Condor and ELEMENT79 Reschedule Lucero Payment with Secured Structure
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CONDOR AND ELEMENT79 RESCHEDULE LUCERO PAYMENT WITH SECURED STRUCTURE
Vancouver, B.C., December 23, 2024 - Condor Resources Inc. ("Condor" or the "Company")
(TSXV:CN) is pleased to announce that it has reached an agreement with Element79 Gold Corp.
(“Element79”) to restructure the December 2024 payment obligaƟon related to the Lucero
Project in Chachas, Arequipa, Peru. Under the agreed terms, the US$1,000,000 payment originally
due in December 2024 has been restructured as follows:
1. The payment is increased to US$1,100,000 and is due on or before June 30, 2025.
2. As security for this June 2025 payment, ELEM has pledged 1,750,000 shares of Sun Silver
Limited, an ASX- listed company with a A$93 million market capitaliza Ɵon, held by
Element79 and which are subject to trading restric Ɵon unƟl May 6, 2025 . These shares
are pledged in favour of Condor as a conƟnuing and specific security interest in the shares
and the proceeds thereof. These shares do not represent the sole security for the June
2025 payment, and the June 2025 payment is an obliga Ɵon regardless of any fluctuaƟon
in value of the pledged shares.
3. Other than as expressly amended or implied as amended in the restructured terms, the
Original Agreement conƟnues in full force and effect.
Chris Buncic, President & CEO of Condor, commented, “Element79 is making good progress at the
Lucero project, and we remain supporƟve of their efforts to restart operaƟons at the project while
maintaining strong relaƟonships with the local community and ar Ɵsanal mining group. We look
forward to their conƟnued success in 2025.”
CancellaƟon of Financing
Condor also announces it will not be proceeding with the non-brokered private placement of up
to 10,000,000 units of the Company (each, a “Unit”) at a price of $0.15 per Unit (the “Offering
Price”) for gross proceeds of up to $1,500,000 (the “LIFE Offering”) pursuant to the Listed Issuer
Financing ExempƟon under Part 5A of Na Ɵonal Instrument 45 -106 – Prospectus ExempƟons as
previously announced in the Company’s press release of December 5, 2024. With the anƟcipated
receipt of the DIA at Pucamayo South East and other expected catalysts, management expects
addiƟonal or alternaƟve opportuniƟes for a potenƟally less-diluƟve capital raise in the new year.
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 op Ɵoned several large projects to partners who con Ɵnue to
advance these projects. 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 managi ng
the social aspects of its exploraƟon 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
This press release may contain forward-looking statements within the meaning of applicable
securiƟes law. Forward-looking statements are frequently characterized by words such as
“plan”, “expect”, “project”, “intend”, “believe”, “anƟcipate”, “esƟmate” and other similar words,
or statements that certain events or condiƟons “may” or “will” occur.
Although the Company believes that the expectaƟons reflected in applicable forward-looking
statements are reasonable, there can be no assurance that such expectaƟons will prove to be
correct. Such forward-looking statements are subject to risks and uncertainƟes that may cause
actual results, performance or developments to differ materially from those contained in such
statements.
Neither the TSX Venture Exchange nor its RegulaƟon 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.