Mr. Chris Buncic reports

CONDOR RESOURCES ANNOUNCES APPROVAL OF DIA FOR COBREORCO PROJECT IN PERU

The Declaracion de Impacto Ambiental (DIA) for Condor Resources Inc.'s Cobreorco project has been approved by the Peruvian Ministry of Energy and Mines (MEM).

The DIA approval marks a key milestone in advancing the Cobreorco project, which is currently being progressed through the permitting process by a subsidiary of Teck Resources Ltd. Condor stands to benefit meaningfully from any exploration success at Cobreorco, which targets gold-copper skarn and porphyry-style mineralization.

In December, 2023, Condor entered into an option and joint venture agreement with Teck, on the Cobreorco copper-gold project. Under the agreement, Teck has the option to earn a 55-per-cent interest in Cobreorco over three years from the permit date 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.).

Chris Buncic, president and chief executive officer of Condor, commented: "We are very pleased to have reached this important milestone with Teck. Cobreorco has the potential to deliver substantial value to our shareholders. Projects of this scale and quality are exceedingly rare, and we are only at the beginning of what we believe will be an exciting journey with our partner."

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 carbonate replacement style (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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