Mr. Chris Buncic reports

CONDOR RESOURCES CONFIRMS RECEIPT OF INITIATION OF ACTIVITIES PERMIT FOR COBREORCO AND ANNOUNCES 3,500 METRE DRILL PROGRAM

Condor Resources Inc. has received the initiation of activities (IA) permit from the Peruvian Ministry of Energy and Mines (MEM), the final permit required to commence exploration drilling at the Cobreorco project.

Cobreorco is being advanced pursuant to Condor's option and joint venture agreement with Teck Peru S.A., a subsidiary of Teck Resources Ltd. Following receipt of the IA permit, Teck Peru is expected to commence a 3,500-metre diamond drilling program in June, 2026, consisting of six priority holes designed to test a compelling copper-gold skarn and porphyry target defined through geophysical, geochemical and geological work completed in 2025.

Chris Buncic, president and chief executive officer of Condor, commented: "The receipt of the IA permit is a major milestone for Cobreorco and an important step forward in unlocking the value of this project. Teck Peru have done an excellent job advancing Cobreorco through the technical, social and permitting work required to get to this point. We are excited to see drilling begin and believe that a successful program at Cobreorco has the potential to have a material positive impact for Condor shareholders."

During 2025, Teck Peru completed an extensive work program at Cobreorco that materially advanced the project toward drilling. This included engagement with local communities, technical field reviews to refine the geological model, and multiple geophysical and surface exploration surveys. Key work programs completed during the year included a radiometric survey over approximately 70 per cent of the property, in-fill soil sampling, a ground gravimetric survey and a 20 line-kilometre induced polarization survey. The results of this work were integrated into an updated geological and geophysical model, which was used to define the planned 2026 drill program.

In addition to the technical work, Teck Peru made significant progress on the project's permitting and social work streams during 2025. The project's Declaracion de Impacto Ambiental (DIA) was approved in June, 2025. Thereafter, Teck Peru advanced the required consultation and community engagement processes, culminating in support from the relevant communities for the proposed drilling activities. Teck Peru also received the project's water permit from the Autoridad Nacional del Agua (ANA).

Cobreorco comprises nine mineral concessions totaling approximately 5,100 hectares and is located in the southern Peru Eocene belt, approximately 175 kilometres southwest of Cusco. The project hosts copper-gold skarn and porphyry-style mineralization and is considered by management to represent a significant discovery opportunity.

As previously announced, under the terms of the agreement, Teck Peru has the option to earn an initial 55-per-cent interest in Cobreorco by incurring $4-million (U.S.) in exploration expenditures and making $500,000 (U.S.) in cash payments over a three-year period beginning on the permit date. Following exercise of the first option, Teck Peru may increase its interest to 75 per cent by completing an additional $6-million (U.S.) in exploration expenditures and making a further $600,000 (U.S.) in cash payments.

Separately, the company announces that, pursuant to a finder's fee agreement dated April 7, 2025, it will pay Hernan Barros Cruchaga a finder's fee in connection with the company's sale of its Soledad property in Ancash, Peru. The finder's fee consists of $3,000 (U.S.) in cash and 150,000 common shares of the company, subject to acceptance by the TSX Venture Exchange.

Technical disclosure

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

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 silver-dominant polymetallic mineralized body with the potential for discovery of a bulk tonnage silver and base metals deposit.

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