Australia's Challenger Gold rises on processing deal for Argentina project

Austral Gold

05/12/2024 03:50

** Shares of Challenger Gold  CEL.AX  rise as much as 11.1% to
A$0.050, their biggest intraday pct gain since late-October
** Co signs a processing agreement with gold and silver miner
Austral Gold's  AGD.AX  subsidiary Casposo Argentina Mining
    ** Under the deal, Casposo will process gold from CEL's
Hualilan project in Argentina for three years
    ** CEL says base processing fee is $8.80 per tonne and an
upfront payment of $2 mln, with additional $1 mln to be paid in
the second year
    ** AGD shares jump 14.3% to A$0.024
    ** More than 2 mln CEL shares change hands, vs the 30-day
average of 1.8 mln shares
    ** CEL trims YTD losses to 33.8%, while AGD shares down
17.2%
     
    ($1 = 1.5550 Australian dollars)

(Reporting by Namrata Verma in Bengaluru)
((Namrata.Verma@thomsonreuters.com;))