Challenger Gold (ASX:CEL) maintains more than 63,000 hectares of prospective exploration land, according to a Monday report by Euroz Hartleys.
Euroz also expects "enhancements" after the company completes a standalone pre-feasibility study at its Hualilan project in Argentina.
Last month, the company said the study is on track for delivery in the first quarter.
Euroz maintained a speculative buy rating on Challenger Gold and raised its price target to AU$0.37 from AU$0.30.
Shares of the company rose 3% in recent Tuesday trade.