Condor Gold


Primary ticker: AIM-CNR, TSX-COG
Stage of development: Exploration, Development, Production
Primary minerals: Gold
Project to promote: La India Project
Project location: Nicaragua

Condor Gold (“Condor” or the “Company”) is listed on the AIM market, ticker CNR and the TSX ticker COG. On 25 October 2021 Condor announced the filing of a Preliminary Economic Assessment Technical Report (“PEA”) for its La India Project, Nicaragua, filed on SEDAR. The highlight of the technical study is a post-tax, post upfront capital expenditure NPV of US$418 million, with an IRR of 54% and 12 month pay-back period, assuming a US$1,700 per oz gold price, with average annual production of 150,000 oz gold for the initial 9 years. The open pit mine schedules have been optimised from designed pits, bringing higher grade gold forward resulting in average annual production of 157,000 oz gold in the first 2 years from high grade, open pit material and subsequent underground mining funded out of cashflow.
The Company’s La India Project is “construction ready”, having received the key Environmental Permit to construct and operate a 2,800tpd mine producing approximately 100,000 oz gold per annum from 3 open pits. In March 2021, Condor purchased a new SAG Mill package form First Majestic Silver for US$6.5M including US$3.0M in shares. The Mill has capacity of 2,300tpd and can be increased to 2,800tpd with a larger motor. The land has been purchased and site clearance completed for the processing plant. A Feasibility Study on La India open pit is due shortly. Condor’s La India Project has the potential to host an additional ~5M oz gold and has potential for copper.

Major shareholders:
Jim Mellon – 19%
Nicaraguan Milling Company – 4.88%
Oracle Investments – 3.5%

Management Profile

Mark Child – CEO
Mark joined Condor’s Board in May 2006 and became CEO in July 2011. He acquired the concessions that comprise the 587 sq km La India Project. He has overseen 70,000 m drilling and all technical studies for a Pre-Feasibility Study and Feasibility Study. He has led the Project to be fully permitted for construction and extraction, purchased all the land and negotiated the purchase of a new SAG Mill, which has arrived in Nicaragua. He has led the financing for the Project over the last 10 years and de-risked the Project to be construction ready. 
Mr. Child was commissioned as an officer in the 2nd King Edward VII’s Own Gurkha Rifles and served in the British Army for 4 years. Mr Child has 20 years of equity capital markets experience, as an institutional stockbroker and in corporate finance/private equity, mainly in emerging markets. At board level Mr. Child has been an executive director of Hong Kong listed Regent Pacific Group, an emerging market fund manager and private equity group. He has board level experience of AIM listed and private companies.

What is your rationale for taking part 121 Mining Investment?

Meet Institutional Investors 

What recent news would you like to highlight to investors attending?

100% oweed Construction ready project, fully permitted to construct and operate a mine
Pea in October 2022 – Highlights: 150,000 OZ Gold pa for 9 years, 12 Month Payback, NPV US$418M, IRR 54%
Land Purchased 
14 Hectares site clearance completed 
New Sag Mill Purchased and in country 

What are your key goals for the next 3, 6 and 12 months?

3 Months:

Feasibility Study Due


6 Months: 

Project Finance Secured 

12 Months:

Construction Commenced

What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?


What do you think makes your company such a compelling investment?

100% owned, fully permitted to construct and operate, mill in country 

What are the top 3 key investor takeaways?

1)La India Project has the master permits to construct and operate a mine with a base case of 100,000 oz gold p.a from open pit material, which can be expanded by adding the 1M oz gold underground mineral resource
2)A new SAG Mill has been purchased, 14 hectares of site clearance completed, surface rights purchased. A Definitive Feasibility Study is almost complete
3)The 586 sq km La India Project has the potential to host a 5M to 10M oz gold district.