Approval of Condor Gold Acquisition by Metals Exploration

On January 6, 2025, Condor Gold Plc announced that all resolutions for its acquisition by Metals Exploration Plc had been approved. This follows the court-sanctioned arrangement under the Companies Act 2006. The majority of Condor's shareholders, representing over 99% of the value of shares voted, were in favor during the Court Meeting. Similarly, the General Meeting saw a significant majority of votes in support of the acquisition.

The acquisition process will proceed with Metals Exploration Plc (MTL) seeking remaining approvals, including the issuance of new shares and the High Court's sanction, expected on January 13, 2025. The full completion of the acquisition is anticipated by January 15, 2025, following satisfaction of all conditions outlined in the Scheme Document.

The acquisition marks a strategic consolidation within the mining sector, with both companies working to finalize the regulatory and shareholder requirements ahead of the expected effective date.