Condor Resources Signs Letter of Intent to Sell Soledad Project
Condor Resources (TSXV:CN) has announced that its Peruvian subsidiary has entered into a non-binding Letter of Intent to sell its Soledad project in Ancash, Peru to a Peruvian company. The total consideration for the sale is US$3 million, to be paid over 36 months, including an initial deposit of US$100,000, US$500,000 upon definitive agreement execution, and US$2.4 million in quarterly payments.
Upon completion, Condor will retain a 1% Net Smelter Returns (NSR) royalty. The purchaser will have a 75-day exclusivity period for due diligence and will be able to commence exploration activities immediately through a Cesión Minera agreement. The company plans to focus on advancing exploration at its Pucamayo and Huinac Punta projects.
Condor Resources (TSXV:CN) ha annunciato che la sua filiale peruviana ha stipulato una Lettera di Intenti non vincolante per la vendita del suo progetto Soledad ad Ancash, Perù a una società peruviana. Il prezzo totale della vendita è di 3 milioni di dollari USA, da corrispondere in 36 mesi, comprensivo di un deposito iniziale di 100.000 dollari, 500.000 dollari al momento della firma dell'accordo definitivo e 2,4 milioni di dollari in pagamenti trimestrali.
Al completamento della vendita, Condor manterrà una royalty dell'1% sul Net Smelter Returns (NSR). L'acquirente avrà un periodo di esclusiva di 75 giorni per la due diligence e potrà iniziare immediatamente le attività di esplorazione tramite un accordo di Cesión Minera. La società intende concentrare gli sforzi sull'avanzamento dell'esplorazione nei suoi progetti Pucamayo e Huinac Punta.
Condor Resources (TSXV:CN) ha anunciado que su subsidiaria peruana ha firmado una Carta de Intención no vinculante para vender su proyecto Soledad en Ancash, Perú a una empresa peruana. La contraprestación total por la venta es de 3 millones de dólares estadounidenses, pagaderos en 36 meses, incluyendo un depósito inicial de 100,000 dólares, 500,000 dólares al firmar el acuerdo definitivo y 2.4 millones de dólares en pagos trimestrales.
Al completarse la venta, Condor conservará una regalía del 1% sobre los Net Smelter Returns (NSR). El comprador tendrá un período de exclusividad de 75 días para la debida diligencia y podrá comenzar inmediatamente las actividades de exploración mediante un acuerdo de Cesión Minera. La empresa planea centrarse en avanzar la exploración en sus proyectos Pucamayo y Huinac Punta.
Condor Resources (TSXV:CN)는 페루 자회사가 페루 회사에 페루 안카시 지역의 Soledad 프로젝트를 매각하기 위한 구속력 없는 의향서에 서명했다고 발표했습니다. 매각 총 대금은 미화 300만 달러로, 36개월에 걸쳐 지급되며, 초기 보증금 10만 달러, 최종 계약 체결 시 50만 달러, 그리고 분기별 240만 달러 지급이 포함됩니다.
거래 완료 후 Condor는 순 제련 수익(Net Smelter Returns, NSR) 1% 로열티를 보유하게 됩니다. 구매자는 실사 기간으로 75일간의 독점권을 가지며, Cesión Minera 계약을 통해 즉시 탐사 활동을 시작할 수 있습니다. 회사는 Pucamayo 및 Huinac Punta 프로젝트의 탐사 진전에 집중할 계획입니다.
Condor Resources (TSXV:CN) a annoncé que sa filiale péruvienne a conclu une lettre d'intention non contraignante pour la vente de son projet Soledad à Ancash, Pérou à une société péruvienne. La contrepartie totale de la vente s'élève à 3 millions de dollars US, payable sur 36 mois, incluant un acompte initial de 100 000 dollars, 500 000 dollars à la signature de l'accord définitif, et 2,4 millions de dollars en paiements trimestriels.
À l'issue de la transaction, Condor conservera une redevance de 1 % sur le Net Smelter Returns (NSR). L'acheteur disposera d'une période d'exclusivité de 75 jours pour la due diligence et pourra commencer immédiatement les activités d'exploration via un accord de Cesión Minera. La société prévoit de concentrer ses efforts sur l'avancement de l'exploration de ses projets Pucamayo et Huinac Punta.
Condor Resources (TSXV:CN) hat bekannt gegeben, dass seine peruanische Tochtergesellschaft eine unverbindliche Absichtserklärung zum Verkauf ihres Soledad-Projekts in Ancash, Peru an ein peruanisches Unternehmen unterzeichnet hat. Die Gesamtsumme für den Verkauf beträgt 3 Millionen US-Dollar, zahlbar über 36 Monate, einschließlich einer Anzahlung von 100.000 US-Dollar, 500.000 US-Dollar bei Unterzeichnung der endgültigen Vereinbarung und 2,4 Millionen US-Dollar in vierteljährlichen Raten.
Nach Abschluss behält sich Condor eine 1% Net Smelter Returns (NSR) Lizenzgebühr vor. Der Käufer erhält eine 75-tägige Exklusivitätsfrist für die Due Diligence und kann sofort mit Erkundungsarbeiten über eine Cesión Minera-Vereinbarung beginnen. Das Unternehmen plant, sich auf die Weiterentwicklung der Exploration bei seinen Projekten Pucamayo und Huinac Punta zu konzentrieren.
- Sale will generate US$3 million in cash proceeds over 36 months
- Company retains 1% NSR royalty on future production
- Transaction allows company to focus on core projects without dilution
- Purchaser can commence exploration immediately through Cesión Minera agreement
- Extended payment period of 36 months creates collection risk
- Transaction is subject to due diligence and regulatory approvals
- Company divesting a potentially valuable asset in Peru
VANCOUVER, BC / ACCESS Newswire / June 26, 2025 / Condor Resources Inc. ("Condor" or the "Company") (TSXV:CN) is pleased to announce that its Peruvian subsidiary, Condor Exploration Perú S.A.C. ("Condor Peru"), has entered into a non-binding Letter of Intent ("LOI") with a Peruvian company (the "Purchaser") to sell a
Under the terms of the LOI, Condor Peru will grant Purchaser an exclusive option to acquire the three mineral concessions comprising the Soledad project over a 36-month period. In parallel, a Cesión Minera agreement will allow the Purchaser to immediately commence exploration activities on the project.
The total consideration payable by the Purchaser for the purchase of the Soledad project is US
US
$100,000 upon execution of the LOI (the "First Deposit");US
$500,000 upon execution of the definitive Mining Assignment and Option Agreement (the "Definitive Agreement"); andUS
$2,400,000 in twelve quarterly payments of US$200,000 each over three years.
Signing of the Definitive Agreement is targeted within 75 days. The Purchaser may accelerate payments at its discretion, but the Purchaser may extract and sell products from the Property for the purpose of earning revenues only after the Option has been exercised. Upon exercise of the option, Condor Peru will also be granted a
The First Deposit secures a 75-day exclusivity period for the Purchaser to complete legal and technical due diligence, during which Condor Peru will provide access to all project data and materials. The First Deposit can be applied toward the purchase price, be non-refundable or be refundable in Condor shares, depending on the results of the due diligence and whether a Definitive Agreement is signed.
Chris Buncic, President and CEO of Condor, commented, "We are very pleased to have reached this agreement with the Purchaser. This proposed transaction allows Condor to limit dilution and instead focus on its core opportunities of advancing exploration programs at its highly prospective Pucamayo and Huinac Punta projects."
The transaction is subject to completion of due diligence, final documentation, and receipt of all necessary regulatory approvals.
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 Offering.
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
What is the total value of Condor Resources' Soledad project sale?
How will the payment structure work for Condor Resources' Soledad sale?
What royalty will Condor Resources retain from the Soledad project sale?
What are Condor Resources' plans after selling the Soledad project?
When will the Soledad project sale be finalized?
