Condor Gold PLC (AIM:CNR, TSX:COG, OTC:CNDGF) booked a loss before tax for the nine months to the end of September of £1.9mln. The loss for the three month period was £536,000. The company closed out the quarter with £570,000 in cash.
During the period, feasibility study confirmatory metallurgical testwork at the company’s La India project in Nicaragua demonstrated that gold recovery is independent of grade. Accordingly, a fixed gold recovery of 91% assuming a 75 micron grind size is being used in the project economics.
The resource currently stands at 1.08mln ounces in the indicated category, with a further 1.19mln ounces inferred.
The feasibility study showed a probable mineral reserve of 602,000 ounces, capable of supporting production of 81,545 ounces of gold per annum for the first six years of an 8.4-year mine life.
The internal rate of return was set at 23% and the post-tax, post-upfront capital cost net present value of US$86.9 mln.
Capex was estimated at US$105.5mln.
“During the third quarter of 2022, Condor Gold continued on its journey of de-risking the La India gold project, advancing the project to near construction-ready status,” said Mark Child, chief executive of Condor Gold.
“The company’s strategy has been to develop the fully permitted La India Project in two stages using the new SAG Mill that has already been purchased.”
The plan is to materially expand production to 150,000 ounces per year.