Mr. Chris Buncic reports

CONDOR RESOURCES CLOSES SALE OF ITS SOLEDAD PROJECT

Condor Resources Inc.'s Peruvian subsidiary, Condor Exploration Peru SAC, has closed the sale of a 100-per-cent interest in the company's Soledad project, located in Ancash, Peru, pursuant to the terms previously announced on June 26, 2025, to Compania Minera Lincuna SA, a private mining company headquartered in Lima, Peru.

Under the terms disclosed in the company's June 26, 2025, press release, Condor Peru, a wholly owned subsidiary of Condor, has completed the sale of the three mineral concessions comprising the Soledad project to Lincuna for ultimate total consideration of $3-million (U.S.). In parallel, a Cesion Minera agreement allows the purchaser to immediately commence exploration activities on the project.

The total consideration payable by the purchaser for the purchase of the Soledad project of $3-million (U.S.) is be paid in the following instalments:

• $100,000 (U.S.) payment was made upon execution of the letter of intent;
• $500,000 (U.S.) payment was made on closing and upon execution of the definitive mining assignment and option agreement; and
• $2.4-million (U.S.) in 12 quarterly contracted payments of $200,000 (U.S.) to be made over three years.

Lincuna may accelerate payments at its discretion, but can extract and sell products from the property for the purpose of earning revenues only after the option has been completely exercised. Upon exercise of the option, Condor Peru will also be granted a 1-per-cent net smelter return royalty. Lincuna has also assumed the existing 1-per-cent NSR royalty payable to Chakana Resources SAC.

Chris Buncic, president and chief executive officer of Condor, commented: "We are pleased to have successfully completed the sale of Soledad under the agreed terms, strengthening our balance sheet, as we turn our immediate attention towards our highest-conviction discovery opportunities in Peru. Huinac Punta represents a compelling opportunity to test a large -- and largely untested -- silver-rich carbonate replacement system in a highly prospective district. We are confirming our portfolio exploration plans as well as aggressively evaluating other business opportunities."

About Condor Resources Inc.

Condor Resources is a precious and base metal 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 metal 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 silver-dominant polymetallic mineralized body with the potential for discovery of a bulk tonnage silver and base metal deposit. The company has also optioned the Cobreorco project, which targets gold-copper skarn and porphyry-style mineralization, to a subsidiary of Teck Resources Ltd. 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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