Condor Resources Ends Agreement on Soledad Project

Condor Resources Inc. has terminated its agreement with Chakana Copper Corp. regarding the acquisition of the Soledad concessions in Peru. Chakana failed to meet financial obligations, including a $1,000,000 payment due in June 2024. Despite multiple amendments to the agreement since 2017, Condor was unable to secure revised terms beneficial to both parties.

Chakana had undertaken significant exploration, leading to a NI43-101 compliant resource estimate. However, several high-grade targets remain unexplored. As a result, Condor will resume control of the project, aiming to enhance value for its shareholders.

Under the agreement, Chakana will transfer all exploration data and handle environmental responsibilities. Subsequently, Condor will issue a 1% NSR Royalty to Chakana on the Soledad concessions and a surrounding area.