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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Condor Gold Plc | LSE:CNR | London | Ordinary Share | GB00B8225591 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1.25 | 4.13% | 31.50 | 31.00 | 32.00 | 31.50 | 30.25 | 30.25 | 307,134 | 16:20:33 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 0 | -2.53M | -0.0140 | -22.50 | 56.95M |
TIDMCNR
RNS Number : 2449H
Condor Gold PLC
14 November 2018
Hot Features
Premium
Condor Gold plc
7th Floor
39 St. James's Street
London
SW1A 1JD
November 14, 2018
Condor Gold plc
("Condor", "Condor Gold" or the "Company")
Condor Gold plc announces its unaudited results for the three and nine months ended September 30, 2018
Condor Gold (AIM: CNR; OTCQX: CNFGF; TSX: COG) announces that it has today published its unaudited financial results for the three and nine month periods ending September 30, 2018 and the Management's Discussion and Analysis for the same period.
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 2018
-- The Ministry of the Environment ("MARENA") completed a positive review of the Environmental and Social Impact Assessment ("ESIA") at the La India Project in Nicaragua (the "Project") and formally notified the Company to proceed to a Public Consultation (a public hearing) on July 13, 2018.
-- The turn out was high; a total of 499 people registered and attended the Public Consultation at which the technical, environmental and social aspects of a new mine were presented and discussed in a transparent manner. During presentations of the Project to community groups and house-to-house visits the Company received over 600 expressions of interest in/applications for new jobs.
-- On August 6, 2018, the Company announced that MARENA had granted the Company the key Environmental Permit for the Project for the development, construction and operation of a processing plant with capacity to process up to 2,800 tonnes per day ("tpd"). Gold production is expected to be between 80,000 and 100,000 ounces ("oz") per annum from a single open pit, representing a US$120 million investment and creating an estimated 1,000 new jobs.
-- Positive rock chip assay results and on-going detailed geological mapping progress the plan to define a major gold district around La India Project.
Post Period Highlights
-- SRK Consulting (U.K.) Ltd has been engaged to update the mineral resource for approximately 12,000m drilling since the previous mineral resource update from December 2014.
Mark Child, Chairman and Chief Executive of Condor Gold, commented:
"The construction and operation of a new mine at Mina La India is now materially de-risked. During the third quarter Condor received the key Environmental Permit to produce approximately 600,000 oz gold from a single open pit. Annual gold production is expected to be between 80,000 to 100,000 oz. La India has an open pit gold mineral reserve in the Probable category of 6.9 million tonnes ("Mt") at 3.0 grams per tonne ("g/t") gold for 675,000 oz gold. The economics are attractive. All-in sustaining cash costs of US$700 per ounce gold compare favorably to the current gold price of US$1,220 per ounce.
"To put the permitted open pit in context, it represents about 34% of the La India Project's total mineral resource; significantly more gold may be produced, subject to further drilling, technical studies and additional permits. The La India Project contains a mineral resource in the indicated category of 9.6 Mt at 3.5 g/t for 1.08 million oz gold and a total mineral resource in the inferred category of 8.5 Mt at 4.5 g/t for 1.23 million oz gold. The indicated mineral resource is inclusive of the mineral reserve.
"Condor has engaged SRK Consulting (U.K.) Ltd to update the mineral resource for approximately 12,000m drilling since the previous mineral resource update. Internal studies show a new high-grade feeder pit. Our strategy is to demonstrate that high grade feeder pits can materially supplement production from the main La India open pit."
CONDOR GOLD PLC
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE THREE AND NINE MONTHS TO 30 SEPTEMBER 2018
Nine Nine Three Three months
months months months to 30.09.17
to 30.09.18 to 30.09.17 to 30.09.18 unaudited
unaudited unaudited unaudited GBP
GBP GBP GBP
Revenue - - - -
Share based payments (501,530) (1,849,568) (35,225) (194,171)
Administrative expenses (1,112,147) (2,034,384) (289,963) (344,302)
Note
Operating loss 3 (1,613,677) (3,883,952) (325,188) (538,473)
Finance income 1,797 - 839 -
Loss before income tax (1,611,880) (3,883,952) (324,349) (538,473)
Income tax expense Note - - - -
4
Loss for the period (1,611,880) (3,883,952) (324,349) (538,473)
============= ============= ============= =============
Other comprehensive
income/(loss):
Currency translation
differences 182,041 735,189 (10,370) (786,028)
------------- ------------- ------------- -------------
Other comprehensive
income/(loss) for the
period 182,041 735,189 (10,370) (786,028)
============= ============= ============= =============
Total comprehensive
loss for the period (1,429,839) (3,148,763) (334,719) (1,324,501)
============= ============= ============= =============
Loss attributable to:
Non-controlling interest - - - -
Owners of the parent (1,611,880) (3,883,952) (324,349) (538,473)
------------- ------------- ------------- -------------
(1,611,880) (3,883,952) (324,349) (538,473)
============= ============= =============
Total comprehensive
loss attributable to:
Non-controlling interest - (6,946) - (2,809)
Owners of the parent (1,429,839) (3,141,817) (334,719) (1,327,310)
------------- ------------- ------------- -------------
(1,429,839) (3,148,763) (334,719) (1,324,501)
=============
Loss per share expressed
in pence per share:
Basic and diluted (in Note
pence) 7 (2.46) (6.52) (0.48) (0.88)
============= ============= ============= =============
CONDOR GOLD PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2018
30.09.18 31.12.17 30.09.17
unaudited audited unaudited
GBP GBP GBP
ASSETS:
NON-CURRENT ASSETS
Property, plant and equipment 191,881 271,319 275,766
Intangible assets 20,431,673 18,927,968 18,355,741
20,623,554 19,199,287 18,631,507
------------- ------------- -------------
CURRENT ASSETS
Trade and other receivables 312,626 320,974 580,942
Cash and cash equivalents 878,272 946,261 2,020,493
------------- ------------- -------------
1,190,898 1,267,235 2,601,435
------------- ------------- -------------
TOTAL ASSETS 21,814,452 20,466,522 21,232,942
============= ============= =============
LIABILITIES:
CURRENT LIABILITIES
Trade and other payables 322,218 445,030 354,019
------------- ------------- -------------
TOTAL LIABILITIES 322,218 445,030 354,019
============= ============= =============
NET CURRENT ASSETS 868,680 822,205 2,247,416
------------- ------------- -------------
NET ASSETS 21,492,234 20,021,492 20,878,923
============= ============= =============
SHAREHOLDERS' EQUITY ATTRIBUTABLE
TO OWNERS OF THE PARENT
Called up share capital Note
8 13,435,868 12,273,077 12,273,076
Share premium 33,662,309 32,426,049 32,426,047
Exchange difference reserve 763,616 581,575 1,374,661
Retained earnings (26,369,559) (25,174,153) (25,109,211)
21,492,234 20,106,548 20,964,573
============= ============= =============
TOTAL EQUITY ATTRIBUTABLE TO:
Non-controlling interest - (85,056) (85,650)
21,492,234 20,021,492 20,878,923
============= ============= =============
CONDOR GOLD PLC
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
AS AT 30 SEPTEMBER 2018
Share Share Exchange Retained Total Non controlling Total
capital premium difference earnings interest equity
reserve
GBP GBP GBP GBP GBP GBP GBP
At 1 January
2017 10,582,129 28,875,061 632,526 (23,075,118) 17,014,598 (78,704) 16,935,894
Comprehensive
income:
Loss for the
period - - - (3,883,952) (3,883,952) - (3,883,952)
Other
comprehensive
income:
Currency
translation
differences - - 742,135 - 742,135 (6,946) 735,189
Total
comprehensive
income - - 742,135 (3,883,952) (3,141,817) (6,946) (3,148,763)
New shares
issued 1,690,947 3,550,986 - - 5,241,933 - 5,241,933
Share based
payment - - - 1,849,859 1,849,859 - 1,849,859
At 30 September
2017 12,273,076 32,426,047 1,374,661 (25,109,211) 20,964,573 (85,650) 20,878,923
----------- ----------- ------------ ------------- ------------ ---------------- ------------
At 1 January
2018 12,273,077 32,426,049 581,575 (25,174,153) 20,106,548 (85,056) 20,021,492
Comprehensive
income:
Loss for the
period - - - (1,611,880) (1,611,880) - (1,611,880)
Other
comprehensive
income:
Transactions
with
non-controlling
interest - - - (85,056) (85,056) 85,056 -
Currency
translation
differences - - 182,041 - 182,041 - 182,041
Total
comprehensive
income 182,041 (1,696,936) (1,514,895) 85,056 (1,429,839)
New shares
issued 1,162,791 1,337,210 - - 2,500,001 - 2,500,001
Issue costs - (100,950) - - (100,950) - (100,950)
Share based
payment - - - 501,530 501,530 - 501,530
At 30 September
2018 13,435,868 33,662,309 763,616 (26,369,559) 21,492,234 - 21,492,234
----------- ----------- ------------ ------------- ------------ ---------------- ------------
CONDOR GOLD PLC
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
AS AT 30 SEPTEMBER 2018
Nine months Nine months
to 30.09.18 to 30.09.17
unaudited unaudited
GBP GBP
Cash flows from operating activities
Loss before tax (1,611,880) (3,883,952)
Share based payment 501,530 1,849,859
Depreciation charges 91,350 75,601
Impairment charge of intangible - -
fixed assets
Finance income (1,797) -
------------- -------------
(1,020,797) (1,958,492)
(Increase)/decrease in trade
and other receivables 8,351 (35,691)
Increase/(decrease) in trade
and other payables (122,813) 2,468
Net cash absorbed in operating
activities (1,135,259) (1,991,715)
------------- -------------
Cash flows from investing activities
Purchase of intangible fixed
assets (1,314,117) (2,506,191)
Purchase of tangible fixed assets (13,571) (118,216)
Interest received 1,797 -
Net cash absorbed in investing
activities (1,325,891) (2,624,407)
------------- -------------
Cash flows from financing activities
Net proceeds from share issue 2,399,051 5,241,933
Net cash generated in financing
activities 2,399,051 5,241,933
------------- -------------
Increase / (decrease) in cash
and cash equivalents (62,099) 625,811
Cash and cash equivalents at
beginning of period 946,261 583,610
Exchange losses on cash and
bank (5,890) 811,072
------------- -------------
Cash and cash equivalents at
end of period 878,272 2,020,493
- Ends -
For further information please visit www.condorgold.com or contact:
Condor Gold plc Mark Child, Chairman and CEO
+44 (0) 20 7493 2784
Beaumont Cornish Limited Roland Cornish and James Biddle
+44 (0) 20 7628 3396
Numis Securities Limited John Prior and James Black
+44 (0) 20 7260 1000
Blytheweigh Tim Blythe, Camilla Horsfall and Megan
Ray
+44 (0) 20 7138 3204
About Condor Gold plc:
Condor Gold plc was admitted to AIM on 31 May 2006. The Company is a gold exploration and development company with a focus on Central America.
In August 2018, the Company announced that the Ministry of the Environment had granted the Company 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, The EP is considered to be the master permit for mining operations in Nicaragua. Condor published a Pre-Feasibility Study ("PFS") on its wholly owned La India Project in Nicaragua in December 2014, as summarised in the Technical Report (as defined below). The PFS details an open pit gold mineral reserve in the Probable category of 6.9 million tonnes ("Mt") at 3.0 grams per tonne ("g/t") gold for 675,000 oz gold, producing 80,000 oz gold per annum for seven years. La India Project contains a mineral resource in the indicated category of 9.6 Mt at 3.5 g/t for 1.08 million oz gold and a total mineral resource in the inferred category of 8.5 Mt at 4.5 g/t for 1.23 million oz gold. The indicated mineral resource is inclusive of the mineral reserve.
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.
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 La India Gold Project, Nicaragua, December 2014", dated November 13, 2017 with an effective date of December 21, 2014 (the "Technical Report"), prepared in accordance with NI 43-101. The Technical Report was prepared by or under the supervision of Tim Lucks, Principal Consultant (Geology & Project Management), Gabor Bacsfalusi, Principal Consultant (Mining), Benjamin Parsons, Principal Consultant (Resource Geology), each of SRK Consulting (UK) Limited, and Neil Lincoln of Lycopodium Minerals Canada Ltd., each of whom is an independent Qualified Person as such term is defined in NI 43-101.
David Crawford, Chief Technical Officer of the Company and a Qualified Person as defined by NI 43-101, has approved the written disclosure in this press release.
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 Company's plans, the increase in future gold production at La India, the mineral resources, mineral reserves and production rate and operational activities at the La India Project. 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, resources and reserves; 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, 2017 dated March 29, 2018, available under the Company's SEDAR profile at 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.
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 or visit www.rns.com.
END
QRTFMMMMVFRGRZM
(END) Dow Jones Newswires
November 14, 2018 02:00 ET (07:00 GMT)
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