Condor Resources Closes Sale of Its Soledad Project

On December 15, 2025, Condor Resources announced it has closed the previously announced sale of its Soledad project in Ancash, Peru, to Compañía Minera Lincuna S.A. The total consideration is US$3,000,000 plus a 1% Net Smelter Royalty (NSR) for Condor. The payment structure consists of US$100,000 received upon the Letter of Intent (LOI), US$500,000 on closing, and twelve quarterly payments of US$200,000 over the subsequent three years. The CEO, Chris Buncic, stated the sale strengthens the company's balance sheet and allows them to focus on their "highest-conviction discovery opportunities," specifically mentioning the Huiñac Punta silver project.

The closing of the Soledad sale is a material positive event for Condor. It provides an immediate and crucial cash injection of US$600,000 (approximately C$820,000), which significantly strengthens a balance sheet that held only C$298,639 in cash as of August 31, 2025. This non-dilutive funding successfully executes management's stated strategy of monetizing non-core assets to fund exploration on its primary projects.

The deal also provides a predictable future revenue stream of US$800,000 per year for three years. While not enough to fund a major exploration campaign, this cash flow should be sufficient to cover general and administrative expenses, thereby reducing the need for future dilutive financings for overhead costs.

However, from a critical perspective, this news was largely anticipated by the market. The LOI was announced on June 26, 2025, and the stock price has since rallied from C$0.13 to a recent high of C$0.23. Therefore, while the closing removes uncertainty and is fundamentally positive, it is likely already priced into the stock.

Looking back at the company's track record, this successful execution is a welcome positive, but it follows several misses on projections: - In December 2024, management cancelled a financing at C$0.15, stating they expected "less-dilutive" opportunities. They subsequently raised capital in May 2025 at a more dilutive price of C$0.12. - In February 2025, management anticipated the Pucamayo South East DIA permit approval "shortly," but in March 2025 announced the application had been disapproved and was under appeal.

The successful Soledad transaction provides a much-needed operational and financial runway. The focus now shifts entirely to exploration execution, particularly at the Huiñac Punta project.

Condor Resources Inc. is a Canadian-based exploration company focused on acquiring and developing mineral properties in Peru. The company employs a project generator model, often bringing in partners to fund exploration. Following the sale of the Soledad project, the company's primary focus is now on its 100%-owned Huiñac Punta project. Huiñac Punta is a fully-permitted, high-grade silver prospect with potential for a carbonate-replacement-style (CRD) polymetallic deposit. Other key projects include the Pucamayo epithermal gold project (awaiting a permit appeal) and the Cobreorco copper-gold project, which is under an option and joint venture agreement with a subsidiary of Teck Resources Ltd.