Condor Gold plc announces its audited results for the year ended 31 December 2020 and Annual General Meeting of Shareholders

SURREY, March 31, 2021 - Condor Gold ("Condor Gold", "Condor" or the "Company")(AIM:CNR)(TSX:COG) is pleased to announce its audited results for the year ended 31 December 2020 and provides notification that the Annual General Meeting of shareholders of the Company will be held at 3:00 p.m. on 12 May 2021 at 7/8 Innovation Place, Godalming, Surrey, GU7 1JX, United Kingdom.

Due to the ongoing Covid-19 pandemnic and national restrictions, shareholders will not be able to attend the Annual General Meeting in person at the physical location. However, they will be able to attend in person electronically by resgitering with the Company beforehand. All shareholders are encouraged to vote by proxy before the Annual General Meeting.

The Company has published the formal notice of meeting (the "Notice") on its website (www.condorgold.com) together with the related voting proxy form for use by shareholders. A copy of the Notice, together with the proxy voting form, the Annual Report for the year ended 31 December 2020 and the accompanying Management's Discussion and Analysis will be posted to all shareholders who have electred to receive them in hard copy.

HIGHLIGHTS FOR THE YEAR ENDED 31 DECEMBER 2020

• On 10 January the Company announced the appointment of SP Angel Corporate Finance LLP as broker to the Company.

• The award of the environmental permit for the Mestiza open pit was announced by the Company on 29 April. The Mestiza open pit hosts 92Kt at a grade of 12.1g/t gold (36,000oz contained gold) in the Indicated Mineral Resource category and 341Kt at a grade of 7.7g/t gold (85,000oz contained gold) in the Inferred Mineral Resource category. The Mestiza open pit is situated less than 4 kilometres from the location of the permitted processing plant for the La India open pit.

• The award of the environmental permit for the America open pit was announced by the Company on 6 May. The America open pit hosts 114Kt at a grade of 8.1 g/t gold (30,000 oz contained gold) in the Indicated Mineral Resource category and 677Kt at a grade of 3.1 g/t gold (67,000 oz contained gold) in the Inferred Mineral Resource category. The America open pit compliments the already permitted La India and Mestiza open pits.

• Following the permitting of the Mestiza and America open pits, together with the La India open pit Condor has 1.12M oz gold open pit Mineral Resources permitted for extraction (8,583Kt at 3.3g/t gold for 903,000 oz gold in the Indicated category and 1,901Kt at 3.6g/t gold for 220,000 oz gold in the Inferred category), inclusive of a Mineral Reserve of 6.9Mt at 3.0g/t gold for 675,000 oz gold.

• On 28 May the Company announced a placing of 18,082,192 units, comprising an equivalent number of ordinary shares at a price of 36.5p per share, and 9,041,090 warrants with an exercise price of 40p, to raise in aggregate gross proceeds of £6,600,000 before expenses.

• On 13 August the Company announced that it had made significant progress in de-risking La India project through purchase of land in and around the permitted La India open pit mine site area and provided an update on key elements in advancing the project:

• Acquired 85% of the land within the permitted La India open pit mine site infrastructure, including the key areas of the location of the processing plant, tailings storage facility, open pit, waste dump area, explosive magazine.

• Tailings Storage Facility and 2 water retention ponds are being fully designed by Tierra Group Inc. - 40% of the engineering designs are completed.

• The design of the site wide water balance including a surface water management plan is underway and has been awarded to SRK Consulting (UK) Ltd.

• Preliminary designs for the layout of the mine site infrastructure including, in some detail, the designs for the location of the processing plant have been completed.

• Mine and waste dump schedules for a number of mining scenarios have been completed.

• The power studies have been progressed and several meetings held with the Ministry of Energy and Mines.

• On 27 October the commencement of a ground investigation programme on the tailings storage facility, water retention reservoir and plant location was announced by the Company. This comprises 20 geotechnical drill holes and 58 test pits and is a component of the Ministry of the Environment and Natural Resources ("MARENA") permit conditions for La India Open Pit.

• The commencement of a 4,000 metre in-fill diamond drilling programme at the La India open pit was announced by the Company on 7 December while on 16 December the Company announced that it had initiated site preparation activities at the location of the processing plant at La India.

POST PERIOD HIGHLIGHTS

• Mobilisation of a second diamond drill rig for the on-going campaign at La India was announced by the Company in January.

• A placement of 9,523,810 shares at 42 pence each to raise £4.0 million before expenses was announced by the Company on 16 February 2021.

• The commencement of a 5,000m diamond drill programme at Cacao was announced on 22 February 2021.

• Results were announced in February and March for the on-going, infill diamond drilling at the La India starter pits. These included 9.6m true width at 3.98g/t gold from surface and discovery of a new, additional vein in February and 17.4m true width at 3.27g/t gold in March.

• The purchase was announced on 15 March 2021 of a complete, new SAG mill package from First Majestic Silver Corp. for total consideration of approxmiately US$6.5 million, including $3.0 million payable by the issue of new ordinary shares of the Company. The new SAG Mill package is supplied by Metso Outotec and comes with warrantees.

• Acquired a further 10% (to a total of 95%) of the land within the permitted La India open pit mine site infrastructure, including the key areas of the location of the processing plant, tailings storage facility, open pit, waste dump area, explosive magazine.

Condor Gold plc

CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2020

Dear Shareholder,

I am pleased to present Condor Gold plc's ("Condor", the "Company" or the "Group", www.condorgold.com or if you are viewing from Canada ca.condorgold.com) annual report for the 12-month financial year to 31 December 2020.

It has been a transformational year for the Company with the permitting of 2 additional open pits, and a significant de-risking of the Project with the acquisition of land and advancement of engineering studies. The Company's twin strategy remains the construction and operation of a base case processing plant with capacity of up to 2,800 tonnes per day ("tpd") capable of producing approximately 100,000 oz of gold per annum, increasing this production capacity, and proving a major Gold District of 5 M oz gold potential at the 588km² La India Project, in Nicaragua.

The Company's primary focus during 2020 has been on fulfilling the conditions of an Environmental Permit granted in August 2018 by the Ministry of the Environment and Natural Resources ("MARENA") for the development, construction and operation of an open pit mine, a 2,800 tpd or 1.0 Mt per annum CIL processing plant and associated infrastructure at the La India Project, Nicaragua. The permitted La India open pit is estimated to produce between 80,000 oz to 100,000 oz gold per annum or a total of 600,000 oz gold over a 6 to 7-year period.

The Company's secondary focus during 2020 has been on successfully holding two Public Consultations and being granted Environmental Permits to develop and extract ore from 2 high grade feeder pits, which provides additional mill feed to the already permitted processing plant and its associated mine site infrastructure. Following the permitting of these feeder pits in May 2020, which in aggregate have circa 232,000 oz gold at 5.5 g/t gold, Condor has 1.12M oz gold open pit Mineral Resources permitted for extraction (8,583Kt at 3.3g/t gold for 903,000 oz gold in the Indicated category and 1,901Kt at 3.6g/t gold for 220,000 oz gold in the Inferred category) inclusive of a Mineral Reserve of 6.9Mt at 3.0g/t gold for 675,000 oz gold. The PFS has lower quartile all-in-sustaining cash costs ("AISC") of US$690 per oz gold. The higher-grade feeder pits have the potential to materially enhance the Project NPV, IRRs, reduce the payback period and maintain low AISC as detailed in the PFS.

La India Project has a Mineral Resource totalling 9.85 Mt at 3.6 g/t gold for 1,140,000 oz gold in the Indicated category and 8.48 Mt at 4.3 g/t gold for 1,179,000 oz gold in the Inferred category. It was last updated in January 2019, was prepared by SRK Consulting (UK) Limited ("SRK") and uses 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 total open pit Mineral Resource is 8.58 Mt at a grade of 3.3 g/t gold, for 902,000 oz gold in the Indicated category and 3.01 Mt at a grade of 3.0 g/t gold, for 290,000 oz gold in the Inferred category. Total underground Mineral Resources are 1.27 Mt at a grade of 5.8 g/t gold, for 238,000 oz gold in the Indicated category and 5.47 Mt at a grade of 5.1 g/t gold, for 889,000 oz gold in the Inferred category. The intention is to permit the underground Mineral Resource after open pit mining begins.

During 2020 the Company has been focused on de-risking La India Project by advancing and completing several technical and engineering studies, some of which are a condition of the Environmental Permit. The following progress has been made:

• Under the terms of the Environment Permit, the Company has to purchase or have legal agreements in place for the land required for the mine site infrastructure. Offers have been made to all land owners. The Company has now purchased 95% of the land in and around the permitted La India open pit mine site area, thereby getting close to completing one of the main conditions of the Environmental Permit and significantly de-risking the Project. The Company has purchased land totalling 689 hectares in and around the permitted La India open pit mine site infrastructure. In addition, the Company can also demonstrate physical possession for approximately 18 years on the land covering the Mestiza open pit, has purchased the majority of this land and has claimed ownership over 303 hectares in this area. The Company has ownership of 96 hectares of land in the area of the America open pit and has spent approximately US$4 million on buying land during the last 5 years.

• The Tailings Storage Facility ("TSF") and 2 water retention ponds are being fully designed and engineered with drawings one step short of "issued for construction". Tierra Group Inc, Denver, Colorado has completed site visits and is conducting the engineering studies. 23 geotechnical drill holes and 55 geotechnical test pits have been completed. Good progress has been made, with 72% of the work completed. A Feasibility Study on the TSF is due to be completed in June 2021.

• The design of the site wide water balance ("SWWB"), including a surface water management plan was awarded during 2020 to SRK Consulting (UK) Limited ("SRK"). SRK's work includes the area of the permitted La India, America and Mestiza open pits. The ultimate objective of the exercise is to produce engineering plans for the installation of the physical components of a management system, including the piping, pumping and structural requirements that will satisfy Nicaraguan authorities and at the same time meet the design standards for a feasibility study. The SWWB will include consideration of the pit dewatering contributions i.e. subsurface hydrology. SRK's remit includes an emphasis on training and capacity building for the local Condor team to ensure full ownership and facilitate implementation and sustainability of the SWWB. A hydrologist from SRK has recently completed a 4 week site visit. A Feasibility Level study is due to be completed over the summer.

• Preliminary designs for the layout of the mine site infrastructure including, in some detail, the designs for the location of the processing plant have been completed. Site preparation for 11 hectares around the location of the processing plant commenced in December 2020.

• Mine and waste dump schedules for a number of mining scenarios have been completed to a level that can be submitted to MARENA and will be revised as the capacity of the processing plant has been finalised.

• The processing plant designs will be finalised to a Feasibility Level following the purchase of a complete, new SAG Mill package from First Majestic Silver.

• The power studies have been progressed as far as possible. The purchase of a complete new SAG Mill package from First Majestic Silver means that the final power designs are now possible as the Mill has been sized at 2,300tpd and the power requirement of 3,100kW for the Mill is known. Several meetings have been held with the Ministry of Energy and Mines. National grid electricity pylons are located 700 meters from the processing plant. Government is building a new electricity sub-station 12km from the processing plant; designs for supplying grid power via the new sub-station are underway.

• MARENA has confirmed that the final designs for the domestic wastewater treatment system for the offices and accommodation blocks at Mina La India comply with MARENA's technical and environmental requirements and the final designs are approved.

• An updated forestry inventory has been completed. The compensation plan under the local law is to replace every tree removed with 10 new trees. Condor has a tree nursery which currently has approximately 5,400 trees.

Condor has run a number of internal mining scenarios ahead of a construction. The primary scenario is an open pit mining scenario from the permitted La India, America and Mestiza open pits, which would support a 4,000tpd processing plant producing approximately 120,000 oz gold per annum. A secondary scenario involves a 2 stage approach, commencing with a high grade open pit mining scenario of 1,000tpd producing approximately 50,000 oz gold per annum, increasing capacity to 4,500tpd in year 3 or 4 and bring in the underground Mineral Resource and potentially increasing production to circa 170,000 oz gold per annum. On 15 March 2021, Condor announced it has purchased a completed new SAG Mill package from First Majestic Silver. The equipment is being provided by Metso Outotec. The SAG Mill has a capacity of 2,300tpd. Mine schedules will be re-run based on the throughput capacity of the new SAG Mill.

In December 2020 Condor announced it had commenced a 4,000m infill drilling programme on La India starter pits. The starter pits are designed pits containing 445Kt at 4.17g/t gold for 59,700 oz gold using a 2.0g/t gold cut-off and have a maximum depth of 35m and have a relatively low strip ratio. The drill program within the La India starter pits will close up sample density to 25 metre by 25 metre spacing and is the final drilling ahead of extraction and replace approximately 1,500m of RC drilling within the starter pits and within the main La India open pit. The infill drilling is aimed at confirming the geological model and like any infill drilling, drill results can lead to an increase or decrease in the mineralised material within the pit shells. The initial drill results confirm the geological model within the northern starter pit. Mining the higher-grade pits early will bring forward cashflow, shorten payback period and enhance economics.

Exploration activities during 2020 took second place to the key objective of completing the technical studies which are a condition of the Environmental Permit for La India open pit and permitting the 2 feeder pits. However, the Company remains convinced that the La India Project is a major gold district with the potential to host over 5 million ounces of gold. Condor's geologists have identified two major north-northwest-striking mineralised basement feeder zones traversing the Project, the "La India Corridor", which hosts 90% of Condor's gold mineral resource and the "Andrea Los Limones Corridor". Numerous geophysics, soil geochemistry and surface rock chips indicate the possibility for further mineralisation along strike.

In February 2021, Condor announced it had commenced a 5,000m drilling programme on Cacao (about 4.0 km east of the permitted plant at La India). It has the best potential to add ounces to the global resource. Mapping and drilling demonstrate it has a long strike length (> 3.0 km) and that the entire epithermal system is preserved. Drill intercepts reported in 2017 include 7.85 m at 3.75 g/t gold, 7.85 m at 2.95 g/t gold and 17.1 m at 1.74 g/t gold. The vein becomes more like La India vein at depth and is as thick, or thicker.

Another exciting target is Andrea East (about 8.0 km north of La India) which is now drill-ready, shows excellent grades at surface and is a high priority for drilling. Trenches along it demonstrate significant width and grades. Best intercepts are observed at LICT15 (4.0 m at 1.79 g/t gold), LICT20 (5.6 m at 1.65 g/t gold) and LICT21 (3.0 m at 3.6 g/t gold). Grab samples give up to 9.7 g/t gold. Vein textures are very similar to La India and very encouraging.

The Company continues to enhance its social engagement and activities in the community, thereby maintaining our social licence to operate. Condor has strengthened its community team and stepped up social activities and engagement. The main local focus is the drinking water programme, implemented in April 2017. A total of 340 families are currently benefiting; they receive five-gallon water dispensers each week. The Company has ordered and is currently installing a water purification plant manufactured in Israel at a cost of approximately US$150,000 to double the drinking water provided to the local communities. It is expected to be operational in April 2021.

In January 2018 Condor initiated 'Involvement Programmes', which now extend to six groups in the local village to benefit communities which may be affected by the mine. Taking the Elderly Group as an example, a committee of six people has been formed. The Company allocates monthly support to the Elderly Group, which decides how this money is spent to benefit the elderly in the Community.

Condor continues to have very constructive meetings with key Ministries that granted the Environmental Permit for La India open pit and the Mestiza and America open pits. The Company has been operating in Nicaragua since 2006 and, as a responsible gold exploration and development company, continues to add value to the local communities and environment by generating sustainable socio-economic and environmental benefits. The new mine would potentially create approximately 1,000 jobs during the construction period, with priority to be given to the local community. The upfront capital cost of approximately US$110 million would have a significant positive impact on the economy. The Government and local communities would benefit significantly from future royalties and taxes.

As of the date of this document, the ability of the Company to operate has not been materially affected by the on-going Covid-19 pandemic. The situation is kept under close review by management and the Board; certain measures have and will be taken as appropriate to ensure the health and safety of employees in this regard and to reduce the potential spread of the virus within the local community.

In February 2021 the Company announced it had raised £4.0 million by way of a private placement of new ordinary shares. (See RNS of 16 February 2021 for details). Through the exercise of warrants a further £1.6 million was raised during 2020, along with £0.8 million so far in 2021.

Turning to the financial results for the year 2020, the Group's loss for the year was £1,309,992 (2019: £1,542,781). The Company raised a total of £8.0 million after expenses during the financial period (2019: £5.8 million). The net cash balance of the Group at 31 December 2020 was £4,159,391 (2019: £2,903,556).

The key objective for 2021 is to continue to advance La India Project to production. On 15 March 2021, Condor announced the purchase of a complete, new SAG Mill package from First Majestic Silver for US$6.5M. It is 90% ready to ship and is due to arrive in Nicaragua in 6 weeks to 4 months time. The capacity of the new SAG Mill is 2,300tpd; detailed engineering studies will commence to undertake engineering designs to a Feasibility Level standard and to an engineering standard sufficient to order equipment for the processing plant based on the purchased SAG Mill package. Several other studies, namely metallurgical, geotechnical, hydrology, hydrogeology, geochemistry, environmental, social, mine schedules and waste dump schedule are being initiated to a Feasibility Level of design, which is + or - 15% accuracy. The site preparation will be extended beyond the processing plant location. The 5,000m drilling programme currently underway on the Cacao concession is aimed at demonstrating the potential for a 500,000 oz gold mineral resource.

Based on Condor's internal studies, reviewed by SRK Consulting (UK) Ltd, the total permitted mill feed combining La India, Mestiza and America open pits is 8,829Kt at 3.09g/t gold for 847,000 oz gold. Production from the permitted La India open pit is expected to be approximately 600,000 oz gold. The addition of the permitted high-grade America and Mestiza open pits has the potential to increase production to 120,000 oz gold per annum (compared to the 80,000 oz gold per annum in the PFS) for a seven year life of mine. A high grade open pit mining scenario from the permitted la India, Mestiza and American open pits delivers a robust diluted tonnage of 1,637Kt at 4.65g/t gold for diluted head grade of 245,000 oz gold derived from the previously reported Indicated and Inferred Mineral Resources. The Company has conducted technical mining studies to see if it is possible to generate production much earlier by mining a "starter pit" within the permitted La India open pit. The starter pits are designed pits containing 445Kt at 4.17g/t gold for 59,700 oz gold using a 2.0g/t gold cut-off. Adding a higher average open pit grade of 4.7 g/t gold from the satellite feeder pits to the mill feed from the permitted La India open pit of 3.0 g/t gold will enhance the Project NPV, IRRs, reduce the payback period and maintain the low All In Sustaining Cash Cost of US$690 per oz gold as detailed in the PFS. Maintaining a social licence to operate is highly important and Condor will continue with its extensive social programmes in the local community. The historic mine at Mina La India closed in 1956, resulting in a high level of poverty in the village of La Cruz de la India. The Government and local community want to see a new mine at Mina La India.

M L Child
Chairman & CEO
Date: 31 March 2021

Condor Gold plc
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2020

Condor Gold plc
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2020

The financial statements were approved and authorised for issue by the Board of directors on 31 March 2021 and were signed on its behalf by:

M L Child - Chairman
Company No: 05587987

Condor Gold plc
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
AS AT 31 DECEMBER 2020

Share premium reserve represents the amounts subscribed for share capital in excess of the nominal value of the shares issued, net of cost of issue.

The exchange difference reserve is a separate component of Shareholders' equity in which the exchange differences, arising from translation of the results and financial positions of foreign operations that are included in the Group's Consolidated Financial Statements, are reported.

Retained earnings represent the cumulative net gains and losses recognised in the consolidated income statement.

Condor Gold plc
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2020

The loss for the financial year dealt with in the financial statement of the parent company was £1,347,955 (2019: £1,201,585).

The financial statements were approved and authorised for issue by the Board of directors on 31 March 2021 and were signed on its behalf by:

M L Child - Chairman
Company No: 05587987

Condor Gold plc
COMPANY STATEMENT OF CHANGES IN EQUITY
AS AT 31 DECEMBER 2020

Share premium reserve represents the amounts subscribed for share capital in excess of the nominal value of the shares issued, net of cost of issue.

Retained earnings represent the cumulative net gains and losses recognised in the Company's income statement.

Condor Gold plc
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2020

Condor Gold plc
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2020

- Ends -

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

About Condor Gold plc:

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 an Environmental Permit 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 ("La India Project"). The Environmental Permit is considered to be the master permit for mining operations in Nicaragua. Condor Gold published a Pre-Feasibility Study ("PFS") on the La India Project in December 2014, as summarised in the Technical Report as defined below. 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 of 9,850Kt at 3.6 g/t gold for 1,140Koz gold in the Indicated category 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. A gold price of $1,500/oz and a cut-off grade of 0.5g/t and 2.0g/t gold were assumed for open pit and underground resources respectively. A cut-off grade of 1.5g/t gold was furthermore applied within a part of the Inferred Resource. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that any part of the Mineral Resources will be converted to Mineral Reserves.

Environmental Permits have also been granted in April and May 2020 in relation to the Mestiza and America open pits respectively, both located in the vicinity of the La India Project. The Mestiza open pit hosts 92Kt at a grade of 12.1 g/t gold (36,000 oz contained gold) in the Indicated Mineral Resource category and 341Kt at a grade of 7.7 g/t gold (85,000 oz contained gold) in the Inferred Mineral Resource category. The America open pit hosts 114 Kt at a grade of 8.1 g/t gold (30,000 oz contained gold) in the Indicated Mineral Resource category and 677Kt at a grade of 3.1 g/t gold (67,000 oz contained gold) in the Inferred Mineral Resource category. Following the permitting of the Mestiza and America open pits, together with the La India open pit Condor has 1.12M oz gold open pit Mineral Resources permitted for extraction, inclusive of a Mineral Reserve of 6.9Mt at 3.0g/t gold for 675,000 oz gold.

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.

Qualified Persons

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

Technical Information

Certain disclosure contained in this news release of a scientific or technical nature has been summarised or extracted from the technical report entitled "Technical Report on the La India Gold Project, Nicaragua, December 2014", dated November 13, 2017 with an effective date of December 21, 2014 (the "Technical 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 "qualified person" as defined by NI 43-101.

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: Developmment Plans for the La India Project, Mineral Reserves and Resources at La India Project. Forward-looking information is often, but not always, identified by the use of words such as: "seek", "anticipate", "plan", "continue", "strategies", "estimate", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", "could", "might", "will" 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 "Risk Factors" in the Company's annual information form for the fiscal year ended December 31, 2020 dated March 31, 2021, 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