Mr. Lyle Davis reports

CONDOR COMPLETES OPTION AND JOINT VENTURE AGREEMENT ON ITS COBREORCO COPPER-GOLD PROJECT

Condor Resources Inc. and its Peruvian subsidiary have entered into an option and joint venture agreement on its wholly owned Cobreorco copper-gold project located in the Apurimac department in Peru with Teck Peru SA, a subsidiary of Teck Resources Ltd.

Under the terms of the agreement, Teck has a first option to earn a 55-per-cent interest in the Cobreorco project over three years by completing $4-million (U.S.) in exploration expenditures and making cash payments totalling $500,000 (U.S.). An initial cash payment of $80,000 (U.S.) was made on signing the agreement. The start of the three-year term commences once the permits and approvals required to commence a drill program are in place.

On exercise of the first option, the parties intend to form a dedicated holding company that will own the Cobreorco concessions, and, thereafter, Teck has a second option to increase its interest in the Cobreorco project to 75 per cent over the next three years by completion of a further $6-million (U.S.) in exploration expenditures and additional cash payments of $600,000 (U.S.).

"Condor is pleased to welcome Teck and their technical expertise to advance the exploration of our Cobreorco project towards a new discovery of critical and precious minerals," commented Ever Marquez, Condor's vice-president of exploration.

In June, 2023, Condor Exploration Peru SAC applied to the Peruvian Ministry of Energy and Mines for the primary environmental permit required to initiate a drill program at Cobreorco. The declaracion de impacto ambiental (DIA), seeks approval for up to 40 drill platforms on a four-square-kilometre area of the project.

The 50-square-kilometre Cobreorco porphyry-skarn project in south-central Peru was acquired by staking and is royalty-free and 100 per cent owned by Condor. Numerous porphyry-related and skarn-related copper-gold occurrences are exposed in outcrop, and geophysical surveys completed by Condor support the potential for discovery of copper and gold porphyry and skarn-related deposits within the main two-square-kilometre area of interest.

Condor is an active explorer focused exclusively on Peru, supplemented by a project generator and royalty model designed to generate exploration capital whilst minimizing shareholder dilution. The company's objective in advancing its portfolio of projects is the discovery of a major new precious metal or base metal deposit in Peru. Project acquisition and exploration activities are managed by the company's Lima-based exploration team.

We seek Safe Harbor.