Condor and ELEMENT79 Agree ON Restructured Terms FOR Lucero Project
TSXV:CN WWW.CONDORRESOURCES.COM
CONDOR AND ELEMENT79 AGREE ON RESTRUCTURED TERMS FOR LUCERO PROJECT
Vancouver, B.C., August 10 , 2026 - Condor Resources Inc. – ("Condor" or the "Company")
(TSXV:CN) is pleased to announce that it has reached agreement with Element79 Gold Corp.
("Element79") on a comprehensive restructuring of the payment terms rela Ɵng to the Lucero
project in Chachas, Arequipa, Peru. Element79, through its wholly-owned subsidiary Calipuy
Resources Inc. ("Calipuy"), is acquiring the shares of Minas Lucero del Sur S.A.C., the Peruvian
operaƟng enƟty that owns the Lucero project.
The amended terms are set out in a fourth amendment to the December 21, 2020 Purchase and
Sale Agreement (the "Fourth Amendment").
Summary of the Fourth Amendment
Under the Fourth Amendment, Element79 will:
Cure the overdue US$1,100,000 payment that fell due to Condor on June 30, 2025 by way
of a US$100,000 non-refundable deposit on signing, with the US$1,000,000 balance paid
at closing, targeted for August 25, 2026.
Pay the remaining consideraƟon owing under the agreement by one of two paths:
o Plan A: Payment of US$4,050,000 on or before July 31, 2027, consistent with the
Final Cash Payment that would have been payable under the high-gold-price
escalator in the original agreement; or
o Plan B (default if Plan A is not paid): Four milestone-linked payments totaling
US$6,000,000, each payable on the earlier of a defined project milestone
(community agreement registraƟon, issuance of the IniƟaƟon of AcƟviƟes Permit,
commencement of mill development, and mill comple Ɵon or commencement of
producƟon) and a fixed outside date in 2028, 2029, 2031, and 2033 respec Ɵvely.
The outside dates apply whether or not the underlying milestone has occurred and
are not subject to force majeure.
The MLDS share pledge granted in favour of Condor under the original agreement remains in full
force and effect and conƟnues to secure all of Element79's obligaƟons unƟl paid and performed
in full.
Closing of the Fourth Amendment is subject to customary condi Ɵons including receipt of the
US$100,000 deposit and the US$1,000,000 closing balance, and certain corporate authorizaƟons
and regulatory approvals
Chris Buncic, President and Chief ExecuƟve Officer of Condor, commented: “We are very pleased
to have the Lucero deal back on a clear, secured path forward. The Fourth Amendment cures the
overdue June 2025 payment in cash, locks in a defined Ɵmetable for the remaining consideraƟon,
and preserves Condor's security throughout. The proceeds Condor expects to receive under this
agreement will allow us to con Ɵnue advancing our own por ƞolio of high -quality explora Ɵon
projects in Peru, including our flagship Pucamayo property and our high-grade silver discovery at
Huiñac Punta. AŌer working through the terms with Element79, we've arrived at a restructured
arrangement, and we'll be watching the Lucero project's progress with interest.”
About Condor Resources Inc.
Condor Resources is a precious and base metals exploraƟon company focused on its porƞolio of
projects in Peru. The Company’s flagship project, Pucamayo, is an 85 km 2 property containing a
high sulfidaƟon epithermal system with disseminated precious metals mineralizaƟon with a large
lithocap alteraƟon visible at surface. The Huiñac Punta project, a 7,200 Ha property in Huanuco,
Peru, has the poten Ɵal to host a large carbonate replacement style (CRD) silver-dominant
polymetallic mineralized body with the potenƟal for discovery of a bulk tonnage silver and base
metals deposit. The Company has also opƟoned the Cobreorco project which targets gold-copper
skarn and porphyry-style mineralizaƟon to a subsidiary of Teck Resources Limited. The Company’s
award-winning explora Ɵon team in Peru has a long history of success in discovering and
advancing high quality explora Ɵon projects and managing the social aspects of its explora Ɵon
acƟviƟes.
For more informaƟon, 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 ExecuƟve Officer
For further informaƟon please contact the Company at 1-866-642-5707, or by email at
Forward-Looking Statements
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that the expecta Ɵons reflected in applicable forward -looking statements are reasonable, there
can be no assurance that such expect aƟons will prove to be correct. Such forward -looking
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