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

Rhea-AI Summary

Condor Resources (OTC: CNRIF) announced receipt of the Initiation of Activities (IA) permit for its Cobreorco copper-gold project in Apurímac, Peru, clearing the way for exploration drilling.

Teck Perú will commence a 3,500-metre diamond drill program in June 2026 (six priority holes). The project has an approved DIA (June 2025), a water permit from ANA, extensive 2025 geophysical work, and option terms allowing Teck Perú to earn up to 75% interest through staged expenditures and cash payments.

Positive

• IA permit received allowing drilling to commence
• 3,500-metre drill program planned for June 2026
• DIA approved in June 2025 and water permit secured
• 2025 geophysical surveys covered ~70% and 20 line-km IP

Negative

• Teck can earn 55% by incurring US$4.0M and US$500k cash
• Teck may increase to 75% with additional US$6.0M and US$600k cash
• Finder's fee includes issuance of 150,000 common shares

News Market Reaction – CNRIF

+42.50%

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+42.50% News Effect

On the day this news was published, CNRIF gained 42.50%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

VANCOUVER, BC / ACCESS Newswire / March 10, 2026 / Condor Resources Inc. ("Condor" or the "Company") (TSXV:CN) is pleased to announce that its Cobreorco copper-gold project in Apurímac, Peru, has received the Initiation of Activities ("IA") permit from the Peruvian Ministry of Energy and Mines ("MEM"), the final permit required to commence exploration drilling at the project.

Cobreorco is being advanced pursuant to Condor's option and joint venture agreement with Teck Perú S.A. ("Teck Perú"), a subsidiary of Teck Resources Limited. Following receipt of the IA permit, Teck Perú is expected to commence a 3,500-metre diamond drilling program in June 2026, consisting of six priority holes designed to test a compelling copper-gold skarn and porphyry target defined through geophysical, geochemical and geological work completed in 2025.

Chris Buncic, President and CEO of Condor, commented: "The receipt of the IA permit is a major milestone for Cobreorco and an important step forward in unlocking the value of this project. Teck Perú have done an excellent job advancing Cobreorco through the technical, social and permitting work required to get to this point. We are excited to see drilling begin and believe that a successful program at Cobreorco has the potential to have a material positive impact for Condor shareholders."

During 2025, Teck Perú completed an extensive work program at Cobreorco that materially advanced the project toward drilling. This included ongoing engagement with local communities, technical field reviews to refine the geological model, and multiple geophysical and surface exploration surveys. Key work programs completed during the year included a radiometric survey over approximately 70% of the property, in-fill soil sampling, a ground gravimetric survey, and a 20 line-kilometer induced polarization survey. The results of this work were integrated into an updated geological and geophysical model, which was used to define the planned 2026 drill program.

In addition to the technical work, Teck Perú made significant progress on the project's permitting and social workstreams during 2025. The project's Declaración de Impacto Ambiental ("DIA") was approved in June 2025. Thereafter, Teck Perú advanced the required consultation and community engagement processes, culminating in support from the relevant communities for the proposed drilling activities. Teck Perú also received the project's water permit from the Autoridad Nacional del Agua ("ANA").

Figure 1: Geophysical surveys completed during 2025, including radiometric coverage, gravimetry stations, induced polarization lines, and the location of planned 2026 drill holes.

Figure 2: Integrated geophysical and geochemical anomalies defining the Cobreorco drill target, including proposed and contingent drill holes in the 2026 program.

Cobreorco comprises nine mineral concessions totaling approximately 5,100 hectares and is located in the Southern Peru Eocene Belt, approximately 175 kilometers southwest of Cusco. The project hosts copper-gold skarn and porphyry-style mineralization and is considered by management to represent a significant discovery opportunity.

As previously announced, under the terms of the agreement, Teck Perú has the option to earn an initial 55% interest in Cobreorco by incurring US$4 million in exploration expenditures and making US$500,000 in cash payments over a three-year period beginning on the permit date. Following exercise of the first option, Teck Perú may increase its interest to 75% by completing an additional US$6 million in exploration expenditures and making a further US$600,000 in cash payments.

Separately, the Company announces that, pursuant to a finder's fee agreement dated April 7, 2025, it will pay Hernán Barros Cruchaga a finder's fee in connection with the Company's sale of its Soledad property in Ancash, Peru. The finder's fee consists of US$3,000 in cash and 150,000 common shares of the Company, subject to acceptance by the TSX Venture Exchange.

Technical Disclosure

The scientific and technical information contained in this news release has been reviewed and approved by Dr. Quinton Hennigh, P.Geo., Ph.D., a Qualified Person as defined by National Instrument 43-101 and a Director of Condor Resources Inc.

About Condor Resources Inc.

Condor Resources is a precious and base metals exploration company focused on its portfolio of projects in Peru. The Company's flagship project, Pucamayo, is an 85 km² property containing a high sulfidation epithermal system with disseminated precious metals mineralization with a large lithocap alteration visible at surface. The Huiñac Punta project, a 7,200 Ha property in Huanuco, Peru, has the potential to host a large carbonate replacement style (CRD) silver-dominant polymetallic mineralized body with the potential for discovery of a bulk tonnage silver and base metals deposit. The Company has also optioned the Cobreorco project which targets gold-copper skarn and porphyry-style mineralization to a subsidiary of Teck Resources Limited. The Company's award-winning exploration team in Peru has a long history of success in discovering and advancing high quality exploration projects and managing the social aspects of its exploration activities.

For more information, please visit the Company's website at www.condorresources.com.

Follow Condor Resources (@CondorResources) on X and (@condor-resources) on LinkedIn.

ON BEHALF OF THE BOARD

Chris Buncic
President & Chief Executive Officer

For further information please contact the Company at 1-866-642-5707, or by email at info@condorresources.com

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements include, but are not limited to the Company's expectations with respect to the use of proceeds raised under the sale.

Although the Company believes that the expectations reflected in applicable forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties, including risks associated with the business of mineral exploration and development; continued availability of capital and financing; general political and economic conditions, fluctuations in metal prices and other market-related risks, including any volatility in the Company's share price, that may cause actual results, performance or developments to differ materially from those contained in such statements. Therefore, readers are cautioned not to place undue reliance on forward-looking statements and forward-looking information. Condor does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future or otherwise, except as required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

SOURCE: Condor Resources Inc.

View the original press release on ACCESS Newswire

FAQ

When will Condor (CNRIF) start drilling at Cobreorco and how large is the program?

Drilling is expected to begin in June 2026 with a 3,500-metre program across six priority holes. According to the company, holes are designed to test integrated geophysical and geochemical copper-gold targets defined by 2025 field work.

What permits did Condor (CNRIF) secure to enable exploration at Cobreorco?

Condor secured the final Initiation of Activities (IA) permit, an approved DIA (June 2025), and a water permit from ANA. According to the company, these permits complete permitting and allow drilling to proceed under local consultation.

What earn-in terms does Teck Perú have for Cobreorco under the CNRIF option agreement?

Teck Perú can earn an initial 55% by spending US$4.0M and paying US$500,000 over three years, then increase to 75% with an additional US$6.0M and US$600,000. According to the company, payments and expenditures are staged post-permit.

How did 2025 exploration work inform the 2026 drill targets for Cobreorco (CNRIF)?

An integrated program of radiometrics (≈70% coverage), in-fill soils, ground gravimetry and a 20 line-km IP survey defined drill targets. According to the company, the 2025 data were used to update geological and geophysical models guiding the 2026 holes.

What shareholder impact does the Soledad finder's fee announcement have for Condor (CNRIF)?

The finder's fee is US$3,000 cash plus 150,000 common shares, subject to TSXV acceptance. According to the company, issuance of shares will dilute existing holders modestly if approved by the exchange.