CHALLENGER GOLD LIMITED - Capital/Financing Update 2021

ASX Release 29 July 2021

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High grade mineralisation substantially extended at the Hualilan Gold Project

Highlights

Drilling has significantly extended the high-grade Magnata Fault mineralisation along strike and at depth with mineralisation remaining open in all directions.
GNDD-288 returned 14.2 metres at 13.6 g/t AuEq confirming mineralisation is strong at depth and pushed mineralisation more than 100 metres below the previous deepest hole.
Magnata Fault mineralisation now covers 400 metres strike and 400 metres vertically with mineralisation mapped in outcrop another 200 metres to the east.
Drilling has confirmed a third high-grade zone of mineralisation associated with the Magnata Fault and a significant halo of lower grade mineralisation not recognised in historical drilling.
All 33 holes of step out drilling on the Magnata Fault successfully intersected mineralisation with significant intersections including (Refer Table 1):
51.6m at 4.5 g/t AuEq[2 ] - 3.9 g/t Au, 11.8 g/t Ag, 1.0% Zn from 96.5m including; 11.1m at 20.0 g/t AuEq[2] - 17.4 g/t Au, 51.1 g/t Ag, 4.5% Zn from 137.0m including 7.9m at 27.2 g/t AuEq[2] - 23.8 g/t Au, 65.2g/t Ag, 6.0% Zn from 139.0m (GNDD-272)
96.0m at 2.0 g/t - 1.8g/t Au, 2.9g/t Ag, 0.3% Zn from 13.0m including; 44.0m at 4.1 g/t AuEq[2] - 3.7 g/t Au, 4.6 g/t Ag, 0.6% Zn from 65.0m including; 4.3m at 30.6 g/t AuEq[2] - 27.6 g/t Au, 35.4 g/t Ag, 5.9% Zn from 98.2m; and
- 27.8m at 7.3 g/t AuEq[2] - 5.5 g/t Au, 12.9g/t Ag, 3.9% Zn from 399.0m including; 14.2m at 13.6 g/t AuEq[2] - 10.1 g/t Au, 20.6 g/t Ag, 7.3% Zn from 410.0m including; 2.0 metres at 53.4 g/t AuEq[2 ] - 49.4 g/t Au, 77.4 g/t Ag, 7.8% Zn from 412.0m (GNDD-288)
21.0m at 7.6 g/t AuEq[2 ] - 5.7g/t Au, 32.1 g/t Ag, 3.4% Zn from 111.0m including ; 11.7m at 13.3 g/t AuEq[2 ] - 10.1 g/t Au, 54.8 g/t Ag, 5.9% Zn from 114.7m including; 4.4m at 29.9 g/t AuEq[2] - 23.1 g/t Au, 139 g/t Ag, 11.7% Zn from 116.7 m (GNDD-217)

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

“The results from our extended program on the Magnata Fault certainly did not disappoint. Each of the thirty three drill holes intersected mineralisation with one of the holes producing the second best result ever at Hualilan with an intersection of 422 gram metres of gold.

The Magnata Fault is shaping up a significant body of high-grade mineralisation at least 400 metres long extending from surface to 400 metres depth. It remains open in all directions and we have yet to drill what we consider the most exciting part of the Magnata Fault which is to the east of the current drilling."

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

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

Issued Capital 840.5m shares Level 1 54.7m options 1205 Hay Street 120m perf shares West Perth WA 6005 16m perf rights

www.challengerex.com

ASX Release 29 July 2021

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Challenger Exploration ( ASX: CEL ) (“ CEL ” the “ Company ”) is pleased to announce results from the Company's flagship Hualilan Gold Project in San Juan, Argentina. The results are from a series of drill holes designed to test for extensions of high-grade mineralisation on the Magnata Fault at depth and along strike. The program was particularly pleasing with all 33 drill holes intersecting mineralisation and the footprint of the high-grade Magnata Fault mineralisation being extended significantly.

HIGHLIGHTS

Highlights include GNDD-288 which intersected a combined 422 gram metres over three zones from near surface to 427 metres downhole. This is the second best hole ever drilled at Hualilan behind historical hole DDH-61 which intersected 5.4m at 95.4 g/t AuEq for 515 gram metres. Following the current drilling the Magnata Fault mineralisation remains open in all directions.

GNDD-288 is the deepest hole drilled to test the Magnata Fault and the intersection of 27.8m at 7.3 g/t including 14.2m at 13.6 g/t AuEq from 410.0m is more than 100 metres vertically below GNDD203 (21.8m at 4.5 g/t AuEq including 3.6m at 16.2 g/t AuEq) the previous deepest intersection on the Magnata Fault. GNDD-288 was collared to test below GNDD-157 and confirmed the previously reported intersection in GNDD-157 (12.0m at 20.9 g/t AuEq) is a new, and third, zone of east-west trending high-grade mineralisation associated with the Magnata Fault. Mineralisation on this new zone and the main Magnata Fault zone is open below 400 metres.

GNDD-217 (21.1m at 7.6 g/t AuEq from 111.0m including 4.4m at 29.9 g/t AuEq) and GNDD-227 (8.0m at 5.7 g/t AuEq from 222.0m) were drilled to test the Magnata Fault underneath earlier CEL drillhole GNDD-006 (6.5m at 4.6 g/t AuEq from 78.5m). Drillholes GNDD-217 and GNDD-227 have extended the high grade Magnata fault Mineralisation 150 metres vertically below GNDD-006.

The drilling confirmed that a significant halo of lower grade mineralisation surrounds the high-grade Magnata Fault mineralisation. This is illustrated by;

the top of GNDD-288 which intersected 96.0m at 2.0 g.t AuEq from 13.0m around a high grade zone of 4.3m at 30.6 g/t AuEq from 98.2m; and
GNDD-272 which intersected 51.6m at 4.5 g/t AuEq from 96.5m around a high grade zone of 7.9m at 27.2 g/t AuEq with a second zone of mineralisation 22 metres thick from 35.0m downhole above the main zone.

The surrounding halo of lower grade mineralisation was not recognised in the historical drilling and has the potential to add significant ounces and be important economically in an open cut development scenario.

Given the encouraging results, a further 14 holes have been programmed to continue to extend and infill the mineralisation to the west on the Magnata Fault with 7 of these completed (assays pending). Additionally, an initial eight holes are planned to test for extensions of the Magnata Fault mineralisation on the eastern side of the Hualilan Hills with drill pads currently being completed.

Issued Capital 840.5m shares 54.7m options 120m perf shares 16m perf rights

Australian Registered Office Level 1 1205 Hay Street

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

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

www.challengerex.com

ASX Release 29 July 2021

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DISCUSSION OF RESULTS

Magnata Fault Zone

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

The Magnata and Sanchez Faults were historically recognised as major controls of the mineralisation at Hualilan. The mineralising fluids were interpreted to have migrated from a source below or along strike, within the faults forming steeply dipping zones of mineralisation within the Magnata and Sanchez Faults. These fluids migrating up the faults have also formed replacement Manto-style high grade lenses, oriented parallel to the limestone beds, dipping to the west adjacent to the faults.

This program of extension drilling on the Magnata Fault was designed as a series of fences of holes spaced at 50 metres along the Magnata Fault. The holes on each fence were collared to intersect the Magnata Fault approximately 50 metres below the previous hole. The location of the drill holes are shown in Figure 1 and the drill results are ordered from west to east in the following discussion.

The collar locations of three most easterly drill holes to test the Magnata Fault (GNDD-261, GNDD266, and GNDD-269) were limited by the start of the Hualilan Hills (Photo 1 below). The Magnata Fault mineralisation has been historically mapped in outcrop into and over the Hualilan Hills for another 200 metres east of GNDD-261. The eastern extensions of the Magnata Fault will be tested by a combination of the use of a man potable rig in the Hualilan Hills and drilling from the other side of the Hualilan Hills.

Approximate collar position drillholes GNDD-261, GNDD-266, GNDD-269

Photo Showing Magnata Fault drill collar positions and approximate position of the Magnata Fault

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital 840.5m shares 54.7m options 120m perf shares 16m perf rights

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

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

www.challengerex.com

ASX Release 29 July 2021

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Challenger Exploration Limited Issued Capital Australian Registered Office Directors Contact
ACN 123 591 382 840.5m shares Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235
ASX: CEL 54.7m options 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected]
120m perf shares West Perth WA 6005 Mr Fletcher Quinn , Chairman
16m perf rights
Figure 1 – Plan View showing current and pending Magnata Fault drilling
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www.challengerex.com

ASX Release 29 July 2021

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GNDD290

GNDD-290 is the most westerly hole reported to date and was drilled to test 50 metres east along strike from GNDD-179 and GNDD-286 which intersected 7.5m at 8.5 g/t AuEq . GNDD-290 confirmed that the Magnata Fault mineralisation extends another 50 metres to the west which is a total step-out of 100 metres from previous drilling. GNDD-290 intersected four separate zones of mineralisation including 2.1 metres at 2.7 g/t AuEq ( 1.4 g/t gold, 25.3 g/t silver, 2.1% zinc) from 139.5m and 4.0 metres at 4.6 g/t AuEq (1.9 g/t gold, 19.9 g/t silver, 5.5% zinc) from 162.6m.

The hole has been followed up by four drillholes (all assays pending) to test for extensions to the Magnata fault mineralisation comprising 50 metre step-outs west along strike. Additionally, GNDD318, GNDD-353 and GNDD-354 (all assays pending) have been drilled on the same section and GNDD290 to test up-dip and downdip of GNDD-290 (Figure 1).

GNDD-179, 264, 286

GNDD-179, GNDD-264, GNDD-286, and GNDD-321 (assay pending) were drilled to test for extensions to the mineralisation on the Magnata Fault 50 metres west of previous drilling. The drill holes step approximately 50 metres progressively deeper below GNDD-179 which was designed to intersect the Magnata fault 50 metres below the surface.

The grades on this section appear to be improving with depth GNDD-264 intersecting 22.1m at 2.3 g/t AuEq (1.4 g/t gold, 16.7 g/t silver, 1.7% zinc) from 105.0m. GNDD-286, the deepest hole on the section results have been received for, which was collared to intersect the Magnata Fault 50 metres below GNDD-264 intersected 10.2m at 6.2 g/t AuEq (4.2 g/t gold, 52.5 g/t silver, 3.0% zinc ) from 169.0m including a higher-grade 2.2m at 18.5 g/t AuEq (11.5 g/t gold, 170.5 g/t silver, 11.1% zinc ). GNDD-321 (assays pending) has been drilled to test another 50 metres down-dip from GNDD-286.

GNDD-294, GNDD272, GNDD-243

Drillholes GNDD-243, GNDD-272 and GNDD-294 were drilled to test progressively underneath earlier drillholes GNDD-014 (14.7m at 3.3 g/t AuEq) and GNDD-117 (10.0m at 2.7 g/t AuEq) which tested the Magnata Fault approximately 50 metres below surface. This fence of drill holes is shown in Cross Section 15 (Figure 2 over the page).

GNDD-272 intersected 11.1m at 20.0 g/t AuEq (17.4 g/t gold, 51.1 g/t silver, 4.5% zinc) from 137.0m including 7.9m at 27.2 g/t AuEq (23.8 g/t gold, 65.2g/t silver, 6.0% zinc) and extended the Magnata Fault mineralisation another 60 metres down dip. GNDD-243 was drilled 40 metres downdip from GNDD-272 and extended the mineralisation with an intersection of 7.1m at 3.6 g/t AuEq (2.2 g/t gold, 27.2 g/t silver, 2.6% zinc ) from 136.0m including a higher -grade zone of 1.1m at 16.7 g/t AuEq (9.0 g/t gold, 126.0g/t silver, 14.0% zinc) .

GNDD-294 was designed to test another 50 metres down dip from GNDD-243 and returned only a narrow intersection however drillholes GNDD-286 and GNDD-252. drilled off this section either side

Challenger Exploration Limited Issued Capital Australian Registered Office Directors Contact ACN 123 591 382 840.5m shares Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 ASX: CEL 54.7m options 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] 120m perf shares West Perth WA 6005 Mr Fletcher Quinn , Chairman 16m perf rights

www.challengerex.com

ASX Release 29 July 2021

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Figure 2 - Magnata Fault Cross Section 15

Challenger Exploration Limited Issued Capital ACN 123 591 382 840.5m shares ASX: CEL 54.7m options 120m perf shares 16m perf rights

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

www.challengerex.com

ASX Release 29 July 2021

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of GNDD-294, and designed to intersect the Magnata Fault at the same depth as GNDD-294 both intersected much stronger mineralisation confirming mineralisation remains open at depth in this section of the Magnata Fault.

GNDD-282, GNDD-258, GNDD-240

Drillholes GNDD-240, GNDD-258 and GNDD-282 were drilled as a series of three holes to test the Magnata Fault midway between historical holes GNDD-015 and GNDD-020. The holes intersected mineralisation on both the M1 and M2 Magnata Faults with results including 3.5m at 4.6 g/t AuEq (2.7 g/t gold, 50.2 g/t silver, 2.9% zinc ) from 136.0m including of 1.3m at 11.3 g/t AuEq (6.6 g/t gold, 116.0 g/t silver, 7.6% zinc ) from 167.0m and 2.0m at 1.5 g/t AuEq (1.4 g/t gold, 0.3 g/t silver, 0.1% zinc ) in GNDD-240. The lower tenor of the mineralisation is interpreted as a result of there being limited open space for mineralisation to be deposited into at this location in the Magnata Fault.

GNDD-217, GNDD-223, GNDD-227, GNDD-265, GNDD278,

GNDD-217, GNDD-223, GNDD-227, GNDD-265, and GNDD-278 were drilled on the same section stepping progressively deeper to extend the Magnata Fault mineralisation below GNDD-006 which intersected 6.5 metres at 4.6 g/t AuEq from 78.5m. This series of holes is shown on Cross Section 12 (Figure 3 over the page).

GNDD-217 intersected 21.0m at 7.6 g/t AuEq (5.7g/t gold, 32.1 g/t silver, 3.4% zinc) from 111.0m including 11.7m at 13.3 g/t AuEq (10.1 g/t gold, 54.8 g/t silver, 5.9% zinc) including a higher grade section of 4.4m at 29.9 g/t AuEq(23.1 g/t gold, 139 g/t silver, 11.7% zinc) . GNDD-227 was collard to test the Magnata Fault 100 metres below GNDD-217 and intersected 8.0m at 5.7 g/t AuEq (4.2g/t gold, 53.6 g/t silver, 1.7% zinc) from 222.0m including 6.6m at 6.8 g/t AuEq (5.1 g/t gold, 64.2 g/t silver, 2.1% zinc).

The Company believes that the two deeper holes on this fence, GNDD-265 and GNDD-278, are likely to have been stopped short of the main Magnata Fault due to the Magnata Fault having steepened at depth. Accordingly, GNDD-265 is programmed to be extended another 70 metres deeper. The mineralisation intersected GNDD-265 ( 1.0 m at 10.3 g/t AuEq from 237.0m) and GNDD-278 ( 1.0 m at 1.1 g/t AuEq from 223.0m and 1.0 m at 1.5 g/t AuEq from 228.0m) is a new zone of mineralisation on the contact of the limestone and the overlying intrusive. Mineralisation is consistently seen at this contact elsewhere at Hualilan.

GNDD-227 intersected mineralisation at the contact between the limestone and intrusive 100 metres along the contact intersecting 3.7 m at 2.15 g/t AuEq from 179.2m including 0.9 metres at 7.9 g/t AuEq. GMDD-041E, which a 300 metre extension of metallurgical drillhole GMDD-041 designed to test if the new zone of high-grade mineralisation intersected in GNDD-157 was oriented east-west or north-south, intersected 1.6 metres at 9.7 g/t AuEq from 306.1m on the limestone-intrusive contact 50 metres south of GNDD-217.

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital 840.5m shares 54.7m options 120m perf shares 16m perf rights

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

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

www.challengerex.com

ASX Release 29 July 2021

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Figure 3 - Magnata Fault Cross Section 12

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www.challengerex.com

ASX Release 29 July 2021

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GNDD-212, GNDD-221, GNDD-273, GNDD-274, GNDD-279, GNDD-283

This series of holes was drilled on the same section as earlier drillhole GNDD-145, which failed to intersect mineralisation. The Company interpreted GNDD-145 as likely having been terminated prior to reaching the Magnata Fault.

GNDD-221 was collared to intersect the Magnata Fault 50 metres up-dip from GNDD-145 and confirmed the presence of mineralisation on the Magnata Fault intersecting 8.2m at 2.0 g/t AuEq (1.5 g/t gold, 7.5 g/t silver, 0.8% zinc ). GNDD-274 was collared to test he Magnata Fault 100 metres below GNDD-221 and intersected 19.0m at 1.1 g/t AuEq (0.7 g/t gold, 9.6 g/t silver, 0.5% zinc) from 298.0m including a higher grade zone of 2.0m at 8.7 g/t AuEq (6.6 g/t gold, 48.8 g/t silver, 3.5% zinc).

GNDD-279 and GNDD-283 were drilled as shallow test of the Magnata Fault just off this section with both holes successfully intersecting near surface mineralisation on the Magnata Fault. GNDD-283 intersected 4.0 metres at 3.2 g/t AuEq (2.9 g/t gold, 17.8 g/t silver, 0.2% zinc) from 7.0m including 1.2m at 10.1 g/t AuEq (9.4 g/t gold, 49.7 g/t silver, 0.3% zinc).

These drill holes, which all successfully intersected mineralisation on the Magnata Fault, confirm that the earlier hole GNDD-145 was terminated above target and accordingly GNDD-145 is programmed to be re-entered and extended.

GNDD-281

GNDD-281 was drilled as a test of the Magnata Fault 50 metres below GNDD-203 which intersected 21.8m at 4.5 g/t AuEq from 299.0m including 3.6m at 16.2 g/t AuEq. GNDD-203 was, prior to this round of drilling, the deepest test of the Magnata Fault. GNDD-281 intersected a number of zones of mineralisation including the successful extension of the mineralisation encountered in GNDD-203 another 50 metres deeper.

The hole intercepted 2.6m at 2.8g/t AuEq (1.1 g/t gold, 26.2 g/t silver, 3.1% zinc) from 196.3m and 1.2m at 4.2g/t AuEq (3.0 g/t gold, 80.4 g/t silver, 0.3% zinc) from 292.0m and 1.6m at 1.3g/t AuEq (0.3 g/t gold, 24.6 g/t silver, 1.6% zinc) from 426.0m. Additionally, GNDD-281 intersected a broad zone of near surface mineralisation above the Magnata Fault returning 23.5m at 1.3g/t AuEq (1.1 g/t gold, 8.9 g/t silver, 0.3% zinc) from 42.5m. This extended the near surface mineralisation encountered in GNDD-203 by 50 metres. GNDD-281 and GNDD-288 ( 14.2m at 13.6 g/t AuEq) confirm that mineralisation on the Magnata Fault, which starts at surface, remains open below 400 metres.

GNDD-288, GNDD-289, GNDD-297

GNDD-288 was collared to test the Magnata fault 50 metres below GNDD-157. GNDD-157 had intersected 130.8m at 2.5 g/t AuEq including an unexpected 12.0m at 20.9 g/t AuEq plus a near surface zone of 66.0m at 0.6 g/t AuEq. The deeper zone of mineralisation in GNDD-157 included 4.1m at 56.8 g/t AuEq which was believed to potentially be new, and third, zone of east-west mineralisation associated with the Magnata Fault. This series of holes is shown on Cross Section 10 (Figure 4).

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital Australian Registered Office 840.5m shares Level 1 54.7m 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 29 July 2021

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Figure 4 - Magnata Fault Cross Section 10 Showing GNDD-288

Challenger Exploration Limited Issued Capital ACN 123 591 382 840.5m shares ASX: CEL 54.7m options 120m perf shares 16m perf rights

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www.challengerex.com

ASX Release 29 July 2021

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GNDD-288 confirmed that the presence of a third zone of mineralisation intersecting 27.8m at 7.3 g/t AuEq (5.5 g/t gold, 12.9g/t silver, 3.9% zinc ) from 399.0m including a higher grade zone of 14.2m at 13.6 g/t AuEq (10.1 g/t gold, 20.6 g/t silver, 7.3% zinc ). As Cross Section 10 (Figure 4) shows the high grade zone near the base of GNDD-288 correlates with the high grade zone in GNDD-157 confirming that the holes have intersected a previously unrecognised third east-west zone of high-grade mineralisation. The intercept in GNDD-288 includes a bonanza grade section of 2.0 metres at 53.4 g/t AuEq which correlates with the 4 metres in GNDD-157 at 56.8 g/t AuEq. This third east-west structure appears to have significant width and mineralisation remains open and strong at depth. Follow up drill holes are planned to test 50 metres below GNDD-288 and 50 metres above GNDD-157.

Additionally, GNDD-288 intersected the main Magnata Fault encountering 4.5m at 5.4 g/t AuEq (3.3 g/t gold, 31.2 g/t silver, 4.0% zinc) from 216.0m which extended the main Magnata Fault zone 100 metres below GNDD-032 with this main Magnata Fault zone still open at depth.

GNDD-288 intersected a significant zone of near surface mineralisation returning 96.0m at 2.0g/t AuEq (1.8g/t gold, 2.9g/t silver, 0.3% zinc) from 13.0m including 44.0m at 4.1 g/t AuEq (3.7 g/t gold, 4.6 g/t silver, 0.6% zinc) from 65.0 including a higher-grade section of 4.3m at 30.6 g/t AuEq (27.6 g/t gold, 35.4 g/t silver, 5.9% zinc) from 98.2m. This mineralisation is hosted in intrusives and correlates with the intersection of 66.0m at 0.6 g/t AuEq in GNDD-157. This is now interpreted as the southern end of the new Verde Zone which is interpreted to extend at least another 1.5 kilometres to the north.

GNDD-289 and GNDD-297 were near surface holes drilled with a spider rig capable of drilling at low angles. Both holes were collared to test for extensions of the new third zone of mineralisation 150 metres up-dip from GNDD-157. Both holes were collared east of the Main Magnata Fault and accordingly did not cross the main Magnata Fault structure. GNDD-289 and GNDD-297 confirmed the up-dip extension of the new zone of the mineralisation encountered in GNDD-157 returning intersections of 40 and 14 metres of lower grade mineralisation.

GNDD-261 and GNDD-269 GNDD-271

GNDD-261, GNDD-269, and GNDD-271 are the three most easterly holes to test the Magnata Fault. Due to the steep topography and access issues none of the holes were optimally sited to intersect the Magnata Fault. However, all three holes intersected mineralisation confirming that mineralisation remains open to the east on the Magnata Fault.

Results included 6.0 metres at 1.3 g/t AuEq (1.1 g/t gold, 12.2 g/t silver, 0.1% zinc) from 6m including 2.0 metres at 3.4 g/t AuEq (2.8 g/t gold, 34.4 g/t silver, 0.3% zinc) and 2.0 metres at 1.5 g/t AuEq (0.2 g/t gold, 87.3 g/t silver, 0.4% zinc) from 48m in GNDD-269. An intersection of 4.0 metres at 1.4 g/t AuEq (1.1 g/t gold, 5.2 g/t silver, 0.6% zinc) from 22.0m including 0.5 metres at 9.6 g/t AuEq (7.5 g/t gold, 17.6 g/t silver, 4.2% zinc) in GNDD-261 and 1.0 metre at 1.9 g/t AuEq (1.8 g/t gold, 3.7 g/t silver, 0.1% zinc) from 77.0m and 3.6 metres at 2.2 g/t AuEq (1.6 g/t gold, 6.4 g/t silver, 1.1% zinc) from 123.5m in GNDD-271.

ASX: CEL

Issued Capital 840.5m shares 54.7m options 120m perf shares 16m perf rights

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

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

Challenger Exploration Limited ACN 123 591 382

www.challengerex.com

ASX Release 29 July 2021

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Skarn mineralisation has been historically mapped in outcrop on the Magnata Fault in the Hualilan Hills another 200 metres to the east of these three drill holes. Additionally, the ground magnetics acquired by the Company shows the Magnata Fault extending at least 1 kilometre to the east of GNDD261 with this interpreted eastern extension of the Magnata fault cutting directly though the centre of the intrusion interpreted as being responsible for the mineralisation at Hualilan. This is regarded as a high-priority target by the Company and a series of drill holes are planned to test the Magnata Fault structure across this interpreted intrusion.

Due to the topography CEL intends to test much of the potential eastern extension of the Magnata Fault mineralisation from the eastern side of the Hualilan Hills. The Company has programmed a number of drill holes on the eastern side of the Hualilan Hills to test the eastern extend the Magnata Fault mineralisation to the east. CEL has completed the construction of access roads and is currently preparing drill pads with drilling to commence shortly.

Ends

This ASX announcement was approved and authorised by the Board.

For further information contact:

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

Previous announcements referred to in this release include:

16 DEC 2001 - CEL RECEIVES OUTSTANDING ASSAY RESULTS FROM HUALILAN

30 DEC 2019 - CEL RECEIVES FURTHER OUTSTANDING RESULTS FROM HUALILAN

17 JUNE 2020 - CEL CONTINUES TO RECEIVE OUTSTANDING HIGH-GRADE RESULTS FROM SECOND DRILLING PROGRAM AT THE HUALILAN GOLD PROJECT

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

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

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

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

Challenger Exploration Limited ACN 123 591 382

ASX: CEL

Issued Capital 840.5m shares 54.7m options 120m perf shares 16m perf rights

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

Directors

Contact

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

www.challengerex.com

ASX Release 29 July 2021

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

Table 1: New intercepts reported.

Drill Hole	From	To	Interval	Gold	Ag	Zn	AuEq	Comments	Total intercept
(#)	(m)	(m)	(m)	(g/t)	(g/t)	(%)	(g/t)		(gram metres)
GMDD041E	31.00	47.00	16.00	2.60	4.93	0.27	2.78	0.2 g/t AuEq cut	44.5
inc	41.70	43.70	2.00	19.96	28.52	1.21	20.85	1.0 g/t AuEq cut	41.7
and	63.50	68.60	5.10	7.86	83.32	7.86	12.33	1.0 g/t AuEq cut	62.9
and	306.10	307.70	1.60	8.05	9.19	3.59	9.72	1.0 g/t AuEq cut	15.6
and	338.40	343.00	4.60	0.09	1.65	0.45	0.31	0.2 g/t AuEq cut	1.4
GNDD179	76.00	84.00	8.00	0.12	4.53	0.47	0.38	0.2 g/t AuEq cut	3.1
GNDD206	31.55	42.00	10.45	3.6	6.3	0.06	3.7	0.2 g/t AuEq cut	38.8
inc	34.65	38.55	3.90	9.5	14.9	0.03	9.7	1.0 g/t AuEq cut	37.9
and	263.00	265.00	2.00	0.88	0.37	0.10	0.93	0.2 g/t AuEq cut	1.9
and	277.00	281.00	4.00	0.54	0.65	0.01	0.55	0.2 g/t AuEq cut	2.2
GNDD210	8.00	10.00	2.00	0.86	17.9	0.02	1.1	1.0 g/t AuEq cut	2.2
and	28.00	34.00	6.00	0.04	1.4	0.47	0.26	0.2 g/t AuEq cut	1.6
and	308.00	310.00	2.00	1.3	3.8	0.71	1.6	1.0 g/t AuEq cut	3.2
GNDD212	15.00	16.80	1.80	0.5	1.1	0.12	0.53	0.2 g/t AuEq cut	1.0
and	42.20	43.60	1.40	1.2	8.1	0.08	1.4	1.0 g/t AuEq cut	1.9
GNDD217	111.00	132.00	21.00	5.7	32.1	3.4	7.6	0.2 g/t AuEq cut	158.9
inc	114.65	126.35	11.70	10.1	54.8	5.9	13.3	1.0 g/t AuEq cut	156.1
inc	116.7	121.00	4.35	23.1	139	11.7	29.9	1.0 g/t AuEq cut	130.3
GNDD219	12.00	20.00	8.00	0.13	0.46	0.02	0.15	0.2 g/t AuEq cut	1.2
and	68.90	108.25	39.35	0.04	10.8	0.08	0.22	0.2 g/t AuEq cut	8.6
GNDD221	82.80	84.00	1.20	1.1	6.7	0.10	1.2	1.0 g/t AuEq cut	1.4
and	156.85	165.00	8.15	1.5	7.5	0.83	2.0	1.0 g/t AuEq cut	16.2
GNDD223	26.00	28.00	2.00	0.60	0.41	0.02	0.61	0.2 g/t AuEq cut	1.2
GNDD227	81.00	83.00	2.00	0.77	0.52	0.0	0.78	0.2 g/t AuEq cut	1.6
and	179.15	182.85	3.70	1.2	16.8	1.6	2.1	0.2 g/t AuEq cut	8.0
inc	181.95	182.85	0.90	4.2	64.5	6.6	7.9	1.0 g/t AuEq cut	7.1
and	222.00	230.00	8.00	4.2	53.6	1.7	5.7	0.2 g/t AuEq cut	45.2
inc	223.40	230.00	6.60	5.1	64.2	2.1	6.8	1.0 g/t AuEq cut	44.9
GNDD240	114.00	116.00	2.00	1.4	0.31	0.01	1.5	1.0 g/t AuEq cut	2.9
and	167.00	170.45	3.45	2.7	50.2	2.9	4.6	0.2 g/t AuEq cut	15.9
inc	169.20	170.45	1.25	6.6	116.0	7.6	11.3	10 g/t AuEq cut	14.2
GNDD243	136.00	143.10	7.10	2.2	27.2	2.6	3.6	0.2 g/t AuEq cut	25.7
inc	138.00	143.10	5.10	2.1	25.9	2.5	3.5	1.0 g/t AuEq cut	17.8
inc	142.00	143.10	1.10	9.0	126.0	14.0	16.7	10 g/t AuEq cut	18.4
GNDD258	250.00	252.00	2.00	0.26	17.7	2.9	1.7	1.0 g/t AuEq cut	3.5
GNDD261	22.00	26.00	4.00	1.1	5.2	0.56	1.4	0.2 g/t AuEq cut	5.5
inc	22.00	22.50	0.50	7.5	17.6	4.2	9.6	1.0 g/t AuEq cut	4.8
GNDD264	70.00	72.40	2.40	0.16	6.1	1.0	0.66	0.2 g/t AuEq cut	1.6
inc	71.50	72.40	0.90	0.36	12.0	2.0	1.4	1.0 g/t AuEq cut	1.3
and	104.95	127.00	22.05	1.4	16.7	1.7	2.3	1.0 g/t AuEq cut	51.2
GNDD265	56.00	60.00	4.00	0.57	1.3	0.08	0.63	0.2 g/t AuEq cut	2.5
and	152.00	166.00	14.00	0.20	1.1	0.11	0.26	0.2 g/t AuEq cut	3.6

16m perf rights

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ASX Release 29 July 2021

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

and	237.00	238.00	1.00	8.97	19.7	2.48	10.30	10 g/t AuEq cut	10.3
GNDD266	34.00	50.00	16.00	0.4	9.0	0.6	0.8	0.2 g/t AuEq cut	12.3
inc	38.82	44.00	5.18	0.9	23.1	1.6	1.9	1.0 g/t AuEq cut	10.0
GNDD269	6.00	12.00	6.00	1.1	12.2	0.1	1.3	0.2 g/t AuEq cut	7.9
inc	10.00	12.00	2.00	2.8	34.4	0.3	3.4	1.0 g/t AuEq cut	6.8
and	48.00	50.00	2.00	0.2	87.3	0.4	1.5	1.0 g/t AuEq cut	3.1
and	86.00	96.00	10.00	0.3	1.1	0.0	0.3	0.2 g/t AuEq cut	2.7
GNDD272	35.00	57.00	22.00	0.17	2.7	0.1	0.25	0.2 g/t AuEq cut	5.4
and	96.50	148.10	51.60	3.9	11.8	1.0	4.5	0.2 g/t AuEq cut	232.5
inc	137.00	148.10	11.10	17.4	51.1	4.5	20.0	1.0 g/t AuEq cut	222.3
inc	139.00	146.90	7.90	23.8	65.2	6.0	27.2	10 g/t AuEq cut	215.2
GNDD273	31.50	34.00	2.50	0.61	3.6	0.8	1.0	0.2 g/t AuEq cut	2.5
inc	31.50	32.37	0.87	1.47	6.5	2.0	2.4	1.0 g/t AuEq cut	2.1
and	50.33	59.50	9.17	0.07	5.9	0.6	0.4	0.2 g/t AuEq cut	3.9
GNDD274	298.00	317.00	19.00	0.74	9.6	0.5	1.1	0.2 g/t AuEq cut	20.2
inc	305.00	307.00	2.00	6.58	48.8	3.5	8.7	1.0 g/t AuEq cut	17.4
GNDD276	49.00	50.45	1.45	0.76	9.1	0.48	1.1	1.0 g/t AuEq cut	1.6
and	112.15	115.00	2.85	0.38	0.57	0.02	0.39	0.2 g/t AuEq cut	1.1
and	139.00	153.90	14.90	0.47	1.9	0.18	0.57	0.2 g/t AuEq cut	8.5
inc	143.00	145.00	2.00	1.3	2.5	0.22	1.5	1.0 g/t AuEq cut	2.9
and	188.30	193.15	4.85	0.32	0.59	0.13	0.38	0.2 g/t AuEq cut	1.8
and	212.00	216.00	4.00	0.46	1.8	0.25	0.60	0.2 g/t AuEq cut	2.4
GNDD278	221.00	232.75	11.75	0.43	1.0	0.09	0.48	0.2 g/t AuEq cut	5.6
inc	223.00	224.00	1.00	1.0	1.3	0.07	1.1	1.0 g/t AuEq cut	1.1
inc	228.00	229.00	1.00	1.4	1.9	0.19	1.5	1.0 g/t AuEq cut	1.5
GNDD279	49.00	59.30	10.30	0.66	1.7	0.08	0.71	0.2 g/t AuEq cut	7.4
inc	50.65	52.00	1.35	1.04	0.6	0.0	1.1	1.0 g/t AuEq cut	1.4
inc	58.00	59.30	1.30	1.81	9.1	0.5	2.1	1.0 g/t AuEq cut	2.8
GNDD281	42.50	66.00	23.50	1.1	8.9	0.27	1.3	0.2 g/t AuEq cut	30.5
inc	42.50	60.00	17.50	1.3	11.3	0.29	1.6	1.0 g/t AuEq cut	27.8
and	196.30	198.90	2.60	1.1	26.2	3.1	2.8	0.2 g/t AuEq cut	7.2
inc	196.30	197.95	1.65	1.4	37.7	4.7	4.0	1.0 g/t AuEq cut	6.6
and	224.00	236.00	12.00	0.28	4.9	0.37	0.51	0.2 g/t AuEq cut	6.1
inc	231.10	232.35	1.25	0.72	16.0	3.0	2.2	1.0 g/t AuEq cut	2.8
and	292.00	293.20	1.20	3.0	80.4	0.32	4.2	1.0 g/t AuEq cut	5.0
and	309.00	312.85	3.85	0.43	4.3	0.10	0.53	0.2 g/t AuEq cut	2.0
and	426.00	427.55	1.55	0.27	24.6	1.6	1.3	1.0 g/t AuEq cut	2.0
GNDD282	11.00	19.00	8.00	0.20	1.7	0.07	0.25	0.2 g/t AuEq cut	2.0
and	187.00	197.00	10.00	0.45	1.7	0.02	0.48	0.2 g/t AuEq cut	4.8
and	216.50	224.00	7.50	0.20	2.7	0.11	0.28	0.2 g/t AuEq cut	2.1
GNDD283	7.00	11.00	4.00	2.9	17.8	0.15	3.2	0.2 g/t AuEq cut	12.8
inc	8.50	9.70	1.20	9.4	49.7	0.26	10.1	10 g/t AuEq cut	12.2
GNDD286	95.00	101.00	6.00	0.22	1.5	0.27	0.36	0.2 g/t AuEq cut	2.2
and	112.10	115.90	3.80	0.38	0.57	0.02	0.40	0.2 g/t AuEq cut	1.5
and	169.00	179.20	10.20	4.2	52.5	3.0	6.2	0.2 g/t AuEq cut	63.4

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ASX Release 29 July 2021

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inc	169.00	176.45	7.45	5.8	71.4	4.0	8.4	1.0 g/t AuEq cut	62.8
inc	174.25	176.45	2.20	11.5	170.5	11.1	18.5	10 g/t AuEq cut	40.7
GNDD288	13.00	109.00	96.00	1.8	2.9	0.31	2.0	0.2 g/t AuEq cut	194.0
inc	65.00	109.00	44.00	3.7	4.6	0.63	4.1	1.0 g/t AuEq cut	178.8
inc	98.20	102.50	4.30	27.6	35.4	5.9	30.6	10 g/t AuEq cut	131.7
and	216.00	220.50	4.50	3.3	31.2	4.0	5.4	0.2 g/t AuEq cut	24.2
inc	217.76	219.66	1.90	7.6	68.7	8.7	12.2	1.0 g/t AuEq cut	23.2
inc	218.55	219.66	1.11	11.7	101.0	12.5	18.4	10 g/t AuEq cut	20.4
and	399.00	426.80	27.80	5.5	12.9	3.9	7.3	0.2 g/t AuEq cut	203.7
inc	403.00	407.00	4.00	1.3	2.1	0.62	1.6	1.0 g/t AuEq cut	6.4
inc	410.00	424.20	14.20	10.1	20.6	7.3	13.6	1.0 g/t AuEq cut	192.7
GNDD289	23	62.2	39.2	0.2	2.1	0.1	0.3	0.2 g/t AuEq cut	12.2
inc	27	29	2	1.0	16.9	0.1	1.3	1.0 g/t AuEq cut	2.5
inc	60.9	62.2	1.3	0.3	7.1	2.6	1.5	1.0 g/t AuEq cut	2.0
and	132	136	4	0.7	0.4	0.0	0.7	0.2 g/t AuEq cut	2.8
and	165	179	14	0.3	1.6	0.0	0.3	0.2 g/t AuEq cut	4.2
and	201	207	6	0.2	1.7	0.2	0.3	0.2 g/t AuEq cut	1.7
GNDD290	27.45	36.00	8.55	0.20	6.0	0.07	0.30	0.2 g/t AuEq cut	2.6
and	70.00	74.00	4.00	0.71	13.4	1.1	1.4	0.2 g/t AuEq cut	5.4
inc	70.00	72.00	2.00	1.0	16.1	2.0	2.1	1.0 g/t AuEq cut	4.1
and	139.50	151.16	11.66	0.31	12.1	0.82	0.82	0.2 g/t AuEq cut	9.6
inc	139.50	141.60	2.10	1.4	25.3	2.1	2.7	1.0 g/t AuEq cut	5.6
and	162.60	166.56	3.96	1.9	19.9	5.5	4.6	1.0 g/t AuEq cut	18.0
GNDD294	35.83	45	9.17	0.3	4.1	0.2	0.4	0.2 g/t AuEq cut	3.9
GNDD297	16	30	14	0.5	5.1	0.0	0.5	0.2 g/t AuEq cut	7.7
inc	20	22	2	1.4	21.6	0.0	1.7	1.0 g/t AuEq cut	3.3
and	71	74.6	3.6	0.1	34.0	0.0	0.6	0.2 g/t AuEq cut	2.0

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

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

Assumed commodity prices for the calculation of AuEq is Au US$1780 Oz, Ag US$24 Oz, Zn US$2,800 /t
Metallurgical recoveries for Au, Ag and Zn are estimated to be 89%, 84% and 79% respectively (see JORC Table 1 Section 3 Metallurgical assumptions ) based on metallurgical test work.
The formula used: AuEq (g/t) = Au (g/t) + [Ag (g/t) x (24/1780) x (0.84/0.89)] + [Zn (%) x (28.00*31.1/1780) x (0.79/0.89)]
CEL confirms that it is the Company’s opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold.

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital

840.5m shares 54.7m options 120m perf shares 16m perf rights

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

Directors

Contact

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

www.challengerex.com

ASX Release 29 July 2021

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

==> picture [421 x 620] intentionally omitted <==

Hualilan Project Location Map - mineralisation and drilling

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ASX Release 29 July 2021

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

About Challenger Exploration

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

The Company is fully funded for the next 2 years with cash at bank of $45 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 almost 2 kilometres of strike and extended the known mineralisation along strike and at depth in multiple locations. Recent drilling has demonstrated this high-grade skarn mineralisation is underlain by a significant intrusion-hosted gold system with intercepts including 209.0m at 1.0 g/t Au, 1.4 g/t Ag, 0.1% Zn and 110.5m at 2.5 g/t Au, 7.4 g/t Au, 0.90% Zn in intrusives. CEL's current program which is fully funded includes a 120,000 metres of drilling, metallurgical test work of key ore types, and an initial JORC Compliant Resource and PFS.
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 840.5m shares 54.7m options 120m perf shares 16m perf rights

Australian Registered Office Level 1 1205 Hay Street

West Perth WA 6005

Directors

Contact

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

www.challengerex.com

ASX Release 29 July 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 Issued Capital ACN 123 591 382 840.5m shares ASX: CEL 54.7m 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

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JORC Code, 2012 Edition – Table 1 report template

Section 1 Sampling Techniques and Data -Hualilan Project

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

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

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

840.5m shares

54.7m 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

Contact

T: +61 8 6380 9235

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

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	200.0
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	345.00
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	504525.3	6601150.7	1833.8	-70	115	401.00
GNDD286	504396.4	6600235.1	1813.1	-60	170	260.00
GNDD287	504538.7	6600482.6	1815.7	-60	115	265.00
GNDD288	504624.0	6600326.0	1819.4	-60	170	450.00
GNDD289	504650.0	6600182.0	1824.3	-45	170	278.30
GNDD290	504361.2	6600204.4	1813.1	-60	170	200.00
GNDD291	504548.7	6600522.0	1817.3	-60	115	203.00
GNDD292	504538.5	6600615.0	1820.2	-60	115	270.00
GNDD293	504665.0	6601394.7	1837.4	-60	115	215.00
GNDD294	504434.8	6600247.2	1812.4	-60	170	290.00
GNDD295	504569.0	6600556.6	1818.1	-60	115	221.00
GNDD296	504380.1	6599622.6	1791.9	-60	115	299.00
GNDD297	504650.0	6600182.0	1824.3	-20	170	167.50
GNDD298	504641.1	6601449.8	1840.0	-60	115	350.00
GNDD299	504312.9	6599705.1	1797.7	-60	115	170.00
GNDD300	504595.1	6600632.7	1819.0	-60	115	200.00
GNDD301	504636.0	6600298.0	1823.1	-25	115	90.20

Commentary
GNDD302	504110.5	6599843.6	1800.0	-60	115	221.00
GNDD303	504504.7	6600851.4	1828.2	-60	115	240.00
GNDD304	504743.6	6601445.5	1836.9	-60	115	158.00
GNDD305	504506.7	6600674.4	1823.4	-60	115	299.00
GNDD306	504187.5	6599940.3	1808.0	-62	115	320.00
GNDD307	504635.7	6600393.1	1822.3	-20	115	100.00
GNDD308	504504.9	6600939.5	1827.7	-60	115	300.00
GNDD309	504599.3	6601512.4	1840.8	-60	115	390.00
GNDD310	504499.0	6600633.4	1822.4	-60	115	299.00
GNDD311	504218.7	6600013.8	1805.0	-60	115	246.00
GNDD312	504463.0	6599679.2	1793.4	-25	115	80.50
GNDD313	504321.1	6600198.2	1814.9	-60	170	210.00
GNDD314	504300.0	6599667.1	1797.9	-60	115	350.00
GNDD315	504506.7	6600718.1	1824.6	-60	115	286.00
GNDD316	504121.0	6599927.0	1804.4	-60	115	342.60
GNDD317	504278.0	6599075.0	1779.4	-10	110	155.00
GNDD318	504351.1	6600261.4	1814.9	-60	170	300.00
GNDD319	504647.3	6600701.2	1820.5	-60	295	240.00
GNDD320	504979.1	6600983.3	1813.9	-60	295	374.00
GNDD321	504391.2	6600264.1	1814.1	-60	170	281.10
GNDD322	504834.2	6600874.3	1813.0	-60	295	442.60
GNDD323	503850.0	6599920.0	1810.0	-60	115	479.00
GNDD324	504665.7	6601261.8	1833.7	-60	115	255.00
GNDD325	504473.6	6599806.7	1798.3	-41	115	83.50
GNDD326	503923.5	6600283.9	1800.0	-60	115	320.00
GNDD327	504463.0	6601267.3	1841.8	-60	115	480.00
GNDD328	504473.6	6599806.7	1798.3	-30	55	100.70
GNDD329	504481.2	6600818.2	1828.7	-60	115	350.00
GNDD330	504977.7	6600942.9	1812.9	-60	295	380.00
GNDD331	503964.6	6599823.4	1801.4	-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
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

Criteria	JORC Code explanation	JORC Code explanation	Commentary
			GNRC063	504914.884	6601499.583	1833.781	-60	115	36
			GNRC064	504895.067	6601472.101	1833.039	-60	115	36
			GNRC065	504865.673	6601481.570	1831.536	-60	115	60
			GNRC066	504896.480	6601506.894	1834.226	-60	115	48
			GNRC067	504911.268	6601541.124	1836.127	-60	115	50
			GNRC068	504990.546	6601552.694	1835.287	-60	030	114
			GNRC069	504934.855	6601579.782	1836.179	-60	115	120
			GNRC070	504925.545	6601566.505	1835.127	-60	350	84
			GNRC071	504878.397	6601572.030	1833.873	-60	350	54
			GNRC072	504877.872	6601568.814	1833.843	-70	350	72
			GNRC075	504842.742	6601573.984	1835.428	-60	350	60
			GNRC076	504828.279	6601539.638	1835.244	-60	115	76
			GNRC078	504842.744	6601450.106	1830.180	-60	115	70
			GNRC080	504864.734	6601560.758	1834.333	-60	115	86
			GNRC081	504815.835	6601460.850	1832.033	-73	115	86
			GNRC084	504965.730	6601530.280	1836.056	-55	030	145
			GNRC086	504838.724	6601402.481	1829.645	-60	115	60
			GNRC087	504858.585	6601345.400	1828.417	-60	115	30
			GNRC090	504821.284	6601359.986	1829.379	-60	115	60
			GNRC091	504789.111	6601376.410	1830.448	-60	115	80
			GNRC094	504852.454	6601307.187	1827.304	-60	115	60
			GNRC097	504831.396	6601289.723	1827.153	-60	115	70
			GNRC098	504784.865	6601253.409	1827.869	-76	115	96
			GNRC104	504780.186	6601228.313	1827.663	-64	115	150
			GNRC107	504623.1	6600197.1	1823.3	-60	185	120
			GNRC110	504502.0	6600107.0	1814.0	-62	90	60
			GNRC111	504427.8	6599739.8	1796.4	-60	115	120
*Drill sample recovery*	-	Method of recording and assessing	Drill core is placed	into wooden boxes by the drillers and depth marks are indicated				on wooden	blocks at the end of each
		core and chip sample recoveries and	run. These depths	are reconciled by CEL geologists when measuring core recovery.
	-	results assessed. Measures taken to maximise sample	Triple tube drilling	has been being done by CEL to maximise core recovery.

Criteria JORC Code explanation	Commentary	Commentary	Commentary	Commentary
recovery and ensure representative nature of the samples. - Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	RC sub-samples are collected from a rotary splitter mounted to the face sample recovery cyclone. A 2-4 kg sub-samples is collected for each metre of RC drilling. Duplicate samples are taken at the rate of I every 25-30 samples using a riffle splitter to split out a 2-4 kg sub-sample. The whole sample recovered is weighed to measure sample recovery and consistency in sampling. A possible relationship has been observed between historic sample recovery and Au Ag or Zn grade whereby low recoveries have resulted in underreporting of grade. Insufficient information is not yet available to more accurately quantify this. Core recovery is influenced by the intensity of natural fracturing in the rock. A positive correlation between recovery and RQD has been observed. The fracturing is generally post mineral and not directly associated with the mineralisation.
*Logging* - Whether core and chip samples have 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. 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	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) 946 0.977 0.149 0.150 0.009 0.008 2.269 2.908 Ag (ppm) 946 0.695 0.77 0.67 0.21 0.19 12.81 6.76
	Au (ppm) 946 0.977 Ag (ppm) 946 0.695	0.149 0.150 0.77 0.67	0.009 0.008 0.21 0.19	2.269 2.908 12.81 6.76

Criteria JORC Code explanation	Commentary	Commentary	Commentary	Commentary
instance results for field duplicate/second-half sampling. - Whether sample sizes are appropriate to the grain size of the material being sampled.	Cd (ppm) 946 0.983 2.57 2.23 0.16 0.15 304.34 230.93 Cu (ppm) 946 0.301 18.25 14.51 3.60 3.40 1.1E+04 3.8E+03 Fe (%) 946 0.976 1.552 1.534 1.610 1.605 2.6 2.5 Pb (ppm) 946 0.976 109.6 109.0 15.6 15.1 5.7E+05 7.7E+05 S (%) 946 0.977 0.339 0.330 0.110 0.110 0.668 0.610 Zn (ppm) 946 0.987 432 389 85 79 7.2.E+06 5.3.E+06 n=count RSQ = R squared The correlation for Cu is poor because of 1 pair, where Cu results vary significantly. Removing this outlier provides at RSQ for Cu of 0.945 RC sub-samples over 1m intervals are collected at the drill site from a cyclone mounted on the drill rig. A duplicate RC sample is collected for every 25-30m drilled. The duplicate RC sample results and correlation plots (log scale for Au, Ag and Zn) are shown below: n RSQ mean median variance original duplicate original duplicate original duplicate Au (ppm) 85 0.799 0.101 0.140 0.017 0.016 0.041 0.115 Ag (ppm) 85 0.691 1.74 2.43 0.59 0.58 13.59 64.29 Cd (ppm) 85 0.989 15.51 16.34 0.41 0.44 4189 4737 Cu(ppm) 85 0.975 47.74 53.86 5.80 5.70 2.4E+04 3.1E+04
	Au (ppm) 85 0.799 Ag (ppm) 85 0.691 Cd (ppm) 85 0.989 Cu(ppm) 85 0.975	0.101 0.140 1.74 2.43 15.51 16.34 47.74 53.86	0.017 0.016 0.59 0.58 0.41 0.44 5.80 5.70	0.041 0.115 13.59 64.29 4189 4737 2.4E+04 3.1E+04

Commentary
Fe (%) 85 0.997 1.470 1.503	0.450	0.410	7.6	7.6
Pb (ppm) 85 0.887 296.0 350.6	26.3	32.4	6.0E+05	7.4E+05
S (%) 85 0.972 0.113 0.126	0.020	0.020	0.046	0.062
Zn (ppm) 85 0.977 3399 3234	158	177	2.5.E+08	2.1.E+08
n=count
RSQ = R squared
CEL samples have been submitted to the MSA laboratory in San Juan and the ALS laboratory in Mendoza					for sample
preparation. The sample preparation technique is considered appropriate for the style of mineralization present in the
Project.
Sample sizes are appropriate for the mineralisation style and grain size of the deposit.
39 duplicate channel sample assays have been collected from the underground sampling program. These data show more
scatter due to mobilisation of Au, Ag and Zn due to surface weathering.

Criteria	JORC Code explanation	JORC Code explanation	Commentary
*Quality of assay data*	-	The nature quality and	The MSA laboratory used for sample preparation in San Juan has been inspected by Stuart Munroe (Exploration Manager)
*and laboratory tests*		appropriateness of the assaying and laboratory procedures used and	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
		whether the technique is considered	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
			copied into a drill hole database for geological modelling.
			Assay results summarised in the context of this report have been rounded appropriately to 2 significant figures. No assay
			data have been otherwise adjusted.
*Location of data*	-	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

Criteria	JORC Code explanation	JORC Code explanation	Commentary
		introduced a sampling bias this
		should be assessed and reported if
		material.
*Sample security*	-	The measures taken to ensure	Samples were under constant supervision by site security, senior personnel and courier contractors prior to delivery to the
		sample security.	preparation laboratories in San Juan and Mendoza.
*Audits or reviews*	-	The results of any audits or reviews	There has not yet been any independent reviews of the sampling techniques and data.
		of sampling techniques and data.

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) totalling 2040m - 1995 - Plata Mining Limited (TSE: PMT) 33 RC holes (Hua- 1 to 33) + 1500 samples - 1998 – Chilean consulting firm EPROM (on behalf of Plata Mining) systematic underground mapping and channel sampling - 1999 – Compania Mineral El Colorado SA (“CMEC”) 59 core holes (DDH-20 to 79) plus 1700m RC program

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

AI assistant

CHALLENGER GOLD LIMITED — Capital/Financing Update 2021

64637_rns_2021-07-28_b434db97-4c1e-44e0-94eb-67697a621a81.pdf

High grade mineralisation substantially extended at the Hualilan Gold Project

Highlights

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

HIGHLIGHTS

DISCUSSION OF RESULTS

Magnata Fault Zone

GNDD290

GNDD-179, 264, 286

GNDD-294, GNDD272, GNDD-243

GNDD-282, GNDD-258, GNDD-240

GNDD-217, GNDD-223, GNDD-227, GNDD-265, GNDD278,

GNDD-212, GNDD-221, GNDD-273, GNDD-274, GNDD-279, GNDD-283

GNDD-281

GNDD-288, GNDD-289, GNDD-297

GNDD-261 and GNDD-269 GNDD-271

Ends

For further information contact:

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

Hualilan Project Location Map - mineralisation and drilling

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

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Commentary

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CHALLENGER GOLD LIMITED Capital/Financing Update 2021

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

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
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
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

Commentary
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
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
inc	116.00	6.00	1.4	2.8	0.13	1.5	0.01	0.05
inc	130.40	0.60	8.9	23.9	0.07	9.3	0.00	0.04
GNDD174	24.00	76.00	1.0	31.0	0.91	1.8	0.04	0.13	2
inc	60.90	11.25	6.4	64.1	5.3	9.5	0.23	0.58
inc	60.90	5.95	10.7	109	7.9	15.5	0.38	0.95	1
inc	96.00	4.00	0.20	359	0.26	4.9	0.02	0.22
and	163.00	39.50	0.47	2.3	0.31	0.63	0.02	0.02	2
inc	167.55	4.20	1.5	15.0	2.5	2.8	0.11	0.02
inc	199.00	2.00	1.5	0.17	0.01	1.5	0.00	0.00
GNDD175	176.00	6.00	0.34	6.3	0.12	0.47	0.00	0.07	2