Mr. Mark Child reports

CONDOR SIGNIFICANTLY DE-RISKS LA INDIA PROJECT: PURCHASES 85% OF THE LAND WITHIN THE PERMITTED MINE SITE INFRASTRUCTURE AND ADVANCES ENGINEERING STUDIES

Condor Gold PLC has made significant progress meeting the terms of the company's environmental permit for the development and exploitation of gold from the La India open pit, the associated mine site infrastructure, and the construction and operation of a processing plant with capacity of up to 2,800 tonnes per day for a new gold mine at its La India project. Condor has 1.12 million ounces of gold in open-pit mineral resources (8,583,000 tonnes at 3.3 grams per tonne gold for 903,000 ounces gold in the indicated category and 1,901,000 tonnes at 3.6 g/t gold for 220,000 ounces gold in the inferred category) permitted for extraction inclusive of a mineral reserve of 6.9 mt at 3.0 g/t gold for 675,000 ounces gold. As further explained below, key elements in advancing the project, namely acquiring the land and completing engineering studies, are now well advanced.

Highlights:

• Acquired 85 per cent of the land within the permitted La India open-pit mine site infrastructure, including the key areas of the location of the processing plant, tailings storage facility, open pit, waste dump area, explosive magazine;
• Tailings storage facility and two water retention ponds are being fully designed by Tierra Group Inc.; 40 per cent of the engineering designs are completed;
• The design of the site-wide water balance including a surface water management plan is under way and has been awarded to SRK Consulting (U.K.) Ltd.;
• Preliminary designs for the layout of the mine site infrastructure including, in some detail, the designs for the location of the processing plant have been completed;
• Mine and waste dump schedules for a number of mining scenarios have been completed;
• The power studies have been progressed and several meetings held with the Ministry of Energy and Mines.

Mark Child, chairman and chief executive officer, commented: "Condor has made excellent progress advancing the La India project to a construction decision and has acquired 85 per cent of the land within the permitted La India open-pit mine site infrastructure, including the location of the processing plant, tailings storage facility, open pit, waste dump area, explosive magazine, office and accommodation blocks, and other key component areas required for the mine. This significantly derisks the project. Solid progress has also been made with the engineering studies: Forty per cent of the engineering studies for the tailings storage facility and water retention ponds have been completed. The site-wide water balance and surface water management system are under way. Preliminary designs for the layout of the mine site infrastructure including, in some detail, the designs for the location of the processing plant have been completed. Mine and waste dump schedules for a number of mining scenarios have been completed. The power studies have been progressed. It remains our intention to buy the remainder of the land this year and commence site preparation, while significantly advancing the engineering studies and placing a deposit on a processing plant."

The company has been focused on derisking the La India project by advancing and completing several technical and engineering studies, some of which are a condition of the environmental permit and purchasing the land for the associate mine site infrastructure. The following progress has been made:

• Under the terms of the environment permit, the company has to purchase or have legal agreements in place for the land required for the mine site infrastructure. Offers have been made to all landowners. The company has now purchased 85 per cent of the land in and around the permitted La India open-pit mine site area thereby getting close to completing one of the main conditions of the environmental permit and significantly derisking the project. The company has purchased 64 plots of land totalling 659 hectares in and around the permitted La India open-pit mine site infrastructure, of which 479 hectares have been purchased this year at the time of writing. In addition, the company can also demonstrate physical possession for approximately 18 years on the land covering the Mestiza open pit, has purchased the majority of this land and has claimed ownership over 303 hectares in this area. The company has ownership of 96 hectares of land in the area of the America open pit.
• The tailings storage facility and two water retention ponds are being fully designed and engineered with drawings one step short of issued for construction. Tierra Group, Denver, Colo., has completed site visits and is conducting the engineering studies. Good progress has been made, with 40 per cent of the work completed.
• The design of the site-wide water balance (SWWB), including a surface water management plan, has been awarded to SRK Consulting (U.K.) Ltd. SRK's work includes the area of La India, America and Mestiza open pits. The ultimate objective of the exercise is to produce engineering plans for the installation of the physical components of a management system, including the piping, pumping and structural requirements that will satisfy Nicaraguan authorities and at the same time meet the design standards for a feasibility study. The SWWB will include consideration of the pit dewatering contributions, that is, subsurface hydrology. SRK's remit includes an emphasis on training and capacity building for the local Condor team to ensure full ownership and facilitate implementation and sustainability of the SWWB.
• Preliminary designs for the layout of the mine site infrastructure including, in some detail, the designs for the location of the processing plant have been completed.
• Mine and waste dump schedules for a number of mining scenarios have been completed to a level that can be submitted to MARENA, once the capacity of the processing plant is finalized.
• The processing plant designs will be finalized following the purchase of a second-hand or new processing plant.
• The power studies have been progressed as far as possible but final designs are only possible once the processing plant size has been finalized and the power requirement known. Several meetings have been held with the Ministry of Energy and Mines. A new electricity substation is being built closer to Mina La India.
• MARENA has written to the company confirming that the final designs for the domestic waste water treatment system for the offices and accommodation blocks at Mina La India comply with MARENA's technical and environmental requirements and the final designs are approved.

The La India open pit hosts 8,377 kt at a grade of 3.1 g/t gold (837,000 oz contained gold) in the indicated mineral resource category and 883 kt 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 prefeasibility study (PFS) with mineral reserves of 6.9 million tonnes at 3.0 g/t for 675,000 oz gold. The company also has environmental permits for two high-grade feeder pits from which ore will be fed to a centralized processing plant and within the La India open-pit permit. The America open pit hosts 114,000 tonnes at a grade of 8.1 g/t gold (30,000 oz contained gold) in the indicated mineral resource category and 677 kt at a grade of 3.1 g/t gold (67,000 oz contained gold) in the inferred mineral resource category. The Mestiza open pit hosts 92 kt at a grade of 12.1 g/t gold (36,000 oz contained gold) in the indicated mineral resource category and 341 kt 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 La India, America and Mestiza open pits Condor has 1.12 million oz gold open-pit mineral resources (8,583 kt at 3.3 g/t gold for 903,000 oz gold in the indicated category and 1,901 kt at 3.6 g/t gold for 220,000 oz gold in the inferred category) permitted for extraction inclusive of a mineral reserve of 6.9 mt at 3.0 g/t gold for 675,000 oz gold. The total permitted mill fully diluted mill feed combining La India, Mestiza and America open pits is 8,829 kt at 3.09 g/t gold for 847,000 oz gold. Assuming a 92-per-cent metallurgical recovery, gold production is estimated to be 779,000 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 19 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 under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators and as required by the June, 2009, edition of the Alternative Investment Market Note for Mining and Oil and 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 mining dilution studies reported for the Mestiza and America deposits have been performed under the supervision of Dr. Tim Lucks, principal consultant (geology and project management), of SRK Consulting (U.K.) Ltd., who is a member of the Australian Institute of Mining and Metallurgy, MAusIMM (CP). Dr. Lucks is an independent qualified person as such term is defined in National Instrument 43-101. Dr. 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, PE, who is a qualified person as defined by NI 43-101 and is the chief technical officer of Condor Gold.

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 NI 43-101. The technical report was prepared by or under the supervision of Dr. Lucks, Gabor Bacsfalusi, principal consultant (mining), Mr. Parsons, 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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