Vancouver, British Columbia--(Newsfile Corp. - October 26, 2020) - Couloir Capital Ltd. is pleased to announce the initiation of research coverage on Challenger Exploration Ltd. (ASX: CEL). The initial report is titled, "High-Grade Argentine Gold Project, Ecuadorian Project Next to 17-Million-Ounce Gold Deposit."

About Challenger Exploration Ltd.

Challenger Exploration Ltd. is a precious metals explorer with a focus on gold and gold-copper projects in Latin America. The company's flagship Hualilan Property is a gold exploration asset in the San Juan Province of Argentina which carries a non-compliant historical resource of 627,000 ounces at 13.7 g/t Au. The company also has the El Guayabo Project in Ecuador, which is less than 10 km from the 17-million-gold ounce Cangrejos Project.

About Couloir Capital Ltd.

Couloir Capital Ltd. is an investment research firm comprised of a team of veteran investment professionals dedicated to providing world-class opportunities in the natural resource exploration and development sectors along with real and alternative asset classes and strategies. Couloir Capital Ltd. is affiliated with a registered securities dealer, Couloir Capital Securities Ltd., and an investment entity, the West Cirque Fund Limited Partnership.

For further information, or to subscribe and receive a copy of the report please contact:

Rob Stitt, Managing Director, Couloir Capital Ltd.

Email: [email protected]

www.couloircapital.com

Analyst Disclosure: The analyst and/or affiliated companies do not hold shares in the subject issuer but expect to after its clients have had an opportunity to trade.

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