Condor Gold announced the filing of a Feasibility Study Technical Report, sometimes referred to as a Bankable Feasibility Study ("2022 FS") on the La India open pit, which forms part of the larger La India Project. The 2022 FS was conducted in accordance with 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) (as required by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101". The CIM Code is an internationally recognised reporting code as defined by the Committee for Mineral Reserves International Reporting Standards.

Highlights: Feasibility Study La India Open Pit only; The 2022 FS demonstrates a robust and economically viable base case for the La India open pit: Probable Mineral Reserve of 7.3Mt at 2.56g/t gold for 602,000 oz gold; Production averages 81,545 oz gold per annum for the first 6 years of an 8.4 year mine life; An Internal Rate of Return ("IRR") of 23% and a post tax, post upfront capital cost NPV of USD 86.9 million using a discount rate of 5% and price of USD 1,600 oz gold (Mineral Reserve Case); An Internal Rate of Return ("IRR") of 43% and a post tax, post upfront capital cost NPV of USD 205.2 million using a discount rate of 5% and price of USD 2,000 oz gold; Low initial capital requirement of USD 105.5 million (including contingency and EPCM contract) Low average Life of Mine All-in Sustaining cash costs USD 1,039 per oz gold.