CONDOR GOLD PLC - CNDGF STOCK NEWS

Condor Gold Plc has announced the issuance of 258,333 new Ordinary Shares at 24 pence each as a bonus for CEO Mark Child for the fiscal year ending December 31, 2022. This move, recommended by the Remuneration Committee and unanimously approved by the Board, aims to enhance the CEO’s compensation. These Payment Shares are expected to be admitted for trading on AIM by April 6, 2023, and are also subject to TSX approval. Following this issuance, the total number of issued shares will rise to 180,790,824. The Company is an

Condor Gold reported its audited results for the year ending December 31, 2022, revealing a loss of £2,532,560, compared to £2,330,003 in 2021. The updated Mineral Resource Estimate for the La India Project shows 1,088,000 oz of indicated gold and 1,190,000 oz inferred. A Feasibility Study estimates a Probable Mineral Reserve of 602,000 oz gold with a production average of 81,545 oz annually over the first six years. The internal rate of return is projected at 23% at a gold price of $1,600/oz, reaching 43% at $2,000/oz. The Company is currently seeking buyers for its assets, with three formal expressions of interest received.

Condor Gold has made significant updates regarding the sale of its assets following a successful Bankable Feasibility Study for the La India open pit project in Nicaragua. The asset sale process is advancing, with the first phase ending as three formal expressions of interest, including two non-binding offers, have been received. Nine companies are currently under a Non-Disclosure Agreement, conducting due diligence. CEO Mark Child expressed confidence in reaching a binding agreement, although he cautioned that there are no guarantees. The feasibility study indicates a high-grade mineral resource estimate of 1.088 million ounces gold in the indicated category.

Condor Gold has announced its progress in the asset sale initiated after a positive feasibility study on the La India Project. As of March 2023, the initial phase of the sales process is concluding, with three expressions of interest received, including two non-binding offers subject to further due diligence. Currently, nine companies are under a Non-Disclosure Agreement, with ongoing site visits. CEO Mark Child expresses confidence in reaching a binding agreement. However, the company cautions that there are no guarantees of completing the sale. The feasibility study indicated substantial gold resources, marking a significant development for Condor Gold and its stakeholders.

Condor Gold Plc has appointed Denham Eke as a Non-Executive Director, following Galloway Limited's subscription for £1 million Unsecured Convertible Loan Notes, now converted into shares at 15 pence each. Denham Eke, who is the sole director of Galloway Limited, represents an 18.7% shareholder, Burnbrae Group, led by Condor's Chairman, Jim Mellon. Eke has extensive experience in various sectors including mining and financial services, and has served in significant roles in multiple companies.

Condor Gold announced the completion of an Open Offer and Placing, raising approximately £3.3 million. Shareholders could subscribe for shares, with a total of 15,161,373 New Ordinary Shares issued. The funds will bolster the La India Project, which is nearing construction readiness. Gross proceeds of £2.3 million were raised through the offer, aided by an additional £1 million from Galloway's investment. The project aims for an initial production target of 100,000 oz gold per annum, increasing to 150,000 oz following expansion.

Condor Gold Plc (CNR) is proposing an Open Offer to raise up to £3.9 million through the issuance of shares to existing shareholders, with a meeting scheduled for December 21, 2022, to approve a subdivision of shares. Each shareholder can purchase one new share for every six existing shares held at an issue price of £0.15, reflecting a 22% discount. This initiative follows a previous £1 million raised through Convertible Loan Notes. Proceeds will fund operational expenses and aid in the sales process of the Company's Nicaraguan assets. The Open Offer is not underwritten, and shareholder participation is critical.

Condor Gold Plc has announced a fundraising initiative to raise up to £4.2 million. This includes £1 million through unsecured convertible loan notes from Galloway Limited, an 18.7% shareholder, which will convert into new shares if the open offer raises at least £1 million from other shareholders. The open offer allows existing shareholders to buy shares at £0.15 each, with a record date of December 1, 2022. The funds will mainly cover working capital and operational expenses, particularly related to the La India Project in Nicaragua, which is nearing construction readiness.