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Highlights

  • CNR posted a loss of GBP 0.51 million for H1 FY24
  • The company maintains a current ratio of 239.38x and is debt-free as of H1 FY24.
  • A feasibility study projects La India's open pit revenue at USD 888 million at USD 1,600/oz gold.

Condor Gold PLC (LSE: CNR) has a market capitalization of GBP 44.95mn and is listed on the FTSE AIM All-Share index. The company is focused on the exploration and development of gold.

In the first half of FY24, CNR reported an operating loss of GBP 0.52 million, a reduction from a loss of GBP 0.97 million in H1 FY23, primarily due to a decline in administrative expenses that helped decrease overall operating losses. Overall, the company faced a loss of GBP 0.51 million for the period. This loss was attributed to a lack of revenue during the period.

On the positive side, the company had a higher current ratio of 239.38x and a lower debt-equity ratio of 0.00x in FY23 compared to the industry median of 1.83x and 0.29x, respectively.

Debt-Free Status: As of H1 FY24, the company was debt-free.

Feasibility Study Results

As per the company, a feasibility study has shown decent financial metrics for the La India open pit at a gold price of USD 1,600/oz. Total revenue is anticipated at USD 888 million.  Operating margin is expected to be 46%. If the gold price rises to USD 2,400/oz, the project's EBITDA is expected to increase to USD 770 million.

Recent Business Update

According to the company's asset sale update dated July 31, 2024, it has received five non-binding offers and conducted three site visits, focusing discussions on three gold producers, with one identified as the preferred bidder. The rise in gold prices, now exceeding $2,400/oz compared to the $1,600/oz used in the feasibility study, has enhanced the project's economics.

Top 10 Shareholders

CNR's top 10 shareholders collectively account for approximately 40.01% of the total shares. James Mellon holds the largest stake at around 26.12%, followed by Oracle Management, Ltd. with approximately 3.85%, as shown in the chart below:

Price Information

CNR's stock price has declined by approximately 10.20% over the past three months and has fallen by about 24.13% in the last six months. The stock's 52-week low and high are GBX 13.50 and GBX 37.00, respectively. As of 07 Oct 2024, the stock’s closing price is GBX 22.00.

Image source: EODHD/Others

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 07 October 2024. The reference data in this report has been partly sourced from EODHD/Others.