Mr. Mark Child reports

ENVIRONMENTAL & SOCIAL IMPACT ASSESSMENTS SUBMITTED FOR TWO HIGH GRADE SATELLITE FEEDER PITS FOR PERMITS WITH POTENTIAL, AS PER MANAGEMENT STUDIES, TO INCREASE OPEN PIT PRODUCTION BY 50% TO 120,000 OZ GOLD PER ANNUM

Following the announcement on Jan. 28, 2019, of an updated mineral resource estimate on its 100-per-cent-owned La India project, which included a new, high-grade open pit on the Mestiza vein set and the announcement on March 5, 2019, Condor Gold PLC has commenced the permitting process for two high-grade feeder pits. On Nov. 21, 2019, Condor submitted environmental and social impact assessments (ESIAs) to the Ministry of Environment and Natural Resources (MARENA) for the environmental permits for the development and extraction of contained gold from the America and Mestiza open pits.

Mark Child, chairman and chief executive officer of Condor Gold, commented:

"Permitting the high-grade Mestiza and America satellite feeder pits has the potential to increase annual production from open-pit material by 50 per cent to 120,000 ounces gold per annum for a seven-year life of mine. The feeder pits have in aggregate 206,000 tonnes at a grade of 9.9 g/t (66,000 oz contained metal) in the indicated category and 1,018,000 t at 4.6 g/t (152,000 oz contained gold in the inferred category). The addition of the feeder pits will mean over one million oz gold mineral resource will be permitted for production.

"The feeder pits complement the main, fully permitted La India open pit, which has a robust, economically viable prefeasibility study (PFS) with mineral reserves of 6.9 million tonnes at 3.0 g/t for 675,000 oz gold, which demonstrates annual production of 79,300 oz gold and lower quartile all-in sustaining cash costs (AISC) of $690 (U.S.) per oz gold. The higher grade feeder pits have the potential to materially enhance the project economics as the head grade for the Mestiza open pit of 120,000 oz contained gold is expected to be circa 5.8 g/t gold."

Background

As at Jan. 25, 2019, Condor's La India project has a mineral resource estimate of 9.85 million tonnes at 3.6 g/t gold for 1.14 million oz gold in the indicated category and 8.48 million tonnes at 4.3 g/t gold for 1,179,000 oz gold in the inferred category (see RNS dated Jan. 28, 2019).

The updated mineral resource estimate included total open-pit mineral resources of 8.58 million t at a grade of 3.3 g/t gold, for 902,000 oz gold in the indicated category and 3.01 million t at a grade of 3.0 g/t gold, for 290,000 oz gold in the inferred category and total underground mineral resources of 1.27 million t at a grade of 5.8 g/t gold, for 238,000 oz gold in the indicated category and 5.47 million t at a grade of 5.1 g/t gold, for 889,000 oz gold in the inferred category.

The updated open-pit mineral resource estimate includes two high-grade satellite feeder pits. The Mestiza open pit hosts 92,000 t at a grade of 12.1 g/t (36,000 oz contained gold) in the indicated category and 341,000 t at a grade of 7.7 g/t gold (85,000 oz contained gold) in the inferred category. The America open pit hosts 114,000 t at a grade of 8.1 g/t (30,000 oz contained gold) in the indicated category and 677,000 t at a grade of 3.1 g/t (67,000 oz contained gold) in the inferred category.

In January, 2019, Condor applied to MARENA for terms of reference to produce environmental and social impact assessments (ESIAs) for environmental permits for the development and extraction of contained gold at the Mestiza and America open pits, with a view to processing the material through the permitted processing plant. In February, 2019, MARENA together with the Ministry of Energy and Mines and Ministry of Forestry conducted a site visit inspection of the proposed lay out of the pits, waste dumps and associated mine site infrastructure. On March 1, 2019, the company received the terms of reference from MARENA. The terms of reference are an integral part of the permitting process in Nicaragua and lists the technical, environmental and social studies required by MARENA in an ESIA. On Nov. 21, 2019, Condor submitted an ESIA for the America open pit and an ESIA for the Mestiza open pit. Each ESIA is over 600 pages including the appendices and summarizes 18 mining, environmental and social technical studies.

Reason for permitting two satellite feeder pits

The main La India open pit is permitted for the construction and operation of a processing plant with capacity of up to 2,800 tonnes per day. The La India open pit has a robust, economically viable PFS with mineral reserves of 6.9 million t at 3.0 g/t for 675,000 oz gold.

The America and Mestiza open pits are located approximately three km and four km, respectively, from the location of the processing plant for the permitted La India open pit. Permitting additional high-grade open-pit material within the Mestiza and America open pits has the potential to enhance the project economics, increase the annual production and/or increase the life of mine. The Mestiza and America open pits have, in aggregate, 206,000 t at a grade of 9.9 g/t (66,000 oz contained gold) in the indicated category and 1,018,000 t at 4.6 g/t (152,000 oz contained gold in the inferred category).

Condor's internal studies indicate that the addition to the mine plan of the contained gold in the Mestiza and America open pits would result in average annual production of 120,000 oz gold for a seven-year period. This compares with the PFS, which demonstrates annual production of 79,300 oz gold over seven years with lower quartile AISC of $690 (U.S.) per oz gold.

About Condor Gold PLC

The company is a gold exploration and development company with a focus on Nicaragua.

Qualified persons

The mineral resource estimate has been completed by Ben Parsons, a principal consultant (resource geology) with SRK Consulting (U.S.) Inc., who is a member of the Australian Institute of Mining and Metallurgy, MAusIMM(CP). Mr. Parsons has about 18 years experience in the exploration, definition and mining of precious and base metal mineral resources. Mr. Parsons is a full-time employee of SRK Consulting (U.S.) Inc., an independent consultancy, and has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration, and to the type of activity which he is undertaking to qualify as a qualified person as defined by NI 43-101 and as required by the June, 2009, Edition of the AIM Note for Mining and Oil & Gas Companies. Mr. Parsons consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears and confirms that this information is accurate and not false or misleading.

The technical and scientific information in this press release has been reviewed, verified and approved by Andrew Cheatle, PGeo, who is a qualified person as defined by NI 43-101.