What does the company do?
() is a specialist gold exploration and development company run by seasoned mining professional Mark Child. Also on the board are serial entrepreneurs Jim Mellon and Ian Stalker, who both bring a wealth of industry connections and expertise.
What does it own?
Condor’s principal asset is the La India Gold Project in Nicaragua, which has an existing resource totalling 2.3mln ounces of gold. Of that nearly 1.12M ounces has been modelled as open-pittable and is permitted for extraction.
The company also owns the Estrella, Rio Luno gold projects, also in Nicaragua.
How it’s doing
As of 30 June 2020, Condor had £7.5mln in the bank following a £6.6mln placing in May.
During the June quarter the company announced an extension to the permitting at its La India gold Project in Nicaragua, bringing high-grade feeder pits into the mine plan.
It is currently completing all engineering studies and getting the Project shovel ready by end 2020.
What the boss says: Mark Child, chief executive
“The [£6.6mln] placement proceeds will be used to advance the La India Project towards production. Condor has a high grade 1.12 million oz gold open pit mineral resource, including mineral reserves permitted for extraction from three open pits.
“A processing plant and associated mine site infrastructure is also permitted. The placement proceeds will be used to complete engineering and other technical studies, purchase land in and around the mine site infrastructure and place a deposit on a processing plant.
“Condor’s intention is to permit the 1.2 million oz gold underground mineral resource following the commencement of open-pit production and continue with exploration activity to demonstrate a five million oz gold district at La India Project,”
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What do the brokers think?
Broker SP Angel has valued Condor at US$122mln, allowing for completion and execution risk.
Condor Gold is developing the La India gold mine in Nicaragua within a large, relatively underexplored, licence area with a history of previous gold production dating from the 1930s to the mid-1980s.
Initial expectations are for the production of around 100,000 ounces per year of gold from open-pit mining of the main La India vein system, and nearby high-grade satellite mineralisation, the broker said.
Production at this level would place Condor Gold among the five largest gold producers on London’s AIM market.
Read More: Condor Gold on track to production at La India gold deposit
