Condor Gold PLC (AIM:CNR, TSX:COG, OTC:CNDGF) said its losses widened in 2021 during a transformational year as it completed all technical studies required for a feasibility study (FS) at its La India project.
Losses for the year widened to £2.33mln from £1.31mln in 2020. It generates no revenue as yet.
The AIM-listed miner raised net £11.5mln in 2021 and ended the year with a cash balance of £2.1mln.
“The outlook for 2022 remains bright,” said chairman and chief executive Mark Child. “The La India project is substantially de-risked and nearing a construction-ready status.”
A FS is due in the first half of 2022 and the project is fully permitted for construction and extraction, with a target of 100,000 ounces of gold per year in stage one, he added. A new Semiautogenous Grinding (SAG) mill has also been purchased.
“The primary purpose of the FS is to secure debt to finance the upfront capital cost of approximately US$125mn for stage 1 of construction.
“The FS study has been conducted solely on La India open pit, however the plan is to mine from the 3 permitted pits to achieve a quick pay back and target 100,000 oz gold production per annum before expanding to 150,000 oz gold per annum by adding the underground material to the mine plan,” Child said.