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M&A / Property

Condor Resources closes Soledad sale for $3M (U.S.)

By The Northwire Desk — AI Analysis Dec 15, 2025 · 17:02 CN · 0.225 Condor Resources Inc.
CN · Price

Executive Summary

  • Condor Resources Inc. has closed the sale of its 100% interest in the Soledad project in Ancash, Peru, to private mining company Compania Minera Lincuna SA.
  • The total transaction consideration is $3 million USD, structured with an initial payment, a closing payment, and a series of quarterly installments over three years.
  • The sale includes an option for Lincuna to explore and extract minerals, with Condor retaining a 1% Net Smelter Return (NSR) royalty upon full exercise of the option.

Key Details

  • Transaction: Sale of 100% interest in the Soledad project (comprising three mineral concessions) in Ancash, Peru.
  • Buyer: Compania Minera Lincuna SA (private mining company, Lima, Peru).
  • Total Consideration: $3,000,000 USD.
  • Payment Structure:
    • $100,000 USD paid upon execution of the letter of intent.
    • $500,000 USD paid upon closing and execution of the definitive mining assignment and option agreement.
    • $2,400,000 USD paid in 12 quarterly installments of $200,000 USD each over three years.
  • Exploration Rights: A Cesion Minera agreement allows Lincuna to immediately commence exploration activities.
  • Revenue Extraction: Lincuna may extract and sell products only after the option has been completely exercised.
  • Royalties:
    • Upon exercise of the option, Condor Peru is granted a 1% NSR royalty.
    • Lincuna assumed the existing 1% NSR royalty payable to Chakana Resources SAC.
  • Strategic Impact: CEO Chris Buncic stated the sale strengthens the balance sheet, allowing the company to focus on "highest-conviction discovery opportunities" such as the Huinac Punta project.

Notable Quotes

  • "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." — Chris Buncic, President and CEO
Read the original news release →

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M&A / Property