CEO.CA Chairman's Briefing

GODALMING, UK / ACCESSWIRE / September 27, 2024 / Condor Gold plc ("Condor Gold", "Condor", the "Group" or the "Company"), (AIM:CNR)(TSX:COG) presents its unaudited interim financial report for the six-month periods to 30 June 2024. It has been posted on the Company's websites www.condorgold.com and ca.condorgold.com. It is also available on SEDAR at www.sedar.com.

Highlights for six months to 30 June 2024

• There continues to be significant interest in the sale of the Company's assets.

• The Company remains in discussion with a number of interested parties, both longer term and more recent, with several new parties having expressed an interest, been given access to the data room and indicating a wish to conduct site visits.

• The "Geological setting of gold-silver mineralisation in the La India mining district, Nicaragua" by English, L.T.P., Galvan, V.H. and Pullinger, C.R. was published in the first edition of open-access online journal Naturalis Scientias.

• Land acquisition continued at the La India open pit and associated mine site infrastructure. To date, 99.6% of the core areas have been purchased.

• Site clearance of 14 hectares has been completed for the processing plant location, including areas for offices, warehouses, a stockpile, and a buffer zone.

• On 23 May the Company announced it had raised £500,000 via the exercise of warrants by Galloway Limited, a company wholly owned by Burnbrae Group Limited, which is, in turn, wholly owned by Jim Mellon, Condor's Chairman, increasing Galloway's shareholding to 26.13% of Condor Gold.

Post Period Highlights

• On 15 July 2024 the Company raised £220,000 via the exercise of options, The proceeds came from Galloway Limited, a company wholly owned by Burnbrae Group Limited, which is, in turn, wholly owned by Jim Mellon, Condor's Chairman, increasing Galloway's shareholding to 26.12%, Mark Child, the CEO, increasing his shareholding to 2.38% of the Company, Dave Crawford the CTO and other employee option holders.

• On 31 July 2024 the Company provided an update on the sales process.

• The significantly higher gold price has resulted in more interest in the acquisition of the Company's assets.

Chairman's Statement for the Six Months to 30 June 2024

Dear Shareholder,

I continue to be impressed by the executive team's dedication to getting our project shovel ready. This has elicited considerable interest in the current sales process, which has been aided by a 35% increase in the gold price since the lows of 2023.

The focus during the 6-month period to 30 June 2024 has been on the sale of the Company's assets in Nicaragua. On 22 November 2022, the Company announced a strategy update and informed the market that it had appointed an advisor to sell its assets. The Board carefully reviewed the Company's options as the Project is "construction ready" with an 18-month construction timeline. Such options included going through a financing and construction phase but, as a single asset, single jurisdiction company without an experienced mine building team and without gold production from other mines, the Board formed the view that this would not be in the Company's best interests, and concluded that it was in the best interests of the Company and all stakeholders to sell the assets of the Company to a gold producer with mine building expertise, thus ensuring a new mine at La India and significant investment in the local area, which will regenerate the local communities. The focus for 2024 is to execute a successful sale of the assets while maintaining a social licence to operate at the fully permitted La India Project.

By way of an update on the sales process as at 26^th September 2024 there are currently eight companies under Non-Disclosure Agreements (NDAs), five non-binding offers received and three site visits completed. Although none of the non-binding offers have progressed to firm proposals to date, the Company is in discussions with several gold producers. The Board is optimistic that a sale will be concluded in the near future.

Wholly owned, fully permitted, construction ready gold mines, with a Feasibility Study completed, with potential production of 150,000 oz gold per annum, in major Gold Districts, with the land acquired and a new SAG Mill package purchased are rare and in demand by gold producers replenishing depleting reserves. We are very aware of the value of our assets and will not allow them to go at anything other than a fair price.

Turning to the financial results for the 2024 6-month period, the Group's loss for the period was £518,217 (2023: £965,815). The net cash balance of the Group at 30 June 2024 was £1,084,498 (2023: £584,837). During the period, there was a £1,379,784 foreign exchange gain (2023 £2,294,117 loss). This is as a result of significant changes in USD against GBP. The Board is aware of currency fluctuations and is working to mitigate any further losses.

I would also like to draw your attention to the Corporate Governance Report on Pages 26 - 30 which details how we comply with the QCA Code.

Finally, it remains for me to thank our executive and also our team on the ground in Nicaragua for their unstinting efforts in continuing to maintain and develop our Project.

Jim Mellon
Chairman

CEO'S Report for the Six Months to 30 June 2024

Dear Shareholder,

I am pleased to present Condor Gold Plc's ("Condor", the "Company" or the "Group") report for the 6-month financial period to 30 June 2024.

The Chairman has provided an update on the sales process. I would like to add that it has been a difficult period for Condor Gold shareholders. At the time of writing our shares are broadly unchanged since the 1^st January 2024, while the gold price have increased from US$2,043 oz gold to US$2,665 oz gold or 30.4% and gold related equity indices are up significantly. Nevertheless, by almost any measure, Condor Gold's assets are considerably more attractive than at any time in the past, a fact that is clearly demonstrated in the tables below, which compare a Feasibility Study and PEAs conducted at US$1,600 oz gold and US$1,550 oz gold respectively with a US$2,400 oz gold price. In all 3 scenarios, NPVs increase 3 to 4 fold to a maximum of US$907 million, IRRs average 100%, the payback period reduces in 2 cases to only 6 months and the EBITDA more than doubles, in one scenario to US$2.3Bn. In my view, the extremely attractive project economics will lead to a successful sale of the assets particularly as advanced exploration work indicates La India Project has the potential to host a major gold district. The engineering studies in the Feasibility Study demonstrate there are no fatal flaws in the project from a technical perspective. At some point the market will realise the complete disconnect between the market capitalisation of circa US$60 million and the project economics of a construction ready, fully permitted and materially de-risked project, with a SAG Mill package and surface rights purchased.

The Company's strategy has been to develop the fully permitted La India Project in two stages using the new SAG Mill that has already been purchased. The delivery of a Feasibility Study Technical Report ("2022 FS") on 26 October 2022 on La India open pit, with an average of 81,524 oz gold per annum for the initial six years for a relatively low total upfront capital cost of US$106 million is a landmark and significantly de-risks the Project. At US$1,600 oz gold, the La India open pit Mineral Reserve produces total revenues of US$888 million, the total operating costs of mining, processing and G&A are US$480 million, leading to an operating profit of US$408 million or a 46% operating margin. After government and other royalties and after sustaining capital, the EBITDA is US$355 million, which in Condor's opinion is ample to repay any project debt on the relatively low upfront capex. At US$2,400 oz gold after paying royalties and sustaining capital the operating profit is US$770 million. In reality, two permitted high grade feeder pits will be added during the early years of production thus increasing production ounces of gold. Early production is targeted at 100,000 oz gold p.a. See comparison table for La India open pit below for FS at US$1,600 oz gold vs US$2,400 oz gold:

Notes: Capital and Operating costs as of 2022. Pit designs have not been re-optimized for higher metal prices.

The plan is to materially expand production by converting existing Mineral Resources into Mineral Reserves and an associated integrated mine plan. On 25 October 2021, the Company announced the results of a Preliminary Economic Assessment and filed on SEDAR a technical report entitled "Condor Gold Technical Report on the La India Gold Project, Nicaragua, 2021" detailing average annual production of 150,000 oz of gold over the initial nine years of production from open pit and underground Mineral Resources and providing an indication of production targets.

The 2022 MRE update was prepared by SRK Consulting (UK) Limited ("SRK") and uses the terminology, definitions and guidelines given in the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Standards on Mineral Resources and Mineral Reserves (May 2014).

The updated Mineral Resource Estimate is 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 4.3g/t gold for 1,190,000 oz gold in the inferred mineral resource category. The 2022 FS was conducted on La India Open Pit which has a Mineral Resource Estimate of 8,487 kt at 3.0g/t gold in for 827,000 oz gold in the indicated mineral resource category and 893 Kt at 2.4 g/t gold for 69,000 oz gold in the inferred mineral resource category. The La India Open Pit Mineral resource is inclusive of a Probable Mineral Reserve of 7.3Mt at 2.56g/t gold for 602,000 oz gold.

Outside the main La India open pit Mineral Reserve (the subject of the 2022 FS), there is a historical estimate, outlined in the 2021 Preliminary Economic Assessment, of additional open pit Mineral Resources on four deposits (America, Mestiza, Central Breccia and Cacao) which represent an aggregate 206 Kt at 9.9 g/t gold for 66,000 oz in the indicated Mineral Resource category and 2.1Mt at 3.3 g/t gold for 223,000 oz gold in the inferred Mineral Resource category. In addition, there is an aggregate underground Mineral Resource (La India, America, Mestiza, Central Breccia San Lucas, Cristalito-Tatescame, and Cacao) of 979Kt at 6.2 g/t for 194,000 oz gold in the indicated mineral resource category and 5.6Mt at 5.0 g/t gold for 898,000 oz gold in the inferred mineral resource category.

The Company's strategy of a two-stage approach to production is supported by a technical study released in October 2021, when Condor Gold announced the key findings of a technical report on the La India Gold Project prepared by SRK. This technical report (the "Technical Report") presented the results of a strategic mining study to Preliminary Economic Assessment ("PEA") standards. 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");

See comparison table for La India open pit below for PEA of all open pits (3 are fully permitted) at US$1,550 oz gold vs US$2,400 oz gold. The EBITDA increases to US$1,362 million from US$667 million and NPV increases to US$ 607 million vs US$ 236 million and importantly the payback period reduces to 6 months.

Notes: Capital and Operating Costs are as of 2021. Many elements of the PEA designs are at PFS levels of accuracy. Pit designs have not been optimized for higher metal prices.

PEA 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 Technical Report was issued in October 2021 and filed on SEDAR and the Company's websites for public disclosure to NI 43-101 standards.

See comparison table for La India open pit below for PEA of all open pits and underground at US$1,550 oz gold vs US$2,400 oz gold: The EBITDA increases to US$2,318 million from US$1,136 million and NPV increases to US$ 907 million vs US$ 313 million and importantly the payback period reduces to 6 months.

Notes: Capital and Operating Costs are as of 2021. Many elements of the PEA designs are at PFS levels of accuracy. Pit designs have not been optimized for higher metal prices.

The Company remains convinced that the 587 sq km La India Project is a major gold district with the potential for significant future discoveries. Condor's geologists have identified two major north-northwest-striking mineralised basement feeder zones traversing the Project, the "La India Corridor", which hosts 90% of Condor's gold mineral resource and the "Andrea Los Limones Corridor". Numerous geophysics, soil geochemistry and surface rock chips indicate the possibility for further mineralisation along strike. The updated MRE 2022 for the Cacao deposit increased the MRE in the inferred mineral resource category by 69% to 101,000 oz gold at 2.5 g/t gold, the interpretation is that drilling has clipped the top of a fully preserved epithermal vein system with a strike length of at least 1km with the potential to host over 1 million oz gold.

The Company continues to enhance its social engagement and activities in the community, thereby maintaining its social licence to operate. Condor has strengthened its community team and stepped-up social activities and engagement programmes. The main local focus is the drinking water programme, implemented in April 2017. A total of 740 families are currently benefiting from the program and currently receive five-gallon water dispensers each week. In May 2021, the Company installed a water purification plant at a cost of approximately US$250,000 to provide drinking water to the local communities.

In January 2018, Condor initiated ‘Involvement Programmes', which now extend to six groups in the local village to benefit communities which may be affected by the mine. Taking the Elderly Group as an example, a committee of six people has been formed. The Company allocates monthly support to the Elderly Group, which decides how this money is spent to benefit the elderly in the Community. Projects include a garden for medicinal herbs which are made into products which are used by group members and sold to others in the community.

Condor continues to have very constructive meetings with key Ministries that granted the Environment Permit (EP) for the La India, La Mestiza and America open pits. The Company has been operating in Nicaragua since 2006 and, as a responsible gold exploration and development company, continues to add value to the local communities and environment by generating sustainable socio-economic and environmental benefits. This includes skills training. The new mine would potentially create approximately 1,000 jobs during the construction period, with priority to be given to suitably skilled members of the local community. The upfront capital cost of approximately US$106 million as detailed in the 2022 FS will have a significant positive impact on the economy. The Government and local communities will benefit significantly from future royalties and taxes.

Mark Child
Chief Executive Officer

CONDOR GOLD PLC
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS TO 30 JUNE 2024

CONDOR GOLD PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

CONDOR GOLD PLC
CONDENSED COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024