Completion of £4.04 Million Private Placement and Holdings in the Company

LONDON, July 26, 2019 - Condor Gold (AIM: CNR; TSX: COG) is pleased to announce that the placement of new ordinary shares and warrants to subscribe for ordinary shares announced on 8 July 2019 raising net proceeds of £4.04 Million (the €œPlacement €) has been completed. The Company confirms that £1,968,504 has been received by the Company in connection with the second and final tranche of the Placement, comprising a subscription for 9,842,520 new ordinary shares (the €œNicaragua Milling Shares €) by Nicaragua Milling Company Limited. A total of 20,192,520 Units (comprising of 20,192,520 new ordinary shares and 6,730,835 warrants) have been placed with placees at the Placing Price of £0.20 per Unit.

The new ordinary shares issued in respect to the initial tranche of the Placement were admitted to trading on 15 July 2019. Admission to trading of the Nicaragua Milling Shares is anticipated to occur on or around 2 August 2019.

Following the issue of the Nicaragua Milling Shares the Company €™s issued share capital is now 94,663,522 ordinary shares.

The above figure of 94,663,522 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change in interest in, the share capital of the Company under the Financial Conduct Authority €™s Disclosure and Transparency Rules.

To the knowledge of the Company, those shareholders individually holding in excess of 3.0 per cent of the Company €™s issued share capital are as follows:

* Director of the Company

Jim Mellon now owns a direct and indirect aggregate shareholding of 14,078,105 ordinary shares or 14.9 per cent of the Company. The direct interest is in 2,889,883 ordinary shares and the indirect interest in 11,188,222 ordinary shares held through Galloway Limited. Galloway Limited is wholly owned by Burnbrae Group Limited which is, in turn, wholly owned by Jim Mellon.

As at today €™s date and including those warrants issued as part of the Placement as announced by the Company, issued warrants in the Company are as follows:

For further information please visit www.condorgold.com or contact:

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 the Environmental Permit ( €œEP €) 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 ( €œLa India Project €). The EP is considered to be the master permit for mining operations in Nicaragua. Condor Gold published a Pre-Feasibility Study ( €œPFS €) on La India Project in December 2014, as summarised in the Technical Report entitled €œTechnical Report on the La India Gold Project, Nicaragua, December 2014 €, dated November 13, 2017 with an effective date of December 21, 2014 (the €œTechnical 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 €œqualified person € as defined by NI 43-101. 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 ( €œMineral Resource Estimate €) in the Indicated category of 9,850Kt at 3.6 g/t gold for 1,140Koz gold 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. The Mineral Resource Estimate is dated January 25, 2019 and was prepared by SRK Consulting (UK) Limited ( €œSRK €) using the terminology, definitions and guidelines given in the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Mineral Reserves (May 2014).

The technical and scientific information in this press release has been reviewed, verified and approved by Andrew Cheatle, P.Geo., who is a €œqualified person € as defined by NI 43-101.

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.

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 capital structure and exercising of warrants, the Mineral Resources, Mineral Reserves and future production rates and plans at the La India Project. Forward-looking information is often, but not always, identified by the use of words such as: "seek", "anticipate", "plan", "continue", €œstrategies €, €œestimate €, "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", €œcould €, €œmight €, €œwill € 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 €œRisk Factors € in the Company €™s annual information form for the fiscal year ended December 31, 2018 dated March 22, 2019, 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.

SOURCE: Condor Gold plc