Condor and Element79 Restructure Lucero Project Payment Terms

Condor Resources Inc. has announced a restructuring agreement with Element79 Gold Corp. concerning the payment terms for the Lucero project in Peru. Element79, via Calipuy Resources Inc., is set to acquire shares in Minas Lucero del Sur S.A.C., which owns the Lucero project. This agreement supersedes the previous Purchase and Sale Agreement from December 2020.

Under the revised terms, Element79 will settle an overdue payment of US$1,100,000 by providing a US$100,000 deposit upon signing and a US$1,000,000 payment by August 25, 2026. The remaining payment will follow either a single US$4,050,000 transaction by July 2027 or a series of milestone-linked payments totaling US$6,000,000 through to 2033.

This agreement ensures Condor maintains security over Element79's obligations, allowing Condor to focus on its Peruvian exploration portfolio, including the Pucamayo and Huiñac Punta projects. Chris Buncic, CEO of Condor, emphasized the clarity and security brought by the new terms.