Mr. Mark Child reports

CONDOR GOLD PROVIDES AN UPDATE ON THE SALE OF ASSETS

Following a robust and economically attractive bankable feasibility study, also known as a feasibility study, on the La India open pit, Condor Gold PLC appointed H&P Advisory Ltd. (Hannam and Partners) to seek a buyer for the assets of the company. The company most recently updated the market on May 17, 2024, and the current status is that there are now 11 companies under non-disclosure agreements (NDAs), the company remains in receipt of five non-binding offers, and three site visits have been completed. An additional formal expression of interest has been received in the past three weeks.

Jim Mellon, chair of Condor Gold, commented: "There remains substantial interest from gold producers to acquire the company's assets. Wholly owned, fully permitted, construction-ready gold mines with potential production of 150,000 ounces gold per annum in major gold districts, with the land and a new SAG [semi-autogenous grinding] mill package purchased and a construction period of only 18 months, are rare. There are currently 11 companies under NDAs, five non-binding offers received and three site visits completed. Whilst discussions have ceased with one gold producer previously referred to, the company is now focused on active discussions with three other gold producers, one of which we consider the preferred bidder. Companies under NDAs have access to a virtual data room, which includes all drill data, technical studies to feasibility-study level, details of permits to construct and operate a mine, and financial models. While the sales process is taking longer than anticipated, new enquires continue to be received. Record gold prices of over $2,400 (U.S.) per ounce gold in recent weeks compared to a $1,600 (U.S.) per ounce gold price used in the feasibility study, materially improves project economics. The board remains confident that a binding agreement can be reached and investors will be updated in due course. Meanwhile, the entire board, including the executive, will continue to give their full attention to obtaining the best outcome possible for all investors."

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.

About Condor Gold PLC

Condor Gold was admitted to the AIM (Alternative Investment Market) 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.

The company's principal asset is La India project in 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 (Financial Conduct Authority). 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.