{"id":8511,"date":"2024-04-18T02:45:04","date_gmt":"2024-04-18T02:45:04","guid":{"rendered":"https:\/\/economicherald.net\/?p=8511"},"modified":"2024-04-18T02:45:04","modified_gmt":"2024-04-18T02:45:04","slug":"challenger-gold-lands-additional-4m-placement-to-progress-hualilan-towards-gold-production","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=8511","title":{"rendered":"Challenger Gold lands additional $4m placement to progress Hualilan towards gold production"},"content":{"rendered":"<p>Challenger Gold secures additional $4m investment from a single investment<br \/>\nPlacement priced at 8.5c \u2013 the same as the placement to Eduardo Elsztain\u2019s affiliate<br \/>\nProceeds will be used to fast track Hualilan towards gold production<br \/>\nFunds will also complete drilling at Colorado-V ahead of divesting the El Guayabo gold project in Ecuador<\/p>\n<p>\u00a0<\/p>\n<p><strong><em>Special Report:<\/em> The advanced Hualilan gold project in Argentina is drawing investors in like moths to a flame with Challenger Gold securing a $4m investment just weeks after a prominent businessman injected $5.6m into the company.<\/strong><\/p>\n<p>Earlier this month, an affiliate of Argentinian businessman and entrepreneur Eduardo Elsztain\u2019s asset group took up a private placement of 66.38 million shares priced at 8.5c each in the company.<\/p>\n<p>This represented a 9% premium to the 20-day volume weighted average price of 7.8c, a welcome change from the usual discount that such placements are made at and an indication that Elsztain \u2013 who now holds a 5% stake in CEL \u2013\u00a0is really confident about his investment.<\/p>\n<p>After all, <a href=\"https:\/\/stockhead.com.au\/company\/challenger-gold-cel\/\">Challenger Gold (ASX:CEL)<\/a> already has a resource of 2.8Moz gold equivalent (AuEq) at Hualilan and a scoping study focused on its high-grade core that outlined some very attractive economics.<\/p>\n<p>The study estimated that the high-grade core of 1.6Moz at 5g\/t AuEq could deliver 116,000ozpa gold, 440,000ozpa silver and 9,175t of zinc for 141,000oz AuEq, raking in $1 billion in earnings over a seven-year mine life.<\/p>\n<p>Capex is a low $211.1m with a quick 1.25-year payback period and low AISC of just $1,291\/oz.<\/p>\n<p>\u00a0<\/p>\n<h2><strong>New investment<\/strong><\/h2>\n<p>Hualilan has clearly proved irresistible to the new investor, which had approached the company about its interest to co-invest with Elsztain\u2019s group on the same terms.<\/p>\n<p>This led to the new placement of shares priced at 8.5c to raise a further $4m, taking the total raised by CEL up to $9.6m.<\/p>\n<p>Proceeds from both placements will be used to fast-track the project into production. This includes carrying pre-feasibility study and metallurgical work.<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Advancing Ecuadorian divestment<\/strong><\/h2>\n<p>The additional placement also provides the company with the opportunity to add further value to its Ecuadorian assets prior to a planned divestment.<\/p>\n<p>CEL plans to complete the final 8000m of the 22,000m drill program that is aimed at producing a maiden resource for the Colorado-V deposit within the broader El Guayabo project in Ecuador<\/p>\n<p>A Colorado-V resource will add to the existing resource of 4.5Moz at El Guayabo, increasing its value ahead of a strategic process to explore options to monetise or spin-off the project.<\/p>\n<p>It will also complete the earn-in commitments under the Colorado-V farm-in, which will simplify the ownership structure and remove a perceived risk associated with the asset.<\/p>\n<p>This is especially true given the current high gold price environment while sentiment surrounding Ecuador is clearly improving with Hancock Prospecting moving to invest up to US$120m to earn up to 80% in Titan Mineral\u2019s (ASX:TTM) Linderos copper project.<\/p>\n<p>\u00a0<\/p>\n\n<p><span class=\"mce_SELRES_start\">\ufeff<\/span>\u00a0<\/p>\n<p><em>This article was developed in collaboration with Challenger Gold, a Stockhead advertiser at the time of publishing. <\/em><\/p>\n<p><em>\u00a0<\/em><\/p>\n<p><em>This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n<p><span class=\"et_bloom_bottom_trigger\"><\/span><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/resources\/challenger-gold-lands-additional-4m-placement-to-progress-hualilan-towards-gold-production\/\">Challenger Gold lands additional $4m placement to progress Hualilan towards gold production<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Challenger Gold secures additional $4m investment from a single investment Placement priced at 8.5c \u2013 the same as the placement to Eduardo Elsztain\u2019s affiliate Proceeds <a href=\"https:\/\/economicherald.net\/?p=8511\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":8512,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-8511","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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