Condor Resources Confirms Receipt of Initiation of Activities Permit for Cobreorco and Announces 3,500 Metre Drill Program

The most recent news (March 10, 2026) confirms that Condor has received the "Initiation of Activities" (IA) permit for its Cobreorco copper-gold project in Peru. This is the final regulatory requirement needed to begin physical exploration. Consequently, partner Teck Peru (a subsidiary of Teck Resources) has scheduled a 3,500-metre diamond drilling program to commence in June 2026. The program will target copper-gold skarn and porphyry signatures identified during 2025 geophysical and geochemical surveys.

This news is a significant de-risking event. - Operational Impact: The transition from "permitting" to "drilling" is the most critical phase for an exploration company. Having a major partner like Teck Resources fund the $4M-$10M exploration spend protects Condor from massive dilution while maintaining a 25-45% interest in a potential Tier-1 discovery. - Financial Impact: The IA permit triggers the timeline for Teck’s earn-in requirements, which include US$500,000 in cash payments to Condor over the next three years. - Strategic Alignment: This follows the successful US$3M sale of the Soledad project (Dec 2025), which provided immediate liquidity. Condor is now fully funded for its own 100%-owned projects (Huinac Punta and Pucamayo) while a major miner carries the cost at Cobreorco.

Condor Resources is a Peru-focused explorer utilizing a "project generator" model. - Flagship Project (Partnered): Cobreorco (Copper-Gold). A 5,100-hectare skarn/porphyry target under option to Teck Resources. - Flagship Project (100% Owned): Huinac Punta. A silver-rich carbonate replacement system (CRD) with "bonanza" surface chips (up to 4,115 g/t Ag). - Secondary Project: Pucamayo (Gold-Silver). An epithermal system currently facing permitting hurdles at the Southeast zone but ready for Phase 2 drilling at the East zone.