(Alliance News) - Condor Gold PLC said Tuesday it swung to a profit for the first quarter of 2020 due to gains made from the disposal of a project during a period.
For the three months to the end of March, the gold miner's pretax profit was GBP92,477, compared to a loss of GBP352,553 the same period the year before.
Although administrative expenses rose to GBP386,314 from GBP352,989 year-on-year, Condor made a gain of GBP477,616 from the sale of its non-core Potrerillos explorations and exploitation concession in Nicaragua.
Post-period, Condor announced the awarding of the environmental permit for the Mestiza open pit in late April and the awarding of the permit for the America open pit in early May.
"During the first quarter of 2020, Condor continued to de-risk La India Project and demonstrate a clear route to production. The company has been working on the engineering and other technical studies required ahead of a construction decision and acquiring land for the mine site infrastructure," said Chair and CEO Mark Child.
Shares in Condor Gold were down 2.3% at 42.50 pence on Tuesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Condor Gold (CNR)