Challenger Gold Limited has finalised its A$85 million capital raising and implemented a major board and executive restructuring, marking a shift in the company’s focus from exploration to the development of its project portfolio.

The funding round concluded with the settlement of a A$10 million placement to Chairman Peter Marrone and other lead investors, alongside a A$5.3 million placement to affiliates of director Eduardo Elsztain. These proceeds are earmarked to advance the flagship Hualilan gold project in Argentina and operations at the El Guayabo project in Ecuador.

Accompanying the financial completion is a leadership overhaul. Peter Marrone, the Chairman and CEO of Allied Gold, has formally assumed the role of Non-Executive Chairman at Challenger Gold. Eduardo Elsztain has moved from Non-Executive Chairman to Non-Executive Director. Yohann Bouchard, formerly Chief Operating Officer at Yamana Gold, has been appointed as the company's Chief Operating Officer and will serve as interim CEO following the resignation of Kris Knauer. Felipe Riquelme is set to join as Chief Financial Officer on 10 August 2026.

Mr. Knauer, who has led the company since 2019, will remain as a consultant for six months to assist with the leadership transition.

Reflecting on the change, Peter Marrone noted the company’s evolution:

“On behalf of the Board I want to thank Kris for his outstanding leadership and commitment to Challenger over the past seven years. Kris has guided the Company from an explorer through to a development play with almost 10 million ounces that includes Hualilan, where I am committed to accelerating the Phase 1 stand-alone Heap leach development, and Ecuador where we aim to resume exploration drilling by the end of this year.”

— Peter Marrone, Chairman

The company is now pivoting its corporate strategy toward a development-oriented model. Central to this approach is the advancement of a Phase 1 stand-alone heap leach operation at Hualilan, a project the company highlights as a large-scale, low-cost development opportunity.

In addition to the Hualilan development study, Challenger Gold is targeting the resumption of exploration drilling at its El Guayabo project in Ecuador before the end of 2026. With the A$85 million capital injection fully secured, the company maintains that it is funded to proceed with these activities across its assets in Argentina and Ecuador.

Read the full announcement: Completion of Equity Raising & Management Changes