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 Ɵon Perú S.A.C. (“Condor
Peru”), has entered into a non- binding Le Ʃer 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 opƟon 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 Ɵon
acƟviƟes on the project.
The total considera Ɵon 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 execuƟon of the LOI (the “First Deposit”);
US$500,000 upon execuƟon of the defini Ɵve Mining Assignment and Op Ɵon Agreement
(the “DefiniƟve Agreement”); and
US$2,400,000 in twelve quarterly payments of US$200,000 each over three years.
Signing of the Defini Ɵve Agreement is targeted within 75 days. The Purchaser may accelerate
payments at its discreƟon, but the Purchaser may extract and sell products from the Property for
the purpose of earning revenues only a Ōer the OpƟon has been exercised. Upon exercise of the
opƟon, Condor Peru will also be granted a 1% Net Smelter Returns (NSR) royalty. The Purchaser
will also assume the exisƟng 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
DefiniƟve 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 transacƟon allows Condor to limit diluƟon and
instead focus on its core opportuniƟes of advancing exploraƟon programs at its highly prospecƟve
Pucamayo and Huinac Punta projects.”
The transacƟon is subject to compleƟon of due diligence, final documentaƟon, and receipt of all
necessary regulatory approvals.
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
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”, “an Ɵcipate”, “es Ɵmate” a nd other similar words, or
statements that certain events or condi Ɵons “may” or “will” occur. Such forward-looking
statements include, but are not limited to the Company’s expectaƟons with respect to the use of
proceeds raised under the Offering.
Although the Company believes that the expecta Ɵons reflected in applicable forward -looking
statements are reasonable, there can be no assurance that such expecta Ɵons will prove to be
correct. Such forward-looking statements are subject to risks and uncer tainƟes, including risks
associated with the business of mineral explora Ɵon and development; con Ɵnued availability of
capital and financing; general poliƟcal and economic condiƟons, fluctuaƟons in metal prices and
other market-related risks, including any vola Ɵlity 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 Ɵoned not to place undue reliance on forward -looking
statements and forward-looking informaƟon. Condor does not assume any obliga Ɵon to update
or revise its forward- looking statements, whether as a result of new informa Ɵon, future or
otherwise, except as required by applicable law.
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the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this news release.