Press Release for Early Warning Report Regarding Condor Gold PLC

ISLE OF MAN, Nov. 2, 2021 /CNW/ - Jim Mellon, of Viking House, Nelson Street, Douglas, Isle of Man, IMI 2AH, today announced that on November 2, 2021, he acquired, through Galloway Limited, a limited company that is wholly-owned by Burnbrae Group Limited, which is in turn wholly-owned by Mr. Mellon, 2,857,143 units (the "Units") of Condor Gold plc ("Condor" or the "Company"). Each Unit consists of one ordinary share in the capital of the Company (an "Ordinary Share") and one-half of one Ordinary Share purchase warrant (each whole Ordinary Share purchase warrant, a "Warrant"), with each whole Warrant entitling the holder thereof to acquire one additional Ordinary Share at an exercise price of 50 pence (£0.5000) for a period of 24 months from the date of issuance, subject to certain adjustments.

The Units were acquired by Mr. Mellon from the Company pursuant to a private placement transaction at a price £0.3500 per Unit for a total purchase price of £1,000,000.05 (approximately C$0.59 per Unit and C$1,690,100.08, respectively, based on the Bank of Canada exchange rate on November 2, 2021 of C$1.6901/GBP). The Units were acquired by Mr. Mellon on the same terms and as part of a larger non-brokered private placement by the Company of 11,714,286 Units (the "Private Placement") which closed on November 2, 2021.

Prior to acquiring the Units, Mr. Mellon owned, directly or indirectly, or exercised control or direction over, 25,051,368 Ordinary Shares, representing approximately 18.6% of the Company's issued and outstanding Ordinary Shares. Immediately following the acquisition of the Units and after giving effect to the Private Placement, Mr. Mellon owned, directly or indirectly, or exercised control or direction over, a total of 27,908,511 Ordinary Shares (29,337,082 Ordinary Shares, assuming full exercise of the Warrants), representing approximately 19.0% of the Company's issued and outstanding Ordinary Shares (approximately 19.2% of the Company's issued and outstanding Ordinary Shares, assuming full exercise of the Warrants). Mr. Mellon owns and controls 27,265,778 of such Ordinary Shares indirectly through Galloway Limited (28,694,349 of such Ordinary Shares, assuming full exercise of the Warrants).

Mr. Mellon acquired the Ordinary Shares for investment purposes. Mr. Mellon may from time to time acquire additional securities, dispose of some or all of the existing or additional securities or may continue to hold the securities of the Company.

Condor's head office is located at 7/8 Innovation Place, Douglas Drive, Godalming, Surrey, GU7 1JX.

To obtain a copy of the early warning report filed under applicable Canadian securities laws in connection with the transactions hereunder, please see Condor's profile on the SEDAR website www.sedar.com.

For further information and to obtain a copy of the early warning report, please contact:

Jim Mellon
Viking House, Nelson Street
Douglas, Isle of Man, IMI 2AH
Telephone: [phone]

SOURCE Jim Mellon