Couloir Capital Ltd. Is Pleased to Announce the Initiation of Research Coverage on Challenger Exploration Ltd.

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: rstitt@couloircapital.com^[1]

www.couloircapital.com^[2]

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/66584^[3]