CONDOR GOLD PLC - CNDGF STOCK NEWS

Condor Gold published its unaudited financial results for Q3 and the nine months ending September 30, 2022. The feasibility study indicates a gold recovery of 91% under specific conditions, and a total mineral resource estimate of 1,088,000 oz gold (indicated) and 1,190,000 oz gold (inferred). The La India project shows a robust economic case with an IRR of 23% at $1,600/oz gold, and NPV of $86.9 million. The Q3 operating loss increased to £539,191, though comprehensive profit reached £2.5 million due to foreign currency gains. The company maintains a strategic focus on de-risking the project.

Condor Gold announced the filing of the 2022 Feasibility Study Technical Report for the La India open pit in Nicaragua. The report reveals a Probable Mineral Reserve of 7.3 million tonnes at 2.56 g/t gold, amounting to 602,000 ounces. It projects an average annual production of 81,545 ounces over the first six years, a post-tax NPV of US$86.9 million at a gold price of US$1,600 per ounce, and an enticing IRR of 23%. The study signifies a low initial capital requirement of US$105.5 million, enhancing prospects for investor confidence.

Condor Gold announces the appointment of Jim Mellon as the new Non-Executive Chairman, succeeding his role as Non-Executive Director. Mellon holds an 18.7% shareholding in the company and aims to enhance shareholder value following a positive Bankable Feasibility Study for the La India Project. The new technical report is set to be released within 45 days, replacing a previous assessment. The La India Project has received environmental permits and is progressing toward construction, with approved mining operations for 1.12 million ounces of gold.

Condor Gold announced the completion of a Feasibility Study (2022 FS) for the La India open pit project, revealing a Probable Mineral Reserve of 7.3Mt at 2.56g/t gold (totaling 602,000 oz). The project boasts an Internal Rate of Return (IRR) of 23% and a post-tax Net Present Value (NPV) of US$86.9 million using a gold price of US$1,600/oz. Initial capital costs are estimated at US$105.5 million with average annual production of 81,545 oz of gold for the first six years. The company anticipates additional resource conversions and production increases.

Condor Gold plc announced on September 13, 2022, the grant of 4,200,000 share options, equating to 2.65% of its issued share capital. This move, supported by the remuneration committee, rewards directors, employees, and consultants. The options, priced at 28.5 pence per share, are exercisable over five years with specific restrictions. Post-grant, share options represent 10.12% of the total ordinary shares. Moreover, 100,000 of these options were awarded under the Enterprise Management Incentive Scheme.

Condor Gold has released an updated Mineral Resource Estimate (MRE) for its La India Project in Nicaragua. The MRE indicates a total of 9,672 kt at 3.5g/t gold for 1,088,000 oz in the indicated category and 8,642 kt at 4.3g/t gold for 1,190,000 oz in the inferred category. Significant increases include a 69% rise in the Cacao Mineral Resource, totaling 101,000 oz at 2.5g/t gold. The company is advancing a Feasibility Study for the La India Open Pit, focusing on optimizing mining plans and enhancing resource confidence.

Condor Gold reported its unaudited financial results for the six months ending June 30, 2022, showcasing significant achievements. The firm completed technical studies for a Feasibility Study on the La India Project, indicating near-construction readiness. Drill results confirmed the high-grade nature of the deposit, with notable intercepts including 6.3 m at 6.84 g/t gold. The company raised £3.25 million through a private placement, bolstering its cash position to £2.45 million. However, it also recorded a comprehensive profit of £1.90 million, compared to a loss of £1.64 million in the previous year, highlighting its improving financial health.

Condor Gold has received the final results of metallurgical tests for its Feasibility Study on the La India Open Pit from Bureau Veritas Laboratories. The tests confirmed a fixed gold recovery rate of 91% at a grind size of 75 microns. Additionally, average gold extraction from variability composites reached 92.6%, with low-grade composites showing 93.8% recovery at the same grind size. The results indicate minimal impact from grade variations and signal positive economic implications for the project, enhancing investor confidence.

Condor Gold has successfully closed its placing of 11,607,149 units at 28p each, raising £3.25 million before expenses. Each unit consists of one ordinary share and one-half of a warrant, enabling the purchase of shares at 35p for 36 months. The proceeds have been received, and the shares began trading on AIM on June 17, 2022. The company is an Eligible Interlisted Issuer on the TSX, which allows it to bypass certain regulations regarding the placing. The company focuses on gold exploration and development in Nicaragua, with significant mineral resources at the La India project.