Potential Acquisition Offer for Condor Gold by Metals Exploration

Condor Gold Plc has announced ongoing discussions with Metals Exploration plc regarding a potential offer. This follows Metals Exploration’s earlier announcement detailing an irrevocable undertaking and proposed terms. Each Condor shareholder would potentially receive 4.0526 new Metals Exploration shares and 9.9p in cash per Condor share. This values Condor at approximately £67.5 million, or 33.0p per share.

Additionally, shareholders might receive a Contingent Value Right (CVR) tied to future gold discoveries, with a potential maximum value of £22.6 million, bringing the total possible value to £90.1 million, or 44.1p per share. However, there is no certainty that a firm offer will be issued. Galloway Limited has agreed to support the offer, provided it is announced by December 4, 2024.