1. Limited exploration experience: Challenger Exploration is a relatively new company with limited exploration experience compared to its peers. This lack of experience may limit the company's ability to identify and develop profitable mining projects.

2. Small market capitalization: The company has a small market capitalization compared to its peers, which may limit its ability to attract investment and finance its exploration activities.

3. Limited geographical diversification: Challenger Exploration's exploration activities are focused on South America, which may limit its ability to diversify its portfolio and mitigate risks associated with political instability and other factors.

4. Dependence on a single project: The company's current focus is on the Hualilan Gold Project in Argentina, which represents a significant portion of its exploration portfolio. This dependence on a single project may increase the company's exposure to risks associated with project development and production.

5. Limited financial resources: Challenger Exploration has limited financial resources compared to its peers, which may limit its ability to fund exploration activities and compete for new projects.

6. Lack of established partnerships: The company has yet to establish significant partnerships with other mining companies or industry players, which may limit its ability to access new projects and leverage the expertise of other industry players.