# CEL: Investor Presentation - JMM Gold Forum Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/cel-investor-presentation-jmm-gold-forum--6a44f27f-f9bc-4a8e-a907-537c0ad2a3de Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03145899 Publisher: asx Original announcement: 2026-09-29T23:13:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T00:20:29.558Z Atlas analysis updated: 2026-09-30T00:20:29.558Z - Company: Challenger Gold Limited - Ticker: CEL - Exchange: ASX - Region: San Juan, Argentina - Primary commodity: Gold - Secondary commodities: Copper - Document categories: Resource update, Other, Metallurgy - Extracted: 2026-09-30 00:20:30 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Challenger Gold presented its strategic roadmap at the JMM Gold Forum, highlighting the Hualilán Gold Project's Pre-Feasibility Study \(PFS\) results and the El Guayabo Gold-Copper exploration project. The company aims for Hualilán commercial production by early 2029, supported by a 35,000m drilling campaign to expand resources and reserves. Reasoning: Investor presentation summarizing existing PFS results and outlining near-term strategic milestones and exploration programs. - Positive factor: Strong PFS economics for Hualilán project - Positive factor: Clear roadmap to production by 2029 - Positive factor: Significant exploration upside in Ecuador \(El Guayabo\) - Positive factor: Fully permitted status for Hualilán - Negative factor: Significant funding requirement of US$232M - Negative factor: Reliance on forward-looking production targets Facts used in scoring: 3 ## Classification and evidence **Nearology Play** Polarity: neutral Story-specific tag Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: The El Guayabo project is positioned on the same system as the large Cangrejos Project. Evidence · text > On the same system as the 26 Moz AuEq Cangrejos Project **Heap Leach Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: the document describes a heap\_leach route \("heap leach"\) **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("flotation"\) ## Extracted facts Stored fact records: 3. Some facts used in scoring do not have a stored record. ## Resource Estimates (2) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/cel-investor-presentation-jmm-gold-forum--6a44f27f-f9bc-4a8e-a907-537c0ad2a3de#fact-resource-facts-0) El Guayabo · gold Historical result Needs review: historical\_restatement #### Identity - Project: El Guayabo - Commodity: gold - Region: ecuador - Reported Region: El Oro, Ecuador - Ticker: CEL #### Resource scope - Resource group id: resource:6fb8e9700eabdb5f3780 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-04-09T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Repetition of previously announced resource figures for El Guayabo. - Positive factor: Large scale resource Evidence · text > 9.1 Moz gold equivalent resources \(6.9 Moz attributable to CEL\) #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 2 [Link to this fact](https://atlas-staging.minestarters.com/news/cel-investor-presentation-jmm-gold-forum--6a44f27f-f9bc-4a8e-a907-537c0ad2a3de#fact-resource-facts-1) Hualilán · gold Historical result Needs review: historical\_restatement #### Identity - Project: Hualilán - Commodity: gold - Region: argentina - Reported Region: San Juan, Argentina - Ticker: CEL #### Resource scope - Resource group id: resource:77ea0f4ef7abf15c0d41 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-05-18T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: PFS production target for Hualilán. - Positive factor: Significant life-of-mine production Evidence · text > 1,843 koz LOM gold equivalent production #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ## Metallurgical Results (1) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/cel-investor-presentation-jmm-gold-forum--6a44f27f-f9bc-4a8e-a907-537c0ad2a3de#fact-metallurgical-facts-2) Hualilán · gold Historical result Needs review: historical\_restatement #### Identity - Project: Hualilán - Commodity: gold - Region: argentina - Reported Region: San Juan, Argentina - Ticker: CEL #### Recovery - Recovery: 69.7 % - Recovery Basis: actual\_test #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-05-18T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Reported heap leach recovery from the 2026 PFS. - Negative factor: Recovery is on the lower end for heap leach Evidence · text > HEAP LEACH GOLD RECOVERY 69.7% #### Tags used in scoring **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 69.7% is below the weak band \(80%\) ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.