Challenger Gold (ASX:CEL) is expected to benefit from its long-term, stable investor base, with various in-country investors, and board and management highly aligned with the company's progress, said Euroz Hartleys in a Monday note.

The research firm expects upcoming studies to demonstrate enhanced project economics at the company's Hualilan Gold Project in Argentina through the inclusion of a heap leach, which can liberate "significant" benefits.

The research firm noted that CEL's landholding in Argentina covers 63,200 hectares, and the deepest drilling has indicated room for further resource growth.

Euroz Hartleys initiated its coverage on CEL with a speculative buy rating and a price target of AU$0.30.