Condor Gold PLC (AIM:CNR, TSX:COG, OTC:CNDGF) booked a loss of £591,000 during the quarter to end September 2021.
During the period the company continued to de-risk the La India gold project, conducting further infill drilling, as well as some exploration drilling.
“Several significant step-out and in-fill exploration programs were either advanced or completed,” said chairman Mark Child.
“Additionally, the company provided the key findings of a technical report on the project which summarizes the results of a strategic mining study to preliminary economic assessment standards.”
The study examined two scenarios, one open pit mining scenario incorporating four open pits and one that layers in the underground resources beneath the open pits.
“Both scenarios provide robust economics with a payback period of approximately 12 months,” added Child.
“The Highlight production scenario is 150,000 ounces per year for nine years with an internal rate of return of 54% and a post-tax net present value of US$418mln, after deducting upfront capex, at a discount rate of 5% and gold price of US$1,700 per ounce.”
Subsequent to the third quarter, Condor successfully completed a private placement to raise £4.1mln, providing the necessary capital to continue advancing the project towards production.
Story by ProactiveInvestors
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