Mr. Mark Child reports

CONDOR RECEIVES PERMIT FOR HIGH-GRADE AMERICA OPEN PIT, INCREASING TOTAL PERMITTED OPEN PIT MINERAL RESOURCES TO 1.12M MILLION OZ GOLD

Condor Gold PLC has been granted an environmental permit for the development and exploitation of gold from the high-grade America open pit. The America open pit hosts 114 thousand tonnes ("Kt") at a grade of 8.1 g/t gold (30,000 oz contained gold) in the Indicated Mineral Resource category and 677Kt at a grade of 3.1 g/t gold (67,000 oz contained gold) in the Inferred Mineral Resource category. The America open pit compliments the already permitted La India open pit and the recently permitted high grade Mestiza open pit. The La India open pit hosts 8,377Kt at a grade of 3.1 g/t gold (837,000 oz contained gold) in the Indicated Mineral Resource category and 883Kt at grade of 2.4 g/t gold (68,000 oz contained gold) in the Inferred Mineral Resource category. La India open pit has a robust, economically viable Pre-Feasibility Study ("PFS") with Mineral Reserves of 6.9 million tonnes ("Mt") at 3.0 g/t for 675,000 oz gold. The Mestiza open pit hosts 92Kt at a grade of 12.1 g/t gold (36,000 oz contained gold) in the Indicated Mineral Resource category and 341Kt at a grade of 7.7 g/t gold (85,000 oz contained gold) in the Inferred Mineral Resource category. Following the permitting of the America open pit Condor has 1.12M oz gold open pit Mineral Resources permitted for extraction inclusive of a Mineral Reserve of 6.9Mt at 3.0g/t gold for 675,000 oz gold.

Highlights:

• 1.12 million oz gold open pit Mineral Resources, including Mineral Reserves permitted for extraction and production from 3 open pits
• The permitted La India open pit which hosts 8,377Kt at a grade of 3.1 g/t gold (837,000 oz contained gold) in the Indicated Mineral Resource category and 883Kt at grade of 2.4 g/t gold (68,000 oz contained gold) in the Inferred Mineral Resource category
• The America open pit hosts 114 Kt at a grade of 8.1 g/t gold (30,000 oz contained gold) in the Indicated Mineral Resource category and 677Kt at a grade of 3.1 g/t gold (67,000 oz contained gold) in the Inferred Mineral Resource category
• The permitted Mestiza open pit hosts 92Kt at a grade of 12.1 g/t gold (36,000 oz contained gold) in the Indicated Mineral Resource category and 341Kt at a grade of 7.7 g/t gold (85,000 oz contained gold) in the Inferred Mineral Resource category
• America open pit permitted to deliver robust diluted tonnage of 649Kt at 3.83g/t gold for 80,000 oz gold, complimenting the recently permitted Mestiza open pit permitted to deliver mill feed of 600Kt at 5.76 g/t gold for 111,100 oz gold (See RNS 4 March 2020)
• The addition of a third permitted high grade open pit adds flexibility to the mine schedule, potentially improving project economics and extending the life of mine.

Mark Child, chairman and chief executive officer, commented: "Condor has been granted the key Environmental Permit to develop and exploit gold from a third high grade open pit. When added to the high grade La India open pit and Mestiza open pit, Condor has 1.12 million oz gold open pit Mineral Resources, including Mineral Reserves permitted for extraction. Condor also has the permit to construct and develop a processing plant with capacity of up to 2,800tpd at La India Project. The permitted high grade America open pit and recently permitted Mestiza open pit adds flexibility to the mine schedule, potentially improving project economics and extending the life of mine."

Background

La India Project, Nicaragua, contains a Mineral Resource of 9,850Kt at 3.6 g/t gold for 1,140Koz gold in the Indicated category and 8,479Kt at 4.3g/t gold for 1,179Koz gold in the Inferred category (See RNS dated 28 January, 2019). Condor's focus has been on developing the open pit Mineral Resources within 3 open pits, which are inclusive of a Mineral Reserve of 6.9 Mt at 3.0 g/t gold for 675,000 oz gold, into production.

Condor has been granted an Environmental Permit to construct and operate a processing plant with capacity of up to 2,800 tonnes per day ("tpd") and develop the associated mine site infrastructure for a new mine at its La India Project (the "Main Permit"). The Main Permit is for development and extraction of ore from La India open pit, subject to certain conditions. Production from La India open pit is estimated to be between 80,000 to 100,000 oz gold per annum. On 22 January 2020, Condor received a letter from the Ministry of Environment and Natural Resources ("MARENA") detailing an extension, as provided for under the terms of the Permit, to complete the conditions of the Main Permit by 27 July 2021 (See RNS dated 28 January 2020).

On 21 November 2019, Condor submitted Environmental and Social Impact Assessments ("ESIAs") to MARENA for the Environmental Permits for the development and extraction of contained gold from the America and Mestiza open pits. Each ESIA is over 600 pages in length, including the appendices and summarises 18 mining, environmental and social technical studies. (See RNS 22 November 2019). Public Consultations were held on 28 February 2020 for both feeder pits.

Significance of Permitting the America Open Pit

The America open pit has a higher gold grade than the La India open pit and adds a third permitted open pit, following the permitting of the Mestiza open pit announced last week ( See RNS 29 April 2020). The America and Mestiza open pits are likely to be mined earlier to reduce the payback period on the plant and equipment and improve the internal rate of return. La India open pit has lower quartile industry all-in-sustaining-cash cost of US$690 per oz gold in the PFS which used a gold price of $1,250/oz. (See RNS 14 November, 2014). A third permitted open pit adds flexibility to the mine schedule.

The diluted and modified mining model for the America open pit, undertaken by SRK Consulting (UK) Limited ("SRK"), reported a total diluted tonnage of 649Kt at 3.83 g/t gold for 80,000 oz gold within the 1,500 USD/oz optimized pit shell used in the 2019 Mineral Resource Estimate update. A cut-off grade of 1.5g/t gold was used. (See RNS 4 March 2020).

The America open pit is located within easy trucking distance and less than 2 km from the location of the permitted processing plant.

The Permit granted by MARENA for the Mestiza open pit is for an initial 8 year period from the date notification is received by MARENA that production is due to commence and can be renewed for further periods. There are a number of conditions associated with the Permit, ranging from the appointment of an Environmental Manager to adherence to environmental management programs as detailed in the ESIA. For example, priority is to be given to hiring local employees and a reforestation programme will be instigated that plants 10 new trees for every tree cut down. Exploitation is required to commence within 18 months of the grant of the Permit although this can be extended for a further two 18 month periods.

The diluted and modified mining model for the permitted La India open pit, undertaken internally by Condor, reports a total diluted tonnage of 7,284Kt at 2.80g/t gold for 656,000 oz gold, excluding low grade material. The total permitted mill feed combining La India, Mestiza and America open pits is 8,829Kt at 3.09g/t gold for 847,000 oz gold. Assuming a 92% metallurgical recovery, gold production is estimated to be 779,000 oz gold.

It should be noted that the Company is running a number of mining studies ahead of a construction decision, which are part of ongoing work being done by Condor to optimize the Project; such studies are yet to be finalized and so do not replace the 2019 MRE or the technical report entitled "Technical Report on the La India Gold Project, Nicaragua, December 2014" dated 13 November 2017 with an effective date of 21 December 2014 (the "Technical Report"), both of which remain current.

Looking forward, Condor intends to complete the ongoing mining dilution studies and pit optimisation studies, which are underway, and incorporate the results of those studies in a mine production schedule. Ahead of production, Condor will complete infill drilling on the Mestiza and America open pits to convert the majority of mineralised material to the Indicated Mineral Resource category. The underground Mineral Resources of 1.27Mt at a grade of 5.8 g/t gold, for 238,000 oz gold in the Indicated category and 5.47Mt at a grade of 5.1 g/t gold, for 889,000 oz gold in the Inferred category, will be permitted and added to the mine plan once in production.

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.

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 ("La India Project"). The EP is considered to be the master permit for mining operations in Nicaragua. Condor Gold published a PFS on the La India Project in December 2014, as summarised in the Technical Report. The PFS details an open pit gold Mineral Reserve in the Probable category of 6.9 Mt at 3.0 g/t gold for 675,000 oz gold, producing 80,000 oz gold per annum for seven years. La India Project contains a Mineral Resource of 9,850Kt at 3.6 g/t gold for 1,140Koz gold in the Indicated category and 8,479Kt at 4.3g/t gold for 1,179Koz gold in the Inferred category. The Indicated Mineral Resource is inclusive of the Mineral Reserve.

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). Ben Parsons has some nineteen years' experience in the exploration, definition and mining of precious and base metal Mineral Resources. Ben 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 mineralisation and type of deposit under consideration, and to the type of activity which he is undertaking to qualify as a "qualified person" as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") of the Canadian Securities Administrators and as required by the June 2009 Edition of the AIM Note for Mining and Oil & Gas Companies. Ben 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 mining dilution studies reported for the Mestiza and America deposits have been performed under the supervision of Dr Tim Lucks, Principal Consultant (Geology & Project Management), of SRK Consulting (UK) Limited, who is a Member of the Australian Institute of Mining and Metallurgy, MAusIMM(CP). Tim Lucks is an independent "qualified person" as such term is defined in NI 43-101. Tim Lucks consents to the inclusion in the announcement that material that relates to the America and Mestiza dilution studies, 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 Gerald D. Crawford, P.E., who is a "qualified person" as defined by NI 43-101 and is the Chief Technical Officer of Condor Gold PLC.

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 November 13, 2017 with an effective date of December 21, 2014, prepared in accordance with NI 43-101. The Technical Report was prepared by or under the supervision of Tim Lucks, Principal Consultant (Geology & Project Management), Gabor Bacsfalusi, Principal Consultant (Mining), Benjamin Parsons, Principal Consultant (Resource Geology), each of SRK Consulting (UK) Limited, 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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