Condor Gold PLC

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Market Cap:
£53.25 m
45.00 GBX
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Following the grant of the Environmental Permit the Company’s objective is to progress the redesigned mine site infrastructure for La India Open Pit to a bankable level of Feasibility Study.  In addition, under the conditions of the Environmental Permit, the Company has to submit to MARENA final engineered designs for several key components of the mine prior to construction. Subject to financing, completion of a BFS and completion of the final engineering designs, construction is expected to commence within 18 months of the grant of the Environmental Permit. The construction period is expected to take 18 to 24 months.

From 2011 to 2017 Condor drilled 397 drill holes for circa 59,000 metres and over 18,000 metres of trenching. The data was combined with the historic exploration and mining data and included in the latest mineral resource estimate completed by independent geologists at SRK Consulting (UK) Ltd and announced in January 2019. The current mineral resource estimate on the La India project area is prepared in accordance with NI 43-101 and comprises an indicated mineral resource of 9.85Mt at 3.6 g/t gold for 1.140M oz gold and 5.9 g/t for 1.88M oz silver and an inferred mineral resource of 8.48Mt at 4.3 g/t for 1.179 M oz gold  and 8.2g/t for 1.201M oz silver, all contained within a 9km radius within the La India Project area. A NI 43-101 compliant pre-feasibility study dated December 2014 on open pit mining on the principal La India Vein has defined a probable open pit mineral reserve of 6.9Mt at 3.0g/t gold for 675k oz gold and 5g/t silver for 1.185M oz silver. Mineral resources are inclusive of mineral reserves. The CIM-compliant Mineral Resource Statement was reported to NI 43-101 guidelines by independent geological consultants SRK (UK) Ltd and signed off by SRK's Ben Parsons, a Competent Person as defined by the CIM Code. 

Condor's management team have extensive experience in mineral exploration, project development and project financing, ensuring that the Company has the best possible opportunity to achieve exploration success and take La India Project through to a bankable feasibility study.

The Company was successfully admitted to the London Stock Exchange, AIM Market, on 31st May 2006 and listed on the TSX on 15th January 2018.

Pre-Feasibility Study 

Towards the end of 2013 SRK Consulting (UK) Limited was commissioned to undertake a PFS and updated preliminary economic assessments (“PEA”) to determine whether La India Project could support an open pit only mine for several years, with underground development funded at a later date out of cash flow. The study considered three different scenarios: a prefeasibility study on open pit mining at La India only; a PEA on open pit mining on La India, America and Central Breccia; and a PEA on open pit mining at La India, America and Central Breccia and underground mining at La India and America. In November 2014 the combined PFS and PEA study was completed.

  • 0.8Mtpa PFS La India Open Pit only demonstrates a robust and economically viable base case for the project. The study envisages Open pit mining of 6.9Mt of ore at 3.0g/t gold with a 91.0% recovery for 614k oz gold production. The Life of Mine (“LOM”) stripping ratio is 13.6 t:t over a mine schedule of 8 years producing 94.5Mt of waste. The mining rate will be 0.8Mtpa over 8 year mine life feeding a 2,300 tpd plant for an average annual production of 79,300 oz over the 7 years of maximum production. The LOM all-in sustaining costs are US$690/oz, the capital expenditure is US$110M, the Internal Rate of Return (“IRR”) is 22% and the Net Present Value (“NPV”) is US$92M.
  • 1.2Mtpa PEA Scenario A, La India Open Pit + Feeder Pits. Open pit mining of 9.5Mt of ore at 2.8g/t gold with a recovery of 91.0% for La India, 94.5% for America and 87.0% for Central Breccia, to return 774k oz gold production. The LOM stripping ratio is 12.5 t:t over a mine schedule of 8 years producing 118.2Mt of waste. The mining rate will be 1.2Mtpa feeding a 2,800 tpd plant for an average annual production of 96,800 oz gold. The LOM all-in sustaining costs are US$685/oz, the capital expenditure is US$127M, the IRR is 25% and the NPV is US$124M.
  • 1.6Mtpa PEA Scenario B, La India Open Pit + Feeder Pits + Underground. Open pit and underground mining of 13.0Mt of ore at 3.2g/t gold with a recovery of 91.0% for La India, 94.5% for America and 87.0% for Central Breccia, for 1.2M oz gold production over a 12 year mine life. The open pit component will be completed in 8 years with a LOM stripping ratio is 12.4 t:t producing 118.2Mt of waste. The mining rate will be 1.6Mtpa for the first 8 year mine life feeding a 2,800 tpd plant for an average annual production of 137,500 oz. After Year 8 mining will switch to a lower rate extracting underground ore only for a further 4 years. Underground mining will use cut-and-fill method assuming 5% dilution and 95% mining recovery. The underground component accounts for 3.52Mt at 4.31g/t gold. The LOM all-in sustaining costs are US$697/oz, the capital expenditure is US$169M, the IRR is 24% and the NPV is US$187M.

Nicaragua & El Salvador.

Mark Child
Chairman & CEO

Mr. Child was commissioned as an officer in the 2nd King Edward VII’s Own Gurkha Rifles and served in the British Army for 4 years. He joined Condor’s Board in May 2006 and became CEO in July 2011. He acquired the concessions that comprise La India Project and has raised the finance and developed the Project into what it is today.

Mr Child has 20 years of equity capital markets experience, as an institutional stockbroker and in corporate finance/private equity, mainly in emerging markets. At board level Mr. Child has been an executive director of Hong Kong listed Regent Pacific Group, an emerging market fund manager and private equity group, which spun off Charlemagne Capital Limited. He has board level experience of AIM listed and private companies. 


Jim Mellon
Non Executive Director

Jim Mellon, based in the Isle of Man, is a renowned fund manager. He began his career with GT Management in the US and in Hong Kong and later became the co-founder and managing director of Thornton Management (Asia) Limited based in Hong Kong. He is co-founder of Regent Pacific Group and Charlemagne CapitalLimited. He is currently chairman of Manx Financial Group Plc and co-chairman of Regent Pacific Group Ltd and Emerging Metals Limited, a director of Charlemagne Capital Limited, Burnbrae Group Limited and various other investment companies. Mr Mellon holds a Master's Degree in Philosophy, Politics and Economics from Oxford University.


Andrew Cheatle
Non Executive Director

Mr. Andrew Mark Cheatle (P.Geo. FGS, MBA) is a seasoned CEO and director within the mining industry.  As a professional geoscientist and graduate of the Royal School of Mines, Imperial College, London, his 30-plus-year international career has encompassed both the senior and junior mining sectors.  Based in Toronto and London (UK), he is a sought-after advisor to the minerals industry, specialising in technical assessments, corporate development, and investments globally with a recent focus on Africa for Allied Gold Corp.His roles have included Executive Director (CEO) of the Prospectors and Developers Association of Canada (PDAC). Prior to this he was President/Chief Executive Officer and Director at Unigold Inc., a TSX-V listed gold development company where he oversaw the delivery of the company's initial mineral resource of two million ounces of gold at its flagship property in the Dominican Republic.  The project was successfully partnered with the International Finance Corporation (the “IFC”). Mr. Cheatle’s career has also included the roles of CEO and Director for a group of companies within a private merchant bank; Principal Geologist at AMEC plc; Chief Geologist at Goldcorp Inc./Placer Dome Inc.; and Mineral Resource Manager with Anglo American Corporation.Mr. Cheatle volunteers with not-for-profit organizations. He sits on the advisory councils of the Development Partner Institute and the Canada-International Finance Corporation Africa Local Economic Development Partnership and is a director of International Women in Mining. Most notably, he held the position of President of the Association of Professional Geoscientists of Ontario. 


Kate Harcourt
Non-Executive Director

Kate Harcourt is a Chartered Environmentalist with twenty five year's experience of the environmental and social aspects of both open pit and underground mining projects around the globe. Kate has been nominated by the IFC to the Board following their 8.5% shareholding in the Company. She has worked as part of the Owner's Team for a number of companies and also on behalf of financial institutions, for example carrying out compliance performance monitoring during construction and operations. Kate has worked as a Director of Health, Safety, Environment, Communities and Security for MagIndustries, a natural resource company with assets in Republic of Congo. She has worked for the IFC on a geothermal project in Nicaragua since 2010. Kate has a Master of Science degree from Imperial College in Environmental Technology.


Ian Stalker
Non-Executive Director

Ian Stalker is a senior international mining executive with over 45 years of experience in resource development. He has directed over twelve major gold, base metal, uranium and industrial minerals projects at various phases, from initial exploration drilling to start-up. Mr Stalker was Chief Executive Officer of Brazilian Gold Corporation, a TSX-V-listed company from 2011 until its sale to Brazil Resources in 2013. From 2009 to 2011 he was CEO and later a Non-Executive Director of Berkeley Resources Ltd, an ASX and AIM-quoted company with its main asset being a uranium development project in Spain and from 2008-10, Chairman and CEO at Niger Uranim Ltd. He was CEO of UraMin Inc. from 2005 until its acquisition by Areva S.A. in 2007 for US$2.5 billion. Prior to joining UraMin, between 2001 and 2004, Mr Stalker was Vice President at Gold Fields Ltd, the fourth largest gold producer in the world at the time. Since 2014 Mr Stalker has been CEO (2014 -2017) and subsequently a Director (currently Non-Executive) of TSX-V-listed K92 Mining Inc, a gold and copper producer operating in Papua New Guinea. Mr Stalker was also CEO of LSC (Lithium) a TSX-V-listed Company from 2017 to March 2019 when it was sold to Pluspetrol (Argentina).




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Condor Gold PLC
22a St James's Square
London SW1H 4JH
Tel: +44 (0) 20 7493 2784

Email: [email protected]

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