CONDOR GOLD PLC - CNDGF STOCK NEWS

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.

Condor Gold has announced a placing of 11,607,149 Units at 28p per Unit, raising approximately £3.25 million before expenses. The Placing, which includes a Directors subscription of 1,833,573 Units, is aimed at completing a Feasibility Study for the La India Project, enhancing project confidence with a detailed engineering design. Jim Mellon, Mark Child, and Andrew Cheatle subscribed for Units, increasing their shareholdings. Completion is conditional upon admission to trading on AIM, expected around June 17, 2022, and has received conditional approval from the Toronto Stock Exchange.

Condor Gold announced positive assay results from geotechnical drill holes at the La India Open Pit, bolstering confidence in mineral resources. Significant findings include 34.1 m at 2.56 g/t gold from 2.80 m depth and 28.7 m at 2.62 g/t gold in historic mine workings. The drilling adds critical infill data and supports the geological model for the Feasibility Study. The results affirm strong economic potential for the project and align with the favorable payback outlined in the PEA report from October 2021.

Condor Gold has announced promising assay results from geotechnical drill holes at the La India Open Pit, boosting confidence in high-grade gold resources. Notable findings include a 34.1 m true width intercept at 2.56 g/t gold from only 2.80 m depth, alongside significant grades from drill holes LIGT528 and LIGT531. Chairman Mark Child stated these results support the project's economic viability and help validate the geological model for the Feasibility Study. The comprehensive drilling program aims to refine the final pit design with a detailed approach.

Condor Gold has published its unaudited financial results for Q1 2022, reporting a loss before income tax of £667,879 compared to £512,518 in Q1 2021. Revenue remains at £0, with administrative expenses totaling £668,134. The company advanced its Definitive Feasibility Study for the La India project and completed an 8,004 m infill drilling program at La Mestiza, expecting it to enhance ore supply. The total assets increased to £38.5 million, while cash and cash equivalents decreased to £408,028. The feasibility study is nearing completion, with results anticipated in Q3 2022.

Condor Gold has released its unaudited financial results for Q1 2022, noting no revenue for the period. The company continues to advance the La India project, including a comprehensive Feasibility Study and progress in land acquisitions, now at 99.6%. The infill drilling program results are complete, highlighting potential high-grade ore sources. However, the company reported a loss of £667,879, an increase from £512,518 year-over-year. Total assets are currently valued at £38.5 million, with cash and equivalents at just over £408,000.

On May 12, 2022, Condor announced that all resolutions were passed at its Annual General Meeting (AGM). The company, focused on gold exploration in Nicaragua, noted significant milestones in its La India Project, which includes a post-tax NPV of US$418 million and an IRR of 54%.

With an average annual production projected at 150,000 oz of gold for the initial nine years, Condor has secured Environmental Permits for multiple open pits, contributing to a total of 1.12 million oz of gold resources ready for extraction.

Condor Gold Plc released its audited financial results for the year ended December 31, 2021, highlighting significant progress in its La India Project. Key achievements include a post-tax NPV of $418 million and an IRR of 54% from a PEA, with plans for 150,000 ounces of gold production annually over nine years. The company raised £4 million through share placings, enhancing liquidity for development. Despite a loss of £2.33 million, the project is nearing construction readiness, supported by extensive drilling activities and environmental permits. The AGM is scheduled for May 12, 2022.