Press Release for Early Warning Report Regarding Condor Gold plc

ISLE OF MAN, March 1, 2021 /CNW/ - Jim Mellon, of Viking House, Nelson Street, Douglas, Isle of Man, IMI 2AH, today announced that on March 1, 2021, he acquired, through Galloway Limited, a limited company that is wholly-owned by Burnbrae Group Limited, which is in turn wholly-owned by Mr. Mellon, 4,761,905 ordinary shares (the "Ordinary Shares") of Condor Gold plc ("Condor" or the "Company"). The Ordinary Shares were acquired by Mr. Mellon from the Company pursuant to a private placement transaction at a price of £0.420 per Ordinary Share for a total purchase price of £2,000,000.10 (approximately C$0.744 and C$3,541,600.18, respectively, based on the Bank of Canada daily average exchange rate on February 24, 2021). The Ordinary Shares were acquired by Mr. Mellon on the same terms and as part of a larger non-brokered private placement by the Company of 9,523,810 ordinary shares (the "Private Placement") which closed on March 1, 2021.

Prior to acquiring the Ordinary Shares, Mr. Mellon owned, directly or indirectly, or exercised control or direction over, 20,289,463 ordinary shares in the capital of the Company representing approximately 16.80% of the Company's issued and outstanding ordinary shares. Immediately following the acquisition of the Ordinary Shares and after giving effect to the Private Placement, Mr. Mellon owned, directly or indirectly, or exercised control or direction over, a total of 25,051,368 ordinary shares in the capital of the Company representing approximately 19.20% of the Company's issued and outstanding ordinary shares. Mr. Mellon owns and controls 22,161,485 of such ordinary shares indirectly through Galloway Limited.

Mr. Mellon acquired the Ordinary Shares for investment purposes. Mr. Mellon may from time to time acquire additional securities, dispose of some or all of the existing or additional securities or may continue to hold the securities of the Company.

Condor's head office is located at 7/8 Innovation Place, Douglas Drive, Godalming, Surrey, GU7 1JX.

To obtain a copy of the early warning report filed under applicable Canadian securities laws in connection with the transactions hereunder, please see Condor's profile on the SEDAR website www.sedar.com.

SOURCE Condor Gold plc

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