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Asia

Austral Gold in Talks with Challenger Gold to Transition from Toll Processing Agreement to Mineralized Material Purchase Deal

Austral Gold (ASX:AGD) is in talks with Challenger Gold (ASX:CEL) regarding a transition from the current toll processing agreement to an arrangement under which Austral would purchase mineralized material from Challenger's Hualilan project in Argentina, according to a Thursday Australian bourse filing.Casposo processed 39,342 tonnes of Hualilan material during May and June at recovery rates above 85%, and tolling fees have been received in full. The fixed monthly fees for July and August have also been received.Any new arrangement is expected to be non-exclusive.Challenger's shares fell 1% in recent trading on Thursday.

ASX:AGDASX:CEL
Asia

Challenger Gold Targets Commercial Production at Argentina Project by Early 2029

Challenger Gold (ASX:CEL) is targeting commercial production from the phase one heap leach operation at its Hualilán gold project in Argentina by early 2029, according to a Thursday filing with the Australian bourse.Following a review of strategic priorities, the company's new leadership team is prioritizing Hualilán stand-alone gold production as its primary objective, underpinned by a positive pre-feasibility study released in May.The study outlined production of 1.8 million gold-equivalent ounces over a more than 14-year mine life, averaging 135,000 ounces gold-equivalent production annually after the first two years.Detailed engineering at Hualilán is already well underway, and the company is "proactively bringing forward expenditure on engineering and earthworks to support an accelerated development schedule," it said.Meanwhile, Challenger Gold is also considering secondary listing options to boost its exposure to a broader range of international institutional investors.The company's shares fell 1% in recent Thursday trade.

ASX:CEL
Asia

Challenger Gold Review Confirms Argentina Project's 'Robust' Asset

Challenger Gold's (ASX:CEL) operational review confirmed its Hualilán project in Argentina is a "robust and strategic" gold development asset, according to a Thursday filing with the Australian bourse.The review is underpinned by the pre-feasibility study, which outlined a 14.25-year life-of-mine production target of 1.8 million ounces gold equivalent (AuEq), average annual production of about 135,000 ounces AuEq after the staged start-up period, and a life-of-mine all-in sustaining cost of $1,618 per ounce payable gold, the filing said.The company will undertake an AU$85 million equity raising to advance the project, per the filing.Shares fell 2% in morning trade Thursday.

ASX:CEL
Asia

Challenger Gold Appoints Chairman, COO, CFO

Challenger Gold (ASX:CEL) said Peter Marrone was appointed as non-executive chairman after securing shareholder approval at its extraordinary general meeting on July 27, succeeding Eduardo Elsztain, according to a Thursday Australian bourse filing.Yohann Bouchard was named as chief operating officer and Felipe Riquelme as chief financial officer, effective Aug. 10. Bouchard will also take the role of interim chief executive after Kris Knauer resigned.In the same filing, the company said it completed the tranche 2 of an institutional placement to raise AU$46.5 million via the issue of around 19.4 million new shares and around 9.7 million options was completed on July 31. Marrone and other lead investors collectively subscribed for AU$10 million via the issue of around 4.2 million shares and around 2.1 million options. Marrone subscribed for AU$8 million.The company also completed the issue of around 10 million shares under a share purchase agreement with Marrone and other lead investors for its acquisition of Blue Spruce Holdings (Australia), and the issue of an aggregate of 2.5 million concurrent share purchase agreement shares to Inversiones Financieras Del Sur and Dolphin Real Assets Fund, per the filing.

ASX:CEL
Asia

Challenger Gold Starts Exploration Drilling at Argentina Gold Project

Challenger Gold (ASX:CEL) said exploration drilling began at the Hualilan gold project in Argentina, according to a Thursday Australian bourse filing.The first two of four diamond drill rigs arrived on site and started drilling, the company said.The initial program consists of a minimum of 35,000 meters of diamond drilling, with around 5,000 meters to be dedicated to geotechnical drilling to support the accelerated development of the phase 1 standalone Heap Leach project.The company said it also launched a compilation and review of the extensive geophysical datasets covering the broader Hualilan property.

ASX:CEL
Asia

Challenger Gold's First Gold-Silver Doré from Argentina Project Marks Transition to Gold Producer, Euroz Hartleys Says

Challenger Gold's (ASX:CEL) first gold-silver doré from its Hualilán project in Argentina marked the company's transition to a gold producer from an explorer, Euroz Hartleys said in a Tuesday note.The first pour, under a toll milling agreement with Austral Gold (ASX:AGD), produced around 200 kilograms of doré estimated to contain 500 ounces of gold and 6,000 ounces of silver from around 15,000 tonnes of ore.The agreement provides the company with an annual guaranteed processing capacity of 150,000 tonnes and a total secured capacity of 450,000 tonnes over three years.The Hualilán toll milling pre-feasibility study used recoveries of 84% for gold and 66% for silver at nearly 100% payability, implying revenue potential of roughly $2.7 million.There are no changes to the modelling assumptions for the initial toll milling operations, the financial services firm said.Euroz Hartleys reaffirmed its speculative buy recommendation and AU$0.40 price target on Challenger Gold.Challenger Gold shares rose more than 3% in midday trade on Wednesday, while Austral Gold shares were down 4%.

ASX:AGDASX:CEL
Asia

Challenger Gold Pours First Gold Bar From Argentina Project

Challenger Gold (ASX:CEL) poured its first gold bar from the Hualilán gold project in Argentina under a toll milling agreement with Austral Gold (ASX:AGD), according to a Tuesday Australian bourse filing.The first pour produced around 200 kilograms of doré estimated to contain 500 ounces of gold and 6,000 ounces of silver from around 15,000 tonnes of ore, the filing said.The agreement provides Challenger an annual guaranteed processing capacity of 150,000 tonnes and a total secured capacity of 450,000 tonnes over a three-year term.

ASX:AGDASX:CEL
Asia

Challenger's Argentina Gold Project Prefeasibility Study Confirms Project as Large-Scale Development with Long Mine Life, Euroz Hartleys Says

Key operational outcomes from the prefeasibility study for Challenger Gold's (ASX:CEL) Hualilan gold project in Argentina confirm the project as a large‐scale, technically straightforward development with a long mine life, Euroz Hartleys said in a note on Monday.The planned dual‐path processing strategy provides strong flexibility, with a 1.5 million tonnes-per-annum flotation plant recovering around 1.2 million ounces of gold from higher‐grade ores over 12 years, complemented by an 8 million tonnes-per-annum heap‐leach circuit from the first year, adding around 500,000 ounces of gold.Both plants are expected to produce gold and silver doré, and overall, the project targets recovery of over 1.8 million ounces of gold equivalent over the mine life.The initial heap‐leach production delivers around 105,000 ounces-per-annum of gold equivalent over the first two years, generating cash flow to fund the flotation plant and significantly reducing upfront capex and execution risk, per the note.The investment firm retained its speculative buy rating on Challenger Gold and raised the price target to AU$0.40 per share from AU$0.39 per share.

ASX:CEL
Asia

Challenger Gold Names New Chairman-Elect, COO

Challenger Gold (ASX:CEL) said Peter Marrone, Allied Gold chairman and chief executive, will join Challenger as non-executive chairman-elect, according to a Monday Australian bourse filing.Marrone's election will be subject to the receipt of shareholder approval at the extraordinary general meeting in June. Current non-executive chairman, Eduardo Elsztain, will transition to the role of non-executive director.In addition, Yohann Bouchard, former chief operating officer of Yamana Gold, will join Challenger as COO, the company said.In the same filing, the company said it received binding commitments for around 708 million new fully-paid ordinary shares at an issue price of AU$0.12 apiece to raise AU$85 million. This includes AU$10 million placement to Marrone and other lead investors, as well as AU$5.3 million to affiliates of Elsztain.The company will also issue one free-attaching unlisted option for every two new shares subscribed for and issued pursuant to the placement, exercisable at AU$0.156.Challenger Gold shares jumped nearly 2% in recent trading on Monday.

ASX:CEL

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