Condor and Element79 Reschedule Payment Terms for Lucero Project

Condor Resources Inc. announced an agreement with Element79 Gold Corp. to restructure a due payment of US$375,000 for the Lucero project, initially set for March 31, 2024. This payment is part of the acquisition deal for Condor's subsidiary, Minas Lucero del Sur S.A.C., by Element79's owned company Calipuy Resources Inc.

The revised settlement will see Element79 making an initial payment of US$100,000 in cash, followed by US$200,000 upon the completion of their Maverick Springs project sale expected by June 2024. Additionally, US$75,000 will be covered through the issuance of Element79 units at $0.23 Cdn each. A further US$10,000, also in Element79 units, along with US$20,000 in cash, will be added for the renegotiation of terms, to be paid along with the second installment.

Condor remains focused on exploring significant metal deposits in Peru, leveraging a project generator and royalty strategy to sustain exploration efforts with minimal shareholder equity dilution. This strategic financial maneuver demonstrates both companies' adaptability in advancing their respective project portfolios.