Both of the above have been posted on the Company’s website www.condorgold.com and are also available on SEDAR at www.sedar.com .
Highlights for the third quarter of 2021
- Completion of 3,370 m of diamond core infill drilling and replacement of RC drilling within and around the La India Starter Pits, which are within the fully permitted
La India Open Pit . - Infill drilling was to 25 m by 25 m drill spacing. Highlight drill assay results:
- 22.05 m (21.6 m true width) at 6.48 g/t gold from 24.75 m drill depth including 15.35 m (15.0 m true width) at 8.68 g/t gold from 24.75 m drilled depth (drill hole LIDC413).
- 60.60 m (54.5 m true width) at 1.98 g/t gold from 4.15 m drill depth, including 5.75 m (5.2 m true width) at 16.88 g/t gold from 42.55 m drill depth in drill hole LIDC452 located between the two proposed starter pits.
- 16.00 m (15.7 m true width) at 5.30 g/t gold from 18.35 m drill depth, including 5.90 m (5.8 m true width) at 12.35 g/t gold from 22.10 m drilled depth (drill hole LIDC416)
- Completed of 3,500 m exploration drilling and received all assay results at the Cacao Prospect. Highlights of the drilling are:
- Cacao epithermal gold system is interpreted as being fully preserved, open along strike and to depth. The latest drilling is clipping the top of the system.
- 10 metre plus true width mineralised zone including the Cacao vein has been confirmed for a strike length of approximately 1,000 m beneath and along strike of the existing Cacao mineral resource
- 25.93 m (14.9 m true width) at 3.94 g/t Au from 263.82 m, including 4.58 m (2.6 m true width) at 7.76 g/t Au from 282.12m drill depth (drill hole CCDC033) below the Cacao mineral resource and open to depth and along strike in both directions.
- The first phase of infill drilling of 39 drill holes for 3,371.58 metres using diamond core drilling was completed on the
Mestiza Open Pit and all assay results received. Highlights are:- 4.1 m true width at 15.23 g/t gold from 47.80 m (drill hole LIDC514) approximately 40 m below surface.
- 3.6 m true width at 29.1 g/t gold from 105.70 m (drill hole LIDC471) approximately 85 m below surface
- On
September 9, 2021 the Company provided the key findings of a technical report on its 100% ownedLa India Gold Project (the “Project”) prepared bySRK Consulting (UK) Limited (“SRK”). This technical report presents the results of a strategic mining study to Preliminary Economic Assessment (“PEA”) standards completed on the Project in 2021. The Highlight of the PEA:- Internal Rate of Return (“IRR”) of 54% and a post-tax Net Present Value (“NPV”) of
US$418 million , after deducting upfront capex, at a discount rate of 5% and gold price ofUS$1,700 /oz. - Average annual production of ~150,000 oz of gold over the initial 9 years of production.
- Internal Rate of Return (“IRR”) of 54% and a post-tax Net Present Value (“NPV”) of
Post Period Highlights
- On
October 19, 2021 the Company provided an update on the status of studies underway in support of a Feasibility Study (“FS”) for its fully permittedLa India Project ,Nicaragua . The FS is being conducted onLa India Open Pit and associated mine site infrastructure. - On
October 21, 2021 the Company announced the completion of an 8,004 m infill drilling programme on the fully permitted high-grade La Mestiza Open Pit Mineral Resource atLa India Project ,Nicaragua . - On
October 25, 2021 the Company announced the filing of a Preliminary Economic Assessment Technical Report (“PEA”) for itsLa India Project ,Nicaragua on SEDAR https://www.sedar.com. - On
October 28, 2021 the Company announce a placing of 11,714,286 Units at a price of 35p per Unit, including a Directors & CFO subscription of 2,972,144 Units, for aggregate gross proceeds of £4,100,000 before expenses (the “Placing").
“During the third quarter of 2021,
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE THREE AND NINE MONTHS TO
Nine months to unaudited £ | Nine months to unaudited £ | Three months to unaudited £ | Three months to unaudited £ | ||||||||||
Revenue | - | - | - | - | |||||||||
Share based payments | (351,554) | (193,048) | (151,963) | (94,514) | |||||||||
Administrative expenses | (1,254,133) | (1,018,448) | (439,864) | (282,772) | |||||||||
Gain on disposal of concession | - | 477,616 | - | - | |||||||||
Operating loss | Note 3 | (1,605,687) | (733,880) | (591,827) | (377,286) | ||||||||
Finance income | - | 1,175 | - | - | |||||||||
Loss before income tax | (1,605,687) | (732,705) | (591,827) | (377,286) | |||||||||
Income tax expense | Note 4 | - | - | - | - | ||||||||
Loss for the period | (1,605,687) | (732,705) | (591,827) | (377,286) | |||||||||
Other comprehensive income/(loss): | |||||||||||||
Currency translation differences | (5,025) | 49,134 | 619,603 | (1,274,140) | |||||||||
Other comprehensive income/(loss) for the period | (5,025) | 49,134 | 619,603 | (1,274,140) | |||||||||
Total comprehensive profit/(loss) for the period | (1,610,712) | (683,571) | 27,776 | (1,651,426) | |||||||||
Loss attributable to: | |||||||||||||
Non-controlling interest | - | - | - | - | |||||||||
Owners of the parent | (1,605,687) | (732,705) | (591,827) | (377,286) | |||||||||
(1,605,687) | (732,705) | (591,827) | (377,286) | ||||||||||
Total comprehensive profit/(loss) attributable to: | |||||||||||||
Non-controlling interest | - | - | - | - | |||||||||
Owners of the parent | (1,610,712) | (683,571) | 27,776 | (1,651,426) | |||||||||
(1,610,712) | (683,571) | 27,776 | (1,651,426) | ||||||||||
Profit/(loss) per share expressed in pence per share: | |||||||||||||
Basic and diluted (in pence) | Note 7 | (1.19) | (0.70) | (0.44) | (0.32) | ||||||||
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT
unaudited £ | audited £ | unaudited £ | ||||||
ASSETS: | ||||||||
NON-CURRENT ASSETS | ||||||||
Property, plant and equipment | 7,569,949 | 3,067,397 | 2,849,055 | |||||
Intangible assets | 26,184,917 | 22,089,314 | 22,739,013 | |||||
33,754,866 | 25,156,711 | 25,588,068 | ||||||
CURRENT ASSETS | ||||||||
Trade and other receivables | 588,439 | 114,409 | 197,713 | |||||
Cash and cash equivalents | 554,449 | 4,159,391 | 5,530,533 | |||||
1,142,888 | 4,273,800 | 5,728,246 | ||||||
TOTAL ASSETS | 34,897,754 | 29,430,511 | 31,316,314 | |||||
LIABILITIES: | ||||||||
CURRENT LIABILITIES | ||||||||
Trade and other payables | 59,473 | 266,412 | 219,992 | |||||
TOTAL LIABILITIES | 59,473 | 266,412 | 219,992 | |||||
NET CURRENT ASSETS | 1,083,415 | 4,007,388 | 5,508,254 | |||||
NET ASSETS | 34,838,281 | 29,164,099 | 31,096,322 | |||||
SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT | ||||||||
Called up share capital Note 8 | 26,983,286 | 23,732,526 | 23,582,161 | |||||
Share premium | 40,858,206 | 37,175,626 | 37,105,761 | |||||
Exchange difference reserve | (2,367,126) | (2,362,101) | (697,799) | |||||
Retained earnings | (30,636,085) | (29,381,952) | (28,893,801) | |||||
34,838,281 | 29,164,099 | 31,096,322 | ||||||
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
AS AT
Share capital | Share premium | Exchange difference reserve | Retained earnings | Total | Non controlling interest | Total equity | |
£ | £ | £ | £ | £ | £ | £ | |
At | 18,932,704 | 33,953,693 | (746,933) | (28,354,144) | 23,785,320 | - | 23,785,320 |
Comprehensive income: | - | - | - | - | - | - | - |
Loss for the period | - | - | - | (732,705) | (732,705) | - | (732,705) |
Other comprehensive income: | |||||||
Currency translation differences | - | - | 49,134 | - | 49,134 | - | 49,134 |
Total comprehensive income | - | - | 49,134 | (732,705) | (683,571) | - | (683,571) |
New shares issued | 4,649,457 | 3,152,068 | - | - | 7,801,525 | - | 7,801,525 |
Issue costs | - | - | - | - | - | - | - |
Share based payment | - | - | - | 193,048 | 193,048 | - | 193,048 |
At | 23,582,161 | 37,105,761 | (697,799) | (28,893,801) | 31,096,322 | - | 31,096,322 |
At | 23,732,526 | 37,175,626 | (2,362,101) | (29,381,952) | 29,164,099 | - | 29,164,099 |
Comprehensive income: | - | - | - | - | - | - | - |
Loss for the period | - | - | - | (1,605,687) | (1,605,687) | - | (1,605,687) |
Other comprehensive income: | |||||||
Currency translation differences | - | - | (5,025) | - | (5,025) | - | (5,025) |
Total comprehensive income | - | - | (5,025) | (1,605,687) | (1,610,712) | - | (1,610,712) |
New shares issued | 3,250,760 | 3,682,580 | - | - | 6,933,340 | - | 6,933,340 |
Issue costs | - | - | - | - | - | - | - |
Share based payment | - | - | - | 351,554 | 351,554 | - | 351,554 |
At | 26,983,286 | 40,858,206 | (2,367,126) | (30,636,085) | 34,838,281 | - | 34,838,281 |
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
AS AT
Nine months to unaudited £ | Nine months to unaudited £ | ||||
Cash flows from operating activities | |||||
Loss before tax | (1,605,687) | (732,705) | |||
Share based payment | 351,554 | 193,048 | |||
Depreciation charges | - | 16 | |||
Finance income | - | (1,175) | |||
(1,254,133) | (540,816) | ||||
(Increase)/decrease in trade and other receivables | (474,030) | (54,434) | |||
Increase/(decrease) in trade and other payables | (206,939) | (537,110) | |||
Net cash absorbed in operating activities | (1,935,102) | (1,132,360) | |||
Cash flows from investing activities | |||||
Purchase of intangible fixed assets | (4,344,306) | (1,712,055) | |||
Purchase of tangible fixed assets | (4,506,964) | (2,317,848) | |||
Interest received | - | 1,175 | |||
Net cash absorbed in investing activities | (8,851,270) | (4,028,728) | |||
Cash flows from financing activities | |||||
Net proceeds from share issue | 6,933,340 | 7,801,525 | |||
Net cash generated in financing activities | 6,933,340 | 7,801,525 | |||
Increase / (decrease) in cash and cash equivalents | (3,853,032) | 2,640,437 | |||
Cash and cash equivalents at beginning of period | 4,159,391 | 2,903,556 | |||
Exchange losses on cash and bank | 248,090 | (13,460) | |||
Cash and cash equivalents at end of period | 554,449 | 5,530,533 | |||
For further information please visit www.condorgold.com or contact:
+44 (0) 20 7493 2784 | |
+44 (0) 20 7628 3396 | |
+44 (0) 20 3470 0470 | |
+44 207 907 8500 | |
Blytheweigh | +44 (0) 20 7138 3204 |
About
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In
Environmental Permits were granted in April and
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
Technical Information
Certain disclosure contained in this news release of a scientific or technical nature has been summarised or extracted from the technical report entitled “Technical Report on the
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, but not limited to, statements with respect to: the use of proceeds of the offering; the impact of a Feasibility Study on, including investor confidence in, the Project; the ability of the Company to access future financing; the ongoing mining dilution and pit optimisation studies, and the incorporation of same into any mining production schedule, future development and production plans at
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
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.
Source:
2021 GlobeNewswire, Inc., source