None
SEDAR Interim Financial Statements
CN · Price
[
{
"companyName": "CONDOR RESOURCES INC.",
"reportingPeriodEnd": "2025-11-30",
"reportStatus": "Unaudited",
"auditorName": null,
"auditorKeyMatters": [],
"balanceSheet": {
"cashAndCashEquivalents": 35992,
"prepaidExpenses": 83549,
"accountsReceivable": 6943,
"marketableSecurities": 0,
"totalCurrentAssets": 126484,
"equipment": 1243,
"explorationAndEvaluationAssets": 6310806,
"totalNonCurrentAssets": 6312049,
"totalAssets": 6438533,
"accountsPayableAndAccruedLiabilities": 574554,
"totalCurrentLiabilities": 574554,
"totalLiabilities": 574554,
"shareCapital": 25633836,
"contributedSurplus": 4168360,
"deficit": -23938217,
"totalShareholdersEquity": 5863979,
"totalLiabilitiesAndShareholdersEquity": 6438533,
"cashPerShare": 0.0002,
"workingCapitalPerShare": -0.0030
},
"incomeStatement": {
"threeMonths": {
"administrativeExpenses": {
"foreignExchangeGainLoss": 555,
"insurance": 3827,
"investorRelations": 6615,
"managementFeesAndConsultingFees": 95655,
"officeAndMiscellaneous": 5165,
"professionalFees": 5118,
"projectGeneration": 319013,
"regulatoryFees": 2627,
"stockBasedCompensation": 94679,
"travelAndEntertainment": 2554,
"totalAdministrativeExpenses": -535808
},
"otherItems": {
"accretionOfOtherReceivable": 0,
"bonusSharesAndExcessPayment": 0,
"foreignExchangeGainOnTranslationOfOtherReceivable": 0,
"interestIncome": 0,
"gainLossOnSaleOfMarketableSecurities": 9432,
"unrealizedLossOnMarketableSecurities": 0,
"totalOtherItems": 9432
},
"netIncomeLossAndComprehensiveIncomeLoss": -526376,
"basicAndDilutedIncomeLossPerShare": 0.0,
"weightedAverageNumberOfSharesOutstanding": 150034844
},
"nineMonths": {
"administrativeExpenses": {
"foreignExchangeGainLoss": -19548,
"insurance": 11565,
"investorRelations": 83340,
"managementFeesAndConsultingFees": 292280,
"officeAndMiscellaneous": 18468,
"professionalFees": 34910,
"projectGeneration": 435967,
"regulatoryFees": 10719,
"stockBasedCompensation": 215223,
"travelAndEntertainment": 7214,
"totalAdministrativeExpenses": -1090138
},
"otherItems": {
"accretionOfOtherReceivable": 0,
"bonusSharesAndExcessPayment": 0,
"foreignExchangeGainOnTranslationOfOtherReceivable": 0,
"interestIncome": 65,
"gainLossOnSaleOfMarketableSecurities": -952,
"unrealizedLossOnMarketableSecurities": -4552,
"totalOtherItems": -5439
},
"netIncomeLossAndComprehensiveIncomeLoss": -1095577,
"basicAndDilutedIncomeLossPerShare": -0.01,
"weightedAverageNumberOfSharesOutstanding": 147762505
}
},
"cashFlowStatement": {
"operatingActivities": {
"netLossForThePeriod": -1095577,
"adjustmentsForNonCashItems": {
"stockBasedCompensation": 215223,
"unrealizedLossOnMarketableSecurities": 4552,
"lossOnSaleOfMarketableSecurities": 952,
"bonusSharesAndExcessPayment": 0,
"accretionOfOtherReceivable": 0,
"foreignExchangeGainOnTranslationOfOtherReceivable": 0,
"otherIncomeReceivedInMarketableSecurities": 0
},
"changesInNonCashOperatingWorkingCapital": {
"increaseDecreaseInPrepaidExpenses": -58331,
"increaseDecreaseInAccountsReceivable": 1465,
"increaseDecreaseInAccountsPayableAndAccruedLiabilities": 371849
},
"cashUsedInOperatingActivities": -559867
},
"investingActivities": {
"explorationAndEvaluationExpenditures": -850059,
"expenditureRecoveriesOptionProceeds": 137000,
"proceedsFromSaleOfPeruvianSubsidiary": 0,
"purchaseOfMarketableSecurities": 0,
"saleOfMarketableSecurities": 25083,
"cashUsedInInvestingActivities": -687976
},
"financingActivities": {
"shareCapitalIssued": 1075500,
"shareIssueCosts": -29891,
"cashProvidedByFinancingActivities": 1045609
},
"netIncreaseDecreaseInCash": -202234,
"cashBeginningOfPeriod": 238226,
"cashEndOfPeriod": 35992
},
"investmentsAndOtherAssets": [
{
"type": "Subsidiary",
"description": "Condor Exploration Peru S.A.C.",
"ownershipPercentage": 100,
"value": null,
"notes": "100% owned Peruvian subsidiary, carries out business for Peruvian properties"
},
{
"type": "Subsidiary",
"description": "Ferroaluminios Peru No.4 S.A.C.",
"ownershipPercentage": 85,
"value": null,
"notes": "85% owned Peruvian subsidiary, carries out business for Peruvian properties"
},
{
"type": "Subsidiary",
"description": "Minas Qolque S.A.C.",
"ownershipPercentage": 100,
"value": null,
"notes": "100% owned Peruvian subsidiary, carries out business for a Peruvian property"
},
{
"type": "Joint Venture",
"description": "Cobreorco project with Teck Perú S.A.",
"ownershipPercentage": null,
"value": null,
"notes": "Option and joint venture agreement. Teck can earn 55% interest by spending US$4M and paying US$500,000 over 3 years, then can increase to 75% by spending additional US$6M and paying US$600,000 over next 3 years."
},
{
"type": "Mineral/Resource Properties",
"description": "Pucamayo project",
"ownershipPercentage": 85,
"value": 4003055,
"notes": "85% working interest in Pucamayo 14 concession (6 sq km), 100% in surrounding staked concessions (79 sq km). Subject to 1% NSR royalty to vendor (private company controlled by a senior officer)."
},
{
"type": "Mineral/Resource Properties",
"description": "Chavin project",
"ownershipPercentage": 100,
"value": 41048,
"notes": "100% owned, 11 sq km. Subject to 0.5% NSR to International Royalty Corporation."
},
{
"type": "Mineral/Resource Properties",
"description": "San Martin project",
"ownershipPercentage": 100,
"value": 34529,
"notes": "100% owned, 2 sq km. Subject to 0.5% NSR to International Royalty Corporation."
},
{
"type": "Mineral/Resource Properties",
"description": "Soledad project",
"ownershipPercentage": 100,
"value": 287064,
"notes": "100% owned, 3 concessions. Under definitive agreement with a Peruvian purchaser for option to acquire 100% for US$3,000,000 payable over 3 years. Company retains 1% NSR royalty."
},
{
"type": "Mineral/Resource Properties",
"description": "Huiñac Punta project",
"ownershipPercentage": 100,
"value": 891587,
"notes": "100% owned, 9 concessions totaling 74 sq km. Subject to 0.5% NSR to International Royalty Corporation."
},
{
"type": "Mineral/Resource Properties",
"description": "Andrea project",
"ownershipPercentage": 100,
"value": 54384,
"notes": "100% owned, 22 sq km."
},
{
"type": "Mineral/Resource Properties",
"description": "Cobreorco project",
"ownershipPercentage": 100,
"value": 276646,
"notes": "100% owned, approximately 50 sq km. Subject to option and joint venture agreement with Teck Perú S.A."
},
{
"type": "Mineral/Resource Properties",
"description": "Rio Bravo project",
"ownershipPercentage": 100,
"value": 38855,
"notes": "100% owned, 20 sq km."
}
],
"shareStructure": {
"authorizedShares": "Unlimited",
"issuedShares": 150138141,
"classesOfShares": ["Common shares"],
"warrants": [
{
"number": 4379166,
"exercisePrice": 0.15,
"expiryDate": "2028-05-08"
},
{
"number": 137466,
"exercisePrice": 0.12,
"expiryDate": "2027-05-08"
}
],
"options": [
{
"number": 4162500,
"exercisePrice": 0.11,
"expiryDate": "2027-12-05"
},
{
"number": 1000000,
"exercisePrice": 0.15,
"expiryDate": "2029-04-15"
},
{
"number": 500000,
"exercisePrice": 0.12,
"expiryDate": "2030-06-17"
},
{
"number": 2500000,
"exercisePrice": 0.2,
"expiryDate": "2030-06-17"
}
],
"rightsConvertibleInstruments": "Performance Share Units (PSUs): 2,000,000 PSUs granted, 250,000 vested immediately, 750,000 vest upon milestones, 500,000 vest on April 10, 2026, and 500,000 vest on April 10, 2027."
},
"managementCompensation": {
"currency": "CAD",
"periods": {
"nineMonthsEndedNovember302025": {
"managementFees": 251936,
"managementFeesCapitalizedToMineralProperties": 56361,
"managementStockBasedCompensation": 182523,
"total": 490820
},
"nineMonthsEndedNovember302024": {
"managementFees": 266335,
"managementFeesCapitalizedToMineralProperties": 61536,
"managementStockBasedCompensation": 46781,
"total": 374652
}
},
"namedIndividuals": [],
"otherRelatedPartyTransactions": [
{
"counterparty": "Directors or officers of the Company",
"description": "Professional fees",
"amount": 73335,
"period": "Nine months ended November 30, 2025"
},
{
"counterparty": "Directors or officers of the Company",
"description": "Accounts payable and accrued liabilities due",
"amount": 170537,
"period": "As at November 30, 2025"
}
]
},
"subsequentEvents": [
{
"eventDate": null,
"description": "Received US $500,000 per the terms of the Definitive Agreement for the Soledad project.",
"impactValue": 500000
},
{
"eventDate": null,
"description": "200,000 stock options were exercised at $0.11 for gross proceeds of $22,000.",
"impactValue": 22000
}
]
}
]
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May 29, 2026 · 07:30