Condor Resources Signs Letter of Intent to Sell Soledad Project
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CONDOR RESOURCES SIGNS LETTER OF INTENT TO SELL SOLEDAD PROJECT
Vancouver, B.C., June 26, 2025 - Condor Resources Inc. ("Condor" or the "Company") (TSXV:CN)
is pleased to announce that its Peruvian subsidiary, Condor Explora�on Perú S.A.C. (“Condor Peru”), has entered into a non-binding Le�er of Intent (“LOI”) with a Peruvian company (the “Purchaser”) to sell a 100% interest in the Company’s Soledad project, located in Ancash, Peru.
Under the terms of the LOI, Condor Peru will grant Purchaser an exclusive op�on to acquire the three mineral concessions comprising the Soledad project over a 36-month period. In parallel, a Cesión Minera agreement will allow the Purchaser to immediately commence explora�on ac�vi�es on the project.
The total considera�on payable by the Purchaser for the purchase of the Soledad project is US$3,000,000, to be paid in the following installments:
- US$100,000 upon execu�on of the LOI (the “First Deposit”);
- US$500,000 upon execu�on of the defini�ve Mining Assignment and Op�on Agreement (the “Defini�ve Agreement”); and
- US$2,400,000 in twelve quarterly payments of US$200,000 each over three years.
Signing of the Defini�ve Agreement is targeted within 75 days. The Purchaser may accelerate payments at its discre�on, but the Purchaser may extract and sell products from the Property for the purpose of earning revenues only a�er the Op�on has been exercised. Upon exercise of the op�on, Condor Peru will also be granted a 1% Net Smelter Returns (NSR) royalty. The Purchaser will also assume the exis�ng 1% NSR royalty payable to Chakana Resources S.A.C.
The First Deposit secures a 75-day exclusivity period for the Purchaser to complete legal and technical due diligence, during which Condor Peru will provide access to all project data and materials. The First Deposit can be applied toward the purchase price, be non-refundable or be refundable in Condor shares, depending on the results of the due diligence and whether a Defini�ve Agreement is signed.
Chris Buncic, President and CEO of Condor, commented, “We are very pleased to have reached this agreement with the Purchaser. This proposed transac�on allows Condor to limit dilu�on and instead focus on its core opportuni�es of advancing explora�on programs at its highly prospec�ve Pucamayo and Huinac Punta projects.”
The transac�on is subject to comple�on of due diligence, final documenta�on, and receipt of all necessary regulatory approvals.
About Condor Resources Inc.
Condor Resources is a precious and base metals explora�on company focused on its por�olio of projects in Peru. The Company’s flagship project, Pucamayo, is an 85 km2 property containing a high sulfida�on epithermal system with disseminated precious metals mineraliza�on with a large lithocap altera�on visible at surface. The Huiñac Punta project, a 7,200 Ha property in Huanuco, Peru, has the poten�al to host a large carbonate replacement style (CRD) silver-dominant polymetallic mineralized body with the poten�al for discovery of a bulk tonnage silver and base metals deposit. The Company has also op�oned the Cobreorco project which targets gold-copper skarn and porphyry-style mineraliza�on to a subsidiary of Teck Resources Limited. The Company’s award-winning explora�on team in Peru has a long history of success in discovering and advancing high quality explora�on projects and managing the social aspects of its explora�on ac�vi�es.
For more informa�on, please visit the Company's website at www.condorresources.com.
Follow Condor Resources (@CondorResources) on X and (@condor-resources) on LinkedIn.
ON BEHALF OF THE BOARD
Chris Buncic President & Chief Execu�ve Officer
For further informa�on please contact the Company at 1-866-642-5707, or by email at [email protected]
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of applicable securi�es law. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “an�cipate”, “es�mate” and other similar words, or statements that certain events or condi�ons “may” or “will” occur. Such forward-looking statements include, but are not limited to the Company’s expecta�ons with respect to the use of proceeds raised under the Offering.
Although the Company believes that the expecta�ons reflected in applicable forward-looking statements are reasonable, there can be no assurance that such expecta�ons will prove to be correct. Such forward-looking statements are subject to risks and uncertain�es, including risks associated with the business of mineral explora�on and development; con�nued availability of capital and financing; general poli�cal and economic condi�ons, fluctua�ons in metal prices and other market-related risks, including any vola�lity in the Company’s share price, that may cause actual results, performance or developments to differ materially from those contained in such statements. Therefore, readers are cau�oned not to place undue reliance on forward-looking statements and forward-looking informa�on. Condor does not assume any obliga�on to update or revise its forward-looking statements, whether as a result of new informa�on, future or otherwise, except as required by applicable law.
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