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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 29.00 | 28.50 | 29.50 | 29.00 | 29.00 | 29.00 | 233,821 | 07:34:45 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 0 | -2.53M | -0.0140 | -20.71 | 52.43M |
TIDMCNR
RNS Number : 5545M
Condor Gold PLC
12 May 2020
Hot Features
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Condor Gold plc
7th Floor
39 St. James's Street
London
SW1A 1JD
12 May 2020
Condor Gold plc
("Condor", "Condor Gold" or the "Company")
Condor Gold plc announces its unaudited results for the three months ended 31 March, 2020
Condor Gold (AIM: CNR; TSX: COG) announces that it has today published its unaudited financial results for the three months ending 31 March, 2020 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 first quarter of 2020
-- On January 10, 2020, the Company announced the appointment of SP Angel Corporate Finance LLP as broker to the Company.
-- The Company provided an update on January 28, 2020 on permitting for the La India Project. This included an extension granted until 27 July 2021 to complete the conditions of the key La India Environmental Permit.
-- On February 28, 2020, the Company held Public Consultations in the local community as part of the environmental permitting process for the development and extraction of gold from the Mestiza and America open pits.
-- On March 4, 2020, the Company announced a high-grade mini-open pit mining scenario of total diluted mill feed of 1,637Kt at a 4.65g/t gold diluted head grade containing 245,000 oz gold while leaving the bulk of the La India open pit intact.
-- On March 17, 2020, the Company announced that it had issued 500,000 new, Ordinary shares in the Company further to the exercise of an equivalent number of warrants at a price of 31 pence per Warrant to raise GBP155,000.
Post Period Highlights
-- The award of the environmental permit for the Mestiza open pit was announced by the Company on April 29, 2020. The Mestiza open pit hosts 92Kt at a grade of 12.1g/t gold (36,000oz contained gold) in the Indicated resource category and 341Kt at a grade of 7.7g/t gold (85,000oz contained gold) in the Inferred resource category. The Mestiza open pit is situated less than 4 kilometres from the location of the permitted processing plant for the La India open pit.
-- The award of the environmental permit for the America open pit was announced by the Company on May 6, 2020. The America open pit hosts 114 thousand tonnes ("Kt") at a grade of 8.1 g/t gold (30,000 oz contained gold) in the Indicated Mineral Resource category and 677Kt at a grade of 3.1 g/t gold (67,000 oz contained gold) in the Inferred Mineral Resource category. The America open pit compliments the already permitted La India and Mestiza open pits.
Following the permitting of the Mestiza and America open pits, together with the La India open pit Condor has 1.12M oz gold open pit Mineral Resources permitted for extraction, inclusive of a Mineral Reserve of 6.9Mt at 3.0g/t gold for 675,000 oz gold.
Mark Child, Chairman and Chief Executive of Condor Gold, commented:
"During the 1(st) quarter 2020, Condor continued to de-risk La India Project and demonstrate a clear route to production. The Company has been working on the engineering and other technical studies required ahead of a construction decision and acquiring land for the mine site infrastructure. A high-grade mining dilution scenario study was completed, which supports a smaller, 1,000tpd processing plant capable of producing approximately 50,000 oz gold p.a. Total diluted mill feed is 1,637Kt at a 4.65g/t gold diluted head grade containing 245,000 oz gold. A smaller mill would significantly reduce the capex required to construct a processing plant and allow for a much larger plant at a later stage. The Company held two successful Public Consultations for two high grade feeder pits; permits have subsequently been granted, increasing the open pit material to 1.12M oz gold Mineral Resources permitted for extraction, inclusive of a Mineral Reserve of 6.9Mt at 3.0g/t gold for 675,000 oz gold. The objective is to commence site preparation in Q4 2020 and demonstrate a clear route to cashflow."
CONDOR GOLD PLC
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE THREE MONTHS TO 31 MARCH 2020
Three months Three months
to 31 March to 31 March
2020 unaudited 2019 unaudited
GBP GBP
Revenue - -
Administrative expenses (386,314) (352,989)
Gain on disposal of 477,616 -
project
Operating gain/(loss) 91,302 (352,989)
Finance income 1,175 436
Loss before income tax 92,477 (352,553)
Income tax expense - -
Gain/(loss) for the
period 92,477 (352,553)
================ ================
Other comprehensive
income/(loss):
Write off of Minority - -
Interest
Currency translation
differences 1,436,656 (675,060)
---------------- ----------------
Other comprehensive
income/(loss) for the
period 1,436,656 (675,060)
================ ================
Total comprehensive
income/(loss) for the
period 1,529,133 (1,027,613)
================ ================
Gain/(loss) per share
expressed in pence per
share:
Basic and diluted (in
pence) 0.10 (0.50)
================ ================
CONDOR GOLD PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2020
As at 31 As at 31 As at 31
March 2020 December March 2019
unaudited 2019 unaudited
GBP audited GBP
GBP
ASSETS:
NON-CURRENT ASSETS
Property, plant and equipment 957,275 585,950 205,186
Intangible assets 22,851,336 20,909,637 20,401,746
23,808,611 21,495,587 20,606,932
------------- ------------- -------------
CURRENT ASSETS
Trade and other receivables 217,295 143,279 259,313
Cash and cash equivalents 1,736,695 2,903,556 1,116,347
------------- ------------- -------------
1,953,990 3,046,835 1,375,660
------------- ------------- -------------
TOTAL ASSETS 25,762,601 24,542,422 21,982,592
============= ============= =============
LIABILITIES:
CURRENT LIABILITIES
Trade and other payables 256,546 757,102 200,688
------------- ------------- -------------
TOTAL LIABILITIES 256,546 757,102 200,688
============= ============= =============
NET CURRENT ASSETS 1,697,444 2,289,733 1,174,972
------------- ------------- -------------
NET ASSETS 25,506,055 23,785,320 21,781,904
============= ============= =============
SHAREHOLDERS' EQUITY ATTRIBUTABLE
TO OWNERS OF THE PARENT
Called up share capital 19,032,704 18,932,704 14,894,200
Share premium 34,008,693 33,953,693 33,921,425
Legal reserves - - -
Exchange difference reserve 689,723 (746,933) 284,731
Retained earnings (28,225,065) (28,354,144) (27,318,452)
TOTAL EQUITY 25,506,055 23,785,320 21,781,904
============= ============= =============
CONDOR GOLD PLC
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
AS AT 31 MARCH 2020
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
2019
Comprehensive
income: 13,435,868 33,662,309 959,791 (27,013,925) 21,044,043 - 21,044,043
Loss for the
period - - - (352,553) (352,553) - (352,553)
Other
comprehensive
income:
Currency
translation
differences - - (675,060) - (675,060) - (675,060)
Total
comprehensive
income - - (675,060) (352,553) (1,027,613) - (1,027,613)
New shares
issued 1,458,332 291,668 - - 1,750,000 - 1,750,000
Issue costs - (32,552) - - (32,552) - (32,552)
Share based
payment - - - 48,026 48,026 - 48,026
At 31 March
2019 14,894,200 33,921,425 284,731 (27,318,452) 21,781,904 - 21,781,904
----------- ----------- ------------ ------------- ------------ ---------------- ------------
At 1 January
2020
Comprehensive
income: 18,932,704 33,953,693 (746,933) (28,354,144) 23,785,320 - 23,785,320
Gain for the
period - - - 92,477 92,477 - 92,477
Other
comprehensive
income:
Currency
translation
differences - - 1,436,656 - 1,436,656 - 1,436,656
Total
comprehensive
income - - 1,436,656 92,477 1,529,133 - 1,529,133
New shares
issued 100,000 55,000 - - 155,000 - 155,000
Issue costs - - - - - - -
Share based
payment - - - 36,602 36,602 - 36,602
At 31 March
2020 19,032,704 34,008,693 689,723 (28,225,065) 25,506,055 - 25,506,055
----------- ----------- ------------ ------------- ------------ ---------------- ------------
CONDOR GOLD PLC
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
AS AT 31 MARCH 2020
Three months Three months
to 31.03.20 to 31.03.19
unaudited unaudited
GBP GBP
Cash flows from operating activities
Gain/(loss) before tax 92,477 (352,553)
Share based payment 36,602 48,026
Depreciation charges 9 241
Exchange differences 31,572 (6,088)
Finance income (1,175) (436)
------------- -------------
159,485 (310,810)
(Increase) in trade and other
receivables (74,016) (40,236)
Increase/(decrease) in trade
and other payables (500,556) (50,628)
Net cash absorbed in operating
activities (415,087) (401,674)
------------- -------------
Cash flows from investing activities
Purchase of intangible fixed
assets (570,170) (419,755)
Purchase of tangible fixed assets (337,779) (1,081)
Interest received 1,175 436
Net cash absorbed in investing
activities (906,774) (420,400)
------------- -------------
Cash flows from financing activities
Net proceeds from share issue 155,000 1,717,448
Net cash generated in financing
activities 155,000 1,717,448
------------- -------------
Increase / (decrease) in cash
and cash equivalents (1,166,861) 895,374
Cash and cash equivalents at
beginning of period 2,903,556 220,975
Exchange losses on cash and - -
bank
------------- -------------
Cash and cash equivalents at
end of period 1,736,695 1,116,349
- 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
SP Angel Corporate
Finance LLP Ewan Leggat
+44 (0) 20 3470 0470
Blytheweigh Tim Blythe, Camilla Horsfall and Megan
Ray
+44 (0) 20 7138 3204
About Condor Gold plc:
Condor Gold plc was admitted to AIM in May 2006 and dual listed on the TSX in January 2018. The Company is a gold exploration and development company with a focus on Nicaragua.
In August 2018, the Company announced that the Ministry of the Environment in Nicaragua had granted the Company an Environmental Permit for the development, construction and operation of a processing plant with capacity to process up to 2,800 tonnes per day at its wholly-owned La India gold project ("La India Project"). The Environmental Permit is considered to be the master permit for mining operations in Nicaragua. Condor Gold published a Pre-Feasibility Study ("PFS") on the La India Project 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 Mt at 3.0 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 of 9,850Kt at 3.6 g/t gold for 1,140Koz gold in the Indicated category and 8,479Kt at 4.3g/t gold for 1,179Koz gold in the Inferred category. The Indicated Mineral Resource is inclusive of the Mineral Reserve.
Environmental Permits have also been granted in April and May 2020 in relation to the Mestiza and America open pits respectively, both located in the vicinity of the La India Project. The Mestiza open pit hosts 92Kt at a grade of 12.1 g/t gold (36,000 oz contained gold) in the Indicated Mineral Resource category and 341Kt at a grade of 7.7 g/t gold (85,000 oz contained gold) in the Inferred Mineral Resource category . The America open pit hosts 114 Kt at a grade of 8.1 g/t gold (30,000 oz contained gold) in the Indicated Mineral Resource category and 677Kt at a grade of 3.1 g/t gold (67,000 oz contained gold) in the Inferred Mineral Resource category. Following the permitting of the Mestiza and America open pits, together with the La India open pit Condor has 1.12M oz gold open pit Mineral Resources permitted for extraction, inclusive of a Mineral Reserve of 6.9Mt at 3.0g/t gold for 675,000 oz gold.
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 Andrew Cheatle, P.Geo., who is a "qualified person" as defined by NI 43-101.
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 defined by NI 43-101 .
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 future development and production plans at 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, 2019 dated March 31, 2020, 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
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May 12, 2020 02:00 ET (06:00 GMT)
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