Condor Gold (LON: CNR) shared are trading slightly higher on Friday after the company said it has made significant progress during the first quarter of 2021.
The gold exploration company reported a loss of £512,518 or £0.41 per share for the period compared to a £92,477 profit during Q1 2020. The loss represents a rise in the company's administrative expenses.
However, Condor has a strong cash balance of £6.3 million while also advancing and de-risking the La India Project to a “shovel ready” status ahead of construction.
Some of its other operational highlights included the completion of a private placement to raise proceeds of £4 million, the commencement of drilling of a 5,000m exploration program on the Cacao prospect, and the agreement to purchase a complete new Semiautogenenuous Mill from First Majestic Silver Corp for $6.5 million.
“Condor has made significant progress during the first quarter of 2021, advancing and de-risking the La India Project to a “shovel ready” status ahead of construction,” said Mark Child, the company's Chairman and CEO.
“The purchase of a complete new SAG Mill package from First Majestic Silver for US$6.5M marks a step change for the project as the mill has been sized at 2,300tpd (0.8Mtpa) with initial production estimated to range from 80,000 to 100,000 oz gold per annum from the 3 fully permitted open pits,” added Child.
Condor Gold's share price is currently trading 0.82% above Thursday's close at 49.4p.
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