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Challenger Exploration Limited (ASX: CEL) (“CEL” or the “Company”) is pleased to announce that it has received firm commitments to raise A$20 million (before costs) through the issue of 100 million ordinary shares at a price of 20 cents per share under the Company’s existing ASX Listing Rule 7.1 and 7.1A placement capacity (Placement). The placement was completed at $0.20 per share, a 13% discount to the last closing price of $0.23 and a 13.5% discount to the 15 Day VWAP of $0.2314.

• CEL receives firm commitments to raise A$20m through the issue of 100 million shares at 20 cents each

• Share offer was strongly supported by domestic and international institutions and sophisticated investors with bids received for substantially more than the amount raised

• The Company can now rapidly advance both the high-grade Hualilan Gold Project in Argentina and the El Guayabo Gold/Copper Project in Ecuador

• Proceeds from the equity raising will be used to:

• expedite a 35,000 metre drilling program, scoping study, expand the footprint, and additional studies (mining and geophysics) at its flagship Hualilan gold project in San Juan, Argentina;

• deliver a 5,000 metre drilling program at Colorado V designed to allow the reporting of a JORC compliant resource; and

• fund working capital and costs of the offer

The placement was strongly supported by a group of domestic and international institutions,sophisticated investors, and existing shareholders. It was closed ahead of schedule with bids for substantially more than the amount raised. The placement was co-managed by Peloton Capital, Henslow and Foster Stockbroking and will settle on 22 July 2020.

The proceedsfrom the placement will be used to advance the Company’s high-grade Hualilan Gold Project in Argentina. This follows the Company’s recent high-grade results including 8.3m at 21.1 g/t AuEq, 3.8m at 11.6 g/t AuEq, and 4.5m at 8.9 g/t AuEq (ASX Release 17 June 2020), and the discovery of a new style of porphyry hosted gold mineralisation with drill hole GNDD-025 returning 50m at 1.4 g/t gold, 3.4 g/t silver with the intersection open at depth (ASX release 8 July 2020).