Mr. Mark Child reports

PERMITTING UPDATE ON LA INDIA PROJECT, NICARAGUA

Condor Gold PLC has provided an update on the progress the company is making with the permitting process at La India project, Nicaragua.

Highlights:

• Extension granted until July 27, 2021, to complete the conditions of the key environmental permit to develop and extract ore from La India open pit;
• Mine schedule and waste dump schedule completed for La India open pit, which hosts economic mineral reserve of 6.9 million tonnes at 3.1 grams per tonne gold for 675,000 ounces gold;
• Water and sewage management studies for the processing plant offices and accommodation have been completed;
• A forestry inventory and reforestation plan of 10 new trees for every tree cut down has been completed;
• Tailings storage facility final engineering designs and the majority of surface water management system for the mine have been awarded to Tierra Group Inc., Denver, and are in progress;
• Offers made to buy the surface rights from all landowners within the mine site infrastructure, 50 per cent have accepted;
• Designs for fuel station for backup power almost completed. National grid electricity pylons are located 700 metres from the processing plant. A new electricity substation is being built 12 kilometres from the processing plant. Studies to connect the processing plant to grid power are under way.

Mark Child, chairman and chief executive officer, commented: "The objective is to derisk La India project and complete all studies ahead of a construction decision, thereby making the project shovel ready. Several studies have already been completed: mine schedule, waste dump schedule, water and sewage management study for the offices, and accommodation for the processing plant, the forestry inventory and reforestation plan. Condor is fully engineering the tailings storage facility and surface water management system required for the mine, both studies are in progress. Offers have been made to buy the surface rights from all landowners within the mine site infrastructure, 50 per cent have accepted. Designs for a fuel station for backup power are almost completed and studies to connect the processing plant to the electricity grid are under way."

Completing studies for the permitted La India open pit

As announced on Aug. 6, 2018, Condor received an environmental permit to construct and operate a new mine at its La India project. La India open pit hosts an economic mineral reserve of 6.9 million tonnes at 3.1 g/t gold for 675,000 ounces gold and represents less than a third of the global mineral resource estimate at La India project. The permit contained certain conditions to be satisfied to allow construction to commence within 18 months of the grant. On Jan. 22, 2020, Condor received a letter from MARENA detailing an extension, as provided for under the terms of the permit, to complete the conditions of the permit by July 27, 2021.

Considerable progress has been made completing the conditions of the permit. The mine schedule, waste dump schedule, water and sewage management studies for the processing plant offices, and accommodation have been completed. Tierra Group Inc. in Denver is fully engineering the tailing storage facility and completing designs for the surface water management system required for the operation of the mine. Condor has doubled the land acquisition team; four in-house lawyers and several members of the social team are working on acquiring the land required for the mine site infrastructure. Offers have been made to all landowners, over 50 per cent have accepted. Designs for the fuel service station to support the processing plant are almost finalized. The national electricity company has confirmed that the government is building a new electricity substation 12 km from the processing plant; designs for supplying grid power via the new substation are under way. An updated forestry inventory has been completed. The compensation plan under the local law is to replace every tree removed with 10 new trees -- this study has also been completed. In the past 12 months, Condor initiated a tree nursery, which currently has approximately 6,200 trees.

About Condor Gold PLC

Condor Gold was admitted to 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.

In August, 2018, the company announced that the Ministry of the Environment in Nicaragua had granted the company the environmental permit (EP) 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 to be the master permit for mining operations in 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 that is relevant to the style of mineralization and type of deposit under consideration, and to the type of activity that he is undertaking to qualify as a qualified person as defined by National Instrument 43-101 and as required by the June, 2009, edition of the Alternative Investment Market 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.

Technical information

Certain disclosure contained in this news release of a scientific or technical nature has been summarized or extracted from the technical report entitled "Technical Report on the La India Gold Project, Nicaragua, December, 2014," dated Nov. 13, 2017, with an effective date of Dec. 21, 2014, prepared in accordance with National Instrument 43-101. The technical report was prepared by or under the supervision of Tim Lucks, principal consultant (geology and project management), Gabor Bacsfalusi, principal consultant (mining), Benjamin Parsons, principal consultant (resource geology), each of SRK Consulting (U.K.) Ltd., and Neil Lincoln of Lycopodium Minerals Canada Ltd., each of whom is an independent qualified person as defined by NI 43-101.

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