Mr. Mark Child reports

CONDOR GOLD PLC ("CONDOR" OR THE "COMPANY") GRANT OF OPTIONS

On July 6, 2023, Condor Gold PLC granted 4.6 million share options, representing 2.45 per cent of the issued share capital under the company's existing share option scheme.

The grant of the 2023 options was recommended by the remuneration committee and approved and by the board as part of the share option scheme, whereby options are granted annually as an incentive to directors, employees and consultants. The 2023 options were granted as shown in the attached table.

In August, 2018, the company established an enterprise management incentive (EMI) scheme as a subplan within the framework and in accordance with the rules of the share option scheme. The EMI scheme is open only to employees of Condor Gold who are United Kingdom tax residents. Of the 2023 options, 200,000 were awarded through the EMI scheme.

The 2023 options have an exercise price of 23 pence per share, equal to the closing price on the AIM (Alternative Investment Market) on July 6, 2023, and are exercisable for a period of five years from the grant date, with the restriction that no options can be exercised within 12 months of the grant date, only up to 50 per cent of the said options can be exercised in the following 12 months and thereafter, and 100 per cent of the said options can be exercisable, provided that the grantee remains with the company.

Following the grant of the 2023 options outlined herein, the total share options outstanding will represent 10.49 per cent of the total number of 187,457,491 ordinary shares in issue, this number includes the 6,666,667 new ordinary shares allotted and to be issued to Galloway Ltd. (see news release dated July 4, 2023).

About Condor Gold PLC

Condor Gold was admitted to the AIM in May, 2006, and dual listed on the Toronto Stock Exchange in January, 2018. The company is a gold exploration and development company with a focus on Nicaragua.

We seek Safe Harbor.