Proactive Investors - Condor Gold PLC booked a pre-tax loss of £2.5mln for the year to 31 December 2022, up slightly on the loss booked for the corresponding period a year earlier.
Cash in the bank stood at £2.4mln, with the company’s La India gold project in Nicaragua held on the balance sheet as an asset classified as held for sale and valued at £42.9mln.
During the year the company continued to work on La India, producing some strong drill results from the Mestiza open pit, including 6.3 metres at 6.84 grams per tonne gold, and 4.1 metres at 15.23 grams.
There is currently just over a million ounces in the indicated category at La India, with a further 1.19mln ounces inferred.
A feasibility study completed in October worked off a reserve of 602,000 ounces, and envisaged an initial operation producing 81,545 ounces of gold per year for the first six years of an 8.4 year mine life.
At the current gold price, the project has an internal rate of return of around 43%, on projected capital expenditure of US$105.5mln, including contingency and the EPCM contract.
All-in sustaining cash costs were set at US$1,039 per ounce.
On 12 October 2022, Jim Mellon assumed the chairmanship of Condor Gold.
La India is now being offered for sale, and various parties have conducted site visits. There have been three formal expressions of interest, including two non-binding offers. There are nine non-disclosure agreements in place.