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Argentinean businessman and entrepreneur Eduardo Elsztain has acquired an initial 5% stake in Challenger Gold and has signalled an intention to take a larger stake pending a more detailed due diligence process.

Challenger made a placement of 66.38-million shares at 8.5c a share to an affiliate of Elsztain’s group. The placement price represents a 9% premium to the 20-day volume-weighted average price of 7.8c.

Challenger is developing two complementary gold and copper projects in South America, with its flagship being the Hualilan project in Argentina, containing resources of 2.8-million ounces gold-equivalent.

“The investment is a testament to the hard work of our team and the robust potential of our exploration efforts. We look forward to collaborating closely to unlock value for all stakeholders and contribute positively to the local community and economy. This marks a significant milestone in our journey, and we are excited about the opportunities this partnership will bring,” said Challenger executive director Sonia Delgado in a statement.

Proceeds of the placement will be used to accelerate exploration and development activities at the Hualilan project.