Condor Gold

Condor Gold is advancing the permitted La India gold project in Nicaragua, which contains a mineral reserve estimate of 602,000 oz gold from open pit mining. The project benefits from key environmental and mining permits, with 3 open pits fully permitted for construction, extraction, and operation. The company plans initial production of 100,000 oz gold per year, expandable to 150,000 oz in year 3 by adding underground resources.

A feasibility study on the open pit reserve outlines robust economics, with 81,500 oz annual gold production over the first 6 years based on an existing 2,650 tpd mill acquired by the company. The total upfront capital cost estimate is $106 million. At a gold price of $1,600/oz, the after-tax NPV is $87 million with 23% IRR. Economics improve significantly at higher gold prices.

The company has purchased the processing plant and cleared land in preparation for construction. Additional metallurgical and mine design studies are underway to optimize the mine schedule and costs. Exploration drilling continues to expand resources, with near mine targets providing potential to increase contained gold by nearly 50% to 3 million oz.