Condor Resources Confirms Receipt of Initiation of Activities Permit for Cobreorco and Announces 3,500 Metre Drill Program
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CONDOR RESOURCES CONFIRMS RECEIPT OF INITIATION OF ACTIVITIES PERMIT FOR COBREORCO AND ANNOUNCES 3,500 METRE DRILL PROGRAM
Vancouver, B.C., March 10, 2026 - Condor Resources Inc. (“Condor” or the “Company”) (TSXV:
CN) is pleased to announce that its Cobreorco copper-gold project in Apurímac, Peru, has received the Ini�a�on of Ac�vi�es (“IA”) permit from the Peruvian Ministry of Energy and Mines (“MEM”), the final permit required to commence explora�on drilling at the project.
Cobreorco is being advanced pursuant to Condor’s op�on and joint venture agreement with Teck Perú S.A. (“Teck Perú”), a subsidiary of Teck Resources Limited. Following receipt of the IA permit, Teck Perú is expected to commence a 3,500-metre diamond drilling program in June 2026, consis�ng of six priority holes designed to test a compelling copper-gold skarn and porphyry target defined through geophysical, geochemical and geological work completed in 2025.
Chris Buncic, President and CEO of Condor, commented: “The receipt of the IA permit is a major milestone for Cobreorco and an important step forward in unlocking the value of this project. Teck Perú have done an excellent job advancing Cobreorco through the technical, social and permi�ng work required to get to this point. We are excited to see drilling begin and believe that a successful program at Cobreorco has the poten�al to have a material posi�ve impact for Condor shareholders.”
During 2025, Teck Perú completed an extensive work program at Cobreorco that materially advanced the project toward drilling. This included ongoing engagement with local communi�es, technical field reviews to refine the geological model, and mul�ple geophysical and surface explora�on surveys. Key work programs completed during the year included a radiometric survey over approximately 70% of the property, in-fill soil sampling, a ground gravimetric survey, and a 20 line-kilometer induced polariza�on survey. The results of this work were integrated into an updated geological and geophysical model, which was used to define the planned 2026 drill program.
In addi�on to the technical work, Teck Perú made significant progress on the project’s permi�ng and social workstreams during 2025. The project’s Declaración de Impacto Ambiental (“DIA”) was approved in June 2025. Therea�er, Teck Perú advanced the required consulta�on and community engagement processes, culmina�ng in support from the relevant communi�es for the proposed drilling ac�vi�es. Teck Perú also received the project’s water permit from the Autoridad Nacional del Agua (“ANA”).
Figure 1: Geophysical surveys completed during 2025, including radiometric coverage, gravimetry sta�ons, induced polariza�on lines, and the loca�on of planned 2026 drill holes.
Figure 2: Integrated geophysical and geochemical anomalies defining the Cobreorco drill target, including proposed and con�ngent drill holes in the 2026 program.
Cobreorco comprises nine mineral concessions totaling approximately 5,100 hectares and is located in the Southern Peru Eocene Belt, approximately 175 kilometers southwest of Cusco. The project hosts copper-gold skarn and porphyry-style mineraliza�on and is considered by management to represent a significant discovery opportunity.
As previously announced, under the terms of the agreement, Teck Perú has the op�on to earn an ini�al 55% interest in Cobreorco by incurring US$4 million in explora�on expenditures and making US$500,000 in cash payments over a three-year period beginning on the permit date. Following exercise of the first op�on, Teck Perú may increase its interest to 75% by comple�ng an addi�onal US$6 million in explora�on expenditures and making a further US$600,000 in cash payments.
Separately, the Company announces that, pursuant to a finder’s fee agreement dated April 7, 2025, it will pay Hernán Barros Cruchaga a finder’s fee in connec�on with the Company’s sale of its Soledad property in Ancash, Peru. The finder’s fee consists of US$3,000 in cash and 150,000 common shares of the Company, subject to acceptance by the TSX Venture Exchange.
Technical Disclosure
The scien�fic and technical informa�on contained in this news release has been reviewed and approved by Dr. Quinton Hennigh, P.Geo., Ph.D., a Qualified Person as defined by Na�onal Instrument 43-101 and a Director of Condor Resources Inc.
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 sale.
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.
Neither the TSX Venture Exchange nor its Regula�on Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.