Condor Gold Provides an Update on the Sale of Assets

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION (EU) 596/2014 AS IT FORMS PART OF DOMESTIC LAW IN THE UNITED KINGDOM BY VIRTUE OF THE EU (WITHDRAWAL) ACT 2018 ("MAR").

SURREY, BC / ACCESSWIRE / December 5, 2023 / On 22 November 2022, Condor Gold (AIM:CNR)(TSX:COG) announced that following a robust and economically attractive Bankable Feasibility Study, also known as a Feasibility Study, on the La India open pit, it appointed H&P Advisory Limited (Hannam and Partners) to seek a buyer for the assets of the Company. The last update on the sale of the Company's assets was via an RNS on 31 July 2023 and in the interims accounts on 7 September 2023. The current status is that the Company remains in receipt of five non-binding offers, with three site visits having been completed. Although none of the non-binding offers have progressed to firm proposals to date, the Company is in advanced discussions with 2 gold producers. There are currently eight companies under Non-Disclosure Agreements (NDAs).

£1M Raise Via The Exercise of Warrants

The Company also announces that Galloway Limited, a company wholly owned by Burnbrae Group Limited which is, in turn, wholly owned by Jim Mellon, Condor's Chairman, has sent the Company a signed notice for the exercise of warrants which will result in the issue of 6,666,667 New Ordinary Shares at an issue price of £0.15 per new ordinary share, for a total consideration of £1M, which has now been received.

Application has been made for the New Ordinary Shares to be admitted to trading on AIM. Admission of the New Ordinary Shares is expected to take place on 15 December 2023. The Company has prior approval for the Shares to be listed on the Toronto Stock Exchange ("TSX").

The Company is in discussions with other shareholders who have expressed interest in investing alongside the Chariman and largest shareholder on the same terms, notably, via a small placement of new ordinary shares at £0.15 per new ordinary share. An update will be provided shortly.

Director/PDMR Shareholding

Galloway Limited will hold 49,769,148 Ordinary Shares representing 25.63% of the Company's issued ordinary shares post exercise of the warrants. Galloway Limited is wholly owned by Burnbrae Group Limited which is, in turn, wholly owned by Jim Mellon, Condor's Chairman. Denham Eke, a Non-Executive Director, is also a director of the Burnbrae Group Limited and Galloway Limited.