Mr. Mark Child reports

INTERIM REPORT AND ACCOUNTS FOR THE THREE AND SIX MONTHS ENDED 30 JUNE 2020

Condor Gold PLC has provided its unaudited interim financial report for the three- and six-month periods to June 30, 2020. Both of the above have been posted on the company's website and are also available on SEDAR.

Highlights for three and six months to June 30, 2020

• On Jan. 10, 2020, the company announced the appointment of SP Angel Corporate Finance LLP as broker to the company.
• The company provided an update on Jan. 28, 2020, on permitting for the La India project. This included an extension granted until July 27, 2021, to complete the conditions of the key La India environmental permit.
• On Feb. 28, 2020, the company held public consultations in the local community as part of the environmental permitting process for the development and extraction of gold from the Mestiza and America open pits.
• On March 4, 2020, the company announced a high-grade open-pit mining scenario of total diluted mill feed of 1,637,000 at a 4.65-gram-per-tonne gold diluted head grade containing 245,000 ounces gold from three open pits while leaving the bulk of the La India open pit intact.
• The award of the environmental permit for the Mestiza open pit was announced by the company on April 29, 2020. The Mestiza open pit hosts 92,000 t at a grade of 12.1 g/t gold (36,000 oz contained gold) in the indicated mineral resource category and 341,000 t at a grade of 7.7g/t gold (85,000 oz contained gold) in the inferred mineral resource category. The Mestiza open pit is situated less than four kilometres from the location of the permitted processing plant for the La India open pit.
• The award of the environmental permit for the America open pit was announced by the company on May 6, 2020. The America open pit hosts 114,000 t at a grade of 8.1 g/t gold (30,000 oz contained gold) in the indicated mineral resource category and 677,000 t at a grade of 3.1 g/t gold (67,000 oz contained gold) in the inferred mineral resource category. The America open pit complements the already permitted La India and Mestiza open pits.
• Following the permitting of the Mestiza and America open pits, together with the La India open pit Condor has 1.12 million oz gold open-pit mineral resources permitted for extraction (8,583,000 t at 3.3 g/t gold for 903,000 oz gold in the indicated category and 1,901,000 t at 3.6 g/t gold for 220,000 oz gold in the inferred category), inclusive of a mineral reserve of 6.9 million t at 3.0 g/t gold for 675,000 oz gold.
• On May 28, 2020 the company announced a placing of 18,082,192 units, comprising an equivalent number of ordinary shares at a price of 36.5 pence per share, and 9,041,090 warrants with an exercise price of 40 pence, to raise in aggregate gross proceeds of 6.6 million pounds sterling before expenses.
• On May 29, 2020, the company announced that pursuant to receipt of notices for the exercise of warrants, it issued 2,984,986 new, ordinary shares with a nominal value of 20 pence each in the capital of the company, comprising 312,499 at a subscription price of 31 pence per and 2,672,487 at a subscription price of 25 pence for which the company received gross proceeds of 764,997 pounds sterling in total.
• On June 1 the company announced that pursuant to receipt of notices for the exercise of warrants with an exercise price of 25 pence per warrant, it issued 817,927 new, ordinary shares with a nominal value of 20 pence each in the capital of the company. The company received gross proceeds of 204,482 pounds sterling.

Postperiod highlights

• On July 10, 2020, the company announced the purchase by Jim Mellon, a director, of 400,000 ordinary shares in the company at a price of 38 pence per ordinary share.
• On Aug. 13, 2020, the company announced that it had made significant progress in derisking the La India project through purchase of land in and around the permitted La India open-pit mine site area and provided an update on key elements in advancing the project:
  • 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 of Condor Gold, commented:

"Condor currently has 1.12 million oz gold open-pit mineral resources permitted for extraction (8,583,000 t at 3.3 g/t gold for 903,000 oz gold in the indicated category and 1,901,000 t at 3.6 g/t gold for 220,000 oz gold in the inferred category) inclusive of a mineral reserve of 6.9 million t at 3.0 g/t gold for 675,000 oz gold following the grant in May, 2020, of environmental permits to extract gold from two high-grade satellite feeder pits, which in aggregate have circa 232,000 oz gold at 5.5 g/t gold. The company is targeting production of 120,000 oz gold per annum from open-pit material for seven years, which compares to the PFS of 79,300 oz gold per annum for the same period. The significant underground mineral resource of 1.2 million oz gold (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) will be analyzed and potentially converted to mineral reserves after production from the open pits has started. Condor continues to derisk the project by fulfilling conditions of the environmental permit to construct and operate a new mine at La India by making significant progress with land acquisition, engineering and other technical studies. The objective remains to commence site preparation by end 2020."

                          CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
                                            (in pounds sterling)

                                                                Six months ended          Three months ended
                                                                         June 30,                    June 30,
                                                              2020          2019          2020          2019

Share-based payments                                       (98,534)     (100,608)      (61,932)      (52,582)
Administrative expenses                                   (735,676)     (552,584)     (385,964)     (247,621)
Gain on disposal of project                                477,616             -             -             -
Operating (loss)                                          (356,594)     (653,192)     (447,896)     (300,203)
Finance income                                               1,175           734             -           298
(Loss) before income tax                                  (355,419)     (652,458)     (447,896)     (299,905)
Income tax expense                                               -             -             -             -
(Loss) for the period                                     (355,419)     (652,458)     (447,896)     (299,905)
Other comprehensive income/(loss)
Currency translation differences                         1,323,274      (445,605)     (113,382)      229,455
Other comprehensive income/(loss) for the period         1,323,274      (445,605)     (113,382)      229,455
Total comprehensive income/(loss) for the period           967,855    (1,098,063)     (561,278)      (70,450)
Earnings per share expressed in pence per share
Basic and diluted (in pence)                                 (0.36)        (0.90)        (0.43)        (0.40)

We seek Safe Harbor.