Condor Gold (AIM: CNR; TSX: COG) is pleased to announce its audited results for the year ended 31
December 2022 and provides notification that the Annual General Meeting of shareholders of the
Company will be held at 3:00 p.m. on 11 May 2023 at 7/8 Innovation Place, Godalming, Surrey, GU7
1JX, United Kingdom.
The Company has published the formal notice of meeting (the “Notice”) on its website
(www.condorgold.com) together with the related voting proxy form for use by shareholders. A copy
of the Notice, together with the proxy voting form, the Annual Report for the year ended 31 December
2022 will be posted to all shareholders who have elected to receive them in hard copy.
HIGHLIGHTS FOR THE YEAR ENDED 31 DECEMBER 2022
• In Q1 2022 the Company released good drill results for Mestiza open pit:
o 6.3 m true width at 6.84 g/t gold from 31.45 m (drill hole LIDC568), approximately 50 m
below surface outcrop (which occurs on a rise).
o 4.1 m true width at 15.23 g/t gold from 47.80 m (drill hole LIDC514) approximately 40 m
below surface.
o 3.6 m true width at 29.1 g/t gold from 105.70 m (drill hole LIDC471) approximately 85 m
below surface.
• In La India open pit new drill results included: 34.1 m true width at 2.56 g/t gold and 28.7 m
true width at 2.62 g/t gold.
• Updated Mineral Resource Estimate at La India Project of 9,672 kt at 3.5g/t gold for 1,088,000
oz gold in the indicated mineral resource category and 8,642 kt at 4.3 g/t gold for 1,190,000
oz gold in the inferred mineral resource category.
• The La India Project’s total open pit Mineral Resource Estimate is 8,693 kt at 3.2 g/t gold for
893,000 oz gold in the indicated mineral resource category and 3,026 kt at 3.0 g/t gold for
Condor Gold Plc
7/8 Innovation Place
Douglas Drive
Godalming
Surrey GU7 1JX
Telephone +44 020 74932784
Condor Gold PLC. Registered in England and Wales No 5587987 VAT No. 152511150
Registered Office: 7/8 Innovation Place, Douglas, Godalming, Surrey, England, GU7 1JX 291,000 oz gold in the inferred
mineral resource category. The Project’s total underground
Mineral Resource Estimate is 979 kt at 6.2 g/t gold for 194,000 oz gold in the indicated mineral
resource category and 5,615 kt at 5.0 g/t gold for 898,000 oz gold in the inferred mineral
resource category.
• The Cacao Mineral Resource has increased 69% to 1,164 kt at 2.5g/t gold for 101,000 oz gold
in the inferred mineral resource category. The deposit remains ‘open’ along strike and at
depth.
• Feasibility Study confirmatory metallurgical test work demonstrated that gold recovery is
independent of grade and a fixed gold recovery of 91% assuming a 75 micron grind size has
been used in the project economics. At a finer grind size of 53 microns an average gold
extraction of 94.7% was achieved, indicating a potential upside gold recovery of about 93%.
• In October 2022, a Feasibility Study demonstrated a robust and economically viable base case
for the La India open pit only:
o Probable Mineral Reserve of 7.3Mt at 2.56g/t gold for 602,000 oz gold
o Production averages 81,545 oz gold per annum for the first 6 years of an 8.4 year mine
life
o An Internal Rate of Return (“IRR”) of 23% and a post tax, post upfront capital cost NPV of
US$86.9 million using a discount rate of 5% and price of US$1,600 oz gold (Mineral
Reserve Case).
o An IRR of 43% and a post tax, post upfront capital cost NPV of US$205.2 million using a
discount rate of 5% and price of US$2,000 oz gold.
o Low initial capital requirement of US$105.5 million (including contingency and EPCM
contract)
o Low average Life of Mine All-in Sustaining cash costs US$1,039 per oz gold
• Land acquisition continued at the La India open pit and associated mine site infrastructure. To
date, 99.6% of the core areas have been purchased.
• Site clearance of 14 hectares has been completed for the processing plant location, including
areas for offices, warehouses, a stockpile, and a buffer zone.
• On 12 October 2022, Jim Mellon assumed the Chairmanship of Condor Gold
• £6,650,000 of gross proceeds raised by way of private placements, the issue of convertible
loan notes, and an open offer during 2022.
POST PERIOD HIGHLIGHTS
• On 13 March 2023 - the sales process is now entering the end of its first phase with various parties having conducted site visits and others ongoing. Three formal expressions of interest
including 2 non-binding offers (subject to further due diligence) have been received by the Company and further offers are expected as 9 companies are under a Non-Disclosure Agreement (NDA).
Cautionary Statement: Investors should note that, whilst the Board is encouraged by the process to date, there can be no guarantee that the Company will complete the sale of its assets.
CONDOR GOLD PLC
CHAIRMAN’S STATEMENT and CEO’s REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
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