Condor Gold narrows losses in first half

AIM-listed exploration and development company Condor Gold narrowed losses in the first half of its trading year following the pre-revenue firm's successful secondary listing on the Toronto Stock Exchange.

Condor narrowed losses 61% to £1.28m over the six months leading to 30 June as part of what chief executive Mark Child referred to as a "very encouraging first half".

After being granted a key environmental permit by the Nicaraguan Ministry of the Environment and Natural Resources for the development, construction and operation of a processing plant at its La India site with the capacity to process up to 2,800 tonnes per day, Condor now expects its gold production to be approximately 80,000 ounces of gold every twelve months from a single open pit.

Throughout the half, Condor issued 2.9m warrants to shareholders as part of a placement to raise gross proceeds of £2.5m, all of which came with an exercise price of 65p per share and also saw its ordinary shares commence trading on the Toronto Stock Exchange under the symbol COG.

As of 1120 BST, Condor shares had dipped 1.69% to 43.75p.