Mr. Don Streu reports

CONDOR ANNOUNCES CLOSING OF $29.9 MILLION BOUGHT DEAL PUBLIC OFFERING

Condor Energies Inc. has closed its previously announced brokered public offering of common shares of the company at a price of $2.60 per common share for aggregate gross proceeds of $29.9-million, including the full exercise of the overallotment option.

The offering was led by Canaccord Genuity Corp. and Research Capital Corp., as co-lead underwriters and joint bookrunners.

The net proceeds of the offering are expected to be used to continue development of the company's natural gas fields in Uzbekistan, including enhancing field compression, and general corporate purposes.

The common shares were offered and sold by way of a prospectus supplement to the company's short-form base shelf prospectus dated March 18, 2026, filed in all provinces of Canada, other than Quebec. Investors should read the prospectus and other documents that the company has filed for more complete information about the company and the offering. A copy of these documents is available on SEDAR+.

About Condor Energies Inc.

Condor Energies is a Toronto Stock Exchange-listed energy transition company that is uniquely positioned on the doorstep of European and Asian markets with three distinct first-mover energy security initiatives: increasing natural gas and condensate production from its existing fields in Uzbekistan; a continuing project to construct and operate Central Asia's first LNG (liquefied natural gas) lower-carbon-fuel diesel substitution facility in Kazakhstan; and a separate initiative to develop and produce critical minerals from brines in Kazakhstan. Condor has already built a strong foundation for reserves, production and cash flow growth while also striving to minimize its environmental footprint.

The company recognizes 100 per cent of the production volumes, sales volumes, sales revenues, royalties and expenses related to the production enhancement contract (PEC) project in Uzbekistan and then allocates 49 per cent of the comprehensive income (loss) attributable to the non-controlling interest holder. This is consistent with the accounting and disclosure in the company's financial statements. Accordingly, the production volumes disclosed in this news release related to the PEC project are 100 per cent of the amounts attributable to the PEC project, of which 51 per cent are attributable to the company.

We seek Safe Harbor.