Candy-backed Metals Exploration Swoops on Condor Gold

Metals Exploration, a mining group where financier Nick Candy holds a 35% stake, is nearing a significant acquisition of Condor Gold, a London-listed gold exploration and development company focused on Nicaragua.

The deal, expected to be a cash-and-stock transaction, could be announced soon and would represent a substantial premium over Condor Gold's current valuation.

If finalised, the merger would create a combined entity worth over £150 million, marking another consolidation move within the global gold mining industry, particularly among smaller listed companies.

Metals Exploration, which operates the Runruno gold project in the Philippines, has reportedly secured commitments from key Condor Gold investors to support the transaction.

Condor Gold is backed by prominent investor Jim Mellon, who has also served as its chairman for the past two years.

The company’s shares have risen by two-thirds over the last year, giving it a market valuation of approximately £47 million, while Metals Exploration’s market cap has grown to just under £100 million, with its shares more than doubling during the same period.

This acquisition would strengthen Metals Exploration’s portfolio, combining its established Philippine operations with Condor Gold’s promising Nicaraguan assets, furthering consolidation trends in the industry. Neither company has officially commented on the deal as of yet.
Source: Sky news
Edited by Evans Momodu