Mr. Mark Child reports

CONDOR GOLD PLC ("CONDOR" OR THE "COMPANY") POUNDS STERLING1M RAISE VIA THE EXERCISE OF WARRANTS DIRECTOR/PDMR SHAREHOLDING

Galloway Ltd., a company wholly owned by Burnbrae Group Ltd. which is, in turn, wholly owned by Jim Mellon, Condor Gold PLC's chairman, has sent the company a signed notice for the exercise of warrants which will result in the issue of 6,666,667 new ordinary shares at 15 pence for a consideration of one million pounds sterling.

Application has been made for the new ordinary shares to be admitted to trading on the Alternative Investment Market. Admission of the new ordinary shares is expected to take place on or before July 10, 2023. The company has prior approval for the shares to be listed on the Toronto Stock Exchange.

Director/PDMR shareholding

Galloway will hold 22.99 per cent of the company's issued ordinary shares postexercise of the warrants and is wholly owned by Burnbrae Group which is, in turn, wholly owned by Mr. Mellon, Condor's chairman. Denham Eke, a non-executive director, is also a director of Burnbrae Group and Galloway.

Total voting rights

Following the issue of the 6,666,667 new ordinary shares to Galloway, Condor's total issued share capital will comprise 187,457,491 new ordinary shares, each with voting rights. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, securities of the company under the Financial Conduct Authority's disclosure and transparency rules.

TSX matters

The company is relying on the exemption provided for pursuant to Section 602.1 of the TSX company manual from the requirements of the manual and the TSX relating to the payment shares, including the requirements of Section 613 of the manual, as the company is an eligible interlisted issuer as defined in the manual.

About Condor Gold PLC

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

The company's principal asset is La India project, Nicaragua, which comprises of a large, highly prospective land package of 588 square kilometres comprising 12 contiguous and adjacent concessions. The company has filed a feasibility study technical report dated Oct. 25, 2022, and entitled "Condor Gold Technical Report on the La India Gold Project, Nicaragua, 2022" which is available on the company's SEDAR profile and was prepared in accordance with the requirements of National Instrument 43-101. The 2022 FS indicated that La India project hosts a high-grade mineral resource estimate (MRE) of 9,672,000 tonnes at 3.5 grams per tonne gold for 1,088,000 ounces gold in the indicated mineral resource category and 8,642,000 tonnes at 4.3 g/t gold for 1.19 million oz gold in the inferred mineral resource category. The open-pit MRE is 8,693,000 tonnes at 3.2 g/t gold for 893,000 oz gold in the indicated mineral resource category and 3,026,000 tonnes at three g/t gold for 291,000 oz gold in the inferred mineral resource category. Total underground MRE is 979,000 tonnes at 6.2 g/t gold for 94,000 oz gold in the indicated mineral resource category and 5,615,000 tonnes at five g/t gold for 98,000 oz gold in the inferred mineral resource category.

The 2022 FS replaces the previously reported preliminary economic assessment (PEA) as presented in the technical report filed on SEDAR in October, 2021, as the current technical report for the La India project.

Qualified person

The technical and scientific information in this press release has been reviewed, verified and approved by Andrew Cheatle, PGeo, a director of Condor Gold, and Gerald D. Crawford, PE, the chief technical officer of Condor Gold, each of whom is a qualified person as defined by NI 43-101.

We seek Safe Harbor.