Nicaragua Milling Files Early Warning (Exit) Report for Disposition of Shares of Condor Gold Plc

BELIZE CITY, Belize, July 10, 2020 (GLOBE NEWSWIRE) -- Nicaragua Milling Company Limited ("Nicaragua Milling"), a private company located at 1 Mapp Street, 3^rd Floor, Belize City, Belize has disposed of indirect ownership of 650,000 ordinary shares ("Ordinary Shares") of Condor Gold plc (AIM: CNR; TSX: COG) (the "Company") through the facilities of the Alternative Investment Market of the London Stock Exchange ("AIM") at an average price of £0.3824 per share, or approximately £248,560 in the aggregate (approximately C$0.655, or approximately C$425,750 in the aggregate) (the "Share Sale"). Nicaragua Milling is controlled by J. Randall Martin of Miami, Florida, who is a joint actor.

Immediately prior to the completion of the Share Sale, Nicaragua Milling directly and indirectly beneficially owned 10,667,208 Ordinary Shares, representing approximately 9.11% of the Company's outstanding Ordinary Shares (10.37% on a partially diluted basis assuming the exercise of warrants to acquire a further 1,640,420 Ordinary Shares directly beneficially owned by the Nicaragua Milling). Following completion of the Share Sale, Nicaragua Milling now directly and indirectly beneficially owns 10,017,208 Ordinary Shares of the Company, representing approximately 8.56% of the Company's outstanding Ordinary Shares (9.82% on a partially diluted basis assuming the exercise of warrants to acquire a further 1,640,420 Ordinary Shares directly beneficially owned by the Nicaragua Milling). The percentage of issued and outstanding Ordinary Shares held by Nicaragua Milling on a diluted basis as set out above has been calculated on a partially diluted basis, reflecting the exercise of all warrants held by Nicaragua Milling, which are exercisable to acquire an equal number of Ordinary Shares, and no other increases in the issued and outstanding Ordinary Shares.

For purposes of calculating the percentage of Ordinary Shares owned by Nicaragua Milling, Nicaragua Milling has assumed that there were 117,048,627 Ordinary Shares outstanding, based on public filings of the Company.

Nicaragua Milling disposed of the Ordinary Shares for investment purposes. Nicaragua Milling or any joint actor may, in the future, acquire additional Ordinary Shares or dispose of Ordinary Shares through, among other means, the purchase or sale of Ordinary Shares on the open market, upon the exercise of warrants or in private transactions or otherwise, on such terms and at such times as they may deem advisable.

For more information or to obtain a copy of the early warning report that has been filed on SEDAR in connection with the acquisition, please contact:

J. Randall Martin
Nicaragua Milling Company Limited
Tel: (610) 841-6328