CHALLENGER GOLD LIMITED - Capital/Financing Update 2022

ASX Release 1 June 2022

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2.1 Million Ounce (AuEq)[1] Maiden MRE for Hualilan Gold Project

Challenger Exploration Limited (ASX: CEL) ("CEL" the "Company") is pleased to invite shareholders and investors to an investor webinar on Wednesday 1 June at 12:30 pm AEST / 10:30 am AWST where Challenger's CEO and Managing Director, Kris Knauer, will discuss the Mineral Resource Estimate at the Hualilan Gold Project in Argentina.

Event: CEL Investor Webinar

Presenter: Managing Director, Kris Knauer

Time: Wednesday 1 June at 12:30 pm AEST / 10:30 am AWST

Where: Zoom Webinar, details to be provided upon registration. To register your interest for the webinar, please click through to the link below.

Registration link:

https://janemorganmanagement au.zoom.us/webinar/register/WN_jJVph2RvTsaSqfZVqoTIGQ

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1 Reported as Gold Equivalent (AuEq) values – for requirements under the JORC Code see page 5

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares

23.6m options

120m perf shares

16m perf rights

Australian Registered Office Level 1 1205 Hay Street

West Perth WA 6005

Directors

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

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

ASX Release 1 June 2022

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2.1 Million Ounce (AuEq)[1] Maiden MRE for Hualilan Gold Project

Highlights

Maiden Mineral Resource Estimate (MRE) of 2.1 million ounces (AuEq)[1 ] at CEL's flagship Hualilan Gold Project comprising:
Skarn component: 6.3 Mt at 5.6 g/t AuEq[1] for 1.1 Moz AuEq
Intrusion/sediment-hosted: 41.4 Mt at 0.8 g/t AuEq[1] for 1.0 Moz AuEq
Resource is based on 125,700 metres of CEL's current 204,000 metre drill program.
Resource contains a higher grade core of mineralisation comprising 1.0 Moz at 6.4 g/t AuEq (at a 3.0 g/t cut-off grade) or 1.2 Moz at 5.2 g/t AuEq (at a 2.2 g/t cut-off grade).
Grade/tonnage distribution provides significant flexibility with high retention of contained metal as the cut-off grade is lifted for the combined skarn/intrusion-hosted Resource Estimate
- 35.1Mt at 1.8 g/t AuEq for 2.0 Moz AuEq[1] (0.4 g/t lower cut-off)
- 29.6Mt at 2.0 g/t AuEq for 1.9 Moz AuEq[1] (0.5 g/t lower cut-off)
- 16.5Mt at 3.1 g/t AuEq for 1.6 Moz AuEq[1] (1.0 g/t lower cut-off)
Clear potential for resource to grow significantly via both extension and infill drilling with some of the more significant intersections not impacting the resource including (refer Table 4):
13.0m at 15.5 g/t AuEq[1] (FHNV10-02): 600 metres south of the resource limit
5m at 8.7 g/t AuEq[1] (GNDD-394): 400m north of the resource limit
4.0m at 5.8g/t AuEq[1] (GNDD-308e): 700m vertically below the resource limit
26.6m at 2.5 g/t AuEq[1] (GNDD-437): discovery below Verde - extension drilling ongoing
39.0m at 5.6 g.t AuEq[1] (GNDD-088A): below the pit shell requires additional infill drilling
104.0m at 1.7g/t AuEq[1] (GNDD-113A): top 30m only falls within the optimised pit shell
67.6m at 2.6 g/t AuEq[1 ] (GNDD-434): top 20m only falls within the optimised pit shell
Substantial drilling program has continued with another 59,300 metres of drilling (assays pending) completed since the Interim Resource Estimate cut-off date.
The MRE contains a much larger component of high-grade skarn material than expected and ongoing drilling indicates that this trend will continue.
Scoping Study will commence at the completion of the current 204,000 metre drill program as the Company expects that additional drilling will materially increase this Maiden MRE.
Discovery cost of US$8.20 per Oz AuEq.

1 Reported as Gold Equivalent (AuEq) values – for requirements under the JORC Code see page 5

Directors

Contact

16m perf rights

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

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital 1,004m shares 23.6m options 120m perf shares

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

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

www.challengerex.com

ASX Release 1 June 2022

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Figure 1 - Long section (MRE classification)

Figure 2 - Long Section (MRE block model)

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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
Mr Sergio Rotondo, Exec. Director
----- End of picture text -----

Challenger Exploration Limited Issued Capital ACN 123 591 382 1,004m shares ASX: CEL 23.6m options 120m perf shares 16m perf rights

www.challengerex.com

ASX Release 1 June 2022

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

“On behalf of myself and our Argentinian team, I would like to thank Dr Sergio Uñac (Governor of San Juan; Eng. Carlos Astudillo (San Juan Mining Minister), and Eng. Eduardo Machuca (President of the IPEEM). Without their help we would not have been able to pass this significant milestone.

As much as I am delighted by this maiden resource it is an Interim Resource Estimate. It includes only 126,000 metres of our 204,000-metre drill program, covering 2.2 of the 3.5 kilometres of strike, over which the high-grade mineralisation has been intersected. . With mineralisation open in all directions this Interim Resource Estimate provides a window to the substantial potential at Hualilan.

Importantly we have found significantly more high- grade skarn mineralisation than expected with it comprising more than half of this interim MRE. Based on drilling since the MRE cut-off date we expect this trend of significantly more skarn to continue which will be major boost for the project."

Challenger Exploration ( ASX: CEL ) (“ CEL ” the “ Company ”) is pleased to announce a maiden and Interim Mineral Resource Estimate (MRE) which is reported according to JORC (2012) for the Company's flagship Hualilan Gold Project, in San Juan Argentina. This MRE is based on 125,700 metres of the Company's 204,000 metre diamond core drill program and accordingly it should be regarded as an interim resource estimate that will be updated at the completion of the drill program. CEL has completed 189,000 of 204,000m of drilling with the final 15,000m on track for completion in July.

Mineralisation remains open in all directions and there is clear potential for the MRE to grow significantly via extension and infill drilling. Sixty-three significant intersections have not impacted the MRE which compares to the 499 CEL drill holes used in the MRE. Of these intersections several are located 500 to 600 metres outside the resource limits, requiring additional infill drilling, and several define new zones of mineralisation which are currently being followed up.

The MRE comprises two styles of mineralisation, higher-grade limestone skarn (manto) mineralisation, and lower grade mineralisation predominantly hosted in intrusives and sediments. These two components of the Interim MRE of 2.13Moz AuEq (at a 0.25 g/t AuEq cut-off near surface and 1.0 g/t AuEq at depth) are reported in Table 1. Approximately 0.8Moz AuEq of the MRE is classified as Indicated with the balance, including all mineralisation outside the US$1800 AuEq optimised pit shell, classified as Inferred (Table 3).

Mineralisation Style	Mt (0.25g/t AuEq cut-off)	Au (g/t)	Ag (g/t)	Zn (%)	Pb (%)	Au Eq (g.t)
Skarn(limestone hosted)	6.3	4.4	19.4	2.0	0.2	5.6
intrusion/sediment hosted	41.4	0.6	4.0	0.2	0.04	0.8
Mineralisation Style	Contained Metal	Au (Moz)	Ag (Moz)	Zn (kt)	Pb (kt)	Au Eq (kOz
Skarn(limestone hosted)		0.9	3.9	123	11	1.13
intrusion/sediment hosted		0.8	5.3	95	19	1.00
Total Contained metal		1.7	9.2	218	29	2.13

Table 1 Interim MRE reported as Skarn and Intrusion/sediment hosted components of mineralisation

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital 1,004m shares 23.6m 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 Mr Sergio Rotondo, Exec. Director

www.challengerex.com

ASX Release 1 June 2022

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Table 2 (Hualilan MRE at various cut-off grades) shows the robust nature of the Interim Hualilan MRE at higher cut off grades. Importantly, there is a high retention of contained gold equivalent ounces as the cut-off grade is lifted. This reflects the substantial volumes of low-grade intrusion and sedimenthosted mineralisation surrounding the higher grade skarn mineralisation in the 2.1Moz interim MRE.

The Interim Hualian MRE contains a high grade core of skarn mineralisation comprising:

1.2 Moz at 5.2 g/t AuEq - 7.2Mt at 4.1 g/t Au, 18.0 g/t Ag, 1.8% Zn, 0.16% Pb (2.2 g/t AuEq cut-off)
1.0 Moz at 6.4 g/t AuEq - 4.9Mt at 5.1 g/t Au, 21.9 g/t Ag, 2.3% Zn, 0.19% Pb (3.1 g/t AuEq cut-off)

Cut-off (g/t AuEq)	Mt	Au (g/t)	Ag (g/t)	Zn (%)	Pb (%)	Au Eq (g/t)	Moz (AuEq)
0.25	47.7	1.1	6	0.46	0.06	1.4	2.13
0.30	42.7	1.2	6.5	0.50	0.07	1.5	2.09
0.40	35.1	1.4	7.5	0.58	0.07	1.8	2.00
0.50	29.6	1.6	8.3	0.66	0.08	2.0	1.93
0.60	25.3	1.8	9.2	0.75	0.09	2.3	1.85
0.70	22.2	2.0	10.0	0.82	0.10	2.5	1.79
0.80	19.8	2.2	10.7	0.89	0.10	2.7	1.73
0.90	18.0	2.3	11.3	0.96	0.11	2.9	1.68
1.00	16.5	2.4	11.8	1.02	0.11	3.1	1.63
1.10	15.0	2.6	12.4	1.09	0.12	3.3	1.58
1.20	13.6	2.8	13.3	1.18	0.12	3.5	1.53
1.30	12.4	3.0	13.9	1.26	0.13	3.7	1.48
1.40	11.6	3.1	14.4	1.31	0.13	3.9	1.45
1.50	10.8	3.2	14.9	1.37	0.14	4.1	1.41
1.60	10.2	3.3	15.3	1.44	0.14	4.2	1.38
1.70	9.5	3.5	15.8	1.50	0.15	4.4	1.34
1.80	8.9	3.6	16.3	1.57	0.15	4.6	1.31
1.90	8.5	3.7	16.7	1.62	0.15	4.7	1.28
2.00	8.0	3.9	17.2	1.68	0.16	4.9	1.25
2.10	7.6	4.0	17.6	1.73	0.16	5.0	1.23
2.20	7.2	4.1	18	1.79	0.16	5.2	1.20
2.30	6.9	4.2	18.5	1.85	0.17	5.3	1.18
2.40	6.5	4.3	19.0	1.90	0.17	5.5	1.15
2.50	6.3	4.4	19.4	1.95	0.17	5.6	1.13
2.60	5.9	4.6	20.2	2.05	0.18	5.8	1.10
2.70	5.6	4.7	20.6	2.10	0.18	6.0	1.08
2.80	5.4	4.8	21.0	2.16	0.19	6.1	1.06
2.90	5.2	4.9	21.4	2.21	0.19	6.3	1.03
3.00	4.9	5.1	21.9	2.27	0.19	6.4	1.01

Table 2 Total MRE at various cut off grades - Note: Some rounding errors may be present

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital Australian Registered Office Directors Contact 1,004m shares Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 23.6m options 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] 120m perf shares West Perth WA 6005 Mr Fletcher Quinn , Chairman 16m perf rights Mr Sergio Rotondo, Exec. Director

16m perf rights

www.challengerex.com

ASX Release 1 June 2022

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The high retention of metal as the cut-off grade is lifted for the Interim Hualilan MRE is demonstrated by combined skarn/intrusion-hosted Resource Estimate at cut-off grades above the 0.25 g/t cut-off grade. Within the same resource model using a cut-off grade of 0.40 produces a MRE containing 2.0 million ounces AuEq at a grade of 1.8 g/t AuEq while using a 0.50 g/t AuEq cut-off produces an MRE containing 1.9 million ounces at a grade of 2.0 g/t AuEq.

2.0 Moz at 1.8 g/t AuEq - 35.1Mt at 1.4 g/t Au, 7.5 g/t Ag, 0.6% Zn, 0.07% Pb (0.40 g/t AuEq cut-off)
1.9 Moz at 2.0 g/t AuEq - 29.6Mt at 1.6 g/t Au, 8.3 g/t Ag, 2.3% Zn, 0.08%Pb (0.50 g/t AuEq cut-off)
1.6 Moz at 3.1 g/t AuEq - 16.5Mt at 2.4 g/t Au, 12 g/t Ag, 1.0% Zn, 0.11%Pb (1.0 g/t AuEq cut-off)

This grade:tonnage distribution provides the Hualilan Gold project with significant flexibility in response to a changing gold price or costs. It also provides the opportunity to evaluate a staged startup using a higher grade starter pit. As can be seen in Figure 4 (MRE block model in Long Section over the page) there are distinct near surface higher-grade zones of mineralisation at Sentazon, Muchilera, The Magnata Fault and the main Norte Manto. Additionally, Figure 1, the Long Section showing the MRE by resource classification shows these zones of high-grade near surface mineralisation are predominantly in the Indicated Resource component of the MRE.

Table 3 shows the classification of the Interim MRE. The MRE comprises approximately 0.80 million ounces AuEq in the Indicated category with the balance classified as Inferred Resource. This is in Iine with the Company's expectations at this early stage. Given the mineralisation remains open in all directions, the focus has been on expanding the mineralisation and scoping the potential size of the deposit rather than close spaced drilling to generate a large component of MRE classified as measured. This focus on resource expansion is reflected in the world class finding cost of US$8.20 per ounce.

Domain	Category	Mt	Au g/t	Ag g/t	Zn %	Pb %	AuEq g/t	AuEq (mozs)
*US$1800 optimised shell* *> 0.25ppm AuEq*	Indicated	18.7	1.1	5.4	0.41	0.07	1.3	0.80
	Inferred	25.0	1.0	5.6	0.39	0.06	1.2	1.00
*Below US$1800 shell* *>1.0ppm AuEq*	Inferred	4.0	1.9	11.5	1.04	0.07	2.6	0.33
	*Total*	*47.7*	*1.1*	*6.0*	*0.45*	*0.06*	*1.4*	*2.13*

Note: Some rounding errors may be present

Table 3 Total MRE (Combined skarn and Intrusion hosted domains)

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

Assumed commodity prices for the calculation of AuEq is Au US$1900 Oz, Ag US$24 Oz, Zn US$4,000/t, Pb US$2000/t
Metallurgical recoveries are estimated to be Au (95%), Ag (91%), Zn (67%) Pb (58%) across all ore types (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 0.012106] + [Zn (%) x 0.46204] + [Pb (%) x 0.19961]
CEL confirms that it is the Company’s opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold.

____________________________________________

Issued Capital 1,004m shares 23.6m options 120m perf shares 16m perf rights

Directors

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

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

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

www.challengerex.com

ASX Release 1 June 2022

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HUALILAN GOLD PROJECT AND GEOLOGY

The Hualilan (local indigenous name for “land of gold”) Gold Project is located in San Juan province Argentina. All of the current MRE is located on Mina's or Mining Licenses while the overall Hualilan Gold Project consists of 450 square kilometres of tenements (Figure 3).

This is held via a combination of

the core 100% owned tenements (21 km[2] ) containing the current MRE; and strike extensions 3 kilometres north and south; and
429 square kilometres under farmin where the Company can earn an initial 90% interest in the farmin concessions with the option to acquire the final 10%.

The Company continues to add to its ground position at Hualilan.

Access to the project is excellent with a double lane sealed highway covering the 120 kilometres from San Juan City, the regional capital and major mining hub, to within 400 metres from the project. San Juan City has several drilling, geophysical, and mining services companies, assay laboratories, a base of skilled mining workers contractors, and direct rail access to Rosario Port 650 kilometres away which has bulk materials handling facilities. The project is at 1200 metres elevation and both drilling and field exploration can proceed all year round.

Geology of Hualilan Gold Project

The Project is the site of extensive zinc skarn mineralisation with a gold overprint which makes it a somewhat unique style of mineralisation.

Commonly zinc skarns occur in continental settings associated convergent tectonic plate margins as is the case at Hualilan, located in the pre-cordillera of the western South American convergent plate margin. Zinc skarns commonly contain high grade zinc, lead, and silver although zinc is usually dominant. Mineralisation and skarn alteration at Hualilan occurs in all three main rock types.

Limestone (San Juan Formation of Ordovician age) contains high grade mineralisation (manto style) controlled by bedding parallel faults, cross faults and contacts with other rock types.
Shale and sandstone (of Silurian age) contains lower grade replacement style skarn mineralisation which preferentially occurs parallel to bedding with 30m of the Limestone contact.
Dacitic intrusions (of Mid-Miocene age) contain stockwork fracture and locally breccias which host lower grade skarn mineralisation.

In all host rocks, the zinc skarn mineralisation is overprinted by a slightly later phase of gold – silver mineralisation. This second phase of mineralisation is mesothermal to deep epithermal and may be related to but is separate from the zinc skarn. Importantly, the gold mineralisation is deposited in the same reactivated faults and fractures as the zinc skarn. Precise mineral paragenesis and hydrothermal evolution of the deposit is the subject of on-going work which is being used to guide exploration and detailed geometallurgical test work.

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital 1,004m shares 23.6m 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 Mr Sergio Rotondo, Exec. Director

www.challengerex.com

ASX Release 1 June 2022

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The dacitic intrusions which are part of the host rock sequence at Hualilan may be related to the hydrothermal activity that formed the skarn, although the timing relationships have not been determined. At this stage, we use the term “intrusion-hosted” rather than “endoskarn” to describe the skarn mineralisation in the dacite.

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Figure 3 - Hualilan Gold Project Tenement Map

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Challenger Exploration Limited Issued Capital Australian Registered Office Directors Contact
ACN 123 591 382 1,004m shares Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235
ASX: CEL 23.6m options 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected]
120m perf shares West Perth WA 6005 Mr Fletcher Quinn , Chairman
16m perf rights Mr Sergio Rotondo, Exec. Director
----- End of picture text -----

www.challengerex.com

ASX Release 1 June 2022

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Gold occurs in native form as inclusions with sulphide (predominantly pyrite) and in pyroxene-garnet skarn alteration. The mineralisation commonly occurs with pyrite and the zinc skarn assemblage of sphalerite and galena with rare chalcopyrite, pyrrhotite and magnetite. Importantly, the mineralisation contains very low levels of arsenic, mercury and other deleterious metals.

Complete oxidation of the surface rock due to weathering is thin. A partial oxidation/fracture oxidation layer near surface is 1 to 40m thick and has been modelled from drill hole intersections. Where oxidation is more intense, native gold can be observed. This oxide mineralisation has been the subject of past mining at Hualilan with an unknown amount of gold having been extracted by washing and more recently by vat leach.

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Figure 4 - Hualilan MRE Long Section (gram x metres) showing location of Type Sections

Growth Potential from Drill intercepts that have not impacted the MRE

The MRE includes data from 499 of the Company’s drill holes however there remains a large body of significant intercepts that have not impacted the MRE. Of these intersections several are located 500 to 600 metres outside the resource limits, many require additional infill drilling, several define new zones of mineralisation which are currently being followed up with drilling with the majority located below the US$1800( 0.25 g.t AuEq) optimised pit shell. These intercepts are listed in Table 4.

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital 1,004m shares 23.6m options 120m perf shares 16m perf rights

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

Directors

Contact

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

www.challengerex.com

ASX Release 1 June 2022

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Table 4 - Selected drill intercepts that have not impacted the Resource Estimate

Drillhole	Intercept (AuEq)	Comment	Gram Metres
GNDD-113	104.0m at 1.7 g/t AuEqfrom 262.0m 30.0m at 0.4g/t AuEqfrom 390.0m	top 30 metres only falls within the optimised pit shell below the optimised pit shell	176.8 12.0
GNDD-394	5.0m at 8.7 g/t AuEqfrom 224.0m inc3.0m at 14.3g/t AuEq	hole located approximately 400 metres north-west of the current resource limit	43.5
FHNV10-1B	9.2m at 5.1 g/t AuEq(channel) inc4.6 m at 9.5g/t AuEq	located 600 metres south of the resource boundary	47.2
FHNV10-02	13.0m at 15.5 g/t AuEq(channel) inc8.5m at 21.9g/t AuEq	located 600 metres south of the resource boundary	201.3
FHNV10-03	12.7m at 4.4g/t AuEq (channel)	located 600 metres south of the resource boundary	56.0
FHNV10-04	4.2m at 8.1 g/t AuEq(channel)	located 600 metres south of the resource boundary	34.6
FHNV10-05	1.7m at 16.4g/t AuEq (channel)	located 600 metres south of the resource boundary	27.4
FHNV10-06	3.8m at 14.6g/t AuEq (channel)	located 600 metres south of the resource boundary	55.8
GNDD-256	8.0m at 1.0 g/t AuEqfrom 104.0m inc2.0m at 2.0g/t AuEq	100 metres south of resource boundary	8.0
GNDD-434	67.6m at 2.6 g/t AuEqfrom 24.4m	Only top 20 metre of this intersection within the optimised pit shell requires down dipdrilling	175.8
GNDD-336	2.9m at 17.7g/t AuEqfrom 312.0m	Below optimised pit shell requires follow up drilling	51.3
GNDD-254	26.8m at 1.9 g/t AuEqfrom 363.0m inc6.0m at 4.7g/t AuEq	Below optimised pit shell new zone below Verde needs follow up drilling	49.4
GNDD-106	4.0m at 2.6 g/t AuEqfrom 121.0m 8.0m at 0.5g/t AuEqfrom 205.0m	Below the optimised pit shell Below the optimised $1800 pit shell	10.4 4.0
GNDD-088a	39.0m at 5.6g/t AuEqfrom 224.0m	Below optimised pit shell and requires infill drilling	218.4
GNDD-515	19.6m at 0.8 g/t AuEqfrom 298.4m inc6.0m at 1.5 g/t AuEq 6.0m at 4.2g/t AuEqfrom 376.0m	Below optimised pit shell Below optimised pit shell and needs follow up drilling	15.7 25.2
GNDD-250	30.0m at 0.4 g/t AuEqfrom 80.0m inc5m at 1.3g/t AuEq	Below optimised pit shell	12.0
GNDD-306	25.0m at 0.6 g/t AuEqfrom 78.0m inc8m at 1.2g/t AuEq	Below optimised pit shell	15.0
GNDD-532	14.5m at 2.1 g/t AuEqfrom 93.0m inc9.0m at 2.9 g/t AuEq 10.9m at 2.6g/t AuEqfrom 416.5m	Below optimised pit shell Below optimised pit shell new Zone requires follow up drilling	29.4 28.4
GNDD-512	37.0m at 0.6 g/t AuEqfrom 196.0m inc4.0m at 1.6g/t AuEq	Below optimised pit shell	22.2
GNDD-432	37.4m at 0.8 g/t AuEqfrom 246.0m inc1.3m at 7.0g/t AuEq	Below optimised pit shell	29.9
GNDD-500	67.5m at 0.3 g/t AuEqfrom 81.5m 40.0m at 0.8g/t AuEqfrom 267.9m	Below optimised pit shell Below optimised pit shell	20.3 32.0
GNDD-343	55.0m at 0.7g/t AuEqfrom 190.0m	Below optimised pit shell	38.5
GNDD-348e	53.0m at 0.5 g/t AuEqfrom 227.0m	Below optimised pit shell	26.5
GNDD-326	2.0m at 7.5g/t AuEqfrom 288.0m	400m east of resource new zone needs follow up	15.0
GNDD-471	7.0m at 1.3 g/t AuEqfrom 372.0m inc2.0m at 3.9g/t AuEq	Extension of Verde Zone below optimised pit shell. Requires infill drilling as the hole was a 160m step out	9.1

www.challengerex.com

ASX Release 1 June 2022

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GNDD-134	20.0m at 1.5 g/t AuEqfrom 519.0m inc2.9m at 9.8g/t AuEq	New zone which required follow up drilling below optimised pit shell	30.0
GNDD-416	4.4m at 17.1 g/t AuEqfrom 240.0m 1.1m at 44.9 g/t AuEqfrom 530.7m 1.3m at 4.0g/t AuEqfrom 424.6m	New zone below optimised pit shell follow up drilling required New zone below optimised pit shell follow up drilling required New zone below optimised pit shell follow up drilling required	75.2 49.4 5.2
GNDD-207	25.6m at 0.4g/t AuEqfrom 217.4m	Below optimised pit shell	10.3
GNDD-437	26.6m at 2.2 g/t AuEqfrom 348.5m inc4.2m at 12.7g/t AuEq	new zone below Verde requires follow up drilling (below optimised pit shell)	58.5
GNDD-329e	14.0m at 1.2 g/t AuEqfrom 104.0m 68.0m at 0.5g/t AuEqfrom 282.0m	Within optimised pit requires infill drilling below optimised pit shell	16.8 34.0
GNDD-308e	36.8m at 0.6 g/t AuEqfrom 258.3m 45.0m at 0.4 g/t AuEqfrom 640.0m inc27.0m at 0.6 g/t AuEq 4.0m at 5.8g/t AuEq*from 1009m	Below optimised pit shell Below optimised pit shell new zone requires follow up drilling Below optimised pit shell new zone requires follow up drilling	22.1 18 23.2
GNDD-547	3.7m at 7.3g/t AuEqfrom 157.0,m	Below optimised pit shell new zone requires follow up drilling	27.1
GNDD-373	50.7m at 0.5 g/t AuEqfrom 376.9m	Below optimised pit shell	25.4
GNDD-285	2.0m at 6.9g.t AuEqfrom 393.0m	Below optimised pit shell new zone requires follow up drilling	13.8
GNDD-325	32.5m at 0.8 g/t AuEqfrom 301.1m inc15.5m at 1.4g.t AuEq	Below optimised pit shell	26.0
GNDD-200	66.8m at 0.7g/t AuEqfrom 168.3m	Below optimised pit shell	46.8
GNDD-082	34.1m at 1.6g/t AuEqfrom 193.4m	Below optimised pit shell	54.6
GNDD-345	70.5m at 0.5 g/t AuEqfrom 227.0m	Below optimised pit shell	35.3
GNRC-104	4.0m at 12.0g/t AuEqfrom104.0m	Below optimised pit shell	48.0
GNDD-504	15.4m at 1.1g/t AuEqfrom 448.0m	Below optimised pit shell	16.9
GNDD-115	34.5m at 0.3 g/t AuEqfrom 176.5m	Below optimised pit shell and requires follow up drilling	10.4
GNDD-356	27.0m at 0.5g/t AuEqfrom 263.0m	Below optimised pit shell	13.5
GNDD-484	21.0m at 0.6g/t AuEqfrom 343.0m	Below optimised pit shell	12.6
GNDD-298	21.0m at 0.8 g/t AuEqfrom 148.0m	Below optimised pit shell	16.8
GNDD-406	24.0m at 0.5 g/t AuEqfrom 242.0m 0.5m at 90.3g/t AuEqfrom 349.5m	Below optimised pit shell Below optimised pit shell needs follow up drilling	12.0 45.2
GNDD-237	2.0m at 17.5g/t AuEqfrom 349.7m	Below optimised pit shell	35.0
GNDD-409	22.0m at 1.3 g/t AuEqfrom 83.0m inc10.0m at 2.5g/t AuEq	Below optimised pit shell new zone needs follow up drilling	28.6
GNDD-459	43.0m at 0.5g/t AuEqfrom 339.0m	Below optimised pit shell needs infill drilling	21.5
GNDD-433	22.0 at 0.7 g/t AuEqfrom178.0m	Below optimised pit shell extreme northern extension of Verde Zone limited drillingrequires follow updrilling	15.4
GNRDC-084	21.0m at 0.9 g/t AuEqfrom 78.0m	Below optimised pit shell requires follow up drilling	18.9
GNDD-138	54.0m at 0.4g/t AuEqfrom 43.0m	within optimised pit required infill drilling	21.4
GNDD-527	5.0m at 1.9 g/t AuEqfrom 410.0m inc3.1m at 2.9g/t AuEq	Below pit shell new zone discovery requires follow up drilling	9.5

Representative Cross Sections

Type Sections from south to north showing the MRE block model (US$1800 optimised shell at a 0.25 g/t cut off) and recent drilling (assays pending) are shown in the next section. The location of these Type Sections are shown on Figure 4 (long section) and Figure 5 (plan view showing $1800 optimised shell and MRE).

Challenger Exploration Limited Issued Capital Australian Registered Office ACN 123 591 382 1,004m shares Level 1 ASX: CEL 23.6m options 1205 Hay Street 120m perf shares West Perth WA 6005 16m perf rights

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

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Section 1 - Sentazon showing MRE block model and recent drilling (assays pending)

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Section 1 - Showing Interpreted Geology

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Section 2 - Intrusion/sediment-hosted mineralisation (ext Verde Zone south of Magnata Fault)

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Section 3 - Magnata Fault (west) showing MRE block model and planned drilling

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Section 4 - Magnata Fault (central) showing MRE block model and planned/pending drilling

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Section 5 - Verde Zone (south) MRE block model and new zone discovery under the Verde Zone

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Section 6 - Gap Zone and Verde Zone (central) showing MRE block model and pending drilling

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Section 7 - Verde Zone (north) and Main Norte Manto showing MRE block model
Challenger Exploration Limited Issued Capital Australian Registered Office Directors Contact
ACN 123 591 382 1,004m shares Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235
ASX: CEL 23.6m options 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected]
120m perf shares West Perth WA 6005 Mr Fletcher Quinn , Chairman
16m perf rights Mr Sergio Rotondo, Exec. Director
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Figure 5 - Plan View, MRE and optimised US$1800 shell and Intercepts outside the MRE

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RESOURCE MODEL AND MINERAL RESOURCE ESTIMATE

Pit Optimisation Parameters

A 0.25 g/t AuEq lower cut-off grade inside an US$1800 optimised surface shell has been used to report that part of the MRE that has reasonable prospects of future economic extraction via surface mining. The surface optimisation parameters reflect internally researched costs and assumptions for similar style projects in Argentina.

Parameters used in the surface optimisation are an input gold price of US$1,800/oz, an assumed mining cost of US$2.0/t, a process cost of US$10/t, and statutory royalties of 3%. It should be noted that costs of the two closest analogues in Argentina, Fortuna's Lindero Au-Ag mine and Lundin Mining Corporation's Jose Maria Copper Project are significantly lower than the figures used in the Hualilan surface optimization scenario. These low costs are driven by the low costs of skilled labor, power, and energy in Argentina. In San Juan, skilled mine workers command monthly salaries of US$1,500-2,500, the company has received indicative pricing of US$0.10 kwh (San Juan power utility), US$0.06-0.08 kWh (for build, own and operate solar power providers), and US$0.60-0.70 per litre from diesel wholesalers. Additionally the availability of a rail option to port for concentrate transport and the exceptionally high concentrate grades keep transport and marketing costs low on a per ounce AuEq basis.

Pit slopes of 45º on the western side and 55º on the eastern side were used in the surface optimisation scenario with the eastern pit wall in the San Juan Formation limestone being prominent hills in the district. In several open cut limestone mines in the Hualilan region, which produces the majority of the limestone in Argentina, pit walls in the San Juan Formation limestone can be up to 75º. At Hualilan, detailed geotechnical work has yet to be completed.

The average metallurgical recoveries used for gold (94.9%), silver (90.9%), zinc (89%), and lead (77%) were derived by the scoping study level of metallurgical testing that has been completed involving 28 flotation tests across 4 bulk composite samples representative of all ore types. For the purposes of calculating gold equivalent recovery for Zn and Pb credits was only factored into the high-grade skarn component of the resource. Payabilities were taken from ongoing discussions the company has had with concentrate off-takers including smelters and trades. The updated gold equivalents also reflect the updated metal recoveries.

Resources below the optimised surface shell have been reported as Inferred Resource at a 1 g/t AuEq cut off given the grade, distribution, orientation, and dimensions of the underground mineralisation is considered to have reasonable prospects of future economic extraction via an underground mining technique.

Additionally, surface optimisation at lower metal price assumptions indicates there are zones of near surface higher grade limestone-hosted skarn mineralisation that have reasonable prospects of future economic extraction via surface mining with the potential to make amenable higher-grade parts of the Mineral Resource.

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Australian Registered Office Level 1 1205 Hay Street

Issued Capital 1,004m shares Level 1 23.6m options 1205 Hay Street 120m perf shares West Perth WA 6005

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Mineral Resource Estimate Model

The Hualilan MRE has been generated from all available CEL diamond drill holes for which final assays had been returned up to mid-April 2022. The Resource estimate also used results from an earlier CEL RC drilling campaign, a CEL underground channel sampling campaign and historic drill holes results that have been verified by CEL drilling and geological modelling. Halved drill core is sampled over intervals from 0.5 to 2.0 metres according to lithology and alteration contacts. Representative RC drill chips were sampled over standards 1 metre intervals. The average length of a sample in the mineralised domains is approximately 1.54 metres.

Not all drill holes intersected a mineralised domain and some drill holes were too far from nearby drill holes to allow confident interpretation between holes. Thirty separate mineralised domains were wireframed using drill hole data loaded in Micromine 2013 software. Each domain was constrained by interpreted geological continuity with mineralisation > 0.2 g/t AuEq used a guide to limit the extent of the mineralisation in each domain.

Within each domain, estimation was made for Au Ag, Zn and Pb being the elements of economic interest. An estimate was also made for Fe and S being the key elements for pyrite which is closely associated with gold and other sulphides and which is also of metallurgical interest. The S + Fe block estimate and is also used to estimate the density for blocks in the Mineral Resource Estimate via linear regression of measured sample densities (SG) with S + Fe assays in the interval from which the density was measured. A 2 metre composite length was selected for the estimation after reviewing the original sample lengths from the drilling.

No previous JORC Resource estimates or non-JORC Foreign Resource estimates were made with similar methods to compare to the current MRE. No production records are available to provide comparisons.

A block model was set up in Surpac™ V6.6 software with a parent cell size of 10m (E) x 20m (N) x 10m (RL) with standard sub-celling to 2.5m (E) x 5.0m (N) x 2.5m (RL) to maintain the resolution of the mineralised domains. The 20m Y and vertical block dimensions were chosen to reflect drill hole spacing and to provide definition for potential mine planning. The shorter 10m X dimension was used to reflect the geometry and orientation of the majority of the domain wireframes. Variography was carried out using Leapfrog Edge software on the two metre composited data from each of the 30 domains for each variable.

All of the relevant variables; Au, Ag, Pb, Zn, Fe and S in each domain were estimated using Ordinary Kriging using only data from within that domain. The orientation of the search ellipse and variogram model was controlled using surfaces designed to reflect the local orientation of the mineralized structures. An oriented “ellipsoid” search for each domain was used to select data for interpolation.

A three pass estimation search was conducted, with expanding search ellipsoid dimensions and decreasing minimum number of samples with each successive pass. First passes were conducted with ellipsoid radii corresponding to 40% of the complete range of variogram structures for the variable being estimated. Pass 2 was conducted with 60% of the complete range of variogram structures for

Challenger Exploration Limited Issued Capital Australian Registered Office Directors Contact ACN 123 591 382 1,004m shares Level 1 Mr Kris Knauer, MD and CEO T: +61 8 6380 9235 ASX: CEL 23.6m options 1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] 120m perf shares West Perth WA 6005 Mr Fletcher Quinn , Chairman 16m perf rights Mr Sergio Rotondo, Exec. Director

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the variable being estimated. Pass 3 was conducted with dimensions corresponding to 200% of the semi-variogram model ranges. Blocks within the model where Au was not estimated during the first 3 passes were assigned as unclassified. The pass number was used a guide to categorising the Resource Estimate, with first pass estimates more likely to be classified at Indicated Resource and later passes as Inferred Resource.

Validation checks included statistical comparison between drill sample grades and Ordinary Kriging block estimate results for each domain. Visual validation of grade trends for each element along the drill sections was also completed in addition to swath plots comparing drill sample grades and model grades for northings, eastings and elevation. These checks show good correlation between estimated block grades and drill sample grades.

A Lerchs-Grossman pit optimisation routine using inputs as described above was used to determine that blocks > 0.25 g/t AuEq have reasonable prospects of future economic extraction by surface mining. Further models using similar input variable were used to identify a near surface optimised shell that was used to report the MRE at > 0.25 g/t AuEq block cut-off. below the optimised shell, blocks > 1.0 g/t AuEq are considered to have reasonable prospects of future economic extraction by some type of underground technique.

COMPOSITE TOP CUTS

A statistical analysis was undertaken on the sample composites with top cuts initially applied to the Au, Ag, Zn and Pb composites on a domain-by-domain basis. The domains were then grouped by host rock and mineralisation style into four group domain

Fault Zone hosted high-grade skarn - Magnata and Sanchez Faults
Limestone hosted high-grade skarn mineralisation - Magnata, Sentazon, Muchilera, Main Norte Mantos
Intrusion-hosted mineralisation – Verde and Gap Zones
Sediment hosted mineralisation – Verde Zone and extensions

Group domain top cuts were applied to the grouped domains in order to reduce the influence of extreme values on the Mineral Resource Estimate without downgrading the high-grade composites too severely. The top-cut values were chosen by assessing the high-end distribution (tail) of the grade population within each group and selecting the uppermost outlier value above which the distribution became too heavily skewed.

An alternative model using composites with no top cut was done to check the influence f the high grades and is shown in Table 6. With no top cuts applied the model shows an increase to 2.5 Moz AuEq (using a 0.25 g/t block cut-off) at a higher grade due to the influence of the outlier composites. It should be noted that this alterative model is not a MRE but has been done to analyse the influence of the higher grade composites within the deposit. The most significant changes between the reported MRE (with top-cuts applied) and the alternative model with no top-cuts applied occurs in the Verde 2-3 domain which accounts for more than half of this differential.

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital Australian Registered Office 1,004m shares Level 1 23.6m options 1205 Hay Street 120m perf shares West Perth WA 6005 16m perf rights

Directors

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

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The Verde 2-3 domain is the deeper and higher-grade component of the Verde Zone hosted in intrusives where recent drilling continues to intersect significant high-grade skarn/endoskarn mineralisation at depth. However, for this Interim MRE the grouped top-cuts for the Intrusion-hosted domains was applied to the Verde2-3 domain. Should extension and infill drilling continue to intersect significant intervals of higher-grade skarn mineralisation the appropriate top cuts for this domain will be reviewed in an updated MRE which will be based on the complete 204,000 metre drill program.

Mineralisation Style	Mt (0.25g/t AuEq cut-off)	Au (g/t)	Ag (g/t)	Zn (%)	Pb (%)	Au Eq (g/t)
skarn	6.3	5.5	21.9	2.0	0.2	6.8
intrusion/sediment hosted	41.4	0.7	4.5	0.2	0.0	0.8
Mineralisation Style	Implied Metal	Au (moz)	Ag (moz)	Zn (kt)	Pb (kt)	Au Eq (moz)
skarn		1.11	4.4	128	13	1.4
intrusion/sediment hosted		0.87	6.0	99	20	1.1
Total Contained metal		1.98	10.4	227	33	2.5

Table 6 Alternative block model at 0.25 g/t block cut-off using composite with no top-cut

LOWER METAL PRICE SURFACE SHELL OPTIMISATIONS

To evaluate the robustness of the MRE at lower metal prices the Company undertook a series of surface optimisations using the same Lerch-Grossman routine, at lower metal prices than the US$1800 gold price used in the optimised shell for reporting the MRE. The results are shown in Table 7. The optimisation was done using the existing constrained MRE Model with a block cut-off of 1 g/t AuEq.

These lower price pit shells demonstrate the robustness of the MRE at lower gold prices and confirm a near surface higher grade core of the mineralisation. The US$600 and $800 optimisations highlight this robust high-grade near surface core of mineralisation that has the potential to provide a highgrade starter operation with the grades of 5.3 g/t AuEq in the US$600 optimised shell and 4.4 g/t AuEq in the $800 optimised shell.

Au Price (US$Oz)	> 1.0 g/t AuEq	Mt	Au (g/t)	Ag (g/t)	Zn (%)	Pb (%)	AuEq (g/t)	moz (AuEq)
	Indicated Inferred	1.52	4.4	22.8	1.7	0.22	5.5	0.27
		0.45	3.8	19.6	1.2	0.31	4.7	0.07
$600	Total	*1.97*	*4.3*	*22.1*	*1.6*	*0.24*	*5.3*	*0.34*
	Indicated	2.93	3.7	16.1	1.4	0.16	4.6	0.43
	Inferred	0.93	3.0	21.9	0.88	0.21	3.7	0.11
$800	Total	*3.86*	*3.6*	*17.5*	*1.2*	*0.17*	*4.4*	*0.54*
	Indicated Inferred	3.97	3.3	14.1	1.2	0.15	4.0	0.52
		1.99	2.5	16.0	0.94	0.14	3.2	0.20
$1000	Total	*5.96*	*3.0*	*14.7*	*1.1*	*0.14*	*3.7*	*0.72*

Table 7 - Surface optimisation scenarios (using a 1 g/t AuEq block cut-off) at various gold prices

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital 1,004m shares 23.6m 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 Mr Sergio Rotondo, Exec. Director

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Ends

This ASX release was approved by the CEL 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:

17 May 2021 - CEL Delivers Exceptional Metallurgical Test Work Results from the Hualilan Gold Project

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital 1,004m shares 23.6m options 120m perf shares

16m perf rights

Australian Registered Office Level 1 1205 Hay Street

West Perth WA 6005

Directors

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

Contact

E: [email protected]

T: +61 8 6380 9235

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About Challenger Exploration

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

The Company is well funded with cash at bank of $19.6 million and it has committed to a 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 has an Interim JORC 2012 Compliant resource of 2,133,065 ounces which remains open in most directions. This resource contains a Skarn component 6.3 Mt at 5.6 g/t AuEq for 1.1 Moz AuEq and an intrusion/sediment-hosted component of 41.5Mt at 0.8 g/t AuEq for 1.0 Moz AuEq. The resource was based on 126,000 metres of CEL's 204,000 metre drill program. 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 over 500 drill holes for more than 185,000 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 3.5 kilometres of strike and extended the known mineralisation along strike and at depth in multiple locations. Recent drilling has demonstrated this high-grade skarn mineralisation is underlain by a significant intrusion-hosted gold system with intercepts including 209.0m at 1.0 g/t Au, 1.4 g/t Ag, 0.1% Zn and 110.5m at 2.5 g/t Au, 7.4 g/t Au, 0.90% Zn in intrusives. CEL's current program which is fully funded will take metres drilled by CEL to 204,000 metres, and include metallurgical test work of key ore types, and an initial JORC Compliant Resource and PFS.

2. El Guayabo Gold/Copper Project covers 35 sq kms in southern Ecuador and was last drilled by Newmont Mining in 1995 and 1997 targeting gold in hydrothermal breccias. Historical drilling has demonstrated potential to host significant gold and associated copper and silver mineralisation. Historical drilling has returned a number of intersections including 156m @ 2.6 g/t Au, 9.7 g/t Ag, 0.2% Cu and 112m @ 0.6 % Cu, 0.7 g/t Au, 14.7 g/t Ag which have never been followed up. This has been confirmed with results including 257.8m at 1.4 g/t AuEq inc 53.7m at 5.3 g/t AuEq and 309.8m at 0.7 g/t AuEq inc 202.1m at 0.8 g/t AuEq in CEL's first 8 drill holes. 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 1,004m shares 23.6m options 120m perf shares

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Australian Registered Office Level 1 1205 Hay Street

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Directors

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

Contact T: +61 8 6380 9235

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Foreign Resource Estimate Hualilan Project

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

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

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

Competent Person Statement – Exploration results

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

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

Competent Person Statement – Foreign Resource Estimate

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

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

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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	Diamond core (HQ3 and NQ3) was cut longitudinally on site using a diamond saw or split using a hand operated hydraulic
		cut channels, random chips, or	core sampling splitter. Samples lengths are generally from 0.5m to 2.0m in length (average 1.74m). Sample lengths are
		specific specialised industry standard	selected according to lithology, alteration, and mineralization contacts.
		measurement tools appropriate to the minerals under investigation,	For reverse circulation (RC) drilling, 2-4 kg sub-samples from each 1m drilled were collected from a face sample recovery cyclone mounted on the drill machine.
		such as down hole gamma sondes,
		or handheld XRF instruments, etc).	Channel samples are cut into underground or surface outcrop using a hand-held diamond edged cutting tool. Parallel saw
		These examples should not be taken as limiting the broad meaning of	cuts 3-5cm apart are cut 2-4cm deep into the rock which allows for the extraction of a representative sample using a hammer and chisel. The sample is collected onto a plastic mat and collected into a sample bag.
		sampling.	Core, RC and channel samples were crushed to approximately 85% passing 2mm. A 500g or a 1 kg sub-sample was taken
	-	Include reference to measures taken	and pulverized to 85% passing 75µm. A 50g charge was analysed for Au by fire assay with AA determination. Where the
		to ensure sample representivity and	fire assay grade is > 10 g/t gold, a 50g charge was analysed for Au by Fire assay with gravimetric determination.
		the appropriate calibration of any
		measurement tools or systems used.	A 10g charge was analysed for at least 48 elements by 4-acid digest and ICP-MS determination. Elements determined
	-	Aspects of the determination of	include 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,
		mineralisation that are Material to	Se, Sn, Sr, Ta, Te, Th, Ti, Tl, U, V, W, Y, Zn and Zr.
		the Public Report.	For Ag > 100 g/t, Zn, Pb and Cu > 10,000 ppm and S > 10%, overlimit analysis was done by the same method using a
	-	In cases where ‘industry standard’	different calibration.
		work has been done this would be	Unused pulps are returned from the laboratory to the Project and stored in a secure location, so they are available for any
		relatively simple (eg ‘reverse	further analyses. Remaining drill core is stored undercover for future use if required.
		circulation drilling was used to obtain 1 m samples from which 3 kg	Visible gold observed has been observed in only 1 drill core sample only. Coarse gold is not likely to result in sample bias.
		was pulverised to produce a 30 g	Historic Data:
		charge for fire assay’). In other	There is little information provided by previous explorers to detail sampling techniques. Selected drill core was cut with a
		cases, more explanation may be	diamond saw longitudinally and one half submitted for assay. Assay was generally done for Au. In some drill campaigns,
		required, such as where there is	Ag and Zn were also analysed. There is limited multielement data available. No information is available for RC drill
		coarse gold that has inherent	techniques and sampling.
		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

1,004m shares 23.6m options 120m perf shares

16m perf rights

Australian Registered Office

Directors

Contact

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

www.challengerex.com

Criteria JORC Code explanation	Commentary
*Drilling techniques* - Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc).	CEL drilling of HQ3 core (triple tube) was done using various truck and track mounted drill machines that are operated by various drilling contractors based in Mendoza and San Juan. The core has not been oriented as the rock is commonly too broken to allow accurate core orientation. CEL drilling of reverse circulation (RC) drill holes was done using a track-mounted LM650 universal drill rig set up for reverse circulation drilling. Drilling was done using a 5.25 inch hammer bit. Collar details for DD drill holes and RC drill holes completed by CEL that are used in the resource estimate are shown below in WGS84, zone 19s projection. Collar locations for drill holes are surveyed using DGPS. Three DD holes and 3 RC holes have hand-held GPS collar surveys. Hole_id East (m) North (m) Elevation (m) Dip (°) Azimuth (°) Depth (m) GNDD001 504803.987 6601337.067 1829.289 -57 115 109.00 GNDD002 504793.101 6601312.095 1829.393 -60 115 25.60 GNDD002A 504795.405 6601311.104 1829.286 -60 115 84.50 GNDD003 504824.427 6601313.623 1827.768 -70 115 90.20 GNDD004 504994.416 6601546.302 1835.345 -60 115 100.00 GNDD005 504473.042 6600105.922 1806.448 -55 090 110.00 GNDD006 504527.975 6600187.234 1817.856 -55 170 100.90 GNDD007 504623.738 6600196.677 1823.447 -68 190 86.30 GNDD007A 504624.021 6600198.394 1823.379 -68 190 219.00 GNDD008 504625.047 6600198.059 1823.457 -60 184 109.40 GNDD008A 504625.080 6600199.718 1823.264 -60 184 169.00 GNDD009 504412.848 6599638.914 1794.220 -55 115 147.00 GNDD010 504621.652 6600196.048 1823.452 -68 165 146.50 GNDD011 504395.352 6599644.012 1794.025 -64 115 169.20 GNDD012 504450.864 6599816.527 1798.321 -55 115 120.00 GNDD013 504406.840 6599613.052 1792.378 -58 112 141.00 GNDD014 504404.991 6599659.831 1793.728 -59 114 140.00 GNDD015 504442.039 6600159.812 1808.700 -62 115 166.70 GNDD016 504402.958 6599683.437 1794.007 -60 115 172.00 GNDD017 504460.948 6600075.899 1806.143 -55 115 132.60 GNDD018 504473.781 6600109.152 1806.458 -60 115 130.00 GNDD019 504934.605 6601534.429 1834.720 -70 115 80.00 GNDD020 504463.598 6600139.107 1807.789 -58 115 153.00

Criteria
JORC Code explanation

Commentary

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

CEL drilling of HQ3 core (triple tube) was done using various truck and track mounted drill machines that are operated by
various drilling contractors based in Mendoza and San Juan. The core has not been oriented as the rock is commonly too
broken to allow accurate core orientation.
CEL drilling of reverse circulation (RC) drill holes was done using a track-mounted LM650 universal drill rig set up for
reverse circulation drilling. Drilling was done using a 5.25 inch hammer bit.
Collar details for DD drill holes and RC drill holes completed by CEL that are used in the resource estimate are shown below
in WGS84, zone 19s projection. Collar locations for drill holes are surveyed using DGPS. Three DD holes and 3 RC holes
have hand-held GPS collar surveys.
Hole_id
East (m)
North (m)
Elevation (m)
Dip
(°)
Azimuth (°)
Depth
(m)
GNDD001
504803.987
6601337.067
1829.289
-57
115
109.00
GNDD002
504793.101
6601312.095
1829.393
-60
115
25.60
GNDD002A
504795.405
6601311.104
1829.286
-60
115
84.50
GNDD003
504824.427
6601313.623
1827.768
-70
115
90.20
GNDD004
504994.416
6601546.302
1835.345
-60
115
100.00
GNDD005
504473.042
6600105.922
1806.448
-55
090
110.00
GNDD006
504527.975
6600187.234
1817.856
-55
170
100.90
GNDD007
504623.738
6600196.677
1823.447
-68
190
86.30
GNDD007A
504624.021
6600198.394
1823.379
-68
190
219.00
GNDD008
504625.047
6600198.059
1823.457
-60
184
109.40
GNDD008A
504625.080
6600199.718
1823.264
-60
184
169.00
GNDD009
504412.848
6599638.914
1794.220
-55
115
147.00
GNDD010
504621.652
6600196.048
1823.452
-68
165
146.50
GNDD011
504395.352
6599644.012
1794.025
-64
115
169.20
GNDD012
504450.864
6599816.527
1798.321
-55
115
120.00
GNDD013
504406.840
6599613.052
1792.378
-58
112
141.00
GNDD014
504404.991
6599659.831
1793.728
-59
114
140.00
GNDD015
504442.039
6600159.812
1808.700
-62
115
166.70
GNDD016
504402.958
6599683.437
1794.007
-60
115
172.00
GNDD017
504460.948
6600075.899
1806.143
-55
115
132.60
GNDD018
504473.781
6600109.152
1806.458
-60
115
130.00
GNDD019
504934.605
6601534.429
1834.720
-70
115
80.00
GNDD020
504463.598
6600139.107
1807.789
-58
115
153.00

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares

16m perf rights

Australian Registered Office

Directors

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

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Commentary
GNDD021	504935.804	6601567.863	1835.631	-60	115	120.00
GNDD022	504835.215	6601331.069	1828.015	-60	113	100.00
GNDD023	504814.193	6601336.790	1828.535	-55	117	100.00
GNDD024	504458.922	6600123.135	1807.237	-70	115	150.00
GNDD025	504786.126	6601137.698	1823.876	-60	115	141.00
GNDD026	504813.588	6601444.189	1831.810	-55	115	100.00
GNDD027	504416.311	6599703.996	1794.702	-55	115	139.20
GNDD028	504824.752	6601321.020	1827.837	-57	115	100.00
GNDD029	504791.830	6601316.140	1829.344	-71	115	120.20
GNDD030	504454.538	6599860.757	1799.266	-60	115	148.00
GNDD031	504622.013	6600198.726	1823.191	-60	130	149.00
GNDD032	504619.803	6600203.906	1822.790	-55	097	166.60
GNDD033	504830.792	6601385.842	1829.315	-55	115	62.00
GNDD034	504862.613	6601524.893	1834.263	-60	115	60.00
GNDD035	504782.969	6601234.234	1827.709	-78	115	119.05
GNDD036	504303.325	6599128.637	1779.458	-55	115	131.00
GNDD037	504462.875	6599831.674	1798.456	-55	115	83.50
GNDD038	504465.362	6600097.111	1806.580	-55	115	87.70
GMDD039	504814.746	6601317.742	1827.945	-70	115	80.00
GMDD040	504403.312	6599640.143	1794.125	-55	115	135.05
GMDD041	504468.209	6600106.298	1806.550	-55	095	428.00
GNDD042	504392.551	6599574.224	1790.603	-60	115	140.00
GMDD043	504815.800	6601320.000	1829.100	-67	115	80.00
GNDD044	504380.090	6599622.578	1791.934	-65	115	185.00
GNDD045	504366.823	6599679.058	1793.712	-57	115	311.00
GNDD046	504364.309	6599702.621	1794.533	-60	115	191.00
GNDD047	504459.642	6599644.133	1793.422	-60	115	101.00
GNDD048	504792.642	6601286.638	1828.497	-74	115	95.00
GNDD049	504807.030	6601419.483	1831.588	-60	115	90.00
GNDD050	504826.614	6601509.677	1833.357	-60	115	80.00
GNDD051	504766.792	6601032.571	1823.273	-60	115	120.00
GNDD060	504801.654	6601066.131	1822.596	-60	115	200.00
GNDD073	504367.546	6599724.992	1795.493	-57	115	150.20

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares

16m perf rights

Australian Registered Office

Directors

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

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Commentary
GNDD074	504366.299	6599725.496	1795.450	-73	115	152.00
GNDD077	504821.005	6601145.026	1823.951	-60	115	222.00
GNDD079	504636.330	6600286.824	1823.053	-60	115	181.40
GNDD082	504769.532	6601169.127	1825.621	-60	115	266.00
GNDD083	504646.604	6600336.172	1823.893	-60	115	181.00
GNDD085	504456.068	6599888.509	1799.895	-60	115	90.00
GNDD088	504814.918	6601190.845	1825.101	-60	115	237.00
GNDD088A	504815.621	6601193.811	1825.210	-60	115	265.00
GNDD089	504635.811	6600285.352	1823.032	-55	133	200.10
GNDD092	504839.792	6601208.375	1824.849	-60	115	300.00
GNDD093	504679.396	6600332.075	1827.365	-55	115	209.00
GNDD095	504804.597	6601219.844	1826.834	-67	115	203.00
GNDD096	504666.622	6600602.793	1820.371	-60	115	215.00
GNDD099	504384.933	6599759.693	1796.525	-60	115	150.00
GNDD100	504424.250	6599784.711	1796.728	-60	115	120.00
GNDD101	504781.691	6600986.509	1821.679	-60	115	220.00
GNDD102	504787.340	6601285.049	1828.549	-57	115	260.00
GNDD103	504432.004	6599482.162	1788.500	-55	115	299.00
GNDD105	504701.392	6601025.961	1824.818	-60	115	300.00
GNDD106	504438.745	6599613.089	1792.511	-55	115	300.00
GNDD108	504893.480	6601156.138	1824.948	-60	115	200.00
GNDD109	504788.659	6601026.581	1822.675	-60	115	209.00
GNDD112	504893.408	6601198.421	1825.402	-60	115	188.00
GNDD113	504705.882	6601065.61	1825.805	-60	115	230.00
GNDD113A	504705.888	6601065.628	1825.877	-60	115	461.00
GNDD114	504430.719	6600110.231	1807.080	-50	115	116.00
GNDD115	504860.469	6601289.558	1826.422	-60	115	251.00
GNDD116	504441.894	6599558.746	1790.917	-65	115	269.00
GNDD117	504428.815	6600110.985	1807.008	-60	115	120.00
GNDD118	505085.614	6601107.067	1811.275	-60	295	300.00
GNDD119	504827.094	6601535.651	1835.088	-66	115	115.00
GNDD120	504411.171	6600099.998	1806.316	-60	110	164.00
GNDD121	504863.473	6601140.462	1821.954	-57	115	181.00

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Directors

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

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Commentary
GNDD122	504659.288	6600648.314	1819.643	-60	115	250.00
GNDD123	504823.784	6601510.706	1833.612	-63	130	130.00
GNDD124	504410.706	6600099.603	1806.296	-70	115	160.00
GNDD125	505135.977	6601131.034	1809.281	-60	295	300.00
GNDD126	504716.358	6601149.031	1827.257	-60	115	196.00
GNDD127	504889.851	6601503.430	1834.161	-55	115	300.00
GNDD128	504715.660	6601106.719	1826.595	-60	115	230.00
GNDD129	504637.632	6600284.287	1805.395	-55	185	291.00
GNDD130	504838.247	6601093.352	1821.556	-60	115	227.00
GNDD131	504650.672	6600737.758	1821.134	-60	115	280.00
GNDD132	504819.319	6601357.930	1829.373	-55	115	300.00
GNDD133	504869.366	6601639.665	1835.213	-60	170	182.00
GNDD134	504639.057	6600284.444	1805.499	-55	154	290.00
GNDD135	504845.188	6601547.554	1834.906	-64	350	135.00
GNDD136	504837.721	6601445.719	1830.128	-55	115	310.00
GNDD137	504647.268	6600701.174	1820.549	-60	115	370.00
GNDD138	504883.975	6601540.420	1835.042	-65	350	237.00
GNDD139	504755.726	6601084.848	1824.694	-60	115	200.00
GNDD140	504991.396	6601549.750	1835.464	-60	60	230.00
GNDD141	504779.587	6601255.947	1828.225	-70	115	270.00
GNDD142	504433.887	6599629.407	1792.717	-62	115	360.00
GNDD143	504902.285	6601209.174	1826.545	-20	115	120.00
GNDD144	504961.182	6601524.651	1835.687	-70	40	410.00
GNDD145	504557.511	6600224.447	1818.092	-64	170	243.00
GNDD146	504772.849	6601212.611	1827.389	-70	115	350.00
GNDD147	504959.171	6601525.259	1835.597	-60	355	240.00
GNDD148	504845.962	6601442.396	1831.403	-24	115	85.50
GNDD149	504847.402	6601441.816	1832.186	-5	115	88.10
GNDD150	504848.651	6601525.476	1834.636	-65	350	251.0
GNDD151	504673.689	6601219.059	1830.640	-60	115	430.00
GNDD152	504901.725	6601465.446	1834.787	-15	115	165.00
GNDD153	504690.458	6600986.257	1824.840	-70	115	326.00
GNDD154	504891.810	6601503.838	1834.134	-65	350	212.00

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Directors

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

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Commentary
GNDD155	504779.116	6601123.548	1823.862	-60	115	420.00
GNDD156	504842.752	6601402.888	1830.505	-37	115	59.00
GNDD157	504638.216	6600284.907	1805.408	-55	170	527.00
GNDD158	504798.119	6601537.072	1834.795	-60	350	170.00
GNDD159	504910.485	6601145.455	1825.401	-40	115	202.00
GNDD160	504980.539	6601546.905	1835.243	-55	350	170.00
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	504663.00	6600335.00	1822.90	-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
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

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Directors

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

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Commentary
GNDD187	504621.493	6601546.173	1839.975	-67	115	470.00
GNDD188	504658.832	6601043.631	1826.939	-60	115	277.00
GNDD189	504473.828	6600097.778	1807.415	-29	115	320.00
GNDD190	504894.932	6601473.630	1833.192	-65	350	269.00
GNDD191	504602.016	6601426.850	1837.553	-70	115	260.00
GNDD192	504617.912	6600575.207	1820.347	-60	115	260.00
GNDD193	504686.491	6601425.894	1834.934	-60	115	293.00
GNDD194	504670.153	6600333.303	1808.999	-60	140	300.00
GNDD195	504473.117	6600098.042	1807.172	-44	115	370.00
GNDD196	504633.370	6600393.771	1822.260	-60	115	296.00
GNDD197	504860.921	6601483.879	1831.591	-68	350	72.00
GNDD198	504787.448	6601250.012	1827.763	-60	115	161.00
GNDD199	504812.268	6601468.783	1832.487	-56	350	266.00
GNDD200	504966.362	6601074.292	1816.847	-60	295	280.00
GNDD201	504310.496	6599798.094	1798.387	-65	115	170.00
GNDD202	504524.999	6600443.375	1816.607	-60	115	320.00
GNDD203	504597.900	6600292.924	1820.443	-60	170	361.50
GNDD204	504858.596	6601037.331	1820.096	-60	295	190.10
GNDD205	504368.667	6599653.253	1792.808	-60	115	320.00
GNDD206	504502.882	6600109.342	1814.752	-45	90	315.60
GNDD207	504522.884	6600357.893	1816.137	-60	115	365.00
GNDD208	504919.928	6601011.763	1817.683	-60	295	299.00
GNDD209	504455.248	6599665.027	1793.655	-60	115	212.00
GNDD210	504462.426	6600034.696	1804.674	-55	115	404.00
GNDD211	504918.046	6601053.056	1818.575	-60	295	260.00
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	504558.62	6600174.755	1823.146	-67	170	125.00

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Directors

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

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Commentary
GNDD220	504503.357	6600761.089	1825.641	-60	115	269.00
GNDD221	504558.62	6600174.755	1823.146	-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	504774.509	6601211.984	1827.144	-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
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

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Directors

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

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Commentary
GNDD253	504457.312	6599611.851	1792.452	-60	115	277.90
GNDD254	504619.880	6601545.848	1839.946	-60	115	413.00
GNDD255	504614.456	6601152.752	1830.734	-60	115	229.00
GNDD256	504439.108	6599479.931	1789.382	-40	115	200.00
GNDD257	504846.070	6600960.942	1819.000	-60	295	290.00
GNDD258	504479.202	6600229.965	1813.512	-64	170	270.00
GNDD259	504891.047	6601156.539	1824.952	-78	295	209.00
GNDD260	504686.229	6601779.816	1843.684	-60	115	281.00
GNDD261	504735.261	6600179.706	1847.318	-45	120	140.00
GNDD262	504907.951	6600975.057	1817.254	-60	295	290.00
GNDD263	504874.653	6601167.487	1825.604	-60	295	152.00
GNDD264	504404.218	6600202.470	1810.311	-60	170	229.80
GNDD265	504493.431	6600345.518	1815.122	-55	170	425.00
GNDD266	504730.982	6600175.224	1847.381	-40	170	90.00
GNDD267	504886.046	6601114.747	1820.458	-65	295	221.00
GNDD268	504445.758	6600392.598	1815.641	-60	115	360.00
GNDD269	504696.082	6600164.192	1843.123	-45	170	112.60
GNDD270	504888.213	6601199.370	1825.457	-80	295	155.30
GNDD271	504560.712	6600319.000	1817.861	-60	130	281.00
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	504590.047	6600164.672	1831.93	-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	504594.043	6600152.588	1834.467	-5	155	95.00
GNDD284	504625.209	6600441.245	1819.581	-60	115	130.00
GNDD285	504527.110	6601149.718	1834.062	-70	115	401.00

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares

16m perf rights

Australian Registered Office

Directors

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

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Commentary
GNDD286	504399.531	6600237.020	1811.846	-60	170	260.00
GNDD287	504539.531	6600481.313	1817.200	-60	115	265.00
GNDD288	504623.099	6600326.854	1821.647	-60	170	450.00
GNDD289	504647.461	6600176.710	1826.744	-45	170	278.30
GNDD290	504362.544	6600205.890	1810.788	-60	170	200.00
GNDD291	504546.405	6600521.755	1818.103	-60	115	203.00
GNDD292	504535.726	6600616.837	1820.761	-60	115	270.00
GNDD293	504660.200	6601397.535	1835.529	-60	115	215.00
GNDD294	504430.474	6600252.930	1811.867	-60	170	290.00
GNDD295	504564.607	6600558.819	1818.945	-60	115	221.00
GNDD296	504376.030	6599623.403	1791.894	-60	115	299.00
GNDD297	504647.466	6600176.787	1827.647	-20	170	167.50
GNDD298	504640.941	6601452.982	1837.368	-60	115	350.00
GNDD299	504310.496	6599705.054	1795.176	-60	115	170.00
GNDD300	504592.422	6600633.313	1820.584	-60	115	200.00
GNDD301	504634.840	6600298.360	1823.974	-25	115	90.20
GNDD302	504111.387	6599843.151	1802.303	-60	115	572.00
GNDD303	504500.891	6600847.913	1827.602	-60	115	240.00
GNDD304	504745.198	6601445.416	1833.684	-60	115	158.00
GNDD305	504501.385	6600667.874	1822.845	-60	115	299.00
GNDD306	504175.078	6599950.641	1808.993	-62	115	320.00
GNDD307	504640.906	6600395.069	1823.493	-20	115	100.00
GNDD308	504499.434	6600937.779	1829.704	-60	115	1013.00
GNDD309	504597.494	6601511.123	1839.515	-60	115	390.00
GNDD310	504499.108	6600633.828	1821.946	-60	115	299.00
GNDD311	504218.233	6600014.914	1805.770	-60	115	246.00
GNDD312	504481.013	6599686.467	1798.612	-25	115	80.50
GNDD313	504320.983	6600200.995	1811.622	-60	170	210.00
GNDD314	504303.920	6599667.855	1794.313	-60	115	350.00
GNDD315	504505.360	6600720.169	1824.165	-60	115	497.00
GNDD316	504112.640	6599927.547	1805.311	-60	115	342.60
GNDD317	504284.373	6599072.783	1780.353	-10	110	155.00
GNDD318	504350.761	6600268.662	1813.067	-60	170	300.00

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Directors

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

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Commentary
GNDD319	504647.143	6600701.925	1820.363	-60	295	240.00
GNDD320	504978.974	6600981.597	1814.818	-60	295	374.00
GNDD321	504391.793	6600263.900	1812.719	-60	170	281.10
GNDD322	504832.587	6600881.904	1817.644	-60	295	442.60
GNDD323	503850.645	6599923.562	1808.172	-60	115	479.00
GNDD324	504662.863	6601262.021	1832.385	-60	115	255.00
GNDD325	504485.093	6599778.228	1801.333	-41	115	83.50
GNDD326	503924.156	6600282.705	1820.784	-60	115	320.00
GNDD327	504460.883	6601268.457	1838.203	-60	115	480.00
GNDD328	504484.378	6599781.645	1801.594	-30	55	100.70
GNDD329	504481.146	6600826.822	1827.636	-60	115	458.00
GNDD330	504972.655	6600942.875	1814.522	-60	295	380.00
GNDD331	503963.429	6599824.291	1803.625	-70	115	301.60
GNDD332	504587.327	6601349.860	1836.123	-60	115	320.00
GNDD333	504584.299	6600901.853	1825.624	-60	115	464.00
GNDD334	504989.070	6601040.241	1816.049	-60	295	371.00
GNDD335	503974.284	6599905.019	1806.353	-70	115	300.00
GNDD336	504449.105	6600702.650	1825.158	-60	115	422.00
GNDD337	504489.082	6601123.736	1833.786	-60	115	395.00
GNDD338	504207.674	6600061.020	1808.048	-60	115	299.00
GNDD339	504366.331	6599589.784	1790.480	-60	115	300.00
GNDD340	505041.328	6601043.067	1813.901	-60	295	380.00
GNDD341	504585.297	6600813.792	1824.256	-60	115	311.00
GNDD342	504310.285	6601451.069	1848.178	-60	115	472.80
GNDD343	504271.168	6600181.786	1811.314	-60	170	275.00
GNDD344	504583.430	6600683.591	1821.675	-60	115	320.00
GNDD345	505037.018	6601091.528	1813.669	-60	295	344.60
GNDD346	504358.144	6599703.069	1794.297	-75	115	173.00
GNDD347	504500.466	6601427.054	1840.795	-60	115	330.00
GNDD348	504241.279	6600191.024	1812.160	-60	170	329.00
GNDD349	504421.003	6600803.859	1828.548	-60	115	401.00
GNDD350	504529.203	6601199.425	1834.382	-60	115	395.00
GNDD351	504330.343	6600145.731	1809.579	-60	170	190.00

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Directors

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

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Commentary
GNDD352	504312.347	6599706.594	1795.178	-62	115	359.00
GNDD353	504370.143	6600154.088	1808.140	-60	170	120.00
GNDD354	504369.024	6600177.667	1808.905	-60	170	125.00
GNDD355	504848.197	6601265.380	1825.624	-60	115	135.00
GNDD356	504477.148	6601483.299	1842.911	-60	115	384.70
GNDD357	504359.420	6600524.722	1821.211	-60	115	429.30
GNDD358	504361.672	6600209.193	1810.791	-63	170	179.80
GNDD359	504409.444	6601164.646	1838.317	-60	115	380.00
GNDD360	504840.785	6601177.453	1823.601	-60	115	448.20
GNDD361	504447.820	6601233.311	1837.867	-60	115	452.00
GNDD362	504187.572	6599725.588	1798.878	-55	115	449.00
GNDD363	504430.474	6600252.930	1811.867	-60	170	290.00
GNDD364	504631.797	6600881.153	1824.044	-60	115	270.00
GNDD365	504477.996	6600421.245	1816.461	-60	115	410.00
GNDD366	504557.330	6601491.763	1841.003	-60	115	392.00
GNDD367	504584.367	6600857.252	1825.551	-60	115	521.00
GNDD368	504373.447	6601219.024	1840.835	-63	115	662.00
GNDD369	504584.103	6601255.061	1834.586	-60	115	289.70
GNDD370	504345.724	6600265.013	1812.842	-60	115	350.00
GNDD371	505138.063	6600280.515	1781.401	-60	170	300.00
GNDD372	504546.389	6601627.940	1843.754	-60	115	452.00
GNDD373	504881.845	6600896.065	1816.414	-60	295	452.00
GNDD374	505269.209	6600332.952	1783.566	-60	170	400.00
GNDD375	504200.643	6600337.960	1818.060	-60	115	370.00
GNDD376	504698.174	6601601.907	1838.970	-60	115	238.10
GNDD377	504919.607	6600743.155	1811.978	-60	115	461.00
GNDD378	504405.967	6599619.280	1792.369	-60	115	332.00
GNDD379	504359.152	6600346.594	1815.828	-60	115	350.00
GNDD380	504483.845	6600597.029	1821.531	-60	115	371.00
GNDD381	504810.676	6600935.545	1819.579	-60	295	290.00
GNDD382	504290.645	6599628.977	1792.364	-60	115	350.00
GNDD383	504348.341	6601759.406	1854.579	-60	115	461.00
GNDD384	504407.810	6600152.195	1808.693	-60	170	125.00

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Directors

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

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Commentary
GNDD385	504455.659	6600651.558	1823.586	-60	115	401.00
GNDD386	504452.379	6600143.589	1807.798	-70	170	110.00
GNDD387	504451.552	6600521.405	1819.512	-60	115	344.00
GNDD388	505194.815	6600310.202	1782.621	-60	170	250.00
GNDD389	504928.999	6601499.024	1835.710	-24	115	100.00
GNDD390	504581.621	6600320.789	1818.609	-65	170	480.00
GNDD391	504388.708	6600464.603	1818.855	-60	115	554.00
GNDD392	504566.471	6600779.044	1823.588	-60	115	251.00
GNDD393	504194.600	6599760.100	1804.000	-60	112	469.00
GNDD394	504471.923	6601926.255	1852.819	-60	115	401.00
GNDD395	504280.280	6600552.983	1824.092	-60	115	731.00
GNDD396	505056.631	6599621.549	1757.542	-60	115	211.50
GNDD397	504931.842	6601437.219	1852.911	-50	170	120.00
GNDD398	504901.411	6599438.800	1762.014	-60	115	200.00
GNDD399	504612.765	6600385.645	1821.261	-59	170	605.00
GNDD400	504921.643	6599372.092	1765.037	-60	115	300.00
GNDD401	504190.465	6599761.78	1798.628	-50	115	503.00
GNDD402	504627.389	6601678.028	1842.698	-60	115	320.00
GNDD403	504925.187	6601428.623	1852.431	-50	130	104.90
GNDD404	505020.104	6599330.861	1752.429	-60	115	220.00
GNDD405	504783.329	6601560.651	1835.793	-60	115	170.00
GNDD406	504509.289	6601601.067	1844.919	-60	112	701.00
GNDD407	504321.626	6599682.241	1794.314	-60	115	315.00
GNDD408	504629.050	6600279.989	1822.832	-50	170	377.00
GNDD409	504931.958	6601437.154	1852.930	-50	115	129.90
GNDD410	505181.304	6600403.558	1776.685	-60	170	346.40
GNDD411	504944.503	6601438.926	1854.440	-15	115	70.50
GNDD412	504461.884	6600563.713	1820.550	-60	115	320.00
GNDD413	504890.446	6601242.579	1824.660	-60	115	92.00
GNDD414	504143.826	6599738.637	1797.669	-60	112	572.00
GNDD415	504610.464	6600709.339	1821.174	-60	115	152.00
GNDD416	505181.304	6600403.558	1776.685	-60	170	236.00
GNDD416A	504484.141	6600412.354	1815.491	-60	170	213.40

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Directors

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

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Commentary
GNDD416B	504480.000	6600429.152	1816.145	-60	170	608.00
GNDD417	504370.323	6600738.768	1827.118	-60	112	575.00
GNDD418	504890.455	6601242.563	1823.187	-60	115	140.00
GNDD419	505295.026	6601997.275	1783.800	-60	115	300.0
GNDD420	504824.882	6601223.823	1825.520	-60	115	176.00
GNDD421	504724.622	6601209.266	1828.341	-60	115	212.00
GNDD422	504696.617	6601598.048	1838.926	-60	115	341.00
GNDD423	505108.577	6601560.730	1877.175	-60	040	23.70
GNDD424	504712.883	6601213.494	1828.775	-60	115	170.00
GNDD425	505104.848	6601558.659	1876.573	-57	350	80.00
GNDD426	504546.666	6600961.435	1828.241	-60	112	701.00
GNDD427	504729.287	6601671.361	1840.300	-60	115	230.00
GNDD428	504149.177	6599779.284	1799.010	-60	115	290.00
GNDD429	504741.599	6601366.449	1831.844	-60	115	182.00
GNDD430	505401.054	6601916.257	1788.151	-55	115	312.00
GNDD431	504767.910	6601353.362	1830.760	-60	115	116.00
GNDD432	504131.073	6600052.853	1808.605	-60	115	350.00
GNDD433	504665.697	6601744.928	1843.431	-60	115	318.00
GNDD434	505105.169	6601557.428	1876.607	-70	350	126.70
GNDD435	504752.846	6601319.092	1830.592	-60	115	150.00
GNDD436	504436.118	6601724.751	1849.996	-60	112	701.00
GNDD437	504401.901	6600630.112	1823.317	-60	115	585.00
GNDD438	504452.343	6600744.836	1825.553	-60	115	500.00
GNDD439	504723.387	6601333.464	1831.827	-60	115	182.00
GNDD440	503937.341	6599879.093	1806.100	-60	115	778.00
GNDD441	505105.901	6601559.237	1876.675	-45	010	81.20
GNDD442	504544.250	6600307.131	1817.448	-60	170	375.10
GNDD443	505049.078	6601545.351	1859.282	-50	340	114.60
GNDD444	504546.730	6600701.622	1822.990	-60	115	395.00
GNDD445	504621.303	6600660.632	1820.395	-60	115	296.00
GNDD446	504506.624	6601385.189	1840.156	-60	115	431.00
GNDD447	504266.044	6600298.775	1815.632	-60	115	450.00
GNDD448A	505045.277	6601534.474	1860.869	-15	130	85.00

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Directors

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

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Commentary
GNDD449	505049.709	6601541.488	1859.416	-65	130	89.30
GNDD450	504059.568	6600098.581	1811.191	-60	115	587.00
GNDD451	504687.315	6601471.349	1836.221	-60	115	272.00
GNDD452	504393.43	6600684.205	1825.596	-60	112	542.00
GNDD453	504384.261	6600598.786	1823.024	-60	115	514.20
GNDD454	505061.909	6601578.357	1862.509	-45	350	86.00
GNDD455	504369.043	6600295.24	1813.415	-60	115	473.00
GNDD456	504541.358	6601276.931	1835.379	-60	112	551.00
GNDD457	505062.225	6601577.44	1862.457	-65	350	189.50
GNDD458	504473.418	6601089.043	1833.005	-60	112	650.00
GNDD459	504461.641	6601662.846	1846	-60	115	482.00
GNDD460	504465.953	6600865.991	1828.863	-60	112	491.00
GNDD461	504043.569	6599961.082	1806.77	-60	115	530.00
GNDD462	505087.953	6601547.199	1870.53	-65	120	129.50
GNDD463	504343.079	6600294.365	1813.731	-60	170	320.00
GNDD464	504569.358	6601073.745	1828.991	-60	115	230.00
GNDD465	504022.88	6600060.805	1810.715	-60	115	602.00
GNDD466	504579.149	6600597.756	1819.724	-60	115	203.00
GNDD467	505088.766	6601546.827	1870.946	-30	120	121.00
GNDD468	504577.944	6600462.333	1817.631	-60	115	131.00
GNDD469	504932.005	6602326.416	1845.913	-55	115	320.00
GNDD470	504610.215	6600621.274	1819.988	-45	115	152.00
GNDD471	504000.588	6600249.216	1818.036	-60	115	596.00
GNDD472	504376.836	6601305.307	1841.732	-60	112	550.00
GNDD473	504097.383	6599976.233	1806.56	-60	112	458.00
GNDD474	504580.961	6600554.486	1818.755	-45	115	110.00
GNDD475	504674.186	6600467.042	1825.78	-75	115	146.00
GNDD476	505106.58	6601551.941	1877.085	-10	115	55.50
GNDD477	503649.674	6600030.371	1815.182	-60	112	320.00
GNDD477A	504562.025	6601747.873	1845.387	-60	112	701.00
GNDD478	504599.676	6600293.749	1820.334	-60	115	401.00
GNDD479	504008.576	6600022.827	1810.334	-50	170	305.00
GNDD480	505108.743	6601551.865	1878.892	-60	115	632.00

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Directors

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

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Commentary
GNDD481	504343.977	6601275.919	1843.116	-65	115	95.50
GNDD482	504119.818	6599919.358	1806.274	-60	115	620.00
GNDD484	504387.038	6601519.834	1845.994	-60	115	482.00
GNDD485	504572.038	6600515.852	1819.849	-45	115	161.00
GNDD486	504398.476	6600327.299	1814.534	-60	170	362.00
GNDD488	504531.934	6599924.387	1831.565	-30	125	65.50
GNDD489	504025.307	6599843.092	1803.49	-60	115	550.50
GNDD490	504418.262	6601468.122	1845.093	-60	115	461.00
GNDD491	504307.526	6600251.111	1813.019	-60	170	281.00
GNDD492	504532.882	6599923.63	1832.242	-65	125	52.00
GNDD493	504529.847	6599958.432	1836.173	-65	115	60.50
GNDD494	504727.417	6600616.41	1818.525	-60	115	221.00
GNDD496	504555.123	6600658.552	1821.323	-60	115	245.00
GNDD498	504187.344	6599981.461	1806.908	-60	115	320.00
GNDD499	504505.97	6600894.787	1828.866	-60	112	575.00
GNDD500	504117.867	6600112.191	1811.308	-60	115	434.00
GNDD502	504463.827	6599503.495	1796.085	-30	115	46.00
GNDD503	504531.508	6599957.697	1836.891	-60	130	65.00
GNDD504	504529.878	6600032.139	1832.399	-60	115	500.00
GNDD507	504532.591	6600025.987	1833.656	-60	110	65.00
GNDD512	504188.263	6599982.013	1807.201	-55	115	425.00
GNDD515	504061.072	6599778.279	1800.905	-60	112	554.00
GNDD517	504532.51	6600027.115	1833.446	-18	120	55.00
GNDD520	504488.549	6601561.365	1844.712	-60	112	500.00
GNDD522	504529.907	6600086.235	1829.21	-65	120	50.00
GNDD523	504458.359	6599645.241	1793.544	-62	115	215.00
GNDD524	504529.907	6600086.235	1829.21	-26	115	46.00
GNDD527	504088.313	6599802.097	1801.618	-60	112	560.00
GNDD532	504104.833	6600029.632	1809.175	-60	115	521.00
GNDD540	504273.013	6600235.505	1813.921	-60	170	413.00
GNDD545	504338.779	6600335.361	1815.679	-60	170	560.50
GNDD547	504667.920	6600864.729	1822.794	-60	115	251.00
GNDD549	504543.509	6600137.53	1830.678	-43	170	56.00

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Directors

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

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Commentary
GNRC052	504443.927	6599554.145	1790.676	-60	115	90
GNRC053	504452.888	6599589.416	1791.660	-60	115	96
GNRC054	504458.908	6599679.484	1794.408	-60	115	90
GNRC055	504461.566	6599726.253	1795.888	-60	115	102
GNRC056	504463.187	6599763.817	1796.276	-60	115	102
GNRC057	504453.440	6599901.106	1800.270	-60	115	96
GNRC058	504716.992	6600488.640	1825.624	-60	115	102
GNRC059	504785.101	6600721.845	1817.042	-60	115	84
GNRC061	504963.888	6601521.567	1835.635	-60	115	30
GNRC062	504943.260	6601531.855	1834.917	-60	115	30
GNRC063	504914.884	6601499.583	1833.781	-60	115	36
GNRC064	504895.067	6601472.101	1833.039	-60	115	36
GNRC065	504865.673	6601481.570	1831.536	-60	115	60
GNRC066	504896.480	6601506.894	1834.226	-60	115	48
GNRC067	504911.268	6601541.124	1836.127	-60	115	50
GNRC068	504990.546	6601552.694	1835.287	-60	030	114
GNRC069	504934.855	6601579.782	1836.179	-60	115	120
GNRC070	504925.545	6601566.505	1835.127	-60	350	84
GNRC071	504878.397	6601572.030	1833.873	-60	350	54
GNRC072	504877.872	6601568.814	1833.843	-70	350	72
GNRC075	504842.742	6601573.984	1835.428	-60	350	60
GNRC076	504828.279	6601539.638	1835.244	-60	115	76
GNRC078	504842.744	6601450.106	1830.180	-60	115	70
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

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Directors

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

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria JORC Code explanation	Commentary
	GNRC104 504780.186 6601228.313 1827.663 -64 115 150 GNRC107 504624.352 6600185.029 1824.320 -60 185 120 GNRC110 504502.828 6600109.396 1814.733 -62 90 60 GNRC111 504430.468 6599740.283 1798.466 -60 115 120 Details for channels completed by CEL that are used in the resource estimate are shown below in WGS84, zone 19s projection. Channel start locations are surveyed using DGPS. Channel_ID Location East(m) North(m) Elevation(M) Length(m) BCNV10-01A Bicolor 504496.63 6599465.67 1815.88 9.44 BCNV10-01B Bicolor 504505.26 6599457.17 1816.48 12.14 BCNV10-02 Bicolor 504513.31 6599455.13 1816.71 7.03 CHNV10-01A Chiflon 504905.39 6601616.31 1832.25 9.94 CHNV10-01B Chiflon 504912.84 6601613.66 1831.87 8.97 CHNV10-02 Chiflon 504917.27 6601614.05 1830.59 19.30 CHNV10-03 Chiflon 504922.67 6601615.78 1829.79 3.94 CHNV10-04 Chiflon 504908.80 6601616.25 1833.21 7.96 CIIINV10-01 CAL 3 504719.04 6600279.75 1841.64 81.98 CIIINV10-02 CAL 3 504791.77 6600271.72 1842.61 5.00 CIINV10-01A CAL 2 504529.98 6600008.64 1833.11 10.52 CIINV10-01B CAL 2 504539.56 6600005.97 1830.54 8.77 CIINV10-02 CAL 2 504547.95 6599989.37 1827.97 15.23 CIINV10-03 CAL 2 504548.35 6600005.15 1827.73 36.08 CINV10-01A CAL 1 504503.43 6599729.50 1802.22 25.97 CINV10-01B CAL 1 504530.33 6599725.51 1801.87 21.60 CINV10-01C CAL 1 504551.44 6599721.10 1803.08 23.79 CINV10-02 CAL 1 504530.47 6599726.10 1802.38 5.27 DJNV10-01A Doña Justa 504980.18 6601554.26 1835.66 59.55 DJNV10-01B Doña Justa 505017.98 6601557.32 1840.73 38.94 DMNV10-01 Demasia 504797.36 6600360.19 1865.89 43.79 FHNV10-01A Flor de Hualilan 504439.63 6599034.50 1846.52 8.18 FHNV10-01B Flor de Hualilan 504449.03 6599030.83 1846.68 9.21 FHNV10-02 Flor de Hualilan 504454.22 6599023.49 1847.93 13.01 FHNV10-03 Flor de Hualilan 504450.36 6599030.35 1845.22 13.77 FHNV10-04 Flor de Hualilan 504447.65 6599032.46 1847.65 4.24 FHNV10-05 Flor de Hualilan 504447.87 6599035.32 1848.16 1.67 FHNV10-06 Flor de Hualilan 504449.03 6599034.34 1848.03 3.83

Criteria
JORC Code explanation

Commentary

GNRC104
504780.186
6601228.313
1827.663
-64
115
150
GNRC107
504624.352
6600185.029
1824.320
-60
185
120
GNRC110
504502.828
6600109.396
1814.733
-62
90
60
GNRC111
504430.468
6599740.283
1798.466
-60
115
120
Details for channels completed by CEL that are used in the resource estimate are shown below in WGS84, zone 19s
projection. Channel start locations are surveyed using DGPS.
Channel_ID
Location
East(m)
North(m)
Elevation(M)
Length(m)
BCNV10-01A
Bicolor
504496.63
6599465.67
1815.88
9.44
BCNV10-01B
Bicolor
504505.26
6599457.17
1816.48
12.14
BCNV10-02
Bicolor
504513.31
6599455.13
1816.71
7.03
CHNV10-01A
Chiflon
504905.39
6601616.31
1832.25
9.94
CHNV10-01B
Chiflon
504912.84
6601613.66
1831.87
8.97
CHNV10-02
Chiflon
504917.27
6601614.05
1830.59
19.30
CHNV10-03
Chiflon
504922.67
6601615.78
1829.79
3.94
CHNV10-04
Chiflon
504908.80
6601616.25
1833.21
7.96
CIIINV10-01
CAL 3
504719.04
6600279.75
1841.64
81.98
CIIINV10-02
CAL 3
504791.77
6600271.72
1842.61
5.00
CIINV10-01A
CAL 2
504529.98
6600008.64
1833.11
10.52
CIINV10-01B
CAL 2
504539.56
6600005.97
1830.54
8.77
CIINV10-02
CAL 2
504547.95
6599989.37
1827.97
15.23
CIINV10-03
CAL 2
504548.35
6600005.15
1827.73
36.08
CINV10-01A
CAL 1
504503.43
6599729.50
1802.22
25.97
CINV10-01B
CAL 1
504530.33
6599725.51
1801.87
21.60
CINV10-01C
CAL 1
504551.44
6599721.10
1803.08
23.79
CINV10-02
CAL 1
504530.47
6599726.10
1802.38
5.27
DJNV10-01A
Doña Justa
504980.18
6601554.26
1835.66
59.55
DJNV10-01B
Doña Justa
505017.98
6601557.32
1840.73
38.94
DMNV10-01
Demasia
504797.36
6600360.19
1865.89
43.79
FHNV10-01A
Flor de Hualilan
504439.63
6599034.50
1846.52
8.18
FHNV10-01B
Flor de Hualilan
504449.03
6599030.83
1846.68
9.21
FHNV10-02
Flor de Hualilan
504454.22
6599023.49
1847.93
13.01
FHNV10-03
Flor de Hualilan
504450.36
6599030.35
1845.22
13.77
FHNV10-04
Flor de Hualilan
504447.65
6599032.46
1847.65
4.24
FHNV10-05
Flor de Hualilan
504447.87
6599035.32
1848.16
1.67
FHNV10-06
Flor de Hualilan
504449.03
6599034.34
1848.03
3.83

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Directors

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

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria JORC Code explanation Commentary

FHNV10-07	Flor de Hualilan	504444.57	6599031.83	1846.86	4.48
GN24-418	Sentazon	504532.29	6599601.40	1797.89	1.00
GN24-539	Flor de Hualilan	504454.56	6599027.30	1850.04	1.00
GN24-844	CAL 1	504530.41	6599726.45	1802.26	2.00
L5NV10-01	Labor 5	504564.92	6600145.95	1831.90	17.96
L5NV10-02	Labor 5	504584.64	6600143.17	1835.77	6.30
L5NV10-03	Labor 5	504588.88	6600146.23	1836.46	1.44
L5NV10-04	Labor 5	504579.39	6600143.24	1827.58	9.05
L5NV10-05	Labor 5	504580.08	6600143.72	1828.46	2.69
L6NV10-01	Labor 6	504558.29	6600139.55	1832.01	17.50
L6NV10-02	Labor 6	504559.97	6600136.75	1831.84	24.91
MGNV10-01	Magnata	504482.79	6600108.49	1806.87	57.99
MGNV10-02	Magnata	504536.83	6600090.63	1807.10	22.47
MGNV10-03	Magnata	504538.98	6600109.11	1806.81	35.05
MGNV10-04	Magnata	504541.18	6600106.41	1807.30	4.79
MGNV10-05	Magnata	504539.48	6600091.44	1807.07	12.00
MGNV10-06	Magnata	504540.85	6600086.28	1807.05	9.91
MGNV10-07	Magnata	504543.73	6600078.75	1805.94	32.21
MGNV10-08	Magnata	504539.91	6600077.11	1806.58	4.21
MGNV10-09	Magnata	504540.95	6600083.61	1806.90	6.48
MGNV10-10	Magnata	504543.95	6600082.52	1807.18	4.45
MUNV10-01	Muchilera	504486.18	6599808.42	1799.61	48.20
MUNV10-02	Muchilera	504532.74	6599800.57	1800.64	39.12
MUNV10-03	Muchilera	504535.25	6599808.72	1802.00	3.81
MUNV10-04	Muchilera	504532.77	6599800.33	1801.58	4.28
MUNV10-05	Muchilera	504531.78	6599798.04	1800.45	3.21
RNNV09-01	Norte Manto	504871.63	6601370.67	1809.88	11.87
RNNV09-01A	Norte Manto	504867.51	6601371.78	1807.76	12.35
RNNV09-01B	Norte Manto	504864.20	6601359.95	1804.86	13.94
RNNV09-01C	Norte Manto	504851.95	6601332.55	1795.08	24.12
RNNV09-01D	Norte Manto	504850.49	6601311.46	1785.59	8.16
RNNV09-02	Norte Manto	504850.90	6601315.54	1787.78	4.77
RNNV09-03	Norte Manto	504856.27	6601310.75	1787.17	3.55
RNNV10-01A	Norte Manto	504876.36	6601293.98	1822.77	15.90
RNNV10-01B	Norte Manto	504873.03	6601311.05	1810.90	16.01
RNNV10-02	Norte Manto	504876.58	6601325.12	1808.62	5.80
RNNV10-03A	Norte Manto	504874.75	6601326.45	1808.55	3.21

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

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

Contact

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

www.challengerex.com

Commentary
RNNV10-03B	Norte Manto	504877.76	6601330.88	1816.90	7.31
RNNV10-04A	Norte Manto	504872.72	6601329.94	1816.88	49.78
RNNV10-04B	Norte Manto	504871.17	6601376.76	1808.06	240.98
RNNV10-04C	Norte Manto	504864.49	6601549.31	1781.12	26.33
RNNV10-05	Norte Manto	504866.33	6601527.88	1784.00	2.03
RNNV10-06	Norte Manto	504871.37	6601491.04	1789.13	9.28
RNNV10-07	Norte Manto	504875.36	6601380.11	1807.96	5.90
RNNV10-08	Norte Manto	504879.32	6601368.24	1810.14	3.76
RNNV10-09	Norte Manto	504876.18	6601349.75	1814.66	3.59
RNNV10-10	Norte Manto	504870.90	6601346.93	1812.25	1.13
RNNV11-01	Norte Manto	504874.70	6601380.22	1812.41	96.48
RNNV11-02	Norte Manto	504913.57	6601447.83	1822.96	60.56
RNNV11-03	Norte Manto	504912.79	6601469.78	1819.16	10.25
RNNV11-04	Norte Manto	504908.63	6601459.02	1820.73	5.41
RNNV11-05	Norte Manto	504891.47	6601399.82	1814.97	4.66
RNNV12-01	Norte Manto	504905.95	6601420.78	1820.66	35.16
RNNV12-02	Norte Manto	504898.19	6601389.50	1823.10	5.96
RNNV12-03	Norte Manto	504899.42	6601383.62	1820.16	12.81
RNNV12-04	Norte Manto	504892.53	6601373.11	1815.85	21.13
RNNV12-05	Norte Manto	504878.49	6601339.94	1820.34	64.78
RNNV12-06	Norte Manto	504917.84	6601383.85	1828.98	4.96
RNNV12-07	Norte Manto	504921.49	6601383.74	1832.09	3.06
RNNV12-08	Norte Manto	504921.90	6601381.14	1831.97	6.91
RNNV12-09	Norte Manto	504925.21	6601385.94	1832.65	5.37
RNNV12-10	Norte Manto	504921.43	6601387.37	1830.29	8.73
RNNV12-11	Norte Manto	504878.54	6601347.02	1820.30	2.28
RNNV12-12	Norte Manto	504890.08	6601379.11	1817.26	19.79
SNV10-01	Sanchez	505096.27	6601580.95	1874.48	15.55
SNV10-02	Sanchez	505082.96	6601578.50	1861.19	12.52
SZNV10-01	Sentazon	504500.73	6599610.73	1794.59	32.36
SZNV10-02	Sentazon	504530.99	6599607.32	1794.54	55.12
SZNV10-03	Sentazon	504529.91	6599607.41	1794.81	4.45
SZNV10-04	Sentazon	504529.08	6599606.44	1794.12	3.51
SZNV11-01	Sentazon	504528.25	6599604.64	1795.18	20.76
SZNV11-02	Sentazon	504527.09	6599602.31	1795.88	3.45
SZNV11-03	Sentazon	504529.48	6599602.05	1797.41	9.35
SZNV11-04	Sentazon	504534.66	6599610.42	1800.32	6.09

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Directors

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

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria JORC Code explanation	Commentary
	SZNV11-05 Sentazon 504536.77 6599615.37 1801.05 3.28 SZNV11-06 Sentazon 504538.06 6599614.00 1804.78 17.19 SZNV11-07 Sentazon 504536.94 6599631.81 1802.34 3.77 SZNV11-08 Sentazon 504537.96 6599635.82 1802.75 7.08 SZNV11-09 Sentazon 504544.22 6599637.64 1803.22 30.73 SZNV11-10 Sentazon 504539.62 6599613.96 1803.33 3.07 SZNV11-11 Sentazon 504540.43 6599608.68 1801.72 4.63 SZNV11-12 Sentazon 504542.33 6599602.97 1802.44 11.98 Historic Data: Collar details for pre-CEL diamond core drilling (DD) and reverse circulation (RC) that is relied on for exploration and resource estimation is provided below. The data is archival, data cross checked with drill logs and available plans and sections where available. Collars shown below are in WGS84, zone 19s which is the standard projection used by CEL for the Project. Collar locations have been checked by CEL using differential GPS (DGPS) to verify if the site coincides with a marked collar, tagged drill site or likely drill pad location. In most cases the drill collars coincide with historic drill site, some of which (but not all) are tagged. The collar check surveys were reported in POSGAR (2007) projection and converted to WGS84. Hole_id Type East (m) North (m) Elevation (m ASL) Azimuth (°) Dip (°) Depth (m) Date 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 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 AG12 DD 2504847.6 6602161.7 1808.8 000 -90 171.4 Jan-84 AG14 DD 2504774.7 6601818.8 1801.2 000 -90 150.2 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

Criteria
JORC Code explanation

Commentary

SZNV11-05
Sentazon
504536.77
6599615.37
1801.05
3.28
SZNV11-06
Sentazon
504538.06
6599614.00
1804.78
17.19
SZNV11-07
Sentazon
504536.94
6599631.81
1802.34
3.77
SZNV11-08
Sentazon
504537.96
6599635.82
1802.75
7.08
SZNV11-09
Sentazon
504544.22
6599637.64
1803.22
30.73
SZNV11-10
Sentazon
504539.62
6599613.96
1803.33
3.07
SZNV11-11
Sentazon
504540.43
6599608.68
1801.72
4.63
SZNV11-12
Sentazon
504542.33
6599602.97
1802.44
11.98
Historic Data:
Collar details for pre-CEL diamond core drilling (DD) and reverse circulation (RC) that is relied on for exploration and
resource estimation is provided below. The data is archival, data cross checked with drill logs and available plans and
sections where available. Collars shown below are in WGS84, zone 19s which is the standard projection used by CEL for
the Project. Collar locations have been checked by CEL using differential GPS (DGPS) to verify if the site coincides with a
marked collar, tagged drill site or likely drill pad location. In most cases the drill collars coincide with historic drill site,
some of which (but not all) are tagged. The collar check surveys were reported in POSGAR (2007) projection and
converted to WGS84.
Hole_id
Type
East
(m)
North
(m)
Elevation
(m ASL)
Azimuth
(°)
Dip
(°)
Depth
(m)
Date
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
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
AG12
DD
2504847.6
6602161.7
1808.8
000
-90
171.4
Jan-84
AG14
DD
2504774.7
6601818.8
1801.2
000
-90
150.2
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

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

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

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria JORC Code explanation	Commentary
	MG09 RC 2505285.5 6603015.4 1740.0 0 -90 102.0 Jan-95 MG10 RC 2505025.5 6600225.4 1724.0 100 -60 120.0 Jan-95 MG11 RC 2503380.5 6598560.5 1740.0 100 -60 78.0 Jan-95 MG12 RC 2503270.5 6597820.5 1740.0 100 -60 66.0 Jan-95 Note: MG series RC drill holes are all outside the resource area and are used for exploration guidance only Hole_id Type East (m) North (m) Elevation (m ASL) Azimuth (°) Dip (°) Depth (m) Date Hua03 RC 2505003.3 6602158.6 1810.7 000 -90 100.0 1999 Hua05 RC 2505003.2 6602152.6 1810.7 180 -60 100.0 1999 Hua06 RC 2505003.3 6602161.6 1810.7 360 -60 100.0 1999 Hua07 RC 2504967.7 6602153.2 1810.2 000 -90 100.0 1999 Hua08 RC 2504973.2 6602153.7 1810.2 000 -90 13.0 1999 Hua09 RC 2504940.7 6602150.3 1809.7 180 -60 100.0 1999 Hua10 RC 2504941.8 6602156.8 1809.7 360 -60 100.0 1999 Hua11 RC 2504913.3 6602167.4 1809.7 360 -60 88.0 1999 Hua12 RC 2504912.8 6602165.9 1809.7 000 -90 100.0 1999 Hua13 RC 2504912.3 6602156.9 1809.7 180 -60 90.0 1999 Hua14 RC 2504854.3 6602168.2 1809.7 360 -60 100.0 1999 Hua15 RC 2504854.8 6602166.2 1809.7 117 -60 100.0 1999 Hua17 RC 2504865.9 6602449.8 1814.1 90 -50 42.0 1999 Hua21 RC 2504552.9 6600795.0 1793.9 000 -90 54.0 1999 Hole_id Type East (m) North (m) Elevation (m ASL) Azimuth (°) Dip (°) Depth (m) Date DDH22 DD 2504762.9 6601587.1 1769.8 116 -65 66.0 1999-00 DDH24 DD 2504821.0 6601938.8 1802.0 116 -80 100.3 1999-00 DDH28 DD 2505003.6 6602174.3 1806.6 116 -50 41.7 1999-00 DDH29 DD 2504964.1 6602136.6 1810.0 350 -52 113.5 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 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

Criteria
JORC Code explanation

Commentary

MG09
RC
2505285.5
6603015.4
1740.0
0
-90
102.0
Jan-95
MG10
RC
2505025.5
6600225.4
1724.0
100
-60
120.0
Jan-95
MG11
RC
2503380.5
6598560.5
1740.0
100
-60
78.0
Jan-95
MG12
RC
2503270.5
6597820.5
1740.0
100
-60
66.0
Jan-95
Note: MG series RC drill holes are all outside the resource area and are used for exploration guidance only
Hole_id
Type
East
(m)
North
(m)
Elevation
(m ASL)
Azimuth (°)
Dip
(°)
Depth
(m)
Date
Hua03
RC
2505003.3
6602158.6
1810.7
000
-90
100.0
1999
Hua05
RC
2505003.2
6602152.6
1810.7
180
-60
100.0
1999
Hua06
RC
2505003.3
6602161.6
1810.7
360
-60
100.0
1999
Hua07
RC
2504967.7
6602153.2
1810.2
000
-90
100.0
1999
Hua08
RC
2504973.2
6602153.7
1810.2
000
-90
13.0
1999
Hua09
RC
2504940.7
6602150.3
1809.7
180
-60
100.0
1999
Hua10
RC
2504941.8
6602156.8
1809.7
360
-60
100.0
1999
Hua11
RC
2504913.3
6602167.4
1809.7
360
-60
88.0
1999
Hua12
RC
2504912.8
6602165.9
1809.7
000
-90
100.0
1999
Hua13
RC
2504912.3
6602156.9
1809.7
180
-60
90.0
1999
Hua14
RC
2504854.3
6602168.2
1809.7
360
-60
100.0
1999
Hua15
RC
2504854.8
6602166.2
1809.7
117
-60
100.0
1999
Hua17
RC
2504865.9
6602449.8
1814.1
90
-50
42.0
1999
Hua21
RC
2504552.9
6600795.0
1793.9
000
-90
54.0
1999
Hole_id
Type
East
(m)
North
(m)
Elevation
(m ASL)
Azimuth
(°)
Dip
(°)
Depth
(m)
Date
DDH22
DD
2504762.9
6601587.1
1769.8
116
-65
66.0
1999-00
DDH24
DD
2504821.0
6601938.8
1802.0
116
-80
100.3
1999-00
DDH28
DD
2505003.6
6602174.3
1806.6
116
-50
41.7
1999-00
DDH29
DD
2504964.1
6602136.6
1810.0
350
-52
113.5
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
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

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares

16m perf rights

Australian Registered Office

Directors

Contact

Level 1

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

T: +61 8 6380 9235

1205 Hay Street Mr Scott Funston, Finance Director E: [email protected] West Perth WA 6005 Mr Fletcher Quinn , Chairman Mr Sergio Rotondo, Exec. Director

www.challengerex.com

Criteria JORC Code explanation	Commentary
	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 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 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 DDH67 DD 2504552.7 6600792.0 1793.8 194 -66 126.1 1999-00 DDH68 DD 2504623.9 6600779.0 1800.7 000 -90 79.5 1999-00 DDH69 DD 2504623.9 6600779.0 1800.7 194 -60 101.5 1999-00 DDH70 DD 2504595.5 6600797.7 1798.1 190 -81 128.0 1999-00 DDH72 DD 2504547.2 6600764.1 1799.6 194 -45 75.6 1999-00 DDH73 DD 2504593.4 6600766.5 1807.5 190 -57 70.8 1999-00 DDH74 DD 2504598.2 6600831.8 1795.3 190 -62 190.9 1999-00 DDH75 DD 2504731.2 6600784.7 1821.4 194 -45 40.2 1999-00 DDH76 DD 2504731.2 6600784.7 1821.4 180 -60 138.7 1999-00 DDH77 DD 2504734.1 6600785.0 1821.6 000 -90 85.6 1999-00 DDH78 DD 2504731.2 6600784.7 1821.4 180 -75 132.9 1999-00 Hole_id Type East (m) North (m) Elevation (m ASL) Azimuth (°) Dip (°) Depth (m) 03HD01A DD 2504627.8 6600800.1 1798.4 180 -60 130.2 03HD03 DD 2504480.1 6600448.6 1774.0 360 -45 100.2 04HD04 DD 2504436.6 6600439.3 1773.4 360 -60 104.6 04HD05 DD 2504420.9 6600256.8 1769.5 110 -68 122.6 04HD06 DD 2504428.6 6600236.6 1768.1 110 -68 136.0 04HD08 DD 2504826.5 6601920.2 1801.3 116 -70 70.0 04HD09 DD 2504832.3 6601928.1 1801.7 116 -70 75.9 04HD10 DD 2504648.5 6600788.9 1801.5 205 -60 120.0 04HD11 DD 2504462.0 6600428.3 1773.6 075 -62 95.1 04HD12 DD 2504449.3 6600648.9 1779.6 360 -60 77.4 04HD13 DD 2504434.5 6600646.6 1779.7 360 -60 74.0

Criteria
JORC Code explanation

Commentary

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
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
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
DDH67
DD
2504552.7
6600792.0
1793.8
194
-66
126.1
1999-00
DDH68
DD
2504623.9
6600779.0
1800.7
000
-90
79.5
1999-00
DDH69
DD
2504623.9
6600779.0
1800.7
194
-60
101.5
1999-00
DDH70
DD
2504595.5
6600797.7
1798.1
190
-81
128.0
1999-00
DDH72
DD
2504547.2
6600764.1
1799.6
194
-45
75.6
1999-00
DDH73
DD
2504593.4
6600766.5
1807.5
190
-57
70.8
1999-00
DDH74
DD
2504598.2
6600831.8
1795.3
190
-62
190.9
1999-00
DDH75
DD
2504731.2
6600784.7
1821.4
194
-45
40.2
1999-00
DDH76
DD
2504731.2
6600784.7
1821.4
180
-60
138.7
1999-00
DDH77
DD
2504734.1
6600785.0
1821.6
000
-90
85.6
1999-00
DDH78
DD
2504731.2
6600784.7
1821.4
180
-75
132.9
1999-00
Hole_id
Type
East
(m)
North
(m)
Elevation
(m ASL)
Azimuth
(°)
Dip (°)
Depth
(m)
03HD01A
DD
2504627.8
6600800.1
1798.4
180
-60
130.2
03HD03
DD
2504480.1
6600448.6
1774.0
360
-45
100.2
04HD04
DD
2504436.6
6600439.3
1773.4
360
-60
104.6
04HD05
DD
2504420.9
6600256.8
1769.5
110
-68
122.6
04HD06
DD
2504428.6
6600236.6
1768.1
110
-68
136.0
04HD08
DD
2504826.5
6601920.2
1801.3
116
-70
70.0
04HD09
DD
2504832.3
6601928.1
1801.7
116
-70
75.9
04HD10
DD
2504648.5
6600788.9
1801.5
205
-60
120.0
04HD11
DD
2504462.0
6600428.3
1773.6
075
-62
95.1
04HD12
DD
2504449.3
6600648.9
1779.6
360
-60
77.4
04HD13
DD
2504434.5
6600646.6
1779.7
360
-60
74.0

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Directors

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

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria JORC Code explanation	Commentary
	04HD15 DD 2504449.9 6600646.2 1779.6 360 -64 160.0 04HD16C DD 2504457.1 6600311.7 1770.3 195 -65 225.5 04HD17 DD 2504417.5 6600256.6 1769.5 110 -72 213.2 04HD19 DD 2504648.5 6600788.9 1801.5 205 -77 120.0 04HD20 DD 2504648.5 6600788.9 1801.5 205 -80 120.0 04HD21 DD 2504648.5 6600788.9 1801.5 205 -60 120.0 04HD24 DD 2504389.0 6600252.0 1766.5 090 -81 188.2 04HD25 DD 2504456.0 6600294.0 1768.5 155 -84 500.8 04HD26 DD 2504424.0 6600409.0 1771.5 180 -69 464.9 04HD27 DD 2504461.0 6600428.0 1773.0 100 -45 60.0 04HD28 DD 2504461.0 6600428.0 1773.0 100 -60 63.7 04HD29 DD 2504438.0 6600087.0 1764.5 108 -45 265.0 04HD30 DD 2504421.0 6600044.0 1764.0 108 -45 128.2 04HD31 DD 2504687.0 6601326.0 1794.0 045 -60 242.9 04HD32 DD 2504828.0 6601916.0 1801.3 116 -70 68.4 05HD35 DD 2504905.0 6601689.0 1794.0 140 -65 350.0 05HD37 DD 2504866.0 6601888.0 1797.0 295 -70 130.0 05HD38 DD 2504838.0 6601937.0 1796.0 115 -70 70.0 05HD39 DD 2504964.0 6602128.0 1814.0 030 -70 217.5 05HD40 DD 2504964.0 6602128.0 1814.0 030 -50 150.0 05HD41 DD 2504931.0 6602125.0 1812.0 022 -60 142.5 05HD43 DD 2504552.7 6600791.5 1797.0 194 -45 95.5 05HD44 DD 2504603.0 6600799.0 1798.0 190 -61.5 130.5 05HD45 DD 2504362.0 6600710.0 1767.0 088 -60 121.5 05HD47 DD 2504212.0 6599177.0 1729.0 065 -45 181.5 05HD48 DD 2504160.0 6599164.0 1728.0 065 -60 100.7
*Drill sample recovery* - Method of recording and assessing core and chip sample recoveries and results assessed. - Measures taken to maximise sample 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.	Drill core is placed into wooden boxes by the drillers and depth marks are indicated on wooden blocks at the end of each run. These depths are reconciled by CEL geologists when measuring core recovery and assessing core loss. Triple tube drilling has been being done by CEL to maximise core recovery. - 481 CEL diamond drill holes completed have been used for the CEL resource estimate. Total drilled is 131,445.80 metres. Cover drilled is 12,805.65 metres (9.8 %). Of the remaining 118,640.65 metres of bedrock drilled, core recovery is 96.1%. 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. - 37 CEL RC drill holes have been used in the CEL resource estimate. Total metres drilled is 2,923m. Cover drilled is 511 m (17.5%) Channel samples have been weighed to ensure a consistency between sample lengths and weights. The channel samples are collected from saw-cut channels and the whole sample is collected for analysis. There is no correlation between

Criteria
JORC Code explanation

Commentary

04HD15
DD
2504449.9
6600646.2
1779.6
360
-64
160.0
04HD16C
DD
2504457.1
6600311.7
1770.3
195
-65
225.5
04HD17
DD
2504417.5
6600256.6
1769.5
110
-72
213.2
04HD19
DD
2504648.5
6600788.9
1801.5
205
-77
120.0
04HD20
DD
2504648.5
6600788.9
1801.5
205
-80
120.0
04HD21
DD
2504648.5
6600788.9
1801.5
205
-60
120.0
04HD24
DD
2504389.0
6600252.0
1766.5
090
-81
188.2
04HD25
DD
2504456.0
6600294.0
1768.5
155
-84
500.8
04HD26
DD
2504424.0
6600409.0
1771.5
180
-69
464.9
04HD27
DD
2504461.0
6600428.0
1773.0
100
-45
60.0
04HD28
DD
2504461.0
6600428.0
1773.0
100
-60
63.7
04HD29
DD
2504438.0
6600087.0
1764.5
108
-45
265.0
04HD30
DD
2504421.0
6600044.0
1764.0
108
-45
128.2
04HD31
DD
2504687.0
6601326.0
1794.0
045
-60
242.9
04HD32
DD
2504828.0
6601916.0
1801.3
116
-70
68.4
05HD35
DD
2504905.0
6601689.0
1794.0
140
-65
350.0
05HD37
DD
2504866.0
6601888.0
1797.0
295
-70
130.0
05HD38
DD
2504838.0
6601937.0
1796.0
115
-70
70.0
05HD39
DD
2504964.0
6602128.0
1814.0
030
-70
217.5
05HD40
DD
2504964.0
6602128.0
1814.0
030
-50
150.0
05HD41
DD
2504931.0
6602125.0
1812.0
022
-60
142.5
05HD43
DD
2504552.7
6600791.5
1797.0
194
-45
95.5
05HD44
DD
2504603.0
6600799.0
1798.0
190
-61.5
130.5
05HD45
DD
2504362.0
6600710.0
1767.0
088
-60
121.5
05HD47
DD
2504212.0
6599177.0
1729.0
065
-45
181.5
05HD48
DD
2504160.0
6599164.0
1728.0
065
-60
100.7

Drill sample recovery
-
Method of recording and assessing
core and chip sample recoveries and
results assessed.
-
Measures taken to maximise sample
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.

Drill core is placed into wooden boxes by the drillers and depth marks are indicated on wooden blocks at the end of each
run. These depths are reconciled by CEL geologists when measuring core recovery and assessing core loss. Triple tube
drilling has been being done by CEL to maximise core recovery.
-
481 CEL diamond drill holes completed have been used for the CEL resource estimate.
Total drilled is 131,445.80 metres. Cover drilled is 12,805.65 metres (9.8 %).
Of the remaining 118,640.65 metres of bedrock drilled, core recovery is 96.1%.
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.
-
37 CEL RC drill holes have been used in the CEL resource estimate.
Total metres drilled is 2,923m. Cover drilled is 511 m (17.5%)
Channel samples have been weighed to ensure a consistency between sample lengths and weights. The channel samples
are collected from saw-cut channels and the whole sample is collected for analysis. There is no correlation between

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

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

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria	JORC Code explanation	JORC Code explanation	Commentary
			sample length and assay values.
			- 109 channels have been used in the CEL resource estimate.
			Channels total 1,940.5 metres. The average weight per metre sampled is 3.9 kg/m which compares well with the
			expected weight for ½ cut HQ3 drill core of 4.1 kg/m
			A possible relationship has been observed in historic drilling between sample recovery and Au Ag or Zn values whereby
			low recoveries have resulted lower reported values. Historic core recovery data is incomplete. 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	For CEL drilling, all the core (100%) is photographed and logged for recovery, RQD, weathering, lithology, alteration,
		been geologically and geotechnically	mineralization, and structure to a level that is suitable for geological modelling, Mineral Resource Estimation and
		logged to a level of detail to support	metallurgical test work. RC drill chips are logged for geology, alteration and mineralisation to a level that is suitable for
		appropriate Mineral Resource	geological modelling resource estimation and metallurgical test work. Where possible logging is quantitative. Geological
		estimation mining studies and	logging is done into MS Excel in a format that can readily be cross-checked and is back-up transferred to a secure, offsite,
		metallurgical studies.	cloud-based database which holds all drill hole logging sample and assay data.
	-	Whether logging is qualitative or	No specialist geotechnical logging has been undertaken.
		quantitative in nature. Core (or	Detailed logs are available for most of the historical drilling. Some logs have not been recovered. No core photographs
		costean channel etc) photography.	from the historic drilling have been found. No drill core has survived due to poor storage and neglect. No historic RC
	-	The total length and percentage of	sample chips have been found.
		the relevant intersections logged.
*Sub-sampling*	-	If core whether cut or sawn and	CEL samples have been submitted to the MSA laboratory in San Juan, the ALS laboratory in Mendoza and the former SGS
*techniques and* *sample preparation*	-	whether quarter half or all core taken. If non-core whether riffled tube sampled rotary split etc and whether	laboratory in San Juan 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.
		sampled wet or dry.	Sample intervals are selected based on lithology, alteration, and mineralization boundaries. Representative samples of all
	-	For all sample types the nature	of the core are selected. Sample length averages 1.74m. Second-half core or ¼ core samples have been submitted for a
		quality and appropriateness of the sample preparation technique.	mineralised interval in 1 drill hole only and for some metallurgical samples. The second half of the core samples has been retained in the core trays for future reference.
	-	Quality control procedures adopted	Competent drill core is cut longitudinally using a diamond saw for sampling of ½ the core. Softer core is split using a wide
		for all sub-sampling stages to	blade chisel or a manual core split press. The geologist logging the core, marks where the saw cut or split is to be made to
		maximise representivity of samples.	ensure half-core sample representivity.
	-	Measures taken to ensure that the sampling is representative of the in- situ material collected including for	From GNDD073 and later holes, duplicate core samples consisting of two ¼ core samples over the same interval have been collected approximately every 30-50m drilled.
		instance results for field	Duplicate core sample results and correlation plots (log scale for Au, Ag and Zn) are shown below:

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares

16m perf rights

Australian Registered Office

Directors

Contact

www.challengerex.com

Criteria JORC Code explanation	Commentary	Commentary	Commentary	Commentary
duplicate/second-half sampling. - Whether sample sizes are appropriate to the grain size of the material being sampled.	count RSQ	mean original duplicate	median original duplicate	variance original duplicate

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital 1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

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

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria JORC Code explanation Commentary 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:

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

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital 1,004m shares 23.6m options 120m perf shares 16m perf rights

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

Directors

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

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria JORC Code explanation Commentary

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

==> picture [452 x 148] intentionally omitted <==

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.

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Directors

Contact

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

E: [email protected]

www.challengerex.com

Criteria JORC Code explanation Commentary Quality of assay data - The nature quality and The MSA laboratory used for sample preparation in San Juan was inspected by Stuart Munroe (Exploration Manager) and and laboratory tests appropriateness of the assaying and Sergio Rotondo (CEL Director) prior to any samples being submitted. The laboratory has been visited and revied most laboratory procedures used and recently by Stuart Munroe (Exploration Manager) in May 2022. The laboratory procedures are consistent with whether the technique is considered international best practice and are suitable for samples from the Project. The SGS laboratory in San Juan and the ALS partial or total. laboratory in Mendoza has not yet been inspected by CEL representatives due to COVID-19 restrictions. Each laboratory
- For geophysical tools spectrometers presents internal laboratory standards for each job to gauge precision and accuracy of assays reported. handheld XRF instruments etc the CEL have used two different blank samples, submitted with drill core and subjected to the same preparation and assay as parameters used in determining the the core samples, RC sub-samples and channel samples. The blank samples are sourced from surface gravels in the Las analysis including instrument make Flores area of San Juan and from a commercial dolomite quarry near San Juan. In both cases the blank material is and model reading times commonly for construction. Commonly, the blank samples are strategically placed in the sample sequence immediately calibrations factors applied and their after samples that were suspected of containing higher grade Au, Ag, S or base metals to test the lab preparation and derivation etc. contamination procedures. The values received from the blank samples suggest only rare cross contamination of samples
- Nature of quality control procedures during sample preparation. adopted (eg standards blanks duplicates external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Directors

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

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

==> picture [725 x 289] intentionally omitted <==

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

Criteria JORC Code explanation planation lanation Commentary
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Criteria JORC Code explanation planation lanation Commentary
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Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital 1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

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

Contact

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

www.challengerex.com

Criteria JORC Code explanation Commentary 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 were submitted with samples of drill core to test the precision and accuracy of the analytic procedures MSA laboratory in Canada. 26 reference analyses were analysed in the samples submitted in 2019. The standards demonstrate suitable precision and accuracy of the analytic process. No systematic bias is observed.

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Directors

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

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

==> picture [725 x 417] intentionally omitted <==

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

Criteria JORC Code explanation Commentary
For drill holes from GNDD011 plus unsampled intervals from the 2019 drilling, 16 different multi-element Certified
Standard Reference pulp samples (CRM) with known values for Au Ag Fe S Pb Cu and Zn. 7 different CRM’s with known
values for Au only have been submitted with samples of drill core, RC chips and channel samples to test the precision and
accuracy of the analytic procedures of the MSA,ALS and SGS laboratories used. In the results received to date there has
been no systematic bias is observed. The standards demonstrate suitable precision and accuracy of the analytic process.
A summary of the standard deviations from the expected values for CRM’s used is summarised below. Generally, an
average of standard deviations close to zero indicates a high degree of accuracy and a low range of standard deviations
with a low fail count indicates a high degree of precision.
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Challenger Exploration Limited Issued Capital ACN 123 591 382 1,004m shares ASX: CEL 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Directors

Contact

www.challengerex.com

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

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Criteria JORC Code explanation Commentary
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Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

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

Contact

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

www.challengerex.com

==> picture [725 x 400] intentionally omitted <==

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

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

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

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

Contact

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

www.challengerex.com

==> picture [725 x 432] intentionally omitted <==

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

Criteria JORC Code explanation planation lanation Commentary
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----- Start of picture text -----

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

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

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

Contact

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

www.challengerex.com

Criteria JORC Code explanation	Commentary	Commentary	Commentary

*Verification of* *sampling and* *assaying* - The verification of significant intersections by either independent or alternative company personnel. - The use of twinned holes. - Documentation of primary data entry procedures data verification data storage (physical and electronic) protocols. - Discuss any adjustment to assay data.	Final sample assay analyses are received by digital file in PDF and CSV format. There is no adjustment made to any of the assay values received. The original files are backed-up and the data copied into a cloud-based drill hole database, stored offsite from the project. The data is remotely accessible for geological modelling and resource estimation. Assay results summarised in the context of this report have been rounded appropriately to 2 significant figures. No assay data have been otherwise adjusted. Replicate assay of 186 coarse reject samples from 2019 drilling has been done to verify assay precision. Original core samples were from the 2019 DD drilling which were analysed by MSA (San Juan preparation and Vancouver analysis). Coarse reject samples were analysed by ALS (Mendoza preparation and Vancouver analysis). The repeat analysis technique was identical to the original. The repeat analyses correlate very closely with the original analyses providing high confidence in precision of results between MSA and ALS. A summary of the results for the 186 sample pairs for key elements is provided below: Mean Median Std Deviation Element MSA ALS MSA ALS MSA ALS Correlation coefficient Au (FA and GFA ppm) 4.24 4.27 0.50 0.49 11.15 11.00 0.9972 Ag (ICP and ICF ppm) 30.1 31.1 5.8 6.2 72.4 73.9 0.9903 Zn ppm (ICP ppm and ICF %) 12312 12636 2574 2715 32648 33744 0.9997 Cu ppm (ICP ppm and ICF %) 464 474 74 80 1028 1050 0.9994 Pb ppm (ICP ppm and ICF %) 1944 1983 403 427 6626 6704 0.9997 S (ICP and ICF %) 2.05 1.95 0.05 0.06 5.53 5.10 0.9987 Cd (ICP ppm) 68.5 68.8 12.4 12.8 162.4 159.3 0.9988 As (ICP ppm)) 76.0 79.5 45.8 47.6 88.1 90.6 0.9983 Fe (ICP %) 4.96 4.91 2.12 2.19 6.87 6.72 0.9994 REE(ICPppm) 55.1 56.2 28.7 31.6 98.2 97.6 0.9954
	Au (FA and GFA ppm) 4.24 4.27 Ag (ICP and ICF ppm) 30.1 31.1 Zn ppm (ICP ppm and ICF %) 12312 12636 Cu ppm (ICP ppm and ICF %) 464 474 Pb ppm (ICP ppm and ICF %) 1944 1983 S (ICP and ICF %) 2.05 1.95 Cd (ICP ppm) 68.5 68.8 As (ICP ppm)) 76.0 79.5 Fe (ICP %) 4.96 4.91 REE(ICPppm) 55.1 56.2	0.50 0.49 5.8 6.2 2574 2715 74 80 403 427 0.05 0.06 12.4 12.8 45.8 47.6 2.12 2.19 28.7 31.6	11.15 11.00 72.4 73.9 32648 33744 1028 1050 6626 6704 5.53 5.10 162.4 159.3 88.1 90.6 6.87 6.72 98.2 97.6

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

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

Contact

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

www.challengerex.com

Criteria JORC Code explanation Commentary Cd values >1000 are set at 1000. REE is the sum off Ce, La, Sc, Y. CE > 500 is set at 500. Below detection is set at zero Replicate assay of 192 coarse reject samples from 2021 drilling has been done to verify assay precision. Original core samples were from the 2021 DD drilling which were analysed by SGS Laboratories (San Juan preparation and Lima analysis). Coarse reject samples were prepared and analysed by ALS (Mendoza preparation and Lima analysis). The repeat analysis technique was identical to the original. Except for Mo (molybdenum), the repeat analyses correlate closely with the original analyses providing confidence in precision of results between SGS and ALS. A summary of the results for the 192 sample pairs for key elements is provided below:

Element count	Mean SGS ALS	Median SGS ALS	Std Deviation SGS ALS	Correlation coefficient
Au (FA and GFA ppm) 192 Ag (ICP and ICF ppm) 192 Zn (ICP and ICF ppm) 192 Cu (ICP and ICF ppm) 192 Pb (ICP and ICF ppm) 192 S (ICP and ICF %) 192 Cd (ICP ppm) 192 As (ICP ppm)) 192 Fe (ICP %) 189 REE (ICP ppm) 192 Mo(ICP and ICFppm) 192	1.754 1.680 12.14 11.57 6829 7052 203.4 202.9 1768 1719 2.23 2.10 43.9 42.4 45.4 45.2 3.07 3.30 63.5 72.8 7.69 1.68	0.432 0.441 0.93 1.03 709 685 25.7 24.5 94.7 91.6 0.94 0.87 4.1 4.0 16.0 16.9 2.38 2.31 39.4 44.3 6.74 0.97	20.8 21.5 7085 5925 4.54E+08 5.34E+08 3.30E+05 3.35E+05 5.04E+07 4.39E+07 16.51 15.56 19594 18511 10823 9893 4.80 9.28 3414 4647 85.83 10.33	0.9837 0.9995 0.9942 0.9967 0.9959 0.9953 0.9956 0.9947 0.9781 0.9096 0.3026

Values below detection were set to half the detection limit

Limit of detection for Fe was exceeded for 3 samples submitted to SGS with no overlimit analysis REE is the sum off Ce, La, Sc, Y. Vaues below detection were set at zero

CEL have sought to twin and triplicate some of the historic and recent drill holes to check the results of previous exploration. A preliminary analysis of the twin holes indicates similar widths and grades for key elements assayed. The twin holes are:

GNDD003 – DDH34 and 04HD08 GNRC110 – DDH53 GNDD144 – GNDD021 – 05HD39

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Directors

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

Contact

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

www.challengerex.com

Criteria	JORC Code explanation	JORC Code explanation	Commentary
			GNRC107 – GNDD008/008A
			GNDD206 – DDH54
			GNDD421 – GNDD424
*Location of data*	-	Accuracy and quality of surveys used	Following completion of drilling, collars are marked and surveyed using a differential GPS (DGPS) relative to a nearby
*points*		to locate drill holes (collar and	Argentinian SGM survey point. The collars have been surveyed in POSGAR 2007 zone 2 and converted to WGS84 UTM
		down-hole surveys) trenches mine	zone 19s.
		workings and other locations used in Mineral Resource estimation.	Following completion of the channel sampling, the location of the channel samples is surveyed from a survey mark at the entrance to the underground workings, located using differential GPS. The locations have been surveyed in POSGAR 2007
	-	Specification of the grid system	zone 2 and converted to WGS84 UTM zone 19s.
		used.
	-	Quality and adequacy of	The drill machine is set-up on the drill pad using hand-held survey equipment according to the proposed hole design.
		topographic control.	Diamond core drill holes up to GNDD390 are surveyed down-hole at 30-40m intervals down hole using a down-hole
			compass and inclinometer tool. RC drill holes and diamond core holes from GNDD391 were continuously surveyed down
			hole using a gyroscope to avoid magnetic influence from the drill string and rocks. The gyroscope down-hole survey data is
			recorded in the drill hole database at 10m intervals.
			Ten diamond drill holes have no down hole survey data due to drill hole collapse or blockage of the hole due to loss of
			drilling equipment. These are GNDD036, 197, 212, 283, 376, 423, 425, 439, 445 and 465. For these holes, a survey of the
			collar has been used with no assumed deviation to the end of the hole.
			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. In addition, AWD3D DTM model with a nominal 2.5 metre precision has been
			acquired for the project and greater surrounding areas. Drone-based topographic survey data with 0.1 meter precision is
			being acquired over the project to provide more detail where required.
*Data spacing and*	-	Data spacing for reporting of	No regular drill hole spacing has been applied across the Project, although nominal 80m x 80m, 40m x 80m and 40m x 40m
*distribution*		Exploration Results.	drill spacing is being applied to the drilling to define mineralised areas, where appropriate. Drilling has been completed to
	-	Whether the data spacing and	check previous exploration, extend mineralisation along strike, and provide some information to establish controls on
		distribution is sufficient to establish	mineralization and exploration potential. 80m x 80m drilling is designed for broad exploration of intrusion-hosted targets,
		the degree of geological and grade	whereas 40 m x 40m drilling is used to define and area that is expected to form part of a Mineral Resource Estimate in
		continuity appropriate for the	sedimentary and intrusive-hosted targets.
		Mineral Resource and Ore Reserve	Samples have not been composited for reporting.
		estimation procedure(s) and
		classifications applied.
	-	Whether sample compositing has
		been applied.

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital 1,004m shares 23.6m options 120m perf shares 16m perf rights

Contact

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

www.challengerex.com

Criteria	JORC Code explanation	JORC Code explanation	Commentary
*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. Some exploration holes have drilled at a low angle to mineralisation
*geological structure*		possible structures and the extent to which this is known considering the deposit type.	and have been followed up with drill holes in the opposite direction to define mineralised domains. 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
	-	If the relationship between the	the orientation of the mineralisation, weighted average grades and estimates of true thickness are provided to provide a
		drilling orientation and the	balanced report of the mineralisation that has been sampled.
		orientation of key mineralised structures is considered to have	Drilling has been designed to provide an unbiased sample of the geology and mineralisation targeted.
		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 technical personnel and courier contractors prior to
		sample security.	delivery to the preparation laboratories in San Juan and Mendoza.
*Audits or reviews*	-	The results of any audits or reviews	There has not yet been any independent reviews of the sampling techniques and data.
		of sampling techniques and data.

Challenger Exploration Limited

Issued Capital

ACN 123 591 382 1,004m shares ASX: CEL 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Mr Kris Knauer, MD and CEO

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

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Section 2 Reporting of Exploration Results

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

Criteria JORC Code explanation	Commentary	Commentary	Commentary	Commentary	Commentary	Commentary	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 Hualilan Project comprises fifteen Minas (equivalent of mining leases) and five Demasias (mining lease extensions) held under an farmin agreement with Golden Mining SRL (Cerro Sur) and CIA GPL SRL (Cerro Norte). Fourteen additional Minas and eight exploration licences (Cateos) have been transferred to CEL under a separate farmin agreement. Six Cateos and eight requested mining leases are directly held. This covers all of the currently defined mineralization and surrounding prospective ground. There are no royalties held over the tenements. 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 MiningS.R.L. Granted 30/04/2015 6 Flor de Hualilan 5448-M-1960 Golden MiningS.R.L. Granted 30/04/2015 6 PereyrayAciar 5448-M-1960 Golden MiningS.R.L. Granted 30/04/2015 6 Bicolor 5448-M-1960 Golden MiningS.R.L. Granted 30/04/2015 6 Sentazon 5448-M-1960 Golden MiningS.R.L. Granted 30/04/2015 6 Muchilera 5448-M-1960 Golden MiningS.R.L. Granted 30/04/2015 6 Magnata 5448-M-1960 Golden MiningS.R.L. Granted 30/04/2015 6 Pizarro 5448-M-1960 Golden MiningS.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 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 29/12/1981 2.42 Cerro Norte
	Name	Number		Current Owner		Status	Grant Date		Area(ha)
	Cerro Sur
	Divisadero	5448-M-1960		Golden MiningS.R.L.		Granted	30/04/2015			6
	Flor de Hualilan	5448-M-1960		Golden MiningS.R.L.		Granted	30/04/2015			6
	PereyrayAciar	5448-M-1960		Golden MiningS.R.L.		Granted	30/04/2015			6
	Bicolor	5448-M-1960		Golden MiningS.R.L.		Granted	30/04/2015			6
	Sentazon	5448-M-1960		Golden MiningS.R.L.		Granted	30/04/2015			6
	Muchilera	5448-M-1960		Golden MiningS.R.L.		Granted	30/04/2015			6
	Magnata	5448-M-1960		Golden MiningS.R.L.		Granted	30/04/2015			6
	Pizarro	5448-M-1960		Golden MiningS.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
	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		29/12/1981		2.42
	Cerro Norte

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

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

Directors

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

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Commentary	Commentary
South of "Andacollo" Mine		545.208-B-94	CIA GPL S.R.L.		Pending Reconsideration			14/02/1994		1.83
South of "Sanchez" Mine		545.209-B-94	CIA GPL S.R.L.		Application			14/02/1994		3.50
South of "La Toro" Mine		195-152-C-1981	CIA GPL S.R.L.		Granted			29/12/1981		2.42
South of "Pizarro" Mine		545.207-B-94	Golden Mining S.R.L.		Application			14/02/1994		2.09
Requested Mining Leases (Minas Solicitados)
Name				Number			Status		Area(ha)
Elena				1124.328-G-2021			Application		2,799.24
Juan Cruz				1124.329-G-2021			Application		933.69
Paula(over "LoQue Vendra")				1124.454-G-2021			Application		1,460.06
Argelia				1124.486-G-2021			Application		3,660.50
Ana Maria(over Ak2)				1124.287-G-2021			Application		5,572.80
Erica(Over "El Peñón")				1124.541-G-2021			Application		6.00
Silvia Beatriz(over “AK3”)				1124.572-G-2021			Application		2,290.75
Soldado Poltronieri (over 1124188-20, 545867-R-94 and 545880-O-94)				1124.108-2022			Application		777.56
Mining Lease Farmin Agreements
Name	Number		Transfrred to CEL				Status		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		1,498.39
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
AGU 3	11240114-2014		Yes			Registered			1,500.00
AGU 5	1124.0343-2014		Yes			Registered			1,443.58
AGU 6	1124.0623-2017		Yes			Registered			1,500.00
AGU 7	1124.0622-S-17		Yes			Registered			1,500.00
Guillermina	1124.045-S-2019		Yes			Registered			2,921.05

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

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

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria JORC Code explanation	Commentary	Commentary
	El Petiso		1124.2478-71		Yes		Registered			18.00
	Exploration Licence		(Cateo) Farmin Agreements
	Name		Number	Transfrred to CEL			Status			Area(ha)
			295.122-R-1989	Yes			Current			1,882.56
			228.441-R-1993	Yes			Subject to Approval			2,800.00
			545.880-O-1994	Yes				Current			149.99
	Exploration	Licence	(Cateo) Held (Direct Award)
	Name		Number			Transfrred to CEL		Status	Grant Date		Area (ha)
	Ayen	1124.495-I-20				Yes		Current			2,059.60
		1124-248G-20				Yes		Current			933.20
		1124-188-G-20(2 zones)				Yes		Current			327.16
		1124.313-2021				Yes		Current			986.41
		1124.564-G-2021				Yes		Current			1,521.12
		1124.632-G-2022				Yes		Current			4,287.38
	There are n
*Exploration done* *by other parties* - Acknowledgment and appraisal of exploration by other parties.	Intermittent historic sampling has produced a large volume of information and data including sampling, geological maps, reports, trenching data, underground surveys, drill hole results, geophysical surveys, non-JORC resource estimates plus property examinations and detailed studies by multiple geologists. Prior to exploration by CEL, no work has been completed on the Project since 2006. There is at least 6 km of underground workings that pass through mineralised zones at Hualilan. Surveys of the workings are likely to be incomplete. Commonly incomplete records of the underground geology and sampling have been compiled and digitised as has sample data geological mapping adit exposures and drill hole results. Historic geophysical surveys exist but have been superseded by surveys completed by CEL. Historic drilling on or near the Hualilan Project (Cerro Sur and Cerro Norte combined) extends to over 150 drill holes. The key historical exploration drilling and sampling programs are: - 1984 – Lixivia SA channel sampling & 16 RC holes (AG1-AG16) totalling 2,040m - 1995 - Plata Mining Limited (TSE: PMT) 33 RC holes (Hua- 1 to 33) + 1,500 RC chip 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 diamond core holes (DDH-20 to 79) plus 1,700m RC program

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares

16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Mr Kris Knauer, MD and CEO

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

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria	JORC Code explanation	JORC Code explanation	Commentary
			- 2003 – 2005 – La Mancha (TSE Listed) undertook 7,447m of DDH core drilling (HD-01 to HD-48)
			- Detailed resource estimation studies were undertaken by EPROM Ltd. (EPROM) in 1996 and CMEC (1999
			revised 2000) both of which are well documented and La Mancha 2003 and 2006.
			The collection of all exploration data by the various operators was of a high standard and appropriate
			sampling techniques intervals and custody procedures were used. Not all the historic data has been archived
			and so there aregaps in the availabilityof the historic data.
*Geology*	-	Deposit type geological setting and	Mineralisation occurs in all rock types where it preferentially replaces limestone, shale and sandstone and occurs
		style of mineralisation.	in fault zones and in fracture networks within dacitic intrusions.
			The mineralisation is Zn-(Pb-Cu-Ag) distal skarn (or manto-style skarn) overprinted with vein-hosted
			mesothermal to epithermal Au-Ag mineralisation. It has been divided into three phases – prograde skarn,
			retrograde skarn and a later quartz-rich mineralisation consistent with the evolution of a large hydrothermal
			system. Precise mineral paragenesis and hydrothermal evolution is the subject of on-going work which is being
			used for exploration and detailed geometallurgical test work.
			Gold occurs in native form as inclusions with sulphide (predominantly pyrite) and in pyroxene. The
			mineralisation 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 matrix 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 metres and contain abundant sulphides. The
			intersection between the bedding-parallel mineralisation and east-striking cross veins seems to be important in
			localising the mineralisation.
			Complete oxidation of the surface rock due to weathering is thin. A partial oxidation / fracture oxidation layer
			near surface is 1 to 40m thick and has been modelled from drill hole intersections.
*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
*Information*		to the understanding of the exploration results including a tabulation of the	equivalent 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 in the intersections
		following information for all Material	reported here. Drill collar location is provided in the previous 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 DDH53 24.0 8.9 3.7 239.5 0.03
		the drill hole collar	DDH53 35.7 3.9 3.9 87.8 0.06
	-	dip and azimuth of the hole	DDH53 41.0 3.0 2.6 7.6 0.20

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JORC Code explanation	JORC Code explanation	Commentary
-	down hole length and interception	DDH54	20.0	1.1	1.2	0.7	0.00
	depth	DDH54	31.1	8.3	3.9	32.1	0.80
-	hole length.	DDH65 DDH65	62.0 82.0	8.2 1.0	11.0 1.8	60.6 33.4	1.2 0.30
-	If the exclusion of this information is	DDH66	83.1	7.2	23.7	42.9	2.4
	justified on the basis that the	DDH66	87.9	2.4	69.9	114.4	2.2
	information is not Material and this	DDH66	104.9	2.8	1.8	29.0	0.10
	exclusion does not detract from the understanding of the report the	DDH67 DDH68 DDH68	98.7 4.0 73.7	1.3 17.9 0.5	0.2 2.2 0.8	7.8 6.3 9.0	1.3 0.20 1.2
	Competent Person should clearly	DDH69	4.0	16.1	2.3	1.6	0.10
	explain why this is the case.	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
		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
		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
		04HD13	61.5	1.0	0.8	7.9	0.20
		04HD15	103.7	0.3	1.7	32.9	0.80
		04HD16C	107.5	6.8	8.6	117.1	9.1
		04HD16C	111.8	2.5	7.6	75.6	11.5
		04HD16C	144.9	1.9	9.1	31.2	5.5

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

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

www.challengerex.com

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

Criteria
JORC Code explanation

Commentary

04HD16C
171.1
0.4
0.5
9.4
1.7
04HD17
134.9
0.7
2.5
14.3
4.1
04HD17
139.1
0.5
10.5
9.4
0.20
04HD17
199.6
0.2
0.8
3.5
5.9
04HD17
202.1
1.9
4.5
1.5
0.70
04HD20
43.2
1.8
0.9
83.9
0.20
04HD21
70.1
0.2
4.8
60.6
6.4
04HD21
141.1
0.6
12.9
105.0
4.8
04HD24
72.0
2.0
2.5
3.2
0.04
04HD24
83.0
2.0
3.1
25.3
0.04
04HD24
94.0
4.2
0.7
21.2
0.10
04HD25
92.0
1.7
2.4
51.5
6.3
04HD26
21.7
2.3
1.5
32.5
3.0
04HD28
42.8
0.4
1.9
4.5
0.10
04HD29
37.0
1.0
0.1
112.0
0.01
05HD43
69.0
1.0
1.8
2.3
0.01
05HD43
81.0
3.0
2.8
51.5
0.50
05HD43
90.7
2.3
1.4
29.6
0.30
05HD44
87.5
1.1
3.8
3.4
0.01
05HD44
91.2
1.4
0.0
3.6
2.8
CEL drill holes are numbered from GNDD001 the following significant assay results have been received and used
in the Mineral Resource Estimate, reported to a cut-off of 1.0 g/t AuEq (gold equivalent) unless otherwise
indicated. Drill collar location is provided in the previous section.
Drilling in 2019 Significant Results:
Hole_id
Interval(m)
From
Au(g/t)
Ag (g/t)
Zn(%)
AuEq (g/t)

GNDD001
10.00
27.00
0.94
4.9
0.33
1.1
(2)
inc
3.00
32.00
2.3
5.8
0.50
2.6
GNDD002A
5.00
31.00
0.74
2.7
0.67
1.1
and
3.00
81.50
3.1
8.6
5.8
5.7
GNDD003
6.10
55.00
34.6
22
2.9
36.2
(1)
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

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Directors

Contact

www.challengerex.com

Criteria JORC Code explanation	Commentary
	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 inc 4.22 115.20 21.9 58 8.7 26.4 (1) GNDD010 32.00 27.00 0.29 8.6 0.13 0.46 (2) inc 5.00 30.00 0.65 21 0.09 0.95 and 1.30 55.00 1.1 30 0.80 1.8 and 7.22 136.00 7.5 60 1.1 8.8 (2) inc 3.00 139.00 17.7 143 2.5 20.6
	(1) cut-off of 10 g/t AuEq (2) cut-off of 0.2 g/t AuEq Drilling in 2020-22 Significant Results: Hole_id from (m) interval (m) Au (g/t) Ag (g/t) Zn (%) AuEq (g/t) Cu (%) Pb (%) Note GNDD011 81.00 1.00 1.9 43 0.13 2.5 0.01 0.06 and 139.80 4.80 1.4 5.7 2.6 2.6 0.02 0.02 and 147.20 0.70 9.4 13 6.6 12.4 0.07 0.00 1

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Directors

Contact

www.challengerex.com

Commentary
and	151.40	0.50	1.2	5.5	0.25	1.4	0.00	0.00
GNDD012	40.70	1.00	6.3	290	0.12	10.1	0.18	1.2
GNDD013	116.40	6.93	1.3	12	2.7	2.6	0.05	0.18
inc	122.50	0.83	4.0	61	10.1	9.1	0.21	1.2
GNDD014	118.50	7.55	2.4	15	3.6	4.2	0.05	0.16
GNDD015	54.00	1.00	0.69	8.6	0.39	1.0	0.03	0.24
and	156.00	1.90	1.0	31	2.8	2.6	0.02	0.79
GNDD016	64.00	1.00	0.80	27	0	1.1	0.02	0.06
and	109.50	5.00	1.8	27	8.3	5.8	0.16	0.01
and	116.55	4.45	6.0	83	3.9	8.8	0.13	0.02
GNDD017	34.30	1.7	0.31	24	2.0	1.5	0.06	1.0
GNDD018	37.75	0.85	1.1	3.6	0.1	1.2	0.01	0.05
and	63.20	3.75	7.1	78	3.6	9.6	0.28	3.6
inc	64.40	2.55	10.3	114	4.9	13.9	0.41	5.2	1
GNDD019	24.00	1.90	1.0	5.3	5.3	3.4	0.12	0.03
GNDD020	71.25	8.25	17.7	257	0.30	21.1	0.60	0.68
inc	74.00	5.50	26.0	355	0.42	30.7	0.05	0.21	1
and	83.30	0.65	0.03	2.7	10.70	4.7	0.00	0.02
GNDD021	14.80	1.20	11.0	9.0	0.39	11.3	0.01	0.08	1
and	31.50	0.35	28.1	104	5.8	31.9	0.35	0.12	1
and	98.20	19.80	0.29	2.2	3.4	1.8	0.01	0.04	2
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

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

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

www.challengerex.com

Commentary
and	49.00	116.00	1.05	4.0	0.20	1.2	0.01	0.07	2
inc	77.00	3.00	0.93	33.7	2.1	2.3	0.09	0.02
and	101.00	10.00	6.1	18.1	0.11	6.4	0.04	0.47
inc	101.00	6.00	9.6	18.7	0.15	9.9	0.05	0.61	1
and	136.00	4.00	9.8	18.5	1.5	10.7	0.06	0.27
GNDD033	NSI
GNDD034	47.60	0.30	0.03	1.4	24.4	10.6	0.34	0.04
GNDD035	88.75	5.75	9.5	28.7	3.5	11.4	0.10	0.44
inc	88.75	3.15	17.1	28.8	5.6	19.9	0.14	0.56	1
GNDD036	NSI
GNDD037	NSI
GNDD038	71.50	2.85	0.53	15.6	2.8	1.9	0.06	0.13
GNDD042	NSI
GNDD044	213.00	4.60	24.3	23.0	2.2	25.6	0.28	0.00	1
and	230.00	10.20	12.5	10.6	3.5	14.2	0.10	0.02
inc	233.00	4.50	23.6	14.1	4.3	25.6	0.11	0.01	1
and	291.15	0.60	5.4	8.3	0.1	5.6	0.07	0.00
GNDD045	85.90	2.10	1.4	28.8	0.1	1.8	0.01	0.02
GNDD046	82.90	0.45	4.1	27	0.06	4.5	0.01	0.03
and	124.15	2.85	29.5	522	10.8	40.8	0.41	0.25	1
GNDD047	61.00	38.50	1.3	1.2	0.04	1.3	0.00	0.02	2
inc	62.50	6.00	6.3	3.5	0.15	6.4	0.01	0.10
and	74.10	1.50	1.0	1.9	0.00	1.0	0.00	0.00
and	83.55	0.45	7.3	12.2	0.00	7.5	0.00	0.00
and	98.50	1.00	1.2	0.8	0.00	1.2	0.00	0.00
GNDD048	36.00	19.00	0.6	5.0	0.25	0.81	0.01	0.06	2
inc	38.00	3.15	2.7	12.1	0.09	2.9	0.03	0.14
GNDD049	NSI
GNDD050	21.00	22.00	0.21	2.9	0.53	0.48	0.01	0.15	2
inc	21.00	2.00	1.4	4.8	0.07	1.5	0.01	0.07
GNRC051	NSI
GNRC052	69	6	1.7	4.4	0.32	1.9	0.03	0.00
GNRC053	NSI
GNRC054	13	7	0.22	3.9	0.03	0.28	0.00	0.01	2
and	66	15	0.53	4.0	0.66	0.87	0.01	0.13	2
inc	77	3	1.3	8.5	1.9	2.3	0.02	0.31
GNRC055	18	7	0.28	6.9	0.04	0.38	0.00	0.01	2
GNRC056	56	1	2.3	138	0.08	4.1	0.01	0.07
GNRC057	37	12	0.06	2.4	0.58	0.34	0.01	0.06	2
GNRC058	NSI
GNRC059	NSI
GNDD060	NSI
GNRC061	NSI

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Directors

Contact

www.challengerex.com

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

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

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

www.challengerex.com

Commentary
GNRC081	23	30	0.28	2.0	0.33	0.45	0.01	0.10	2
inc	32	5	1.0	3.6	0.73	1.4	0.01	0.20
GNDD082	168.00	15.00	0.68	0.39	0.04	0.70	0.00	0.01	2
inc	168.00	1.00	2.4	0.46	0.11	2.4	0.00	0.02
inc	175.00	0.50	10.0	5.6	0.44	10.2	0.01	0.20
and	193.40	34.10	1.45	1.0	0.25	1.6	0.02	0.13	2
inc	193.40	1.00	2.2	7.9	1.6	3.0	0.14	1.7
inc	203.50	0.90	2.6	10.6	2.9	4.0	0.16	1.4
inc	209.80	2.20	0.59	4.5	0.74	1.0	0.03	0.25
and	235.00	31.00	0.4	0.6	0.08	0.43	0.00	0.00
inc	242.50	1.50	1.0	2.1	0.21	1.1	0.01	0.01
GNDD083	11.00	21.00	0.22	10.0	0.15	0.41	0.00	0.01	2
inc	19.20	1.80	1.0	6.1	0.10	1.1	0.00	0.00
and	170.00	1.00	1.3	3.6	0.22	1.4	0.02	0.26
GNRC084	4	1	1.2	2.0	0.07	1.2	0.00	0.06
and	41	3	5.2	6.4	5.0	7.5	0.08	0.14
and	60	4	3.6	11.6	5.0	6.0	0.02	0.05
and	78	21	0.81	2.6	0.08	0.88	0.00	0.00	2
inc	91	1	6.7	10.7	0.42	7.0	0.01	0.00
and	97	2	1.6	1.2	0.03	1.6	0.01	0.00
and	143	2	0.67	4.9	0.87	1.1	0.00	0.01
GNDD085	22.50	1.30	5.47	75.6	0.08	6.5	0.01	0.09
and	39.30	2.20	2.11	2.4	0.55	2.4	0.01	0.24
GNRC086	3	21	0.38	1.5	0.33	0.55	0.01	0.08	2
inc	4	1	0.85	3.4	0.89	1.3	0.03	0.27
and	22	2	2.9	1.9	0.08	3.0	0.01	0.03
GNRC087	22	4	0.65	15.9	0.26	1.0	0.00	0.04
GNDD088	50.00	22.00	0.08	0.22	0.34	0.23	0.00	0.01	2
and	110.00	8.00	0.50	0.61	0.03	0.52	0.01	0.00	2
and	180.00	54.10	0.20	0.34	0.02	0.22	0.00	0.00	2
GNDD088A	45.05	23.45	0.07	0.23	0.53	0.31	0.00	0.01	2
and	90.50	1.50	1.8	0.10	0.01	1.8	0.00	0.00
and	224.00	39.00	5.5	2.0	0.30	5.6	0.01	0.00	2
incl	231.50	14.40	14.4	3.3	0.67	14.8	0.00	0.00
incl	238.50	7.40	23.4	5.7	1.27	24.1	0.01	0.01	1
GNDD089	20.00	30.00	0.95	1.69	0.09	1.0	0.00	0.02	2
inc	22.00	2.00	1.4	2.7	0.18	1.5	0.00	0.00
inc	30.50	1.70	2.9	2.3	0.12	3.0	0.00	0.01
inc	40.00	10.00	1.4	0.55	0.09	1.4	0.00	0.02
and	94.50	21.70	0.88	1.59	0.43	1.1	0.00	0.04	2
inc	94.50	5.10	2.4	1.6	0.06	2.4	0.01	0.07
inc	102.50	1.50	1.9	1.5	0.15	2.0	0.01	0.03
inc	109.00	1.50	1.8	11.3	0.32	2.1	0.01	0.16

Challenger Exploration Limited

Issued Capital

ACN 123 591 382 1,004m shares ASX: CEL 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

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

www.challengerex.com

Commentary
GNRC090	7	13	0.35	2.7	0.25	0.49	0.01	0.07	2
inc	14	1	1.1	7.3	0.45	1.4	0.02	0.21
GNRC091	30	24	0.38	3.7	0.20	0.51	0.01	0.10	2
inc	43	4	1.4	3.5	0.40	1.6	0.01	0.36
GNDD092	164.50	9.00	0.29	0.72	0.12	0.35	0.00	0.05	2
and	213.00	17.00	0.23	0.63	0.06	0.26	0.00	0.04	2
and	257.50	1.00	3.6	5.9	0.60	3.9	0.05	0.21
GNDD093	75.30	1.40	2.1	10.6	7.8	5.6	0.18	0.22
and	153.65	0.50	1.4	7.3	0.17	1.6	0.11	0.03
GNRC094	13	12	0.83	4.6	0.44	1.1	0.01	0.06	2
inc	13	1	1.1	6.3	0.17	1.2	0.02	0.12
inc	17	1	8.3	20.6	0.27	8.7	0.06	0.52
inc	23	1	0.21	4.5	3.8	1.9	0.01	0.03
GNDD095	47.00	17.47	0.28	1.0	0.44	0.49	0.02	0.09	2
inc	50.00	1.30	1.0	0.92	2.8	2.3	0.18	0.61
and	121.00	1.00	2.6	1.7	0.01	2.6	0.00	0.00
GNDD096	NSI
GNRC097	49	8	0.39	2.2	0.04	0.44	0.00	0.02	2
inc	50	1	1.1	2.8	0.03	1.2	0.00	0.03
GNRC098	40	19	0.21	1.8	0.19	0.32	0.01	0.16	2
and	88	8	4.9	4.5	0.76	5.3	0.02	0.07	2
inc	88	2	15.6	15.9	2.8	17.0	0.07	0.20	2
inc	94	2	2.6	1.2	0.13	2.7	0.00	0.03
GNDD099	53.00	2.80	0.42	19.8	2.0	1.5	0.09	0.33
and	64.00	0.90	3.1	9.7	0.22	3.3	0.01	0.01
and	101.00	1.00	2.9	64.4	0.04	3.7	0.01	0.04
GNDD100	NSI
GNDD101	NSI
GNDD102	36.00	11.00	0.59	3.2	0.18	0.71	0.01	0.11	2
inc	36.00	2.00	1.5	5.9	0.13	1.6	0.01	0.14
and	77.40	8.90	0.10	2.5	0.82	0.49	0.01	0.06	2
inc	84.30	0.90	-	1.3	3.3	1.4	0.02	0.03
GNDD103	NSI
GNRC104	141	1	45.6	40.0	2.6	47.2	0.25	3.4	1
GNDD105	NSI
GNDD106	100.00	25.00	0.66	0.29	0.01	0.67	0.00	0.00	2
inc	114.00	1.50	1.8	1.7	0.01	1.8	0.00	0.00
inc	121.00	4.00	2.6	0.34	0.01	2.6	0.00	0.00
and	141.35	1.05	1.2	2.8	0.84	1.6	0.01	0.01
and	205.00	8.00	0.48	1.0	0.02	0.50	0.00	0.00	2
inc	211.00	2.00	1.1	2.2	0.03	1.1	0.00	0.00
GNRC107	16	27	3.6	14.8	0.25	3.9	0.01	0.1	2
inc	23	1	0.17	74.4	0.07	1.1	0.01	0.1

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

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

www.challengerex.com

Commentary
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
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

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

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

www.challengerex.com

Commentary
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
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

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

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

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Commentary
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
GNDD136	3.00	19.00	0.20	2.83	0.56	0.48	0.02	0.18	2
GNDD137	27.00	38.00	0.38	1.1	0.05	0.42	0.00	0.02	2
inc	33.00	4.00	1.70	1.2	0.13	1.8	0.00	0.02
and	186.25	1.35	8.12	29.5	7.3	11.6	0.12	0.03
GNDD138	43.00	54.00	0.28	2.2	0.20	0.40	0.01	0.09	2
GNDD139	80.00	207.50	0.75	1.7	0.10	0.82	0.00	0.02	2
inc	80.00	32.00	1.6	2.5	0.06	1.6	0.00	0.03
inc	148.00	4.25	1.2	3.8	0.15	1.3	0.00	0.09
inc	167.00	14.00	1.5	0.32	0.01	1.5	0.00	0.01
inc	243.00	9.00	2.4	3.7	0.62	2.8	0.00	0.01
inc	266.00	6.00	1.6	0.61	0.01	1.6	0.00	0.00
inc	243.00	29.00	1.2	1.6	0.24	1.3	0.00	0.00	4
GNDD140	3.00	4.00	0.76	6.0	2.9	2.1	0.01	0.06
and	41.00	44.00	1.0	1.7	0.04	1.0	0.00	0.02	2
inc	41.00	10.00	3.1	4.5	0.04	3.2	0.01	0.05
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

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

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

www.challengerex.com

Commentary
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
inc	81.5	110.5	2.5	7.4	0.9	3.0	0.03	0.06	3
GNDD143	NSI
GNDD144	55.80	1.40	1.6	9.1	0.42	1.9	0.02	0.08
and	91.25	14.75	1.3	6.0	0.39	1.6	0.01	0.04	2
inc	91.25	1.75	10.0	50	2.9	11.9	0.06	0.29	1
inc	91.25	0.60	28.6	143	4.8	32.5	0.16	0.83	1
GNDD145	200.00	8.50	0.11	3.5	0.1	0.22	0.01	0.05	2
GNDD146	110.00	17.75	0.36	1.1	0.17	0.44	0.01	0.08	2
inc	118.00	2.00	2.0	6.6	1.5	2.7	0.07	0.69
GNDD147	8.55	7.45	0.12	1.0	1.9	1.0	0.02	0.01
and	35.60	3.40	2.0	10.3	8.8	6.0	0.15	0.24
and	72.00	6.00	1.0	16.7	0.91	1.6	0.01	0.10	2
inc	72.00	3.00	1.8	19.1	1.7	2.8	0.02	0.16
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
GNDD153	NSI
GNDD154	125.90	2.60	4.6	34.6	3.0	6.3	0.11	0.24
and	146.00	22.00	0.21	1.0	0.04	0.24	0.00	0.00	2
inc	146.00	1.00	1.8	12.6	0.12	2.0	0.00	0.01
GNDD155	59.00	209.00	1.0	1.4	0.09	1.1	0.00	0.02	2
inc	59.00	34.00	3.8	4.6	0.20	3.9	0.02	0.03
inc	81.00	4.00	13.4	10.5	0.06	13.5	0.05	0.02
inc	102.00	6.00	1.2	1.1	0.10	1.2	0.00	0.03
	59.00	49.00	2.8	3.6	0.16	3.0	0.01	0.02	4
inc	151.55	0.45	7.7	2.9	4.5	9.6	0.00	0.10
inc	182.00	1.00	8.8	17.1	2.2	10.0	0.07	0.89
inc	224.00	2.00	2.0	0.29	0.01	2.0	0.00	0.00
inc	244.00	11.00	1.1	0.56	0.04	1.1	0.00	0.00
inc	266.00	0.55	1.8	1.2	0.02	1.8	0.00	0.00
and	338.00	9.00	0.41	0.33	0.05	0.43	0.00	0.00	2

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

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

www.challengerex.com

Commentary
GNDD156	5.00	7.00	0.68	3.0	0.70	1.0	0.02	0.15
GNDD157	20.00	66.00	0.52	1.1	0.08	0.57	0.00	0.07	2
inc	54.00	10.00	2.2	1.8	0.14	2.3	0.00	0.24
and	132.90	10.00	0.18	6.6	0.52	0.48	0.01	0.08	2
inc	132.90	0.50	0.88	13.1	1.4	1.6	0.03	0.67
inc	142.30	0.60	1.0	29.1	6.6	4.2	0.11	0.33
and	237.20	130.80	2.3	1.6	0.37	2.5	0.00	0.01	2
inc	237.20	0.80	1.7	59.1	5.6	4.9	0.18	1.2
inc	255.80	1.20	0.63	5.3	9.4	4.8	0.01	0.01
inc	289.00	12.00	20.4	4.8	1.0	20.9	0.00	0.00
inc	290.50	4.06	55.7	12.9	2.1	56.8	0.01	0.01	1
inc	321.00	2.00	1.3	0.6	0.01	1.3	0.00	0.00
inc	331.00	6.00	2.5	1.9	0.61	2.8	0.01	0.01
inc	343.00	9.00	1.7	0.6	0.10	1.7	0.00	0.00
and	407.50	0.50	2.2	1.2	0.37	2.4	0.00	0.00
GNDD158	107.00	19.00	0.59	1.0	0.12	0.65	0.00	0.03	2
inc	120.05	0.95	2.8	4.2	0.31	2.9	0.00	0.13
and	139.00	6.00	0.43	0.78	0.25	0.55	0.00	0.03	2
GNDD159	NSI
GNDD160	24.00	2.00	1.0	4.1	1.3	1.7	0.02	0.06
and	46.00	1.10	2.3	6.4	0.30	2.5	0.04	0.09
and	83.60	4.95	0.44	1.1	0.04	0.47	0.00	0.00	2
GNDD161	93.00	1.10	0.58	5.7	1.4	1.2	0.02	0.66
and	224.75	8.25	0.61	1.6	0.04	0.65	0.00	0.09
inc	230.00	1.20	2.6	3.5	0.02	2.6	0.00	0.19
and	245.65	1.35	1.1	0.54	0.05	1.1	0.00	0.03
GNDD162	98.00	14.80	2.0	3.5	0.29	2.2	0.01	0.09
inc	102.10	6.90	3.9	6.4	0.51	4.2	0.03	0.15
GNDD163	93.00	45.00	0.38	1.7	0.26	0.51	0.01	0.08	2
inc	101.00	3.00	1.3	7.9	0.51	1.6	0.01	0.19
inc	125.20	1.65	1.7	3.7	0.88	2.2	0.02	0.13
GNDD164	136.00	22.00	0.38	0.8	0.14	0.45	0.00	0.03	2
inc	141.50	0.50	1.1	1.1	0.29	1.2	0.00	0.03
inc	150.00	1.60	1.4	1.2	0.06	1.4	0.00	0.02
and	171.00	10.00	0.48	0.23	0.01	0.48	0.00	0.00	2
inc	171.00	2.00	1.1	0.23	0.01	1.1	0.00	0.00
and	239.00	37.00	0.75	2.1	0.46	1.0	0.02	0.00	2
inc	239.00	4.45	4.9	14.9	3.4	6.5	0.14	0.01
GNDD165	NSI
GNDD166	62.00	2.00	0.83	73.4	0.39	1.9	0.01	0.13
GNDD167	NSI
GNDD168	50.00	58.00	0.17	2.2	0.16	0.27	0.00	0.02	2
and	139.70	0.60	1.5	9.5	0.94	2.0	0.01	0.29

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

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

www.challengerex.com

Commentary
and	164.00	27.75	0.15	1.4	0.10	0.21	0.00	0.02	2
GNDD169	120.00	60.80	0.78	0.74	0.15	0.86	0.01	0.01	2
inc	152.00	28.80	1.5	1.22	0.31	1.70	0.01	0.02
inc	152.00	1.50	1.8	3.8	0.91	2.3	0.02	0.02
inc	176.00	4.80	8.4	5.3	1.5	9.2	0.05	0.09
inc	180.05	0.75	52.5	33.2	9.6	57.1	0.32	0.60
and	208.00	125.50	1.1	3.6	0.09	1.1	0.00	0.03	2
inc	208.00	71.00	1.7	6.0	0.15	1.8	0.01	0.05	2
inc	228.80	29.00	3.7	12.5	0.26	4.0	0.02	0.11
inc	302.50	9.00	0.92	0.46	0.02	0.94	0.00	0.00	2
inc	307.70	1.30	4.7	0.80	0.01	4.7	0.00	0.00
inc	321.00	12.50	0.26	0.92	0.02	0.28	0.00	0.00	2
GNDD170A	13.00	10.00	0.57	5.2	0.29	0.76	0.01	0.07
and	174.00	6.00	0.67	0.28	0.02	0.68	0.00	0.00
GNDD171	126.00	10.75	0.37	1.9	0.15	0.46	0.00	0.08	2
inc	134.00	1.40	1.1	5.9	0.76	1.5	0.01	0.39
and	193.00	3.90	0.32	0.42	0.01	0.33	0.00	0.00	2
and	270.00	0.50	1.3	2.5	0.65	1.6	0.01	0.01
and	327.00	2.60	1.9	6.1	1.1	2.4	0.04	0.09
GNDD172	0.00	3.50	0.48	4.8	0.03	0.56	0.01	0.10	2
and	12.80	6.20	0.03	15.7	0.79	0.57	0.02	0.12	2
GNDD173	83.00	66.00	0.54	3.1	0.07	0.61	0.00	0.04	2
inc	87.00	6.00	2.0	18.8	0.28	2.4	0.02	0.23
inc	116.00	6.00	1.4	2.8	0.13	1.5	0.01	0.05
inc	130.40	0.60	8.9	23.9	0.07	9.3	0.00	0.04
GNDD174	24.00	76.00	1.0	31.0	0.91	1.8	0.04	0.13	2
inc	60.90	11.25	6.4	64.1	5.3	9.5	0.23	0.58
inc	60.90	5.95	10.7	109	7.9	15.5	0.38	0.95	1
inc	96.00	4.00	0.20	359	0.26	4.9	0.02	0.22
and	163.00	39.50	0.47	2.3	0.31	0.63	0.02	0.02	2
inc	167.55	4.20	1.5	15.0	2.5	2.8	0.11	0.02
inc	199.00	2.00	1.5	0.17	0.01	1.5	0.00	0.00
GNDD175	176.00	6.00	0.34	6.3	0.12	0.47	0.00	0.07	2
GNDD176	73.90	2.95	0.86	3.3	0.16	1.0	0.00	0.15	2
inc	76.10	0.75	2.5	1.7	0.18	2.6	0.00	0.04
and	247.20	1.25	0.29	98.9	0.06	1.6	0.00	0.04
GNDD177	41.50	63.35	0.58	1.8	0.24	0.70	0.01	0.07	2
inc	55.00	1.30	1.3	3.5	0.08	1.4	0.02	0.15
inc	60.00	2.00	1.0	1.2	0.19	1.1	0.01	0.01
inc	71.80	0.50	1.3	7.3	0.19	1.5	0.01	0.06
inc	86.00	11.20	2.1	3.0	0.64	2.4	0.01	0.14
GNDD178	14.00	28.00	0.22	17.5	0.26	0.56	0.01	0.04	2
inc	20.00	2.00	0.20	118	0.11	1.7	0.01	0.11

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

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

www.challengerex.com

Commentary
inc	39.00	1.30	0.80	4.8	3.9	2.6	0.04	0.04
and	53.00	2.00	0.05	81.0	0.04	1.1	0.00	0.03
and	65.15	1.85	1.1	3.3	0.81	1.5	0.01	0.12
and	89.15	0.85	4.9	302	0.40	8.9	0.11	0.67
GNDD179	76.00	8.00	0.12	4.53	0.47	0.38	0.01	0.33	2
GNDD180	80.00	1.00	1.3	4.78	0.49	1.5	0.02	0.02
and	218.75	3.25	1.0	6.6	0.56	1.4	0.02	0.37	2
inc	218.75	1.25	1.6	11.0	1.09	2.2	0.03	0.70
GNDD181	7.70	3.60	0.66	22.2	1.0	1.4	0.03	0.19	2
inc	7.70	1.45	1.1	45.3	1.5	2.3	0.07	0.36
and	180.60	7.40	0.46	0.54	0.03	0.48	0.00	0.00	2
inc	180.60	0.55	1.2	0.83	0.07	1.2	0.00	0.00
GNDD182	92.00	34.00	0.28	1.1	0.09	0.33	0.00	0.01	2
inc	92.00	19.00	0.37	1.0	0.07	0.41	0.00	0.01	2
inc	96.00	2.00	2.0	1.9	0.01	2.0	0.01	0.01
and	148.70	4.30	31.8	96.5	8.1	36.6	0.55	5.3
inc	148.70	3.45	39.6	118	10.0	45.4	0.68	6.5	1
GNDD183	35.00	55.50	1.0	1.5	0.43	1.2	0.01	0.10	2
inc	37.00	2.00	1.1	1.0	0.09	1.1	0.00	0.11
inc	57.00	2.00	0.95	0.44	0.11	1.0	0.00	0.03
inc	72.00	15.00	3.2	3.5	0.88	3.6	0.02	0.21
and	112.00	24.00	0.16	6.8	1.1	0.71	0.02	0.01	2
inc	119.00	1.20	2.6	95.1	17.1	11.3	0.34	0.20
GNDD184	NSI	55.50	1.0	1.5	0.43	1.2	0.01	0.10
GNDD185	59.00	60.00	0.59	1.5	0.27	0.73	0.01	0.08	2
inc	67.00	4.45	1.8	3.3	0.37	2.0	0.02	0.08
inc	83.00	10.00	1.0	1.7	0.21	1.1	0.00	0.04
inc	114.00	5.00	1.4	2.0	1.09	1.9	0.01	0.12
and	138.00	7.10	1.0	8.9	1.08	1.6	0.02	0.12
GNDD186	104.00	2.00	0.92	0.55	0.00	0.92	0.00	0.00	2
GNDD187	145.00	16.00	0.40	0.61	0.14	0.47	0.00	0.06	2
inc	149.00	2.00	1.6	2.5	0.64	1.9	0.02	0.29
and	192.00	15.00	0.46	0.93	0.16	0.54	0.01	0.03	2
and	302.50	5.50	1.7	26.0	0.69	2.4	0.03	0.36
inc	302.50	2.50	3.7	55.9	1.2	5.0	0.07	0.72
and	326.00	0.60	1.6	2.8	0.48	1.9	0.01	0.00
and	385.00	3.00	3.1	0.65	0.01	3.1	0.00	0.00	2
inc	385.00	1.20	7.0	0.90	0.01	7.0	0.00	0.00
and	399.50	0.50	11.8	5.6	0.02	11.8	0.00	0.04
and	428.30	0.50	3.0	0.49	0.01	3.0	0.00	0.00
GNDD188	198.00	66.00	0.29	6.6	0.13	0.43	0.00	0.05	2
inc	212.00	4.00	0.89	21.9	0.19	1.3	0.00	0.08
inc	252.00	4.55	1.1	4.5	0.38	1.3	0.01	0.03

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

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

www.challengerex.com

Commentary
GNDD189	58.60	5.20	16.7	129	6.1	21.0	0.23	1.05
inc	60.00	3.80	21.1	148	6.6	25.8	0.21	0.06	1
and	174.00	6.65	0.15	2.0	0.22	0.27	0.01	0.00	2
and	191.00	6.00	0.21	2.1	0.30	0.37	0.02	0.24	2
GNDD190	47.30	7.70	0.12	4.6	4.9	2.3	0.26	0.02
and	161.10	1.90	0.19	5.7	0.2	0.35	0.01	0.02	2
and	186.00	5.00	0.22	0.1	0.0	0.23	0.00	0.00	2
and	200.00	4.00	0.31	0.1	0.01	0.31	0.00	0.00	2
GNDD191	188.35	21.15	0.52	3.2	0.43	0.74	0.02	0.02
and	217.35	0.50	2.5	16.8	2.5	3.8	0.09	0.05
and	238.00	2.00	0.36	3.5	0.81	0.75	0.02	0.01	2
GNDD192	15.00	50.00	0.28	0.60	0.06	0.31	0.00	0.01	2
inc	28.00	20.00	0.44	0.59	0.06	0.47	0.00	0.01	2
and	107.45	1.75	0.53	8.2	0.09	0.68	0.04	0.01	2
and	176.00	0.60	1.2	24.8	7.0	4.6	0.24	0.01
GNDD193	96.30	83.45	0.66	1.3	0.20	0.77	0.01	0.03	2
inc	96.30	9.50	1.51	2.7	0.14	1.6	0.03	0.05
inc	121.35	13.85	1.34	1.7	0.48	1.6	0.01	0.04
inc	147.75	1.20	0.85	1.8	1.9	1.7	0.01	0.06
inc	160.50	11.10	0.99	2.1	0.35	1.2	0.01	0.06
and	191.00	7.50	1.30	9.3	0.47	1.6	0.01	0.01	2
inc	194.70	3.80	2.08	16.6	0.88	2.7	0.02	0.01
and	218.00	1.50	0.05	72.3	0.06	1.0	0.01	0.07
and	251.00	1.90	1.1	7.6	0.18	1.3	0.04	0.01
GNDD194	3.00	8.65	0.48	2.6	0.73	0.83	0.01	0.08	2
inc	8.70	2.95	1.2	3.9	1.7	2.01	0.01	0.13
and	286.00	2.00	0.59	0.11	0.03	0.61	0.00	0.00	2
GNDD195	29.00	2.55	1.3	1.1	0.02	1.4	0.00	0.01	2
inc	30.00	1.55	1.6	1.4	0.02	1.7	0.00	0.01
and	60.00	3.85	5.3	48.6	8.0	9.4	0.14	0.15
inc	60.80	3.05	6.1	52.0	8.1	10.2	0.13	0.13	1
and	346.30	3.70	0.89	0.75	0.04	0.92	0.02	0.00	2
inc	346.30	0.50	5.2	1.3	0.01	5.2	0.08	0.00
GNDD196	9.00	69.20	3.3	4.8	0.10	3.4	0.01	0.07	2
inc	17.00	12.00	1.7	0.69	0.06	1.8	0.00	0.03
inc	69.00	9.20	21.9	16.0	0.38	22.2	0.03	0.38
inc	69.00	1.30	137	47.6	0.21	137.2	0.01	1.2	1
and	279.50	0.60	2.0	0.22	0.00	2.0	0.00	0.00
GNDD197	25.00	4.00	0.46	2.5	0.30	0.62	0.01	0.06	2
and	70.45	1.55	1.0	12.3	1.4	1.7	0.06	0.03
GNDD198	48.80	2.20	0.50	0.49	0.17	0.58	0.00	0.00	2
and	82.00	4.00	1.6	11.8	0.33	1.91	0.03	0.20	2
inc	84.00	2.00	2.7	22.4	0.44	3.20	0.04	0.38

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

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

www.challengerex.com

Commentary
and	99.00	2.00	0.54	0.39	0.09	0.58	0.00	0.03	2
and	111.00	2.00	1.2	1.0	0.06	1.27	0.01	0.04
and	157.00	1.00	0.01	68.1	0.09	0.91	0.00	0.08	2
GNDD199	26.00	146.00	0.40	1.1	0.23	0.51	0.01	0.07	2
inc	26.00	60.00	0.63	1.5	0.18	0.72	0.01	0.09	2
inc	36.00	2.00	1.6	1.3	0.06	1.6	0.01	0.06
inc	44.00	1.00	1.8	5.4	0.15	1.9	0.00	0.06
inc	58.00	10.00	1.4	1.2	0.23	1.5	0.00	0.10
inc	169.00	3.00	1.0	7.9	1.8	1.9	0.06	0.07
and	187.00	41.00	0.19	0.70	0.06	0.23	0.00	0.01	2
GNDD200	168.25	66.75	0.61	0.56	0.07	0.65	0.00	0.00	2
inc	176.45	7.15	1.0	0.59	0.03	1.1	0.00	0.00
inc	208.00	6.00	1.1	0.62	0.05	1.1	0.00	0.00
inc	232.00	1.00	4.7	5.6	1.3	5.3	0.05	0.00
GNDD201	99.00	3.00	0.48	7.9	0.17	0.66	0.04	0.07	2
and	130.20	0.60	1.4	2.6	0.07	1.5	0.01	0.03
GNDD202	33.00	110.00	0.26	3.1	0.12	0.35	0.00	0.01	2
inc	71.75	59.25	0.35	4.7	0.20	0.50	0.01	0.01	2
inc	98.00	10.00	1.0	21.7	0.70	1.6	0.03	0.02
inc	127.00	2.00	1.2	1.1	0.02	1.2	0.00	0.01
and	238.00	6.00	0.57	1.0	0.03	0.59	0.00	0.01	2
inc	240.55	1.45	1.5	0.57	0.05	1.5	0.00	0.01
GNDD203	46.00	37.00	0.30	13.9	0.16	0.55	0.01	0.09	2
inc	68.00	9.10	0.44	42.6	0.35	1.1	0.03	0.26
and	210.50	0.60	3.6	81.9	10.2	9.0	0.38	3.93
and	227.00	2.00	1.4	4.3	0.12	1.5	0.01	0.04
and	299.00	21.80	2.4	22.2	4.0	4.5	0.06	0.45	2
inc	300.25	20.55	2.6	23.1	4.2	4.7	0.07	0.48
inc	300.25	3.55	9.3	96.8	13.1	16.2	0.31	2.0	2
GNDD204	95.00	44.00	3.2	4.5	0.11	3.3	0.00	0.04	2
inc	97.38	20.62	6.4	6.4	0.11	6.6	0.00	0.06
and	183.00	1.00	1.2	6.7	0.44	1.5	0.01	0.33
GNDD205	214.20	0.70	15.2	7.1	4.2	17.1	0.03	0.00
GNDD206	31.55	10.45	3.6	6.3	0.06	3.7	0.01	0.08	2
inc	34.65	3.90	9.5	14.9	0.03	9.7	0.03	0.21
and	263.00	2.00	0.88	0.37	0.10	0.93	0.00	0.00	2
and	277.00	4.00	0.54	0.65	0.01	0.55	0.00	0.00	2
GNDD207	114.00	0.90	2.0	1.9	0.09	2.1	0.02	0.06
and	122.55	2.45	8.5	15.5	1.0	9.1	0.04	0.90
and	169.50	3.50	0.16	68.2	0.13	1.1	0.01	0.12	2
inc	170.70	2.30	0.20	98.2	0.17	1.5	0.01	0.16
and	217.40	25.60	0.36	0.93	0.05	0.39	0.00	0.01	2
inc	233.00	4.00	1.4	0.64	0.01	1.4	0.00	0.01

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

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

www.challengerex.com

Commentary
and	269.35	1.95	1.7	3.4	0.35	1.9	0.01	0.11
GNDD208	170.00	73.65	0.51	1.4	0.21	0.62	0.01	0.04	2
inc	180.00	2.00	2.2	0.88	0.01	2.2	0.00	0.00
inc	208.00	35.65	0.85	2.6	0.41	1.1	0.01	0.07	2
inc	212.00	13.00	1.9	5.0	0.78	2.3	0.03	0.20
GNDD209	33.60	4.40	0.18	14.2	0.08	0.40	0.00	0.06	2
and	45.65	0.75	0.77	10.7	1.4	1.5	0.03	0.13
and	65.00	17.10	1.9	16.2	1.1	2.6	0.02	0.18
and	148.00	2.00	1.0	28.5	0.01	1.3	0.00	0.01
GNDD210	8.00	2.00	0.86	17.9	0.02	1.1	0.00	0.17
and	28.00	6.00	0.04	1.4	0.47	0.26	0.00	0.03	2
and	308.00	2.00	1.3	3.8	0.71	1.6	0.02	0.02
GNDD211	168.80	23.20	0.51	0.82	0.12	0.57	0.00	0.02	2
inc	177.10	4.35	1.5	2.0	0.27	1.6	0.00	0.00
GNDD212	15.00	1.80	0.5	1.1	0.12	0.53	0.00	0.01	2
and	42.20	1.40	1.2	8.1	0.08	1.4	0.00	0.01
GNDD213	45.00	11.85	0.03	1.2	1.2	0.56	0.01	0.03	2
GNDD214	48.25	3.75	22.1	125	2.6	24.8	0.05	0.09
GNDD215	126.20	14.60	1.4	2.4	0.35	1.6	0.01	0.03	2
inc	132.50	8.30	2.1	2.1	0.40	2.3	0.01	0.01
and	159.00	41.00	0.15	3.1	0.08	0.23	0.01	0.04	2
GNDD216	81.00	4.00	0.30	0.29	0.0	0.30	0.00	0.00	2
and	204.00	2.00	0.61	3.5	0.2	0.75	0.03	0.07	2
GNDD217	111.00	21.00	5.7	32.1	3.4	7.6	0.03	0.16	2
inc	114.65	11.70	10.1	54.8	5.9	13.3	0.06	0.26
inc	116.65	4.35	23.1	139	11.7	29.9	0.14	0.58
GNDD218	198.00	5.05	0.39	0.16	0.01	0.39	0.00	0.00	2
GNDD219	12.00	8.00	0.13	0.46	0.02	0.15	0.00	0.01	2
and	68.90	39.35	0.04	10.8	0.08	0.22	0.00	0.02	2
GNDD220	86.00	108.00	0.38	1.6	0.05	0.42	0.01	0.00	2
inc	88.00	2.00	1.1	10.5	0.50	1.4	0.01	0.03
inc	137.00	49.00	0.59	1.3	0.05	0.63	0.01	0.00	2
inc	146.00	4.00	1.2	1.4	0.10	1.2	0.01	0.00
inc	158.30	3.70	1.8	1.9	0.02	1.8	0.01	0.01
inc	182.00	2.00	1.7	2.8	0.0	1.7	0.01	0.00
GNDD221	82.80	1.20	1.1	6.7	0.10	1.2	0.00	0.04
and	156.85	8.15	1.5	7.5	0.83	2.0	0.03	0.13
GNDD222	NSI
GNDD223	26.00	2.00	0.60	0.41	0.02	0.61	0.00	0.01	2
GNDD224	134.00	38.00	0.28	0.94	0.02	0.30	0.00	0.01	2
inc	134.00	1.00	6.7	1.4	0.06	6.7	0.00	0.00
and	313.00	1.25	0.91	4.9	0.39	1.1	0.00	0.04
GNDD225	79.00	9.15	0.19	0.79	0.02	0.21	0.00	0.01	2

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

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

www.challengerex.com

Commentary
and	207.00	2.00	4.3	1.1	0.0	4.3	0.01	0.00
and	235.00	9.20	0.93	0.63	0.0	1.0	0.00	0.04
GNDD226	109.00	16.00	0.49	2.4	0.33	0.67	0.02	0.27	2
inc	116.00	7.35	0.71	4.0	0.54	1.0	0.03	0.45
and	146.00	44.00	0.41	0.65	0.10	0.46	0.00	0.04	2
inc	170.00	2.00	1.3	0.84	0.06	1.4	0.00	0.04
inc	188.00	2.00	3.8	1.1	0.17	3.9	0.01	0.06
GNDD227	81.00	2.00	0.77	0.52	0.0	0.78	0.00	0.00	2
and	179.15	3.70	1.2	16.8	1.6	2.1	0.03	0.43	2
inc	181.95	0.90	4.2	64.5	6.6	7.9	0.13	1.8
and	222.00	8.00	4.2	53.6	1.7	5.7	0.06	0.05	2
inc	223.40	6.60	5.1	64.2	2.1	6.8	0.07	0.06
GNDD228	84.00	19.00	0.29	0.60	0.03	0.31	0.00	0.01	2
inc	84.00	2.00	1.0	0.25	0.03	1.0	0.00	0.00
and	132.00	10.00	0.32	0.47	0.06	0.36	0.00	0.03	2
and	279.00	42.00	0.27	0.85	0.07	0.31	0.00	0.03	2
inc	280.00	1.65	1.9	10.1	0.82	2.4	0.05	0.67
inc	311.00	2.00	1.2	0.17	0.01	1.2	0.00	0.00
GNDD229	167.00	38.25	0.65	6.5	0.34	0.88	0.02	0.07	2
inc	171.00	6.00	1.7	30.1	1.5	2.7	0.09	0.21
inc	204.50	0.75	4.8	5.9	0.34	5.0	0.02	0.05
GNDD230	211.00	6.00	0.18	2.5	0.04	0.23	0.00	0.00	2
and	227.00	15.00	0.19	1.1	0.09	0.24	0.00	0.01	2
and	256.00	4.00	0.48	0.72	0.05	0.51	0.00	0.02	2
GNDD231	NSI
GNDD232	139.85	2.50	0.65	15.2	0.56	1.1	0.03	0.10	2
and	174.00	4.00	1.7	45.3	0.21	2.4	0.02	0.11	2
inc	176.00	2.00	2.9	71.1	0.38	4.0	0.04	0.20
GNDD233	113.00	2.00	0.52	0.60	0.09	0.56	0.00	0.01	2
and	180.10	2.35	0.39	0.46	0.04	0.42	0.00	0.01	2
GNDD234	33.40	42.60	1.1	4.8	0.65	1.4	0.17	0.14	2
inc	50.00	6.00	6.8	16.0	3.6	8.6	1.2	0.78
inc	53.25	1.05	25.5	51.9	0.35	26.3	0.15	2.3
GNDD235	65.00	2.00	0.28	9.8	1.5	1.0	0.05	0.05
and	79.00	4.00	0.31	5.6	0.22	0.48	0.01	0.10	2
GNDD236	175.00	52.00	1.1	4.1	0.26	1.2	0.01	0.02	2
inc	177.00	2.00	2.9	9.6	0.44	3.3	0.02	0.01
inc	201.00	2.00	1.0	5.6	1.9	1.9	0.02	0.29
inc	216.60	4.40	8.4	33.6	0.19	8.9	0.01	0.00
GNDD237	139.00	12.00	0.32	1.2	0.28	0.46	0.01	0.21	2
and	201.55	155.45	0.61	2.1	0.11	0.69	0.00	0.01	2
inc	201.55	72.45	0.55	3.8	0.16	0.66	0.01	0.01	2
inc	234.00	9.00	1.2	14.2	0.24	1.5	0.01	0.02

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

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

www.challengerex.com

Commentary
inc	254.50	1.75	6.7	10.8	0.51	7.1	0.03	0.02
and	298.00	59.00	0.91	1.0	0.06	1.0	0.01	0.01	2
inc	302.00	2.00	3.3	0.3	0.00	3.3	0.00	0.00
inc	336.00	2.00	1.3	11.4	1.5	2.1	0.13	0.10
inc	349.65	1.95	17.5	2.9	0.00	17.5	0.00	0.00
GNDD238	NSI
GNDD239	13.00	6.00	0.25	1.8	0.10	0.31	0.00	0.00	2
and	26.40	0.85	3.3	54.7	2.5	5.1	0.05	0.07
and	47.00	2.35	1.9	7.3	1.5	2.6	0.02	0.22	2
inc	48.30	1.05	4.2	16.2	0.71	4.7	0.03	0.50
GNDD240	114.00	2.00	1.4	0.31	0.01	1.5	0.00	0.00
and	167.00	3.45	2.7	50.2	2.9	4.6	0.07	0.86	2
inc	169.20	1.25	6.6	116	7.6	11.3	0.19	2.3	1
GNDD241	NSI
GNDD242	185.45	8.55	0.54	0.45	0.05	0.57	0.00	0.02	2
inc	185.45	1.60	1.0	1.2	0.25	1.1	0.00	0.09
and	306.50	0.70	2.3	0.89	0.00	2.3	0.00	0.00
GNDD243	136.00	7.10	2.2	27.2	2.6	3.6	0.06	0.31	2
inc	138.00	5.10	2.1	25.9	2.5	3.5	0.06	0.30
inc	142.00	1.10	9.0	126	14.0	16.7	0.33	1.8	1
GNDD244	37.00	3.90	0.09	22.0	0.04	0.39	0.00	0.02	2
GNDD245	139.00	43.70	1.0	1.8	0.35	1.1	0.01	0.09	2
inc	143.00	2.00	3.6	3.0	0.82	4.0	0.00	0.05
inc	181.27	1.43	18.7	38.0	6.8	22.1	0.18	1.8	1
GNDD246	179.50	2.50	4.5	9.0	2.9	5.9	0.05	0.01	2
inc	179.50	0.85	12.7	25.0	7.8	16.4	0.12	0.04
GNDD247	NSI
GNDD248	136.00	43.00	0.22	0.50	0.12	0.28	0.00	0.02	2
and	199.00	83.00	0.46	2.5	0.09	0.53	0.00	0.01	2
inc	213.00	2.00	1.3	0.45	0.02	1.3	0.00	0.00
inc	225.00	1.00	4.7	1.4	0.01	4.7	0.00	0.00	1
inc	237.10	0.70	24.8	31.0	5.9	27.7	0.23	0.01
inc	254.00	1.40	0.44	114	0.76	2.2	0.04	0.09
GNDD249	207.00	15.30	0.68	1.5	0.16	0.77	0.01	0.13	2
inc	207.00	2.60	3.0	7.9	0.87	3.5	0.05	0.75
and	237.00	14.60	1.1	1.3	0.14	1.2	0.01	0.04	2
inc	251.00	0.60	21.9	16.0	2.2	23.1	0.05	0.68
GNDD250	80.00	30.00	0.26	3.5	0.17	0.38	0.01	0.07	2
inc	98.00	5.00	0.88	9.2	0.63	1.3	0.02	0.22
GNDD251	19.65	3.35	0.2	7.1	0.5	0.51	0.02	0.01	2
GNDD252	104.00	10.00	0.60	2.3	0.25	0.73	0.01	0.05	2
inc	107.00	5.00	0.95	3.3	0.40	1.2	0.01	0.09
and	128.00	12.15	0.76	1.3	0.27	0.90	0.00	0.01	2

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

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

www.challengerex.com

Commentary
inc	134.00	4.00	1.7	2.4	0.64	2.0	0.01	0.02
and	264.57	33.43	0.57	6.1	0.65	0.93	0.02	0.36	2
inc	281.70	2.90	2.7	36.3	6.1	5.8	0.16	3.4
inc	290.00	2.00	1.1	4.6	0.14	1.2	0.01	0.08
GNDD253	112.00	2.00	1.0	1.1	0.1	1.0	0.01	0.0
and	133.00	50.00	1.8	1.0	0.1	1.9	0.00	0.0	2
inc	139.00	38.00	2.2	1.2	0.2	2.3	0.01	0.0
inc	151.55	2.37	17.2	3.7	0.3	17.3	0.01	0.0	1
and	201.40	25.13	0.8	0.3	0.0	0.9	0.00	0.0	2
inc	211.00	3.64	2.4	1.3	0.1	2.4	0.01	0.1
inc	220.00	2.00	3.4	0.5	0.0	3.4	0.00	0.0
GNDD254	173.00	62.00	1.7	20.3	0.33	2.1	0.01	0.08	2
inc	173.00	17.00	3.2	4.4	0.49	3.5	0.02	0.17
inc	197.00	4.00	9.4	292	2.6	14.3	0.09	0.43
and	249.00	18.00	0.80	4.3	0.27	1.0	0.02	0.06	2
inc	255.45	1.00	6.5	19.0	1.4	7.3	0.06	0.01
inc	266.55	0.45	7.3	28.0	5.7	10.1	0.44	1.9
and	298.25	1.75	0.27	73.9	0.29	1.3	0.02	0.11	2
and	312.00	12.00	0.82	0.07	0.00	0.82	0.00	0.00	2
inc	314.00	6.00	1.0	0.05	0.00	1.0	0.00	0.00
and	363.00	26.75	1.7	2.8	0.44	1.9	0.02	0.01	2
inc	363.00	6.00	4.6	1.9	0.19	4.7	0.01	0.00
inc	385.00	4.75	2.1	8.1	1.5	2.9	0.07	0.01
GNDD255	158	36.65	0.19	0.75	0.04	0.22	0.00	0.01	2
inc	192	2.65	1.0	2.5	0.12	1.1	0.01	0.05
GNDD256	104.00	8.00	1.0	0.33	0.00	1.0	0.00	0.00	2
inc	106.00	2.00	2.0	0.56	0.00	2.0	0.00	0.00
inc	110.00	2.00	1.4	0.17	0.00	1.4	0.00	0.00
GNDD257	233.00	44.25	0.32	2.5	0.17	0.43	0.01	0.07	2
inc	259.00	2.00	2.4	3.5	0.18	2.6	0.00	0.07
inc	275.00	2.25	1.2	1.9	0.14	1.3	0.00	0.01
GNDD258	250.00	2.00	0.26	17.7	2.9	1.7	0.09	1.7
GNDD259	128.00	16.00	0.32	0.81	0.10	0.38	0.00	0.09	2
inc	143.00	1.00	0.82	5.5	0.85	1.3	0.03	0.61
GNDD260	159.00	2.00	0.19	9.1	1.4	0.90	0.05	0.16	2
GNDD261	22.00	4.00	1.1	5.2	0.56	1.4	0.01	0.00	2
inc	22.00	0.50	7.5	17.6	4.2	9.6	0.11	0.10
GNDD262	183.00	39.00	0.19	1.2	0.06	0.23	0.00	0.02	2
GNDD263	59.00	9.00	0.05	0.08	0.57	0.30	0.00	0.00	2
and	110.00	2.00	1.3	0.56	0.00	1.32	0.00	0.00
GNDD264	70.00	2.40	0.16	6.1	1.0	0.66	0.03	0.47	2
inc	71.50	0.90	0.36	12.0	2.0	1.4	0.04	1.0
and	104.95	22.05	1.4	16.7	1.7	2.3	0.05	0.43

Challenger Exploration Limited

Issued Capital

ACN 123 591 382 1,004m shares ASX: CEL 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

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

www.challengerex.com

Commentary
GNDD265	56.00	4.00	0.57	1.3	0.08	0.63	0.01	0.04	2
and	152.00	14.00	0.20	1.1	0.11	0.26	0.01	0.09	2
and	237.00	1.00	8.97	19.7	2.48	10.30	0.04	0.38	1
GNDD266	34.00	16.00	0.4	9.0	0.6	0.8	0.03	0.1	2
inc	38.82	5.18	0.9	23.1	1.6	1.9	0.07	0.2
GNDD267	169.00	9.00	0.3	1.2	0.2	0.4	0.01	0.02	2
GNDD268	NSI
GNDD269	6.00	6.00	1.1	12.2	0.1	1.3	0.01	0.2	2
inc	10.00	2.00	2.8	34.4	0.3	3.4	0.01	0.5
and	48.00	2.00	0.2	87.3	0.4	1.5	0.01	0.0
and	86.00	10.00	0.3	1.1	0.0	0.3	0.00	0.0	2
GNDD270	NSI
GNDD271	77.00	19.20	0.20	1.85	0.07	0.25	0.00	0.02	2
inc	77.00	1.00	1.76	3.70	0.11	1.86	0.01	0.13
and	113.90	13.20	0.50	3.12	0.36	0.70	0.00	0.27	2
inc	123.50	3.60	1.62	6.39	1.10	2.18	0.01	0.90
GNDD272	35.00	22.00	0.17	2.7	0.1	0.25	0.00	0.03	2
and	96.50	51.60	3.9	11.8	1.0	4.5	0.04	0.19	2
inc	137.00	11.10	17.4	51.1	4.5	20.0	0.15	0.79
inc	139.00	7.90	23.8	65.2	6.0	27.2	0.20	1.0
GNDD273	31.50	2.50	0.61	3.6	0.8	1.0	0.00	0.75	2
inc	31.50	0.87	1.5	6.5	2.0	2.4	0.00	1.9
and	50.33	9.17	0.07	5.9	0.6	0.42	0.01	0.10	2
GNDD274	298.00	19.00	0.74	9.6	0.5	1.1	0.01	0.2	2
inc	305.00	2.00	6.58	48.8	3.5	8.7	0.11	2.2
GNDD275	55.00	2.00	1.1	1.9	0.05	1.1	0.01	0.01
GNDD276	49.00	1.45	0.76	9.1	0.48	1.1	0.02	0.26
and	112.15	2.85	0.38	0.57	0.02	0.39	0.00	0.01	2
and	139.00	14.90	0.47	1.9	0.18	0.57	0.01	0.13	2
inc	143.00	2.00	1.3	2.5	0.22	1.5	0.01	0.16
and	188.30	4.85	0.32	0.59	0.13	0.38	0.00	0.07	2
and	212.00	4.00	0.46	1.8	0.25	0.60	0.01	0.22	2
GNDD277	63.00	35.00	2.2	3.0	0.11	2.3	0.00	0.03	2
inc	63.00	29.00	2.6	2.7	0.09	2.7	0.00	0.03
GNDD278	221.00	11.75	0.43	1.0	0.09	0.48	0.00	0.05	2
inc	223.00	1.00	1.0	1.3	0.07	1.1	0.00	0.03
inc	228.00	1.00	1.4	1.9	0.19	1.5	0.01	0.12
GNDD279	49.00	10.30	0.66	1.7	0.08	0.71	0.00	0.02	2
inc	50.65	1.35	1.04	0.6	0.0	1.1	0.00	0.0
inc	58.00	1.30	1.81	9.1	0.5	2.1	0.01	0.1
GNDD280	239.35	15.05	3.7	38.6	0.68	4.5	0.01	0.06
inc	242.25	2.75	18.4	29.8	0.66	19.1	0.03	0.03	1
GNDD281	42.50	23.50	1.1	8.9	0.27	1.3	0.01	0.19	2

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

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

www.challengerex.com

Commentary
inc	42.50	17.50	1.3	11.3	0.29	1.6	0.01	0.23
and	196.30	2.60	1.1	26.2	3.1	2.8	0.09	0.91	2
inc	196.30	1.65	1.4	37.7	4.7	4.0	0.13	1.4
and	224.00	12.00	0.28	4.9	0.37	0.51	0.01	0.04	2
inc	231.10	1.25	0.72	16.0	3.0	2.2	0.08	0.14
and	292.00	1.20	3.0	80.4	0.32	4.2	0.01	0.11
and	309.00	3.85	0.43	4.3	0.10	0.53	0.00	0.01	2
and	426.00	1.55	0.27	24.6	1.6	1.3	0.03	0.03
GNDD282	11.00	8.00	0.20	1.7	0.07	0.25	0.00	0.03	2
and	187.00	10.00	0.45	1.7	0.02	0.48	0.00	0.03	2
and	216.50	7.50	0.20	2.7	0.11	0.28	0.01	0.08	2
GNDD283	7.00	4.00	2.9	17.8	0.15	3.2	0.01	0.06	2
inc	8.50	1.20	9.4	49.7	0.26	10.1	0.02	0.13	1
GNDD284	69.55	17.05	2.4	4.7	0.66	2.7	0.02	0.14	2
inc	75.00	5.20	7.4	13.9	2.0	8.5	0.06	0.45
inc	77.80	1.20	21.4	34.4	5.5	24.2	0.17	0.86	1
GNDD285	173.60	1.65	1.0	1.5	0.50	1.2	0.02	0.03
and	312.00	11.30	3.0	11.4	1.38	3.7	0.06	0.03
and	362.40	10.60	0.6	1.2	0.05	0.6	0.01	0.01	2
inc	362.40	1.15	3.7	8.8	0.42	4.0	0.05	0.04
and	393.00	2.00	6.7	12.1	0.09	6.9	0.07	0.01
GNDD286	95.00	6.00	0.22	1.5	0.27	0.36	0.01	0.06	2
and	112.10	3.80	0.38	0.57	0.02	0.40	0.01	0.00	2
and	169.00	10.20	4.2	52.5	3.0	6.2	0.10	0.09	2
inc	169.00	7.45	5.8	71.4	4.0	8.4	0.13	0.12
inc	174.25	2.20	11.5	171	11.1	18.5	0.37	0.31	1
GNDD287	26.00	126.00	0.37	2.1	0.17	0.47	0.00	0.01	2
inc	67.00	5.50	1.8	6.6	0.35	2.0	0.01	0.01
inc	82.00	2.00	1.5	4.4	0.59	1.8	0.00	0.00
and	202.00	7.00	0.13	1.8	0.16	0.22	0.00	0.02	2
GNDD288	13.00	96.00	1.8	2.9	0.31	2.0	0.01	0.04	2
inc	65.00	44.00	3.7	4.6	0.63	4.1	0.01	0.07
inc	98.20	4.30	27.6	35.4	5.9	30.6	0.11	0.33	1
and	216.00	4.50	3.3	31.2	4.0	5.4	0.15	0.55	2
inc	217.76	1.90	7.6	68.7	8.7	12.2	0.32	1.2
inc	218.55	1.11	11.7	101	12.5	18.4	0.48	2.1	1
and	399.00	27.80	5.5	12.9	3.9	7.3	0.05	0.02	2
inc	403.00	4.00	1.3	2.1	0.62	1.6	0.01	0.00
inc	410.00	14.20	10.1	20.6	7.3	13.6	0.09	0.04
GNDD289	23.00	39.20	0.23	2.1	0.13	0.31	0.00	0.01	2
inc	27.00	2.00	1.0	16.9	0.07	1.3	0.00	0.04
inc	60.90	1.30	0.32	7.1	2.6	1.5	0.08	0.04
and	132.00	4.00	0.68	0.41	0.02	0.69	0.00	0.00	2

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

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

www.challengerex.com

Commentary
and	165.00	14.00	0.27	1.6	0.03	0.30	0.00	0.01	2
and	201.00	6.00	0.17	1.7	0.23	0.29	0.01	0.15	2
GNDD290	27.45	8.55	0.20	6.0	0.07	0.30	0.01	0.00	2
and	70.00	4.00	0.71	13.4	1.1	1.4	0.02	0.01	2
inc	70.00	2.00	1.0	16.1	2.0	2.1	0.04	0.01
and	139.50	11.66	0.31	12.1	0.82	0.82	0.02	0.29	2
inc	139.50	2.10	1.4	25.3	2.1	2.7	0.10	1.3
and	162.60	3.96	1.9	19.9	5.5	4.6	0.05	0.31
GNDD291	18.20	11.80	0.46	7.5	0.10	0.60	0.01	0.04	2
inc	24.00	2.00	1.0	5.7	0.05	1.1	0.01	0.05
and	62.00	77.00	0.19	5.3	0.10	0.29	0.00	0.02	2
and	165.00	25.00	0.13	3.5	0.06	0.20	0.00	0.02	2
inc	179.00	2.00	0.81	6.3	0.34	1.0	0.00	0.09
GNDD292	69.00	12.50	0.25	1.7	0.03	0.29	0.00	0.01	2
inc	69.00	1.00	1.0	3.2	0.04	1.0	0.00	0.04
and	99.00	42.00	0.22	1.5	0.07	0.26	0.00	0.01	2
inc	110.80	2.00	1.0	7.7	0.25	1.2	0.00	0.00
and	159.00	63.00	0.61	8.6	0.75	1.0	0.01	0.26	2
inc	196.75	1.05	1.5	187	16.9	11.2	0.20	0.12
inc	210.70	2.70	2.0	62.0	9.6	6.9	0.22	4.9
inv	219.05	2.95	2.2	1.8	0.01	2.2	0.00	0.00
GNDD293	130.00	66.00	0.48	1.0	0.09	0.53	0.00	0.02	2
inc	130.00	5.50	1.4	3.4	0.19	1.5	0.01	0.03
inc	143.00	2.00	1.9	2.4	0.03	2.0	0.00	0.01
inc	179.50	9.35	0.79	1.8	0.23	0.91	0.01	0.03
GNDD294	35.83	9.17	0.29	4.1	0.18	0.42	0.04	0.24	2
GNDD295	58.00	42.00	0.20	2.7	0.08	0.27	0.00	0.01	2
GNDD296	59.00	13.00	0.31	5.0	0.10	0.42	0.01	0.06	2
inc	70.00	2.00	1.7	21.5	0.09	2.0	0.00	0.04
and	173.00	10.00	0.39	1.6	1.2	0.95	0.01	0.00
and	193.00	16.90	14.1	18.3	5.8	16.9	0.18	0.00
inc	194.20	7.10	28.1	36.1	8.3	32.2	0.31	0.00
inc	207.05	2.85	13.1	13.0	12.6	18.8	0.26	0.00
GNDD297	16.00	14.00	0.47	5.1	0.03	0.55	0.00	0.02	2
inc	20.00	2.00	1.4	21.6	0.01	1.7	0.00	0.00
and	71.00	3.60	0.11	34.0	0.03	0.55	0.00	0.03	2
GNDD298	148.00	21.00	0.63	1.1	0.23	0.75	0.01	0.13	2
inc	148.00	7.00	1.1	2.3	0.39	1.3	0.02	0.26
and	205.00	2.00	1.5	0.15	0.01	1.5	0.00	0.00
and	230.50	1.70	0.60	4.2	0.42	0.83	0.01	0.01	2
and	281.00	5.00	0.06	19.7	0.11	0.36	0.00	0.04	2
and	300.00	9.00	0.57	2.6	0.47	0.80	0.01	0.00	2
inc	308.00	1.00	3.1	17.9	3.87	5.0	0.12	0.01

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

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

www.challengerex.com

Commentary
GNDD299	141.00	1.00	1.1	9.5	0.88	1.6	0.03	0.09
and	147.50	9.85	3.4	44.0	5.3	6.2	0.11	0.20
GNDD300	27.00	18.00	0.36	2.0	0.13	0.44	0.00	0.00	2
and	87.00	33.10	0.36	0.94	0.04	0.39	0.00	0.01	2
inc	108.00	2.00	1.6	0.73	0.01	1.6	0.00	0.00
and	173.85	0.50	0.23	12.6	2.42	1.4	0.07	0.01
and	188.00	0.60	1.5	22.3	2.9	3.0	0.11	0.90
GNDD301	13.20	48.80	0.41	6.1	0.08	0.52	0.00	0.05	2
inc	26.10	15.90	0.75	11.7	0.06	0.92	0.00	0.05
GNDD302	300.00	3.00	7.6	14.8	0.56	8.1	0.03	0.37
and	326.80	3.95	3.3	36.3	8.85	7.6	0.14	0.04
and	467.00	15.60	0.66	12.2	0.46	1.0	0.05	0.04	2
inc	475.50	0.50	1.7	33.9	0.98	2.6	0.07	0.02
inc	480.90	1.70	4.1	68.4	3.13	6.4	0.36	0.02
and	510.75	4.25	3.3	37.3	0.63	4.0	0.19	0.01
inc	512.00	1.10	11.9	129	2.05	14.4	0.49	0.04	1
GNDD303	139.00	4.00	0.42	1.3	0.01	0.44	0.00	0.01	2
GNDD304	66.00	47.00	0.23	1.1	0.21	0.33	0.00	0.06	2
inc	66.00	2.00	1.2	3.4	0.11	1.3	0.01	0.14
inc	94.00	2.00	0.72	1.7	0.99	1.2	0.00	0.34
GNDD305	128.00	48.00	0.22	1.4	0.02	0.25	0.00	0.01	2
inc	175.00	1.00	1.2	14.2	0.00	1.3	0.09	0.00
and	226.70	12.10	0.37	1.9	0.11	0.44	0.00	0.10	2
inc	237.50	1.30	0.93	7.4	0.50	1.2	0.02	0.54
GNDD306	78.00	25.00	0.49	5.8	0.08	0.60	0.02	0.04	2
inc	84.00	8.00	1.0	13.9	0.20	1.2	0.04	0.09
and	213.25	28.75	0.45	8.2	0.30	0.69	0.02	0.03	2
inc	213.25	1.75	1.0	18.1	0.03	1.2	0.00	0.02
inc	222.70	1.70	2.5	63.1	3.0	4.6	0.19	0.08
inc	234.00	2.00	1.7	21.5	1.0	2.4	0.04	0.03
GNDD307	0.00	23.00	0.33	4.8	0.05	0.41	0.00	0.02	2
and	57.00	22.00	0.28	0.50	0.03	0.30	0.00	0.00	2
inc	57.00	2.00	1.5	0.24	0.01	1.5	0.00	0.00
GNDD308	258.25	36.75	0.49	1.6	0.16	0.58	0.00	0.06	2
inc	291.00	4.00	2.6	5.6	0.84	3.1	0.02	0.05
and	458.45	8.05	0.43	1.7	0.36	0.61	0.01	0.00	2
inc	465.90	0.60	1.6	17.6	4.8	3.9	0.08	0.01	2
and	640.00	45.00	0.33	1.2	0.15	0.41	0.00	0.01
inc	650.00	27.00	0.52	1.3	0.18	0.62	0.00	0.00
inc	650.00	2.00	2.5	5.2	0.12	2.6	0.00	0.02
inc	661.50	0.70	1.1	1.9	0.06	1.2	0.02	0.00
inc	668.00	1.00	4.0	3.4	3.0	5.3	0.02	0.00
and	1009.00	4.00	3.7	44.9	3.7	5.8	0.28	1.10	2

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

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

www.challengerex.com

Commentary
inc	1010.00	3.00	4.8	58.9	4.9	7.7	0.37	1.44
GNDD309	185.00	23.10	0.62	1.6	0.12	0.70	0.00	0.04	2
inc	191.00	2.00	1.0	11.9	0.11	1.2	0.00	0.11
inc	206.00	2.10	2.8	1.9	0.77	3.1	0.02	0.17
GNDD310	30.00	19.00	2.3	1.7	0.01	2.3	0.00	0.00	2
inc	30.00	2.00	20.3	11.5	0.02	20.5	0.00	0.00
and	186.00	40.00	0.60	0.92	0.02	0.62	0.00	0.00	2
inc	188.00	2.00	1.7	1.9	0.06	1.8	0.00	0.00
inc	204.00	8.00	1.1	1.0	0.00	1.1	0.00	0.00
inc	222.00	2.00	1.0	0.75	0.01	1.0	0.00	0.00
and	288.00	2.00	1.1	6.5	0.16	1.3	0.02	0.15
GNDD311	5.00	22.00	0.44	0.84	0.02	0.46	0.00	0.01	2
inc	23.00	2.00	2.3	1.2	0.04	2.3	0.00	0.02
and	45.00	4.00	0.57	0.31	0.01	0.58	0.00	0.01	2
and	176.00	21.00	0.20	3.2	0.13	0.29	0.01	0.01	2
inc	191.00	4.50	0.31	6.5	0.44	0.59	0.02	0.01
GNDD312	NSI
GNDD313	97.00	24.00	0.53	12.4	0.02	0.70	0.00	0.00	2
inc	109.00	2.00	2.2	14.1	0.01	2.4	0.00	0.00
and	143.00	14.80	0.86	2.3	0.07	0.92	0.01	0.03	2
inc	148.50	2.50	4.3	7.9	0.24	4.5	0.01	0.11
GNDD314	102.00	4.00	0.34	11.8	0.22	0.58	0.01	0.06	2
and	115.35	2.65	1.5	13.8	0.06	1.7	0.00	0.01	2
inc	116.59	1.41	2.4	21.3	0.08	2.7	0.00	0.01
and	205.00	17.50	0.71	11.5	2.4	1.9	0.04	0.22	2
inc	205.00	5.50	1.6	25.1	4.6	4.0	0.08	0.42
inc	205.00	2.15	3.7	33.6	11.4	9.1	0.18	0.88
inc	216.00	6.50	0.51	9.6	2.4	1.7	0.04	0.24	2
inc	217.00	5.50	0.56	10.5	2.7	1.9	0.04	0.27
inc	217.00	3.00	0.83	14.3	3.9	2.7	0.06	0.32
and	284.00	2.00	0.83	0.2	0.01	0.84	0.00	0.00	2
and	296.90	2.75	59.0	25.8	7.2	62.5	0.27	0.00	1
GNDD315	219.00	2.00	0.95	0.75	0.01	1.0	0.00	0.01	2
GNDD316	102.00	4.00	0.29	11.2	0.30	0.56	0.07	0.09	2
and	286.00	34.00	0.32	4.7	0.10	0.42	0.01	0.03	2
inc	286.00	2.00	1.3	28.0	0.05	1.7	0.00	0.00
inc	306.00	2.00	0.64	9.6	0.93	1.2	0.05	0.21
inc	316.00	2.00	1.4	4.4	0.03	1.5	0.01	0.01
GNDD317	NSI
GNDD318	221.00	7.17	0.29	2.4	0.29	0.45	0.01	0.09	2
inc	226.66	1.51	0.75	8.2	1.1	1.4	0.05	0.27
and	245.00	3.78	0.33	7.1	0.36	0.57	0.01	0.10	2
inc	248.28	0.50	0.42	10.5	1.9	1.4	0.03	0.47

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

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

www.challengerex.com

Commentary
GNDD319	108.00	104.00	0.48	1.1	0.03	0.51	0.00	0.01	2
inc	128.00	2.00	1.7	1.2	0.02	1.7	0.00	0.00
inc	140.00	2.00	1.5	0.88	0.01	1.6	0.00	0.01
inc	154.00	2.00	1.3	3.7	0.00	1.3	0.00	0.00
inc	164.00	4.00	1.2	5.5	0.27	1.4	0.02	0.12
inc	196.00	12.00	1.3	0.53	0.01	1.3	0.00	0.00
GNDD320	181.75	36.25	0.4	2.52	0.25	0.55	0.01	0.03	2
inc	197.00	7.85	1.0	5.77	0.61	1.4	0.03	0.04
inc	213.50	1.50	1.2	4.09	0.68	1.6	0.03	0.04
and	254.00	29.00	0.3	0.26	0.02	0.34	0.00	0.00	2
and	301.00	32.50	0.76	0.6	0.04	0.78	0.00	0.00	2
inc	303.50	15.50	1.32	0.8	0.06	1.4	0.00	0.00
GNDD321	261.00	2.00	1.13	1.0	0.06	1.2	0.00	0.03
GNDD322	132.00	50.00	0.85	1.9	0.27	1.0	0.00	0.01	2
inc	143.60	2.40	12.2	28.5	4.46	14.5	0.05	0.15
inc	159.40	1.40	1.1	1.1	0.21	1.2	0.01	0.03
inc	180.00	2.00	1.4	0.26	0.01	1.4	0.00	0.00
and	295.60	3.40	0.75	0.69	0.01	0.76	0.01	0.00	2
inc	295.60	1.40	1.4	0.64	0.01	1.4	0.01	0.00
and	382.15	8.85	1.3	10.9	1.45	2.0	0.06	0.01
GNDD323	292.88	12.12	0.23	1.80	0.03	0.27	0.00	0.01	2
inc	292.88	1.32	1.05	7.70	0.09	1.19	0.00	0.00
GNDD324	128.00	2.00	1.0	1.0	0.01	1.0	0.01	0.05
and	144.00	2.00	1.9	1.4	0.01	2.0	0.01	0.01
and	152.00	10.00	0.27	0.81	0.11	0.32	0.00	0.01	2
GNDD325	32.00	17.00	0.34	18.4	0.06	0.60	0.00	0.02	2
inc	41.00	4.00	1.0	52.8	0.09	1.7	0.01	0.06
GNDD326	288.00	2.00	7.5	1.4	0.02	7.5	0.00	0.00
GNDD327	229.00	28.00	0.25	0.20	0.01	0.25	0.00	0.01	2
and	307.00	0.60	1.4	4.4	1.1	1.9	0.03	0.83
and	354.70	1.00	13.2	22.1	2.0	14.4	0.11	0.01
and	386.00	1.70	0.57	0.21	0.01	0.57	0.00	0.00	2
and	459.00	3.00	0.34	1.1	0.01	0.36	0.00	0.00	2
GNDD328	NSI
GNDD329	104.00	14.00	1.1	1.4	0.02	1.2	0.00	0.00	2
inc	106.60	1.65	7.3	4.1	0.02	7.4	0.00	0.01
and	282.00	68.00	0.48	0.87	0.03	0.51	0.01	0.01	2
inc	284.00	2.50	2.9	6.4	0.72	3.3	0.04	0.30
inc	312.00	1.10	3.0	2.0	0.00	3.1	0.00	0.00
inc	331.00	2.00	1.0	0.7	0.00	1.0	0.01	0.00
inc	337.00	2.00	1.2	1.1	0.00	1.2	0.00	0.00
inc	345.00	2.00	1.3	1.0	0.00	1.3	0.01	0.00
and	394.00	16.00	0.47	0.86	0.01	0.48	0.01	0.00	2

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

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

www.challengerex.com

Commentary
inc	398.00	2.00	1.56	0.68	0.00	1.57	0.02	0.00
and	436.90	5.10	0.26	1.15	0.01	0.28	0.00	0.00	2
GNDD330	286	49.70	0.39	0.88	0.08	0.43	0.00	0.01	2
inc	316	1.00	1.4	0.89	0.03	1.5	0.00	0.01
inc	329	6.70	1.3	1.5	0.06	1.3	0.00	0.00
and	375.2	1.80	0.41	2.6	3.7	2.1	0.03	0.01	2
inc	375.2	0.50	1.3	8.2	12.3	6.7	0.11	0.02
GNDD331	NSI
GNDD332	182.00	21.00	0.53	0.59	0.05	0.56	0.00	0.01	2
inc	194.00	5.70	1.1	0.61	0.02	1.1	0.00	0.01
and	230.50	19.05	0.33	0.63	0.15	0.41	0.00	0.00	2
inc	230.50	1.50	2.2	1.4	0.10	2.3	0.00	0.02
inc	249.00	0.55	2.2	11.3	3.5	3.9	0.04	0.01
and	263.50	16.67	0.32	2.9	0.39	0.53	0.02	0.02	2
inc	263.50	0.65	1.5	5.7	2.0	2.5	0.05	0.01
inc	278.25	1.92	1.9	19.6	2.5	3.2	0.12	0.11
GNDD333	164.20	16.80	0.32	1.3	0.07	0.37	0.00	0.02	2
and	224.00	5.00	0.50	9.1	0.31	0.75	0.01	0.13
and	248.00	1.45	1.2	3.8	0.43	1.4	0.02	0.19
and	262.00	10.30	0.17	2.6	0.65	0.49	0.01	0.03	2
inc	265.80	1.20	0.68	3.0	0.73	1.0	0.02	0.04
inc	271.50	0.80	0.22	7.2	2.0	1.2	0.04	0.00
and	284.00	13.00	0.27	3.19	0.32	0.44	0.01	0.04	2
and	358.50	2.50	0.41	9.7	1.8	1.3	0.05	0.01	2
inc	358.50	0.50	1.8	43.1	7.5	5.5	0.21	0.05
and	373.90	1.80	0.33	13.1	3.1	1.8	0.08	0.02	2
inc	373.90	0.60	0.85	31.7	6.9	4.3	0.20	0.03
GNDD334	220.00	29.00	0.33	0.19	0.02	0.34	0.00	0.00	2
inc	222.00	1.50	1.2	0.43	0.01	1.2	0.00	0.00
inc	230.00	1.50	1.4	0.09	0.01	1.4	0.00	0.00
and	275.00	20.00	0.25	0.12	0.01	0.25	0.00	0.00	2
and	317.00	18.65	0.25	0.74	0.06	0.29	0.00	0.03	2
GNDD335	NSI
GNDD336	146.00	35.00	0.35	5.3	0.23	0.52	0.00	0.04	2
inc	150.00	2.00	1.3	15.8	0.88	1.8	0.01	0.31
inc	174.00	1.00	2.2	26.8	1.68	3.2	0.03	0.08
and	282.00	3.00	0.40	0.61	0.04	0.42	0.00	0.05	2
and	310.00	49.00	1.5	10.4	1.67	2.4	0.05	0.06	2
inc	312.00	2.92	13.8	55.1	7.22	17.7	0.16	0.49
inc	327.45	2.40	0.20	6.9	1.16	0.79	0.03	0.09
inc	341.45	17.55	1.8	18.2	3.24	3.5	0.11	0.05
GNDD337	90.00	7.00	0.38	0.70	0.07	0.41	0.00	0.05	2
inc	90.00	1.10	1.7	2.1	0.22	1.9	0.01	0.19

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

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

www.challengerex.com

Commentary
and	195.50	34.00	0.16	3.0	0.01	0.21	0.00	0.01	2
and	258.60	13.90	2.0	6.0	0.74	2.4	0.02	0.04	2
inc	262.20	10.30	2.7	7.9	0.95	3.2	0.03	0.04
and	312.00	2.00	1.8	3.2	0.27	2.0	0.01	0.02
GNDD338	9.00	4.00	0.36	2.55	0.02	0.40	0.00	0.01	2
and	190.00	20.00	0.40	6.12	0.08	0.51	0.01	0.02	2
GNDD339	81.00	4.00	1.0	32.5	0.18	1.5	0.01	0.15	2
inc	81.00	2.00	1.9	32.7	0.32	2.5	0.01	0.27
GNDD340	344.00	26.00	0.38	0.68	0.04	0.41	0.00	0.01	2
inc	360.00	2.00	1.31	1.62	0.01	1.33	0.00	0.00
GNDD341	60.60	110.40	0.52	0.60	0.08	0.56	0.00	0.00	2
inc	78.00	47.00	1.0	0.95	0.18	1.1	0.01	0.01	2
inc	81.50	5.50	6.4	2.2	0.63	6.7	0.01	0.01
GNDD342	352.00	7.00	0.24	0.23	0.01	0.24	0.00	0.00	2
GNDD343	190.00	55.00	0.51	6.2	0.16	0.66	0.01	0.03	2
inc	190.00	2.00	1.1	9.2	0.07	1.2	0.02	0.00
inc	204.00	14.00	1.1	13.6	0.15	1.3	0.01	0.02
inc	224.00	1.50	1.4	18.8	1.38	2.2	0.08	0.13
GNDD344	15.00	74.00	0.34	1.2	0.02	0.36	0.00	0.00	2
inc	19.00	4.00	1.4	2.7	0.05	1.5	0.00	0.01
inc	37.00	2.00	1.6	3.2	0.01	1.7	0.01	0.00
and	158.00	6.30	1.3	1.0	0.10	1.4	0.00	0.01
and	242.48	0.89	0.81	15.8	0.06	1.0	0.02	0.01
and	287.19	3.91	0.76	5.4	0.01	0.83	0.00	0.00	2
inc	288.55	0.75	2.6	18.4	0.01	2.8	0.00	0.00
GNDD345	227.00	70.50	0.42	0.57	0.07	0.46	0.00	0.00	2
inc	247.50	1.00	5.0	0.87	1.3	5.6	0.01	0.00
inc	256.00	2.00	1.3	0.21	0.01	1.3	0.00	0.00
inc	282.00	2.00	1.7	4.4	0.34	1.9	0.02	0.00
GNDD346	77.00	4.70	0.67	4.1	0.45	0.92	0.04	0.27	2
inc	80.00	1.70	1.8	2.1	0.16	1.9	0.02	0.04
GNDD347	235.00	25.00	0.80	0.43	0.04	0.83	0.00	0.01	2
inc	235.00	2.00	1.2	0.94	0.23	1.3	0.00	0.05
inc	245.70	1.30	9.2	1.2	0.21	9.3	0.00	0.01
and	277.00	4.00	0.37	2.2	0.34	0.55	0.01	0.04	2
inc	277.00	0.50	2.4	10.1	2.2	3.5	0.09	0.12
GNDD348	227.00	23.00	0.55	7.9	0.12	0.70	0.00	0.01	2
inc	227.00	3.40	1.2	28.2	0.42	1.7	0.01	0.00
inc	247.10	0.90	6.1	26.8	0.30	6.6	0.01	0.07
GNDD349	339.50	1.75	0.26	4.6	0.65	0.60	0.03	0.01	2
GNDD350	273.00	0.62	4.3	8.7	1.2	4.9	0.02	0.14
GNDD351	62.00	4.00	0.26	17.4	0.03	0.49	0.00	0.00	2
and	125.00	4.00	0.32	7.3	0.48	0.62	0.03	0.16	2

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

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

www.challengerex.com

Commentary
and	164.50	6.00	0.17	1.1	0.04	0.21	0.00	0.02	2
GNDD352	143.50	11.30	5.4	76.9	5.5	8.8	0.18	0.42
inc	146.00	4.00	10.6	141	11.7	17.4	0.27	0.43	1
and	301.00	3.00	0.42	4.4	0.35	0.63	0.01	0.07	2
inc	302.00	1.00	1.0	9.9	0.63	1.4	0.02	0.15
inc	325.00	1.00	8.9	5.4	3.0	10.3	0.10	0.00	1
GNDD353	15.00	29.00	0.39	31.1	0.15	0.85	0.00	0.01	2
inc	21.00	4.00	0.75	52.0	0.16	1.5	0.01	0.02
inc	37.00	5.60	0.56	68.3	0.30	1.6	0.01	0.03
and	95.00	3.00	0.12	3.4	0.36	0.32	0.02	0.20	2
GNDD354	15.00	41.00	0.32	8.3	0.07	0.46	0.00	0.00	2
inc	29.00	8.00	0.53	15.8	0.07	0.76	0.00	0.00
and	95.00	20.85	0.42	5.3	0.23	0.59	0.01	0.05	2
inc	101.00	2.00	2.0	22.3	1.0	2.7	0.02	0.14
GNDD355	28.00	10.00	0.25	6.8	0.02	0.35	0.00	0.01	2
and	50.00	18.00	0.27	0.9	0.03	0.30	0.00	0.01	2
inc	56.00	2.00	1.13	3.9	0.06	1.2	0.00	0.02
inc	66.00	1.00	1.14	0.8	0.05	1.2	0.00	0.01
and	79.00	6.00	0.79	1.2	0.15	0.87	0.01	0.13	2
inc	83.00	1.00	2.56	3.6	0.64	2.9	0.03	0.54
and	101.00	22.00	0.31	1.3	0.04	0.34	0.01	0.04	2
inc	101.00	2.00	1.2	1.3	0.01	1.2	0.01	0.15
inc	109.00	2.00	1.02	1.85	0.02	1.1	0.01	0.03
GNDD356	263.00	27.00	0.47	0.88	0.06	0.51	0.00	0.05	2
inc	268.00	1.00	1.3	1.9	0.30	1.4	0.04	0.22
inc	286.00	2.00	1.4	0.39	0.06	1.5	0.00	0.02
GNDD357	78.00	4.00	0.23	9.6	0.48	0.56	0.02	0.08	2
and	339.00	4.00	0.34	2.6	0.23	0.48	0.01	0.09	2
and	339.00	4.00	0.34	2.65	0.23	0.48	0.01	0.09	2
GNDD358	34.00	2.55	0.28	5.3	0.07	0.38	0.01	0.01	2
and	137.00	20.00	0.26	2.0	0.11	0.33	0.00	0.04	2
GNDD359	202.00	6.65	6.0	1.0	0.01	6.0	0.00	0.01	2
inc	208.00	0.65	58.5	7.3	0.02	58.6	0.00	0.03	1
and	234.00	2.00	0.87	2.4	0.40	1.1	0.02	0.00
and	270.00	23.00	0.32	1.0	0.05	0.35	0.00	0.01	2
inc	272.00	1.50	1.0	5.4	0.23	1.1	0.02	0.11
and	369.00	8.00	0.26	0.21	0.01	0.27	0.00	0.00	2
GNDD360	162.00	4.05	0.18	1.2	0.11	0.24	0.00	0.02	2
GNDD361	189.00	7.00	0.31	0.41	0.01	0.32	0.00	0.00	2
and	207.00	69.00	0.31	0.66	0.05	0.34	0.00	0.01	2
inc	215.20	1.80	1.2	0.22	0.01	1.2	0.00	0.00
inc	221.00	1.50	1.2	1.7	0.01	1.2	0.00	0.00
inc	246.00	1.00	3.7	2.8	1.2	4.2	0.03	0.05

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

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

www.challengerex.com

Commentary
and	330.20	4.80	7.2	16.5	3.2	8.8	0.12	0.11	2
inc	330.20	1.60	21.5	42.9	9.2	26.0	0.35	0.30
and	366.50	1.95	7.3	19.7	4.4	9.4	0.12	0.01
and	379.35	0.85	10.4	14.7	0.41	10.8	0.03	0.14
and	401.00	6.00	0.59	0.84	0.01	0.60	0.00	0.01	2
GNDD362	191.00	17.00	0.19	8.3	0.04	0.31	0.00	0.01	2
and	237.90	2.50	2.1	77.6	11.1	7.9	0.36	0.36	2
inc	239.1	1.3	3.8	138	21.2	14.7	0.70	0.65
and	401.60	3.50	5.4	9.4	3.9	7.2	0.12	0.00	2
inc	402.25	2.20	8.4	12.1	6.1	11.2	0.18	0.00
and	415.30	1.15	2.2	6.7	1.3	2.8	0.05	0.00
and	423.55	2.75	0.19	4.2	1.7	1.0	0.09	0.00	2
inc	425.00	0.60	0.13	7.5	5.8	2.8	0.23	0.00
GNDD363	112.00	15.25	0.25	0.49	0.01	0.27	0.00	0.00	2
and	188.00	21.85	0.53	5.9	0.34	0.76	0.01	0.04	2
inc	188.00	1.50	1.4	19.5	2.35	2.6	0.03	0.29
inc	203.50	5.05	1.0	5.4	0.15	1.2	0.00	0.02
GNDD364	83.00	29.00	0.47	0.36	0.06	0.50	0.00	0.01	2
inc	88.00	2.00	2.4	0.23	0.04	2.4	0.00	0.00
inc	98.00	1.50	1.9	1.7	0.32	2.1	0.02	0.02
GNDD365	62.60	3.80	0.58	5.7	0.59	0.91	0.04	0.23	2
and	184.00	11.00	0.24	0.87	0.06	0.28	0.00	0.01	2
inc	186.70	0.55	2.2	11.7	1.04	2.8	0.02	0.08
and	222.50	5.90	0.29	0.78	0.04	0.32	0.00	0.01	2
inc	227.70	0.70	1.8	1.5	0.07	1.9	0.00	0.01
and	294.70	2.20	0.37	13.7	0.46	0.74	0.01	0.02	2
and	334.15	0.70	1.1	9.7	1.10	1.7	0.04	0.11
GNDD366	209.00	23.00	0.70	0.64	0.11	0.76	0.01	0.03	2
inc	209.00	2.00	3.0	0.35	0.01	3.0	0.00	0.00
inc	221.00	5.00	1.0	0.88	0.10	1.0	0.00	0.06
and	243.80	0.50	1.8	0.94	0.02	1.8	0.00	0.01
and	335.35	5.65	3.6	3.2	0.03	3.7	0.00	0.00
GNDD367	91.00	71.25	0.19	0.63	0.08	0.23	0.00	0.01	2
and	243.15	0.55	2.4	58.0	12.89	8.7	0.41	3.92
GNDD368	227.00	12.00	0.66	0.50	0.08	0.70	0.00	0.00	2
inc	227.00	0.50	1.3	1.9	0.01	1.3	0.00	0.00
inc	231.90	1.10	2.6	2.0	0.49	2.8	0.00	0.00
inc	236.00	1.20	1.5	0.42	0.01	1.5	0.00	0.00
and	264.10	7.90	0.36	0.46	0.01	0.37	0.00	0.01	2
and	288.00	4.00	0.45	1.2	0.01	0.46	0.00	0.00	2
and	313.75	56.25	0.78	2.2	0.11	0.86	0.00	0.00	2
inc	339.00	5.50	5.1	13.7	0.87	5.6	0.04	0.01
inc	354.00	2.00	1.5	1.0	0.02	1.5	0.00	0.00

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

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

www.challengerex.com

Commentary
inc	369.00	1.00	2.3	4.2	0.50	2.6	0.03	0.01
and	470.00	18.00	0.35	0.40	0.01	0.36	0.00	0.00	2
inc	482.00	2.00	1.7	2.7	0.02	1.8	0.00	0.01
GNDD369	226.00	18.50	0.75	2.0	0.16	0.84	0.01	0.01	2
inc	232.00	5.35	1.6	2.7	0.01	1.7	0.00	0.00
inc	243.80	0.70	3.5	16.9	3.9	5.4	0.10	0.05
GNDD370	245.80	18.90	2.7	9.9	0.55	3.1	0.02	0.21	2
inc	247.00	6.60	5.8	17.9	1.3	6.6	0.05	0.46
inc	259.80	4.90	2.0	10.1	0.32	2.3	0.01	0.13
and	330.80	4.20	10.4	61.5	11.4	16.1	0.42	0.68
GNDD371	NSI
GNDD372	290.50	6.50	2.4	3.5	1.1	3.0	0.00	0.57
inc	291.60	1.50	9.0	13.5	4.7	11.2	0.01	2.41
GNDD373	97.00	5.00	1.2	1.6	0.06	1.3	0.00	0.02
and	324.00	15.00	0.30	2.2	0.17	0.40	0.00	0.06	2
and	376.90	53.65	0.46	1.8	0.13	0.54	0.01	0.05	2
inc	376.90	0.70	2.0	24.5	3.1	3.6	0.19	0.03
inc	403.50	2.00	1.1	3.7	0.21	1.2	0.01	0.07
inc	412.00	1.00	5.5	11.5	0.13	5.7	0.00	0.04
inc	422.00	2.00	2.5	2.6	0.02	2.6	0.00	0.02
inc	430.00	0.55	0.81	14.3	3.4	2.5	0.46	1.75
GNDD374	NSI
GNDD375	189.75	11.25	0.41	6.6	0.14	0.55	0.00	0.01	2
inc	195.00	2.00	1.1	16.3	0.55	1.6	0.00	0.04
and	235.24	6.46	0.82	3.1	0.12	0.92	0.00	0.00	2
inc	235.24	1.12	3.4	6.3	0.01	3.5	0.00	0.01
and	269.00	2.00	2.0	1.1	0.10	2.0	0.00	0.21
and	318.00	4.00	0.05	55.4	0.07	0.79	0.00	0.03	2
GNDD376	141.00	51.00	0.92	15.2	0.89	1.5	0.08	0.17	2
inc	170.20	1.80	0.87	1.5	0.38	1.0	0.01	0.13
inc	187.40	4.60	8.3	163	9.0	14.3	0.89	1.61
inc	187.40	2.60	13.8	282	15.6	24.2	1.54	2.70	1
and	209.40	23.60	0.66	0.88	0.03	0.69	0.00	0.00	2
inc	209.40	1.60	1.5	1.0	0.01	1.5	0.00	0.00
inc	227.00	2.00	4.2	1.8	0.02	4.2	0.02	0.00
GNDD377	NSI
GNDD378	108.30	63.30	8.5	7.6	2.8	9.8	0.05	0.00
inc	113.58	24.08	20.4	15.9	6.2	23.3	0.11	0.01	1
inc	168.7	1.90	13.5	23.1	7.8	17.2	0.21	0.00	1
and	317.5	1.10	0.39	7.2	1.6	1.2	0.07	0.04
GNDD379	232.80	11.60	0.21	0.88	0.07	0.25	0.01	0.08	2
GNDD380	67.00	22.00	0.28	1.7	0.10	0.35	0.01	0.01	2
inc	87.00	2.00	1.3	2.0	0.17	1.4	0.01	0.02

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

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

www.challengerex.com

Commentary
and	142.00	2.00	3.0	5.1	0.14	3.1	0.01	0.10
and	192.00	70.00	0.64	1.0	0.04	0.67	0.00	0.00	2
inc	194.00	0.70	17.5	17.6	0.01	17.7	0.00	0.00	1
inc	214.50	1.35	9.6	3.5	0.00	9.6	0.00	0.00
inc	245.00	2.00	1.4	0.91	0.14	1.5	0.00	0.00
inc	257.00	2.00	4.5	0.39	0.01	4.5	0.00	0.00
GNDD381	76.25	2.10	1.5	1.1	0.13	1.6	0.01	0.03	2
inc	77.00	1.35	2.2	1.3	0.20	2.3	0.01	0.01
and	270.50	14.90	0.34	4.7	0.03	0.41	0.01	0.04	2
inc	270.50	1.50	2.2	5.1	0.03	2.3	0.00	0.02
GNDD382	200.00	0.50	1.7	0.46	0.06	1.7	0.00	0.01
and	330.00	3.60	0.06	2.3	1.7	0.81	0.01	0.00	2
GNDD383	NSI
GNDD384	57.00	12.00	0.12	3.8	0.42	0.35	0.01	0.14	2
GNDD385	231.00	20.00	0.65	5.4	0.27	0.83	0.01	0.19	2
inc	232.60	1.10	4.5	15.6	0.88	5.0	0.05	0.92
inc	242.00	1.45	3.7	27.9	2.9	5.3	0.14	1.87
and	295.00	5.30	0.28	1.5	0.07	0.33	0.00	0.15	2
and	318.50	12.50	0.34	0.4	0.01	0.35	0.00	0.01	2
inc	329.20	1.80	1.5	0.2	0.00	1.5	0.00	0.00
GNDD386	64.60	31.90	0.56	6.4	0.09	0.68	0.00	0.02	2
inc	67.00	2.00	6.3	2.7	0.01	6.4	0.00	0.01
inc	81.50	0.90	0.84	90.8	1.1	2.5	0.03	0.11
GNDD387	177.05	3.80	0.41	3.8	0.11	0.51	0.01	0.08	2
and	260.65	0.70	21.4	201	14.1	30.1	0.32	1.11	1
GNDD388	NSI
GNDD389	32.70	8.30	0.35	1.9	0.52	0.60	0.00	0.01	2
inc	32.70	2.00	0.72	2.5	0.94	1.2	0.01	0.02
and	62.00	1.00	0.93	8.7	1.0	1.5	0.03	0.06
GNDD390	238.00	2.00	0.4	15.0	1.3	1.1	0.07	0.61
GNDD391	278.00	5.00	1.1	2.2	0.70	1.4	0.00	0.23	2
inc	281.00	2.00	2.0	5.3	1.6	2.7	0.01	0.55
and	294.85	0.80	0.88	18.9	2.9	2.4	0.11	0.47
and	428.40	0.50	2.7	18.2	3.7	4.5	0.10	0.05
and	438.90	0.70	1.7	18.8	1.7	2.7	0.04	0.00
GNDD392	61.00	6.00	0.37	0.21	0.01	0.38	0.00	0.00	2
and	144.00	2.00	0.19	101	0.03	1.5	0.00	0.06
GNDD393	190.00	1.00	2.8	36.5	0.16	3.4	0.10	0.00
and	231.00	2.00	2.6	56.6	0.04	3.3	0.00	0.03
and	243.00	1.00	0.33	5.2	2.1	1.3	0.01	0.01
GNDD394	224.00	5.00	7.3	29.4	2.4	8.7	0.04	1.31	2
inc	224.00	3.00	12.0	46.4	3.9	14.3	0.07	2.13	1
GNDD395	174.90	21.10	0.16	1.95	0.05	0.20	0.00	0.01	2

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

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

www.challengerex.com

Commentary
and	337.35	1.00	4.7	91.5	5.9	8.4	0.22	0.14
and	352.00	2.00	3.9	0.06	0.00	3.9	0.00	0.00
and	409.00	7.05	1.0	5.0	0.65	1.4	0.01	0.01	2
inc	409.00	6.00	1.2	5.8	0.76	1.6	0.01	0.02
and	431.80	0.65	0.64	10.0	2.0	1.6	0.03	0.09
and	569.50	2.00	0.07	3.9	1.2	0.64	0.05	0.00	2
GNDD396	NSI
GNDD397	15.00	5.00	17.3	30.1	5.1	19.9	0.08	0.14
inc	15.00	3.00	28.3	49.8	8.3	32.5	0.14	0.24	1
and	50.00	4.00	0.25	9.4	0.12	0.42	0.01	0.14	2
and	98.00	4.00	0.61	0.26	0.00	0.62	0.00	0.00	2
GNDD398	NSI
GNDD399	5.00	17.50	0.30	2.5	0.20	0.42	0.01	0.14	2
and	57.00	51.25	0.30	2.1	0.08	0.36	0.00	0.05	2
and	277.00	14.00	0.32	1.4	0.04	0.36	0.00	0.00	2
GNDD400	NSI
GNDD401	234.40	2.35	4.33	61.4	9.3	9.1	0.25	0.01
GNDD402	187.30	37.90	0.26	0.3	0.04	0.29	0.00	0.02	2
inc	215.00	6.00	1.2	1.5	0.20	1.3	0.01	0.09
and	280.00	24.00	0.22	2.9	0.08	0.29	0.00	0.01	2
GNDD403	16.80	0.90	0.01	0.78	9.4	4.1	0.05	0.02
and	47.15	7.85	0.10	7.0	0.04	0.20	0.00	0.01	2
GNDD404	NSI
GNDD405	58.00	58.00	0.21	2.9	0.33	0.39	0.01	0.12	2
inc	70.70	1.95	1.35	2.7	0.93	1.8	0.03	0.30
inc	95.00	2.00	0.52	7.7	2.51	1.7	0.01	1.11
inc	107.00	1.40	0.23	25.8	1.09	1.0	0.01	0.30
GNDD406	242.00	24.00	0.51	0.22	0.03	0.53	0.00	0.01	2
and	317.70	9.30	0.28	1.1	0.01	0.3	0.00	0.01
and	349.45	0.50	78.8	86.3	24.0	90.3	1.47	0.54	1
and	430.00	20.85	0.32	0.82	0.06	0.36	0.00	0.00	2
inc	430.00	1.35	0.71	4.8	0.62	1.0	0.04	0.01
inc	448.85	0.90	1.9	1.3	0.12	2.0	0.01	0.00
and	527.85	5.30	1.4	1.7	0.15	1.5	0.01	0.04	2
inc	532.45	0.70	9.4	12.1	1.1	10.0	0.05	0.28
GNDD407	95.00	14.50	0.34	3.5	0.12	0.44	0.01	0.07	2
inc	95.00	2.00	1.4	2.4	0.05	1.5	0.00	0.03
and	155.00	16.00	0.48	3.4	0.79	0.86	0.01	0.00	2
inc	160.00	1.00	1.0	7.0	1.3	1.6	0.01	0.00
inc	168.85	2.15	2.6	13.0	3.3	4.2	0.05	0.00
and	198.00	4.00	0.15	42.3	0.06	0.71	0.00	0.03	2
GNDD408	13.00	21.70	0.88	9.3	0.18	1.1	0.01	0.19	2
inc	23.00	4.00	3.9	15.7	0.22	4.1	0.03	0.39

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

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

www.challengerex.com

Commentary
and	47.00	63.00	0.38	2.8	0.22	0.51	0.00	0.12	2
inc	86.00	1.40	3.1	43.3	1.6	4.4	0.10	0.07
inc	101.20	2.80	1.6	20.5	2.8	3.1	0.03	1.92
and	184.00	4.00	0.35	1.3	0.27	0.49	0.00	0.00	2
and	248.90	8.10	0.35	0.78	0.16	0.43	0.00	0.00	2
and	325.00	12.50	1.0	1.3	0.23	1.1	0.00	0.00	2
inc	325.00	5.00	2.2	1.6	0.19	2.3	0.00	0.00
GNDD409	0.00	22.00	0.52	7.0	0.07	0.64	0.01	0.06	2
inc	0.00	2.00	1.9	30.5	0.01	2.3	0.04	0.06
inc	12.00	2.00	1.7	6.8	0.05	1.8	0.01	0.09
and	83.00	22.00	1.3	1.6	0.02	1.3	0.00	0.02
inc	89.00	10.00	2.4	2.2	0.02	2.5	0.00	0.03
GNDD410	NSI
GNDD411	0.00	14.00	0.21	5.0	0.1	0.33	0.00	0.01	2
and	38.00	2.00	1.0	1.1	0.0	1.0	0.00	0.11
GNDD412	132.00	28.00	0.47	6.0	0.13	0.61	0.00	0.06	2
inc	134.00	4.00	1.7	31.1	0.84	2.5	0.02	0.36
and	228.00	4.00	0.73	9.0	0.12	0.90	0.01	0.01	2
inc	228.00	0.55	3.3	48.9	0.28	4.0	0.01	0.05
and	256.50	27.50	0.34	1.0	0.04	0.40	0.00	0.02	2
inc	259.35	1.65	0.83	6.9	0.41	1.1	0.01	0.30
inc	277.00	1.00	1.0	0.3	0.00	1.0	0.00	0.00
GNDD413	NSI
GNDD414	273.30	13.70	1.5	13.8	0.76	2.0	0.04	0.06
inc	273.30	4.20	3.7	43.9	2.45	5.4	0.11	0.19
and	427.50	13.30	0.09	8.6	0.40	0.37	0.03	0.07	2
and	509.00	12.00	0.16	24.9	0.25	0.59	0.01	0.02	2
inc	509.00	1.00	0.95	9.1	2.5	2.2	0.07	0.00
inc	517.00	2.00	0.17	102	0.08	1.5	0.00	0.07
GNDD415	17.00	2.00	0.68	0.72	0.07	0.72	0.01	0.05	2
and	49.00	8.00	0.40	0.65	0.01	0.41	0.00	0.00	2
inc	55.00	2.00	1.2	0.92	0.01	1.2	0.00	0.00
and	87.00	3.35	0.35	7.4	0.05	0.47	0.00	0.01	2
GNDD416A	61.00	6.00	0.26	0.49	0.02	0.28	0.00	0.00	2
GNDD416B	226.20	2.30	0.55	2.1	0.16	0.64	0.01	0.05	2
and	240.00	4.00	16.9	10.7	0.05	17.1	0.01	0.03
inc	242.00	2.00	32.7	8.8	0.08	32.8	0.02	0.04	1
and	424.60	1.30	2.1	25.6	3.6	4.0	0.06	0.01
and	530.70	1.10	44.5	23.0	0.30	44.9	0.01	0.71	1
GNDD417	55.00	1.80	2.3	0.77	0.03	2.3	0.00	0.00
and	182.00	3.00	1.1	1.3	0.01	1.2	0.00	0.00
and	310.35	0.55	0.08	10.5	4.2	2.0	0.01	0.27
and	336.15	0.55	0.24	7.4	2.8	1.5	0.05	0.14

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

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

www.challengerex.com

Commentary
and	496.00	9.10	1.1	12.2	1.3	1.8	0.08	0.02
GNDD418	NSI
GNDD419	NSI
GNDD420	96.00	6.00	0.22	0.65	0.15	0.29	0.00	0.04	2
and	110.00	4.00	0.22	2.3	0.57	0.49	0.01	0.16	2
and	155.00	14.00	0.30	0.94	0.11	0.36	0.00	0.12	2
GNDD421	66.00	25.00	1.4	3.7	0.33	1.6	0.01	0.08	2
inc	68.00	21.00	1.6	4.0	0.36	1.8	0.01	0.09
GNDD422	127.50	8.50	0.41	1.7	0.24	0.53	0.03	0.18	2
inc	133.50	0.90	1.4	6.1	0.89	1.8	0.08	0.79
and	149.40	28.80	0.25	0.82	0.12	0.32	0.00	0.05	2
inc	176.40	1.80	1.2	2.3	0.11	1.3	0.01	0.05
and	189.30	0.50	0.85	35.1	1.0	1.8	0.24	0.11
and	213.00	64.00	0.32	1.2	0.12	0.39	0.01	0.00	2
inc	213.00	2.00	1.0	1.1	0.02	1.0	0.00	0.00
inc	266.50	0.80	8.8	48.9	7.6	12.7	0.38	0.07
GNDD423	2.00	2.00	1.5	1.3	0.02	1.5	0.00	0.01
and	18.00	5.60	1.7	2.5	0.09	1.8	0.01	0.08	2
inc	20.60	3.00	2.8	2.6	0.09	2.9	0.01	0.08
GNDD424	74.00	27.20	0.52	3.3	0.38	0.73	0.01	0.20	2
inc	92.75	8.45	1.3	8.0	1.1	1.9	0.03	0.59
and	126.75	11.25	0.40	3.3	0.06	0.46	0.00	0.05	2
inc	136.00	2.00	1.3	4.1	0.17	1.4	0.01	0.18
GNDD425	19.80	50.40	0.26	3.7	0.09	0.35	0.00	0.01	2
inc	23.00	5.00	1.2	6.3	0.04	1.3	0.01	0.05
GNDD426	436.00	28.00	0.20	0.43	0.05	0.22	0.00	0.01	2
GNDD427	113.00	17.00	0.24	1.0	0.09	0.30	0.00	0.05	2
and	162.00	18.00	0.25	1.8	0.08	0.31	0.00	0.04	2
and	197.00	2.00	0.72	3.1	0.07	0.79	0.01	0.11	2
inc	198.00	1.00	1.1	1.4	0.08	1.1	0.00	0.03
GNDD428	241.00	2.00	0.37	8.9	0.52	0.70	0.04	0.22	2
GNDD429	62.30	39.70	0.47	1.3	0.08	0.52	0.00	0.02	2
inc	62.30	1.70	5.9	2.3	0.09	6.0	0.02	0.08
inc	89.45	0.95	1.3	1.6	0.42	1.5	0.01	0.01
GNDD430	NSI
GNDD431	48.00	8.00	0.25	1.99	0.06	0.29	0.00	0.01	2
GNDD432	50.00	48.00	0.36	7.9	0.06	0.48	0.00	0.02	2
inc	54.60	3.40	2.7	15.0	0.22	3.0	0.01	0.15
inc	76.00	2.00	0.54	62.2	0.10	1.4	0.00	0.04
and	112.00	6.00	1.1	0.70	0.02	1.1	0.00	0.01	2
inc	112.00	2.00	2.7	1.0	0.01	2.8	0.00	0.01
and	246.00	37.35	0.66	6.2	0.06	0.77	0.00	0.01	2
inc	252.00	2.00	0.91	7.6	0.01	1.0	0.00	0.00

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

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

www.challengerex.com

Commentary
inc	264.00	1.30	3.5	25.5	0.04	3.8	0.00	0.00
inc	269.00	2.00	1.4	10.6	0.57	1.8	0.02	0.01
inc	282.10	1.25	6.7	7.4	0.28	7.0	0.02	0.08
GNDD433	105.00	3.00	0.4	1.0	0.24	0.48	0.01	0.11	2
and	143.00	4.00	0.3	1.2	0.45	0.49	0.02	0.13	2
and	178.00	22.00	0.4	4.3	0.52	0.72	0.03	0.35	2
inc	186.00	4.00	1.9	8.4	1.00	2.5	0.04	0.63
and	301.00	12.00	0.35	0.36	0.02	0.36	0.00	0.02	2
GNDD434	24.40	67.60	2.5	2.6	0.03	2.6	0.00	0.01	2
inc	24.40	5.40	28.6	11.1	0.04	28.7	0.01	0.11
inc	26.00	2.40	60.0	20.4	0.03	60.2	0.00	0.14	1
inc	62.00	2.00	2.4	0.72	0.01	2.4	0.00	0.00
and	120.00	2.30	0.56	0.13	0.01	0.57	0.00	0.00	2
GNDD435	64.00	4.00	0.52	1.0	0.06	0.56	0.00	0.03	2
and	76.00	4.00	0.34	3.0	0.39	0.55	0.02	0.10	2
and	91.00	2.00	3.5	0.76	0.01	3.5	0.00	0.00
GNDD436	354.00	9.00	0.20	1.1	0.35	0.37	0.00	0.05	2
and	468.00	12.00	0.91	0.33	0.01	0.92	0.00	0.00	2
inc	468.00	2.00	4.7	0.92	0.01	4.7	0.00	0.00
GNDD437	52.50	1.65	1.8	2.5	0.02	1.8	0.00	0.00
and	173.00	2.00	6.8	0.53	0.01	6.8	0.00	0.00
and	348.45	26.55	2.2	0.81	0.01	2.2	0.00	0.01	2
inc	356.80	4.20	12.6	2.7	0.00	12.7	0.00	0.00
inc	356.80	1.10	40.3	7.3	0.00	40.4	0.00	0.00	1
inc	373.00	2.00	1.7	0.39	0.00	1.7	0.00	0.00
GNDD438	65.00	10.00	0.16	1.9	0.21	0.27	0.00	0.01	2
and	160.00	4.00	0.33	1.1	0.17	0.42	0.00	0.00	2
and	191.60	0.55	1.0	6.3	0.03	1.1	0.00	0.11
and	218.20	17.80	1.2	0.55	0.02	1.2	0.00	0.01
and	258.00	13.00	0.52	0.42	0.00	0.53	0.00	0.00	2
inc	258.00	1.50	1.5	1.3	0.00	1.5	0.00	0.02
GNDD439	50.00	26.00	0.58	1.0	0.10	0.64	0.01	0.06	2
inc	56.00	2.00	3.2	1.3	0.04	3.2	0.02	0.02
inc	61.50	0.60	5.3	3.1	0.08	5.4	0.00	0.04
inc	68.20	0.80	1.6	1.6	0.15	1.7	0.00	0.14
and	94.00	37.75	0.90	2.0	0.15	1.0	0.01	0.11	2
inc	106.00	9.00	2.9	4.9	0.45	3.2	0.02	0.40
inc	106.00	1.00	14.6	27.4	0.81	15.3	0.08	2.4	1
inc	131.00	0.75	0.89	8.8	0.08	1.0	0.01	0.04
GNDD440	381.40	0.60	0.71	8.3	1.51	1.5	0.05	0.00
and	531.20	11.30	0.32	7.1	0.26	0.52	0.00	0.01	2
inc	541.40	1.10	1.8	5.9	1.7	2.6	0.00	0.03
and	590.50	6.50	0.20	10.2	0.02	0.34	0.00	0.01	2

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

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

www.challengerex.com

Commentary
and	647.90	5.10	0.07	23.2	0.10	0.41	0.01	0.04	2
and	762.00	8.60	0.43	9.1	0.01	0.55	0.01	0.00	2
inc	762.00	1.00	2.5	58.6	0.07	3.3	0.10	0.00
GNDD441	15.10	11.90	3.2	9.3	0.81	3.7	0.02	0.04	2
inc	15.10	9.90	3.8	10.6	0.87	4.4	0.02	0.05
inc	20.50	1.20	13.3	45.3	0.62	14.1	0.09	0.18	1
GNDD442	125.90	13.10	0.30	1.4	0.16	0.39	0.01	0.09	2
and	229.00	1.00	1.8	4.0	0.04	1.8	0.00	0.21
and	250.00	2.85	1.8	1.9	0.13	1.9	0.01	0.13	2
inc	251.40	1.45	2.9	2.7	0.16	3.0	0.02	0.16
and	306.00	29.00	3.2	44.6	3.6	5.3	0.06	0.38	2
inc	308.00	27.00	3.4	47.6	3.8	5.7	0.06	0.40
inc	329.00	2.60	17.6	218	10.1	24.7	0.18	0.21	1
GNDD443	32.00	63.00	1.1	1.6	0.08	1.1	0.00	0.02	2
inc	41.70	11.30	1.9	3.0	0.19	2.1	0.02	0.06
inc	63.00	4.00	7.2	0.85	0.04	7.2	0.00	0.03
GNDD444	NSI
GNDD445	14.00	53.00	0.30	1.7	0.06	0.35	0.00	0.01	2
inc	24.60	1.40	1.4	4.6	0.43	1.7	0.01	0.03
and	91.00	5.00	0.56	0.55	0.07	0.60	0.01	0.01	2
and	260.00	2.00	0.54	0.46	0.01	0.55	0.00	0.00	2
and	278.00	4.00	0.53	2.3	0.32	0.70	0.02	0.06	2
GNDD446	243.00	1.15	1.6	0.31	0.02	1.6	0.00	0.01
GNDD447	75.00	1.00	0.08	4.8	2.2	1.1	0.05	0.01
and	233.00	33.00	0.16	2.6	0.15	0.26	0.01	0.04	2
inc	247.30	1.30	0.58	15.0	1.4	1.4	0.14	0.45
and	289.60	44.40	0.84	5.1	0.09	0.95	0.01	0.01	2
inc	289.60	3.40	6.6	47.8	0.05	7.2	0.00	0.03
inc	291.00	2.00	10.4	76.8	0.08	11.4	0.00	0.05	1
inc	329.25	0.70	12.7	17.5	3.7	14.5	0.17	0.19	1
GNDD448A	NSI
GNDD449	47.40	6.60	0.05	10.7	0.11	0.23	0.00	0.01
and	62.00	6.00	0.13	6.1	0.02	0.22	0.00	0.01
GNDD450	75.90	3.10	0.37	0.4	0.01	0.38	0.00	0.00	2
and	138.00	23.00	0.24	1.2	0.01	0.26	0.00	0.00	2
and	314.45	97.75	1.7	11.9	0.88	2.2	0.04	0.03	2
inc	317.00	2.00	1.6	22.9	0.04	1.9	0.00	0.00
inc	328.40	1.60	1.5	7.2	0.07	1.6	0.00	0.01
inc	342.00	4.00	2.8	6.7	0.37	3.1	0.03	0.01
inc	360.10	0.55	10.0	51.8	8.4	14.3	0.18	0.04	1
inc	376.20	16.80	7.1	50.7	4.4	9.7	0.22	0.08
inc	376.20	4.75	21.6	160	14.6	30.0	0.70	0.10	1
inc	411.00	1.20	1.1	12.1	0.43	1.5	0.04	0.05

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

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

www.challengerex.com

Commentary
GNDD451	101.00	29.00	0.72	0.69	0.10	0.77	0.00	0.02	2
inc	115.00	15.00	1.2	0.88	0.15	1.3	0.00	0.03
and	148.00	14.00	0.69	0.79	0.21	0.79	0.00	0.01
GNDD452	242.55	3.45	0.53	0.80	0.03	0.56	0.00	0.03	2
GNDD453	133.65	5.35	0.83	1.6	0.01	0.86	0.01	0.00	2
inc	133.65	2.00	2.1	1.7	0.02	2.1	0.00	0.00
and	248.00	3.00	0.89	4.5	0.04	1.0	0.00	0.01	2
inc	249.40	1.60	1.1	1.2	0.03	1.1	0.01	0.02
and	281.30	8.70	1.0	3.5	0.31	1.2	0.01	0.09	2
inc	283.60	6.40	1.4	4.3	0.41	1.6	0.01	0.13
GNDD454	8.00	34.00	0.24	1.9	0.03	0.27	0.00	0.00	2
GNDD455	130.00	4.00	0.45	0.94	0.13	0.52	0.02	0.09	2
inc	130.00	1.20	1.1	2.0	0.39	1.3	0.06	0.24
and	153.00	4.00	0.57	0.60	0.07	0.60	0.00	0.03	2
and	219.40	13.10	0.25	1.4	0.16	0.34	0.01	0.06	2
inc	231.00	1.50	1.1	5.6	0.88	1.6	0.04	0.19
and	447.60	0.50	1.5	88.8	17.5	10.2	0.36	0.10	1
GNDD456	252.00	12.40	1.6	26.7	2.12	2.8	0.06	0.02	2
inc	252.00	3.00	5.7	108	8.31	10.7	0.26	0.09
inc	252.00	1.70	9.8	189	14.13	18.3	0.45	0.15	1
and	298.70	6.70	0.13	2.8	0.09	0.20	0.00	0.00	2
GNDD457	3.75	17.25	0.20	1.1	0.07	0.25	0.00	0.01	2
and	33.50	34.50	0.30	0.59	0.03	0.31	0.00	0.00	2
inc	60.50	1.85	1.4	0.73	0.03	1.4	0.00	0.00
GNDD458	219.00	17.00	0.21	0.53	0.01	0.22	0.00	0.01	2
and	300.35	67.65	7.3	5.7	0.60	7.7	0.02	0.02	2
inc	335.90	32.10	15.2	10.9	1.22	15.9	0.04	0.02
inc	335.90	0.50	833	104	0.04	834	0.00	0.04	1
inc	362.90	1.35	21.0	84.7	5.39	24.4	0.43	0.03	1
and	380.55	14.45	0.94	2.5	0.24	1.1	0.01	0.01
and	458.00	11.50	0.26	0.74	0.12	0.32	0.00	0.00	2
inc	469.00	0.50	1.3	5.8	1.64	2.1	0.04	0.00
and	491.00	2.00	1.3	0.24	0.00	1.3	0.00	0.00
and	569.00	0.85	1.7	4.2	0.01	1.7	0.00	0.00
GNDD459	257.00	29.00	0.13	0.46	0.14	0.20	0.01	0.03	2
and	339.00	43.00	0.39	0.82	0.16	0.48	0.01	0.05	2
inc	342.50	1.50	1.0	0.43	0.05	1.0	0.00	0.02
inc	366.00	2.00	1.5	0.21	0.02	1.5	0.00	0.01
inc	380.00	2.00	1.0	11.3	2.82	2.4	0.08	0.88
and	420.00	6.00	0.58	0.27	0.00	0.58	0.00	0.00	2
inc	424.00	2.00	1.0	0.03	0.01	1.0	0.00	0.00
GNDD460	335.00	4.00	0.25	0.72	0.13	0.32	0.00	0.03	2
and	420.00	0.55	1.0	24.3	6.6	4.1	0.14	0.09

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

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

www.challengerex.com

Commentary
and	438.00	2.00	2.6	0.71	0.01	2.6	0.00	0.00
and	448.00	0.70	0.75	8.1	1.9	1.7	0.05	0.00
GNDD461	116.00	11.40	0.21	3.2	0.1	0.31	0.01	0.01	2
and	199.00	2.00	0.36	32.6	0.4	0.95	0.12	0.22	2
and	337.50	11.50	0.35	19.2	0.1	0.62	0.00	0.01	2
inc	347.00	2.00	0.94	95.5	0.27	2.3	0.00	0.06
and	498.00	3.30	0.25	8.3	0.35	0.51	0.01	0.02	2
GNDD462	84.00	10.60	0.47	2.1	0.59	0.75	0.01	0.14	2
inc	85.75	1.40	1.7	5.3	3.5	3.2	0.03	0.60
inc	93.65	0.95	2.2	8.1	0.42	2.5	0.02	0.22
GNDD463	227.50	12.50	0.13	0.69	0.15	0.20	0.00	0.04	2
and	286.50	8.40	2.6	24.0	2.41	3.9	0.07	0.12	2
inc	286.50	7.50	2.9	26.6	2.66	4.4	0.08	0.07
GNDD464	93.00	6.00	0.87	0.71	0.01	0.88	0.00	0.00	2
inc	93.00	2.00	1.4	1.2	0.01	1.4	0.00	0.00
and	192.80	2.60	0.43	0.44	0.01	0.44	0.00	0.00	2
and	205.00	15.00	0.26	0.34	0.01	0.27	0.00	0.00	2
GNDD465	358.00	7.00	0.21	0.82	0.00	0.22	0.00	0.00	2
and	441.00	5.00	0.41	1.8	0.04	0.45	0.00	0.06	2
inc	441.00	1.00	1.3	5.1	0.19	1.4	0.02	0.28
and	524.00	14.00	0.23	9.8	0.32	0.50	0.01	0.08	2
inc	528.00	2.00	0.55	43.5	2.0	2.0	0.02	0.46
GNDD466	22.55	76.45	0.22	1.1	0.05	0.26	0.00	0.01	2
inc	89.95	1.30	1.5	0.41	0.01	1.5	0.00	0.00
and	131.15	12.85	1.1	18.3	2.4	2.4	0.08	1.0
inc	131.15	1.05	11.8	166	22.0	23.4	0.44	8.7	1
and	139.80	0.50	0.65	91.9	13.9	7.9	1.0	7.6
GNDD467	NSI
GNDD468	39.00	26.00	0.19	1.4	0.11	0.25	0.00	0.00	2
and	87.00	38.00	0.30	0.91	0.08	0.35	0.00	0.01	2
inc	123.00	2.00	2.7	2.6	0.24	2.8	0.01	0.09
GNDD469	NSI
GNDD470	12.00	78.00	0.19	1.6	0.09	0.25	0.00	0.01	2
inc	42.50	0.50	1.9	27.5	4.7	4.2	0.12	0.04
and	112.50	11.50	0.29	5.9	0.24	0.47	0.01	0.03	2
inc	122.00	2.00	1.4	11.5	0.09	1.6	0.00	0.02
GNDD471	243.00	2.90	0.52	0.41	0.01	0.53	0.00	0.00	2
inc	245.00	0.90	1.2	0.67	0.01	1.2	0.00	0.00
and	372.00	7.00	1.2	3.6	0.04	1.3	0.00	0.03	2
inc	375.00	2.00	3.8	5.1	0.06	3.9	0.00	0.05
GNDD472	333.00	12.20	0.34	4.4	0.09	0.44	0.00	0.03	2
inc	344.40	0.80	1.1	11.3	1.02	1.7	0.02	0.38
and	374.50	0.60	11.9	126	20.85	22.6	1.50	0.07	1

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

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

www.challengerex.com

Commentary
and	432.20	0.50	0.22	7.1	2.50	1.4	0.10	0.00
GNDD473	33.00	20.00	0.19	1.4	0.01	0.21	0.00	0.00	2
inc	51.00	1.00	1.4	15.7	0.04	1.6	0.00	0.03
and	287.30	22.70	1.8	32.8	0.73	2.6	0.03	0.27	2
inc	287.30	12.95	3.0	55.4	1.1	4.2	0.05	0.38
and	436.40	0.70	2.7	28.2	4.4	5.0	0.14	0.20
GNDD474	37.00	9.00	1.0	3.2	0.31	1.2	0.01	0.00	2
inc	39.25	5.55	1.4	3.4	0.44	1.7	0.02	0.00
and	61.00	22.75	0.44	2.1	0.07	0.49	0.00	0.01	2
GNDD475	10.00	13.00	0.19	1.2	0.10	0.25	0.00	0.01	2
GNDD476	NSI
GNDD477A	NSI
GNDD478	246.95	29.85	0.23	0.34	0.11	0.28	0.00	0.03	2
and	285.00	9.70	0.28	0.93	0.20	0.38	0.01	0.06	2
inc	293.00	1.70	0.78	2.9	0.75	1.1	0.04	0.15
and	335.00	2.00	1.4	0.44	0.01	1.4	0.00	0.01
and	354.45	0.50	13.8	26.7	1.9	14.9	0.14	2.8	1
and	363.00	10.00	0.40	0.59	0.01	0.41	0.01	0.00	2
GNDD479	67.00	12.00	0.70	15.0	0.27	1.0	0.01	0.08	2
inc	69.00	2.00	3.8	11.7	0.21	4.1	0.03	0.24
GNDD480	63.00	1.50	0.76	3.8	0.19	0.89	0.01	0.09	2
and	194.00	4.10	1.5	2.4	0.02	1.6	0.01	0.01	2
inc	196.70	1.40	3.5	4.9	0.04	3.6	0.02	0.03
and	212.00	12.60	0.29	1.0	0.01	0.31	0.00	0.01	2
and	251.00	4.00	0.37	0.46	0.01	0.38	0.00	0.00	2
and	361.65	10.35	0.34	9.7	0.05	0.49	0.00	0.02	2
inc	361.65	0.75	1.3	16.1	0.04	1.5	0.00	0.01
and	418.00	4.00	0.51	0.51	0.00	0.52	0.00	0.00	2
GNDD481	63.60	18.50	0.16	3.7	0.04	0.23	0.00	0.02	2
GNDD482	229.00	2.00	0.53	0.43	0.06	0.56	0.00	0.05	2
and	346.00	12.00	1.06	0.40	0.01	1.1	0.00	0.00	2
inc	346.00	2.00	2.2	0.54	0.01	2.3	0.00	0.00
inc	352.00	2.00	2.7	1.4	0.01	2.8	0.00	0.00
and	370.00	16.00	0.39	2.2	0.01	0.42	0.00	0.00	2
inc	370.00	2.00	1.1	0.18	0.01	1.2	0.00	0.00
inc	383.00	1.00	1.1	27.2	0.10	1.5	0.02	0.05
and	416.00	10.00	0.91	0.33	0.00	0.92	0.00	0.00
and	539.00	6.00	0.39	0.13	0.00	0.39	0.00	0.00	2
GNDD484	343.00	21.00	0.55	0.41	0.03	0.56	0.00	0.01	2
inc	360.00	4.00	2.0	0.88	0.07	2.1	0.00	0.01
GNDD485	10.00	60.00	0.37	4.3	0.09	0.46	0.00	0.01	2
inc	23.55	1.45	2.8	19.8	0.16	3.2	0.01	0.02
inc	46.00	2.00	1.7	5.7	0.13	1.8	0.00	0.02

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

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

www.challengerex.com

Commentary
and	104.00	22.00	0.11	2.7	0.27	0.26	0.01	0.02	2
GNDD486	154.00	13.00	0.33	0.28	0.01	0.34	0.00	0.00	2
and	254.00	16.00	0.19	2.1	0.21	0.30	0.01	0.09	2
inc	258.00	2.00	0.66	3.7	0.86	1.1	0.03	0.40
and	290.65	0.50	0.72	15.7	0.40	1.1	0.08	0.82
GNDD488	NSI
GNDD489	118.30	0.70	3.3	11.5	1.80	4.3	0.07	0.05
and	514.25	0.75	0.71	58.5	0.18	1.5	0.05	0.10
and	525.00	3.00	0.20	9.7	0.04	0.34	0.04	0.01	2
GNDD490	299.00	19.60	0.14	2.6	0.10	0.22	0.01	0.03	2
inc	304.60	0.55	1.1	0.80	0.27	1.2	0.00	0.00
and	368.80	1.40	0.34	49.3	7.5	4.2	0.36	0.01
and	414.00	2.00	0.85	3.1	0.66	1.2	0.03	0.00	2
inc	415.00	1.00	1.4	5.5	1.2	2.0	0.06	0.00
and	436.00	1.70	0.25	7.0	0.94	0.74	0.08	0.00	2
inc	436.00	0.80	0.31	14.0	1.9	1.3	0.16	0.01
GNDD491	80.15	22.85	0.14	4.3	0.03	0.21	0.00	0.01	2
and	175.50	5.50	0.32	6.1	0.12	0.45	0.00	0.01	2
inc	175.50	1.50	0.67	19.4	0.29	1.0	0.01	0.01
and	201.40	11.50	0.46	7.1	0.22	0.64	0.01	0.08	2
inc	207.50	4.05	0.74	10.7	0.24	1.0	0.01	0.08
and	236.85	3.85	9.7	27.2	3.26	11.4	0.10	1.2
inc	238.50	0.90	38.5	100	12.12	45.0	0.40	4.4	1
and	247.00	16.80	6.6	66.6	9.73	11.7	0.32	2.4
inc	247.00	2.00	22.6	170	12.08	30.0	0.84	0.18	1
inc	254.40	3.05	4.0	65.7	18.16	12.7	0.30	2.7	1
inc	261.70	0.70	41.5	215	14.35	50.5	1.1	29.0	1
GNDD492	NSI
GNDD493	NSI
GNDD494	15.00	8.00	0.43	2.3	0.05	0.48	0.01	0.01	2
inc	21.00	0.95	1.6	8.7	0.06	1.7	0.01	0.02
and	63.00	2.00	0.1	45.2	0.12	0.69	0.00	0.07	2
and	217.00	2.00	0.94	0.91	0.11	1.0	0.01	0.05
GNDD496	35.00	43.00	0.28	2.1	0.15	0.38	0.01	0.00	2
inc	51.00	2.00	1.0	2.6	0.02	1.0	0.00	0.00
and	106.00	38.00	0.56	1.9	0.04	0.61	0.00	0.01
inc	106.00	2.00	2.6	4.3	0.03	2.6	0.00	0.01
inc	122.00	6.00	1.8	3.1	0.05	1.9	0.01	0.01
and	210.00	2.00	3.9	17.4	3.1	5.4	0.08	0.14
inc	211.20	0.80	9.3	43.3	7.6	13.2	0.21	0.34
and	235.35	2.25	3.0	60.4	6.1	6.4	0.19	0.35
GNDD498	39.00	15.00	1.7	2.1	0.02	1.8	0.00	0.01	2
inc	48.35	1.65	12.0	9.9	0.07	12.2	0.01	0.02	1

Challenger Exploration Limited

Issued Capital

ACN 123 591 382 1,004m shares ASX: CEL 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

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

www.challengerex.com

Commentary
and	66.00	3.75	4.1	3.1	0.01	4.1	0.00	0.00
and	77.00	3.00	1.9	4.2	0.04	1.9	0.00	0.02	2
inc	78.50	1.50	3.2	3.6	0.01	3.2	0.00	0.01
and	91.00	12.00	0.23	0.77	0.01	0.24	0.01	0.00	2
and	201.90	21.35	0.26	4.7	0.10	0.36	0.01	0.01	2
inc	222.65	0.60	0.75	11.1	1.2	1.4	0.04	0.03
and	276.00	2.00	0.67	0.89	0.05	0.70	0.00	0.04	2
and	308.00	2.00	0.72	0.47	0.10	0.77	0.00	0.01	2
GNDD499	200.00	28.00	0.22	3.6	0.07	0.30	0.00	0.04	2
GNDD500	81.45	67.55	0.28	2.8	0.05	0.33	0.00	0.01	2
inc	101.00	6.00	0.90	12.9	0.24	1.2	0.01	0.05
and	267.00	40.00	0.63	4.4	0.17	0.76	0.01	0.02	2
inc	272.00	4.70	1.73	13.1	0.44	2.1	0.02	0.04
inc	294.05	1.95	2.56	20.2	1.3	3.4	0.04	0.09
and	378.35	7.05	0.93	4.1	0.48	1.2	0.04	0.03
GNDD502	24.00	8.00	0.08	48.0	0.09	0.73	0.01	0.07	2
inc	24.00	4.00	0.16	96.1	0.19	1.5	0.01	0.13
GNDD503	2.45	3.05	0.46	7.7	0.39	0.72	0.00	0.03	2
inc	2.45	1.15	1.1	10.7	0.78	1.6	0.01	0.07
GNDD504	274.00	38.80	0.31	0.40	0.02	0.33	0.00	0.01	2
inc	289.00	1.00	2.1	0.49	0.15	2.2	0.00	0.06
inc	295.60	1.70	1.1	1.1	0.08	1.2	0.01	0.03
and	333.00	1.00	3.3	2.4	0.90	3.7	0.00	0.39
and	385.40	0.60	0.81	5.9	0.90	1.3	0.03	0.00
and	448.00	15.40	1.1	0.31	0.02	1.1	0.00	0.00	2
inc	448.00	0.50	1.6	0.22	0.01	1.6	0.00	0.00
inc	462.90	0.50	28.8	7.6	0.61	29.2	0.07	0.00	1
GNDD507	2.00	5.00	0.29	2.8	0.31	0.46	0.00	0.01	2
GNDD512	28.00	54.00	0.42	2.5	0.03	0.47	0.01	0.01	2
inc	28.00	1.50	2.69	0.99	0.01	2.7	0.00	0.00
inc	37.00	4.70	1.1	0.83	0.01	1.1	0.00	0.00
inc	51.80	1.55	3.6	53.6	0.48	4.5	0.03	0.11
inc	65.00	2.00	1.2	0.37	0.02	1.2	0.00	0.01
and	196.00	37.00	0.42	7.4	0.17	0.58	0.01	0.02	2
inc	201.00	4.00	1.2	29.0	0.10	1.6	0.01	0.05
inc	210.00	2.00	0.81	17.4	0.15	1.1	0.01	0.02
inc	218.00	2.00	0.42	6.8	1.4	1.1	0.03	0.04
GNDD515	38.65	4.35	0.17	36.2	2.2	1.6	0.09	1.0	2
inc	40.00	3.00	0.20	43.1	3.0	2.0	0.12	1.5
and	298.40	19.60	0.62	6.3	0.09	0.74	0.00	0.04	2
inc	306.00	6.00	1.2	13.8	0.29	1.5	0.01	0.14
and	345.55	3.60	3.3	62.4	7.3	7.3	0.21	0.27
and	376.00	6.00	3.0	42.7	1.5	4.2	0.04	0.01	2

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

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

www.challengerex.com

Commentary
inc	376.00	4.00	4.3	62.6	2.3	6.1	0.06	0.02
and	394.00	6.00	0.24	5.8	0.03	0.33	0.00	0.01	2
GNDD517	50.00	2.00	0.64	12.7	0.11	0.84	0.00	0.03	2
GNDD520	231.00	9.00	0.21	0.88	0.22	0.31	0.01	0.00	2
and	305.55	0.55	2.7	2.7	0.17	2.8	0.03	0.05
and	445.60	2.40	60.8	53.4	7.1	64.6	0.47	0.04
and	461.30	3.85	1.0	0.69	0.03	1.0	0.00	0.00	2
inc	462.30	1.70	1.8	1.1	0.05	1.8	0.01	0.00
GNDD522	20.20	9.8	2.4	16.8	2.2	3.6	0.06	0.10
GNDD523	19.00	8.9	0.33	2.4	0.11	0.41	0.01	0.11	2
inc	26.50	1.4	1.4	4.8	0.34	1.7	0.03	0.46
and	41.15	0.50	4.0	33.3	6.4	7.2	0.36	1.6
and	56.85	0.50	1.0	11.1	0.03	1.1	0.00	0.05
and	63.80	38.2	5.0	3.6	0.17	5.1	0.01	0.11	2
inc	67.00	4.9	4.1	3.0	0.10	4.2	0.00	0.02
inc	79.00	2.0	2.0	0.73	0.01	2.0	0.00	0.00
inc	99.75	0.90	177	68.7	4.1	180	0.14	2.7	1
GNDD524	17.10	7.1	7.5	25.5	2.0	8.7	0.12	1.2
inc	22.85	1.4	27.9	60.0	3.4	30.1	0.42	2.8	1
and	34.00	2.0	0.15	21.5	0.4	0.59	0.01	0.16	2
and	44.00	2.0	0.15	30.2	0.0	0.55	0.00	0.01	2
GNDD527	280.00	14.00	0.36	3.7	0.01	0.41	0.00	0.00	2
inc	280.00	2.00	1.3	14.1	0.01	1.5	0.00	0.00
and	338.30	2.95	5.4	136	12.5	12.5	0.59	0.38	1
and	410.00	5.00	1.0	13.5	1.6	1.9	0.11	0.02	2
inc	410.00	3.05	1.5	20.5	2.4	2.9	0.17	0.03
and	427.75	6.25	0.84	3.4	0.00	0.89	0.00	0.00	2
inc	430.20	2.00	2.0	8.0	0.01	2.1	0.00	0.00
and	465.00	7.00	0.50	5.8	0.01	0.58	0.00	0.00	2
inc	465.00	2.00	0.89	10.7	0.01	1.0	0.00	0.00
and	491.55	5.25	2.0	26.4	1.6	3.0	0.07	0.02
GNDD532	93.80	14.35	1.2	69.4	0.10	2.1	0.01	0.06	2
inc	93.80	9.20	1.5	107	0.15	2.9	0.01	0.09
and	123.00	4.00	0.25	12.6	0.02	0.42	0.00	0.01	2
and	157.65	3.35	0.25	13.4	0.02	0.43	0.00	0.01	2
and	274.00	37.00	1.3	8.6	0.10	1.4	0.02	0.01	2
inc	278.00	2.00	2.0	8.7	0.01	2.2	0.00	0.00
inc	288.70	9.65	3.6	25.8	0.29	4.0	0.05	0.03
inc	288.70	1.30	8.9	72.9	1.2	10.3	0.30	0.19	1
inc	296.00	1.15	12.5	59.3	0.53	13.5	0.05	0.01	1
and	348.25	0.65	4.6	37.4	6.0	7.7	0.32	3.9
and	358.45	0.75	0.33	67.1	1.8	1.9	0.39	3.0
and	416.50	10.90	2.0	14.8	0.94	2.6	0.04	0.17

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

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

www.challengerex.com

Criteria
JORC Code explanation

Commentary

inc
426.60
0.80
13.1
79.0
0.00
14.1
0.00
0.08
1
GNDD540
134.00
52.50
0.29
5.1
0.06
0.38
0.00
0.00
2
inc
136.60
0.80
0.77
49.5
0.14
1.5
0.03
0.03
inc
150.00
2.00
1.2
19.4
0.08
1.5
0.00
0.00
and
224.00
30.20
0.40
4.5
0.26
0.57
0.01
0.06
2
inc
234.00
2.00
3.8
41.8
2.4
5.4
0.08
0.17
and
309.15
2.50
4.0
67.5
7.5
8.1
0.22
0.45
GNDD545
145.00
10.00
0.18
6.0
0.15
0.32
0.02
0.10
2
and
273.00
2.55
0.27
1.3
0.20
0.38
0.01
0.08
2
and
310.30
8.70
0.30
7.9
0.19
0.48
0.01
0.06
2
inc
310.30
0.70
1.1
7.9
0.24
1.3
0.01
0.08
and
343.15
5.50
6.9
66.7
5.5
10.2
0.25
0.36
inc
343.15
2.00
12.5
75.4
1.0
13.9
0.06
0.05
1
and
352.90
2.85
1.4
17.8
2.9
2.9
0.11
0.32
and
380.00
7.90
1.5
22.6
3.2
3.2
0.11
0.60
GNDD547
54.00
15.00
3.9
3.7
0.17
4.0
0.01
0.03
2
inc
54.00
13.20
4.4
4.2
0.20
4.6
0.01
0.03
inc
65.00
2.20
11.6
9.5
0.25
11.8
0.02
0.12
1
and
83.00
2.10
2.8
7.0
0.40
3.0
0.03
0.38
2
inc
83.00
1.00
5.5
13.9
0.83
6.0
0.06
0.79
and
157.00
3.70
2.6
50.5
9.3
7.3
0.26
4.9
inc
157.00
1.75
4.1
92.7
17.8
13.0
0.52
8.8
1
GNDD549
2.00
15.50
0.31
5.9
0.05
0.41
0.00
0.01
2
and
28.10
10.90
4.0
71.5
0.81
5.3
0.04
0.51
2
inc
29.20
2.55
15.4
245
2.1
19.4
0.12
1.7
inc
29.80
1.05
31.1
381
3.2
37.4
0.20
2.8
1
inc
37.00
2.00
1.6
44.3
0.32
2.3
0.02
0.60
Holes specifically drilled for metallurgical test sample material:
GMDD039
18.00
8.00
0.15
1.9
0.60
0.43
0.01
0.07
2
and
67.60
1.00
24.5
58
3.9
26.9
0.27
1.8
1
GMDD040
116.72
8.68
5.5
12
2.2
6.7
0.06
0.00
inc
122.50
2.90
11.8
24
4.2
14.0
0.14
0.00
1
GMDD041
31.00
16.0
2.6
4.9
0.27
2.8
0.01
0.25
2
inc
41.70
2.0
20.0
29
1.2
20.8
0.06
1.7
and
63.50
5.1
7.9
83
7.9
12.3
0.47
0.21
and
306.10
1.6
8.0
9.2
3.6
9.7
0.11
0.00
and
338.40
4.6
0.09
1.7
0.5
0.31
0.01
0.00
2
GMDD043
18.00
10.00
0.09
1.7
0.48
0.32
0.01
0.10
2
and
70.50
0.30
25.9
81
9.4
31.0
0.33
3.1
1
(1)
cut off 10 g/t Au equivalent
(2)
cut off 0.2 g/t Au equivalent
(3)
combined zones with 0.2 g/t Au cut off (grades include internal dilution from between zones)
(4)
combined zones with 1.0 g/t Au cut-off (grades include internal dilation from between zones)

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

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

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria
JORC Code explanation

Commentary

NSI: no significant intersection
CEL Channel Sample significant results:
Channel_id
from (m)
interval
(m)
Au
(g/t)
Ag
(g/t)
Zn (%)
AuEq
(g/t)
Cu (%)
Pb (%)
Note
RNNV09-01
1.17
10.71
6.4
40.9
1.5
7.5
0.17
0.92
RNNV09-01A
0.00
12.34
12.0
34.9
0.51
12.7
0.05
0.40
inc
2.00
8.41
17.2
39.5
0.41
17.8
0.06
0.51
1
RNNV09-01B
0.00
13.94
3.5
29.8
0.80
4.2
0.04
0.53
inc
10.04
1.95
15.0
84.0
2.5
17.2
0.16
2.3
1
RNNV09-01C
0.00
24.11
16.9
37.8
5.8
19.8
0.25
0.58
inc
6.24
13.79
23.3
59.0
7.8
27.4
0.18
0.48
1
RNNV09-01D
0.00
8.16
10.0
23.3
0.68
10.6
0.30
0.13
inc
0.00
6.56
12.4
21.9
0.8
13.0
0.33
0.15
1
RNNV09-02
0.00
4.77
0.84
15.5
3.1
2.4
0.44
1.0
RNNV09-03
0.00
3.55
7.1
45.5
1.1
8.2
1.1
1.3
RNNV10-01
NSI
RNNV10_02
0.00
1.98
8.8
62.9
1.2
10.1
0.04
0.28
1
RNNV10_03A
0.00
3.21
1.0
39.1
12.6
7.0
0.52
0.25
inc
1.60
1.60
2.0
54.8
20.7
11.7
0.65
0.50
1
RNNV10_03B
0.00
7.31
22.6
60.5
5.6
25.8
0.38
0.26
inc
1.65
5.66
28.5
54.1
3.6
30.8
0.24
0.32
1
RNNV10_04A
2.25
29.73
19.5
22.8
5.9
22.4
0.10
0.09
2
inc
2.25
23.60
24.6
27.9
7.3
28.1
0.12
0.11
inc
4.37
5.89
96.0
85.1
3.7
98.7
0.20
0.12
1
RNNV10_04B
99.56
4.32
0.05
2.5
2.8
1.3
0.06
0.03
2
inc
101.88
2.00
0.08
3.2
5.4
2.4
0.11
0.06
and
117.23
34.00
0.77
20.7
2.5
2.1
0.13
0.10
2
inc
118.18
2.07
0.19
160
23.2
12.3
1.7
0.88
inc
124.86
2.08
0.36
1.0
2.8
1.6
0.06
0.00
inc
131.64
11.91
1.9
25.5
1.6
3.0
0.05
0.13
inc
146.46
0.92
0.72
6.2
2.6
1.9
0.04
0.03
and
168.53
0.96
0.85
14.6
0.48
1.2
0.0
0.41
and
215.15
6.45
0.30
6.2
0.80
0.73
0.02
0.17
2
inc
218.81
1.76
0.60
7.9
1.8
1.5
0.06
0.28
RNNV10_04C
18.78
2.79
1.0
1.2
0.09
1.1
0.01
0.04
2
inc
20.62
0.95
1.7
2.5
0.11
1.8
0.01
0.05
GN23-831
0.00
0.00
0.31
9.8
1.5
1.1
0.04
0.13
RNNV10_06
0.00
9.28
1.4
87.1
7.6
5.8
0.92
0.23
2
inc
0.00
8.28
1.5
96.1
8.4
6.4
0.92
0.26

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1

1205 Hay Street
West Perth WA 6005

Directors

Contact

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

www.challengerex.com

Commentary
inc	6.33	1.06	0.05	36.5	30.0	13.5	0.17	0.18	1
RNNV10_07	0.00	3.87	0.16	4.5	1.1	0.69	0.06	0.05	2
inc	2.87	1.00	0.33	14.8	3.2	1.9	0.21	0.17
RNNV10_08	0.94	2.82	19.4	87.6	3.8	22.2	0.14	2.5	2
inc	0.94	1.80	30.2	135	5.6	34.4	0.21	3.9	1
RNNV10_09	NSI
RNNV10_10	0.00	1.13	0.20	3.3	0.31	0.38	0.00	0.04	2
RNNV11-01	0.0	96.5	9.8	81.8	10.6	15.4	0.62	0.99
RNNV11-02	2.0	55.3	4.7	172	3.59	8.4	0.21	0.62
inc	3.9	20.6	7.9	352	3.29	13.8	0.30	0.99	1
RNNV11-03	0.0	10.2	0.19	6.4	3.21	1.7	2.0	0.04
RNNV11-04	0.0	5.4	2.3	6.6	4.87	4.5	0.15	0.07
RNNV11-05	0.0	4.7	3.7	24.6	4.20	5.9	0.03	0.14
RNNV12-01	0.0	35.2	3.2	18.2	8.0	6.9	0.09	0.07
RNNV12-02	0.0	6.0	1.9	41.4	10.5	6.9	0.22	0.05
RNNV12-03	0.0	12.8	8.7	16.9	5.2	11.2	0.59	0.02
RNNV12-04	0.0	21.1	12.7	37.7	7.1	16.3	0.11	0.40
inc	0.0	5.2	13.4	41.0	18.2	21.8	0.18	0.43	1
inc	14.7	6.5	29.1	51.3	4.7	31.8	0.19	0.89	1
RNNV12-05	0.0	64.8	23.4	104	8.3	28.3	0.20	1.5
inc	7.6	8.8	45.2	88.7	6.8	49.3	0.34	0.68	1
inc	20.1	26.5	29.3	114	8.2	34.4	0.24	2.9	1
inc	49.7	3.1	13.3	337	13.1	23.3	0.24	0.80	1
inc	56.9	3.3	67.7	268	11.5	76.0	0.24	1.3	1
RNNV12-06	0.0	5.0	1.3	156	7.5	6.6	0.08	0.21
RNNV12-07	0.0	3.1	10.9	19.4	4.8	13.3	0.09	0.30
RNNV12-08	0.0	3.5	17.6	37.3	0.31	18.2	0.02	0.10
RNNV12-09	0.0	5.4	30.9	83.9	8.4	35.6	0.34	1.8	1
RNNV12-10	0.0	8.7	3.8	837	1.4	15.0	0.22	0.76	1
RNNV12-11	0.0	2.3	29.7	70.8	0.86	30.9	0.07	0.14	1
RNNV12-12	0.0	19.8	13.7	102	3.0	16.3	0.11	0.41	1
MUNV10-01	0.00	15.28	0.19	9.0	0.12	0.35	0.02	0.16	2
MUNV10-02	4.16	24.91	2.0	12.1	2.4	3.2	0.11	0.30
MUNV10-03	0.00	3.81	3.1	55.2	8.0	7.3	0.43	1.1
MUNV10-04	0.00	4.28	2.1	109	2.8	4.7	2.8	1.6
MGNV10-01	2.00	44.34	0.33	5.2	0.19	0.48	0.01	0.04	2
inc	44.67	1.66	5.9	96.9	2.3	8.1	0.13	0.16
MGNV10-02	0.00	22.47	9.8	21.0	6.5	12.9	0.11	0.45
inc	0.00	4.21	34.7	29.4	22.1	44.7	0.32	1.9	1
inc	8.39	2.54	14.1	93.7	0.67	15.6	0.13	0.29	1
inc	15.92	2.77	8.2	18.1	0.15	8.5	0.03	0.25	1
MGNV10-03	0.00	35.04	2.5	41.0	0.72	3.3	0.04	0.16	2
inc	0.00	20.49	4.2	67.7	1.1	5.5	0.07	0.26

Challenger Exploration Limited

Issued Capital

ACN 123 591 382 1,004m shares ASX: CEL 23.6m options 120m perf shares

16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

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

www.challengerex.com

Commentary
MGNV10-04	0.00	4.79	0.14	1.7	0.26	0.28	0.05	0.05	2
MGNV10-05	0.00	12.00	13.8	105	3.0	16.5	0.05	0.21
inc	0.00	3.70	33.2	298	4.2	38.9	0.06	0.09
MGNV10-06	0.00	9.91	4.2	25.3	4.5	6.5	0.07	0.20
MGNV10-07	0.00	9.59	3.6	57.3	6.4	7.1	0.35	4.8
MGNV10-07	19.80	2.02	0.23	5.1	3.0	1.6	0.03	0.04
MGNV10-08	0.00	4.21	3.0	17.6	2.5	4.2	0.04	0.20
MGNV10-09	0.00	6.48	5.5	44.3	6.4	8.9	0.14	0.07
MGNV10-10	0.00	1.00	1.1	3.3	0.94	1.6	0.01	0.14
SZNV10-01	2.0	30.4	1.2	8.8	1.9	2.2	0.06	0.01	2
inc	23.6	8.7	3.9	28.8	6.3	7.0	0.19	0.02
SZNV10-02	0.0	52.0	1.3	7.9	4.5	3.4	0.40	0.06	2
inc	0.0	6.3	2.6	27.5	1.9	3.7	0.33	0.08
inc	11.3	25.7	2.0	8.1	7.7	5.5	0.48	0.07
inc	18.7	6.2	7.0	17.0	3.0	8.5	0.14	0.13	1
inc	41.5	1.8	0.03	0.34	3.2	1.4	0.12	0.02
SZNV10-03	0.0	4.4	8.2	63.2	0.8	9.4	0.05	0.09
SZNV10-04	0.0	3.5	9.1	27.4	3.7	11.1	0.20	0.08
SZNV11-01	0.0	14.9	0.34	2.3	4.0	2.1	0.19	0.01	2
inc	0.0	11.2	0.43	2.3	5.0	2.6	0.25	0.01
SZNV11-02	0.0	3.4	4.0	27.5	2.5	5.4	0.37	0.04
SZNV11-03	0.0	9.3	2.1	34.1	2.4	3.6	0.53	0.07	2
inc	1.0	8.3	2.3	37.6	2.5	3.9	0.56	0.07
SZNV11-04	0.0	6.1	0.08	2.0	7.6	3.4	0.33	0.04	2
inc	0.0	4.3	0.06	1.4	10.3	4.6	0.24	0.02
SZNV11-05	0.0	3.3	0.53	20.1	4.0	2.5	0.68	0.15	2
inc	2.0	1.3	1.2	44.9	8.6	5.5	0.89	0.22
SZNV11-06	0.0	17.2	0.06	5.0	11.4	5.1	0.68	0.12
SZNV11-07	0.0	3.8	0.03	1.2	8.9	3.9	0.46	0.06
SZNV11-08	0.0	7.1	3.8	18.7	9.6	8.1	0.62	1.2
SZNV11-09	0.0	30.7	0.91	70.2	13.5	7.7	0.74	0.74
SZNV11-10	0.0	3.1	0.38	55.8	14.8	7.5	0.47	0.16
SZNV11-11	0.0	4.6	0.26	9.1	12.6	5.8	1.0	0.16
inc	0.0	3.6	0.32	11.2	15.9	7.4	1.3	0.21
SZNV11-12	0.0	12.0	8.3	28.9	1.4	9.3	0.11	0.13
L5NV10-01	8.55	9.40	0.26	5.5	0.10	0.38	0.01	0.04	2
L5NV10-02	0.00	6.30	1.7	32.8	0.48	2.3	0.01	0.08	2
inc	2.00	4.30	2.4	42.7	0.28	3.1	0.01	0.11
L5NV10-03	0.00	1.44	1.2	11.3	0.11	1.3	0.01	0.48	2
L5NV10-04	0.00	9.04	26.0	50.8	0.10	26.7	0.03	1.1
inc	2.20	6.85	33.1	60.9	0.13	34.0	0.03	1.2	1
L5NV10-05	0.00	2.69	20.1	268	0.08	23.5	0.02	1.0	1
L6NV10-01	0.00	5.21	10.4	19.1	0.18	10.7	0.02	0.48	2

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares

16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Contact

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

www.challengerex.com

Criteria
JORC Code explanation

Commentary

inc
2.00
1.79
27.3
39.3
0.22
27.9
0.01
0.84
L6NV10-02
0.00
3.77
0.70
4.5
0.41
0.93
0.01
0.07
2
and
14.44
10.46
11.2
215
0.31
14.0
0.03
0.98
2
inc
18.10
6.81
17.0
329
0.16
21.3
0.03
1.5
BCNV10-02
2.82
1.92
0.32
2.2
0.43
0.54
0.01
0.00
2
FHNV10-01A
6.40
1.78
0.09
2.9
0.35
0.28
0.01
0.01
2
FHNV10-01B
0.00
9.21
3.0
89.6
2.2
5.1
0.13
3.5
2
inc
1.92
4.63
5.6
175
3.8
9.5
0.23
6.8
FHNV10-02
0.00
13.01
12.0
80.2
5.6
15.5
0.40
4.8
inc
0.00
8.49
17.8
114
6.2
21.9
0.53
6.9
1
FHNV10-03
0.00
12.71
2.1
64.2
3.5
4.4
0.28
1.6
FHNV10-04
0.00
4.24
3.1
136
7.7
8.1
0.57
7.0
FHNV10-05
0.00
1.67
6.4
360
12.7
16.4
0.69
9.7
FHNV10-06
0.00
3.83
3.8
156
20.2
14.6
0.61
4.2
FHNV10-07
3.45
1.03
0.08
1.3
0.50
0.31
0.01
0.02
2
GN24-539
0.00
1.00
0.24
4.7
0.51
0.52
0.05
0.34
2
CINV10-02
0.00
5.27
0.69
4.4
0.07
0.78
0.00
0.02
2
inc
3.33
1.94
1.5
5.3
0.08
1.6
0.00
0.02
CIINV10-01A
1.80
6.96
0.90
17.9
0.26
1.24
0.02
0.18
2
CIINV10-01B
0.00
7.02
1.45
79.3
0.23
2.55
0.02
0.34
2
CIINV10-03
0.00
26.89
0.80
43.2
0.21
1.44
0.02
0.17
2
inc
8.22
13.53
1.11
76.6
0.33
2.23
0.03
0.29
CIIIVN10-01
0.00
81.00
NSI
CHNV10-01A
0.00
9.94
8.0
6.6
0.38
8.3
0.12
0.80
inc
5.10
3.09
21.6
12.7
0.61
22.0
0.22
1.4
1
CHNV10-01B
1.70
7.27
1.4
3.2
1.1
2.0
0.02
0.44
2
inc
3.32
5.65
1.6
3.7
1.4
2.3
0.02
0.49
CHNV10-02
0.00
19.30
0.69
8.6
0.95
1.2
0.03
0.44
2
inc
0.00
2.92
0.89
34.6
4.8
3.4
0.07
1.9
inc
9.16
3.21
0.87
4.2
0.55
1.2
0.02
0.29
inc
16.07
1.60
1.9
15.0
0.31
2.2
0.09
0.42
CHNV10-03
0.00
3.94
0.40
2.0
0.50
0.64
0.02
0.15
2
inc
3.21
0.73
1.3
1.4
0.70
1.6
0.02
0.15
CHNV10-04
0.00
7.96
2.0
8.5
1.1
2.6
0.03
0.62
DJNV10-01A
0.00
59.54
2.2
11.2
5.1
4.5
0.23
0.07
inc
57.49
2.06
15.7
49.7
2.1
17.2
0.08
0.11
1
DJNV10-01B
4.14
20.23
0.06
2.6
0.32
0.23
0.00
0.01
2
SNV10-01
0.00
15.55
70.9
59.1
0.18
71.7
0.10
1.7
inc
0.00
4.00
202
172
0.07
203.8
0.03
2.3
1
inc
8.19
6.30
43.7
22.6
0.15
44.0
0.06
2.1
1
SNV10-02
0.00
12.52
2.3
12.3
1.36
3.0
0.14
0.55
(1)
cut off 10 g/t Au equivalent
(2)
cut off 0.2 g/t Au equivalent

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

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

Contact

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

www.challengerex.com

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				NSI: no significant intersection
*Data aggregation*	-	In reporting Exploration Results weighting		Weighted average significant intercepts are reported to a gold grade equivalent (AuEq). Results are
*methods*		averaging techniques maximum and/or		reported to cut-off grade of a 1.0 g/t Au equivalent and 10 g/t Au equivalent allowing for up to 2m of
		minimum grade truncations (eg cutting	of	internal dilution between samples above the cut-off grade and 0.2 g/t Au equivalent allowing up to 10m of
		high grades) and cut-off grades are usually		internal dilution between samples above the cut-off grade. The following metals and metal prices have
		Material and should be stated.		been used to report gold grade equivalent (AuEq): Au US$ 1780 / oz Ag US$24 /oz and Zn US$ 2800 /t.
	-	Where aggregate intercepts incorporate		Metallurgical recoveries for Au, Ag and Zn have been estimated from the results of interim metallurgical
		short lengths of high-grade results and		test work completed by SGS Metallurgical Operations in Lakefield, Ontario using a combination of gravity
		longer lengths of low-grade results the		and flotation of a combined metallurgical sample from 5 drill holes. Using data from the interim test
		procedure used for such aggregation should		results, and for the purposes of the AuEq calculation for drill hole significant intercepts, gold recovery is
		be stated and some typical examples of	such	estimated at 89%, silver at 84% and zinc at 79%. Accordingly, the formula used is AuEq (g/t) = Au (g/t) +
		aggregations should be shown in detail.		[Ag (g/t) x (24/1780) x (0.84/0.89)] + [Zn (%) x (28.00*31.1/1780) x (0.79/0.89)]. Metallurgical test work
	-	The assumptions used for any reporting	of	and geological and petrographic descriptions suggest all the elements included in the metal equivalents
		metal equivalent values should be clearly		calculation have reasonable potential of eventual economic recovery. While Cu and Pb are reported in the
		stated.		table above as they were not yet considered economically significant at the time of the interim
				metallurgical test results, these metals were not used in the Au equivalent calculation at this early stage of
				the Project.
				No top cuts have been applied to the reported grades.
*Relationship*	-	These relationships are particularly	The	mineralisation is moderately or steeply dipping and strikes NNE and ENE. For some drill holes, there is
*between*		important in the reporting of	insufficient information to confidently establish the true width of the mineralized intersections at this stage of
*mineralisation*		Exploration Results.	the	exploration program.
*widths and* *intercept lengths*	-	If the geometry of the mineralisation with respect to the drill hole angle is known its nature should be reported.	Apparent widths may be thicker in the case where the dip of the mineralisation changes and/or bedding-parallel mineralisation intersects NW or ENE-striking cross faults and veins.
	-	If it is not known and only the down	Representative cross section interpretations have been provided periodically with releases of significant
		hole lengths are reported there should	intersections to allow estimation of true widths from individual drill intercepts.
		be a clear statement to this effect (eg
		‘down hole length true width not
		_known’). _
*Diagrams*	-	Appropriate maps and sections (with	Representative maps and sections are provided in the body of reports released to the ASX.
		scales) and tabulations of intercepts
		should be included for any significant
		discovery being reported These should
		include but not be limited to a plan
		view of drill hole collar locations and

www.challengerex.com

Criteria	JORC Code explanation	JORC Code explanation	Commentary
		appropriate sectional views.
*Balanced reporting*	-	Where comprehensive reporting of all	All available final data have been reported where possible and plans of all drilling with results.
		Exploration Results is not practicable
		representative reporting of both low
		and high grades and/or widths should
		be practiced to avoid misleading
		reporting of Exploration Results.
*Other substantive*	-	Other exploration data if meaningful	Geological context and observations about the controls on mineralisation where these have been made are
*exploration data*		and material should be reported	provided in the body of the report.
		including (but not limited to):	Specific gravity measurements have been taken from the drill core recovered during the drilling program. These
		geological observations; geophysical	data are used to estimate densities in Resource Estimates.
		survey results; geochemical survey	Eight Induced Polarisation (IP) lines have been completed in the northern areas of the Project. Stage 1 surveying
		results; bulk samples – size and method	was done on 1 kilometre length lines oriented 115° azimuth, spaced 100m apart with a 50m dipole. The initial
		of treatment; metallurgical test results;	results indicate possible extension of the mineralisation with depth. Stage 2 surveying was done across the
		bulk density groundwater geotechnical	entire field on 1 – 3 kilometre length lines oriented 090°, spaced 400m apart with a 50m dipole. On-going data
		and rock characteristics; potential	interpretation is being done as drilling proceeds.
		deleterious or contaminating	Two ground magnetic surveys and a drone magnetic survey have been completed. The results of these data and
		substances.	subsequent geological interpretations are being used to guide future exploration.
*Further work*	-	The nature and scale of planned further	• CEL Plans to undertake the following over the next 12 months
		work (eg tests for lateral extensions or	• Additional resource extension, infill and exploration drilling;
		depth extensions or large-scale step-	• Detailed interpretation of known mineralized zones;
		out drilling).	• Geophysical tests for undercover areas.
	-	Diagrams clearly highlighting the areas of possible extensions including the main geological interpretations and	• Structural interpretation and alteration mapping using high resolution satellite data and geophysics to better target extensions of known mineralisation.
		future drilling areas provided this	• Field mapping program targeting extensions of known mineralisation.
		information is not commercially	• Further metallurgical test work.
		sensitive.

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares

16m perf rights

Australian Registered Office

Level 1 1205 Hay Street

West Perth WA 6005

Directors

Contact

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

www.challengerex.com

Section 3 Estimation and Reporting of Mineral Resources

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

Criteria	JORC Code explanation	JORC Code explanation	Commentary
*Database integrity*	-	Measures taken to ensure that data has not	Geological logging completed by previous explorers was done on paper copies and transcribed into a series of
		been corrupted by for example transcription or	excel spreadsheets. These data have been checked for errors. Checks have been made against the original logs and
		keying errors between its initial collection and	with follow-up twin and close spaced drilling. Only some of the historic drill holes have been used in the Resource
		its use for Mineral Resource estimation	Estimate, including the results presented in Section2. Some drill holes have been excluded where the geology
		purposes.	indicates that the drill hole is likely mis-located or where the drill hole has been superseded by CEL drilling.
	-	Data validation procedures used.
			For CEL drilled holes, assay data is received in digital format. Backup copies are backed up into a cloud-based file
			storage system and the data is entered into a drill hole database which is also securely backed up off site.
			The drill hole data is backed upand is updatedperiodicallybythe CEL GIS and data management team.
*Site visits*	-	Comment on any site visits undertaken by the	The Competent Person has undertaken site visits during exploration. Site visits were undertaken from 3 to 16
		Competent Person and the outcome of those	October 2019 15 to 30 November 2019 and 1-19 February 2020 before COVID-19 closed international travel. Post
		visits.	COVID site visits were undertaken from 21 November – 4 December 2021 and 11 – 23 May 2022. The performance
	-	If no site visits have been undertaken indicate	of the drilling program, collection of data, sampling procedures, sample submission and exploration program were
		why this is the case.	initiated and reviewed duringthese visits.
*Geological*	-	Confidence in (or conversely the uncertainty of)	The geological interpretation is considered appropriate given the drill core density of data that has been collected,
*interpretation*		the geological interpretation of the mineral	access to mineralisation at surface and underground exposures. Given the data, geological studies past and
		deposit.	completed by CEL, the Competent Person has a high level of confidence in the geological model that has been used
	-	Nature of the data used and of any	to constrain the mineralised domains. It is assumed that networks of fractures controlled by local geological
		assumptions made.	factors have focussed hydrothermal fluids and been the site of mineralisation in both the prograde zinc skarn and
	-	The effect if any of alternative interpretations	retrograde mesothermal – epithermal stages of hydrothermal evolution.
		on Mineral Resource estimation.	The interpretation captures the essential geometry of the mineralised structure and lithologies with drill data
	-	The use of geology in guiding and controlling	supporting the findings from the initial underground sampling activities. Mineralised domains have been built
		Mineral Resource estimation.	using explicit wireframe techniques from 0.2 – 0.5 g/t AuEq mineralised intersections, joined between holes by the
	-	The factors affecting continuity both of grade	instruction from the geology and structure. Continuity of grade between drill holes is determined by the intensity
		and geology.	of fracturing, the host rock contacts (particularly dacite – limestone contacts) and by bedding parallel faults,
			particularly within limestone, at the limestone and overlying sedimentary rock contact and within the lower
			sequences of the sedimentary rocks within 40m of the contact.
			No alternative interpretations have been made form which a Mineral Resource Estimate has been made.
*Dimensions*	-	The extent and variability of the Mineral	30 separate domains were interpreted over a strike length of 2.2kms. The domains vary in width and orientation
		Resource expressed as length (along strike or	from 2m up to 100m in width. The deepest interpreted domain extends from the surface down approximately
		otherwise) plan width and depth below surface	550m below the surface.
		to the upper and lower limits of the Mineral

Challenger Exploration Limited	Issued Capital	Australian Registered Office	Directors	Contact
ACN 123 591 382	1,004m shares	Level 1	Mr Kris Knauer, MD and CEO	T: +61 8 6380 9235
ASX:CEL	23.6m options	1205 Hay Street	Mr Scott Funston, Finance Director	E: [email protected]
	120m perf shares	West Perth WA 6005	Mr Fletcher Quinn,Chairman
	16m perf rights		Mr Sergio Rotondo, Exec. Director

www.challengerex.com

Criteria	JORC Code explanation	JORC Code explanation	Commentary
		Resource.
*Estimation and*	-	The nature and appropriateness of the	Estimation was made for Au Ag, Zn and Pb being the elements of economic interest. Estimate was also made for
*modelling*		estimation technique(s) applied and key	Fe and S being the elements that for pyrite which is of economic and metallurgical interest and is also used to
*techniques*		assumptions including treatment of extreme grade values domaining interpolation	estimate the density for bocks in the Mineral Resource Estimate.
		parameters and maximum distance of	No previous JORC Resource estimates or non-JORC Foreign Resource estimates		were made with similar methods to
		extrapolation from data points. If a computer	compare to the current Resource estimate. No production records are available to provide comparisons.
		assisted estimation method was chosen include
		a description of computer software and	A 2m composite length was selected after reviewing the original sample lengths from the drilling which showed an
		parameters used.	average length of 1.54m for samples taken within the mineralised	domains.
	-	The availability of check estimates previous
		estimates and/or mine production records and	A statistical analysis was undertaken on the sample composites Top cuts were applied to the Au, Ag, Zn and Pb
		whether the Mineral Resource estimate takes	composites on a domain-by-domain basis. The domains were then grouped by		host rock and mineralisation style
		appropriate account of such data.	and group domain top cuts were applied in order to reduce the influence of extreme values on the resource
	-	The assumptions made regarding recovery of	estimates without downgrading the high-grade composites too severely. The top-cut values were chosen by
		by-products.	assessing the high-end distribution of the grade population within	each group and selecting the value above which
	-	Estimation of deleterious elements or other	the distribution became erratic. The following table shows the top cuts applied to each group and domain for Au,
		non-grade variables of economic significance	Ag, Zn and Pb.
		(eg sulphur for acid mine drainage
		characterisation).	Group Domain Au(ppm)	Ag (ppm)		Zn(%)	Pb(%)
	-	In the case of block model interpolation the	101
	-	block size in relation to the average sample spacing and the search employed. Any assumptions behind modelling of selective	Fault Zone hosted (Magnata and Sanchez) 80 102 103 104	300		20	2.5
		mining units.	201
	-	Any assumptions about correlation between	111
		variables.	LUT (siltstone) hosted 14 114	70		4.5	0.8
	-	Description of how the geological	212
		interpretation was used to control the resource	112
		estimates.	113
	-	Discussion of basis for using or not using grade	115
	-	cutting or capping. The process of validation the checking process	DAC (intrusive) hosted 9 131 132	65		7	1.2
		used the comparison of model data to drill hole	133
		data and use of reconciliation data if available	134
			203

Challenger Exploration Limited

ACN 123 591 382

ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares

16m perf rights

Australian Registered Office

Level 1

1205 Hay Street

West Perth WA 6005

Directors

Mr Kris Knauer, MD and CEO

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

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary
213 301 302 303 304 305 CAL (limestone) hosted 202 80 300 20 2.5 121 211 221 222 223 224 Block modelling was undertaken in Surpac™ V6.6 software. A block model was set up with a parent cell size of 10m (E) x 20m (N) x 10m (RL) with standard sub-celling to 2.5m (E) x 5.0m (N) x 2.5m (RL) to maintain the resolution of the mineralised domains. The 20m Y and vertical block dimensions were chosen to reflect drill hole spacing and to provide definition for potential mine planning. The shorter 10m X dimension was used to reflect the geometry and orientation of the majority of the domain wireframes. Variography was carried out using Leapfrog Edge software on the two metre composited data from each of the 28 domains for each variable. All relevant variables; Au, Ag, Zn, Fe and S in each domain were estimated using Ordinary Kriging using only data from within that domain. The orientation of the search ellipse and variogram model was controlled using surfaces designed to reflect the local orientation of the mineralized structures. An oriented “ellipsoid” search for each domain was used to select data for interpolation. A 3 pass estimation search was conducted, with expanding search ellipsoid dimensions and decreasing minimum number of samples with each successive pass. First passes were conducted with ellipsoid radii corresponding to 40% of the complete range of variogram structures for the variable being estimated. Pass 2 was conducted with 60% of the complete range of variogram structures for the variable being estimated. Pass 3 was conducted with dimensions corresponding to 200% of the semi-variogram model ranges. Blocks within the model where Au was not estimated during the first 3 passes were assigned as unclassified. Blocks for Ag, Zn, Fe and S that were not estimated were assigned the average values on aper-domain basis.		213
		301
		302
		303
		304
		305
	CAL (limestone) hosted	202	80	300	20	2.5
		121
		211
		221
		222
		223
		224

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

Mr Kris Knauer, MD and CEO

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

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria	JORC Code explanation	JORC Code explanation	Commentary
			Validation checks included statistical comparison between drill sample grades and Ordinary Kriging block estimate
			results for each domain. Visual validation of grade trends for each element along the drill sections was also
			completed in addition to swath plots comparing drill sample grades and model grades for northings, eastings and
			elevation. These checks showgood correlation between estimated blockgrades and drill samplegrades.
*Moisture*	-	Whether the tonnages are estimated on a dry	Tonnage is estimated on a dry basis.
		basis or with natural moisture and the method
		of determination of the moisture content.
*Cut-off*	-	The basis of the adopted cut-off grade(s) or	The following metals and metal prices have been used to report gold grade equivalent (AuEq): Au US$ 1900 / oz Ag
*parameters*		quality parameters applied.	US$24 /oz, Zn US$ 4,000 /t and Pb US 2,000/t.
			Average metallurgical recoveries for Au, Ag, Zn and Pb have been estimated from the results of Stage 1
			metallurgical test work completed by SGS Metallurgical Operations in Lakefield, Ontario using a combination of
			gravity and flotation combined metallurgical samples as detailed in the Criteria below.
			For the AuEq calculation average metallurgical recovery is estimated as 94.9% for gold, 90.9% for silver, 67.0% for
			Zn and 57.8% for Pb.
			Accordingly, the formula used for Au Equivalent is: AuEq (g/t) = Au (g/t) + [Ag (g/t) x (24/1900) x (0.909/0.949)] +
			[Zn (%) x (40.0031.1/1900) x (0.670/0.949)] + (Pb (%) x 20.0031.1/1900) x (0.578/.9490}.
			Based on the break-even grade for an optimised pit shell for gold equivalent, a AuEq cut-off grade of 0.25 ppm is
			used to report the resource within an optimised pit shell run at a gold price of US$1,800 per ounce and allowing for
			Ag, Zn and Pb credits. Under this scenario, blocks with a grade above the 0.25 g/t Au Eq cut off are considered to
			have reasonable prospects of mining by open pit methods.
			A AuEq cut-off grade of 1.0 ppm was used to report the resource beneath the optimised pit shell run as these
			blocks are considered to have reasonableprospects of future miningbyunderground methods.
*Mining factors or*	-	Assumptions made regarding possible mining	The Resource estimate has assumed that near surface mineralisation would be amenable to open pit mining given
*assumptions*		methods minimum mining dimensions and	that the mineralisation is exposed at surface and under relatively thin unconsolidated cover. A surface mine
		internal (or if applicable external) mining	optimiser has been used to determine the proportion of the Resource estimate model that would be amenable to
		dilution. It is always necessary as part of the	eventual economic extraction by open pit mining methods. The surface mine optimiser was bult using the
		process of determining reasonable prospects	following parameters with prices in USD:
		for eventual economic extraction to consider	- Au price of $1,800 per oz, Ag price of $23.4 per oz, Zn price of $3,825 per tonne and Pb price of $1,980
		potential mining methods but the assumptions	per tonne
		made regarding mining methods and	- Average metallurgical recoveries of 94.9% for Au, 90.9 % for Ag and 67 % for Zn and 57.8 % for Pb.
		parameters when estimating Mineral	- Ore and waste mining cost of $2.00 per tonne
		Resources may not always be rigorous. Where	- Unconsolidated cover removal cost of $0.10 per tonne
		this is the case this should be reported with an	- Processing cost of $10.00 per tonne
		explanation of the basis of the mining	- Transport and marketingof $50/oz of AuEq (road to Jan Juan then rail to Rosario Port)

Challenger Exploration Limited	Issued Capital	Australian Registered Office	Directors	Contact
ACN 123 591 382	1,004m shares	Level 1	Mr Kris Knauer, MD and CEO	T: +61 8 6380 9235
ASX:CEL	23.6m options	1205 Hay Street	Mr Scott Funston, Finance Director	E: [email protected]
	120m perf shares	West Perth WA 6005	Mr Fletcher Quinn,Chairman
	16m perf rights		Mr Sergio Rotondo, Exec. Director

www.challengerex.com

Criteria	JORC Code explanation	JORC Code explanation	Commentary
		assumptions made.	- Royalty of $60 per oz Au, 3% for Ag, Zn and Pb.
			- Assumed concentrate payability of 94.1% for Au, 82.9% for Ag, 90 % for Zn and 95 % for Pb.
			- 45° pit slopes on the western side of the pit and 55° on the eastern side of the pit
			Blocks above a 0.25 g/t AuEq within the optimised open pit shell are determined to have reasonable prospects of
			future economic extraction by open pit mining and are included in the Resource estimate on that basis.
			Blocks below the open pit shell that are above 1.0 g/t AuEq are determined to have reasonable prospects of future
			economic extraction byunderground miningmethods and are included in the Resource estimate on that basis.
*Metallurgical*	-	The basis for assumptions or predictions	CEL has completed Stage 1 metallurgical test work on representative composite sample of mineralisation
*factors or*		regarding metallurgical amenability. It is	from:
*assumptions*		always necessary as part of the process of determining reasonable prospects for eventual	1. Two separate composite samples of limestone-hosted massive sulphide (manto) Sample A has a weighted average grade of 10.4 g/t Au, 31.7 g/t Ag, 3.2 % Zn and 0.46 % Pb. Sample B has a weighted average grade of
		economic extraction to consider potential	9.7 g/t Au, 41.6 g/t Ag, 4.0% Zn and 0.48% Pb.
		metallurgical methods but the assumptions	2. One dacite (intrusive) composite sample with a weighted average grade of 1.1 g/t Au, 8.1 g/t Ag and 0.10 %
		regarding metallurgical treatment processes	Zn and 0.04% Pb.
		and parameters made when reporting Mineral	3. One sediment hosted (fine grained sandstone and siltstone) composite sample with a weighted average
		Resources may not always be rigorous. Where	grade of 0.68 g/t Au, 7.5 g/t Ag, 0.34 % Zn and 0.06 % Pb.
		this is the case this should be reported with an	4. One oxidised limestone (manto oxide) composite sample with a weighted average grade of 7.0 g/t Au, 45
		explanation of the basis of the metallurgical	g/t Ag, 3.7% Zn and 0.77% Pb.
		assumptions made.
			Gravity recovery and sequential flotation tests of the higher-grade limestone hosted mineralisation involved;
			1. primary P80 = 51 micron primary grind,
			2. gravity recovery,
			3. Pb-Cu followed by Zn rougher flotation,
			4. p80 = 29 micron regrind of the Zn rougher concentrate,
			5. two re-cleaning stages of the Pb/Cu rougher concentrate,
			6. four re-cleaning Sages on the Zn rougher concentrate, and
			7. additional gravity recovery stages added to the Zn Rougher concentrate
			This results in the following products that are likely to be saleable
			- Au-Ag concentrate (118 g/t Au, 286 g/t Ag) with low deleterious elements,
			- Pb concentrate (65% Pb, 178 g/t Au, 765 g/t Ag) with low deleterious elements, and
			- Zn concentrate (51% Zn, 10 g/t Au, 178 g/t Ag) with low deleterious elements, relatively high Cd, but at a
			level that is unlikely to attract penalties.
			- tailing grades of 2 to 3 g/t Au which respond to intensive cyanide leach with recoveries of 70-80% of any
			residual gold and silver to a gold doré bar.

Challenger Exploration Limited

Issued Capital

ACN 123 591 382 1,004m shares ASX: CEL 23.6m options 120m perf shares

16m perf rights

Australian Registered Office

Directors

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

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria	JORC Code explanation	Commentary
		Gravity recovery and flotation tests of the intrusive-hosted mineralisation involved;
		1. primary P80 = 120-80 micron primary grind,
		2. gravity recovery,
		3. single stage rougher sulphide flotation,
		4. P80 = 20-30 micron regrind of the rougher concentrate (5-10% mass),
		5. one or two re-cleaning stages of the Au-Ag Rougher concentrate
		At primary grind of p80 = 76 micron and regrind of p80 = 51 micron an AuAg concentrate can be produced
		grading 54 g/t Au and 284 g/t Ag with total recoveries of 97% (Au) and 85% (Ag).
		One test of a sediment hosted composite sample (5-10% of the mineralisation at the Project) was a repeat of
		the testing done on the intrusive-hosted mineralisation. This produced an Au-Ag concentrate grading 23.6 g/t
		Au and 234 g/t Ag at total recoveries of 85% (Au) and 87% (Ag). Further test work is likely to be done as part
		of more detailed studies. It is likely that the concentrate produced from the sediment-hosted mineralisation
		will be combined with the Au-Ag concentrate from the limestone and intrusive-hosted mineralisation.
		Applying recoveries of 70% for both gold and silver to the various concentrate tailings components
		where leaching is likely to be undertaken during production generates recoveries of:
		▪ 95% (Au), 93% (Ag), 89% (Zn), 70% (Pb) from the high-grade skarn (manto) component of the mineralisation;
		▪ 96% (Au) and 88% (Ag) from the intrusion-hosted component of the mineralisation;
		▪ 85% (Au) and 87% (Ag) from the sediment-hosted component of the mineralisation;
		An intensive cyanide leach test of oxide (limestone and dacite hosted mineralisation has produced recoveries
		of 78% (Au) and 64% (Ag) which is expected to be recovered into gold doré bar. While the oxide component of
		the mineralisation comprises only a small percentage of the Hualilan mineralisation its lies in the top 30-40
		metres and would be mined early in the case of an open pit operation.
		Based on the test work to date and the proportions of the various mineralisation types in the current
		geological model, it is expected that overall average recoveries for potentially saleable metals will be:
		- 94.9% Au,
		- 90.9% for Ag
		- 67.0% for Zn and
		- 57.8% for Pb
		Additional Stage 2 work involving comminution and variability testing, blended test work, and pilot plant
		testingis ongoingandplanned.

www.challengerex.com

Criteria	JORC Code explanation	JORC Code explanation	Commentary
*Environmental*	-	Assumptions made regarding possible waste	It is considered that there are no significant environmental factors which would prevent the eventual extraction of
*factors or*		and process residue disposal options. It is	gold from the project. Environmental surveys and assessments have been completed in the past and will form a
*assumptions*		always necessary as part of the process of determining reasonable prospects for eventual	part of future pre-feasibility studies.
		economic extraction to consider the potential
		environmental impacts of the mining and
		processing operation. While at this stage the
		determination of potential environmental
		impacts particularly for a greenfields project
		may not always be well advanced the status of
		early consideration of these potential
		environmental impacts should be reported.
		Where these aspects have not been considered
		this should be reported with an explanation of
		the environmental assumptions made.
*Bulk density*	-	Whether assumed or determined. If assumed	CEL has collected specific gravity measurements from drill core, which have been used to estimate block densities
		the basis for the assumptions. If determined	for the Resource estimate.
		the method used whether wet or dry the	Within the mineralised domains there are 534 specific gravity measurements made on drill core samples of 0.1 –
		frequency of the measurements the nature size	0.2 metres length. Measurements we determined on a dry basis by measuring the difference in sample weight in
		and representativeness of the samples.	water and weight in air. For porous samples, the weight in water was measured after wrapping the sample so that
	-	The bulk density for bulk material must have	no water enters the void space during weighing.
		been measured by methods that adequately	A regression model for block density determination in oxide / partial oxide / fracture oxide (oxide) rock and a
		account for void spaces (vugs porosity etc)	separate regression model for fresh rock samples has been made by plotting assay interval Fe (%) + S (%) from the
		moisture and differences between rock and	interval where the SG measurement was made against the SG measurement. Fe and S are the two elements that
		alteration zones within the deposit.	form pyrite which is the mineral that is commonly associated with gold and base metal mineralisation at Hualilan.
	-	Discuss assumptions for bulk density estimates	SG plotted against (Fe+S) follows a linear trend within the mineralised domains for oxide and fresh rock as shown
		used in the evaluation process of the different	in the graphs below.
		materials.

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

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

Contact

T: +61 8 6380 9235

E: [email protected]

www.challengerex.com

Criteria	JORC Code explanation	Commentary
		For oxide rock at zero Fe + S the density is assumed to be 2,430 kg/m3(2.43 g/cc). The regression slope has a linear
		increase in density of 19.8 kg/m3(0.0198 g/cc) for each 1 percent increase in Fe + S (%). The formula used for block
		density (kg/m3) determination in oxide rock is 2,430 + 19.8 x (Fe % + S%).
		For fresh rock at zero Fe + S the density is assumed to be 2,520 kg/m3(2.52 g/cc). The regression slope has a linear
		increase in density of 24.8 kg/m3(0.0248 g/cc) for each 1 percent increase in Fe + S (%). The formula used for block
		density (kg/m3)determination in oxide rock is 2,520 + 24.8 x(Fe % + S%).

Challenger Exploration Limited ACN 123 591 382 ASX: CEL

Issued Capital 1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

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

Contact

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

www.challengerex.com

Criteria	JORC Code explanation	JORC Code explanation	Commentary
*Classification*	-	The basis for the classification of the Mineral	The Mineral Resource has been classified based on the guidelines specified in the JORC Code. The classification
		Resources into varying confidence categories.	level is based upon semi-qualitative assessment of the geological understanding of the deposit, geological and
	-	Whether appropriate account has been taken	mineralisation continuity, drill hole spacing, QC results, search and interpolation parameters and an
		of all relevant factors (ie relative confidence in	analysis of available density information.
		tonnage/grade estimations reliability of input	The estimation search strategy was undertaken in three separate passes with different search distances, and the
	-	data confidence in continuity of geology and metal values quality quantity and distribution of the data). Whether the result appropriately reflects the Competent Person’s view of the deposit.	minimum number of samples used to estimate a block which were then used as a guide for the classification of the resource into Indicated, Inferred and Unclassified. The classification was then further modified to restrict the Indicated Resource to the domains with closer spaced drilling. The potential open pit resource was constrained within an optimised pit shell run using a gold price of $1,800 per ounce. Resources reported inside the pit shell were reported above a AuEq cut-off grade of 0.25 ppm and Resources outside the pit shell were reported above a AuEq cut-off grade of 1.0 ppm. Resource reported outside
			the pit shell above a 1.0 g/t AuEq cut-off is considered 100% Inferred.
			The Competent Person has reviewed the result and determined that these classifications are appropriate given the
			confidence in the data and results from drilling.
*Audits or reviews*	-	The results of any audits or reviews of Mineral	The Mineral Resource estimate has not been independently audited or reviewed.
		Resource estimates.
*Discussion of*	-	Where appropriate a statement of the relative	There is sufficient confidence in the data quality drilling methods and analytical results that they can be relied
*relative accuracy/*		accuracy and confidence level in the Mineral	upon. The available geology and assay data correlate well. The approach and procedure is deemed appropriate
*confidence*		Resource estimate using an approach or procedure deemed appropriate by the	given the confidence limits. The main factors which could affect relative accuracy are: - domain boundary assumptions
		Competent Person. For example the application	- orientation
		of statistical or geostatistical procedures to	- grade continuity
		quantify the relative accuracy of the resource	- top cut.
		within stated confidence limits or if such an	Grade continuity is variable in nature in this style of deposit and has not been demonstrated to date and closer
		approach is not deemed appropriate a	spaced drilling is required to improve the understanding of the grade continuity in both strike and dip directions. It
		qualitative discussion of the factors that could	is noted that the results from the twinning of three holes by La Mancha are encouraging in terms of grade
		affect the relative accuracy and confidence of	repeatability.
		the estimate.	The deposit contains very high grades and there is need for the use of top cuts.
	-	The statement should specify whether it relates	No production data is available for comparison.
		to global or local estimates and if local state
		the relevant tonnages which should be relevant
		to technical and economic evaluation.
		Documentation should include assumptions
		made and the procedures used.
	-	These statements of relative accuracy and
		confidence of the estimate should be compared

www.challengerex.com

Criteria

JORC Code explanation Commentary

with production data where available.

Challenger Exploration Limited

ACN 123 591 382 ASX: CEL

Issued Capital

1,004m shares 23.6m options 120m perf shares 16m perf rights

Australian Registered Office

Level 1 1205 Hay Street West Perth WA 6005

Directors

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

Contact

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

www.challengerex.com

AI assistant

CHALLENGER GOLD LIMITED — Capital/Financing Update 2022

64637_rns_2022-05-31_bde0bac5-c386-4b19-9851-f24cfd241239.pdf

2.1 Million Ounce (AuEq)[1] Maiden MRE for Hualilan Gold Project

Registration link:

Directors

2.1 Million Ounce (AuEq)[1] Maiden MRE for Hualilan Gold Project

Highlights

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

HUALILAN GOLD PROJECT AND GEOLOGY

Geology of Hualilan Gold Project

Growth Potential from Drill intercepts that have not impacted the MRE

Representative Cross Sections

RESOURCE MODEL AND MINERAL RESOURCE ESTIMATE

Pit Optimisation Parameters

Mineral Resource Estimate Model

COMPOSITE TOP CUTS

LOWER METAL PRICE SURFACE SHELL OPTIMISATIONS

Ends

For further information contact:

About Challenger Exploration

Foreign Resource Estimate Hualilan Project

Competent Person Statement – Exploration results

Competent Person Statement – Foreign Resource Estimate

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.)

Challenger Exploration Limited

Issued Capital

Australian Registered Office

Directors

Contact

Issued Capital

Directors

Contact

Challenger Exploration Limited

Issued Capital

Australian Registered Office

Directors

Contact

Challenger Exploration Limited

Issued Capital

Australian Registered Office

Directors

Contact

Challenger Exploration Limited

Issued Capital

Australian Registered Office

Directors

Contact

Challenger Exploration Limited

Issued Capital

Australian Registered Office

Directors

Contact

Challenger Exploration Limited

Issued Capital

Australian Registered Office

Directors

Contact

Challenger Exploration Limited

Issued Capital

Australian Registered Office

Directors

Contact

Challenger Exploration Limited

Issued Capital

Australian Registered Office

Directors

Contact

Challenger Exploration Limited

Issued Capital

Australian Registered Office

Directors

Contact

Challenger Exploration Limited

Issued Capital

Australian Registered Office

Directors

Contact

CHALLENGER GOLD LIMITED Capital/Financing Update 2022