CHALLENGER GOLD LIMITED - Capital/Financing Update 2021

ASX Release 27 September 2021

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Verde Zone discovery extended to 1.5 kilometres of continuous mineralisation at Hualilan Gold Project

Highlights

Drilling at the Verde Zone targeting extensions along strike and below the existing drilling has returned a number of significant intersections with results including (refer Table 1):
62.0m at 2.1g/t AuEq[2] - 1.7 g/t Au, 20.3 g/t Ag, 0.3% Zn from 173.0m including; 17.0m at 3.5 g/t AuEq[2] - 3.2 g/t Au, 4.4 g/t Ag, 0.5% Zn from 173.0m plus
- 18.0m at 1.0 g/t AuEq[2] - 0.8 g/t Au, 4.3 g/t Ag, 0.3% Zn from 249.0m and
- 26.8m at 1.9 g/t AuEq2 - 1.7 g/t Au, 2.8 g/t Ag, 0.4% Zn from 363.0m (GNDD-254)
35.0m at 2.3g/t AuEq[2] - 2.2 g/t Au, 3.0 g/t Ag, 0.1% Zn from 63.0m including; 29.0m at 2.7 g/t AuEq[2] - 2.6 g/t Au, 2.7 g/t Ag, 0.1% Zn from 63.0 (GNDD-277)
15.0m at 4.5g/t AuEq[2] - 3.7 g/t Au, 38.6 g/t Ag, 0.7% Zn from 239.4m including; 2.8m at 19.1 g/t AuEq[2] - 18.4 g/t Au, 29.8 g/t Ag, 0.7% Zn from 242.3m (GNDD-280)
50.0m at 1.0g/t AuEq[2] - 0.9 g/t Au, 1.9 g/t Ag, 0.3% Zn from 132.0m and; 8.9m at 2.0 g/t AuEq[2] - 1.3 g/t Au, 10.9 g t Ag, 1.5% Zn from 382.0 (GNDD-322)
Better grades at depth confirm CEL's view that earlier Verde Zone drilling was not deep enough to intersect the higher-grade intrusion related mineralisation which is still open at depth.
Potential for multiple stacked zones of mineralisation which is noted in several deeper holes.
CEL's expectation is that the Verde Zone forms one significant and continuous zone of mineralisation covering 1.5 kilometres of strike between the Sanchez and Magnata Faults.
Gap Zone mineralisation extended south along strike and at depth, and remains open.
3-rigs continue the Verde Zone drill out with assay results pending for an additional 37 completed Verde Zone holes, most targeting the deeper higher-grade mineralisation.

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

“The Verde Zone provides a snapshot of our recent experience at Hualilan. It was discovered in March this year with the discovery hole intersecting 125.5 metres at 1.1 g/t gold and 28.8 metres at 1.5 g/t gold.

A little over six months later the Verde Zone has emerged as what appears to be a continuous zone of mineralisation 1.5 kilometres long with a vertical extent of 300 metres. Additionally, mineralisation remains open at depth and grades seem to be improving as we drill deeper.

We have now drilled 117 holes on the 1.5 kilometre Verde Zone trend and I expect the most exciting part of this drilling will be the results of the 37 holes for which we are yet to receive final assays."

Challenger Exploration Limited	Issued Capital	Australian Registered Office	Directors	Contact
ACN 123 591 382	971.8m shares	Level 1	Mr Kris Knauer, MD and CEO	T: +61 8 6380 9235
ASX:CEL	51.9m 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

www.challengerex.com

ASX Release 27 September 2021

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Challenger Exploration ( ASX: CEL ) (“ CEL ” the “ Company ”) is pleased to announce the results from drilling targeting the recent Verde and Gap Zone discoveries from the Company's flagship Hualilan Gold Project in San Juan, Argentina.

Highlights from this series of 55 drill holes, designed to test below previous drilling and extend drilling over the entire 1.5 kilometres of strike between the Sanchez and Magnata Faults, include:

GNDD-254 intersecting five zones of mineralisation including 62.0m at 2.1g/t AuEq from 173.0m and 26.8m at 1.9 g/t AuEq from 363.0m confirming better grades at depth.
GNDD-292 intersected four zones of mineralisation including 63.0m at 1.0 g/t AuEq .
GNDD-322 intersected 50.0m at 1.0g/t AuEq from 132.0m and a second zone of 8.9m at 2.0 g/t AuEq from 382.2m downhole. The upper zone extends the Gap Zone 100 metres south with the deeper intersection interpreted as the bottom of the hole drilling across the Gap Zone mineralisation into the western margin of Verde Zone.
GNDD-277 intersected 35m at 2.3 g/t AuEq from 63.0m and confirmed the Gap Zone mineralisation extends to near surface and can contain a high-grades near surface.

This extension program at the Verde Zone, following the initial discovery only 6 months ago, has been an overwhelming success. Only five of the current 55 holes failed to intersect significant mineralisation and CEL has intersected continuous broad zones of mineralisation over 1.3 kilometres of the 1.5-kilometre-long Verde Zone. The remaining 200 metres of strike has yet to be systematically drilled, however GNDD-322, drilled at the reverse angle targeting the Gap Zone within this undrilled 200 metres, intersected strong mineralisation near the base of the hole interpreted as the Verde Zone.

The current Verde Zone drilling includes a number of deeper drill holes which confirm the companies model that the Verde Zone contains significantly higher-grade intrusion-hosted mineralisation underneath the halo of lower grade mineralisation hosted in sediments. This deeper drilling indicates the potential for several stacked zones of mineralisation at the Verde Zone. Additionally, several drill holes at the Verde Zone ended in mineralisation and are being extended.

Based on the current drilling, and logging of the next 37 Verde Zone drill holes (assays pending), the Company's expectation is that the Verde Zone forms a continuous zone of mineralisation covering at least 1.5 kilometres with a vertical extent of 300 metres that remains strong and open at depth.

The go forward plan is to complete infill drilling over the entire 1.5 kilometre Verde/Gap Zone trend down to 300 metres vertically with at least three of the current drill rigs on site. Drilling is being conducted on fences of holes spaced 80 metres along strike with drilling on each fence of holes spaced at no more than 80 metres. This drilling has been designed to allow the calculation of an inferred resource in accordance with the JORC Code along the entire 1.5 kilometre long Verde Zone trend.

In addition to the infill drilling program targeting a resource, a series of holes will be collared to test another 50-100 metres below the existing drilling at Verde/Gap Zone and both north both and south along strike where mineralisation remains open.

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital Australian Registered Office 971.8m shares Level 1 51.9m 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

www.challengerex.com

ASX Release 27 September 2021

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Figure 1 - Plan view showing Verde Zone Mineralisation (currently reported holes in red)

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital 971.8m shares 51.9m options 120m perf shares

Australian Registered Office Level 1 1205 Hay Street

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

16m perf rights

www.challengerex.com

ASX Release 27 September 2021

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DISCUSSION OF RESULTS

Verde Zone Drilling

The Verde Zone is a recent discovery targeted using surface magnetics and IP (Induced Polarization) at the Hualilan Gold Project. The IP and magnetics indicated a second trend of mineralised intrusives under cover with the same north-south orientation as the Gap Zone mineralisation. The three discovery holes (ASX release 2/3/21) returned 125.5m at 1.1 g/t AuEq including 71.0m at 1.8 g/t AuEq (GNDD-169), 37 metres at 1.0 g/t AuEq (GNDD-164) and 45 metres at 0.5 g/t AuEq (GNDD-163).

Mineralisation in the Verde Zone is primarily hosted in steeply dipping intrusives, however there is a lower grade halo of mineralisation that extends into the overlying sedimentary rocks. The sedimentary rocks above the intrusives have been brecciated by the intrusion creating a second west dipping zone of mineralisation. The overlying mineralisation in the sedimentary rocks dips to the west at 30-40[o] and is up to 50 metres thick. This overlying halo of lower grade mineralisation is a useful exploration guide to vector to the deeper intrusion-hosted mineralisation. Many early Verde Zone drill holes had not been deep enough to intersect the higher grade intrusion-hosted mineralisation.

The extension drilling at the Verde and Gap Zones was designed as a series of fences of holes spaced at 80 metres along strike with 40 metre spaced infill drilling. Holes on each fence were collared to intersect the mineralisation 80 metres below the previous hole. The location of the drill holes are shown in Figure 1 with more detailed location maps in Figure 3 (northern Verde Zone) and Figure 4 (Southern Verde Zone). The drill results are ordered from north to south in the following discussion.

GNDD-254

GNDD-254 is located on a fence of drill holes 50 metres south of the Verde Zone discovery hole GNDD169 (125.5m at 1.1 g/t AuEq). GNDD-254 was designed to test underneath GNDD-164 (22 metres at 0.5 g/t AuEq, 10.0 metres at 0.5 g/t AuEq, and 37.0 metres at 1.0 g/t AuEq) and GNDD-177 (63.4m at 0.7 g/t AuEq) both of which, apart from the deeper intercept in GNDD-164, had intersected lower grade mineralisation predominantly hosted in sediments. The drilling on this fence is shown in the Cross Section in Figure 2 (over the page).

GNDD-254 intercepted five zones of mineralisation from 173.0 metres to almost the end of the hole at 409.0 metres. The upper two intercepts comprised 62.0 metres at 2.1g/t AuEq (1.7 g/t Au, 20.3 g/t Ag, 0.3% Zn) from 173.0m including 17.0 metres at 3.5 g/t AuEq (3.2 g/t Au, 4.4 g/t Ag, 0.5% Zn) from 173.0m and 18.0 metres at 1.0 g/t AuEq (0.8 g/t Au, 4.3 g/t Ag, 0.3% Zn) from 249.0m. These upper zones comprise one broader zone of 94 metres at 1.7 g/t AuEq from 173m hosted in; sandstone (26 metres); intrusives (62 metres); barren intrusive (14 metres); and the upper 7 metres of an underlying limestone unit; however the Company's convention is to report intercepts using no more than 10 metres of internal waste.

Below a further 40 metres of limestone GNDD-254 intersected three additional zones of mineralisation 1.8 metres at 1.3 g/t AuEq (0.3 g/t gold, 73.9 g/t silver 0.3% zinc) from 298.3m and 12.0 metres at 0.8 g/t AuEq (0.8 g/t gold, 0.1 g/t silver) from 312.0m including 6.0 metres at 1.0 g/t AuEq (1.0 g/t gold, 0.1 g/t silver) 298.3m. These zones form a broader zone of 25.8 metres at 0.5 g/t

Challenger Exploration Limited Issued Capital Australian Registered Office Directors Contact ACN 123 591 382 971.8m shares Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 ASX: CEL 51.9m 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

www.challengerex.com

ASX Release 27 September 2021

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Figure 2 - Cross Section 25N (northern Verde Zone) showing GNDD-254 and earlier drilling

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital 971.8m shares 51.9m 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

www.challengerex.com

ASX Release 27 September 2021

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AuEq hosted in intrusives. GNDD-254 then intersected a deeper zone of 26.8m at 1.9 g/t AuEq (1.7 g/t gold, 2.8 g/t silver, 0.4% zinc) from 363.0m hosted in intrusives and limestones.

GNDD-254 confirms the presence of wide zones of higher grade intrusion related mineralisation downdip of the earlier drill holes that intersected lower grade mineralisation, predominantly hosted in sediments. As the Company drills deeper at Verde Zone it is noted that the highest grade mineralisation at depth is commonly hosted in interbedded intrusives and limestones.

The Company believes that drillhole GNDD-187, downdip of GNDD-254, which intersected 15.0 metres at 0.5 g/t from 192.0m in sediments and 5.5 metres at 2.4 g/t AuEq in intrusives near the end of the hole was likely terminated prior to reaching the main zone of intrusion-hosted mineralisation. The Company intends to deepen GNDD-187 by 300 metres with a second follow up hole, to test another 80 metres downdip, planned.

GNDD-248, GNDD-304 and GNDD-309

GNDD-248, GNDD-304 and GNDD-309 were collared on the next fence of drill holes 40 metres south of GNDD-254 (Figure 3). GNDD-304 was collared to test the Verde Zone mineralisation near surface and intersected 47.0 metres at 0.3 g/t AuEq ( 0.2 g/t gold, 1.1 g/t silver, 0.2% zinc) from 66.0m including some thinner zones of greater than 1 g/t AuEq. This is consistent with the lower grade mineralisation at the Verde Zone that generally is found near surface.

GNDD-248, collared to test 80 metres below GNDD-304, is one of the many Verde Zone drill holes which encountered stacked zones of mineralisation. The hole intercepted 43 metres at 0.3 g/t AuEq (0.2 g/t gold, 0.5 g/t silver, 0.1% zinc) from 136.0m and then a second zone of 83 metres at 0.5 g/t AuEq (0.5 g/t gold, 2.5 g/t silver, 0.1% zinc) from 199.0m. The second zone of mineralisation contained some higher-grade zones including 1.0 metre at 4.7 g/t AuEq, 0.7 metres at 27.7 g/t AuEq, and 1.4 metres at 2.2 g/t AuEq . The mineralisation was hosted mostly in intrusives with higher grade mineralisation occurring at or near the limestone-intrusion contacts.

GNDD-309 was collared 80 metres west of GNDD-248 and designed to test underneath GNDD-248. The hole intersected 23.1 metres at 0.7 g/t AuEq (0.6 g/t gold, 1.6 g/t silver, 0.1% zinc). GNDD-309 intersected mainly sediments rather than the dominant intrusives in GNDD-248 and it is postulated that the main intrusion-hosted Verde Zone mineralisation may be deeper at this location. A drill hole is programmed to be collared a further 80 metres west of GNDD-309 to test down-dip.

GNDD-298

GNDD-298 is located on the section 40 metres south of GNDD-248. The hole was drilled as a downdip test of GNDD-185 (60 metres at 0.7 g/t AuEq) and GNDD-193 (83.5 metres a5t 0.8 g/t AuEq) which intersected lower grade sediment hosted mineralisation. GNDD-298 intersected an upper zone of mineralisation of 21 metres at 0.8 g/t AuEq (0.6 g/t gold, 1.1 g/t silver, 0.2% zinc) from 148.0m hosted in sediments then a combined 18 metres of mineralisation again, predominantly hosted in sediments from 218.0m to 309 metres downhole.

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital 971.8m shares 51.9m options 120m perf shares

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

16m perf rights

www.challengerex.com

ASX Release 27 September 2021

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Issued Capital Australian Registered Office Directors Contact 971.8m shares Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 51.9m 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

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

www.challengerex.com

ASX Release 27 September 2021

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This included 9.0 metres at 0.8 g/t AuEq (0.6 g/t gold, 2.6 g/t silver, 0.5% zinc) from 300.0m including 1 metre at 5.0 g/t AuEq (3.1 g/t gold, 17.9 g/t silver, 3.9% zinc) with the higher grade zone associated with the contact between limestone and intrusives. GNDD-298 is interpreted as having intersected the shallow parts of the main Verde Zone intrusion-hosted mineralisation. GNDD-366 (assays pending) has been collared to test 80 metres downdip of GNDD-298 and, contingent of ongoing results, GNDD-298 may be extended deeper.

GNDD-293

GNDD-293 is located on the fence of drilling 40 metres further south of GNDD-298 and was collared to test up dip of GNDD-191 (21.1 metres at 0.8 g/t AuEq in sediments). GNDD-293 intersected 66.0 metres at 0.5 g/t AuEq (0.5 g/t gold, 1.0 g/t silver, 0.1% zinc) from 130.0m including 5.5 metres at 1.5 g/t AuEq (1.4 g/t gold, 3.4 g/t silver, 0.2% zinc ) and 2 metres at 2.0 g/t AuEq (1.9 g/t gold, 2.4 g/t silver) in a combination of intrusives and sediments.

The intersection is consistent with the lower grade mineralisation hosted in sediments near surface although the mineralisation is significantly wider than in GNDD-191 downdip. GNDD-356 (assays pending) has been collared 200 metres west of GNDD-293 and it is likely that deeper drilling on this fence of holes will be undertaken in the next round of Verde Zone drilling.

GNDD-280, GNDD-285, GNDD-368

GNDD-280, GNDD-285 and GNDD-368 (assays pending) were drilled on the same fence of drilling to follow up earlier CEL drill hole GNDD-225 which intersected 9.2 meters at 0.2 g/t AuEq, 2.0 metres at 4.3 g/t AuEq, and 9.2 metres at 1.0 g/t AuEq. This fence of drilling is located approximately 550 metres south of the Sanchez Fault. Both GNDD-280 and GNDD-285 holes intersected significantly better widths and grades than GNDD-225.

GNDD-285 intersected several stacked zones of mineralisation including 11.3 metres at 3.7 g/t AuEq (3.0 g/t gold, 11.4 g/t silver, 1.4% zinc) from 312.0m, 10.6 metres at 0.6 g/t AuEq (0.6 g/t gold, 1.2 g/t silver, 0.1% zinc) from 362.4m, and 2.0 metres at 6.9 g/t AuEq (6.7 g/t gold, 12.1 g/t silver, 0.1% zinc) from 393.0m. The mineralisation was hosted in interbedded limestone and intrusives which is typical of the higher grade Verde Zone mineralisation at depth.

GNDD-280 was an up-dip test of GNDD-225 and intersected 15.1 metres at 4.5 g/t AuEq (3.7 g/t gold, 38.6 g/t silver, 0.7% zinc) from 239.4m including 2.8 metres at 19.1 g/t AuEq (18.4 g/t gold, 29.8 g/t silver, 0.7% zinc) in limestone. Given the results of GNDD-285 the Company believes that both GNDD280 and GNDD-225 were not drilled deep enough to intersect the main Verde Zone intrusion related mineralisation intersected in GND-285.

Drillhole GNDD-368 (assays pending) has been collared to test 80 metres downdip of GNDD-285. GNDD368 intersected 45 metres (from 325 metres) of 1-5% pyrite and sphalerite in stockwork veins and disseminated through the intrusive host rock.

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital 971.8m shares 51.9m options 120m perf shares

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

16m perf rights

www.challengerex.com

ASX Release 27 September 2021

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Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital 971.8m shares 51.9m options 120m perf shares

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

16m perf rights

www.challengerex.com

ASX Release 27 September 2021

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Undrilled Section of Verde Zone - GNDD-322

The 200 metres of strike between the two fences of drill holes containing GNDD-285 and GNDD-308 is the only section of the Verde Zone yet to be drilled. GNDD-322 was drilled at the reverse angle targeting a southern extension of the Gap Zone mineralisation midway between GNDD-285 and GNDD308 and intersected mineralisation hosted in limestone and intrusives near the base of the hole returning 8.9 metres at 2.0 g/t AuEq (1.3 g/t Au, 10.9 g/t Ag,1.5% zinc) from 382.2m downhole. This intersection is interpreted as GNDD-322 drilling across the Gap Zone into the western margin of the Verde Zone mineralisation or at a location where the Gap Zone mineralisation joins the Verde Zone. This infills between GNDD-285 and GNDD-308 indicating that Verde Zone is a consistent zone of mineralisation at least 1.5 kilometres long.

GNDD-308 and GNDD-333

GNDD-308 was collared 200 metres south of GNDD-280 and GNDD-285 midway between the Sanchez and Magnata Faults in the centre of the 1.5 kilometre Verde Zone. GNDD-308 intersected 36.8 metres at 0.6 g/t AuEq (0.5 g/t gold, 1.6 g/t silver, 0.3% zinc) from 258.3m including 4.0 metres at 3.1 g/t AuEq (2.6 g/t gold, 5.6 g/t silver, 0.8% zinc) from 291.0m at the end of the hole. GNDD-308 was the first of the Verde Zone holes to be deepened. It has been completed to 1,013 metres, the depth capacity of the drill rig with HQ rods, as a test of the depth potential of the mineralising system at Hualilan. The Company is currently completing logging and sampling of GNDD-308 (extension) with assays subject to the 40-50 day lab turn-around time which is standard to the industry at present.

GNDD-333 was drilled on the same fence of holes and was collared 100 metres to the east of GNDD308 to test up-dip of GNDD-308. GNDD-333 intersected several 1.5 metre to 17 metre zones of mineralisation from 164 to 297 downhole for a combined 47 metres of mineralisation including 5.0 metres at 0.8 g/t AuEq (0.5 g/t gold, 9.1 g/t silver, 0.3% zinc) from 224.0m, and 1.5 metres at 1.4 g/t AuEq (1.2 g/t gold, 3.8 g/t silver, 0.4% zinc) from 248.0.

In the top 200 metres of GNDD-333 and GNDD-308 both holes intersected significant widths of a post mineral intrusive breccia believed to have diluted the mineralisation and, which likely, explains the lack of near surface mineralisation. These intrusive breccias are believed to have been emplaced as sub vertical pipe like bodies 100 metres or less in diameter. GNDD-364 (assays pending) was collared to test 50 metres up-dip of GNDD-333 and is logged as intersecting 20 metres of intrusive breccia underlain by the typical package of Verde Zone sediments and intrusives which have been logged as containing sulphides.

GNDD-329

GNDD-329 was collared 120 metres south of GNDD-308 with GNDD-392 (assays pending) drilled on the same fence of holes as GNDD-329 and collared to test 80 metres up-dip of GNDD-329. GNDD-329 intersected two zones of mineralisation; an upper zone of 14.0 metres at 1.2 g/t AuEq (1.1 g/t gold, 1.4 g/t silver) from 104.0m including 1.7 metres at 7.4 g/t AuEq (7.3 g/t gold, 4.1 g/t silver) hosted in sediments, and a deeper zone of 68.0 metres at 0.5 g/t AuEq (0.5 g/t gold, 0.9 g/t silver) from 282.0m until the end of the hole. GNDD-329 is another hole that will be extended as it ended in mineralisation with the three 2 metre splits at the end of the hole assaying 1.3 g/t Au , 0.7 g/t Au and 0.5 g/t Au .

Challenger Exploration Limited Issued Capital Australian Registered Office ACN 123 591 382 971.8m shares Level 1 ASX: CEL 51.9m options 1205 Hay Street 120m perf shares West Perth WA 6005

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

16m perf rights

www.challengerex.com

ASX Release 27 September 2021

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

GNDD-319

GNDD-319 was collared on the fence of drill holes 40 metres south of GNDD-329 and was drilled back to the west as a scissor hole (opposite orientation) to the other Verde Zone drill holes on that section such as GNDD-220 (108.0m at 0.4 g/t AuEq including 49.0m at 0.6 g/t AuEq). GNDD-319 intersected 104.0 metres at 0.5 g/t AuEq (0.5 g/t gold, 1.1 g/t silver) from 108.8m including 12.0 metres at 1.3 g/t AuEq (1.3 g/t gold, 0.5 g/t silver) and several 2-4 metre wide zones grading from 1-2 g/t AuEq.

GNDD-319 confirms that the Verde Zone mineralisation dips steeply to the west and has a horizontal width of at least 70 metres in this location. Drillhole GNDD-349 (assays pending) has been collared 90 metres west of GNDD-220 and drilled to the east (same orientation as other Verde Zone drill holes) to test deeper below GNDD-220 and GNDD-319.

GNDD-300-305-336 (assays pending)

GNDD-300 and GNDD-305 were drilled on a fence of drill holes 80 metres south of GNDD-319. GNDD300 was designed to test near surface and intersected two zones of mineralisation consistent with the near surface lower grade sediment (and lesser intrusives) hosted halo at the Verde Zone. The intersections were 18.0 metres at 0.4 g/t AuEq (0.4 g/t gold, 2.0 g/t silver, 0.1% zinc) from 27.0m and 33.1 metres at 0.4 g/t AuEq (0.4 g/t gold, 1.0 g/t silver, 0.1% zinc) from 87.0m . The hole intersected two deeper narrow zones of higher-grade mineralisation, 0.5 metres at 1.4 g/t AuEq from 173.9m, and 0.6 metres at 3.0 g/t AuEq from 188.0m.

GNDD-305 was collared 100 metres west of GNDD-300 to test down dip of GNDD-300. GNDD-305 intersected 48 metres at 0.3 g/t AuEq (0.2 g/t Au, 1.4 g/t Ag) from 128.0, including 1.0 metres at 1.3 g/t AuEq (1.0 g/t Au, 14.2 g/t Ag) and a second deeper zone of 12.1 metres at 0.4 g/t AuEq (0.4 g/t Au, 1.9 g/t Ag, 0.1% Zn) from 226.7 metres. GNDD-305 was terminated at 299 metres before reaching the section of interbedded limestones and intrusives which is now believed to be associated with the higher-grade mineralisation at Verde Zone.

GNDD-336 (assays pending) was collared to test 80 metres underneath GNDD-305 and was drilled to 422 metres. GNDD-336 is logged as having intersecting similar tenor alteration and sulphide content in intrusives to that logged in GNDD-305 down to 300 metres. However, from 304 to 370 metres downhole GNDD-336 is logged as having intersected a section of interbedded limestones and intrusives containing quartz-sericite alteration with 1-3% disseminated and vein pyrite including four 1 to 3 metre zones of massive sulphide containing 5-15% pyite-5-10% sphalerite in strong garnet-silicapyroxene (skarn) alteration. This skarn alteration and massive sulphide mineralisation is consistent with mineralised intervals in other drill holes for which high-grade gold assays have been received.

Should assays for GNDD-336 confirm the interpretation that GNDD-305 was terminated prior to intersecting the main higher-grade zone of mineralisation GNDD-305 will be extended.

GNDD-292 and GNDD-310

GNDD-292, GNDD-310 and GNDD-385 (assays pending) were drilled on the next fence of drill holes 40 metres south of GNDD-300 with the three drill holes stepping progressively deeper under drill hole

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ASX Release 27 September 2021

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Figure 5 - Cross Section showing GNDD-292, GNDD-310, GNDD-385 (assays pending) and earlier drilling

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

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GNDD-192 (50.0 metres at 0.3 g/t AuEq from 15.0m including 20.0 metres at 0.5 g/t AuEq). The drilling is shown in cross section in Figure 5 (previous page).

GNDD-292 intersected a combined 117.5 metres of mineralisation in three stacked zones from 69.0 to 222.0 metres downhole. Results included 63.0 metres at 1.0 g/t AuEq (0.6 g/t Au, 6.8 g/t Ag, 0.8% zinc) from 128.0, including 1.1 metres at 11.7 g/t AuEq (1.5 g/t Au, 187.0 g/t Ag, 16.9% zinc), 2.7 metres at 6.9 g/t AuEq (2.0 g/t Au, 62.0 g/t Ag, 9.9% zinc), and 3.0 metres at 2.2 g/t AuEq (2.2 g/t Au, 1.8 g/t Ag).

GNDD-310 encountered two zones of mineralisation. A near surface high-grade zone of mineralisation with an intersection of 19.0 metres at 2.3 g/t AuEq (2.3 g/t Au, 1.7 g/t Ag from 30.0 including 2.0 metres at 20.5 g/t AuEq (20.3 g/t Au, 11.5 g/t Ag ). This upper zone lies directly beneath unconsolidated cover and is a new zone of mineralisation hosted in shale. The hole went on to intersect 40.0 metres at 0.6 g/t AuEq (0.6 g/t Au, 0.9 g/t Ag) from 186.0m including 2.0 metres at 1.8 g/t AuEq (1.7 g/t Au, 1.9 g/t Ag, 0.1% zinc), 8.0 metres at 1.1 g/t AuEq (1.1 g/t Au, 1.0 g/t Ag), and 2.0 metres at 1.0 g/t AuEq (1.0 g/t Au, 0.8 g/t Ag). This deeper zone is hosted in intrusives and is typical of the Verde Zone mineralisation.

The mineralised portion of GNDD-192 correlates to the magnetic signature of the intrusion-hosted mineralisation which is the flank of a positive magnetic anomaly in the analytical signal (AS) of the reduced to pole (RTP) ground magnetic survey . The lower intensity magnetic signals on the flank of the magnetic high is interpreted as de-magnetisation by alteration of the intrusions associated with the mineralisation. This is confirmed by the results of GNDD-292 and 310, both collared to drill under the entire demagnetised target zone. GNDD-385 (assays pending) has been collared to test downdip of GNDD-310 (Figure 5) and is logged as intersecting 150 metres of quartz-sericite altered intrusives with 1-3% pyrite disseminated and vein pyrite. A deeper hole designed to test 80 metres down-dip of GNDD-385 is planned. ( Figure 8 and 9 - end of release shows drilling and magnetic Analytic Signal)

GNDD-291 and GNDD-295

GNDD-291 and 295 are the only two holes for which assays have been received on the next two fences of drilling 40 and 80 metres south. Drillhole GNDD-291 intercepted three zones of mineralisation for a combined 115 metres of mineralisation including 11.8 metres at 0.6 g/t AuEq (0.5 g/t Au, 7.5 g/t Ag, 0.1% zinc) from 18.0m and 77.0 metres at 0.3 g/t AuEq (0.2 g/t Au, 5.3 g/t Ag, 0.1% zinc) from 62.0m. GNDD-295 intercepted 42.0 metres at 0.3 g/t AuEq (0.2 g/t Au, 2.7 g/t Ag, 0.1% zinc) from 58.0m.

Both holes are typical of the lower grade mineralisation encountered near surface at Verde Zone. GNDD-380 (assays pending) has been collared to test 80 metres down-dip of GNDD-295, a hole is planned to test down dip of GNDD-291 as is drilling to test up-dip of GNDD-291 and GNDD-295.

GNDD-284 and GNDD-287

GNDD-284, GNDD-287 and GNDD-387 (assays pending) are the first holes drilled on a fence of drill holes 40 metres south of GNDD-295. GNDD-284 was collared to test up-dip with the other two drill

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

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holes stepping progressively deeper under hole GNDD-284. The drilling is shown in cross section in Figure 6 (over the page). GNDD-284 intersected 17.1 metres at 2.7 g/t AuEq (2.4 g/t Au, 0.7 g/t Ag, 0.7% zinc) from 69.6m including 5.2 metres at 8.5 g/t AuEq (7.4 g/t Au, 13.9 g/t Ag, 2.0% zinc) hosted in intrusives and an underlying shale. GNDD-287, drilled 100 metres downdip, intersected 126.0 metres at 0.5 g/t AuEq (0.4 g/t Au, 2.1 g/t Ag, 0.2% zinc) from 26.0m including 5.5 metres at 2.0 g/t AuEq (1.8 g/t Au, 6.6 g/t Ag, 0.4% zinc) from 67.0m and 2.0 metres at 1.8 g/t AuEq (1.4 g/t Au, 4.4 g/t Ag, 0.6% zinc) from 82.0m hosted in intrusives.

GNDD-387 (assays pending) was collared to test 100 metres downdip of GNDD-287 and is logged as intersecting 200 metres of quartz-sericite altered intrusives with 1-3% pyrite disseminated and vein pyrite including massive sulphide in strong garnet-silica-pyroxene (skarn) alteration from 260 to 261 metres downhole. This skarn alteration and massive sulphide mineralisation is consistent with intervals in other drill holes for which high-grade gold assays have been received.

Infill drilling is planned between GNDD-284 and GNDD-287 with drilling planned at the eastern end (up-dip) of this section using the man portable drill rig in more difficult to access locations. A deeper hole collared to test underneath GNDD-287 will also be drilled contingent on the results of GNDD-287.

GNDD-224, GNDD-307

Drillholes GNDD-224 and GNDD-307 were drilled to follow up GNDD-196 (69.3 metres at 3.4 g/t AuEq from 9.0m) and GNDD-202 ( 110m at 0.4 g/t AuEq from 33.0m including 59.3m at 0.5 g/t AuEq) hosted in intrusives. This series of holes is located 40 south of GNDD-284 and GNDD-287 and approximately 250 metres north of the Magnata Fault.

GNDD-307 was drilled from the same pad as GNDD-196 using a spider drill rig capable of drilling at low angles. It was drilled at a dip of 25 degrees, compared to the 60 degree dip of GNDD-196, to test updip of GNDD-196. GNDD-307 intersected two zones of intrusion hosted mineralisation 23.0 metres at 0.4 g/t AuEq (0.3 g/t Au, 4.8 g/t Ag, 0.1% zinc) from surface and 22.0 metres at 0.3 g/t AuEq (0.3 g/t Au, 0.5 g/t Ag, 0.7% zinc) from 69.6m.

GNDD-224 was collared 100 metres west of GNDD-202 to test 100 below GNDD-202 and 200 metres below GNDD-196. GNDD-224 intersected 38.0 meters at 0.3 g/t AuEq (0.3 g/t gold, 0.9 g.t silver) from 134.0m including 1.0 metres at 6.7 g/t AuEq (6.7 g/t gold, 1.4 g/t silver, 0.1% zinc) and 1.3 metres at 1.1 g/t AuEq (0.9 g/t gold, 4.9 g/t silver, 0.4% zinc) from 313.0m with both zones of mineralisation hosted in intrusives.

GNDD-224 and GNDD-307 are typical of the mineralisation in the southern the Verde Zone where the top 250-300 metres is dominated by intrusives with lesser sediments evident. The mineralised intrusives have background 0.2-0.5 g/t gold as disseminated mineralisation with the higher grades occurring where the intrusives contain a micro fracture network which develop locally into breccia zones as was evident in GNDD-196. This microfracture network allowing more open space for hydrothermal fluid flow and gold mineralisation to be deposited.

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

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ASX Release 27 September 2021

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Figure 6 - Cross Section showing GNDD-292, GNDD-310, GNDD-385 (assays pending) and earlier drilling

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

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As part of the Company’s resource drill out program another four holes are planned on this fence of drill holes. GNDD-395 (completed and assays pending) which was collared 200 metres west of GNDD224 as a deep test, two infill holes between GNDD-196-GNDD-202-GNDD-224, and a hole collared 80 metres east of GNDD-196 , which will be drilled using the man portable rig, to test the extension of this mineralisation up into the Hualilan Hills.

GNDD-301

GNDD-301 is located 80 metres south of the GNDD-224-GNDD-307 fence of drilling and is the most southerly drill hole in the current Verde Zone drilling for which assays have been received. GNDD-301 was collared 10 metres north of the GNDD-079 (61.0 metres at 1.1 g/t AuEq) one of the first of the Company’s drill holes to intersect significant intrusion-hosted mineralisation. GNDD-310 was drilled using a spider rig capable of drilling at low angles at a dip of 25 degrees, compared to the 60 degree dip of GNDD-079, to test the near surface component of the Verde Zone mineralisation up-dip of GNDD-079.

GNDD-301 successfully extended the Verde Zone mineralisation to near surface intersecting 48.8 metres at 0.5 g/t AuEq (0.4 g/t Au, 6.1 g/t Ag, 0.1% zinc) from 13.2m Including 15.9 metres at 0.9 g/t AuEq (0.8 g/t Au, 11.7 g/t Ag, 0.7% zinc) from 26.1m. A follow up drill hole collared 60 metres east of GNDD-079, which will be drilled using the man portable rig, is planned to test the extension of this mineralisation up into the Hualilan Hills.

Gap Zone Drilling

The Gap Zone intrusion-hosted mineralisation is located to the east of the Verde Zone and has the same north-south strike as the Verde Zone. However, unlike the Verde Zone, which dips to the west, the Gap Zone mineralisation dips to the east. The Gap Zone is not as extensive as the Verde Zone having been defined over 300 metres of strike however the Company expects the Gap Zone to make a meaningful contribution to the mineral endowment of the Hualilan Gold Project. Earlier drilling such as GNDD-139 (207.5m at 0.8 g/t AuEq) was drilled at a low angle to the dip of the mineralisation so the true width of the mineralisation, was yet to be determined.

The drilling reported in this Release (GNDD-222, GNDD-252, GNDD-255, GNDD-257, GNDD-259, GNDD-262, GNDD-263, GNDD-267, GNDD-275, GNDD277, GNDD-320 GNDD-322, GNDD-330, and GNDD-334) are from an ongoing series of holes that have been drilled in the reverse orientation in order to drill back across the Gap Zone mineralisation at near true width. This series of holes was designed to infill the existing mineralisation to allow the inclusion of the Gap Zone mineralisation in a resource calculated according to the JORC Code, and to test for extensions along strike and downdip.

The Gap Zone drill results are ordered from south to north in the following discussion.

GNDD-322

GNDD-322 is the most southerly drill hole in this series of reverse oriented holes for which results have been received. The hole is located 100 metres south of the previous southern limit of the Gap Zone

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mineralisation. The southern extent of the Gap Zone mineralisation was believed to be limited by the emplacement of an intrusive breccia body which replaced the mineralised Gap Zone intrusives. This post mineral intrusive breccia was intersected in drillholes GNDD-051, GNDD-101 (previously reported) and GNDD-153 and GNDD-222 (this ASX release). It was previously interpreted as subvertical pipe like body approximately 200 metres in diameter.

GNDD-322 intersected multiple stacked zones of mineralisation including 50.0 metres at 1.0g/t AuEq (0.9 g/t Au, 1.9 g/t Ag, 0.3% Zn) from 132.0m including 2.4 metres at 14.5 g/t AuEq (12.2 g/t Au, 28.5 g/t Ag, 0.3% zinc) . This intersection confirms that the post mineral intrusive breccia is localized to approximately 100 metres of strike and the intercept extends the Gap Zone mineralisation 100 metres beyond the post mineral intrusive breccia to the south.

This is an outstanding result as not only does it extend the Gap Zone 100 meters south it opens the possibility for the Gap Zone mineralisation to extend another 200-300 metres south in an area of limited drilling. Drilling to test both down and up-dip of GNDD-322, and south along strike is now programmed.

GNDD-252 and GNDD-222

GNDD-252 and GNDD-222 were drilled on the next fence of drilling 40 metres north of GNDD-322 where GNDD-153 had returned no significant intersection in post mineral intrusive breccia. GNDD222 on this section was collared 60 metres east of GNDD-153, and like GNDD-153, returned no significant intersection with the hole intersecting post mineral intrusive breccia.

GNDD-252 was collared another 100 metres further to the east and intersected several zones of mineralisation including of 10.0 metres at 0.7g/t AuEq (0.6 g/t gold, 2.3 g/t silver, 0.3% zinc) from 104.0m, 12.2 metres at 0.9g/t AuEq (0.8 g/t gold, 1.3 g/t silver, 0.3% zinc) from 128.0m and 33.4 metres at 0.9g/t AuEq (0.6 g/t gold, 6.1 g/t silver, 0.7% zinc) from 264.6m. The lower zone of mineralisation included some higher grade sections including 2.9 metres at 5.8g/t AuEq (2.7 g/t gold, 36.3 g/t silver, 5.8% zinc) from 281.7m.

This builds on the results of GNDD-322 and extends the Gap Zone mineralisation to the south and east of the post mineral intrusive breccia body. GNDD-373 (assays pending) has been collared 60 metres east of GNDD-252 to test where the Gap Zone mineralisation remains open at depth.

GNDD-257

GNDD-257 was collared on the next fence of drilling north 40 metres north of GNDD-252. Similar to the GNDD-262 fence of holes immediately south the majority of the earlier holes on this fence , with the exception of GNDD-188 (66.0 metres at 0.4 g/t AuEq) had intersected post mineral intrusive breccia which is interpreted to have replaced the Gap Zone intrusion-hosted mineralisation. GNDD257 is the most easterly hole on the section and the intersection of 44.3 metres at 0.4g/t AuEq (0.3 g/t gold, 2.5 g/t silver, 0.2% zinc) from 233.0m and extends the Gap Zone mineralisation to the east. A follow up hole will be collared 80 metres east on this fence of holes to extend the Gap Zone mineralisation downdip of GNDD-257.

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital 971.8m shares 51.9m options 120m perf shares

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

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GNDD-262 and GNDD-330

GNDD-262 is located on the next fence of drilling 40 metres north of GNDD-257. The hole was designed to test approximately 80m down-dip from GNDD-215 (upper zone of 14.6m at 1.6 g/t AuEq and a lower zone of 41.0m at 0.2 g/t AuEq) near at what was previously interpreted as the southern end of the Gap zone.

GNDD-262 intersected 39 metres of low grade mineralisation (39 metres at 0.2 g/t AuEq) in a combination of intrusives and intrusive breccia. GNDD-262 defines the northern margin of the post mineral intrusive breccia and confirms that this post mineral breccia body, which replaced the Gap Zone mineralisation, is confined to 100 metres of strike. While the post mineral intrusive breccia is generally barren it can be mineralised where it contains clasts of mineralised intrusives and limestones. This is interpreted as causing the low tenor intercept in GNDD-262.

GNDD-330 was collared 80 metres east of GNDD-262 to test deeper below GNDD-262. The hole confirmed the extension of the Gap Zone mineralisation at depth below the intrusive breccia intersecting 49.7 metres at 0.4g/t AuEq (0.4 g/t gold, 0.9 g/t silver, 0.1% zinc) from 286.0m including 6.7 metres at 1.3 g/t AuEq (1.3 g/t gold, 1.5 g/t silver, 0.1% zinc ) from 329.0m and 1.8 metres at 2.1g/t AuEq (0.4 g/t gold, 2.6 g/t silver, 3.7% zinc) from 375.2m.

GNDD-320

GNDD-320 was drilled 40 metres north on the same section of drilling as early CEL drill hole GNDD139 (207.5 m at 0.8 g/t AuEq) which was drilled down the dip of the mineralisation. GNDD-320 was collared to test below GNDD-208 (previously reported) which intersected 35.7m at 1.1 g/t AuEq.

GNDD-320 intersected Gap Zone mineralisation over a total of 155.5 metres downhole when 36.4 metres of limestone waste which is included. Reported intersections for GNDD-320 are 36.3 metres at 0.6g/t AuEq (0.4 g/t gold, 2.5 g/t silver, 0.3% zinc) from 181.8m including 7.9 metres at 1.4 g/t AuEq (1.0 g/t gold, 5.8 g/t silver, 0.6% zinc ); 29.0 metres at 0.3g/t AuEq (0.3 g/t gold, 0.3 g/t silver) from 254.0m; and 32.5 metres at 0.8g/t AuEq (0.8 g/t gold, 0.6 g/t silver) from 301.0m including 15.5 metres at 1.4 g/t AuEq (1.3 g/t gold, 0.8 g/t silver, 0.1% zinc ).

GNDD-320 extends the Gap Zone mineralisation 80 metres deeper below GNDD-208 with mineralisation remaining open below this.

GNDD-211, GNDD-277 and GNDD-334

GNDD-277 was one of three new holes drilled another 40 metres north on the same fence of drilling as GNDD-155 (209.0 metres at 1.1 g/t AuEq including 49.0 metres at 3.0 g.t AuEq) which was drilled down the dip of the mineralisation. This drilling is shown in cross section in Figure 7 over the page.

GNDD-277 intersected 35.0 metres at 2.3g/t AuEq (2.2 g/t gold, 3.0 g/t silver, 0.1% zinc) from 63.0m including 29.0 metres at 2.7 g/t AuEq (2.6 g/t gold, 2.7 g/t silver, 0.1% zinc ) from 63.0m. The intersection correlates with the high grade zone of 34.0 metres at 3.4 g/t AuEq from 59.0m in scissor hole GNDD-155 and confirms the Gap Zone mineralisation extends to near surface under

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Figure 7 - Cross Section 14N showing GNDD-277 and the Gap and Verde Zone mineralisation

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

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unconsolidated cover and can contain a higher-grade component near surface.

GNDD-211 was collared to test 80 metres down dip of GNDD-277 and intersected 23.2 metres at 0.6g/t AuEq (0.5 g/t gold, 0.8 g/t silver, 0.1% zinc) from 168.8m including 4.4 metres at 1.6 g/t AuEq (1.5 g/t gold, 2.0 g/t silver, 0.3% zinc ) from 177.0m. This intersection also correlates well with GNDD155 with GNDD-211 cutting GNDD-155 in one of the lower grade sections in GNDD-155.

GNDD-334 was collared to extend the Gap Zone mineralisation another 100 metres down dip from GNDD-211 and successfully intersected a combined 68 metres of mineralisation in three zones all hosted in intrusives. The hole intercepted 29.0 metres at 0.3g/t AuEq (0.3 g/t gold, 0.2 g/t silver) from 220.0m, 20.0 metres at 0.3 g/t AuEq (0.3 g/t gold, 0.1 g/t silver ) from 275.0m, and 18.7 metres at 0.3g/t AuEq (0.3 g/t gold, 0.3 g/t silver, 0.1% zinc) from 317.0m. The Gap Zone mineralisation remains open at depth however in the short term additional Gap Zone drilling will focus on strike extension of the Gap Zone to the south of GNDD-322 and infill drilling rather than deeper drilling.

Northern margin of the Gap Zone

GNDD-267 was collared on the next fence of drilling 50 metres north of GNDD-277 and GNDD-334. The hole was designed to test up-dip of GNDD-200 which had intersected 66.8 metres at 0.7 g/t AuEq. GNDD-267 is one of series of holes in this round of drilling collared to test for near surface mineralisation near the current northern extent of the Gap Zone mineralisation. Other holes include GNDD-259, and GNDD-263, collared to test the near surface Gap Zone another 50 metres north, and GNDD-275 collared 50 metres north again.

This near surface drilling recorded modest intercepts with best results 16.0 metres at 0.4 g/t AuEq (0.3 g/t gold, 0.8 g/t silver, 0.1% zinc) from 128.0m in GNDD-259. These holes define the northern strike extend of the Gap Zone near surface.

GNDD-228 was collared on the same section as GNDD-259 100 metres to the west of GNDD-259 as a deeper test of the northern extent of the Gap Zone. GNDD-228 intercepted three zones of mineralisation; 19.0 metres at 0.3g/t AuEq (0.3 g/t gold, 0.6 g/t silver) from 84.0m, 10.0 metres at 0.4g/t AuEq (0.3 g/t gold, 0.5 g/t silver, 0.1% zinc) from 132.0m, and 42.0 metres at 0.3g/t AuEq (0.3 g/t gold, 0.9 g/t silver, 0.1% zinc) from 279.0m including 1.7 metres at 2.4 g/t AuEq and 2.0 metres at 1.2 g/t AuEq. GNDD-228 confirms that the Gap Zone mineralisation remains open at depth near its interpreted northern margin. Additionally, mineralisation is yet to be closed off to the north-east with GNDD-345 and GNDD-360 (both assays pending) drilled to test for extensions to the north-east.

Ends

This ASX announcement was approved and authorised by the Board.

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

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ASX Release 27 September 2021

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Figure 8 - Magnetic Analytical Signal and Verde/Gap Zone mineralisation

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital 971.8m shares 51.9m options 120m perf shares

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

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Figure 9 - Magnetic Analytical Signal and South Verde Zone mineralisation and drilling

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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:

16 June 2021 - CHALLENGER CONTINUES TO RECEIVE POSITIVE DRILLING RESULTS FROM ITS FLAGSHIP HUALILAN GOLD PROJECT 5 May 2021 - EXCEPTIONAL DRILLING RESULTS EXTEND INTRUSIVE-HOSTED MINERALISATION AT CEL'S HUALILAN GOLD PROJECT 2 March 2021 - DISCOVERY OF A SECOND TREND OF MINERALISATION AT HUALILAN WITH 126m at 1.1 g/t Au including 71m at 1.7 g/t Au 11 Feb 2021 - MULTIPLE 200 METRE INTERCEPTS CONTINUE TO INCREASE THE SCALE OF CHALLENGER'S HUALILAN GOLD PROJECT 27 July 2020 - CEL BUILDS ON NEW GOLD DISCOVERY AT HUALILAN WITH A SECOND SIGNIFICANT INTERSECTION 1KM ALONG STRIKE 30 Oct 2020 - DRILLING CONFIRMS MAJOR INTRUSION-HOSTED GOLD SYSTEM UNDERLYING THE HIGH-GRADE MINERALISATION

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Photograph of the portable drill rig drilling GNDD-403 in the lower part of the Hualilan Hills at Cerro Norte

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital 971.8m shares 51.9m options 120m perf shares 16m perf rights

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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

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Table 1: New intercepts reported at Verde Zone.

Drill Hole	From	To	Interval	Gold	Ag	Zn	AuEq	Comments	Total intercept
(#)	(m)	(m)	(m)	(g/t)	(g/t)	(%)	(g/t)		(gram metres)
GNDD146 inc	110.0 118.0	127.8 120.0	17.8 2.0	0.4 2.0	1.1 6.6	0.2 1.5	0.4 2.7	0.2 g/t AuEq cut 1.0g/t AuEqcut	7.9 5.4
GNDD153	NSI								0.0
GNDD161 and inc and	93.0 224.8 230.0 245.7	94.1 233.0 231.2 247.0	1.1 8.3 1.2 1.3	0.6 0.6 2.6 1.1	5.7 1.6 3.5 0.5	1.4 0.0 0.0 0.0	1.2 0.6 2.6 1.1	1.0 g/t AuEq cut 0.2 g/t AuEq cut 1.0 g/t AuEq cut 1.0g/t AuEqcut	1.4 5.4 3.2 1.5
GNDD180 and inc	80.0 218.8 218.8	81.0 222.0 220.0	1.0 3.3 1.3	1.3 1.0 1.6	4.8 6.6 11.0	0.5 0.6 1.1	1.5 1.4 2.2	1.0 g/t AuEq cut 0.2 g/t AuEq cut 1.0g/t AuEqcut	1.5 4.5 2.8
GNDD186	104.0	106.0	2.0	0.9	0.6	0.0	0.9	0.2g/t AuEqcut	1.8
GNDD194 inc and	3.0 8.7 286.0	11.7 11.7 288.0	8.7 3.0 2.0	0.5 1.2 0.6	2.6 3.9 0.1	0.7 1.7 0.0	0.8 2.0 0.6	0.2 g/t AuEq cut 1.0 g/t AuEq cut 0.2g/t AuEqcut	7.2 5.9 1.2
GNDD198 and inc and and and	48.8 82.0 84.0 99.0 111.0 157.0	51.0 86.0 86.0 101.0 113.0 158.0	2.2 4.0 2.0 2.0 2.0 1.0	0.5 1.6 2.7 0.5 1.2 0.0	0.5 11.8 22.4 0.4 1.0 68.1	0.2 0.3 0.4 0.1 0.1 0.1	0.6 1.9 3.2 0.6 1.3 0.9	0.2 g/t AuEq cut 0.2 g/t AuEq cut 1.0 g/t AuEq cut 0.2 g/t AuEq cut 1.0 g/t AuEq cut 0.2g/t AuEqcut	1.3 7.6 6.4 1.2 2.5 0.9
GNDD211 inc	168.8 177.1	192.0 181.5	23.2 4.3	0.5 1.5	0.8 2.0	0.1 0.3	0.6 1.6	0.2 g/t AuEq cut 1.0g/t AuEqcut	13.2 7.1
GNDD222	NSI								0.0
GNDD224 inc and	134.0 134.0 313.0	172.0 135.0 314.3	38.0 1.0 1.3	0.3 6.7 0.9	0.9 1.4 4.9	0.0 0.1 0.4	0.3 6.7 1.1	0.2 g/t AuEq cut 1.0 g/t AuEq cut 1.0g/t AuEqcut	11.3 6.7 1.4
GNDD228 inc and and inc inc	84.0 84.0 132.0 279.0 280.0 311.0	103.0 86.0 142.0 321.0 281.7 313.0	19.0 2.0 10.0 42.0 1.6 2.0	0.3 1.0 0.3 0.3 1.9 1.2	0.6 0.3 0.5 0.9 10.1 0.2	0.0 0.0 0.1 0.1 0.8 0.0	0.3 1.0 0.4 0.3 2.4 1.2	0.2 g/t AuEq cut 1.0 g/t AuEq cut 0.2 g/t AuEq cut 0.2 g/t AuEq cut 1.0 g/t AuEq cut 1.0g/t AuEqcut	5.9 2.1 3.6 13.1 3.9 2.4
GNDD248 and inc inc inc inc	136.0 199.0 213.0 225.0 237.1 254.0	179.0 282.0 215.0 226.0 237.8 255.4	43.0 83.0 2.0 1.0 0.7 1.4	0.2 0.5 1.3 4.7 24.8 0.4	0.5 2.5 0.5 1.4 31.0 114.0	0.1 0.1 0.0 0.0 5.9 0.8	0.3 0.5 1.3 4.7 27.7 2.2	0.2 g/t AuEq cut 0.2 g/t AuEq cut 1.0 g/t AuEq cut 10 g/t AuEq cut 1.0 g/t AuEq cut 1.0g/t AuEqcut	12.0 44.2 2.6 4.7 19.4 3.1
GNDD249 inc and inc	207.0 207.0 237.0 251.0	222.3 209.6 251.6 251.6	15.3 2.6 14.6 0.6	0.7 3.0 1.1 21.9	1.5 7.9 1.3 16.0	0.2 0.9 0.1 2.2	0.8 3.5 1.2 23.1	0.2 g/t AuEq cut 1.0 g/t AuEq cut 0.2 g/t AuEq cut 1.0g/t AuEqcut	11.8 9.0 17.0 13.8
GNDD252 inc and inc and inc inc	104.0 107.0 128.0 134.0 264.6 281.7 290.0	114.0 112.0 140.2 138.0 298.0 284.6 292.0	10.0 5.0 12.2 4.0 33.4 2.9 2.0	0.6 1.0 0.8 1.7 0.6 2.7 1.1	2.3 3.3 1.3 2.4 6.1 36.3 4.6	0.2 0.4 0.3 0.6 0.7 6.1 0.1	0.7 1.2 0.9 2.0 0.9 5.8 1.2	0.2 g/t AuEq cut 1.0 g/t AuEq cut 0.2 g/t AuEq cut 0.2 g/t AuEq cut 1.0 g/t AuEq cut 1.0g/t AuEqcut	7.3 5.8 10.9 7.9 31.2 16.8 2.4
GNDD254 inc inc	173.0 173.0 197.0	235.0 190.0 201.0	62.0 17.0 4.0	1.7 3.2 9.4	20.3 4.4 291.6	0.3 0.5 2.6	2.1 3.5 14.3	0.2 g/t AuEq cut 1.0 g/t AuEq cut 1.0 g/t AuEq cut	132.2 58.8 57.1

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and inc inc and and inc and inc inc	249.0 255.5 266.6 298.3 312.0 314.0 363.0 363.0 385.0	267.0 256.5 267.0 300.0 324.0 320.0 389.8 369.0 389.8	18.0 1.0 0.4 1.8 12.0 6.0 26.8 6.0 4.8	0.8 6.5 7.3 0.3 0.8 1.0 1.7 4.6 2.1	4.3 19.0 28.0 73.9 0.1 0.1 2.8 1.9 8.1	0.3 1.4 5.7 0.3 0.0 0.0 0.4 0.2 1.5	1.0 7.3 10.1 1.3 0.8 1.0 1.9 4.7 2.9	0.2 g/t AuEq cut 1.0 g/t AuEq cut 1.0 g/t AuEq cut 0.2 g/t AuEq cut 0.2 g/t AuEq cut 1.0 g/t AuEq cut 0.2 g/t AuEq cut 1.0 g/t AuEq cut 1.0g/t AuEqcut	17.6 7.3 4.5 2.3 9.8 6.1 51.1 28.4 13.6
GNDD255 inc	158.0 192.0	194.7 194.7	36.7 2.7	0.2 1.0	0.8 2.5	0.0 0.1	0.2 1.1	0.2 g/t AuEq cut 1.0g/t AuEqcut	7.9 2.8
GNDD257 inc inc	233.0 259.0 275.0	277.3 261.0 277.3	44.3 2.0 2.3	0.3 2.4 1.2	2.5 3.5 1.9	0.2 0.2 0.1	0.4 2.6 1.3	0.2 g/t AuEq cut 1.0 g/t AuEq cut 1.0g/t AuEqcut	19.1 5.1 3.0
GNDD259 inc	128.0 143.0	144.0 144.0	16.0 1.0	0.3 0.8	0.8 5.5	0.1 0.8	0.4 1.3	0.2 g/t AuEq cut 1.0g/t AuEqcut	6.0 1.3
GNDD260	159.0	161.0	2.0	0.2	9.1	1.4	0.9	0.2g/t AuEqcut	1.8
GNDD262	183.0	222.0	39.0	0.2	1.2	0.1	0.2	0.2g/t AuEqcut	9.0
GNDD263 and	59.0 110.0	68.0 112.0	9.0 2.0	0.0 1.3	0.1 0.6	0.6 0.0	0.3 1.3	0.2 g/t AuEq cut 1.0g/t AuEqcut	2.7 2.6
GNDD267	169.0	178.0	9.0	0.3	1.2	0.2	0.4	0.2g/t AuEqcut	3.6
GNDD268	NSI								0.0
GNDD270	NSI
GNDD275	55.0	57.0	2.0	1.1	1.9	0.0	1.1	1.0g/t AuEqcut	2.3
GNDD277 inc	63.0 63.0	98.0 92.0	35.0 29.0	2.2 2.6	3.0 2.7	0.1 0.1	2.3 2.7	0.2 g/t AuEq cut 1.0g/t AuEqcut	81.0 78.6
GNDD280 inc	239.4 242.3	254.4 245.0	15.1 2.8	3.7 18.4	38.6 29.8	0.7 0.7	4.5 19.1	1.0 g/t AuEq cut 10g/t AuEqcut	67.6 52.4
GNDD284 inc inc	69.6 75.0 77.8	86.6 80.2 79.0	17.1 5.2 1.2	2.4 7.4 21.4	4.7 13.9 34.4	0.7 2.0 5.5	2.7 8.5 24.2	0.2 g/t AuEq cut 1.0 g/t AuEq cut 10g/t AuEqcut	46.8 44.0 29.0
GNDD285 and and inc and	173.6 312.0 362.4 362.4 393.0	175.3 323.3 373.0 363.6 395.0	1.7 11.3 10.6 1.2 2.0	1.0 3.0 0.6 3.7 6.7	1.5 11.4 1.2 8.8 12.1	0.5 1.4 0.0 0.4 0.1	1.2 3.7 0.6 4.0 6.9	1.0 g/t AuEq cut 1.0 g/t AuEq cut 0.2 g/t AuEq cut 1.0 g/t AuEq cut 1.0g/t AuEqcut	2.0 42.0 6.7 4.6 13.9
GNDD287 inc inc and	26.0 67.0 82.0 202.0	152.0 72.5 84.0 209.0	126.0 5.5 2.0 7.0	0.4 1.8 1.5 0.1	2.1 6.6 4.4 1.8	0.2 0.4 0.6 0.2	0.5 2.0 1.8 0.2	0.2 g/t AuEq cut 1.0 g/t AuEq cut 1.0 g/t AuEq cut 0.2g/t AuEqcut	59.3 11.3 3.6 1.5
GNDD291 inc and and inc	18.2 24.0 62.0 165.0 179.0	30.0 26.0 139.0 190.0 181.0	11.8 2.0 77.0 25.0 2.0	0.5 1.0 0.2 0.1 0.8	7.5 5.7 5.3 3.5 6.3	0.1 0.0 0.1 0.1 0.3	0.6 1.1 0.3 0.2 1.0	0.2 g/t AuEq cut 1.0 g/t AuEq cut 0.2 g/t AuEq cut 0.2 g/t AuEq cut 1.0g/t AuEqcut	7.1 2.2 22.7 5.1 2.1
GNDD292 inc and inc and inc inc inv	69.0 69.0 99.0 110.8 159.0 196.8 210.7 219.1	81.5 70.0 141.0 112.8 222.0 197.8 213.4 222.0	12.5 1.0 42.0 2.0 63.0 1.1 2.7 2.9	0.2 1.0 0.2 1.0 0.6 1.5 2.0 2.2	1.7 3.2 1.5 7.7 8.6 187.0 62.0 1.8	0.0 0.0 0.1 0.3 0.8 16.9 9.6 0.0	0.3 1.0 0.3 1.2 1.0 11.2 6.9 2.2	0.2 g/t AuEq cut 1.0 g/t AuEq cut 0.2 g/t AuEq cut 1.0 g/t AuEq cut 0.2 g/t AuEq cut 1.0 g/t AuEq cut 1.0 g/t AuEq cut 1.0g/t AuEqcut	3.6 1.0 11.1 2.4 65.7 11.7 18.7 6.6
GNDD293 inc inc	130.0 130.0 143.0	196.0 135.5 145.0	66.0 5.5 2.0	0.5 1.4 1.9	1.0 3.4 2.4	0.1 0.2 0.0	0.5 1.5 2.0	0.2 g/t AuEq cut 1.0 g/t AuEq cut 1.0 g/t AuEq cut	34.8 8.2 3.9

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inc	179.5	188.9	9.3	0.8	1.8	0.2	0.9	1.0g/t AuEqcut	8.5
GNDD295	58.0	100.0	42.0	0.2	2.7	0.1	0.3	0.2g/t AuEqcut	11.2
GNDD298 inc and and and and inc	148.0 148.0 205.0 230.5 281.0 300.0 308.0	169.0 155.0 207.0 232.2 286.0 309.0 309.0	21.0 7.0 2.0 1.7 5.0 9.0 1.0	0.6 1.1 1.5 0.6 0.1 0.6 3.1	1.1 2.3 0.2 4.2 19.7 2.6 17.9	0.2 0.4 0.0 0.4 0.1 0.5 3.9	0.7 1.3 1.5 0.8 0.4 0.8 5.0	0.2 g/t AuEq cut 1.0 g/t AuEq cut 1.0 g/t AuEq cut 0.2 g/t AuEq cut 0.2 g/t AuEq cut 0.2 g/t AuEq cut 1.0g/t AuEqcut	15.7 9.2 3.0 1.4 1.8 7.2 5.0
GNDD300 and inc and and	27.0 87.0 108.0 173.9 188.0	45.0 120.1 110.0 174.4 188.6	18.0 33.1 2.0 0.5 0.6	0.4 0.4 1.6 0.2 1.5	2.0 0.9 0.7 12.6 22.3	0.1 0.0 0.0 2.4 2.9	0.4 0.4 1.6 1.4 3.0	0.2 g/t AuEq cut 0.2 g/t AuEq cut 1.0 g/t AuEq cut 1.0 g/t AuEq cut 1.0g/t AuEqcut	7.9 12.9 3.2 0.7 1.8
GNDD301 inc	13.2 26.1	62.0 42.0	48.8 15.9	0.4 0.7	6.1 11.7	0.1 0.1	0.5 0.9	0.2 g/t AuEq cut 1.0g/t AuEqcut	25.3 14.6
GNDD303	139.0	143.0	4.0	0.4	1.3	0.0	0.4	0.2g/t AuEqcut	1.8
GNDD304 inc inc	66.0 66.0 94.0	113.0 68.0 96.0	47.0 2.0 2.0	0.2 1.2 0.7	1.1 3.4 1.7	0.2 0.1 1.0	0.3 1.3 1.2	0.2 g/t AuEq cut 1.0 g/t AuEq cut 1.0g/t AuEqcut	15.7 2.5 2.3
GNDD305 inc and inc	128.0 175.0 226.7 237.5	176.0 176.0 238.8 238.8	48.0 1.0 12.1 1.3	0.2 1.2 0.4 0.9	1.4 14.2 1.9 7.4	0.0 0.0 0.1 0.5	0.2 1.3 0.4 1.2	0.2 g/t AuEq cut 1.0 g/t AuEq cut 0.2 g/t AuEq cut 1.0g/t AuEqcut	12.0 1.3 5.3 1.6
GNDD307 and inc	0.0 57.0 57.0	23.0 79.0 59.0	23.0 22.0 2.0	0.3 0.3 1.5	4.8 0.5 0.2	0.1 0.0 0.0	0.4 0.3 1.5	0.2 g/t AuEq cut 0.2 g/t AuEq cut 1.0g/t AuEqcut	9.5 6.6 3.0
GNDD308 inc	258.3 291.0	295.0 295.0	36.8 4.0	0.5 2.6	1.6 5.6	0.2 0.8	0.6 3.1	0.2 g/t AuEq cut 1.0g/t AuEqcut	21.4 12.3
GNDD309 inc inc	185.0 191.0 206.0	208.1 193.0 208.1	23.1 2.0 2.1	0.6 1.0 2.8	1.6 11.9 1.9	0.1 0.1 0.8	0.7 1.2 3.1	0.2 g/t AuEq cut 1.0 g/t AuEq cut 1.0g/t AuEqcut	16.1 2.3 6.6
GNDD310 inc and inc inc inc	30.0 30.0 186.0 188.0 204.0 222.0	49.0 32.0 226.0 190.0 212.0 224.0	19.0 2.0 40.0 2.0 8.0 2.0	2.3 20.3 0.6 1.7 1.1 1.0	1.7 11.5 0.9 1.9 1.0 0.8	0.0 0.0 0.0 0.1 0.0 0.0	2.3 20.5 0.6 1.8 1.1 1.0	0.2 g/t AuEq cut 1.0 g/t AuEq cut 0.2 g/t AuEq cut 1.0 g/t AuEq cut 1.0 g/t AuEq cut 1.0g/t AuEqcut	43.4 40.9 24.7 3.6 8.8 2.1
GNDD315	NSI								0.0
GNDD319 inc inc inc inc inc	108.0 128.0 140.0 154.0 164.0 196.0	212.0 130.0 142.0 156.0 168.0 208.0	104.0 2.0 2.0 2.0 4.0 12.0	0.5 1.7 1.5 1.3 1.2 1.3	1.1 1.2 0.9 3.7 5.5 0.5	0.0 0.0 0.0 0.0 0.3 0.0	0.5 1.7 1.6 1.3 1.4 1.3	0.2 g/t AuEq cut 1.0 g/t AuEq cut 1.0 g/t AuEq cut 1.0 g/t AuEq cut 1.0 g/t AuEq cut 1.0g/t AuEqcut	53.2 3.4 3.1 2.6 5.7 16.1
GNDD320 inc inc and and inc	181.8 197.0 213.5 254.0 301.0 303.5	218.0 204.9 215.0 283.0 333.5 319.0	36.3 7.8 1.5 29.0 32.5 15.5	0.4 1.0 1.2 0.3 0.8 1.3	2.5 5.8 4.1 0.3 0.6 0.8	0.3 0.6 0.7 0.0 0.0 0.1	0.6 1.4 1.6 0.3 0.8 1.4	0.2 g/t AuEq cut 1.0 g/t AuEq cut 1.0 g/t AuEq cut 0.2 g/t AuEq cut 0.2 g/t AuEq cut 1.0g/t AuEqcut	20.1 10.6 2.3 9.9 25.3 21.0
GNDD322 inc inc inc and	132.0 143.6 159.4 180.0 295.6	182.0 146.0 160.8 182.0 299.0	50.0 2.4 1.4 2.0 3.4	0.8 12.2 1.1 1.4 0.7	1.9 28.5 1.1 0.3 0.7	0.3 4.5 0.2 0.0 0.0	1.0 14.5 1.2 1.4 0.8	0.2 g/t AuEq cut 1.0 g/t AuEq cut 1.0 g/t AuEq cut 1.0 g/t AuEq cut 0.2 g/t AuEq cut	49.4 34.8 1.7 2.8 2.6

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inc and	295.6 382.2	297.0 391.0	1.4 8.9	1.4 1.3	0.6 10.9	0.0 1.5	1.4 2.0	1.0 g/t AuEq cut 1.0g/t AuEqcut	2.0 17.9
GNDD324 and and	128.0 144.0 152.0	130.0 146.0 162.0	2.0 2.0 10.0	1.0 1.9 0.3	1.0 1.4 0.8	0.0 0.0 0.1	1.0 2.0 0.3	1.0 g/t AuEq cut 1.0 g/t AuEq cut 0.2g/t AuEqcut	2.0 3.9 3.2
GNDD327 and and and and	229.0 307.0 354.7 386.0 459.0	257.0 307.6 355.7 387.7 462.0	28.0 0.6 1.0 1.7 3.0	0.2 1.4 13.2 0.6 0.3	0.2 4.4 22.1 0.2 1.1	0.0 1.1 2.0 0.0 0.0	0.3 1.9 14.4 0.6 0.4	0.2 g/t AuEq cut 1.0 g/t AuEq cut 1.0 g/t AuEq cut 0.2 g/t AuEq cut 0.2g/t AuEqcut	7.1 1.2 14.4 1.0 1.1
GNDD329 inc and inc inc inc inc inc	104.0 106.6 282.0 284.0 312.0 331.0 337.0 345.0	118.0 108.3 350.0 286.5 313.1 333.0 339.0 347.0	14.0 1.7 68.0 2.5 1.1 2.0 2.0 2.0	1.1 7.3 0.5 2.9 3.0 1.0 1.2 1.3	1.4 4.1 0.9 6.4 2.0 0.7 1.1 1.0	0.0 0.0 0.0 0.7 0.0 0.0 0.0 0.0	1.2 7.4 0.5 3.3 3.1 1.0 1.2 1.3	0.2 g/t AuEq cut 1.0 g/t AuEq cut 0.2 g/t AuEq cut 1.0 g/t AuEq cut 1.0 g/t AuEq cut 1.0 g/t AuEq cut 1.0 g/t AuEq cut 1.0g/t AuEqcut	16.3 12.1 34.5 8.3 3.4 2.1 2.5 2.7
GNDD330 inc inc and inc	286.0 316.0 329.0 375.2 375.2	335.7 317.0 335.7 377.0 375.7	49.7 1.0 6.7 1.8 0.5	0.4 1.4 1.3 0.4 1.3	0.9 0.9 1.5 2.6 8.2	0.1 0.0 0.1 3.7 12.3	0.4 1.5 1.3 2.1 6.7	0.2 g/t AuEq cut 1.0 g/t AuEq cut 1.0 g/t AuEq cut 0.2 g/t AuEq cut 1.0g/t AuEqcut	21.6 1.5 9.0 3.7 3.4
GNDD332 inc and inc inc and inc inc	182.0 194.0 230.5 230.5 249.0 263.5 263.5 278.3	203.0 199.7 249.6 232.0 249.6 280.2 264.2 280.2	21.0 5.7 19.1 1.5 0.6 16.7 0.6 1.9	0.5 1.1 0.3 2.2 2.2 0.3 1.5 1.9	0.6 0.6 0.6 1.4 11.3 2.9 5.7 19.6	0.1 0.0 0.2 0.1 3.5 0.4 2.0 2.5	0.6 1.1 0.4 2.3 3.9 0.5 2.5 3.2	0.2 g/t AuEq cut 1.0 g/t AuEq cut 0.2 g/t AuEq cut 1.0 g/t AuEq cut 1.0 g/t AuEq cut 0.2 g/t AuEq cut 1.0 g/t AuEq cut 1.0g/t AuEqcut	11.7 6.3 7.7 3.4 2.1 8.8 1.6 6.2
GNDD333 and and and inc inc and	164.2 224.0 248.0 262.0 265.8 271.5 284.0	181.0 229.0 249.5 272.3 267.0 272.3 297.0	16.8 5.0 1.4 10.3 1.2 0.8 13.0	0.3 0.5 1.2 0.2 0.7 0.2 0.3	1.3 9.1 3.8 2.6 3.0 7.2 3.2	0.1 0.3 0.4 0.7 0.7 2.0 0.3	0.4 0.8 1.4 0.5 1.0 1.2 0.4	0.2 g/t AuEq cut 1.0 g/t AuEq cut 1.0 g/t AuEq cut 0.2 g/t AuEq cut 1.0 g/t AuEq cut 1.0 g/t AuEq cut 0.2g/t AuEqcut	6.1 3.8 2.1 5.0 1.2 0.9 5.8
GNDD334 inc inc and and	220.0 222.0 230.0 275.0 317.0	249.0 223.5 231.5 295.0 335.7	29.0 1.5 1.5 20.0 18.7	0.3 1.2 1.4 0.2 0.3	0.2 0.4 0.1 0.1 0.7	0.0 0.0 0.0 0.0 0.1	0.3 1.2 1.4 0.3 0.3	0.2 g/t AuEq cut 1.0 g/t AuEq cut 1.0 g/t AuEq cut 0.2 g/t AuEq cut 0.2g/t AuEqcut	9.82 1.81 2.05 5.04 5.33

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.

________________

Issued Capital 971.8m shares 51.9m options

120m perf shares

West Perth WA 6005

Directors

Mr Kris Knauer, MD and CEO Mr Scott Funston, Finance Director Mr Fletcher Quinn , Chairman

16m perf rights

Australian Registered Office Level 1 1205 Hay Street

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Contact

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

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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 $36 million and it has committed to a 9-rig 120,000 metre drill program at its Flagship Hualilan Gold project.

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 350 drill holes for more than 75,000 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 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 includes a 120,000 metres of drilling, 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.

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital 971.8m shares 51.9m 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

www.challengerex.com

ASX Release 27 September 2021

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

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 ACN 123 591 382 ASX: CEL

Issued Capital 971.8m shares 51.9m options 120m perf shares

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

16m perf rights

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	-	Nature and quality of sampling (eg	For historic exploration data, there is little information provided by previous explorers to detail sampling techniques. Drill
techniques		cut channels, random chips, or specific specialised industry standard	core was cut with a diamond saw longitudinally and one half submitted for assay. Assay was generally done for Au. In 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.

Australian Registered Office

Challenger Exploration Limited

Issued Capital

Directors

Contact

ACN 123 591 382 971.8m shares ASX: CEL

971.8m shares Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 51.9m 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

www.challengerex.com

Criteria JORC Code explanation	Commentary
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, face- sampling bit or other type, whether core is oriented and if so, by what method, etc).	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

Criteria
JORC Code explanation

Commentary

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, face-
sampling bit or other type, whether
core is oriented and if so, by what
method, etc).

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

971.8m shares 51.9m options 120m perf shares

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

Contact

T: +61 8 6380 9235

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

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

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

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

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

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

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	320.00
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

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

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

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

Commentary
GNDD302	504110.500	6599843.600	1800.000	-60	115	221.00
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	286.00
GNDD316	504112.640	6599927.547	1805.311	-60	115	342.60
GNDD317	504278.000	6599075.000	1779.400	-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	350.00
GNDD330	504972.655	6600942.875	1814.522	-60	295	380.00
GNDD331	503963.429	6599824.291	1803.625	-70	115	301.60

Commentary
GNDD332	504587.7	6601342.5	1839.5	-60	115	320.00
GNDD333	504587.7	6600900.9	1825.1	-60	115	340.00
GNDD334	504987.9	6601026.3	1815.4	-60	295	371.00
GNDD335	503976.4	6599906.2	1804.1	-70	115	300.00
GNDD336	504448.6	6600701.3	1826.7	-60	115	422.00
GNDD337	504490.4	6601122.8	1828.7	-60	115	395.00
GNDD338	504207.5	6600063.5	1813.1	-60	115	299.00
GNDD339	504367.7	6599591.2	1791.6	-60	115	300.00
GNDD340	505044.9	6601044.0	1813.6	-60	295	380.00
GNDD341	504588.0	6600812.6	1823.6	-60	115	311.00
GNDD342	504312.3	6601448.7	1847.4	-60	115	472.80
GNDD343	504283.4	6600183.2	1815.3	-60	170	275.00
GNDD344	504588.0	6600680.0	1820.0	-60	115	320.00
GNDD345	505037.8	6601091.4	1813.0	-60	295	344.60
GNDD346	504358.1	6599705.9	1795.3	-75	115	173.00
GNDD347	504501.9	6601426.5	1841.5	-60	115	330.00
GNDD348	504242.0	6600189.8	1815.8	-60	170	250.00
GNDD349	504421.7	6600801.8	1829.8	-60	115	401.00
GNDD350	504529.4	6601193.0	1834.0	-60	115	395.00
GNDD351	504331.3	6600143.5	1811.3	-60	170	190.00
GNDD352	504311.5	6599705.7	1797.6	-62	115	359.00
GNDD353	504370.5	6600151.3	1810.1	-60	170	120.00
GNDD354	504365.7	6600178.8	1811.0	-60	170	125.00
GNDD355	504850.9	6601263.7	1826.0	-60	115	135.00
GNDD356	504477.0	6601482.2	1842.0	-60	115	384.70
GNDD357	504360.8	6600521.3	1823.8	-60	115	329.00
GNDD358	504361.2	6600206.0	1813.1	-63	170	179.80
GNDD359	504408.4	6601161.1	1827.6	-60	115	380.00
GNDD360	504844.5	6601178.5	1824.7	-60	115	448.20
GNDD361	504450.4	6601229.8	1835.4	-60	115	452.00

Commentary
GNDD362	504188.9	6599718.8	1801.0	-55	115	449.00
GNDD363	504434.8	6600247.2	1812.4	-60	170	290.00
GNDD364	504631.4	6600880.6	1821.9	-60	115	270.00
GNDD365	504477.4	6600422.8	1816.7	-60	115	410.00
GNDD366	504557.0	6601489.0	1843.5	-60	115	392.00
GNDD367	504586.3	6600857.5	1824.5	-60	115	320.00
GNDD368	504374.6	6601221.0	1840.5	-63	115	462.00
GNDD369	504584.8	6601255.4	1837.0	-60	115	289.70
GNDD370	504344.7	6600264.3	1816.1	-60	115	350.00
GNDD371	505120.4	6600275.0	1771.2	-60	170	300.00
GNDD372	504548.3	6601625.5	1843.4	-60	115	452.00
GNDD373	504884.7	6600894.9	1814.5	-60	295	452.00
GNDD374	505273.5	6600329.0	1769.4	-60	170	400.00
GNDD375	504200.0	6600331.7	1816.3	-60	115	370.00
GNDD376	504696.5	6601600.0	1841.9	-60	115	238.10
GNDD377	504920.0	6600746.0	1804.5	-60	115	461.00
GNDD378	504406.0	6599618.0	1792.7	-60	115	332.00
GNDD379	504359.6	6600345.9	1818.5	-60	115	350.00
GNDD380	504484.5	6600596.0	1821.8	-60	115	371.00
GNDD381	504806.1	6600931.6	1819.0	-60	295	290.00
GNDD382	504289.2	6599627.9	1795.3	-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	504584.2	6600321.7	1817.4	-65	170	480.00
GNDD391	504391.9	6600462.7	1820.4	-60	115	350.00

Commentary
GNDD392	504566.4	6600778.5	1823.4	-60	115	251.00
GNDD393	504194.6	6599760.1	1804.0	-60	112	469.00
GNDD394	504474.7	6601924.7	1853.9	-60	115	401.00
GNDD395	504284.4	6600556.9	1828.5	-60	115	731.00
GNDD396	505060.8	6599621.1	1746.2	-60	115	211.50
GNDD397	504926.0	6601422.0	1855.9	-50	170	120.00
GNDD398	504894.5	6599433.9	1762.7	-60	115	200.00
GNDD399	504614.1	6600382.6	1818.2	-59	170	605.00
GNDD400	504922.4	6599377.2	1763.3	-60	115	300.00
GNDD401	504194.6	6599760.1	1804.0	-50	115	503.00
GNDD402	504628.4	6601676.4	1845.7	-60	115	320.00
GNDD403	504926.0	6601422.0	1855.9	-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
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

Criteria	JORC Code explanation	JORC Code explanation	Commentary
			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
			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	-	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
recovery		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 consistency in sampling.				is weighed to measure sample recovery and
		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.	quantifythis. Core recoveryis influenced bythe intensityof natural fracturingin the					rock. Apositive correlation between

Criteria JORC Code explanation	Commentary	Commentary	Commentary	Commentary
	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 been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation mining studies and metallurgical studies. - Whether logging is qualitative or quantitative in nature. Core (or costean channel etc) photography. - The total length and percentage of the relevant intersections logged.	Detailed logs are available for most of the historical drilling. Some logs have not been recovered. No core photographs from the historic drilling have been found. No drill core has survived due to poor storage and neglect. No RC sample chips have been found. 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 geology, alteration and mineralisation to a level that is suitable for geological modelling resource estimation and 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) 1098 0.974 0.139 0.141 0.010 0.009 1.963 2.518 Ag (ppm) 1098 0.701 0.74 0.67 0.21 0.19 11.68 6.45 Cd (ppm) 1098 0.983 2.76 2.51 0.15 0.15 460.91 411.69 Cu (ppm) 1098 0.393 18.80 15.58 3.60 3.40 1.1E+04 4.8E+03 Fe (%) 1098 0.980 1.648 1.633 1.650 1.645 3.0 2.9 Pb (ppm) 1098 0.970 105.8 104.0 16.0 15.4 5.1E+05 6.8E+05 S (%) 1098 0.982 0.371 0.364 0.130 0.130 0.808 0.760 Zn(ppm) 1098 0.979 465 434 84 80 1.1.E+07 1.0.E+07
	Au (ppm) 1098 0.974 Ag (ppm) 1098 0.701 Cd (ppm) 1098 0.983 Cu (ppm) 1098 0.393 Fe (%) 1098 0.980 Pb (ppm) 1098 0.970 S (%) 1098 0.982 Zn(ppm) 1098 0.979	0.139 0.141 0.74 0.67 2.76 2.51 18.80 15.58 1.648 1.633 105.8 104.0 0.371 0.364 465 434	0.010 0.009 0.21 0.19 0.15 0.15 3.60 3.40 1.650 1.645 16.0 15.4 0.130 0.130 84 80	1.963 2.518 11.68 6.45 460.91 411.69 1.1E+04 4.8E+03 3.0 2.9 5.1E+05 6.8E+05 0.808 0.760 1.1.E+07 1.0.E+07

Criteria	JORC Code explanation	JORC Code explanation	Commentary
Quality of assay	-	The nature quality and	The MSA laboratory used for sample preparation in San Juan has been inspected by Stuart Munroe (Exploration Manager)
data and laboratory tests		appropriateness of the assaying and laboratory procedures used and whether the technique is considered	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.
		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	CEL submit blank samples (cobble and gravel material from a quarry nearby to Las Flores San Yuan) with drill core, RC sub-
		parameters used in determining the analysis including instrument make and model reading times calibrations factors applied and their	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 cross contamination of samples during sample preparation.
		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, 12 different Certified Standard Reference
			pulp samples (CRM) with known values for Au Ag Fe S Pb Cu and Zn 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
			analyticprocess. No systematic bias is observed. A summaryof the standard deviations from the expected values for

Criteria	JORC Code explanation	JORC Code explanation	Commentary
			data have been otherwise adjusted.
Location of data	-	Accuracy and quality of surveys used	Following completion of drilling collars are surveyed using a differential GPS (DGPS) relative into the Argentinian SGM
points		to locate drill holes (collar and	survey. The locations have been surveyed in POSGAR 2007 zone 2 and converted to WGS84 UTM zone 19s.
		down-hole surveys) trenches mine workings and other locations used in Mineral Resource estimation.	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.
	-	Specification of the grid system
		used.	The drill machine is set-up on the drill pad using hand-held equipment according to the proposed hole design.
	-	Quality and adequacy of	Diamond core drill holes are surveyed at 30-40m intervals down hole using a Reflex tool. RC drill holes are surveyed down
		topographic control.	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	-	Data spacing for reporting of	No regular drill hole spacing has been applied across the Project, although a nominal 40m x 40m drill spacing is being
distribution		Exploration Results.	applied to infill and extension drilling where appropriate. The current drilling is designed to check previous exploration,
	-	Whether the data spacing and	extend mineralisation along strike, and provide some information to establish controls on mineralization and exploration
		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	Samples have not been composited.
		continuity appropriate for the
		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

Criteria	JORC Code explanation	JORC Code explanation	Commentary
		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.

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

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

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) totaling 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

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	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
		results including a tabulation of the	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

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

AI assistant

CHALLENGER GOLD LIMITED — Capital/Financing Update 2021

64637_rns_2021-09-26_43eec685-3ab7-4a9b-b5ff-5878519a8b72.pdf

Verde Zone discovery extended to 1.5 kilometres of continuous mineralisation at Hualilan Gold Project

Highlights

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

Directors

DISCUSSION OF RESULTS

Verde Zone Drilling

GNDD-254

GNDD-248, GNDD-304 and GNDD-309

GNDD-298

GNDD-293

GNDD-280, GNDD-285, GNDD-368

Directors

Undrilled Section of Verde Zone - GNDD-322

GNDD-308 and GNDD-333

GNDD-329

GNDD-319

GNDD-300-305-336 (assays pending)

GNDD-292 and GNDD-310

GNDD-291 and GNDD-295

GNDD-284 and GNDD-287

GNDD-224, GNDD-307

GNDD-301

Gap Zone Drilling

GNDD-322

GNDD-252 and GNDD-222

GNDD-257

GNDD-262 and GNDD-330

GNDD-320

GNDD-211, GNDD-277 and GNDD-334

Northern margin of the Gap Zone

Ends

For further information contact:

Previous announcements referred to in this release include:

Directors

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

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

________________

About Challenger Exploration

Foreign Resource Estimate Hualilan Project

Competent Person Statement – Exploration results

Competent Person Statement – Foreign Resource Estimate

Directors

Section 1 Sampling Techniques and Data -Hualilan Project

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

Challenger Exploration Limited

Issued Capital

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Issued Capital

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Issued Capital

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Issued Capital

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CHALLENGER GOLD LIMITED Capital/Financing Update 2021

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

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	NSI
GNDD045	85.90	2.10	1.4	28.8	0.1	1.8	0.01	0.02

Commentary
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
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

Commentary
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
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

Commentary
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
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

Commentary
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
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

Commentary
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
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

Commentary
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	NSI
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
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

Commentary
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
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

Commentary
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
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