CONDOR GOLD PLC - CNDGF STOCK NEWS

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.

Condor Gold has appointed Hannam and Partners to actively seek a buyer for its assets following a favorable Bankable Feasibility Study (BFS) on the La India project. The BFS indicates an average production of 81,524 oz of gold annually for the initial six years, with a low upfront capital cost of US$106 million. The company aims to leverage its de-risked status and existing permits to attract a gold producer, ensuring local community investment and regeneration. The La India project possesses a robust mineral resource estimate, boasting 1,088,000 oz gold in the indicated category.

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.