Condor Gold PLC on Friday said its loss widened in the first three months of 2022, as focus turn towards a feasibility study for its La India project in Nicaragua.

For the three months that ended on March 31, the mine developer reported no revenue, unchanged from a year earlier.

Condor’s pretax loss widened to £667,879 from £512,518 a year prior. Administrative expenses were 30% higher year-on-year at £668,134.

Chair and Chief Executive Mark Child said: ‘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. All technical studies undertaken at the project level are complete. We are currently reviewing the metallurgical test work, geotechnical analysis and capital cost estimates.’

In March, Condor said all assay results have been received for an 8,004 metre infill drilling programme on ‘high-grade’ La Mestiza open pit mineral resource at La India.

Condor Gold shares were down 5.4% at 35.00 pence each on Friday morning in London.

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