Condor Gold said it remains focused on finding a buyer for its Nicaraguan properties and expects a deal to conclude shortly.
Jim Mellon, chairman, said that the sale process had been aided by the 20% increase in the gold price since the lows of 2023.
As of 16 May 2024, eight Non-Disclosure Agreements (NDAs) were in place with five non-binding offers received and three site visits completed.
Condor added that although none of the non-binding offers has yet progressed to firm proposals, it is in advanced discussions with one gold producer, while two other parties are actively reviewing the company's assets.
“The board is optimistic that a sale will be concluded in the near future,” said Mellon.
“Wholly owned, fully permitted, construction-ready gold mines, with a Feasibility Study completed, with potential production of 150,000 oz gold per annum, in major Gold Districts, with the land acquired and a new SAG Mill package purchased are rare and in demand by gold producers replenishing depleting reserves.
“We are very aware of the value of our assets and will not allow them to go at anything other than a fair price,” he added.
Condor posted a loss for 2023 of £1.68 million (2022: £2.53 million) with cash equivalents at the year-end of £1.96 million.