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The latest announcement is out from Challenger Exploration Limited ( (AU:CEL) ).
Challenger Gold reported a strong December quarter as it ramped up toll milling preparations at its Hualilan Gold Project in Argentina, with contract mining starting on schedule and materially outperforming production forecasts. Ore stockpiles on the run-of-mine pad are building ahead of planned haulage to the Casposo plant in mid-February 2026, where processing is expected to begin shortly thereafter, supported by gold recoveries above 90%, positioning the company for an imminent new cash-flow stream. The stand-alone pre-feasibility study for Hualilan remains on track for delivery in the first quarter of 2026, with an expanded open pit mine design, progressing capital cost and financial modelling, and a redesigned two-cell tailings storage facility aimed at reducing upfront capital, while underground options are deferred pending further drilling. Activity at the El Guayabo project in Ecuador was deliberately limited as management prioritised Hualilan, although Challenger continues to examine monetisation opportunities in a supportive gold price environment. The company ended the quarter with A$36.2 million in cash, fully funding it through to first toll milling cash flows despite A$12.8 million of one-off expenditures tied to mine mobilisation, toll milling capex, capital raising costs and project finance repayment, underscoring a solid financial base for its transition toward production.
The most recent analyst rating on (AU:CEL) stock is a Hold with a A$0.21 price target. To see the full list of analyst forecasts on Challenger Exploration Limited stock, see the AU:CEL Stock Forecast page.
More about Challenger Exploration Limited
Challenger Gold Limited is an Australian-listed gold exploration and development company focused on advancing its Hualilan Gold Project in San Juan, Argentina, and the El Guayabo Project in El Oro, Ecuador. The company is progressing from exploration toward production, with an emphasis on toll milling arrangements and stand-alone development to monetise its gold resources while maintaining a strong funding position.
Average Trading Volume: 5,703,925
Technical Sentiment Signal: Buy
Current Market Cap: A$485.1M
See more data about CEL stock on TipRanks’ Stock Analysis page.