REG - Condor Gold PLC - Director/PDMR Shareholding

Condor GoldAnnouncement

31/03/2023 14:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230331:nRSe9939Ua&default-theme=true

RNS Number : 9939U  Condor Gold PLC  31 March 2023

 

 

   Condor Gold plc

   7/8 Innovation Place

   Douglas Drive

   Godalming

   Surrey

   GU7 1JX

   Tel: +44 (0) 207 493 2784

 

31 March 2023

 

 

Condor Gold Plc

("Condor" or the "Company")

Share Based Payment

Director/PDMR Shareholding

 

Condor Gold Plc (AIM: CNR; TSX: COG) announces it is issuing 258,333 new
Ordinary Shares at 24 pence each to Mark Child, Condor's CEO, as a bonus for
the financial year ended 31 December 2022. (the "Payment Shares"). The bonus
was recommended by the Remuneration Committee and approved unanimously by the
Board. Mark Child was absent from the decision making process and Board
approval.

 

Application has been made for the Payment Shares to be admitted to trading on
AIM.  Admission of the New Ordinary Shares is expected to take place on or
before 6 April 2023. The Company has applied to have the Payment Shares listed
on the Toronto Stock Exchange ("TSX"). Listing is subject to the approval of
the TSX in accordance with the applicable listing requirements.

 

 

Total Voting Rights

 

Following the issue of the 258,333 Payment Shares Condor's total issued share
capital will comprise 180,790,824 New Ordinary Shares, each with voting
rights (the "Enlarged Issued Share Capital"). This figure may be used by
shareholders as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a change to
their interest in, securities of the Company under the Financial Conduct
Authority's Disclosure and Transparency Rules.

 

TSX Matters

 

The Company is relying on the exemption provided for pursuant to Section 602.1
of the TSX Company Manual (the "Manual") from the requirements of the Manual
and the TSX relating to the Payment Shares, including the requirements of
Section 613 of the Manual, as the Company is an "Eligible Interlisted Issuer"
as defined in the Manual.

 

 

 

- Ends -

 

For further information please visit www.condorgold.com or contact:

 Condor Gold plc                        Mark Child, CEO

                                        +44 (0) 20 7493 2784
 Beaumont Cornish Limited                Roland Cornish and James Biddle

                                        +44 (0) 20 7628 3396
 SP Angel Corporate Finance LLP         Ewan Leggat

+44 (0) 20 3470 0470
 H&P Advisory Limited                   Andrew Chubb, Matt Hasson, Jay Ashfield

                                        +44 207 907 8500
 Adelaide Capital (Investor Relations)  Deborah Honig

                                        +1-647-203-8793

 

About Condor Gold plc:

 

Condor Gold plc 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.

 

The Company's principal asset is La India Project, Nicaragua, which comprises
of a large, highly prospective land package of 588 sq km comprising of 12
contiguous and adjacent concessions. The Company has filed a feasibility study
technical report dated 25 October 2022 and entitled "Condor Gold Technical
Report on the La India Gold Project, Nicaragua, 2022" (the "2022 FS") which is
available on the Company's SEDAR profile at www.sedar.com and was prepared in
accordance with the requirements of NI 43-101. The 2022 FS indicated that La
India Project hosts a high grade Mineral Resource Estimate ("MRE") of 9,672 kt
at 3.5g/t gold for 1,088,000 oz gold in the indicated mineral resource
category and 8,642 kt at 4.3 g/t gold for 1,190,000 oz gold in the inferred
mineral resource category. The open pit MRE is 8,693 kt at 3.2 g/t gold for
893,000 oz gold in the indicated mineral resource category and 3,026 kt at 3.0
g/t gold for 291,000 oz gold in the inferred mineral resource category. Total
underground MRE is 979 kt at 6.2 g/t gold for 94,000 oz gold in the indicated
mineral resource category and 5,615 kt at 5.0 g/t gold for 98,000 oz gold in
the inferred mineral resource category.

 

The 2022 FS replaces the previously reported Preliminary Economic Assessment
("PEA") as presented in the Technical Report filed on SEDAR in October 2021 as
the current technical report for the La India project.

 

The 2021 PEA considered the expanded Project inclusive of the exploitation of
the Mineral Resources associated to the La India, Mestiza, America and Central
Breccia deposits. The strategic study covers two scenarios: Scenario A, in
which the mining is undertaken from four open pits, termed La India, America,
Mestiza and Central Breccia Zone ("CBZ"), which targets a plant feed rate of
1.225 million tonnes per annum ("Mtpa"); and Scenario B, where the mining is
extended to include three underground operations at La India, America and
Mestiza, in which the processing rate is increased to 1.4 Mtpa. The 2021 PEA
Scenario B presented a post-tax, post upfront capital expenditure NPV of
US$418 million, with an IRR of 54% and 12 month pay-back period, assuming a
US$1,700 per oz gold price, with average annual production of 150,000 oz gold
per annum for the initial 9 years of gold production. The open pit mine
schedules were optimised from designed pits, bringing higher grade gold
forward resulting in average annual production of 157,000 oz gold in the first
2 years from open pit material and underground mining funded out of cashflow.
The 2021 PEA Scenario A presented a post-tax, post upfront capital expenditure
NPV of US$302 million, with an IRR of 58% and 12 month pay-back period,
assuming a US$1,700 per oz gold price, with average annual production of
approximately 120,000 oz gold per annum for the initial 6 years of gold
production. The Mineral Resource estimate and associated Preliminary Economic
Assessment contained in the 2021 PEA are considered a historical estimate
within the meaning of NI 43-101, a qualified person has not done sufficient
work to classify such historical estimate as current, and the Company is not
treating the historical Mineral Resource estimate and associated studies as
current, and the reader is cautioned not to rely upon this data as such.
Mineral Resources that are not Mineral Reserves do not have demonstrated
economic viability. The Company believes that the historical Mineral Resource
estimate and Preliminary Economic assessment is relevant to the continuing
development of the La India Project.

 

In August 2018, the Company announced that the Ministry of the Environment in
Nicaragua had granted 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 the master permit for mining operations in
Nicaragua. Condor has purchased a new SAG Mill, which has mainly arrived in
Nicaragua. Site clearance and preparation is at an advanced stage.

 

Environmental Permits were granted in April and May 2020 for the Mestiza and
America open pits respectively, both located close to La India. 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. The
America open pit hosts 114 Kt at a grade of 8.1 g/t gold (30,000 oz) in the
Indicated Mineral Resource category and 677 Kt at a grade of 3.1 g/t gold
(67,000 oz) in the Inferred Mineral Resource category. Following the
permitting of the Mestiza and America open pits, together with the La India
open pit Condor has 1.12 M oz gold open pit Mineral Resources permitted for
extraction.

 

Disclaimer

Neither the contents of the Company's website nor the contents of any website
accessible from hyperlinks on the Company's website (or any other website) is
incorporated into, or forms part of, this announcement.

 

Qualified Persons

 

The technical and scientific information in this press release has been
reviewed, verified and approved by Andrew Cheatle, P.Geo., a director of
Condor Gold plc, and Gerald D. Crawford, P.E., the Chief Technical Officer of
Condor Gold plc, each of whom is a "qualified person" as defined by NI 43-101.

 

 

 

 

Forward Looking Statements

 

All statements in this press release, other than statements of historical
fact, are 'forward-looking information' with respect to the Company within the
meaning of applicable securities laws, including statements with respect to:
the issuance of the Payment Shares, including the receipt of the approvals of
AIM and the TSX; future development and production plans, projected capital
and operating costs, mine life and production rates, metal or mineral recovery
estimates, Mineral Resource, Mineral Reserve estimates at the La India
Project, the potential to convert Mineral Resources into Mineral Reserves, the
Company's plans to sell the assets of the Company or seek alternatives to an
asset sale and the construction timeline of the La India project upon receipt
of financing. Forward-looking information is often, but not always, identified
by the use of words such as: "seek", "anticipate", "plan", "continue",
"strategies", "estimate", "expect", "project", "predict", "potential",
"targeting", "intends", "believe", "potential", "could", "might", "will" and
similar expressions. Forward-looking information is not a guarantee of future
performance and is based upon a number of estimates and assumptions of
management at the date the statements are made including, among others,
assumptions regarding: future commodity prices and royalty regimes;
availability of skilled labour; timing and amount of capital expenditures;
future currency exchange and interest rates; the impact of increasing
competition; general conditions in economic and financial markets;
availability of drilling and related equipment; effects of regulation by
governmental agencies; the receipt of required permits; royalty rates; future
tax rates; future operating costs; availability of future sources of funding;
ability to obtain financing and assumptions underlying estimates related to
adjusted funds from operations. Many assumptions are based on factors and
events that are not within the control of the Company and there is no
assurance they will prove to be correct.

 

Such forward-looking information involves known and unknown risks, which may
cause the actual results to be materially different from any future results
expressed or implied by such forward-looking information, including, risks
related to: mineral exploration, development and operating risks; estimation
of mineralisation and resources; environmental, health and safety regulations
of the resource industry; competitive conditions; operational risks; liquidity
and financing risks; funding risk; exploration costs; uninsurable risks;
conflicts of interest; risks of operating in Nicaragua; government policy
changes; ownership risks; permitting and licencing risks; artisanal miners and
community relations; difficulty in enforcement of judgments; market
conditions; stress in the global economy; current global financial condition;
exchange rate and currency risks; commodity prices; reliance on key personnel;
dilution risk; payment of dividends; as well as those factors discussed under
the heading "Risk Factors" in the Company's annual information form for the
fiscal year ended December 31, 2021 dated March 29, 2022 and available under
the Company's SEDAR profile at www.sedar.com (http://www.sedar.com) .

 

Although the Company has attempted to identify important factors that could
cause actual actions, events or results to differ materially from those
described in forward-looking information, there may be other factors that
cause actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that such information will prove to be
accurate as actual results and future events could differ materially from
those anticipated in such statements. The Company disclaims any intention or
obligation to update or revise any forward-looking information, whether as a
result of new information, future events or otherwise unless required by law.

 

 

Mark Child

 1   Details of the person discharging managerial responsibilities / person closely
     associated
 a)  Name                                                         Mark Child

 2   Reason for notification
 a)  Position / status                                            CEO
 b)  Initial notification                                         Initial

     /Amendment
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         Condor Gold plc

 b)  LEI                                                          213800PFKETQA86RHL82

 4   Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted
 a)  Description of the financial instrument, type of instrument  258,333 new ordinary shares with a nominal value of £0.001 each.

     Identification code

                                                                  ISIN GB00B8225591

     Nature of the transaction                                    Issue of shares as bonus

 c)  Price(s) and volumes(s)

Price(s)  Volumes(s)
                                                                  24 pence  258,333

 

 d)  Aggregated information                                       n/a
 e)  Date of the transaction                                      6 April 2023
 f)  Place of the transaction                                     London Stock Exchange, AIM (XLON)

 

 

d)

Aggregated information

n/a

e)

Date of the transaction

6 April 2023

f)

Place of the transaction

London Stock Exchange, AIM (XLON)

 

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DSHUAVUROUUOOAR