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Challenger Gold Ltd ASX:CEL

1 opened or increased0 held1 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 2 managers in total.

Position history by manager 2 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

2026

11 Nov 2025 to today

Commentary 2 comments

DateManagerActionSummary

31 Jan 2026Ellerston CapitalExitEllerston Capital exited its position in Challenger Gold after the stock rose 13% in January on gold price strength. The fund reduced several gold positions around this time, citing what it viewed as speculative excess in the precious metals market as driving prices beyond what it considered fundamental value.

Gold ExplorationMonthly Report, price recorded $0.16

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11 Nov 2025Tenva CapitalInitiatedTenva Capital initiated a position in Challenger Gold Ltd because the fund believes the company is transitioning from a dual-asset explorer to a near-term gold producer, with toll milling of its high-grade Hualilan asset in Argentina commencing in January 2026. Tenva Capital notes that at US$4,000 per ounce gold, the toll milling operation alone should generate free cash flows equivalent to approximately 75% of today's market capitalisation over three years, enabling financing of the larger standalone Hualilan project. The fund also believes the market is ignoring Challenger's Ecuador assets — including attributable resources that CMOC's adjacent Cangrejos takeover implies are worth A$170 million. With the stock trading at 2.6x NTM EV/EBITDA at US$4,000 per ounce gold, the fund sees near-term re-rating potential of at least 46% on commencement of cash flow generation.

Gold MiningArticle, price recorded $0.13

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First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 2 managers first commented on CEL.

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About Challenger Gold Ltd

Materials, Metals and Mining

Challenger Gold (ASX:CEL), a gold developer in Argentina, has been traded by fund managers around its move toward production. In November 2025, Tenva Capital described Challenger Gold as on the cusp of transitioning from a dual-asset explorer to a de-risked, fully funded, near-term gold producer. In January 2026, Ellerston reported Challenger rose 13% on strength in the gold price, but exited toward month-end as it reduced several gold positions. Challenger Gold operates in the Materials sector within the Metals and Mining industry, and Thesis Tracker has captured 2 comments from 2 fund managers, Ellerston and Tenva Capital. Headquartered in West Perth, Challenger Gold explores and develops gold projects in Argentina, including the Hualilan gold project in San Juan province, and has pursued a toll-treating arrangement to begin early production while advancing a larger standalone development, positioning it to benefit from high gold prices as it transitions into a producer.

Market cap: $272m
Price to earnings: 40.5x
Return on equity: 2.6%
Dividend yield: 0.0%
Price to book: 1.14x
52-week range: $1.40 to $4.10

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Challenger Gold Ltd (ASX:CEL)?

Fund managers including Tenva Capital have invested in Challenger Gold Ltd (ASX:CEL).

What opportunities or catalysts do fund managers highlight for Challenger Gold Ltd?

Tenva highlights Challenger's transition toward becoming a fully funded, near-term gold producer, and Ellerston notes gains from a strong gold price.

What are the key risks to the Challenger Gold Ltd investment thesis, according to fund managers?

Ellerston exited as it reduced gold exposure, and operating in Argentina brings sovereign, currency and execution risks.

What does Challenger Gold Ltd (ASX:CEL) do?

Challenger Gold Ltd. is an Australian oil and gas exploration and development company headquartered in West Perth. Founded on January 23, 2007, the company specializes in the development and sale of hydrocarbon resources. Its core project portfolio includes the Hualilan Gold project, El Guaybo, and the Karoo Basin Gas project. Challenger Gold operates within the energy and mining sectors, focusing on project exploration and commodity sales.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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