Mr. Mark Child reports

DIRECTORS', CONSULTANTS AND EMPLOYEE SHARE PURCHASES VIA EXERCISE OF OPTIONS ISSUE OF EQUITY RAISING GROSS PROCEEDS OF POUNDS STERLING 220,000 & TVR

Pursuant to receipt of notices for the exercise of options, relating to options granted in 2019 with an exercise price of 22 pence (the 2019 options), from Jim Mellon, the chairman of Condor Gold PLC, Mark Child, the chief executive officer, and several employees and consultants, Condor Gold is issuing one million new ordinary shares with a nominal value of 0.1 pence each in the capital of the company at a subscription price of 22 pence per share.

A total of 500,500 shares are to be issued to the subscribing directors and PDMR (person discharging managerial responsibilities) who are holding for the long term as detailed herein, whilst 499,500 of the 2019 options have been exercised on a cashless basis with the resulting shares being immediately sold in the market to a third party at 22 pence per share. The company has received gross proceeds of 220,000 British pounds.

Application has been made for the shares to be admitted to trading on AIM (Alternative Investment Market), with admission expected to occur on or around July 18, 2024.

The shares will rank pari passu with the existing ordinary shares, including the right to receive all dividends and other distributions declared after the date of their issue.

Director/PDMR shareholding

Galloway Ltd. and Mr. Mellon are to be issued 300,000 ordinary shares and will therefore now hold, in aggregate, 53,402,480 ordinary shares in the capital of the company, representing 26.12 per cent of the company's issued ordinary shares, following the issue of the shares. Galloway is wholly owned by Burnbrae Group Ltd., which is, in turn, wholly owned by Mr. Mellon, Condor's chairman.

Mr. Child, chief executive officer, is to be issued 100,500 ordinary shares and will therefore now own 4,862,460 ordinary shares in the capital of the company, representing 2.38 per cent of the company's issued ordinary shares, following the issue of the shares.

Dave Crawford, chief technology officer and a PDMR, is to be issued 100,000 ordinary shares and will therefore now own 105,000 ordinary shares in the capital of the company, representing 0.05 per cent of the company's issued ordinary shares, following the issue of the shares.

Total voting rights

Following admission of the shares, the company will have 204,442,778 ordinary shares with a nominal value of 0.1 pence each in issue with voting rights and admitted to trading on AIM and the Toronto Stock Exchange. This figure may then be used by shareholders in the company as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the company under the Financial Conduct Authority's disclosure and transparency rules and National Instrument 62-103, The Early Warning System and Related Take-Over Bid and Insider Reporting Rules, of the Canadian securities administrators.

The notification herein, made in accordance with the requirements of the European Union Market Abuse Regulations, provides further detail in respect of the transaction as described herein.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

Following the exercise and expiry of the 2019 options outlined herein, the total share options outstanding will represent 10.51 per cent of the total number of 204,442,778 ordinary shares in issue.

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 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 (Standards of Disclosure for Mineral Projects). The 2022 FS indicated that La India project hosts a high-grade mineral resource estimate 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 ounces 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 ounces gold in the indicated mineral resource category and 3,026,000 tonnes at 3.0 g/t gold for 291,000 ounces gold in the inferred mineral resource category. Total underground MRE is 979,000 tonnes at 6.2 g/t gold for 194,000 ounces gold in the indicated mineral resource category and 5,615,000 tonnes at 5.0 g/t gold for 898,000 ounces gold in the inferred mineral resource category.

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

The 2021 PEA considered the expanded project inclusive of the exploitation of the mineral resources associated to La India, Mestiza, America and Central Breccia deposits. The strategic study covers two scenarios: scenario A, in which the mining is undertaken from four open pits, termed La India, America, Mestiza and Central Breccia zone and which targets a plant feed rate of 1,225,000 tonnes per annum; and scenario B, where the mining is extended to include three underground operations at La India, America and Mestiza, in which the processing rate is increased to 1.4 million tonnes per annum. The 2021 PEA scenario B presented an after-tax, postupfront capital expenditure net present value of $418-million (U.S.), with an internal rate of return of 54 per cent and a 12-month payback period, assuming a $1,700-(U.S.)-per-ounce gold price, with average annual production of 150,000 ounces gold per annum for the initial nine years of gold production. The open-pit mine schedules were optimized from designed pits, bringing higher-grade gold forward, resulting in average annual production of 157,000 ounces gold in the first two years from open-pit material and underground mining financed out of cash flow. The 2021 PEA scenario A presented an after-tax, postupfront capital expenditure NPV of $302-million (U.S.), with an IRR of 58 per cent and a 12-month payback period, assuming a $1,700-(U.S.)-per-ounce gold price, with average annual production of approximately 120,000 ounces gold per annum for the initial six years of gold production. The mineral resource estimate and associated preliminary economic assessment contained in the 2021 PEA are considered a historical estimate within the meaning of National Instrument 43-101, a qualified person has not done sufficient work to classify such historical estimate as current, the company is not treating the historical mineral resource estimate and associated studies as current, and the reader is cautioned not to rely upon these data as such. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The company believes that the historical mineral resource estimate and preliminary economic assessment are relevant to the continuing development of La India project.

In August, 2018, the company announced that the Ministry of the Environment in Nicaragua had granted the environmental permit for the development, construction and operation of a processing plant with capacity to process up to 2,800 tonnes per day at La India project. The EP is considered the master permit for mining operations in Nicaragua. Condor Gold has purchased a new semi-autogenous grinding mill, which has mainly arrived in Nicaragua. Site clearance and preparation are at an advanced stage.

Environmental permits were granted in April and May, 2020, for the Mestiza and America open pits, respectively, both located close to La India. The Mestiza open pit hosts 92,000 tonnes at a grade of 12.1 g/t gold (36,000 ounces contained gold) in the indicated mineral resource category and 341,000 tonnes at a grade of 7.7 g/t gold (85,000 ounces contained gold) in the inferred mineral resource category. The America open pit hosts 114,000 tonnes at a grade of 8.1 g/t gold (30,000 ounces) in the indicated mineral resource category and 677,000 tonnes at a grade of 3.1 g/t gold (67,000 ounces) in the inferred mineral resource category. Following the permitting of the Mestiza and America open pits, together with La India open pit, Condor Gold has 1.12 million ounces gold open-pit mineral resources permitted for extraction.

Qualified persons

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.

Nominated adviser

Beaumont Cornish Ltd. is the company's nominated adviser and is authorized and regulated by the FCA. Beaumont Cornish's responsibilities as the company's nominated adviser, including a responsibility to advise and guide the company on its responsibilities under the AIM rules for companies and AIM rules for nominated advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish or for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

We seek Safe Harbor.