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Challenger Exploration
Overview
Despite decades of being one of the world’s top gold mining jurisdictions, Latin America has not waned when it comes to its relevance in the global precious metals market. In fact, top gold miners in the area are planning an increase in exploration with Newmont (NYSE: NEM) targeting full ownership of the Yanacocha gold mine.
With a desire to make mining more friendly to foreign investors and a dream of reaching $10 billion in mining exports by 2030, Argentina is one of the most favorable places for successful gold, silver and copper mining operations. The country has recently reduced export taxes from 12 percent to 8 percent and has reported that it would further reduce taxes.
Ecuador may be far away from Argentina, but it is certainly not far less exciting when it comes to mining potential. Ecuador is one of four South American countries containing part of the Andean Copper Belt, a region containing numerous tier 1 mines as well as reportedly half of the entire world’s copper. Given its confirmed gold and copper resources and lack of mining operations compared to nearby Peru and Chile (two of the other countries containing part of the Andean Copper Belt), Ecuador presents investors and mining companies with a relatively untouched source of copper as well as gold and silver.
Challenger Exploration (ASX: CEL) is an Australian-based mining exploration company that makes the best of both worlds by operating out of Argentina and Ecuador, with a focus on gold and copper exploration. The combination of its heavily experienced management team, its operations in areas of Argentina and Ecuador known for successful exploration and lucrative mineral acquisition, and positive geological results give Challenger Exploration an opportunity to succeed in its goals of gold and copper acquisition.
Given a positive future outlook on mining operations and the potential for successful additional mining, many mining companies have already begun operating out of Ecuador and/or continuing their already present operations. Companies include but are not limited to Lundin Gold (TSX: LUG), which has been regularly exporting gold since its initial industrial export in December of 2019, and Solaris Resources (TSE: SLS), which has reported positive early results.
“Copper is a good thing to own,” said Barrick Gold CEO Mark Bristow. Due to copper’s role in green energy, JPMorgan estimated that demand will increase from 1.8 million tonnes in 2021 to 3 million tonnes by 2025.
There are several reasons why Challenger Exploration is a potentially attractive option for investors. Not only is the company in a prime position to capitalize off of Argentina’s and Ecuador's increasingly mining friendly laws confirmed gold mines as well as untapped sources of copper, but its management team has impressive experience in mining operations and lucrative big-business.
Company Highlights
- Challenger Exploration is an Australian-based mineral exploration company, with emphasis on gold and copper expansion in Argentina and Ecuador.
- The Hualian Gold Project is the first of Challenger Exploration’s projects and is located in the San Juan Province of Argentina, which is one of the most friendly mining areas of Argentina as well as one of the most lucrative for copper and gold mining.
- El Guayabo is the second of Challenger Exploration’s projects and is located in the part of the Andean Copper Belt running through southern Ecuador, which contains half of the world’s copper resources and has confirmed, yet untapped mineral resources.
- Copper has been of positive investor speculation in the recent past, making an untapped yet confirmed source of copper critical to the future.
- The company’s Argentinian project is flanked by both Newmont and Glencore, demonstrating high potential for multi-million ounce yields.
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Gold and Copper Exploration Across Known and Untapped Sources
Angkor Resources: Unlocking Cambodia’s Resource Potential through Energy and Minerals Assets
Founded in 2009 and listed in 2011, Angkor Resources (TSXV:ANK,OTCQB:ANKOF) has developed a dual focus on energy and minerals across Asia and North America.
Angkor Resources is advancing a dual-track strategy across energy and minerals. In Canada, its subsidiary EnerCam Exploration generates revenue from oil production, water disposal, and gas processing, while also pioneering carbon capture and conversion solutions.
In Cambodia, subsidiary EnerCam Resources is driving the nation’s first-ever onshore oil and gas exploration on Block VIII, positioning the company for transformational growth. On the mineral side, Angkor is a first-mover in Cambodia’s underexplored belts, with licenses at Andong Meas and Andong Bor targeting both precious and base metals, where exploration has already confirmed copper porphyry systems and high-grade gold mineralization.
Angkor mitigates risk by diversifying revenue, combining recurring Canadian cash flow with high-impact exploration in Cambodia, where management prioritizes hydrocarbons and copper, highlighting 25 million recoverable barrels and significant copper-gold potential.
Company Highlights
- Diversified Energy & Mineral Portfolio: Exposure to high-impact oil and gas exploration in Cambodia (Block VIII), recurring energy revenues in Canada, and copper-gold porphyry systems with gold epithermal near-surface prospects in Cambodia.
- Near-term Catalysts:
- Results from copper porphyry in Cambodia within 30 to 60 days;
- Seismic completion and interpretation for drill targets on Block VIII within 90 days; and
- Acquisition of oil production for increased recurring revenue streams.
- Transformational Asset: Block VIII is Cambodia’s first onshore oil and gas exploration license, strategically located near export infrastructure. Potential minimum targets estimated at 25 to 50+ million recoverable barrels.
- Revenue-backed Model: EnerCam Canada provides recurring revenue streams via oil production, water disposal, gas processing, and carbon capture solutions, insulating Angkor from over-reliance on equity markets.
- Strong ESG Commitment: Recognized at the United Nations for sustainability, Angkor integrates carbon capture, community partnerships and environmental responsibility into every project.
- Aligned Shareholder Base: Over 40 percent insider ownership with regular insider buying, demonstrating management’s confidence in long-term growth.
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Angkor Resources
Investor Insight
Angkor Resources is an emerging energy and mineral development company blending traditional oil and gas with copper and gold exploration in Cambodia, while generating revenue through oil production and carbon capture projects in Canada. With over a decade of operational experience in Southeast Asia and a reputation for sustainable practices, the company is strategically positioned to deliver both growth and resilience for investors.
Company Highlights
- Diversified Energy & Mineral Portfolio: Exposure to high-impact oil and gas exploration in Cambodia (Block VIII), recurring energy revenues in Canada, and copper-gold porphyry systems with gold epithermal near-surface prospects in Cambodia.
- Near-term Catalysts:
- Results from copper porphyry in Cambodia within 30 to 60 days;
- Seismic completion and interpretation for drill targets on Block VIII within 90 days; and
- Acquisition of oil production for increased recurring revenue streams.
- Transformational Asset: Block VIII is Cambodia’s first onshore oil and gas exploration license, strategically located near export infrastructure. Potential minimum targets estimated at 25 to 50+ million recoverable barrels.
- Revenue-backed Model: EnerCam Canada provides recurring revenue streams via oil production, water disposal, gas processing, and carbon capture solutions, insulating Angkor from over-reliance on equity markets.
- Strong ESG Commitment: Recognized at the United Nations for sustainability, Angkor integrates carbon capture, community partnerships and environmental responsibility into every project.
- Aligned Shareholder Base: Over 40 percent insider ownership with regular insider buying, demonstrating management’s confidence in long-term growth.
Overview
Founded in 2009 and publicly listed in 2011, Angkor Resources (TSXV:ANK,OTCQB:ANKOF) has built a unique dual-focused enterprise across energy and minerals in Asia and North America.
On the energy side, the company is advancing acquisition of cash flow through oil production and carbon capture in Canada, and is poised for transformational growth through the first-ever onshore oil and gas exploration program in Cambodia. Its Canadian subsidiary, EnerCam Exploration, is already generating revenue from oil production, water disposal and gas processing, while also implementing carbon gas capture and conversion solutions for provincial markets. In Southeast Asia, Angkor’s Cambodian subsidiary, EnerCam Resources, is spearheading a national-scale initiative to bring Cambodia its first domestic hydrocarbon energy, with exploration activities underway on the company’s Block VIII concession.
On the mineral side, Angkor has positioned itself as a first-mover in Cambodia’s underexplored mineral belts, holding licenses at Andong Meas and Andong Bor. These projects target both precious and base metals, with copper porphyry systems and high-grade gold mineralization now confirmed through exploration results.
Angkor’s strategy is designed to mitigate shareholder risk by diversifying revenue streams, blending recurring Canadian cash flow with high-impact exploration upside in Cambodia. The company’s management emphasizes hydrocarbons and copper as priorities, noting the potential value of 25 million recoverable barrels in Cambodia alongside significant copper-gold discoveries.
Key Projects
Onshore Cambodia – Block VIII Oil & Gas Concession
Angkor’s flagship asset is Block VIII, a 4,300 sq km oil and gas concession in Cambodia’s underexplored onshore sedimentary basin. The license, structured under a 30-year Production Sharing Agreement with renewal options, represents the first onshore hydrocarbon exploration license in the country. Geoscientific studies conducted by Danish, Canadian and European experts have identified strong indications of a foreland basin system and rift formations with significant petroleum potential. Over 21 natural oil seeps have been mapped and testing of the seeps by Schlumberger confirms the presence of hydrocarbons. Gas showings are also evident across the block.
The block is ideally located adjacent to export infrastructure, close to port with highway access to Phnom Penh and proximity to a deepwater port. Cambodia currently imports all of its petroleum products, making Block VIII strategically important both nationally and regionally. EnerCam, Angkor’s subsidiary, is implementing Cambodia’s first onshore 2D EnviroVibe seismic program, designed to minimize environmental footprint while mapping structural traps and stratigraphic features.
Technical projections suggest that once commercial quantity of recoverable hydrocarbons is proven, Block VIII could host Cambodia’s first onshore oil production. Angkor’s phased development plan includes completing seismic interpretation, definition of drill targets or additional 3D seismic followed by stratigraphic test wells and eventual development drilling. This project is expected to be the company’s most significant value driver and is prioritized as its number one corporate focus.
Canadian Energy & Carbon Capture – EnerCam Exploration
In Canada, Angkor operates through EnerCam Exploration Canada, which is a 40 percent interest holder in oil production and carbon solutions across 30 well sites spanning 516 hectares in Saskatchewan. These wells, shut in since 2018 due to low oil prices and mismanagement by previous operators, have been systematically refurbished and restarted. EnerCam participates in the full production cycle, including oil recovery, water separation and gas handling.
A key milestone was the acquisition of the pipeline network and compressor station, which resolved historical venting issues and allowed EnerCam to capture associated gas. This gas is converted into natural gas energy and sold into provincial markets. Angkor’s Canadian revenue streams also include water disposal fees, gas plant operations, and oil production revenues, supplemented by ongoing carbon capture and enhanced recovery of water conversion and injection wells projects.
Angkor holds a 40 percent interest in oil and gas production ventures in Saskatchewan, ensuring a recurring revenue stream. This platform not only offsets G&A costs but also provides a foundation for emission control and potential for further gas capture with surrounding producers in the area.
Cambodia Mineral Properties – Copper and Gold Portfolio
Through its subsidiary Angkor Gold Cambodia, the company holds a strategic portfolio of copper and gold assets in prospective belts. These licenses include Andong Bor and Andong Meas.
The Andong Bor license has emerged as a cornerstone of Angkor’s mineral portfolio. In June 2025, the company confirmed the presence of a copper-gold porphyry system, the first discovery of its kind in Cambodia. This breakthrough positions the project as a potential district-scale copper-gold system. Further drilling is expected to test depth extensions and delineate mineralized zones.
At the Andong Meas license, exploration has revealed high-grade gold mineralization, with surface samples returning assays up to 70 grams per ton (g/t) gold across a 0.8 km by 1.5 km area. This anomaly remains largely untested by drilling and represents a significant near-term target for resource expansion.
Management Team
Delayne Weeks – CEO
With over 25 years of global development experience spanning finance, business development, economic development and ESG initiatives. She has spearheaded Angkor’s CSR programs in Cambodia, earning UN recognition for sustainability leadership. Weeks has overseen Angkor’s transition into energy and its expansion into cash-flowing operations.
Mike Weeks – President, Executive VP Operations
Brings over four decades of operational and executive experience in international resource projects. Mike Weeks is president of Angkor Gold Corp. Cambodia and EnerCam Resources Cambodia. He has had a long and successful career in the oil and gas industry with over 30 years’ experience in project management of petroleum-related industries. Weeks also spent more than 15 years negotiating with foreign governments in developing and implementing natural resource licenses. His experience includes oil production in North Africa, engineering and design in Europe, the development of gas processing facilities and field and plant operations in Canada. Weeks has worked with international oil and gas producers including AEC West, Wintershall, Zuetina, Encana and Amoco.
Dennis Ouellette – VP Exploration, Minerals
Professional geologist with over 40 years of exploration experience in Canada, Central America and Asia. Dennis Ouellette has been a federal geologist in the Yukon for over five years, overseeing the exploration and mining industry across the Yukon by all industry participants. He leads Angkor’s mineral exploration programs, including the copper porphyry discovery at Andong Bor and a second porphyry target on Andong Meas. Ouellette has worked in multiple Canadian provinces, Nevada and Guatemala, and was the industry advocate director for the Yukon Chamber of Mines and president of Yukon Prospectors Association
Keith Edwards – Technical Manager, EnerCam Resources Cambodia
Keith Edwards is a senior geophysicist with over 39 years’ experience in all aspects of geophysics, from acquisition through processing to interpretation. He is known for his proven innovative problem-solving capabilities in software development, consulting services, interpretation and management. Edwards spent 12 years at Kuwait Oil company mentoring junior staff and performing many quantitative seismic interpretation projects. He developed several MatLab applications for Seismic Facies Classification, VSP integration, 3D design and many others.