CHALLENGER GOLD LIMITED
ASX:CELMaterialsToday’s holders own 81.0% of what they think they own, once every option and right converts.
Share count grew 125% in 24 months; runway 2–4 quarters; 5 cash raises in 24 months
Between October 2024 and October 2026, its latest share-count filing, CHALLENGER GOLD LIMITED's ordinary share count grew 125.3%, adjusted for a 1-for-20 share consolidation in July 2026, to 171M shares. The company raised capital five times in the 24-month window for total proceeds of A$193.4M, most recently a convertible debentures offering raising A$34.2M in September 2026. Options and rights on issue could convert into 40M new shares, equal to 23.4% of the current share count, with none in the money; nearest expiry is January 2027. The company has 2 to 4 quarters of funding at the recent spend rate. Two proposed securities issues (Appendix 3B) are pending, with an expected issue date in November 2026.
Quick answers · 3
Is CEL raising capital?
Challenger Gold has 2 proposed issues of securities pending under Appendix 3B as at 28 Oct 2026; the most recent raise announced is Convertible debentures (convertible note offering) of $34.2M on 28 Sept 2026.
How much cash does CEL have?
In its quarterly cash report for the quarter ended 30 June 2026, Challenger Gold reported $20.0M of cash and estimated 1.4 quarters of funding available at its current rate of spending. That is the company's own estimate.
When do CEL's options expire?
Unexercised options and rights equal 23.4% of Challenger Gold's shares on issue; the nearest expiry is Jan 2027.
Shares on issue — last 2 years
Cash runway
Issuance timeline
Latest 5 filings (Appendix 2AThe form a company lodges to have new securities quoted on the ASX. It restates how many of each class are on issue. quoted issues, 3G unquoted, 3H cancellations)
| Date | Form | Security | On issue, per this filing | Source |
|---|---|---|---|---|
| 23 Oct 2026 | 3G · unquoted | CEL : ORDINARY FULLY PAID | 171.1M | Appendix 3G |
| 23 Oct 2026 | 2A · quoted issue | CEL : ORDINARY FULLY PAID | 171.3M | Appendix 2A |
| 14 Sept 2026 | 2A · quoted issue | CEL : ORDINARY FULLY PAID | 171.1M | Appendix 2A |
| 14 Sept 2026 | 3H · cancellation | CEL : ORDINARY FULLY PAID | 171.1M | Appendix 3H |
| 10 Sept 2026 | 2A · quoted issue | CEL : ORDINARY FULLY PAID | 171.1M | Appendix 2A |
Securities on issue over time
Ordinary shares and every option and rights class, month by month over two years. The top edge is the fully diluted count.
Capital raises
5 cash raises in the last 24 months · 2 in the last 12 months
Results due
What the company's own reports say is coming, and when. A month is one the report names; “by end of year” is a deadline such as “Q4”. See every explorer on the results calendar.
- by end 2026 · Exploration update from drilling program (results due)
- by end 2026 · Exploration update with initial drilling results (results due)
Forward supply
Every dated event on record that could add securities to the register — option expiries to their stated dates and proposed issues over the next 18 months, on one timeline.
Placement capacity
How much stock a company can place without asking holders. Listing Rule 7.1 / 7.1ARule 7.1 lets a company issue up to 15% of its shares in 12 months without a shareholder vote. Rule 7.1A adds 10% for smaller companies whose holders approve it. allows 15% of ordinary securities in any 12 months, and every Appendix 3BNotice that a company proposes to issue new securities, such as a placement. The securities are not on issue until a later filing confirms it. states how much of it an issue uses.
Pending proposed issues
Options & convertible securities
- Price-triggered39.1M · 22.8% of sharesOptions and warrants — they convert when the share price clears their exercise price.At least 7.4M of it states no exercise price — that much cannot be called in or out of the money.
- Condition-triggered1.0M · 0.6% of sharesPerformance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.
Exercise price on record: 31.7M priced, 8.4M where the filing never states one. A security with no exercise price is never counted in the money — nothing is paid to convert it, so there is no price for it to be above.
Each figure is the filing’s own count of securities, not a share count — a 2A never states what one security converts into.
At $1.55 today, 0 securities are in the money (0.0% of shares on issue). No more priced supply until 1.5× today’s price, which takes it to 100k (0.1% of shares).
- Priced supply in the money at the price on the axis — the curve, and the only thing on it. Ten prices, sampled: between two of them the true figure lies between the two.
- 8.4M (21.0% of the supply above) states no exercise price at all. It cannot be called in or out of the money at any price, which is why it is hatched rather than plotted.
| Code | Security | Type | Exercise price | Expiry | On issue | Source |
|---|---|---|---|---|---|---|
| CELAW | Options | Price-triggered, no exercise price stated | — | 6 Jan 2027 | 7.4M | Filing |
| CELAH | Options | Price-triggered | $2.00 | 30 June 2027 | 100k | Filing |
| CELAX | Options | Price-triggered | $2.40 | 25 Aug 2028 | 12.5M | Filing |
| CELAY | Options | Price-triggered | $3.90 | 2 Nov 2028 | 1.0M | Filing |
| CELAZ | Options | Price-triggered | $3.12 | 30 June 2029 | 18.1M | Filing |
| CELAF | Performance rights | Condition-triggered | — | — | 1.0M | Filing Meeting |
“Nil” is a stated nil exercise price: nothing is paid to convert. An em dash means the filing names no exercise price at all. Security is read from the filing’s own class description; an em dash there means the description is not one this table labels. One row is one security class, at the number stated in the most recent quotation application that restated it — linked, and dated, in the last column. For what expires soon across other listed companies, see the options expiry calendar.
A condition-triggered class has no exercise price and usually no expiry: what it vests on is set by a shareholder resolution, not by the register. Where the company lodged a notice of meeting before the class first appears here, it is linked as “Meeting” — that is where terms of this kind are put to shareholders. It is not confirmation that the document sets this class’s conditions, and no link appears where there is no such filing.
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 6 Aug 2026 | Brett Hackett | Other | 79k | — | 50k | $115k | 3Y notice |
| 6 Aug 2026 | Carolina Zang | Other | 7k | — | — | $22k | 3Y notice |
| 6 Aug 2026 | Mr Eduardo Sergio Elsztain | Other placement | 5.0M | 1.1M | 13k | $1.1M | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.