Mr. Chris Buncic reports

CONDOR PROVIDES UPDATE ON EXPLORATION PRIORITIES AND PLANS

Condor Resources Inc. has provided an update on its exploration activities in Peru and continuing discussions on other projects. With continued delays with the Pucamayo Southeast declaracion de impacto ambiental (DIA) application, the company is shifting its focus to drill programs at Huinac Punta and Pucamayo East, which are both fully permitted and available for drill programs to commence in the coming months once weather conditions improve. A program at Pucamayo Southeast is delayed as the company continues to work with the Peruvian Ministry of Energy and Mines (MEM) to advance the DIA application, which continues to face bureaucratic hurdles.

Chris Buncic, president and chief executive officer, commented: "We had a very fruitful conference at the PDAC in early March, at which our peers and investors were impressed with our corporate prospects at each of Pucamayo, Huinac Punta, Cobreorco and Rio Bravo, among others. Additional delays with the Pucamayo Southeast DIA application are leading us to refocus our efforts as the drilling season approaches. We will continue to advance our DIA application with a number of next steps to pursue while at the same time driving forward on our many other opportunities."

Huinac Punta

Following the receipt of the initiation of activities designation, in effect the final drill permit, at the Huinac Punta project last year, Condor acquired additional exploration concessions at the high-grade silver prospect, expanding the property size from 2,000 to 7,200 hectares (ha). Management believes Huinac Punta has the potential to host a large, carbonate-replacement-style (CRD) silver-dominant polymetallic mineralized body.

Sampling of existing surface exposures recovered mineralization, including high-grade silver (Ag) and elevated copper (Cu), zinc (Zn), lead (Pb) and cobalt (Co) values. Of 163 two-metre rock chip samples collected by Condor, 28 samples reported silver grades greater than 100 grams per tonne (g/t), and included bonanza grades in two-metre chip samples of 4,115 and 3,225 g/t Ag. Evidence of historical workings from Spanish colonial times is present with several accessible historical adits showing evidence of the elevated silver values associated in addition to other metals.

The company anticipates an initial phase 1 drill program of 1,500 metres (m) in the coming months, when access is more reliable due to weather constraints.

Pucamayo

The drill program at Pucamayo East in late 2023 was largely successful in confirming a hydromagmatic center associated with broad zones of epithermal-type high to intermediate sulphidation alteration, and gold (Au), Ag and base metal mineralization. It demonstrated encouraging high values of Au-Ag, with Cu, Pb and Zn hosted within ledges of hydrothermal breccias overprinting to porphyry halo alteration evident below this mineralized epithermal assemblage, collectively providing a strong motivation to continue exploration efforts on the property in search of a significant bulk-tonnage discovery. Further details can be found in the company's Feb. 13, 2024, news release.

Six of the nine drill holes tested the extent of high to intermediate sulphidation-type epithermal gold and silver bearing outcropping ledges of breccia and four of these (PUC-E-001, PUC-E-007, PUC-E-008 and PUC-E-009) intersected near-surface gold-silver-poly metallic intervals ranging from 3.8 m to 52.2 m, and grades from 0.1 to 1.1 g/t gold equivalent (AuEq). Two holes (PUC-E-002 and PUC-E-003) drilled to the east and collared higher in elevation encountered barren steam-heated host rocks interpreted to lie above the mineralized zones intersected in PUC-E-001, PUC-E-007, PUC-E-008 and PUC-E-009. These intersected ledges of calcedonic breccias are of critical interest since they demonstrate a multievent of fluidizations with silica and vuggy clasts. It can be theorized that due to the type of breccia and the alteration textures seen, only the top of the system has been accessed thus far, vectoring toward higher grades at depth.

Three deeper holes (PUC-E-004, PUC-E-005 and PUC-E-006) tested an outcropping area of multiphase stockwork and alteration associated with anomalous gold and copper with associated IP (induced polarization) chargeability and resistivity anomalies interpreted to be an intrusive-related system. The best of these, PUC-E-005, intersected a 72.5-metre interval from 190 m to 262.5 m, grading 0.45 g/t Au and 30 g/t Ag (0.83 g/t AuEq), including a two-metre high-grade interval of 11.43 g/t Au and 687 g/t Ag (18.96 g/t AuEq). PUC-E-006 intersected a two-metre interval, grading 7.97 g/t Au and 20.9 g/t Ag (8.26 g/t AuEq). All three of these holes encountered extensive amounts of pyrite and discontinuous zinc, copper and lead mineralization associated with argillic/phyllic-altered andesitic/dioritic host rocks.

In April, 2024, Condor completed a drone supported magnetic survey to encompass the interpreted hydro-magmatic centres.

Following management's review of the 2023 drill program results and the completion of the additional magnetic study, a phase 2 drill program of 2,000 m is planned to target zones of expected epithermal and porphyry mineralization.

In August, 2024, Condor submitted its DIA application to the Peruvian MEM for the expanded Pucamayo Southeast area. The company subsequently received follow-up questions from the MEM in November and December, with responses submitted in mid-January. The company has received DGAAM directorial resolution disapproving the DIA application. In all, 26 new observations were provided, which are not substantive and can be corrected. Without having been given an opportunity to address these deficiencies, management is confident that the company will be successful in an appeal for reconsideration with the DGAAM of the MINEM based on new evidence. This is a typical path in applications for DIAs within Peru and often results in applications being approved after the technical questions are sufficiently addressed. Management believes that the company's application will similarly be approved in time. In the meantime, the additional bureaucratic delay is motivation for a shift toward the company's other meaningful exploration alternatives.

Rio Bravo

Since the announcement of the confirmation of copper-molybdenum porphyry discovery with the acquisition of additional data for the Rio Bravo project on Feb. 3, 2025, the company had much inbound interest from major copper producers and other financial groups alike. Discussions with several large parties continue as the company looks to position the project for advancement in the most accretive method possible. Recall that historical drilling, geochemical and geophysical data recently obtained from a major mining company that previously controlled the Rio Bravo project confirm intersections of significant porphyry copper and molybdenum mineralization associated with a largely untested target. Three historical drill holes completed in 2012 encountered 200-plus m intercepts of mineralization:

• DDH-01 intersected 220 m grading 0.32 per cent Cu and 275 parts per million (ppm) Mo (0.51 per cent copper equivalent (CuEq))*;
• DDH-06 intersected 324 m grading 0.32 per cent Cu and 199 ppm Mo (0.47 per cent CuEq)*;
• DDH-08 intersected 312 m grading 0.29 pepr cent Cu and 329 ppm Mo (0.54 per cent CuEq)*.

After a thorough review of this newly acquired data package, including surface mapping rock geochemistry and ground geophysics, Condor interprets the potential for discovery of a higher-grade core of the Rio Bravo porphyry system as being centered approximately 400 m southeast and somewhat deeper from the location of the prior encouraging drilling activity.

Cobreorco

In the company's Feb. 24, 2025, news release, management provided an update on the Cobreorco joint venture with a subsidiary of Teck Resources Ltd., which presents a significant opportunity for a discover at what management believes is a typical porphyry/skarn system. Following further technical work and community engagement, Teck submitted a revised DIA application in Q4 (fourth quarter) 2024 and is actively working with MEM to advance the permitting process.

Recall that in December, 2023, Condor entered into an option and joint venture agreement with Teck, on the company's Cobreorco copper-gold project in the Apurimac department, Peru. Under the agreement, Teck has the option to earn a 55-per-cent interest in Cobreorco over three years by incurring $4-million (U.S.) in exploration expenditures and making $500,000 (U.S.) in cash payments. Upon exercising this first option, a dedicated holding company will be formed, after which Teck may further increase its stake to 75 per cent by spending an additional $6-million (U.S.) in exploration and making further cash payments of $600,000 (U.S.).

Technical disclosure/qualified person

The scientific and technical information in this news release has been reviewed and approved by Dr. Quinton Hennigh (PGeo, PhD), a qualified person as defined in National Instrument 43-101 and a director of Condor Resources.

About Condor Resources Inc.

Condor Resources is a precious and base metals exploration company focused on its portfolio of projects in Peru. The company's flagship project, Pucamayo, is an 85-square-kilometre property containing a high-sulphidation epithermal system with disseminated precious metals mineralization with a large lithocap alteration visible at surface. The Huinac Punta project, a 7,200-hectare property in Huanuco, Peru, has the potential to host a large CRD silver-dominant polymetallic mineralized body with the potential for discovery of a bulk-tonnage silver and base metals deposit. The company has optioned several large projects to partners who continue to advance these projects. The company's award-winning exploration team in Peru has a long history of success in discovering and advancing high-quality exploration projects, and managing the social aspects of its exploration activities.

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