Mr. Mark Child reports

CONDOR GOLD PLC POUNDS STERLING 475,000 LOAN FACILITY

Condor Gold PLC has entered into an unsecured term loan facility with Galloway Ltd. for up to 475,000 pounds sterling.

Galloway is a company wholly owned by Burnbrae Group Ltd., which is, in turn, wholly owned by Jim Mellon, Condor Gold's chairman. Galloway owns 26.13 per cent of the company's issued ordinary share capital. Denham Eke, a non-executive director of Condor Gold, is also a director of the Burnbrae Group and Galloway. The board is grateful to Mr. Mellon for his continued support of the company.

Two hundred thousand pounds sterling are available from the Nov. 4, 2024, and 275,000 pounds sterling are available from Dec. 2, 2024. Any amount of the facility not drawn down by Dec. 31, 2024, will automatically be cancelled.

The unsecured term loan facility carries an interest rate of 20 per cent. Interest shall accrue daily and shall be compounded monthly. The company shall repay the aggregate loans in full on the first to occur of: (1) completion of the sale of the semi-autogenous grinding mill by the company; (2) completion of a sale of all or substantially all of the assets of the company; (3) completion of a sale of the entire issued share capital of the company; and (4) the date falling 12 months from Nov. 14, 2024.

The use of proceeds for the money borrowed under the facility is for general working capital purposes, as set out in an agreed budget with Galloway.

The provision of the facility is a related-party transaction under Alternative Investment Market Rule 13. Accordingly, the independent directors, being Mark Child, Ian Stalker and Andrew Cheatle, having consulted with the company's nominated adviser, Beaumont Cornish Ltd., consider the terms of the facility to be fair and reasonable insofar as shareholders are concerned.

Toronto Stock Exchange 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 issue of new shares ordinary, 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 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 of 9,672,000 tonnes at 3.5 grams per tonne gold for 1,088,000 oz 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 3.0 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 5.0 g/t gold for 98,000 oz 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 with 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, 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 a posttax, 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 oz gold price, with average annual production of 150,000 oz 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 oz gold in the first two years from open-pit material and underground mining financed out of cash flow. The 2021 PEA scenario A presented a posttax, 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 oz gold price, with average annual production of approximately 120,000 oz 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 NI 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 its wholly owned La India gold project. The EP is considered the master permit for mining operations in Nicaragua. Condor Gold has purchased a new SAG 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 oz contained gold) in the indicated mineral resource category and 341,000 tonnes at a grade of 7.7 g/t gold (85,000 oz 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 oz) in the indicated mineral resource category and 677,000 tonnes at a grade of 3.1 g/t gold (67,000 oz) 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 oz 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 is the company's nominated adviser, and is authorized and regulated by the 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 the 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, nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

We seek Safe Harbor.