CHALLENGER GOLD LIMITED — Director's Dealing 2014

May 26, 2014

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Introduced 30/9/2001.	Introduced 30/9/2001.	Introduced 30/9/2001.
Name of entityChallenger Energy LimitedABN45 123 591 382
	Name of entityChallenger Energy Limited
	ABN45 123 591 382

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Michael John Fry
Date of last notice	20 May 2013

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

	Direct or indirect interest	Direct and Indirect	Direct and Indirect
	Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	IndirectShares held by Hilmed Pty Ltd, a company ofwhich Michael Dry is a director andshareholder
	Date of change	23 May 2013
	No. of securities held prior to change	Direct1,350,000 fully paid ordinary sharesIndirect482,965 fully paid ordinary shares
		1,350,000 fully	paid ordinary shares
		Indirect482,965 fully p	aid ordinary shares
	Class	IndirectListed Options

• See chapter 19 for defined terms.

Appendix 3Y Page 1

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

Number acquired	Indirect96,593 Listed Options
Number disposed	Nil
Value/ConsiderationNote: If consideration is non-cash, provide details and estimated valuation	Indirect$1,448.90
No. of securities held after change	Direct1,350,000 fully paid ordinary sharesIndirect482,965 fully paid ordinary shares96,593 Listed Options
Nature of changeExample: on-market trade, off-market trade, exercise of options, issue ofsecurities under dividend reinvestment plan, participation in buy-back	Listed options acquired pursuant to non-renounceable rights issue.

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract Nature of interest Name of registered holder (if issued securities) Date of change

• See chapter 19 for defined terms.

Appendix 3Y Page 2

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Appendix 3Y Change of Director’s Interest Notice

No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed Interest acquired Interest disposed Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation Interest after change

• See chapter 19 for defined terms.

Appendix 3Y Page 3

11/3/2002