Condor Receives Environmental Permit (DIA) for Drilling at Flagship Pucamayo Project

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CONDOR RECEIVES ENVIRONMENTAL PERMIT (DIA) FOR DRILLING AT FLAGSHIP PUCAMAYO PROJECT

Vancouver, B.C., August 31, 2026 - Condor Resources Inc. – ("Condor" or the "Company")

(TSXV:CN) is pleased to announce that the Peruvian Ministry of Energy and Mines ("MINEM"), through its Directorate General of Mining Environmental Affairs ("DGAAM"), has approved the Declaración de Impacto Ambiental ("DIA") for the Pucamayo Sur target area at the Company's flagship Pucamayo gold-silver project in central Peru.

The approved DIA contemplates 40 drill pads, with mul�ple drillholes permi�ed from each pad, and provides a five-year term in which to complete the permi�ed explora�on ac�vi�es. The Company has planned an explora�on drill program of up to 6,000 metres at Pucamayo Sur, to be carried out in phases.

Chris Buncic, President and CEO, commented: "This is the permit that unlocks the larger half of Pucamayo. Our team in Lima has carried this applica�on through two years of technical review, compe�ng surface land claims and administra�ve challenges, and has come out the other side with a five-year permit and 40 pads. The Lima team, supported by our technical and legal advisors, deserve enormous credit for naviga�ng the dynamic criteria successfully. Pucamayo Sur is a project our peers already regard as one of the more compelling undrilled intermediate–to-high sulphida�on epithermal precious metals systems within the Ter�ary volcanic belt of the South Central Andes and Peru."

Ever Marquez, Vice President Explora�on, added: "The community has been very suppor�ve of our explora�on efforts throughout, including the expansion of our drill plans to cover Pucamayo Sur. With the DIA in hand, our focus turns to gaining the final Ini�a�on of Ac�vi�es permit, crystalizing the drill plan and preparing the site for a drill program."

Pucamayo Sur

An updated drone-supported airborne magne�cs survey completed over the explora�on area in April 2024 iden�fied two dis�nct magne�c anomalies interpreted as two hydro-magma�c centres. The first lies within the area drilled to date at Pucamayo East. The second is located within the Pucamayo Sur target area and is associated with a 3 kilometre by 2 kilometre area of outcropping high sulphida�on lithocap altera�on. Both targets are coincident with IP-related geophysical anomalies iden�fied in earlier surveys.

The Pucamayo Sur DIA follows the 2023 maiden drill program at Pucamayo East, which comprised 2,353 metres in nine drillholes. Those results confirmed a high to intermediate sulphida�on system with gold, silver, copper, lead and zinc mineraliza�on hosted in hydrothermal breccia ledges with halos of crackle breccia and quartz-carbonate vein fillings, and validated the interpreta�on of at least one hydro-magma�c centre. Pucamayo Sur represents the opportunity to test the second such centre for the first �me.

Figure 1: Pucamayo Sur DIA perimeter map (hashed blue)

The Company will finalize the design, phasing and �ming of the Pucamayo Sur drill program and will provide an update in due course. Commencement and scope of drilling will be subject to receipt of the Ini�a�on of Ac�vi�es permit, available financing, weather condi�ons and the comple�on of site prepara�on.

About the Pucamayo Project

Pucamayo encompasses 85 square kilometres of con�guous concessions located in the departments of Ica, Lima and Huancavelica, approximately 185 kilometres southeast of Lima, at eleva�ons of 3,800 to 4,200 metres, in the Ter�ary volcanic belt that hosts several important epithermal gold deposits in Peru. The project lies approximately 56 kilometres south-southwest of Minera IRL Limited's Corihuarmi gold-silver mine and approximately 25 kilometres east of Nexa Resources S.A.'s Cerro Lindo lead-zinc-copper mine. Condor owns 100% of 79 square kilometres of these concessions. The property hosts a high sulphida�on epithermal system with disseminated precious metals mineraliza�on beneath a large lithocap altera�on visible at surface.

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 an intermediate–to-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 pollymetallic 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. 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 that may cause actual results, performance or developments to differ materially from those contained in such statements.

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