Condor Gold shares tumbled 7.8% to 34.1p in late morning trading on Friday after the mining firm reported a widened operating loss of £668,134 compared to £512,518 year-on-year in its Q1 2022 results.
The company announced a pre-income tax loss of £667,879 from £512,518, alongside an EPS loss of 46p against 41p in Q1 2021.
Condor Gold confirmed its ongoing operations related to the La India open pit mine, including advances made on the technical studies required for the completion of a Definitive Feasibility Study (DFS) covering the project.
The mining group said it had purchased 99.6% of the core areas of land at the La India operation, alongside a site clearance of 14 hectares for the processing plant location, including space for offices, warehouses, a stockpile and a buffer zone.
The company reported that project finance discussions were currently ongoing with potential financers with access to the firm’s data room under the protection of confidentiality agreements.
“During the first quarter, we continued to make significant progress on advancing the Feasibility Study for the La India open pit and associated mine site infrastructure,” said Condor Gold CEO Mark Child.
“All technical studies undertaken at the Project level are complete. We are currently reviewing the metallurgical test work, geotechnical analysis and capital cost estimates.”
“The Feasibility Study on La India open pit is almost complete, the formal announcement will probably take us into Q3. It will put the Company in a position to pursue various project financing alternatives, some of which have already been initiated.”