Latest Results for Ecuador Yield a 1.2 kilometre Intersection

Challenger Exploration (ASX: CEL) (“CEL” the “Company”) reports results from the next six holes in its Phase 2 drilling program in Ecuador. The holes are located on the GY-A anomaly, or the Main Discovery Zone, on the Company's 100% owned El Guayabo Gold-Copper Project in El Oro Province, Ecuador.

• Next 6 holes on the GY-A anomaly drilled to allow the reporting of a Mineral Resource Estimate intersect significant mineralisation with results including (refer Table 1):

• 1190.0m at 0.3 g/t AuEq2 - 0.2 g/t Au, 1.3 g/t Ag, 0.1 % Cu, 12.6 ppm Mo from 4.0m including;

511.1m at 0.4 g/t AuEq2 - 0.3 g/t Au, 2.1 g/t Ag, 0.1 % Cu, 11.9 ppm Mo from 4.0m including;

369.5m at 0.5 g/t AuEq2 - 0.3 g/t Au, 2.2 g/t Ag, 0.1% Cu, 13.3 ppm Mo from 65.0m including

178.8m at 0.6 g/t AuEq2 - 0.5 g/t Au, 2.4 g/t Ag, 0.1% Cu, 8.8 ppm Mo from 344.0m including;

101.0 m at 0.8 g/t AuEq2 - 0.6 g/t Au, 2.8 g/t Ag, 0.1% Cu, 5.9 ppm Mo

(GYDD-22-025) (GY-A Phase 2 drilling - hole mineralised from surface to end of hole)

• 689.5m at 0.3 g/t AuEq2 - 0.2 g/t Au, 1.4 g/t Ag, 0.1% Cu, 9.0 ppm Mo from surface including;

317.7m at 0.5 g/t AuEq2 - 0.4 g/t Au, 1.2 g/t Ag, 0.1% Cu, 15.0 ppm Mo from 75.4m including;

54.0 m at 1.0 g/t AuEq2 - 0.9 g/t Au, 1.7 g/t Ag, 0.1% Cu, 13.6 ppm Mo from 280.5m and

22.5 m at 1.3 g/t AuEq2 - 1.1 g/t Au, 1.7 g/t Ag, 0.1% Cu, 9.1 ppm Mo (GYDD-22-030)

(GY-A Phase 2 drilling - hole mineralised from surface to end of hole)

• 871.9 m at 0.3 g/t AuEq2 - 0.2 g/t Au, 1.3 g/t Ag, 0.04% Cu, 14.2 ppm Mo from surface including;

275.3m at 0.4 g/t AuEq 2 - 0.3 g/t Au, 1.8 g/t Ag, 0.04% Cu, 8.2 ppm Mo from 92.6m including;

67.9m at 0.6 g/t AuEq2 - 0.5 g/t Au, 3.2 g/t Ag, 0.1% Cu, 7.7 ppm Mo (GYDD-22-027)

(GY-A Phase 2 drilling - hole mineralised from surface to end of hole)

• Results confirm the GY-A anomaly has significant scale, with mineralisation having a true width over 500 metres along its current 700 metres strike extent

• GY-A and GY-B anomaly converge into one large, mineralised zone with over one kilometre true thickness and mineralisation now defined from surface to 1100 metres depth

• Drilling intersected a new style of mineralisation with drillhole GYDD-22-026 encountering an epithermal vein, above the main mineralisation zone, with an intersection of 1.3m at 231.3 g/t Au

Commenting on the results, CEL Managing Director, Mr Kris Knauer, said:

“This set of results has produced our widest intersection to date with drill hole GYDD-22-025 intersecting 1.2 kilometres of mineralisation from near surface to the end of the hole.

All 14 regionally significant gold-soil anomalies drilled to date produced gold intercepts. Seven of these, now high-priority targets, appear capable of hosting a significant bulk gold resource. We are targeting the main two targets for a maiden Mineral Resource Estimate expected to be available in May."

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