0.02 1.5
and 10.32 109.10 10.4 28 4.6 12.7

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital

978.7m shares 48.7m options 120m perf shares

16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 Mr Scott Funston, Finance Director E: [email protected] Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

www.challengerex.com

Criteria
JORC Code explanation		 Commentary
inc
4.22
115.20
21.9
58
8.7
26.4
(1)
GNDD010
32.00
27.00
0.29
8.6
0.13
0.46
(2)
inc
5.00
30.00
0.65
21
0.09
0.95
and
1.30
55.00
1.1
30
0.80
1.8
and
7.22
136.00
7.5
60
1.1
8.8
(2)
inc
3.00
139.00
17.7
143
2.5
20.6
(1) cut-off of 10 g/t AuEq
(2) cut-off of 0.2 g/t AuEq
Drilling in 2020-21 Significant Results:
Hole_id
from
(m)
interval
(m)
Au
(g/t)
Ag
(g/t)
Zn (%)
AuEq
(g/t)
Cu (%)
Pb (%)
Note
GNDD011
81.00
1.00
1.9
43
0.13
2.5
0.01
0.06
and
139.80
4.80
1.4
5.7
2.6
2.6
0.02
0.02
and
147.20
0.70
9.4
13
6.6
12.4
0.07
0.00
1
and
151.40
0.50
1.2
5.5
0.25
1.4
0.00
0.00
GNDD012
40.70
1.00
6.3
290
0.12
10.1
0.18
1.2
GNDD013
116.40
6.93
1.3
12
2.7
2.6
0.05
0.18
inc
122.50
0.83
4.0
61
10.1
9.1
0.21
1.2
GNDD014
118.50
7.55
2.4
15
3.6
4.2
0.05
0.16
GNDD015
54.00
1.00
0.69
8.6
0.39
1.0
0.03
0.24
and
156.00
1.90
1.0
31
2.8
2.6
0.02
0.79
GNDD016
64.00
1.00
0.80
27
0
1.1
0.02
0.06
and
109.50
5.00
1.8
27
8.3
5.8
0.16
0.01
and
116.55
4.45
6.0
83
3.9
8.8
0.13
0.02
GNDD017
34.30
1.7
0.31
24
2.0
1.5
0.06
1.0
GNDD018
37.75
0.85
1.1
3.6
0.1
1.2
0.01
0.05
and
63.20
3.75
7.1
78
3.6
9.6
0.28
3.6
inc
64.40
2.55
10.3
114
4.9
13.9
0.41
5.2
1
GNDD019
24.00
1.90
1.0
5.3
5.3
3.4
0.12
0.03
GNDD020
71.25
8.25
17.7
257
0.30
21.1
0.60
0.68
inc
74.00
5.50
26.0
355
0.42
30.7
0.05
0.21
1
and
83.30
0.65
0.03
2.7
10.70
4.7
0.00
0.02
GNDD021
14.80
1.20
11.0
9.0
0.39
11.3
0.01
0.08
1
and
31.50
0.35
28.1
104
5.8
31.9
0.35
0.12
1
and
98.20
19.80
0.29
2.2
3.4
1.8
0.01
0.04
2

Challenger Exploration Limited Issued Capital ACN 123 591 382 978.7m shares ASX: CEL 48.7m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria JORC Code explanation Commentary
inc 98.20 9.80 0.40 4.4 6.8 3.4 0.01 0.07
inc 104.20 0.80 0.88 13 22.7 10.9 0.02 0.30 1
GNDD022 NSI
GNDD023 58.00 5.00 0.32 3.7 0.1 0.41 0.01 0.09
GNDD024 85.00 6.00 2.5 19 0.15 2.8 0.40 1.4
inc 88.00 1.00 14.9 107 0.46 16.5 2.4 8.3 1
GNDD025 53.00 88.00 0.94 2.3 0.10 1.0 0.00 0.08 2
inc 61.00 14.00 3.1 5.3 0.19 3.2 0.01 0.11
inc 79.00 11.00 1.3 4.1 0.16 1.4 0.00 0.25
inc 93.00 1.00 1.1 2.5 0.09 1.1 0.00 0.37
inc 113.00 2.00 1.2 4.4 0.02 1.2 0.00 0.01
inc 139.00 2.00 0.99 0.50 0.01 1.0 0.00 0.00
GNDD026 NSI
GNDD027 NSI
GNDD028 41.40 18.60 0.21 3.2 2.0 1.1 0.08 0.01 2
inc 52.00 8.00 0.42 6.0 3.8 2.2 0.18 0.02
GNDD029 36.00 12.00 0.17 2.1 0.39 0.36 0.01 0.16 2
GNDD030 33.00 3.00 0.95 53 0.05 1.6 0.01 0.05
GNDD031 32.00 28.00 0.43 5.7 0.15 0.56 0.01 0.04 2
inc 48.00 1.10 3.3 17 0.34 3.7 0.02 0.33
inc 53.00 1.00 4.2 54 0.92 5.3 0.12 0.22
GNDD032 9.00 20.00 0.16 6.7 0.09 0.29 0.00 0.02 2
and 49.00 116.00 1.05 4.0 0.20 1.2 0.01 0.07 2
inc 77.00 3.00 0.93 33.7 2.1 2.3 0.09 0.02
and 101.00 10.00 6.1 18.1 0.11 6.4 0.04 0.47
inc 101.00 6.00 9.6 18.7 0.15 9.9 0.05 0.61 1
and 136.00 4.00 9.8 18.5 1.5 10.7 0.06 0.27
GNDD033 NSI
GNDD034 47.60 0.30 0.03 1.4 24.4 10.6 0.34 0.04
GNDD035 88.75 5.75 9.5 28.7 3.5 11.4 0.10 0.44
inc 88.75 3.15 17.1 28.8 5.6 19.9 0.14 0.56 1
GNDD036 NSI
GNDD037 NSI
GNDD038 71.50 2.85 0.53 15.6 2.8 1.9 0.06 0.13
GNDD042 NSI
GNDD044 213.00 4.60 24.3 23.0 2.2 25.6 0.28 0.00 1
and 230.00 10.20 12.5 10.6 3.5 14.2 0.10 0.02

Challenger Exploration Limited Issued Capital ACN 123 591 382 978.7m shares ASX: CEL 48.7m options 120m perf shares 16m perf rights

Australian Registered Office Level 1 1205 Hay Street West Perth WA 6005

Directors

Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria JORC Code explanation Commentary
inc 233.00 4.50 23.6 14.1 4.3 25.6 0.11 0.01 1
and 291.15 0.60 5.4 8.3 0.1 5.6 0.07 0.00
GNDD045 85.90 2.10 1.4 28.8 0.1 1.8 0.01 0.02
GNDD046 82.90 0.45 4.1 27 0.06 4.5 0.01 0.03
and 124.15 2.85 29.5 522 10.8 40.8 0.41 0.25 1
GNDD047 61.00 38.50 1.3 1.2 0.04 1.3 0.00 0.02 2
inc 62.50 6.00 6.3 3.5 0.15 6.4 0.01 0.10
and 74.10 1.50 1.0 1.9 0.00 1.0 0.00 0.00
and 83.55 0.45 7.3 12.2 0.00 7.5 0.00 0.00
and 98.50 1.00 1.2 0.8 0.00 1.2 0.00 0.00
GNDD048 36.00 19.00 0.6 5.0 0.25 0.81 0.01 0.06 2
inc 38.00 3.15 2.7 12.1 0.09 2.9 0.03 0.14
GNDD049 NSI
GNDD050 21.00 22.00 0.21 2.9 0.53 0.48 0.01 0.15 2
inc 21.00 2.00 1.4 4.8 0.07 1.5 0.01 0.07
GNRC051 NSI
GNRC052 69 6 1.7 4.4 0.32 1.9 0.03 0.00
GNRC053 NSI
GNRC054 13 7 0.22 3.9 0.03 0.28 0.00 0.01 2
and 66 15 0.53 4.0 0.66 0.87 0.01 0.13 2
inc 77 3 1.3 8.5 1.9 2.3 0.02 0.31
GNRC055 18 7 0.28 6.9 0.04 0.38 0.00 0.01 2
GNRC056 56 1 2.3 138 0.08 4.1 0.01 0.07
GNRC057 37 12 0.06 2.4 0.58 0.34 0.01 0.06 2
GNRC058 NSI
GNRC059 NSI
GNDD060 NSI
GNRC061 NSI
GNRC062 17 3 3.8 7.9 2.7 5.0 0.24 0.17
GNRC063 19 1 0.01 0.46 2.8 1.2 0.04 0.01
GNRC064 22 1 0.01 4.2 3.8 1.7 0.00 0.00
and 27 1 0.69 27 1.2 1.6 0.35 0.23
GNRC065 33 6 0.00 2.1 4.9 2.1 0.05 0.01
GNRC066 NSI
GNRC067 NSI
GNRC068 9 69 3.4 8.3 2.8 4.7 0.23 0.08 2
inc 9 27 7.9 16 7.0 11.2 0.59 0.16

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital

978.7m shares 48.7m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria JORC Code explanation Commentary
and 51 1 1.0 40 0.93 1.9 0.08 0.12
and 59 1 1.3 4.9 0.09 1.4 0.00 0.02
and 66 2 1.6 1.2 0.02 1.7 0.01 0.00
and 72 4 1.9 3.0 0.06 1.9 0.01 0.04
GNRC069 18 7 0.62 3.0 0.11 0.71 0.01 0.16 2
inc 19 1 2.2 8.6 0.15 2.4 0.03 0.59
and 53 10 0.65 5.7 0.37 0.88 0.01 0.03 2
inc 59 3 1.7 11 0.84 2.3 0.03 0.07
and 84 15 0.54 2.4 0.13 0.63 0.01 0.00 2
inc 84 4 0.90 5.2 0.36 1.1 0.02 0.01
and 96 1 1.0 1.4 0.06 1.0 0.03 0.00
GNRC070 41 1 6.6 3.1 0.36 6.8 0.02 0.21
GNRC071 48 2 0.45 5.4 2.1 1.4 0.01 0.12
GNRC072 43 19 0.16 4.9 0.13 0.28 0.00 0.09 2
GNDD073 NSI
GNDD074 41 2 1.2 20.5 0.04 1.4 0.00 0.02
and 47 2 0.8 16.7 0.13 1.1 0.03 0.03
GNRC075 31 18 0.78 1.6 0.07 0.83 0.01 0.22 2
inc 37 2 2.2 1.6 0.08 2.2 0.01 0.32
and 46 2 1.8 2.4 0.08 1.9 0.00 0.07
GNRC076 35 5 12.2 7.2 0.02 12.3 0.01 0.10
inc 35 1 53.1 18 0.00 53.3 0.00 0.02 1
GNDD077 168.50 14.00 0.68 5.9 0.64 1.0 0.01 0.01 2
inc 168.50 1.00 1.5 59.3 6.6 5.2 0.13 0.08
inc 180.60 1.90 1.8 4.9 0.78 2.2 0.02 0.01
and 192.90 1.10 0.70 5.5 0.61 1.0 0.02 0.00
GNRC078 11 17 0.13 1.7 0.43 0.34 0.01 0.09 2
inc 12 1 0.74 4.8 0.91 1.2 0.03 0.33
GNDD079 21.00 61.00 1.1 1.1 0.11 1.1 0.00 0.02 2
inc 21.00 9.00 1.9 1.9 0.09 2.0 0.00 0.02
inc 40.00 2.00 2.7 1.7 0.08 2.8 0.00 0.06
inc 46.00 6.00 5.0 1.2 0.07 5.1 0.00 0.01
inc 74.00 3.00 1.0 0.86 0.17 1.1 0.00 0.12
GNRC080 NSI
GNRC081 23 30 0.28 2.0 0.33 0.45 0.01 0.10 2
inc 32 5 1.0 3.6 0.73 1.4 0.01 0.20
GNDD082 168.00 15.00 0.68 0.39 0.04 0.70 0.00 0.01 2

Challenger Exploration Limited Issued Capital ACN 123 591 382 978.7m shares ASX: CEL 48.7m options 120m perf shares 16m perf rights

Australian Registered Office Directors Level 1 Mr Kris Knauer, MD and CEO 1205 Hay Street Mr Scott Funston, Finance Director West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria JORC Code explanation Commentary
inc 168.00 1.00 2.4 0.46 0.11 2.4 0.00 0.02
inc 175.00 0.50 10.0 5.6 0.44 10.2 0.01 0.20
and 193.40 34.10 1.45 1.0 0.25 1.6 0.02 0.13 2
inc 193.40 1.00 2.2 7.9 1.6 3.0 0.14 1.7
inc 203.50 0.90 2.6 10.6 2.9 4.0 0.16 1.4
inc 209.80 2.20 0.59 4.5 0.74 1.0 0.03 0.25
and 235.00 31.00 0.4 0.6 0.08 0.43 0.00 0.00
inc 242.50 1.50 1.0 2.1 0.21 1.1 0.01 0.01
GNDD083 11.00 21.00 0.22 10.0 0.15 0.41 0.00 0.01 2
inc 19.20 1.80 1.0 6.1 0.10 1.1 0.00 0.00
and 170.00 1.00 1.3 3.6 0.22 1.4 0.02 0.26
GNRC084 4 1 1.2 2.0 0.07 1.2 0.00 0.06
and 41 3 5.2 6.4 5.0 7.5 0.08 0.14
and 60 4 3.6 11.6 5.0 6.0 0.02 0.05
and 78 21 0.81 2.6 0.08 0.88 0.00 0.00 2
inc 91 1 6.7 10.7 0.42 7.0 0.01 0.00
and 97 2 1.6 1.2 0.03 1.6 0.01 0.00
and 143 2 0.67 4.9 0.87 1.1 0.00 0.01
GNDD085 22.50 1.30 5.47 75.6 0.08 6.5 0.01 0.09
and 39.30 2.20 2.11 2.4 0.55 2.4 0.01 0.24
GNRC086 3 21 0.38 1.5 0.33 0.55 0.01 0.08 2
inc 4 1 0.85 3.4 0.89 1.3 0.03 0.27
and 22 2 2.9 1.9 0.08 3.0 0.01 0.03
GNRC087 22 4 0.65 15.9 0.26 1.0 0.00 0.04
GNDD088A 45.05 23.45 0.07 0.23 0.53 0.31 0.00 0.01 2
and 90.50 1.50 1.8 0.10 0.01 1.8 0.00 0.00
and 224.00 39.00 5.5 2.0 0.30 5.6 0.01 0.00 2
incl 231.50 14.40 14.4 3.3 0.67 14.8 0.00 0.00
incl 238.50 7.40 23.4 5.7 1.27 24.1 0.01 0.01 1
GNDD089 20.00 30.00 0.95 1.69 0.09 1.0 0.00 0.02 2
inc 22.00 2.00 1.4 2.7 0.18 1.5 0.00 0.00
inc 30.50 1.70 2.9 2.3 0.12 3.0 0.00 0.01
inc 40.00 10.00 1.4 0.55 0.09 1.4 0.00 0.02
and 94.50 21.70 0.88 1.59 0.43 1.1 0.00 0.04 2
inc 94.50 5.10 2.4 1.6 0.06 2.4 0.01 0.07
inc 102.50 1.50 1.9 1.5 0.15 2.0 0.01 0.03
inc 109.00 1.50 1.8 11.3 0.32 2.1 0.01 0.16

Challenger Exploration Limited Issued Capital ACN 123 591 382 978.7m shares ASX: CEL 48.7m options 120m perf shares 16m perf rights

Australian Registered Office Directors Contact Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

www.challengerex.com

Criteria JORC Code explanation Commentary
GNRC090 7 13 0.35 2.7 0.25 0.49 0.01 0.07 2
inc 14 1 1.1 7.3 0.45 1.4 0.02 0.21
GNRC091 30 24 0.38 3.7 0.20 0.51 0.01 0.10 2
inc 43 4 1.4 3.5 0.40 1.6 0.01 0.36
GNDD092 164.50 9.00 0.29 0.72 0.12 0.35 0.00 0.05 2
and 213.00 17.00 0.23 0.63 0.06 0.26 0.00 0.04 2
and 257.50 1.00 3.6 5.9 0.60 3.9 0.05 0.21
GNDD093 75.30 1.40 2.1 10.6 7.8 5.6 0.18 0.22
and 153.65 0.50 1.4 7.3 0.17 1.6 0.11 0.03
GNRC094 13 12 0.83 4.6 0.44 1.1 0.01 0.06 2
inc 13 1 1.1 6.3 0.17 1.2 0.02 0.12
inc 17 1 8.3 20.6 0.27 8.7 0.06 0.52
inc 23 1 0.21 4.5 3.8 1.9 0.01 0.03
GNDD095 47.00 17.47 0.28 1.0 0.44 0.49 0.02 0.09 2
inc 50.00 1.30 1.0 0.92 2.8 2.3 0.18 0.61
and 121.00 1.00 2.6 1.7 0.01 2.6 0.00 0.00
GNDD096 NSI
GNRC097 49 8 0.39 2.2 0.04 0.44 0.00 0.02 2
inc 50 1 1.1 2.8 0.03 1.2 0.00 0.03
GNRC098 40 19 0.21 1.8 0.19 0.32 0.01 0.16 2
and 88 8 4.9 4.5 0.76 5.3 0.02 0.07 2
inc 88 2 15.6 15.9 2.8 17.0 0.07 0.20 2
inc 94 2 2.6 1.2 0.13 2.7 0.00 0.03
GNDD099 53.00 2.80 0.42 19.8 2.0 1.5 0.09 0.33
and 64.00 0.90 3.1 9.7 0.22 3.3 0.01 0.01
and 101.00 1.00 2.9 64.4 0.04 3.7 0.01 0.04
GNDD100 NSI
GNDD101 NSI
GNDD102 36.00 11.00 0.59 3.2 0.18 0.71 0.01 0.11 2
inc 36.00 2.00 1.5 5.9 0.13 1.6 0.01 0.14
and 77.40 8.90 0.10 2.5 0.82 0.49 0.01 0.06 2
inc 84.30 0.90 - 1.3 3.3 1.4 0.02 0.03
GNDD103 NSI
GNRC104 141 1 45.6 40.0 2.6 47.2 0.25 3.4 1
GNDD105 NSI
GNDD106 100.00 25.00 0.66 0.29 0.01 0.67 0.00 0.00 2
inc 114.00 1.50 1.8 1.7 0.01 1.8 0.00 0.00

Challenger Exploration Limited Issued Capital ACN 123 591 382 978.7m shares ASX: CEL 48.7m options 120m perf shares 16m perf rights

Australian Registered Office Directors Contact Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

www.challengerex.com

Criteria JORC Code explanation Commentary
inc 121.00 4.00 2.6 0.34 0.01 2.6 0.00 0.00
and 141.35 1.05 1.2 2.8 0.84 1.6 0.01 0.01
and 205.00 8.00 0.48 1.0 0.02 0.50 0.00 0.00 2
inc 211.00 2.00 1.1 2.2 0.03 1.1 0.00 0.00
GNRC107 16 27 3.6 14.8 0.25 3.9 0.01 0.1 2
inc 23 1 0.17 74.4 0.07 1.1 0.01 0.1
inc 29 2 1.2 12.2 0.06 1.3 0.01 0.1
inc 35 7 13.3 12.6 0.80 13.8 0.02 0.3
and 52 1 0.18 73.2 0.11 1.2 0.00 0.1
and 93 1 0.12 51.2 3.1 2.1 0.03 0.65
GNDD108 NSI
GNDD109 NSI
GNRC110 11 44 2.8 62.7 0.05 3.7 0.01 0.25 2
inc 12 1 1.7 1.0 0.00 1.7 0.00 0.04
inc 20 11 1.8 37.2 0.02 2.3 0.01 0.37
inc 36 12 8.3 190 0.12 10.7 0.02 0.51
inc 41 3 27.3 613 0.05 35.1 0.03 0.87 1
GNRC111 31 18 0.31 12.2 0.13 0.52 0.01 0.03 2
inc 33 1 1.3 59.4 0.02 2.1 0.01 0.27
inc 41 1 2.1 82.7 0.01 3.2 0.01 0.10
GNDD112 95.00 0.40 0.5 26.6 6.0 3.5 0.10 1.9
GNDD113 149.50 37.50 0.59 17.0 0.12 0.86 0.01 0.08 2
inc 151.00 9.00 1.3 56.2 0.17 2.1 0.05 0.11
inc 170.50 1.50 1.7 5.7 0.33 2.0 0.01 0.11
and 219.00 11.00 0.79 2.2 0.08 0.86 0.00 0.08 2
inc 223.00 7.00 1.1 2.5 0.09 1.1 0.00 0.05
GNDD113A 61.00 2.00 0.59 2.6 0.74 0.95 0.03 0.07
and 139.00 107.00 0.30 3.0 0.09 0.37 0.00 0.04 2
inc 185.00 1.40 1.6 2.5 0.07 1.7 0.00 0.05
inc 197.00 2.00 1.2 0.94 0.17 1.3 0.00 0.04
inc 202.00 1.50 3.2 2.4 0.90 3.6 0.02 0.16
inc 209.00 2.00 1.2 1.9 0.25 1.3 0.01 0.25
and 262.00 104.00 1.5 2.7 0.39 1.7 0.01 0.12 2
inc 266.00 2.00 1.0 1.8 0.22 1.1 0.00 0.02
inc 274.00 2.00 1.3 1.4 0.06 1.3 0.00 0.01
inc 280.00 15.00 3.6 6.9 0.56 3.9 0.04 0.73
inc 289.45 3.65 6.7 20.2 1.5 7.6 0.15 2.6 1

Challenger Exploration Limited Issued Capital ACN 123 591 382 978.7m shares ASX: CEL 48.7m options 120m perf shares 16m perf rights

Australian Registered Office Directors Contact Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

www.challengerex.com

Criteria JORC Code explanation Commentary
inc 298.65 7.45 2.9 3.7 0.63 3.2 0.02 0.01
inc 315.50 1.20 1.0 1.4 0.13 1.1 0.00 0.02
inc 333.80 4.20 11.3 22.8 5.3 13.9 0.12 0.04
inc 333.80 0.70 60.8 133 31.4 76.1 0.70 0.22 1
inc 354.00 4.00 1.4 0.8 0.02 1.4 0.00 0.00
274.00 84.00 1.7 3.3 0.48 2.0 0.02 0.14 4
and 390.00 30.00 0.35 0.36 0.05 0.38 0.00 0.00 2
inc 394.00 2.00 1.2 0.33 0.04 1.2 0.00 0.00
139.00 227.00 0.83 2.7 0.22 1.0 0.01 0.07 3
139.00 281.00 0.71 2.2 0.19 0.82 0.01 0.06 3
106.00 314.00 0.65 2.1 0.17 0.75 0.01 0.05
GNDD114 64.00 14.70 3.2 3.3 0.08 3.3 0.01 0.06
inc 77.80 0.90 50.3 27.2 0.18 50.7 0.03 0.65
GNDD115 68.70 1.10 0.62 9.2 2.0 1.6 0.04 0.36
and 144.00 2.00 0.30 16.2 1.2 1.0 0.07 0.38
and 176.50 34.50 0.28 0.68 0.01 0.29 0.00 0.03 2
GNDD116 27.50 4.50 1.3 14.6 0.06 1.5 0.00 0.02 2
inc 27.50 1.00 3.7 41.4 0.13 4.3 0.01 0.05
and 73.70 0.80 2.4 3.9 0.26 2.5 0.00 0.00
GNDD117 30.00 54.80 0.58 4.2 0.13 0.69 0.01 0.07 2
inc 61.00 10.00 2.5 10.2 0.16 2.7 0.01 0.14
inc 84.20 0.60 1.4 4.1 0.11 1.5 0.01 0.02
and 106.70 0.40 8.5 43.4 3.3 10.5 0.25 2.92 1
GNDD118 NSI
GNDD119 52.40 0.80 0.21 17.4 4.2 2.3 0.03 0.25
GNDD120 NSI
GNDD121 NSI
GNDD122 11.50 18.10 0.64 2.2 0.03 0.68 0.00 0.01 2
inc 21.00 6.00 1.1 3.2 0.04 1.2 0.00 0.01
and 54.00 21.00 0.41 0.80 0.12 0.47 0.00 0.04 2
inc 71.00 2.00 1.2 1.0 0.14 1.2 0.00 0.09
and 191.00 1.50 1.6 24.4 0.95 2.3 0.10 1.24
and 213.80 3.20 1.7 2.1 0.23 1.8 0.01 0.02
and 236.00 1.50 4.8 4.9 0.63 5.1 0.03 0.16
GNDD123 21.00 30.00 0.11 1.6 0.32 0.27 0.01 0.04 2
GNDD124 44.00 7.00 0.08 3.6 0.65 0.40 0.02 0.13 2
GNDD125 NSI

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital

978.7m shares 48.7m options 120m perf shares 16m perf rights

Australian Registered Office

Directors

Level 1 Mr Kris Knauer, MD and CEO 1205 Hay Street Mr Scott Funston, Finance Director West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria JORC Code explanation Commentary
GNDD126 107.30 1.10 12.8 10.3 0.74 13.3 0.00 0.16 1
and 120.00 2.00 3.2 3.6 0.16 3.4 0.01 0.00
and 157.30 0.50 1.0 22.1 2.2 2.2 0.11 2.3
and 179.00 2.00 1.7 0.62 0.01 1.7 0.00 0.00
GNDD127 NSI
GNDD128 63.00 20.00 0.49 0.42 0.02 0.50 0.00 0.00 2
inc 77.50 1.50 4.1 0.36 0.04 4.1 0.00 0.00
GNDD129 15.00 21.00 0.72 1.8 0.10 0.79 0.00 0.05 2
inc 24.00 10.00 1.0 2.1 0.13 1.1 0.00 0.04
and 132.50 0.70 6.7 14.1 0.15 7.0 0.01 0.12
GNDD130 NSI
GNDD131 NSI
GNDD132 14.50 18.10 0.12 2.5 0.18 0.23 0.01 0.04 2
GNDD133 95.70 4.30 1.3 2.2 0.23 1.40 0.01 0.13 2
inc 95.70 1.05 3.8 5.3 0.52 4.1 0.02 0.22
and 163.00 11.50 0.3 1.0 0.01 0.31 0.00 0.00 2
GNDD134 17.70 15.30 0.80 7.5 0.07 0.92 0.00 0.11 2
inc 19.00 10.00 1.04 9.9 0.08 1.2 0.01 0.12
and 47.00 39.75 0.26 0.5 0.10 0.31 0.00 0.04 2
and 129.50 7.50 0.45 0.5 0.06 0.48 0.00 0.02 2
and 161.00 20.00 0.29 3.6 0.23 0.44 0.01 0.03 2
inc 177.50 0.50 3.79 29.8 5.23 6.4 0.16 0.10
and 196.00 4.00 5.3 86.2 10.60 11.0 0.24 0.57
and 240.00 2.00 6.2 1.3 0.02 6.2 0.00 0.00
and 272.00 50.00 0.22 0.5 0.14 0.28 0.00 0.00 2
and 500.10 0.95 2.3 8.1 0.16 2.5 0.21 0.00
and 519.00 20.00 0.73 0.7 1.80 1.5 0.02 0.00 2
inc 529.50 2.90 4.7 3.6 11.6 9.8 0.12 0.00
and 560.25 17.75 0.20 0.7 0.38 0.37 0.01 0.00 2
inc 560.25 0.75 0.09 2.0 4.94 2.3 0.05 0.00
inc 570.20 0.50 1.22 9.6 2.36 2.4 0.17 0.02
and 630.30 0.70 0.9 1.6 0.21 1.0 0.18 0.00
GNDD135 31.00 22.55 0.44 1.1 0.07 0.48 0.01 0.07 2
inc 41.00 2.00 1.6 0.70 0.07 1.7 0.00 0.02
and 78.00 27.20 0.52 2.6 0.37 0.72 0.01 0.07 2
inc 79.60 3.40 1.4 3.9 0.29 1.6 0.00 0.05
inc 95.00 2.00 1.9 2.0 0.16 2.0 0.01 0.09

Challenger Exploration Limited Issued Capital ACN 123 591 382 978.7m shares ASX: CEL 48.7m options 120m perf shares 16m perf rights

Australian Registered Office

Directors

Contact

Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

www.challengerex.com

Criteria JORC Code explanation Commentary
inc 104.30 0.90 0.08 5.3 3.2 1.5 0.01 0.02
GNDD137 27.00 38.00 0.38 1.1 0.05 0.42 0.00 0.02 2
inc 33.00 4.00 1.70 1.2 0.13 1.8 0.00 0.02
and 186.25 1.35 8.12 29.5 7.3 11.6 0.12 0.03
GNDD138 43.00 54.00 0.28 2.2 0.20 0.40 0.01 0.09 2
GNDD139 80.00 207.50 0.75 1.7 0.10 0.82 0.00 0.02 2
inc 80.00 32.00 1.6 2.5 0.06 1.6 0.00 0.03
inc 148.00 4.25 1.2 3.8 0.15 1.3 0.00 0.09
inc 167.00 14.00 1.5 0.32 0.01 1.5 0.00 0.01
inc 243.00 9.00 2.4 3.7 0.62 2.8 0.00 0.01
inc 266.00 6.00 1.6 0.61 0.01 1.6 0.00 0.00
243.00 29.00 1.2 1.6 0.24 1.3 0.00 0.00 4
GNDD141 101.50 6.50 14.3 43.6 3.4 16.3 0.15 1.6 2
inc 101.50 2.50 36.8 111 8.6 41.9 0.30 4.2 1
GNDD142 55.8 0.7 0.7 13.3 4.0 2.7 0.05 0.03
and 81.5 27.5 2.4 11.1 0.9 2.9 0.03 0.06 2
inc 92.0 11.5 5.4 19.9 2.0 6.5 0.08 0.13
inc 107.0 2.0 0.9 5.3 0.2 1.0 0.00 0.03
and 125.0 11.0 0.3 3.2 0.1 0.39 0.00 0.01 2
inc 132.9 1.1 1.6 4.6 0.1 1.7 0.01 0.08
and 152.0 40.0 5.1 11.7 1.9 6.1 0.05 0.12 2
inc 153.1 1.0 23.4 40.1 13.5 29.8 0.34 0.00 1
inc 160.0 10.7 10.7 28.4 4.9 13.2 0.13 0.15
inc 166.2 4.5 23.9 41.3 11.0 29.2 0.29 0.27 1
inc 177.2 12.8 5.2 9.3 0.7 5.6 0.02 0.24
inc 187.1 1.0 44.0 53.8 6.5 47.5 0.15 2.1 1
and 237.0 0.5 1.1 2.7 0.1 1.2 0.01 0.17
81.5 110.5 2.5 7.4 0.9 3.0 0.03 0.06 3
GNDD143 NSI
GNDD145 200.00 8.50 0.11 3.5 0.1 0.22 0.01 0.05 2
GNDD146 110.00 17.75 0.36 1.1 0.17 0.44 0.01 0.08 2
inc 118.00 2.00 2.0 6.6 1.5 2.7 0.07 0.69
GNDD148 16.00 7.00 0.14 1.7 0.43 0.35 0.01 0.18 2
and 59.00 2.00 0.00 1.0 2.7 1.2 0.01 0.01
GNDD149 8.00 4.00 0.63 1.5 0.28 0.77 0.01 0.07
GNDD150 40.00 22.00 0.29 0.91 0.08 0.33 0.00 0.07 2
and 76.00 35.90 0.24 2.6 0.44 0.46 0.00 0.10 2

Challenger Exploration Limited Issued Capital ACN 123 591 382 978.7m shares ASX: CEL 48.7m options 120m perf shares 16m perf rights

Australian Registered Office Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 Mr Scott Funston, Finance Director E: [email protected] Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

www.challengerex.com

Criteria JORC Code explanation Commentary
and 180.29 1.31 16.8 26.1 2.9 18.4 0.10 0.27
GNDD151 379.75 0.50 0.71 18.6 8.9 4.8 0.17 0.17
GNDD152 23.50 4.10 0.5 2.7 0.1 0.55 0.00 0.03 2
GNDD153 NSI
GNDD154 125.90 2.60 4.6 34.6 3.0 6.3 0.11 0.24
and 146.00 22.00 0.21 1.0 0.04 0.24 0.00 0.00 2
inc 146.00 1.00 1.8 12.6 0.12 2.0 0.00 0.01
GNDD155 59.00 209.00 1.0 1.4 0.09 1.1 0.00 0.02 2
inc 59.00 34.00 3.8 4.6 0.20 3.9 0.02 0.03
inc 81.00 4.00 13.4 10.5 0.06 13.5 0.05 0.02
inc 102.00 6.00 1.2 1.1 0.10 1.2 0.00 0.03
59.00 49.00 2.8 3.6 0.16 3.0 0.01 0.02 4
inc 151.55 0.45 7.7 2.9 4.5 9.6 0.00 0.10
inc 182.00 1.00 8.8 17.1 2.2 10.0 0.07 0.89
inc 224.00 2.00 2.0 0.29 0.01 2.0 0.00 0.00
inc 244.00 11.00 1.1 0.56 0.04 1.1 0.00 0.00
inc 266.00 0.55 1.8 1.2 0.02 1.8 0.00 0.00
and 338.00 9.00 0.41 0.33 0.05 0.43 0.00 0.00 2
GNDD156 5.00 7.00 0.68 3.0 0.70 1.0 0.02 0.15
GNDD157 20.00 66.00 0.52 1.1 0.08 0.57 0.00 0.07 2
inc 54.00 10.00 2.2 1.8 0.14 2.3 0.00 0.24
and 132.90 10.00 0.18 6.6 0.52 0.48 0.01 0.08 2
inc 132.90 0.50 0.88 13.1 1.4 1.6 0.03 0.67
inc 142.30 0.60 1.0 29.1 6.6 4.2 0.11 0.33
and 237.20 130.80 2.3 1.6 0.37 2.5 0.00 0.01 2
inc 237.20 0.80 1.7 59.1 5.6 4.9 0.18 1.2
inc 255.80 1.20 0.63 5.3 9.4 4.8 0.01 0.01
inc 289.00 12.00 20.4 4.8 1.0 20.9 0.00 0.00
inc 290.50 4.06 55.7 12.9 2.1 56.8 0.01 0.01 1
inc 321.00 2.00 1.3 0.6 0.01 1.3 0.00 0.00
inc 331.00 6.00 2.5 1.9 0.61 2.8 0.01 0.01
inc 343.00 9.00 1.7 0.6 0.10 1.7 0.00 0.00
and 407.50 0.50 2.2 1.2 0.37 2.4 0.00 0.00
GNDD158 107.00 19.00 0.59 1.0 0.12 0.65 0.00 0.03 2
inc 120.05 0.95 2.8 4.2 0.31 2.9 0.00 0.13
and 139.00 6.00 0.43 0.78 0.25 0.55 0.00 0.03 2
GNDD159 NSI

Challenger Exploration Limited Issued Capital ACN 123 591 382 978.7m shares ASX: CEL 48.7m options 120m perf shares 16m perf rights

Australian Registered Office

Directors

Level 1 Mr Kris Knauer, MD and CEO 1205 Hay Street Mr Scott Funston, Finance Director West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria JORC Code explanation Commentary
GNDD161 93.00 1.10 0.58 5.7 1.4 1.2 0.02 0.66
and 224.75 8.25 0.61 1.6 0.04 0.65 0.00 0.09
inc 230.00 1.20 2.6 3.5 0.02 2.6 0.00 0.19
and 245.65 1.35 1.1 0.54 0.05 1.1 0.00 0.03
GNDD162 98.00 14.80 2.0 3.5 0.29 2.2 0.01 0.09
inc 102.10 6.90 3.9 6.4 0.51 4.2 0.03 0.15
GNDD163 93.00 45.00 0.38 1.7 0.26 0.51 0.01 0.08 2
inc 101.00 3.00 1.3 7.9 0.51 1.6 0.01 0.19
inc 125.20 1.65 1.7 3.7 0.88 2.2 0.02 0.13
GNDD164 136.00 22.00 0.38 0.8 0.14 0.45 0.00 0.03 2
inc 141.50 0.50 1.1 1.1 0.29 1.2 0.00 0.03
inc 150.00 1.60 1.4 1.2 0.06 1.4 0.00 0.02
and 171.00 10.00 0.48 0.23 0.01 0.48 0.00 0.00 2
inc 171.00 2.00 1.1 0.23 0.01 1.1 0.00 0.00
and 239.00 37.00 0.75 2.1 0.46 1.0 0.02 0.00 2
inc 239.00 4.45 4.9 14.9 3.4 6.5 0.14 0.01
GNDD167 NSI
GNDD168 50.00 58.00 0.17 2.2 0.16 0.27 0.00 0.02 2
and 139.70 0.60 1.5 9.5 0.94 2.0 0.01 0.29
and 164.00 27.75 0.15 1.4 0.10 0.21 0.00 0.02 2
GNDD169 120.00 60.80 0.78 0.74 0.15 0.86 0.01 0.01 2
inc 152.00 28.80 1.5 1.22 0.31 1.70 0.01 0.02
inc 152.00 1.50 1.8 3.8 0.91 2.3 0.02 0.02
inc 176.00 4.80 8.4 5.3 1.5 9.2 0.05 0.09
inc 180.05 0.75 52.5 33.2 9.6 57.1 0.32 0.60
and 208.00 125.50 1.1 3.6 0.09 1.1 0.00 0.03 2
inc 208.00 71.00 1.7 6.0 0.15 1.8 0.01 0.05 2
inc 228.80 29.00 3.7 12.5 0.26 4.0 0.02 0.11
inc 302.50 9.00 0.92 0.46 0.02 0.94 0.00 0.00 2
inc 307.70 1.30 4.7 0.80 0.01 4.7 0.00 0.00
inc 321.00 12.50 0.26 0.92 0.02 0.28 0.00 0.00 2
GNDD170A 13.00 10.00 0.57 5.2 0.29 0.76 0.01 0.07
and 174.00 6.00 0.67 0.28 0.02 0.68 0.00 0.00
GNDD171 126.00 10.75 0.37 1.9 0.15 0.46 0.00 0.08 2
inc 134.00 1.40 1.1 5.9 0.76 1.5 0.01 0.39
and 193.00 3.90 0.32 0.42 0.01 0.33 0.00 0.00 2
and 270.00 0.50 1.3 2.5 0.65 1.6 0.01 0.01

Challenger Exploration Limited Issued Capital ACN 123 591 382 978.7m shares ASX: CEL 48.7m options 120m perf shares 16m perf rights

Australian Registered Office Directors Contact Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

www.challengerex.com

Criteria JORC Code explanation Commentary
and 327.00 2.60 1.9 6.1 1.1 2.4 0.04 0.09
GNDD173 83.00 66.00 0.54 3.1 0.07 0.61 0.00 0.04 2
inc 87.00 6.00 2.0 18.8 0.28 2.4 0.02 0.23
inc 116.00 6.00 1.4 2.8 0.13 1.5 0.01 0.05
inc 130.40 0.60 8.9 23.9 0.07 9.3 0.00 0.04
GNDD174 24.00 76.00 1.0 31.0 0.91 1.8 0.04 0.13 2
inc 60.90 11.25 6.4 64.1 5.3 9.5 0.23 0.58
inc 60.90 5.95 10.7 109 7.9 15.5 0.38 0.95 1
inc 96.00 4.00 0.20 359 0.26 4.9 0.02 0.22
and 163.00 39.50 0.47 2.3 0.31 0.63 0.02 0.02 2
inc 167.55 4.20 1.5 15.0 2.5 2.8 0.11 0.02
inc 199.00 2.00 1.5 0.17 0.01 1.5 0.00 0.00
GNDD175 176.00 6.00 0.34 6.3 0.12 0.47 0.00 0.07 2
GNDD176 73.90 2.95 0.86 3.3 0.16 1.0 0.00 0.15 2
inc 76.10 0.75 2.5 1.7 0.18 2.6 0.00 0.04
and 247.20 1.25 0.29 98.9 0.06 1.6 0.00 0.04
GNDD177 41.50 63.35 0.58 1.8 0.24 0.70 0.01 0.07 2
inc 55.00 1.30 1.3 3.5 0.08 1.4 0.02 0.15
inc 60.00 2.00 1.0 1.2 0.19 1.1 0.01 0.01
inc 71.80 0.50 1.3 7.3 0.19 1.5 0.01 0.06
inc 86.00 11.20 2.1 3.0 0.64 2.4 0.01 0.14
GNDD178 14.00 28.00 0.22 17.5 0.26 0.56 0.01 0.04 2
inc 20.00 2.00 0.20 118 0.11 1.7 0.01 0.11
inc 39.00 1.30 0.80 4.8 3.9 2.6 0.04 0.04
and 53.00 2.00 0.05 81.0 0.04 1.1 0.00 0.03
and 65.15 1.85 1.1 3.3 0.81 1.5 0.01 0.12
and 89.15 0.85 4.9 302 0.40 8.9 0.11 0.67
GNDD179 76.00 8.00 0.12 4.53 0.47 0.38 0.01 0.33 2
GNDD180 80.00 1.00 1.3 4.78 0.49 1.5 0.02 0.02
and 218.75 3.25 1.0 6.6 0.56 1.4 0.02 0.37 2
inc 218.75 1.25 1.6 11.0 1.09 2.2 0.03 0.70
GNDD181 7.70 3.60 0.66 22.2 1.0 1.4 0.03 0.19 2
inc 7.70 1.45 1.1 45.3 1.5 2.3 0.07 0.36
and 180.60 7.40 0.46 0.54 0.03 0.48 0.00 0.00 2
inc 180.60 0.55 1.2 0.83 0.07 1.2 0.00 0.00
GNDD182 92.00 34.00 0.28 1.1 0.09 0.33 0.00 0.01 2
inc 92.00 19.00 0.37 1.0 0.07 0.41 0.00 0.01 2

Challenger Exploration Limited Issued Capital ACN 123 591 382 978.7m shares ASX: CEL 48.7m options 120m perf shares 16m perf rights

Australian Registered Office Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 Mr Scott Funston, Finance Director E: [email protected] Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

www.challengerex.com

Criteria JORC Code explanation Commentary
inc 96.00 2.00 2.0 1.9 0.01 2.0 0.01 0.01
and 148.70 4.30 31.8 96.5 8.1 36.6 0.55 5.3
inc 148.70 3.45 39.6 118 10.0 45.4 0.68 6.5 1
GNDD183 35.00 55.50 1.0 1.5 0.43 1.2 0.01 0.10 2
inc 37.00 2.00 1.1 1.0 0.09 1.1 0.00 0.11
inc 57.00 2.00 0.95 0.44 0.11 1.0 0.00 0.03
inc 72.00 15.00 3.2 3.5 0.88 3.6 0.02 0.21
and 112.00 24.00 0.16 6.8 1.1 0.71 0.02 0.01 2
inc 119.00 1.20 2.6 95.1 17.1 11.3 0.34 0.20
GNDD184 NSI 55.50 1.0 1.5 0.43 1.2 0.01 0.10
GNDD185 59.00 60.00 0.59 1.5 0.27 0.73 0.01 0.08 2
inc 67.00 4.45 1.8 3.3 0.37 2.0 0.02 0.08
inc 83.00 10.00 1.0 1.7 0.21 1.1 0.00 0.04
inc 114.00 5.00 1.4 2.0 1.09 1.9 0.01 0.12
and 138.00 7.10 1.0 8.9 1.08 1.6 0.02 0.12
GNDD186 104.00 2.00 0.92 0.55 0.00 0.92 0.00 0.00 2
GNDD187 145.00 16.00 0.40 0.61 0.14 0.47 0.00 0.06 2
inc 149.00 2.00 1.6 2.5 0.64 1.9 0.02 0.29
and 192.00 15.00 0.46 0.93 0.16 0.54 0.01 0.03 2
and 302.50 5.50 1.7 26.0 0.69 2.4 0.03 0.36
inc 302.50 2.50 3.7 55.9 1.2 5.0 0.07 0.72
GNDD188 198.00 66.00 0.29 6.6 0.13 0.43 0.00 0.05 2
inc 212.00 4.00 0.89 21.9 0.19 1.3 0.00 0.08
inc 252.00 4.55 1.1 4.5 0.38 1.3 0.01 0.03
GNDD189 58.60 5.20 16.7 129 6.1 21.0 0.23 1.05
inc 60.00 3.80 21.1 148 6.6 25.8 0.21 0.06 1
and 174.00 6.65 0.15 2.0 0.22 0.27 0.01 0.00 2
and 191.00 6.00 0.21 2.1 0.30 0.37 0.02 0.24 2
GNDD190 47.30 7.70 0.12 4.6 4.9 2.3 0.26 0.02
and 161.10 1.90 0.19 5.7 0.2 0.35 0.01 0.02 2
and 186.00 5.00 0.22 0.1 0.0 0.23 0.00 0.00 2
and 200.00 4.00 0.31 0.1 0.01 0.31 0.00 0.00 2
GNDD191 188.35 21.15 0.52 3.2 0.43 0.74 0.02 0.02
and 217.35 0.50 2.5 16.8 2.5 3.8 0.09 0.05
and 238.00 2.00 0.36 3.5 0.81 0.75 0.02 0.01 2
GNDD192 15.00 50.00 0.28 0.60 0.06 0.31 0.00 0.01 2
inc 28.00 20.00 0.44 0.59 0.06 0.47 0.00 0.01 2

Challenger Exploration Limited Issued Capital ACN 123 591 382 978.7m shares ASX: CEL 48.7m options 120m perf shares 16m perf rights

Australian Registered Office Level 1 1205 Hay Street West Perth WA 6005

Directors

Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria JORC Code explanation Commentary
and 107.45 1.75 0.53 8.2 0.09 0.68 0.04 0.01 2
and 176.00 0.60 1.2 24.8 7.0 4.6 0.24 0.01
GNDD193 96.30 83.45 0.66 1.3 0.20 0.77 0.01 0.03 2
inc 96.30 9.50 1.51 2.7 0.14 1.6 0.03 0.05
inc 121.35 13.85 1.34 1.7 0.48 1.6 0.01 0.04
inc 147.75 1.20 0.85 1.8 1.9 1.7 0.01 0.06
inc 160.50 11.10 0.99 2.1 0.35 1.2 0.01 0.06
and 191.00 7.50 1.30 9.3 0.47 1.6 0.01 0.01 2
inc 194.70 3.80 2.08 16.6 0.88 2.7 0.02 0.01
and 218.00 1.50 0.05 72.3 0.06 1.0 0.01 0.07
and 251.00 1.90 1.1 7.6 0.18 1.3 0.04 0.01
GNDD194 3.00 8.65 0.48 2.6 0.73 0.83 0.01 0.08 2
inc 8.70 2.95 1.2 3.9 1.7 2.01 0.01 0.13
and 286.00 2.00 0.59 0.11 0.03 0.61 0.00 0.00 2
GNDD195 29.00 2.55 1.3 1.1 0.02 1.4 0.00 0.01 2
inc 30.00 1.55 1.6 1.4 0.02 1.7 0.00 0.01
and 60.00 3.85 5.3 48.6 8.0 9.4 0.14 0.15
inc 60.80 3.05 6.1 52.0 8.1 10.2 0.13 0.13 1
and 346.30 3.70 0.89 0.75 0.04 0.92 0.02 0.00 2
inc 346.30 0.50 5.2 1.3 0.01 5.2 0.08 0.00
GNDD196 9.00 69.20 3.3 4.8 0.10 3.4 0.01 0.07 2
inc 17.00 12.00 1.7 0.69 0.06 1.8 0.00 0.03
inc 69.00 9.20 21.9 16.0 0.38 22.2 0.03 0.38
inc 69.00 1.30 137 47.6 0.21 137.2 0.01 1.2 1
and 279.50 0.60 2.0 0.22 0.00 2.0 0.00 0.00
GNDD197 25.00 4.00 0.46 2.5 0.30 0.62 0.01 0.06 2
and 70.45 1.55 1.0 12.3 1.4 1.7 0.06 0.03
GNDD198 48.80 2.20 0.50 0.49 0.17 0.58 0.00 0.00 2
and 82.00 4.00 1.6 11.8 0.33 1.91 0.03 0.20 2
inc 84.00 2.00 2.7 22.4 0.44 3.20 0.04 0.38
and 99.00 2.00 0.54 0.39 0.09 0.58 0.00 0.03 2
and 111.00 2.00 1.2 1.0 0.06 1.27 0.01 0.04
and 157.00 1.00 0.01 68.1 0.09 0.91 0.00 0.08 2
GNDD199 26.00 146.00 0.40 1.1 0.23 0.51 0.01 0.07 2
inc 26.00 60.00 0.63 1.5 0.18 0.72 0.01 0.09 2
inc 36.00 2.00 1.6 1.3 0.06 1.6 0.01 0.06
inc 44.00 1.00 1.8 5.4 0.15 1.9 0.00 0.06

Challenger Exploration Limited Issued Capital ACN 123 591 382 978.7m shares ASX: CEL 48.7m options 120m perf shares 16m perf rights

Australian Registered Office

Directors

Contact

Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

www.challengerex.com

Criteria JORC Code explanation Commentary
inc 58.00 10.00 1.4 1.2 0.23 1.5 0.00 0.10
inc 169.00 3.00 1.0 7.9 1.8 1.9 0.06 0.07
and 187.00 41.00 0.19 0.70 0.06 0.23 0.00 0.01 2
GNDD200 168.25 66.75 0.61 0.56 0.07 0.65 0.00 0.00 2
inc 176.45 7.15 1.0 0.59 0.03 1.1 0.00 0.00
inc 208.00 6.00 1.1 0.62 0.05 1.1 0.00 0.00
inc 232.00 1.00 4.7 5.6 1.3 5.3 0.05 0.00
GNDD201 99.00 3.00 0.48 7.9 0.17 0.66 0.04 0.07 2
and 130.20 0.60 1.4 2.6 0.07 1.5 0.01 0.03
GNDD202 33.00 110.00 0.26 3.1 0.12 0.35 0.00 0.01 2
inc 71.75 59.25 0.35 4.7 0.20 0.50 0.01 0.01 2
inc 98.00 10.00 1.0 21.7 0.70 1.6 0.03 0.02
inc 127.00 2.00 1.2 1.1 0.02 1.2 0.00 0.01
and 238.00 6.00 0.57 1.0 0.03 0.59 0.00 0.01 2
inc 240.55 1.45 1.5 0.57 0.05 1.5 0.00 0.01
GNDD203 46.00 37.00 0.30 13.9 0.16 0.55 0.01 0.09 2
inc 68.00 9.10 0.44 42.6 0.35 1.1 0.03 0.26
and 210.50 0.60 3.6 81.9 10.2 9.0 0.38 3.93
and 227.00 2.00 1.4 4.3 0.12 1.5 0.01 0.04
and 299.00 21.80 2.4 22.2 4.0 4.5 0.06 0.45 2
inc 300.25 20.55 2.6 23.1 4.2 4.7 0.07 0.48
inc 300.25 3.55 9.3 96.8 13.1 16.2 0.31 2.0 2
GNDD204 95.00 44.00 3.2 4.5 0.11 3.3 0.00 0.04 2
inc 97.38 20.62 6.4 6.4 0.11 6.6 0.00 0.06
and 183.00 1.00 1.2 6.7 0.44 1.5 0.01 0.33
GNDD205 214.20 0.70 15.2 7.1 4.2 17.1 0.03 0.00
GNDD206 31.55 10.45 3.6 6.3 0.06 3.7 0.01 0.08 2
inc 34.65 3.90 9.5 14.9 0.03 9.7 0.03 0.21
and 263.00 2.00 0.88 0.37 0.10 0.93 0.00 0.00 2
and 277.00 4.00 0.54 0.65 0.01 0.55 0.00 0.00 2
GNDD207 114.00 0.90 2.0 1.9 0.09 2.1 0.02 0.06
and 122.55 2.45 8.5 15.5 1.0 9.1 0.04 0.90
and 169.50 3.50 0.16 68.2 0.13 1.1 0.01 0.12 2
inc 170.70 2.30 0.20 98.2 0.17 1.5 0.01 0.16
and 217.40 25.60 0.36 0.93 0.05 0.39 0.00 0.01 2
inc 233.00 4.00 1.4 0.64 0.01 1.4 0.00 0.01
and 269.35 1.95 1.7 3.4 0.35 1.9 0.01 0.11

Challenger Exploration Limited Issued Capital ACN 123 591 382 978.7m shares ASX: CEL 48.7m options 120m perf shares 16m perf rights

Australian Registered Office Directors Contact Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

www.challengerex.com

Criteria JORC Code explanation Commentary
GNDD208 170.00 73.65 0.51 1.4 0.21 0.62 0.01 0.04 2
inc 180.00 2.00 2.2 0.88 0.01 2.2 0.00 0.00
inc 208.00 35.65 0.85 2.6 0.41 1.1 0.01 0.07 2
inc 212.00 13.00 1.9 5.0 0.78 2.3 0.03 0.20
GNDD209 33.60 4.40 0.18 14.2 0.08 0.40 0.00 0.06 2
and 45.65 0.75 0.77 10.7 1.4 1.5 0.03 0.13
and 65.00 17.10 1.9 16.2 1.1 2.6 0.02 0.18
and 148.00 2.00 1.0 28.5 0.01 1.3 0.00 0.01
GNDD210 8.00 2.00 0.86 17.9 0.02 1.1 0.00 0.17
and 28.00 6.00 0.04 1.4 0.47 0.26 0.00 0.03 2
and 308.00 2.00 1.3 3.8 0.71 1.6 0.02 0.02
GNDD211 168.80 23.20 0.51 0.82 0.12 0.57 0.00 0.02 2
inc 177.10 4.35 1.5 2.0 0.27 1.6 0.00 0.00
GNDD212 15.00 1.80 0.5 1.1 0.12 0.53 0.00 0.01 2
and 42.20 1.40 1.2 8.1 0.08 1.4 0.00 0.01
GNDD214 48.25 3.75 22.1 125 2.6 24.8 0.05 0.09
GNDD215 126.20 14.60 1.4 2.4 0.35 1.6 0.01 0.03 2
inc 132.50 8.30 2.1 2.1 0.40 2.3 0.01 0.01
and 159.00 41.00 0.15 3.1 0.08 0.23 0.01 0.04 2
GNDD216 81.00 4.00 0.30 0.29 0.0 0.30 0.00 0.00 2
and 204.00 2.00 0.61 3.5 0.2 0.75 0.03 0.07 2
GNDD217 111.00 21.00 5.7 32.1 3.4 7.6 0.03 0.16 2
inc 114.65 11.70 10.1 54.8 5.9 13.3 0.06 0.26
inc 116.65 4.35 23.1 139 11.7 29.9 0.14 0.58
GNDD218 198.00 5.05 0.39 0.16 0.01 0.39 0.00 0.00 2
GNDD219 12.00 8.00 0.13 0.46 0.02 0.15 0.00 0.01 2
and 68.90 39.35 0.04 10.8 0.08 0.22 0.00 0.02 2
GNDD220 86.00 108.00 0.38 1.6 0.05 0.42 0.01 0.00 2
inc 88.00 2.00 1.1 10.5 0.50 1.4 0.01 0.03
inc 137.00 49.00 0.59 1.3 0.05 0.63 0.01 0.00 2
inc 146.00 4.00 1.2 1.4 0.10 1.2 0.01 0.00
inc 158.30 3.70 1.8 1.9 0.02 1.8 0.01 0.01
inc 182.00 2.00 1.7 2.8 0.0 1.7 0.01 0.00
GNDD221 82.80 1.20 1.1 6.7 0.10 1.2 0.00 0.04
and 156.85 8.15 1.5 7.5 0.83 2.0 0.03 0.13
GNDD222 NSI
GNDD223 26.00 2.00 0.60 0.41 0.02 0.61 0.00 0.01 2

Challenger Exploration Limited Issued Capital ACN 123 591 382 978.7m shares ASX: CEL 48.7m options 120m perf shares 16m perf rights

Australian Registered Office Level 1 1205 Hay Street West Perth WA 6005

Directors

Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria JORC Code explanation Commentary
GNDD224 134.00 38.00 0.28 0.94 0.02 0.30 0.00 0.01 2
inc 134.00 1.00 6.7 1.4 0.06 6.7 0.00 0.00
and 313.00 1.25 0.91 4.9 0.39 1.1 0.00 0.04
GNDD225 79.00 9.15 0.19 0.79 0.02 0.21 0.00 0.01 2
and 207.00 2.00 4.3 1.1 0.0 4.3 0.01 0.00
and 235.00 9.20 0.93 0.63 0.0 1.0 0.00 0.04
GNDD226 109.00 16.00 0.49 2.4 0.33 0.67 0.02 0.27 2
inc 116.00 7.35 0.71 4.0 0.54 1.0 0.03 0.45
and 146.00 44.00 0.41 0.65 0.10 0.46 0.00 0.04 2
inc 170.00 2.00 1.3 0.84 0.06 1.4 0.00 0.04
inc 188.00 2.00 3.8 1.1 0.17 3.9 0.01 0.06
GNDD227 81.00 2.00 0.77 0.52 0.0 0.78 0.00 0.00 2
and 179.15 3.70 1.2 16.8 1.6 2.1 0.03 0.43 2
inc 181.95 0.90 4.2 64.5 6.6 7.9 0.13 1.8
and 222.00 8.00 4.2 53.6 1.7 5.7 0.06 0.05 2
inc 223.40 6.60 5.1 64.2 2.1 6.8 0.07 0.06
GNDD228 84.00 19.00 0.29 0.60 0.03 0.31 0.00 0.01 2
inc 84.00 2.00 1.0 0.25 0.03 1.0 0.00 0.00
and 132.00 10.00 0.32 0.47 0.06 0.36 0.00 0.03 2
and 279.00 42.00 0.27 0.85 0.07 0.31 0.00 0.03 2
inc 280.00 1.65 1.9 10.1 0.82 2.4 0.05 0.67
inc 311.00 2.00 1.2 0.17 0.01 1.2 0.00 0.00
GNDD229 167.00 38.25 0.65 6.5 0.34 0.88 0.02 0.07 2
inc 171.00 6.00 1.7 30.1 1.5 2.7 0.09 0.21
inc 204.50 0.75 4.8 5.9 0.34 5.0 0.02 0.05
GNDD230 211.00 6.00 0.18 2.5 0.04 0.23 0.00 0.00 2
and 227.00 15.00 0.19 1.1 0.09 0.24 0.00 0.01 2
and 256.00 4.00 0.48 0.72 0.05 0.51 0.00 0.02 2
GNDD232 139.85 2.50 0.65 15.2 0.56 1.1 0.03 0.10 2
and 174.00 4.00 1.7 45.3 0.21 2.4 0.02 0.11 2
inc 176.00 2.00 2.9 71.1 0.38 4.0 0.04 0.20
GNDD233 113.00 2.00 0.52 0.60 0.09 0.56 0.00 0.01 2
and 180.10 2.35 0.39 0.46 0.04 0.42 0.00 0.01 2
GNDD236 175.00 52.00 1.1 4.1 0.26 1.2 0.01 0.02 2
inc 177.00 2.00 2.9 9.6 0.44 3.3 0.02 0.01
inc 201.00 2.00 1.0 5.6 1.9 1.9 0.02 0.29
inc 216.60 4.40 8.4 33.6 0.19 8.9 0.01 0.00

Challenger Exploration Limited Issued Capital ACN 123 591 382 978.7m shares ASX: CEL 48.7m options 120m perf shares 16m perf rights

Australian Registered Office Directors Contact Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

www.challengerex.com

Criteria JORC Code explanation Commentary
GNDD237 139.00 12.00 0.32 1.2 0.28 0.46 0.01 0.21 2
and 201.55 155.45 0.61 2.1 0.11 0.69 0.00 0.01 2
inc 201.55 72.45 0.55 3.8 0.16 0.66 0.01 0.01 2
inc 234.00 9.00 1.2 14.2 0.24 1.5 0.01 0.02
inc 254.50 1.75 6.7 10.8 0.51 7.1 0.03 0.02
and 298.00 59.00 0.91 1.0 0.06 1.0 0.01 0.01 2
inc 302.00 2.00 3.3 0.3 0.00 3.3 0.00 0.00
inc 336.00 2.00 1.3 11.4 1.5 2.1 0.13 0.10
inc 349.65 1.95 17.5 2.9 0.00 17.5 0.00 0.00
GNDD239 13.00 6.00 0.25 1.8 0.10 0.31 0.00 0.00 2
and 26.40 0.85 3.3 54.7 2.5 5.1 0.05 0.07
and 47.00 2.35 1.9 7.3 1.5 2.6 0.02 0.22 2
inc 48.30 1.05 4.2 16.2 0.71 4.7 0.03 0.50
GNDD240 114.00 2.00 1.4 0.31 0.01 1.5 0.00 0.00
and 167.00 3.45 2.7 50.2 2.9 4.6 0.07 0.86 2
inc 169.20 1.25 6.6 116 7.6 11.3 0.19 2.3 1
GNDD241 NSI
GNDD242 185.45 8.55 0.54 0.45 0.05 0.57 0.00 0.02 2
inc 185.45 1.60 1.0 1.2 0.25 1.1 0.00 0.09
and 306.50 0.70 2.3 0.89 0.00 2.3 0.00 0.00
GNDD243 136.00 7.10 2.2 27.2 2.6 3.6 0.06 0.31 2
inc 138.00 5.10 2.1 25.9 2.5 3.5 0.06 0.30
inc 142.00 1.10 9.0 126 14.0 16.7 0.33 1.8 1
GNDD245 139.00 43.70 1.0 1.8 0.35 1.1 0.01 0.09 2
inc 143.00 2.00 3.6 3.0 0.82 4.0 0.00 0.05
inc 181.27 1.43 18.7 38.0 6.8 22.1 0.18 1.8 1
GNDD246 179.50 2.50 4.5 9.0 2.9 5.9 0.05 0.01 2
inc 179.50 0.85 12.7 25.0 7.8 16.4 0.12 0.04
GNDD248 136.00 43.00 0.22 0.50 0.12 0.28 0.00 0.02 2
and 199.00 83.00 0.46 2.5 0.09 0.53 0.00 0.01 2
inc 213.00 2.00 1.3 0.45 0.02 1.3 0.00 0.00
inc 225.00 1.00 4.7 1.4 0.01 4.7 0.00 0.00 1
inc 237.10 0.70 24.8 31.0 5.9 27.7 0.23 0.01
inc 254.00 1.40 0.44 114 0.76 2.2 0.04 0.09
GNDD249 207.00 15.30 0.68 1.5 0.16 0.77 0.01 0.13 2
inc 207.00 2.60 3.0 7.9 0.87 3.5 0.05 0.75
and 237.00 14.60 1.1 1.3 0.14 1.2 0.01 0.04 2

Challenger Exploration Limited Issued Capital ACN 123 591 382 978.7m shares ASX: CEL 48.7m options 120m perf shares 16m perf rights

Australian Registered Office Directors Contact Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

www.challengerex.com

Criteria JORC Code explanation Commentary
inc 251.00 0.60 21.9 16.0 2.2 23.1 0.05 0.68
GNDD250 80.00 30.00 0.26 3.5 0.17 0.38 0.01 0.07 2
inc 98.00 5.00 0.88 9.2 0.63 1.3 0.02 0.22
GNDD252 104.00 10.00 0.60 2.3 0.25 0.73 0.01 0.05 2
inc 107.00 5.00 0.95 3.3 0.40 1.2 0.01 0.09
and 128.00 12.15 0.76 1.3 0.27 0.90 0.00 0.01 2
inc 134.00 4.00 1.7 2.4 0.64 2.0 0.01 0.02
and 264.57 33.43 0.57 6.1 0.65 0.93 0.02 0.36 2
inc 281.70 2.90 2.7 36.3 6.1 5.8 0.16 3.4
inc 290.00 2.00 1.1 4.6 0.14 1.2 0.01 0.08
GNDD253 112.00 2.00 1.0 1.1 0.1 1.0 0.01 0.0
and 133.00 50.00 1.8 1.0 0.1 1.9 0.00 0.0 2
inc 139.00 38.00 2.2 1.2 0.2 2.3 0.01 0.0
inc 151.55 2.37 17.2 3.7 0.3 17.3 0.01 0.0 1
and 201.40 25.13 0.8 0.3 0.0 0.9 0.00 0.0 2
inc 211.00 3.64 2.4 1.3 0.1 2.4 0.01 0.1
inc 220.00 2.00 3.4 0.5 0.0 3.4 0.00 0.0
GNDD254 173.00 62.00 1.7 20.3 0.33 2.1 0.01 0.08 2
inc 173.00 17.00 3.2 4.4 0.49 3.5 0.02 0.17
inc 197.00 4.00 9.4 292 2.6 14.3 0.09 0.43
and 249.00 18.00 0.80 4.3 0.27 1.0 0.02 0.06 2
inc 255.45 1.00 6.5 19.0 1.4 7.3 0.06 0.01
inc 266.55 0.45 7.3 28.0 5.7 10.1 0.44 1.9
and 298.25 1.75 0.27 73.9 0.29 1.3 0.02 0.11 2
and 312.00 12.00 0.82 0.07 0.00 0.82 0.00 0.00 2
inc 314.00 6.00 1.0 0.05 0.00 1.0 0.00 0.00
and 363.00 26.75 1.7 2.8 0.44 1.9 0.02 0.01 2
inc 363.00 6.00 4.6 1.9 0.19 4.7 0.01 0.00
inc 385.00 4.75 2.1 8.1 1.5 2.9 0.07 0.01
GNDD255 158 36.65 0.19 0.75 0.04 0.22 0.00 0.01 2
inc 192 2.65 1.0 2.5 0.12 1.1 0.01 0.05
GNDD257 233.00 44.25 0.32 2.5 0.17 0.43 0.01 0.07 2
inc 259.00 2.00 2.4 3.5 0.18 2.6 0.00 0.07
inc 275.00 2.25 1.2 1.9 0.14 1.3 0.00 0.01
GNDD258 250.00 2.00 0.26 17.7 2.9 1.7 0.09 1.7
GNDD259 128.00 16.00 0.32 0.81 0.10 0.38 0.00 0.09 2
inc 143.00 1.00 0.82 5.5 0.85 1.3 0.03 0.61

Challenger Exploration Limited Issued Capital ACN 123 591 382 978.7m shares ASX: CEL 48.7m options 120m perf shares 16m perf rights

Australian Registered Office Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 Mr Scott Funston, Finance Director E: [email protected] Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

www.challengerex.com

Criteria JORC Code explanation Commentary
GNDD260 159.00 2.00 0.19 9.1 1.4 0.90 0.05 0.16 2
GNDD261 22.00 4.00 1.1 5.2 0.56 1.4 0.01 0.00 2
inc 22.00 0.50 7.5 17.6 4.2 9.6 0.11 0.10
GNDD262 183.00 39.00 0.19 1.2 0.06 0.23 0.00 0.02 2
GNDD263 59.00 9.00 0.05 0.08 0.57 0.30 0.00 0.00 2
and 110.00 2.00 1.3 0.56 0.00 1.32 0.00 0.00
GNDD264 70.00 2.40 0.16 6.1 1.0 0.66 0.03 0.47 2
inc 71.50 0.90 0.36 12.0 2.0 1.4 0.04 1.0
and 104.95 22.05 1.4 16.7 1.7 2.3 0.05 0.43
GNDD265 56.00 4.00 0.57 1.3 0.08 0.63 0.01 0.04 2
and 152.00 14.00 0.20 1.1 0.11 0.26 0.01 0.09 2
and 237.00 1.00 8.97 19.7 2.48 10.30 0.04 0.38 1
GNDD266 34.00 16.00 0.4 9.0 0.6 0.8 0.03 0.1 2
inc 38.82 5.18 0.9 23.1 1.6 1.9 0.07 0.2
GNDD267 169.00 9.00 0.3 1.2 0.2 0.4 0.01 0.02 2
GNDD268 NSI
GNDD269 6.00 6.00 1.1 12.2 0.1 1.3 0.01 0.2 2
inc 10.00 2.00 2.8 34.4 0.3 3.4 0.01 0.5
and 48.00 2.00 0.2 87.3 0.4 1.5 0.01 0.0
and 86.00 10.00 0.3 1.1 0.0 0.3 0.00 0.0 2
GNDD270 NSI
GNDD272 35.00 22.00 0.17 2.7 0.1 0.25 0.00 0.03 2
and 96.50 51.60 3.9 11.8 1.0 4.5 0.04 0.19 2
inc 137.00 11.10 17.4 51.1 4.5 20.0 0.15 0.79
inc 139.00 7.90 23.8 65.2 6.0 27.2 0.20 1.0
GNDD273 31.50 2.50 0.61 3.6 0.8 1.0 0.00 0.75 2
inc 31.50 0.87 1.5 6.5 2.0 2.4 0.00 1.9
and 50.33 9.17 0.07 5.9 0.6 0.42 0.01 0.10 2
GNDD274 298.00 19.00 0.74 9.6 0.5 1.1 0.01 0.2 2
inc 305.00 2.00 6.58 48.8 3.5 8.7 0.11 2.2
GNDD275 55.00 2.00 1.1 1.9 0.05 1.1 0.01 0.01
GNDD276 49.00 1.45 0.76 9.1 0.48 1.1 0.02 0.26
and 112.15 2.85 0.38 0.57 0.02 0.39 0.00 0.01 2
and 139.00 14.90 0.47 1.9 0.18 0.57 0.01 0.13 2
inc 143.00 2.00 1.3 2.5 0.22 1.5 0.01 0.16
and 188.30 4.85 0.32 0.59 0.13 0.38 0.00 0.07 2
and 212.00 4.00 0.46 1.8 0.25 0.60 0.01 0.22 2

Challenger Exploration Limited Issued Capital ACN 123 591 382 978.7m shares ASX: CEL 48.7m options 120m perf shares 16m perf rights

Australian Registered Office Directors Contact Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

www.challengerex.com

Criteria JORC Code explanation Commentary
GNDD277 63.00 35.00 2.2 3.0 0.11 2.3 0.00 0.03 2
inc 63.00 29.00 2.6 2.7 0.09 2.7 0.00 0.03
GNDD278 221.00 11.75 0.43 1.0 0.09 0.48 0.00 0.05 2
inc 223.00 1.00 1.0 1.3 0.07 1.1 0.00 0.03
inc 228.00 1.00 1.4 1.9 0.19 1.5 0.01 0.12
GNDD279 49.00 10.30 0.66 1.7 0.08 0.71 0.00 0.02 2
inc 50.65 1.35 1.04 0.6 0.0 1.1 0.00 0.0
inc 58.00 1.30 1.81 9.1 0.5 2.1 0.01 0.1
GNDD280 239.35 15.05 3.7 38.6 0.68 4.5 0.01 0.06
inc 242.25 2.75 18.4 29.8 0.66 19.1 0.03 0.03 1
GNDD281 42.50 23.50 1.1 8.9 0.27 1.3 0.01 0.19 2
inc 42.50 17.50 1.3 11.3 0.29 1.6 0.01 0.23
and 196.30 2.60 1.1 26.2 3.1 2.8 0.09 0.91 2
inc 196.30 1.65 1.4 37.7 4.7 4.0 0.13 1.4
and 224.00 12.00 0.28 4.9 0.37 0.51 0.01 0.04 2
inc 231.10 1.25 0.72 16.0 3.0 2.2 0.08 0.14
and 292.00 1.20 3.0 80.4 0.32 4.2 0.01 0.11
and 309.00 3.85 0.43 4.3 0.10 0.53 0.00 0.01 2
and 426.00 1.55 0.27 24.6 1.6 1.3 0.03 0.03
GNDD282 11.00 8.00 0.20 1.7 0.07 0.25 0.00 0.03 2
and 187.00 10.00 0.45 1.7 0.02 0.48 0.00 0.03 2
and 216.50 7.50 0.20 2.7 0.11 0.28 0.01 0.08 2
GNDD283 7.00 4.00 2.9 17.8 0.15 3.2 0.01 0.06 2
inc 8.50 1.20 9.4 49.7 0.26 10.1 0.02 0.13 1
GNDD284 69.55 17.05 2.4 4.7 0.66 2.7 0.02 0.14 2
inc 75.00 5.20 7.4 13.9 2.0 8.5 0.06 0.45
inc 77.80 1.20 21.4 34.4 5.5 24.2 0.17 0.86 1
GNDD285 173.60 1.65 1.0 1.5 0.50 1.2 0.02 0.03
and 312.00 11.30 3.0 11.4 1.38 3.7 0.06 0.03
and 362.40 10.60 0.6 1.2 0.05 0.6 0.01 0.01 2
inc 362.40 1.15 3.7 8.8 0.42 4.0 0.05 0.04
and 393.00 2.00 6.7 12.1 0.09 6.9 0.07 0.01
GNDD286 95.00 6.00 0.22 1.5 0.27 0.36 0.01 0.06 2
and 112.10 3.80 0.38 0.57 0.02 0.40 0.01 0.00 2
and 169.00 10.20 4.2 52.5 3.0 6.2 0.10 0.09 2
inc 169.00 7.45 5.8 71.4 4.0 8.4 0.13 0.12
inc 174.25 2.20 11.5 171 11.1 18.5 0.37 0.31 1

Challenger Exploration Limited Issued Capital ACN 123 591 382 978.7m shares ASX: CEL 48.7m options 120m perf shares 16m perf rights

Australian Registered Office Directors Contact Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

www.challengerex.com

Criteria JORC Code explanation Commentary
GNDD287 26.00 126.00 0.37 2.1 0.17 0.47 0.00 0.01 2
inc 67.00 5.50 1.8 6.6 0.35 2.0 0.01 0.01
inc 82.00 2.00 1.5 4.4 0.59 1.8 0.00 0.00
and 202.00 7.00 0.13 1.8 0.16 0.22 0.00 0.02 2
GNDD288 13.00 96.00 1.8 2.9 0.31 2.0 0.01 0.04 2
inc 65.00 44.00 3.7 4.6 0.63 4.1 0.01 0.07
inc 98.20 4.30 27.6 35.4 5.9 30.6 0.11 0.33 1
and 216.00 4.50 3.3 31.2 4.0 5.4 0.15 0.55 2
inc 217.76 1.90 7.6 68.7 8.7 12.2 0.32 1.2
inc 218.55 1.11 11.7 101 12.5 18.4 0.48 2.1 1
and 399.00 27.80 5.5 12.9 3.9 7.3 0.05 0.02 2
inc 403.00 4.00 1.3 2.1 0.62 1.6 0.01 0.00
inc 410.00 14.20 10.1 20.6 7.3 13.6 0.09 0.04
GNDD289 23.00 39.20 0.23 2.1 0.13 0.31 0.00 0.01 2
inc 27.00 2.00 1.0 16.9 0.07 1.3 0.00 0.04
inc 60.90 1.30 0.32 7.1 2.6 1.5 0.08 0.04
and 132.00 4.00 0.68 0.41 0.02 0.69 0.00 0.00 2
and 165.00 14.00 0.27 1.6 0.03 0.30 0.00 0.01 2
and 201.00 6.00 0.17 1.7 0.23 0.29 0.01 0.15 2
GNDD290 27.45 8.55 0.20 6.0 0.07 0.30 0.01 0.00 2
and 70.00 4.00 0.71 13.4 1.1 1.4 0.02 0.01 2
inc 70.00 2.00 1.0 16.1 2.0 2.1 0.04 0.01
and 139.50 11.66 0.31 12.1 0.82 0.82 0.02 0.29 2
inc 139.50 2.10 1.4 25.3 2.1 2.7 0.10 1.3
and 162.60 3.96 1.9 19.9 5.5 4.6 0.05 0.31
GNDD291 18.20 11.80 0.46 7.5 0.10 0.60 0.01 0.04 2
inc 24.00 2.00 1.0 5.7 0.05 1.1 0.01 0.05
and 62.00 77.00 0.19 5.3 0.10 0.29 0.00 0.02 2
and 165.00 25.00 0.13 3.5 0.06 0.20 0.00 0.02 2
inc 179.00 2.00 0.81 6.3 0.34 1.0 0.00 0.09
GNDD292 69.00 12.50 0.25 1.7 0.03 0.29 0.00 0.01 2
inc 69.00 1.00 1.0 3.2 0.04 1.0 0.00 0.04
and 99.00 42.00 0.22 1.5 0.07 0.26 0.00 0.01 2
inc 110.80 2.00 1.0 7.7 0.25 1.2 0.00 0.00
and 159.00 63.00 0.61 8.6 0.75 1.0 0.01 0.26 2
inc 196.75 1.05 1.5 187 16.9 11.2 0.20 0.12
inc 210.70 2.70 2.0 62.0 9.6 6.9 0.22 4.9

Challenger Exploration Limited Issued Capital ACN 123 591 382 978.7m shares ASX: CEL 48.7m options 120m perf shares 16m perf rights

Australian Registered Office Directors Contact Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

www.challengerex.com

Criteria JORC Code explanation Commentary
inv 219.05 2.95 2.2 1.8 0.01 2.2 0.00 0.00
GNDD293 130.00 66.00 0.48 1.0 0.09 0.53 0.00 0.02 2
inc 130.00 5.50 1.4 3.4 0.19 1.5 0.01 0.03
inc 143.00 2.00 1.9 2.4 0.03 2.0 0.00 0.01
inc 179.50 9.35 0.79 1.8 0.23 0.91 0.01 0.03
GNDD294 35.83 9.17 0.29 4.1 0.18 0.42 0.04 0.24 2
GNDD295 58.00 42.00 0.20 2.7 0.08 0.27 0.00 0.01 2
GNDD296 59.00 13.00 0.31 5.0 0.10 0.42 0.01 0.06 2
inc 70.00 2.00 1.7 21.5 0.09 2.0 0.00 0.04
and 173.00 10.00 0.39 1.6 1.2 0.95 0.01 0.00
and 193.00 16.90 14.1 18.3 5.8 16.9 0.18 0.00
inc 194.20 7.10 28.1 36.1 8.3 32.2 0.31 0.00
inc 207.05 2.85 13.1 13.0 12.6 18.8 0.26 0.00
GNDD297 16.00 14.00 0.47 5.1 0.03 0.55 0.00 0.02 2
inc 20.00 2.00 1.4 21.6 0.01 1.7 0.00 0.00
and 71.00 3.60 0.11 34.0 0.03 0.55 0.00 0.03 2
GNDD298 148.00 21.00 0.63 1.1 0.23 0.75 0.01 0.13 2
inc 148.00 7.00 1.1 2.3 0.39 1.3 0.02 0.26
and 205.00 2.00 1.5 0.15 0.01 1.5 0.00 0.00
and 230.50 1.70 0.60 4.2 0.42 0.83 0.01 0.01 2
and 281.00 5.00 0.06 19.7 0.11 0.36 0.00 0.04 2
and 300.00 9.00 0.57 2.6 0.47 0.80 0.01 0.00 2
inc 308.00 1.00 3.1 17.9 3.87 5.0 0.12 0.01
GNDD299 141.00 1.00 1.1 9.5 0.88 1.6 0.03 0.09
and 147.50 9.85 3.4 44.0 5.3 6.2 0.11 0.20
GNDD300 27.00 18.00 0.36 2.0 0.13 0.44 0.00 0.00 2
and 87.00 33.10 0.36 0.94 0.04 0.39 0.00 0.01 2
inc 108.00 2.00 1.6 0.73 0.01 1.6 0.00 0.00
and 173.85 0.50 0.23 12.6 2.42 1.4 0.07 0.01
and 188.00 0.60 1.5 22.3 2.9 3.0 0.11 0.90
GNDD301 13.20 48.80 0.41 6.1 0.08 0.52 0.00 0.05 2
inc 26.10 15.90 0.75 11.7 0.06 0.92 0.00 0.05
GNDD303 139.00 4.00 0.42 1.3 0.01 0.44 0.00 0.01 2
GNDD304 66.00 47.00 0.23 1.1 0.21 0.33 0.00 0.06 2
inc 66.00 2.00 1.2 3.4 0.11 1.3 0.01 0.14
inc 94.00 2.00 0.72 1.7 0.99 1.2 0.00 0.34
GNDD305 128.00 48.00 0.22 1.4 0.02 0.25 0.00 0.01 2

Challenger Exploration Limited Issued Capital ACN 123 591 382 978.7m shares ASX: CEL 48.7m options 120m perf shares 16m perf rights

Australian Registered Office

Directors

Contact

Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

www.challengerex.com

Criteria JORC Code explanation Commentary
inc 175.00 1.00 1.2 14.2 0.00 1.3 0.09 0.00
and 226.70 12.10 0.37 1.9 0.11 0.44 0.00 0.10 2
inc 237.50 1.30 0.93 7.4 0.50 1.2 0.02 0.54
GNDD306 78.00 25.00 0.49 5.8 0.08 0.60 0.02 0.04 2
inc 84.00 8.00 1.0 13.9 0.20 1.2 0.04 0.09
and 213.25 28.75 0.45 8.2 0.30 0.69 0.02 0.03 2
inc 213.25 1.75 1.0 18.1 0.03 1.2 0.00 0.02
inc 222.70 1.70 2.5 63.1 3.0 4.6 0.19 0.08
inc 234.00 2.00 1.7 21.5 1.0 2.4 0.04 0.03
GNDD307 0.00 23.00 0.33 4.8 0.05 0.41 0.00 0.02 2
and 57.00 22.00 0.28 0.50 0.03 0.30 0.00 0.00 2
inc 57.00 2.00 1.5 0.24 0.01 1.5 0.00 0.00
GNDD308 258.25 36.75 0.49 1.6 0.16 0.58 0.00 0.06 2
inc 291.00 4.00 2.6 5.6 0.84 3.1 0.02 0.05
GNDD309 185.00 23.10 0.62 1.6 0.12 0.70 0.00 0.04 2
inc 191.00 2.00 1.0 11.9 0.11 1.2 0.00 0.11
inc 206.00 2.10 2.8 1.9 0.77 3.1 0.02 0.17
GNDD310 30.00 19.00 2.3 1.7 0.01 2.3 0.00 0.00 2
inc 30.00 2.00 20.3 11.5 0.02 20.5 0.00 0.00
and 186.00 40.00 0.60 0.92 0.02 0.62 0.00 0.00 2
inc 188.00 2.00 1.7 1.9 0.06 1.8 0.00 0.00
inc 204.00 8.00 1.1 1.0 0.00 1.1 0.00 0.00
inc 222.00 2.00 1.0 0.75 0.01 1.0 0.00 0.00
and 288.00 2.00 1.1 6.5 0.16 1.3 0.02 0.15
GNDD311 5.00 22.00 0.44 0.84 0.02 0.46 0.00 0.01 2
inc 23.00 2.00 2.3 1.2 0.04 2.3 0.00 0.02
and 45.00 4.00 0.57 0.31 0.01 0.58 0.00 0.01 2
and 176.00 21.00 0.20 3.2 0.13 0.29 0.01 0.01 2
inc 191.00 4.50 0.31 6.5 0.44 0.59 0.02 0.01
GNDD313 97.00 24.00 0.53 12.4 0.02 0.70 0.00 0.00 2
inc 109.00 2.00 2.2 14.1 0.01 2.4 0.00 0.00
and 143.00 14.80 0.86 2.3 0.07 0.92 0.01 0.03 2
inc 148.50 2.50 4.3 7.9 0.24 4.5 0.01 0.11
GNDD314 102.00 4.00 0.34 11.8 0.22 0.58 0.01 0.06 2
and 115.35 2.65 1.5 13.8 0.06 1.7 0.00 0.01 2
inc 116.59 1.41 2.4 21.3 0.08 2.7 0.00 0.01
and 205.00 17.50 0.71 11.5 2.4 1.9 0.04 0.22 2

Challenger Exploration Limited Issued Capital ACN 123 591 382 978.7m shares ASX: CEL 48.7m options 120m perf shares 16m perf rights

Australian Registered Office Directors Contact Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

www.challengerex.com

Criteria JORC Code explanation Commentary
inc 205.00 5.50 1.6 25.1 4.6 4.0 0.08 0.42
inc 205.00 2.15 3.7 33.6 11.4 9.1 0.18 0.88
inc 216.00 6.50 0.51 9.6 2.4 1.7 0.04 0.24 2
inc 217.00 5.50 0.56 10.5 2.7 1.9 0.04 0.27
inc 217.00 3.00 0.83 14.3 3.9 2.7 0.06 0.32
and 284.00 2.00 0.83 0.2 0.01 0.84 0.00 0.00 2
and 296.90 2.75 59.0 25.8 7.2 62.5 0.27 0.00 1
GNDD315 219.00 2.00 0.95 0.75 0.01 1.0 0.00 0.01 2
GNDD316 102.00 4.00 0.29 11.2 0.30 0.56 0.07 0.09 2
and 286.00 34.00 0.32 4.7 0.10 0.42 0.01 0.03 2
inc 286.00 2.00 1.3 28.0 0.05 1.7 0.00 0.00
inc 306.00 2.00 0.64 9.6 0.93 1.2 0.05 0.21
inc 316.00 2.00 1.4 4.4 0.03 1.5 0.01 0.01
GNDD318 221.00 7.17 0.29 2.4 0.29 0.45 0.01 0.09 2
inc 226.66 1.51 0.75 8.2 1.1 1.4 0.05 0.27
and 245.00 3.78 0.33 7.1 0.36 0.57 0.01 0.10 2
inc 248.28 0.50 0.42 10.5 1.9 1.4 0.03 0.47
GNDD319 108.00 104.00 0.48 1.1 0.03 0.51 0.00 0.01 2
inc 128.00 2.00 1.7 1.2 0.02 1.7 0.00 0.00
inc 140.00 2.00 1.5 0.88 0.01 1.6 0.00 0.01
inc 154.00 2.00 1.3 3.7 0.00 1.3 0.00 0.00
inc 164.00 4.00 1.2 5.5 0.27 1.4 0.02 0.12
inc 196.00 12.00 1.3 0.53 0.01 1.3 0.00 0.00
GNDD320 181.75 36.25 0.4 2.52 0.25 0.55 0.01 0.03 2
inc 197.00 7.85 1.0 5.77 0.61 1.4 0.03 0.04
inc 213.50 1.50 1.2 4.09 0.68 1.6 0.03 0.04
and 254.00 29.00 0.3 0.26 0.02 0.34 0.00 0.00 2
and 301.00 32.50 0.76 0.6 0.04 0.78 0.00 0.00 2
inc 303.50 15.50 1.32 0.8 0.06 1.4 0.00 0.00
GNDD321 261.00 2.00 1.13 1.0 0.06 1.2 0.00 0.03
GNDD322 132.00 50.00 0.85 1.9 0.27 1.0 0.00 0.01 2
inc 143.60 2.40 12.2 28.5 4.46 14.5 0.05 0.15
inc 159.40 1.40 1.1 1.1 0.21 1.2 0.01 0.03
inc 180.00 2.00 1.4 0.26 0.01 1.4 0.00 0.00
and 295.60 3.40 0.75 0.69 0.01 0.76 0.01 0.00 2
inc 295.60 1.40 1.4 0.64 0.01 1.4 0.01 0.00
and 382.15 8.85 1.3 10.9 1.45 2.0 0.06 0.01

Challenger Exploration Limited Issued Capital ACN 123 591 382 978.7m shares ASX: CEL 48.7m options 120m perf shares 16m perf rights

Australian Registered Office Directors Contact Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

www.challengerex.com

Criteria JORC Code explanation Commentary
GNDD324 128.00 2.00 1.0 1.0 0.01 1.0 0.01 0.05
and 144.00 2.00 1.9 1.4 0.01 2.0 0.01 0.01
and 152.00 10.00 0.27 0.81 0.11 0.32 0.00 0.01 2
GNDD327 229.00 28.00 0.25 0.20 0.01 0.25 0.00 0.01 2
and 307.00 0.60 1.4 4.4 1.1 1.9 0.03 0.83
and 354.70 1.00 13.2 22.1 2.0 14.4 0.11 0.01
and 386.00 1.70 0.57 0.21 0.01 0.57 0.00 0.00 2
and 459.00 3.00 0.34 1.1 0.01 0.36 0.00 0.00 2
GNDD329 104.00 14.00 1.1 1.4 0.02 1.2 0.00 0.00 2
inc 106.60 1.65 7.3 4.1 0.02 7.4 0.00 0.01
and 282.00 68.00 0.48 0.87 0.03 0.51 0.01 0.01 2
inc 284.00 2.50 2.9 6.4 0.72 3.3 0.04 0.30
inc 312.00 1.10 3.0 2.0 0.00 3.1 0.00 0.00
inc 331.00 2.00 1.0 0.7 0.00 1.0 0.01 0.00
inc 337.00 2.00 1.2 1.1 0.00 1.2 0.00 0.00
inc 345.00 2.00 1.3 1.0 0.00 1.3 0.01 0.00
GNDD330 286 49.70 0.39 0.88 0.08 0.43 0.00 0.01 2
inc 316 1.00 1.4 0.89 0.03 1.5 0.00 0.01
inc 329 6.70 1.3 1.5 0.06 1.3 0.00 0.00
and 375.2 1.80 0.41 2.6 3.7 2.1 0.03 0.01 2
inc 375.2 0.50 1.3 8.2 12.3 6.7 0.11 0.02
GNDD333 164.20 16.80 0.32 1.3 0.07 0.37 0.00 0.02 2
and 224.00 5.00 0.50 9.1 0.31 0.75 0.01 0.13
and 248.00 1.45 1.2 3.8 0.43 1.4 0.02 0.19
and 262.00 10.30 0.17 2.6 0.65 0.49 0.01 0.03 2
inc 265.80 1.20 0.68 3.0 0.73 1.0 0.02 0.04
inc 271.50 0.80 0.22 7.2 2.0 1.2 0.04 0.00
and 284.00 13.00 0.27 3.19 0.32 0.44 0.01 0.04 2
GNDD334 220.00 29.00 0.33 0.19 0.02 0.34 0.00 0.00 2
inc 222.00 1.50 1.2 0.43 0.01 1.2 0.00 0.00
inc 230.00 1.50 1.4 0.09 0.01 1.4 0.00 0.00
and 275.00 20.00 0.25 0.12 0.01 0.25 0.00 0.00 2
and 317.00 18.65 0.25 0.74 0.06 0.29 0.00 0.03 2
GNDD336 146.00 35.00 0.35 5.3 0.23 0.52 0.00 0.04 2
inc 150.00 2.00 1.3 15.8 0.88 1.8 0.01 0.31
inc 174.00 1.00 2.2 26.8 1.68 3.2 0.03 0.08
and 282.00 3.00 0.40 0.61 0.04 0.42 0.00 0.05 2

Challenger Exploration Limited Issued Capital ACN 123 591 382 978.7m shares ASX: CEL 48.7m options 120m perf shares 16m perf rights

Australian Registered Office Directors Contact Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

www.challengerex.com

Criteria JORC Code explanation Commentary
and 310.00 49.00 1.5 10.4 1.67 2.4 0.05 0.06 2
inc 312.00 2.92 13.8 55.1 7.22 17.7 0.16 0.49
inc 327.45 2.40 0.20 6.9 1.16 0.79 0.03 0.09
inc 341.45 17.55 1.8 18.2 3.24 3.5 0.11 0.05
GNDD337 90.00 7.00 0.38 0.70 0.07 0.41 0.00 0.05 2
inc 90.00 1.10 1.7 2.1 0.22 1.9 0.01 0.19
and 195.50 34.00 0.16 3.0 0.01 0.21 0.00 0.01 2
and 258.60 13.90 2.0 6.0 0.74 2.4 0.02 0.04 2
inc 262.20 10.30 2.7 7.9 0.95 3.2 0.03 0.04
and 312.00 2.00 1.8 3.2 0.27 2.0 0.01 0.02
GNDD338 9.00 4.00 0.36 2.55 0.02 0.40 0.00 0.01 2
and 190.00 20.00 0.40 6.12 0.08 0.51 0.01 0.02 2
GNDD341 60.60 110.40 0.52 0.60 0.08 0.56 0.00 0.00 2
inc 78.00 47.00 1.0 0.95 0.18 1.1 0.01 0.01 2
inc 81.50 5.50 6.4 2.2 0.63 6.7 0.01 0.01
GNDD343 190.00 55.00 0.51 6.2 0.16 0.66 0.01 0.03 2
inc 190.00 2.00 1.1 9.2 0.07 1.2 0.02 0.00
inc 204.00 14.00 1.1 13.6 0.15 1.3 0.01 0.02
inc 224.00 1.50 1.4 18.8 1.38 2.2 0.08 0.13
GNDD346 77.00 4.70 0.67 4.1 0.45 0.92 0.04 0.27 2
inc 80.00 1.70 1.8 2.1 0.16 1.9 0.02 0.04
GNDD348 227.00 23.00 0.55 7.9 0.12 0.70 0.00 0.01 2
inc 227.00 3.40 1.2 28.2 0.42 1.7 0.01 0.00
inc 247.10 0.90 6.1 26.8 0.30 6.6 0.01 0.07
GNDD351 62.00 4.00 0.26 17.4 0.03 0.49 0.00 0.00 2
and 125.00 4.00 0.32 7.3 0.48 0.62 0.03 0.16 2
and 164.50 6.00 0.17 1.1 0.04 0.21 0.00 0.02 2
GNDD352 143.50 11.30 5.4 76.9 5.5 8.8 0.18 0.42
inc 146.00 4.00 10.6 141 11.7 17.4 0.27 0.43 1
and 301.00 3.00 0.42 4.4 0.35 0.63 0.01 0.07 2
inc 302.00 1.00 1.0 9.9 0.63 1.4 0.02 0.15
inc 325.00 1.00 8.9 5.4 3.0 10.3 0.10 0.00 1
GNDD353 15.00 29.00 0.39 31.1 0.15 0.85 0.00 0.01 2
inc 21.00 4.00 0.75 52.0 0.16 1.5 0.01 0.02
inc 37.00 5.60 0.56 68.3 0.30 1.6 0.01 0.03
and 95.00 3.00 0.12 3.4 0.36 0.32 0.02 0.20 2
GNDD354 15.00 41.00 0.32 8.3 0.07 0.46 0.00 0.00 2

Challenger Exploration Limited Issued Capital ACN 123 591 382 978.7m shares ASX: CEL 48.7m options 120m perf shares 16m perf rights

Australian Registered Office Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 Mr Scott Funston, Finance Director E: [email protected] Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

www.challengerex.com

Criteria JORC Code explanation Commentary
inc 29.00 8.00 0.53 15.8 0.07 0.76 0.00 0.00
and 95.00 20.85 0.42 5.3 0.23 0.59 0.01 0.05 2
inc 101.00 2.00 2.0 22.3 1.0 2.7 0.02 0.14
GNDD358 34.00 2.55 0.28 5.3 0.07 0.38 0.01 0.01 2
and 137.00 20.00 0.26 2.0 0.11 0.33 0.00 0.04 2
GNDD362 191.00 17.00 0.19 8.3 0.04 0.31 0.00 0.01 2
and 237.90 2.50 2.1 77.6 11.1 7.9 0.36 0.36 2
inc 239.1 1.3 3.8 138 21.2 14.7 0.70 0.65
and 401.60 3.50 5.4 9.4 3.9 7.2 0.12 0.00 2
inc 402.25 2.20 8.4 12.1 6.1 11.2 0.18 0.00
and 415.30 1.15 2.2 6.7 1.3 2.8 0.05 0.00
and 423.55 2.75 0.19 4.2 1.7 1.0 0.09 0.00 2
inc 425.00 0.60 0.13 7.5 5.8 2.8 0.23 0.00
GNDD363 112.00 15.25 0.25 0.49 0.01 0.27 0.00 0.00 2
and 188.00 21.85 0.53 5.9 0.34 0.76 0.01 0.04 2
inc 188.00 1.50 1.4 19.5 2.35 2.6 0.03 0.29
inc 203.50 5.05 1.0 5.4 0.15 1.2 0.00 0.02
GNDD370 245.80 18.90 2.7 9.9 0.55 3.1 0.02 0.21 2
inc 247.00 6.60 5.8 17.9 1.3 6.6 0.05 0.46
inc 259.80 4.90 2.0 10.1 0.32 2.3 0.01 0.13
and 330.80 4.20 10.4 61.5 11.4 16.1 0.42 0.68
GNDD378 108.30 63.30 8.5 7.6 2.8 9.8 0.05 0.00
inc 113.58 24.08 20.4 15.9 6.2 23.3 0.11 0.01 1
inc 168.7 1.90 13.5 23.1 7.8 17.2 0.21 0.00 1
and 317.5 1.10 0.39 7.2 1.6 1.2 0.07 0.04
GNDD384 57.00 12.00 0.12 3.8 0.42 0.35 0.01 0.14 2
GNDD386 64.60 31.90 0.56 6.4 0.09 0.68 0.00 0.02 2
inc 67.00 2.00 6.3 2.7 0.01 6.4 0.00 0.01
inc 81.50 0.90 0.84 90.8 1.1 2.5 0.03 0.11
GNDD390 238.00 2.00 0.4 15.0 1.3 1.1 0.07 0.61
GNDD397 15.00 5.00 17.3 30.1 5.1 19.9 0.08 0.14
inc 15.00 3.00 28.3 49.8 8.3 32.5 0.14 0.24 1
and 50.00 4.00 0.25 9.4 0.12 0.42 0.01 0.14 2
and 98.00 4.00 0.61 0.26 0.00 0.62 0.00 0.00 2
GNDD399 5.00 17.50 0.30 2.5 0.20 0.42 0.01 0.14 2
and 57.00 51.25 0.30 2.1 0.08 0.36 0.00 0.05 2
and 277.00 14.00 0.32 1.4 0.04 0.36 0.00 0.00 2

Challenger Exploration Limited Issued Capital ACN 123 591 382 978.7m shares ASX: CEL 48.7m options 120m perf shares 16m perf rights

Australian Registered Office Directors Contact Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

www.challengerex.com

Criteria
JORC Code explanation		 Commentary
GNDD408
13.00
21.70
0.88
9.3
0.18
1.1
0.01
0.19
2
inc
23.00
4.00
3.9
15.7
0.22
4.1
0.03
0.39
and
47.00
63.00
0.38
2.8
0.22
0.51
0.00
0.12
2
inc
86.00
1.40
3.1
43.3
1.6
4.4
0.10
0.07
inc
101.20
2.80
1.6
20.5
2.8
3.1
0.03
1.92
and
184.00
4.00
0.35
1.3
0.27
0.49
0.00
0.00
2
and
248.90
8.10
0.35
0.78
0.16
0.43
0.00
0.00
2
and
325.00
12.50
1.0
1.3
0.23
1.1
0.00
0.00
2
inc
325.00
5.00
2.2
1.6
0.19
2.3
0.00
0.00
GNDD416A
61.00
6.00
0.26
0.49
0.02
0.28
0.00
0.00
2
GNDD442
125.90
13.10
0.30
1.4
0.16
0.39
0.01
0.09
2
and
229.00
1.00
1.8
4.0
0.04
1.8
0.00
0.21
and
250.00
2.85
1.8
1.9
0.13
1.9
0.01
0.13
2
inc
251.40
1.45
2.9
2.7
0.16
3.0
0.02
0.16
and
306.00
29.00
3.2
44.6
3.6
5.3
0.06
0.38
2
inc
308.00
27.00
3.4
47.6
3.8
5.7
0.06
0.40
inc
329.00
2.60
17.6
218
10.1
24.7
0.18
0.21
1
Holes specifically drilled for metallurgical test sample material:
GMDD039
18.00
8.00
0.15
1.9
0.60
0.43
0.01
0.07
2
and
67.60
1.00
24.5
58
3.9
26.9
0.27
1.8
1
GMDD040
116.72
8.68
5.5
12
2.2
6.7
0.06
0.00
inc
122.50
2.90
11.8
24
4.2
14.0
0.14
0.00
1
GMDD041
31.00
16.0
2.6
4.9
0.27
2.8
0.01
0.25
2
inc
41.70
2.0
20.0
29
1.2
20.8
0.06
1.7
and
63.50
5.1
7.9
83
7.9
12.3
0.47
0.21
and
306.10
1.6
8.0
9.2
3.6
9.7
0.11
0.00
and
338.40
4.6
0.09
1.7
0.5
0.31
0.01
0.00
2
GMDD043
18.00
10.00
0.09
1.7
0.48
0.32
0.01
0.10
2
and
70.50
0.30
25.9
81
9.4
31.0
0.33
3.1
1
(1) cut off 10 g/t Au equivalent
(2) cut off 0.2 g/t Au equivalent
(3) combined zones with 0.2 g/t Au cut off (grades include internal dilution from between zones)
(4) combined zones with 1.0 g/t Au cut-off (grades include internal dilation from between zones)
NSI: no significant intersection
Channel Sample Significant Results:
Channel_id
from
(m)
interval
(m)
Au
(g/t)
Ag
(g/t)
Zn (%)
AuEq
(g/t)
Cu (%)
Pb (%)
Note

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital

978.7m shares 48.7m options 120m perf shares 16m perf rights

Australian Registered Office

Directors

Contact

Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

www.challengerex.com

Criteria JORC Code explanation Commentary
RNNV09-01 1.17 10.71 6.4 40.9 1.5 7.5 0.17 0.92
RNNV09-01A 0.00 12.34 12.0 34.9 0.51 12.7 0.05 0.40
inc 2.00 8.41 17.2 39.5 0.41 17.8 0.06 0.51 1
RNNV09-01B 0.00 13.94 3.5 29.8 0.80 4.2 0.04 0.53
inc 10.04 1.95 15.0 84.0 2.5 17.2 0.16 2.3 1
RNNV09-01C 0.00 24.11 16.9 37.8 5.8 19.8 0.25 0.58
inc 6.24 13.79 23.3 59.0 7.8 27.4 0.18 0.48 1
RNNV09-01D 0.00 8.16 10.0 23.3 0.68 10.6 0.30 0.13
inc 0.00 6.56 12.4 21.9 0.8 13.0 0.33 0.15 1
RNNV09-02 0.00 4.77 0.84 15.5 3.1 2.4 0.44 1.0
RNNV09-03 0.00 3.55 7.1 45.5 1.1 8.2 1.1 1.3
RNNV10-01 NSI
RNNV10_02 0.00 1.98 8.8 62.9 1.2 10.1 0.04 0.28 1
RNNV10_03A 0.00 3.21 1.0 39.1 12.6 7.0 0.52 0.25
inc 1.60 1.60 2.0 54.8 20.7 11.7 0.65 0.50 1
RNNV10_03B 0.00 7.31 22.6 60.5 5.6 25.8 0.38 0.26
inc 1.65 5.66 28.5 54.1 3.6 30.8 0.24 0.32 1
RNNV10_04A 2.25 29.73 19.5 22.8 5.9 22.4 0.10 0.09 2
inc 2.25 23.60 24.6 27.9 7.3 28.1 0.12 0.11
inc 4.37 5.89 96.0 85.1 3.7 98.7 0.20 0.12 1
RNNV10_04B 99.56 4.32 0.05 2.5 2.8 1.3 0.06 0.03 2
inc 101.88 2.00 0.08 3.2 5.4 2.4 0.11 0.06
and 117.23 34.00 0.77 20.7 2.5 2.1 0.13 0.10 2
inc 118.18 2.07 0.19 160 23.2 12.3 1.7 0.88
inc 124.86 2.08 0.36 1.0 2.8 1.6 0.06 0.00
inc 131.64 11.91 1.9 25.5 1.6 3.0 0.05 0.13
inc 146.46 0.92 0.72 6.2 2.6 1.9 0.04 0.03
and 168.53 0.96 0.85 14.6 0.48 1.2 0.0 0.41
and 215.15 6.45 0.30 6.2 0.80 0.73 0.02 0.17 2
inc 218.81 1.76 0.60 7.9 1.8 1.5 0.06 0.28
RNNV10_04C 18.78 2.79 1.0 1.2 0.09 1.1 0.01 0.04 2
inc 20.62 0.95 1.7 2.5 0.11 1.8 0.01 0.05
GN23-831 0.00 0.00 0.31 9.8 1.5 1.1 0.04 0.13
RNNV10_06 0.00 9.28 1.4 87.1 7.6 5.8 0.92 0.23 2
inc 0.00 8.28 1.5 96.1 8.4 6.4 0.92 0.26
inc 6.33 1.06 0.05 36.5 30.0 13.5 0.17 0.18 1
RNNV10_07 0.00 3.87 0.16 4.5 1.1 0.69 0.06 0.05 2

Challenger Exploration Limited Issued Capital ACN 123 591 382 978.7m shares ASX: CEL 48.7m options 120m perf shares 16m perf rights

Australian Registered Office

Directors

Contact

Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

www.challengerex.com

Criteria JORC Code explanation Commentary
inc 2.87 1.00 0.33 14.8 3.2 1.9 0.21 0.17
RNNV10_08 0.94 2.82 19.4 87.6 3.8 22.2 0.14 2.5 2
inc 0.94 1.80 30.2 135 5.6 34.4 0.21 3.9 1
RNNV10_09 NSI
RNNV10_10 0.00 1.13 0.20 3.3 0.31 0.38 0.00 0.04 2
RNNV11-01 0.0 96.5 9.8 81.8 10.6 15.4 0.62 0.99
RNNV11-02 2.0 55.3 4.7 172 3.59 8.4 0.21 0.62
inc 3.9 20.6 7.9 352 3.29 13.8 0.30 0.99 1
RNNV11-03 0.0 10.2 0.19 6.4 3.21 1.7 2.0 0.04
RNNV11-04 0.0 5.4 2.3 6.6 4.87 4.5 0.15 0.07
RNNV11-05 0.0 4.7 3.7 24.6 4.20 5.9 0.03 0.14
RNNV12-01 0.0 35.2 3.2 18.2 8.0 6.9 0.09 0.07
RNNV12-02 0.0 6.0 1.9 41.4 10.5 6.9 0.22 0.05
RNNV12-03 0.0 12.8 8.7 16.9 5.2 11.2 0.59 0.02
RNNV12-04 0.0 21.1 12.7 37.7 7.1 16.3 0.11 0.40
inc 0.0 5.2 13.4 41.0 18.2 21.8 0.18 0.43 1
inc 14.7 6.5 29.1 51.3 4.7 31.8 0.19 0.89 1
RNNV12-05 0.0 64.8 23.4 104 8.3 28.3 0.20 1.5
inc 7.6 8.8 45.2 88.7 6.8 49.3 0.34 0.68 1
inc 20.1 26.5 29.3 114 8.2 34.4 0.24 2.9 1
inc 49.7 3.1 13.3 337 13.1 23.3 0.24 0.80 1
inc 56.9 3.3 67.7 268 11.5 76.0 0.24 1.3 1
RNNV12-06 0.0 5.0 1.3 156 7.5 6.6 0.08 0.21
RNNV12-07 0.0 3.1 10.9 19.4 4.8 13.3 0.09 0.30
RNNV12-08 0.0 3.5 17.6 37.3 0.31 18.2 0.02 0.10
RNNV12-09 0.0 5.4 30.9 83.9 8.4 35.6 0.34 1.8 1
RNNV12-10 0.0 8.7 3.8 837 1.4 15.0 0.22 0.76 1
RNNV12-11 0.0 2.3 29.7 70.8 0.86 30.9 0.07 0.14 1
RNNV12-12 0.0 19.8 13.7 102 3.0 16.3 0.11 0.41 1
MUNV10-01 0.00 15.28 0.19 9.0 0.12 0.35 0.02 0.16 2
MUNV10-02 4.16 24.91 2.0 12.1 2.4 3.2 0.11 0.30
MUNV10-03 0.00 3.81 3.1 55.2 8.0 7.3 0.43 1.1
MUNV10-04 0.00 4.28 2.1 109 2.8 4.7 2.8 1.6
MGNV10-01 2.00 44.34 0.33 5.2 0.19 0.48 0.01 0.04 2
inc 44.67 1.66 5.9 96.9 2.3 8.1 0.13 0.16
MGNV10-02 0.00 22.47 9.8 21.0 6.5 12.9 0.11 0.45
inc 0.00 4.21 34.7 29.4 22.1 44.7 0.32 1.9 1

Challenger Exploration Limited Issued Capital ACN 123 591 382 978.7m shares ASX: CEL 48.7m options 120m perf shares 16m perf rights

Australian Registered Office

Directors

Contact

Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

www.challengerex.com

Criteria JORC Code explanation Commentary
inc 8.39 2.54 14.1 93.7 0.67 15.6 0.13 0.29 1
inc 15.92 2.77 8.2 18.1 0.15 8.5 0.03 0.25 1
MGNV10-03 0.00 35.04 2.5 41.0 0.72 3.3 0.04 0.16 2
inc 0.00 20.49 4.2 67.7 1.1 5.5 0.07 0.26
MGNV10-04 0.00 4.79 0.14 1.7 0.26 0.28 0.05 0.05 2
MGNV10-05 0.00 12.00 13.8 105 3.0 16.5 0.05 0.21
inc 0.00 3.70 33.2 298 4.2 38.9 0.06 0.09
MGNV10-06 0.00 9.91 4.2 25.3 4.5 6.5 0.07 0.20
MGNV10-07 0.00 9.59 3.6 57.3 6.4 7.1 0.35 4.8
MGNV10-07 19.80 2.02 0.23 5.1 3.0 1.6 0.03 0.04
MGNV10-08 0.00 4.21 3.0 17.6 2.5 4.2 0.04 0.20
MGNV10-09 0.00 6.48 5.5 44.3 6.4 8.9 0.14 0.07
MGNV10-10 0.00 1.00 1.1 3.3 0.94 1.6 0.01 0.14
SZNV10-01 2.0 30.4 1.2 8.8 1.9 2.2 0.06 0.01 2
inc 23.6 8.7 3.9 28.8 6.3 7.0 0.19 0.02
SZNV10-02 0.0 52.0 1.3 7.9 4.5 3.4 0.40 0.06 2
inc 0.0 6.3 2.6 27.5 1.9 3.7 0.33 0.08
inc 11.3 25.7 2.0 8.1 7.7 5.5 0.48 0.07
inc 18.7 6.2 7.0 17.0 3.0 8.5 0.14 0.13 1
inc 41.5 1.8 0.03 0.34 3.2 1.4 0.12 0.02
SZNV10-03 0.0 4.4 8.2 63.2 0.8 9.4 0.05 0.09
SZNV10-04 0.0 3.5 9.1 27.4 3.7 11.1 0.20 0.08
SZNV11-01 0.0 14.9 0.34 2.3 4.0 2.1 0.19 0.01 2
inc 0.0 11.2 0.43 2.3 5.0 2.6 0.25 0.01
SZNV11-02 0.0 3.4 4.0 27.5 2.5 5.4 0.37 0.04
SZNV11-03 0.0 9.3 2.1 34.1 2.4 3.6 0.53 0.07 2
inc 1.0 8.3 2.3 37.6 2.5 3.9 0.56 0.07
SZNV11-04 0.0 6.1 0.08 2.0 7.6 3.4 0.33 0.04 2
inc 0.0 4.3 0.06 1.4 10.3 4.6 0.24 0.02
SZNV11-05 0.0 3.3 0.53 20.1 4.0 2.5 0.68 0.15 2
inc 2.0 1.3 1.2 44.9 8.6 5.5 0.89 0.22
SZNV11-06 0.0 17.2 0.06 5.0 11.4 5.1 0.68 0.12
SZNV11-07 0.0 3.8 0.03 1.2 8.9 3.9 0.46 0.06
SZNV11-08 0.0 7.1 3.8 18.7 9.6 8.1 0.62 1.2
SZNV11-09 0.0 30.7 0.91 70.2 13.5 7.7 0.74 0.74
SZNV11-10 0.0 3.1 0.38 55.8 14.8 7.5 0.47 0.16
SZNV11-11 0.0 4.6 0.26 9.1 12.6 5.8 1.0 0.16

Challenger Exploration Limited Issued Capital ACN 123 591 382 978.7m shares ASX: CEL 48.7m options 120m perf shares 16m perf rights

Australian Registered Office

Directors

Contact

Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

www.challengerex.com

Criteria JORC Code explanation Commentary
inc 0.0 3.6 0.32 11.2 15.9 7.4 1.3 0.21
SZNV11-12 0.0 12.0 8.3 28.9 1.4 9.3 0.11 0.13
L5NV10-01 8.55 9.40 0.26 5.5 0.10 0.38 0.01 0.04 2
L5NV10-02 0.00 6.30 1.7 32.8 0.48 2.3 0.01 0.08 2
inc 2.00 4.30 2.4 42.7 0.28 3.1 0.01 0.11
L5NV10-03 0.00 1.44 1.2 11.3 0.11 1.3 0.01 0.48 2
L5NV10-04 0.00 9.04 26.0 50.8 0.10 26.7 0.03 1.1
inc 2.20 6.85 33.1 60.9 0.13 34.0 0.03 1.2 1
L5NV10-05 0.00 2.69 20.1 268 0.08 23.5 0.02 1.0 1
L6NV10-01 0.00 5.21 10.4 19.1 0.18 10.7 0.02 0.48 2
inc 2.00 1.79 27.3 39.3 0.22 27.9 0.01 0.84
L6NV10-02 0.00 3.77 0.70 4.5 0.41 0.93 0.01 0.07 2
and 14.44 10.46 11.2 215 0.31 14.0 0.03 0.98 2
inc 18.10 6.81 17.0 329 0.16 21.3 0.03 1.5
BCNV10-02 2.82 1.92 0.32 2.2 0.43 0.54 0.01 0.00 2
FHNV10-01A 6.40 1.78 0.09 2.9 0.35 0.28 0.01 0.01 2
FHNV10-01B 0.00 9.21 3.0 89.6 2.2 5.1 0.13 3.5 2
inc 1.92 4.63 5.6 175 3.8 9.5 0.23 6.8
FHNV10-02 0.00 13.01 12.0 80.2 5.6 15.5 0.40 4.8
inc 0.00 8.49 17.8 114 6.2 21.9 0.53 6.9 1
FHNV10-03 0.00 12.71 2.1 64.2 3.5 4.4 0.28 1.6
FHNV10-04 0.00 4.24 3.1 136 7.7 8.1 0.57 7.0
FHNV10-05 0.00 1.67 6.4 360 12.7 16.4 0.69 9.7
FHNV10-06 0.00 3.83 3.8 156 20.2 14.6 0.61 4.2
FHNV10-07 3.45 1.03 0.08 1.3 0.50 0.31 0.01 0.02 2
GN24-539 0.00 1.00 0.24 4.7 0.51 0.52 0.05 0.34 2
CINV10-02 0.00 5.27 0.69 4.4 0.07 0.78 0.00 0.02 2
inc 3.33 1.94 1.5 5.3 0.08 1.6 0.00 0.02
CIINV10-01A 1.80 6.96 0.90 17.9 0.26 1.24 0.02 0.18 2
CIINV10-01B 0.00 7.02 1.45 79.3 0.23 2.55 0.02 0.34 2
CIINV10-03 0.00 26.89 0.80 43.2 0.21 1.44 0.02 0.17 2
inc 8.22 13.53 1.11 76.6 0.33 2.23 0.03 0.29
CIIIVN10-01 0.00 81.00 NSI
CHNV10-01A 0.00 9.94 8.0 6.6 0.38 8.3 0.12 0.80
inc 5.10 3.09 21.6 12.7 0.61 22.0 0.22 1.4 1
CHNV10-01B 1.70 7.27 1.4 3.2 1.1 2.0 0.02 0.44 2
inc 3.32 5.65 1.6 3.7 1.4 2.3 0.02 0.49

Challenger Exploration Limited Issued Capital ACN 123 591 382 978.7m shares ASX: CEL 48.7m options 120m perf shares 16m perf rights

Australian Registered Office

Directors

Contact

Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

www.challengerex.com

Criteria
JORC Code explanation		 Commentary
CHNV10-02
0.00
19.30
0.69
8.6
0.95
1.2
0.03
0.44
2
inc
0.00
2.92
0.89
34.6
4.8
3.4
0.07
1.9
inc
9.16
3.21
0.87
4.2
0.55
1.2
0.02
0.29
inc
16.07
1.60
1.9
15.0
0.31
2.2
0.09
0.42
CHNV10-03
0.00
3.94
0.40
2.0
0.50
0.64
0.02
0.15
2
inc
3.21
0.73
1.3
1.4
0.70
1.6
0.02
0.15
CHNV10-04
0.00
7.96
2.0
8.5
1.1
2.6
0.03
0.62
DJNV10-01A
0.00
59.54
2.2
11.2
5.1
4.5
0.23
0.07
inc
57.49
2.06
15.7
49.7
2.1
17.2
0.08
0.11
1
DJNV10-01B
4.14
20.23
0.06
2.6
0.32
0.23
0.00
0.01
2
SNV10-01
0.00
15.55
70.9
59.1
0.18
71.7
0.10
1.7
inc
0.00
4.00
202
172
0.07
203.8
0.03
2.3
1
inc
8.19
6.30
43.7
22.6
0.15
44.0
0.06
2.1
1
SNV10-02
0.00
12.52
2.3
12.3
1.36
3.0
0.14
0.55
(1) cut off 10 g/t Au equivalent
(2) cut off 0.2 g/t Au equivalent
NSI: no significant intersection
Data aggregation
methods
-
In reporting Exploration Results weighting averaging
techniques maximum and/or minimum grade
truncations (eg cutting of high grades) and cut-off
grades are usually Material and should be stated.
-
Where aggregate intercepts incorporate short lengths
of high-grade results and longer lengths of low-grade
results the procedure used for such aggregation should
be stated and some typical examples of such
aggregations should be shown in detail.
-
The assumptions used for any reporting of metal
equivalent values should be clearly stated.
Weighted average significant intercepts are reported to a gold grade equivalent (AuEq). Results are
reported to cut-off grade of a 1.0 g/t Au equivalent and 10 g/t Au equivalent allowing for up to 2m of
internal dilution between samples above the cut-off grade and 0.2 g/t Au equivalent allowing up to 10m of
internal dilution between samples above the cut-off grade. The following metals and metal prices have
been used to report gold grade equivalent: Au US$ 1780 / oz Ag US$24 /oz and Zn US$ 2800 /t.
Metallurgical recoveries for Au, Ag and Zn have been estimated from metallurgical test work completed by
SGS Metallurgical Operations in Lakefield, Ontario using a combination of gravity and flotation of a
combined metallurgical sample from 5 drill holes. Using data from the test results, and for the purposes of
the AuEq calculation gold recovery is estimated at 89%, silver at 84% and zinc at 79%. Accordingly, the
formula used is AuEq (g/t) = Au (g/t) + [Ag (g/t) x (24/1780) x (0.84/0.89)] + [Zn (%) x (28.00*31.1/1780) x
(0.79/0.89)]. Metallurgical test work and geological and petrographic descriptions suggest all the elements
included in the metal equivalents calculation have a reasonable potential of eventual economic recovery.
While Cu and Pb are reported in the table above, these metals are not used in the Au equivalent calculation
at this early stage of the Project.
No top cuts have been applied to the reported grades.
Relationship
between
mineralisation
-
These relationships are particularly
important in the reporting of
Exploration Results.
-
If the geometry of the mineralisation
The mineralisation is moderately or steeply dipping and strikes NNE and ENE. For some drill holes, there is insufficient
information to confidently establish the true width of the mineralized intersections at this stage of the exploration
program.

Challenger Exploration Limited

ACN 123 591 382

ASX: CEL

Australian Registered Office

Issued Capital

Directors

Contact

978.7m shares Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 48.7m options 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] 120m perf shares West Perth WA 6005 Mr Fletcher Quinn , Chairman 16m perf rights Mr Sergio Rotondo, Exec. Director

www.challengerex.com

Criteria JORC Code explanation JORC Code explanation Commentary
widths and with respect to the drill hole angle is Apparent widths may be thicker in the case where bedding-parallel mineralisation may intersect ENE-striking cross faults
intercept lengths known its nature should be reported. and veins.
- If it is not known and only the down
hole lengths are reported there should
be a clear statement to this effect (eg		 Representative cross section interpretations have been provided with release of significant intersections to allow
estimation of true widths from individual drill intercepts.
‘down hole length true width not
_known’). _
Diagrams - Appropriate maps and sections (with Representative maps and sections are provided in the body of reports released to the ASX.
scales) and tabulations of intercepts
should be included for any significant
discovery being reported These should
include but not be limited to a plan
view of drill hole collar locations and
appropriate sectional views.
Balanced reporting
-		 Where comprehensive reporting of all All available final data have been reported.
Exploration Results is not practicable
representative reporting of both low
and high grades and/or widths should
be practiced to avoid misleading
reporting of Exploration Results.
Other substantive - Other exploration data if meaningful Geological context and observations about the controls on mineralisation where these have been made are provided in
exploration data and material should be reported the body of the report.
including (but not limited to):
geological observations; geophysical Specific gravity measurements have been taken from the drill core recovered during the drilling program. These data are
survey results; geochemical survey expected to be used to estimate bulk densities in future resource estimates.
results; bulk samples – size and method
of treatment; metallurgical test results;
Eight Induced Polarisation (IP) lines have been completed in the northern area. Each line is approximately 1 kilometre in
bulk density groundwater geotechnical length lines are spaced 100m apart with a 50m dipole. The initial results indicate possible extension of the mineralisation
and rock characteristics; potential with depth. Data will be interpreted including detailed re-processing and drill testing.
deleterious or contaminating
substances. A ground magnetic survey and drone magnetic survey have been completed. The results of these data are being
processed and interpreted with the geological information provided from surface and in the drilling and will be used to
guide future exploration.
Further work - The nature and scale of planned further
•
CEL Plans to undertake the following over the next 12 months
work (eg tests for lateral extensions or •
Additional data precision validation and drilling as required;
depth extensions or large-scale step-

Challenger Exploration Limited Issued Capital Australian Registered Office Directors Contact ACN 123 591 382 978.7m shares Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 ASX: CEL 48.7m options 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] 120m perf shares West Perth WA 6005 Mr Fletcher Quinn , Chairman 16m perf rights Mr Sergio Rotondo, Exec. Director

www.challengerex.com

Criteria JORC Code explanation JORC Code explanation Commentary Commentary
out drilling). • Detailed interpretation of known mineralized zones;
- Diagrams clearly highlighting the areas • Geophysical tests for undercover areas.
of possible extensions including the • Structural interpretation and alteration mapping using high resolution satellite data and geophysics to better
main geological interpretations and
future drilling areas provided this
information is not commercially
sensitive.		 •
•		 target extensions of known mineralisation.
Field mapping program targeting extensions of known mineralisation.
Investigate further drilling requirements to upgrade both the unclassified mineralisation and mineralisation in
the existing historical resources to meet JORC 2012 requirements;
• Further metallurgical test work on lower grade mineralisation in the intrusions and oxidised mineralisation.

Challenger Exploration Limited Issued Capital ACN 123 591 382 978.7m shares ASX: CEL 48.7m options 120m perf shares 16m perf rights

Australian Registered Office

Directors

Level 1 Mr Kris Knauer, MD and CEO 1205 Hay Street Mr Scott Funston, Finance Director West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Contact

T: +61 8 6380 9235 E: [email protected]

www.challengerex.com

Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in the preceding section also apply to this section.)

Criteria JORC Code explanation JORC Code explanation Commentary
Database integrity - Measures taken to ensure that data has not Geological logging completed by previous explorers was done on paper copies and transcribed into the drill hole
been corrupted by for example transcription or database. The data was checked for errors. Checks can be made against the original logs and core photographs.
keying errors between its initial collection and
its use for Mineral Resource estimation Assay data is received in digital format. Backup copies are kept and the data is copied into the drill hole database.
purposes.
- Data validationprocedures used. The drill hole data is backed up and is updated periodically by a Company GIS and data team.
Site visits - Comment on any site visits undertaken by the Site visits have been undertaken from 3 to 16 October 2019 15 to 30 November 2019 and 1-19 February 2020. The
Competent Person and the outcome of those performance of the drilling program collection of data and sampling procedures were initiated during these visits.
visits.
- If no site visits have been undertaken indicate
why this is the case.
Geological - Confidence in (or conversely the uncertainty of)
The interpretation is considered appropriate given the stage of the project and the nature of activities that have
interpretation the geological interpretation of the mineral been conducted. The interpretation captures the essential geometry of the mineralised structure and lithologies
deposit. with drill data supporting the findings from the initial underground sampling activities.
- Nature of the data used and of any
assumptions made. The most recent resource calculation (2006 and 2003 – La Mancha) used all core drilling at the time and detailed
- The effect if any of alternative interpretations underground channel sampling collected by EPROM CMEC and La Mancha. Overlying assumptions included a
on Mineral Resource estimation. reduction of the calculated grade in each resource block by a factor of 10% to account for possible errors in the
- The use of geology in guiding and controlling analyses and samples. An arbitrary reduction factor was applied to the 2006 resource whereby the net reported
Mineral Resource estimation. tonnage was reduced by 25% for indicated resource blocks 50% for inferred resource blocks and 75% of potential
- The factors affecting continuity both of grade mineral resource blocks. The reason for the application of these tonnage reduction factors was not outlined in the
and geology. resource report. It is noted that at the time of this report La Mancha was in a legal dispute concerning the project
with its joint venture partner and given the acquisition of a 200000 Oz per annum producing portfolio the project
was likely no longer a core asset for La Mancha at that time. Additionally, under the original acquisition agreement
La Mancha had to issue additional acquisition shares based on resource targets.
The effect of removing the assumptions relating to application of the arbitrary tonnage reduction factors applied
increases the overall resource tonnage by in excess of 50%. Removing these correction factors would bring the
overall tonnage and grade close the earlier (2003 1999 and 1996) tonnage and grade estimates albeit in different
categories (lower confidence) which are considered more appropriate.
The mineralisation is defined to the skarn and vein bodies detailed cross section and plan maps were prepared for
these bodies with their shapes used in controllingthe resource estimate.

Challenger Exploration Limited Issued Capital Australian Registered Office Directors Contact ACN 123 591 382 978.7m shares Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 ASX: CEL 48.7m options 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] 120m perf shares West Perth WA 6005 Mr Fletcher Quinn , Chairman 16m perf rights Mr Sergio Rotondo, Exec. Director

www.challengerex.com

Criteria JORC Code explanation JORC Code explanation Commentary
The structure of the area is complex and a detailed structural interpretation is recommended as this may provide a
better understanding of the continuity of mineralisation and possible extensions to it. The deposit contains
bonanza gold values and while very limited twinning has indicated acceptable repeatability a rigorous study of
grade continuityneeds to be undertaken aspart of future resource calculations.
Dimensions - The extent and variability of the Mineral For the historic resource no reliable information has been provided to the owner however through further ongoing
Resource expressed as length (along strike or investigation is being conducted by the owner to address this information gap.
otherwise) plan width and depth below surface
to the upper and lower limits of the Mineral
Resource.
Estimation and - The nature and appropriateness of the The historic resource estimation techniques are considered appropriate. The 2003 and 2006 resources used a
modelling estimation technique(s) applied and key longitudinal section polygonal method was used for estimating resources with individual blocs representing
techniques assumptions including treatment of extreme
grade values domaining interpolation		 weighted averages of sampled underground and/or areas of diamond drill pierce points with zones of influence
halfway to adjacent holes. The area of the block was calculated in AutoCad directly from the longitudinal sections.
parameters and maximum distance of
extrapolation from data points. If a computer Check assaying by PG Consulting returned values in the check assay sample which were 3.4% and 13% greater for
assisted estimation method was chosen include
Au and Ag than the original assays. A number pf previous resource estimates were available to check the 2006
a description of computer software and resource estimate when the arbitrary tonnage reduction factors are removed brings the overall tonnage and grade
parameters used. close the earlier (2003 1999 and 1996) tonnage and grade estimates albeit indifferent categories which are
- The availability of check estimates previous considered more appropriate.
estimates and/or mine production records and
whether the Mineral Resource estimate takes It was assumed only gold silver and zinc would be recovered and that no other by products would be recovered.
appropriate account of such data. This is viewed as conservative given metallurgical data pointing to the production of a saleable zinc concentrate.
- The assumptions made regarding recovery of
by-products. Based on the preliminary metallurgy estimation of deleterious elements or other non-grade variables of economic
- Estimation of deleterious elements or other significance was not required.
non-grade variables of economic significance
(eg sulphur for acid mine drainage The minimum mining width of 0.8m was assumed for veins less than 0.6m and for wider widths a dilution of 0.2m
characterisation). was used to calculate the grade.
- In the case of block model interpolation the
block size in relation to the average sample No assumptions were made regarding correlation between variables.
spacing and the search employed.
- Any assumptions behind modelling of selective The mineralisation is defined within skarn and associated vein deposits. Detailed cross section and plan maps were
mining units. prepared for these domains with their shapes used in controlling the resource estimate. Long sections of the veins
- Any assumptions about correlation between and skarn were taken and sampling was plotted and the blocks outlined considering this.
variables.

Challenger Exploration Limited Issued Capital Australian Registered Office Directors Contact ACN 123 591 382 978.7m shares Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 ASX: CEL 48.7m options 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] 120m perf shares West Perth WA 6005 Mr Fletcher Quinn , Chairman 16m perf rights Mr Sergio Rotondo, Exec. Director

www.challengerex.com

Criteria JORC Code explanation JORC Code explanation Commentary Commentary
- Description of how the geological Grade cutting was not used in the calculation of the resource and no discussion was given as to why it was not
interpretation was used to control the resource
employed. It is recommended that a study be undertaken to determine if an appropriate top cut need be applied
estimates. No data is available on the process of validation.
- Discussion of basis for using or not using grade
cutting or capping.
- The process of validation the checking process
used the comparison of model data to drill hole
data and use of reconciliation data if available
Moisture - Whether the tonnages are estimated on a dry No data is available.
basis or with natural moisture and the method
of determination of the moisture content.
Cut-off - The basis of the adopted cut-off grade(s) or The Mineral Resource Estimate is above a cut-off grade of 3.89 g/t Au. This is based on the assumed mining cost at
parameters quality parameters applied. the time of the estimate.
Mining factors or - Assumptions made regarding possible mining The Mineral Resource Estimate considered the assumptions outlined below which are considered appropriate;
assumptions methods minimum mining dimensions and - Metal prices: Au US$550 Oz Ag US$10 Oz
internal (or if applicable external) mining - Metallurgical Recovery; Au – 80% Ag – 70% Zn - nil
dilution. It is always necessary as part of the - Operating cost: US$55t based on underground cut and fill mining and flotation and cyanidation
process of determining reasonable prospects combined
for eventual economic extraction to consider The minimum mining width of 0.8m was assumed for veins less than 0.6m and for wider widths a dilution of 0.2m
potential mining methods but the assumptions was used to calculate the grade.
made regarding mining methods and
parameters when estimating Mineral
Resources may not always be rigorous. Where
this is the case this should be reported with an
explanation of the basis of the mining
assumptions made.
Metallurgical - The basis for assumptions or predictions Historical metallurgical test-work assumptions were 80% recovery for Au, Ag and Zn.
factors or regarding metallurgical amenability. It is - The most recent historic test work was conducted in 1999 by Lakefield Research (cyanidation) and CIMM
assumptions always necessary as part of the process of
determining reasonable prospects for eventual		 Labs (flotation) in Chile on 4 samples which all contain primary sulphide minerals and so can be
considered primary, partial oxide or fracture oxide samples.
economic extraction to consider potential - The test work was conducted using a 150 micron grind which would appear to coarse based on
metallurgical methods but the assumptions petrography conducted by CEL which shows that the gold particles average 30-40 microns.
regarding metallurgical treatment processes - Rougher flotation tests were performed with a 20 minute and 30 minute floatation time. Generally, the
and parameters made when reporting Mineral longer residence time improved recovery. Recoveries to concentrate for gold range from 59.6% - 80.6%
Resources may not always be rigorous. Where and for silver from 63.1% – 87.2%.
Challenger Exploration Limited Issued Capital Australian Registered Office Directors Contact
ACN 123 591 382 978.7m shares Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235
ASX:CEL 48.7m options 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected]
120m perf shares West Perth WA 6005 Mr Fletcher Quinn,Chairman
16m perf rights Mr Sergio Rotondo, Exec. Director

www.challengerex.com

Criteria JORC Code explanation Commentary Commentary
this is the case this should be reported with an - Knelson concentrate tests with floatation of tailings were also completed. Applying a joint process
explanation of the basis of the metallurgical Knelson concentrator and floatation of the tailings of the concentrator it is found that the global recovery
assumptions made. is approximately 80% for gold.
- While the testwork was focused predominantly on gold recovery some rougher flotation testwork was
undertaken targeting Zn recovery producing up to 85% recoveries. In sulphide samples this produced a
Zn concentrate containing 42% Zn with grades in excess of 50% Zn in concentrate expected with
additional floatation stages.
- The report concluded that it was possible to produce a commercial Au-Ag concentrate and a Zn
concentrate.
- Extraction of gold and silver by cyanidation was tested on 3/8 and ¾ inch (9.525mm and 19.05mm) crush
sizes that are designed to test a heap leach processing scenario. Bottle roll of these crush size resulted in
41-39% gold recovery and 31-32% silver recovery with high cyanide consumption. No tests have been
done on material at a finer grind size.
More recently, CEL has completed initial metallurgical test work on a 147 kg composite sample of mineralised
limestone drill core from GMDD039, GMDD040, GMDD041, GNDD043, GNDD003 and GNDD018 and a 55 kg
composite sample of mineralised intrusion (dacite) drill core from GNDD113, GNDD113A, GNDD155 and
GNDD157. The of skarn mineralisation in limestone that has a weighted average grade of 10.4 g/t Au, 31.7 g/t
Ag, 3.2 % Zn, 0.15 % Cu and 0.46 % Pb. The sample of mineralised dacite has a weighted average grade of 1.1
g/t Au, 7.0 g/t Ag and 0.1 % Zn. Separate tests on 2 kg sub-samples were done with differing grinding times,
Knelson and Mosley table gravity separation techniques and floatation techniques to provide a series of
gravity and floatation concentrates. Key results are:
- Combined gravity and floatation concentration process resulted in recoveries 85-95% for Au, 82-87% for
silver and 77-80% for zinc. Cu had similar recoveries to Ag and Pb had similar recoveries to Zn.
- A simple gravity separation followed by a sulfide flotation process when re-combined produced a single
product with a median grade of 47 g/t Au, 120 g/t Ag and 13% Zn with a recovered weight of 24-33% of
the sample weight.
- Tailings fragment analysis indicates a grind of (p80) 72-106m. Generally, a coarser grind resulted in a
higher % weight recovered to the concentrate with a corresponding lower grade without significantly
impacting recovery.
- QEMSCAN analysis of the sample indicates much of the Zn not recovered is due to the presence of Zn
oxide (franklinite) and silicates (hemimorphite).
- Sulphides present are dominated by pyrite and sphalerite. Also present are chalcopyrite, pyrrhotite,
chalcocite, bornite and galena.
- Further test work isplanned.

Challenger Exploration Limited Issued Capital ACN 123 591 382 978.7m shares ASX: CEL 48.7m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Mr Kris Knauer, MD and CEO

Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Contact

T: +61 8 6380 9235 E: [email protected]

www.challengerex.com

Criteria JORC Code explanation JORC Code explanation Commentary
Environmental - Assumptions made regarding possible waste It is considered that there are no significant environmental factors which would prevent the eventual extraction of
factors or and process residue disposal options. It is gold from the project. Environmental surveys and assessments will form a part of future pre-feasibility.
assumptions always necessary as part of the process of
determining reasonable prospects for eventual
economic extraction to consider the potential
environmental impacts of the mining and
processing operation. While at this stage the
determination of potential environmental
impacts particularly for a greenfields project
may not always be well advanced the status of
early consideration of these potential
environmental impacts should be reported.
Where these aspects have not been considered
this should be reported with an explanation of
the environmental assumptions made.
Bulk density - Whether assumed or determined. If assumed Densities of 2.7 t/m3 were used for mineralised veins and 2.6 t/m3 for wall rock.
the basis for the assumptions. If determined
the method used whether wet or dry the No data of how densities were determined is available.
frequency of the measurements the nature size
and representativeness of the samples. The bulk densities used in the evaluation process are viewed as appropriate at this stage of the Project.
- The bulk density for bulk material must have
been measured by methods that adequately CEL is collecting specific gravity measurements from drill core, which it is expected will be able to be used to
account for void spaces (vugs porosity etc) estimate the block and bulk densities in future resource estimates.
moisture and differences between rock and For RC drilling, the weights of material recovered from the drill hole is also able to be used as a measure of the bulk
alteration zones within the deposit. density.
- Discuss assumptions for bulk density estimates
used in the evaluation process of the different
materials.
Classification - The basis for the classification of the Mineral The Mineral Resource Estimate has both Indicated and Inferred Mineral Resource classifications under the National
Resources into varying confidence categories. Instrument 43-101 code and is considered foreign. These classifications are considered appropriate given the
- Whether appropriate account has been taken confidence that can be gained from the existing data and results from drilling.
of all relevant factors (ie relative confidence in
tonnage/grade estimations reliability of input The reliability of input data for the 2003 and 2006 resources is acceptable as is the confidence in continuity of
data confidence in continuity of geology and geology and metal values quality quantity and distribution of the data. Appropriate account has been taken of all
metal values quality quantity and distribution relevant factors with the exception of studies into the appropriateness of the application of a top cut.
_of the data). _
Challenger Exploration Limited Issued Capital
Australian Registered Office		 Directors Contact
ACN 123 591 382 978.7m shares
Level 1		 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235
ASX:CEL 48.7m options
1205 Hay Street		 Mr Scott Funston, Finance Director E: [email protected]
120m perf shares
West Perth WA 6005		 Mr Fletcher Quinn,Chairman
16m perf rights Mr Sergio Rotondo, Exec. Director

www.challengerex.com

Criteria
JORC Code explanation		 Commentary
-
Whether the result appropriately reflects the
Competent Person’s view of the deposit.		 The reported 2006 NI43-101 (non-JORC Code compliant Measured and Indicated) estimate for the Hualilan Project
is measured resource of 164294 tonnes averaging 12.6 grams per tonne gold and 52.1 g/t silver and 2.5% zinc plus
an indicated resource of 51022 tonnes averaging 12.4 grams per tonne gold and 36.2 g/t silver and 2.6% zinc plus
an inferred resource of 213952 tonnes grading 11.7 grams per tonne gold and 46.6 g/t silver and 2.3% zinc. (Source
La Mancha resources Toronto Stock Exchange Release April 7 2007 - Interim Financials) – See Table 1.
The 2006 estimate did not include the east-west mineralised Magnata Vein despite the known mineralisation in
the Magnata Vein being drilled on a 25 x 50-metre spacing. The 2003 NI43-101 (non-JORC Code compliant)
estimate attributed approximately half of its measured and indicated tonnage to the Magnata Vein. The 2006
estimate also included arbitrary tonnage reduction factors of 25% for indicated category 50% for inferred category
and 75% for potential category.
The 2006 estimate also included a significant tonnage of Potential Category Resources which have not been
reported.
The reported 2003 NI43-101 (non-JORC Code compliant) estimate for the Hualilan project is a measured resource
of 299578 tonnes averaging 14.2 grams per tonne gold plus an indicated resource of 145001 tonnes averaging 14.6
grams per tonne gold plus an inferred resource of 976539 tonnes grading 13.4 grams per tonne gold representing
some 647809 ounces gold. (Source La Mancha resources Toronto Stock Exchange Release May 14 2003 -
Independent Report on Gold Resource Estimate) – See Table 1.
The 2003 Mineral Resource classification and results appropriately reflect the Competent Person’s view of the
deposit and the current level of risk associated with the project to date.
Historic 2003 NI43-101 (non-JORC Code compliant):
CATEGORY
TONNES
Au(g/t)
Ag (g/t)
Zn%
Measured
299,578
14.2
Indicated
145,001
14.6
Inferred
976,539
13.4
Historic 2006 NI43-101 (non-JORC Code compliant)
CATEGORY
TONNES
Au(g/t)
Ag (g/t)
Zn%

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital

978.7m shares 48.7m options 120m perf shares 16m perf rights

Australian Registered Office

Directors

Contact

Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

www.challengerex.com

Criteria JORC Code explanation JORC Code explanation Commentary
Measured
164,294
12.5
52.1
2.5
Indicated
51,022
12.4
36.2
2.6
Inferred
213,952
11.7
46.6
2.3
Audits or reviews - The results of any audits or reviews of Mineral The historic resource estimate has not been audited.
Resource estimates.
The earlier (1996 and 2000) Mineral Resource Estimates were audited and re-stated in a 2003 resource report. This
independent report was done to NI-43-101 standard and the results of this report were released to the TSX. This
report concluded that “Detailed resource calculations made bythree differentgroups are seen to be realistic.
Discussion of - Where appropriate a statement of the relative There is sufficient confidence in the data quality drilling methods and analytical results that they can be relied
relative accuracy/ accuracy and confidence level in the Mineral upon. The available geology and assay data correlate well. The approach or procedure are deemed appropriate
confidence Resource estimate using an approach or
procedure deemed appropriate by the		 given the confidence limits. The main two factors which could affect relative accuracy is grade continuity and top
cut.
Competent Person. For example the application
of statistical or geostatistical procedures to Grade continuity is variable in nature in this style of deposit and has not been demonstrated to date and closer
quantify the relative accuracy of the resource spaced drilling is required to improve the understanding of the grade continuity in both strike and dip directions. It
within stated confidence limits or if such an is noted that the results from the twinning of three holes by La Mancha are encouraging in terms of grade
approach is not deemed appropriate a repeatability.
qualitative discussion of the factors that could
affect the relative accuracy and confidence of The deposit contains very high grades and there is a potential need for the use of a top cut. It is noted that an
the estimate. arbitrary grade reduction factor of 10% has already been applied to the resource as reported.
- The statement should specify whether it relates
to global or local estimates and if local state No production data is available for comparison
the relevant tonnages which should be relevant
to technical and economic evaluation.
Documentation should include assumptions
made and the procedures used.
- These statements of relative accuracy and
confidence of the estimate should be compared
withproduction data where available.

Challenger Exploration Limited

ACN 123 591 382

ASX: CEL

Issued Capital

978.7m shares 48.7m options 120m perf shares

16m perf rights

Australian Registered Office

Level 1

1205 Hay Street West Perth WA 6005

Directors

Mr Kris Knauer, MD and CEO

Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

978.7m shares 48.7m options 120m perf shares 16m perf rights

Australian Registered Office Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 Mr Scott Funston, Finance Director E: [email protected] Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

www.challengerex.com

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