Location & access

Located within one of the most developed trends in Ecuador, near large-scale operations such as the Fruta del Norte gold mine (33 km north) and the Mirador copper mine (55 km north).

Zamora-Chinchipe province is serviced twice daily by air from the City of Loja, a three-hour drive from the property. Access is by paved highways via the provincial capital of Zamora and 30 km east to the village of Zumbi. From Zumbi ~35 km of gravel road passes through several villages with a variety of services before arriving to the property.

Target areas

The Condor deposits are hosted in a Cretaceous volcanic complex of diatremes and rhyolite/dacite intrusives crosscutting the Zamora batholith granodiorite of Jurassic age. The Project consists of the following known deposits in the northern area:

• Los Cuyes: Gold is hosted in a volcanic diatreme which crosscuts a granodiorite batholith. The diatreme, with a dimension of 450m in NE-SW x 300m in NW-SE x 350m depth comprises phreatomagmatic breccias, tuff and sediments, all of which are cross-cut by NW and NE striking dykes of rhyolite and dacite. Gold mineralization mostly occurs in subvertical vein structures containing pyrite and sphalerite with minor amounts of galena and chalcopyrite. The vein-like mineralisation primarily occurs along the contact zones of intrusive dykes with the surrounding volcanics and Granodiorite batholith. In addition, gold is also associated with sulfide dissemination occurring in rhyolitic tuff units, resulting in wide sub-horizontal zones of gold mineralization.
• Camp: Gold mineralization occurs within veins of pyrite/sphalerite and is controlled by NW striking rhyolite dykes at shallow levels, as well as crypto intrusive domes of rhyolite at depth. Gold mineralization remains open beyond a depth of 700 metres based on existing drill data.
• Soledad: Gold mineralization is associated with pyrite/sphalerite replacement of feldspar grains (patchy) or veins hosted in a rhyodacite porphyry. At San Jose, gold mineralization consists of sphalerite-rich veins hosted in phreatomagmatic breccia.
• Guaya: Gold mineralization is associated with pyrite-sphalerite veins hosted in a rhyo-dacite porphyry.
• Enma: Gold mineralization occurs within veins of pyrite/sphalerite hosted in the rhyolitic breccia along the contact between dacitic tuff and granodiorite batholith.

Next steps

The Company will undertake a 3,500-metre surface drilling program over 10 holes at Los Cuyes and Camp commencing in May 2025 to test several areas where the Company sees exploration potential:

• Broad zones of sub-horizontal disseminated gold mineralization which occur within the rhyolitic tuffs at Los Cuyes.
• Contact zone of crypto rhyolite domes with batholith granodiorite for wide mineralization at Camp.
• Region between the Camp and Los Cuyes deposits.
• Gap area between Camp and Soledad, testing for potential connection of NW trending mineralized structures across the two deposits and for potential strike extension of NW trending mineralized structures.
• Gap between the Los Cuyes and Enma deposits for potential strike extension of NW trending mineralized structures.

With the MRE complete, the Company plans to publish a PEA by the end of 2025 for an underground operation. In addition, the Company will continue to advance necessary permits and community agreements required to develop exploration tunnels into the higher grade zones, which will inform a possible feasibility study which would follow the PEA.

Resources

Condor Underground Mineral Resource as at February 28, 2025 (cutoff grade AuEq 2.2 g/t)

Condor Open Pit Mineral Resource as at February 28, 2025

Source:  Condor News Release dated May 12, 2025.

Notes:

• Mineral resources are reported in relation to a conceptual pit shell for Soledad and Enma, and above an underground extraction economic cut off value for Camp and Los Cuyes. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate.
• AuEq equivalent formulas by deposits using a gold price of US$2,200/oz, silver price of US$27/oz, zinc price of US$2,650/t and lead price of US$1,950/t.

- Camp = Au g/t + Ag g/t * 0.0076 + Zn %* 0.1643 + Pb% * 0.0976.

- Los Cuyes = Au g/t + Ag g/t * 0.0092 + Pb% * 0.1515.

- Soledad = Au g/t + Ag g/t * 0.0109.

- Enma = Au g/t + Ag g/t * 0.0111.

• Numbers may not compute exactly due to rounding.

Qualified Person

The MRE and data verification were completed by SRK. Mr. Mark Wanless, Pr.Sci.Nat, Principal Geologist with SRK, is the qualified person (as defined in NI 43-101) for the purposes of the MRE. The scientific and technical information contained in this news release has been reviewed and approved by the qualified person. The qualified person has verified the information disclosed herein using standard verification processes, including the sampling, preparation, security and analytical procedures underlying such information, and is not aware of any significant risks and uncertainties or any limitations on the verification process that could be expected to affect reliability or confidence in the information discussed herein.

Resources

Condor Underground Mineral Resource as at February 28, 2025 (cutoff grade AuEq 2.2 g/t)

Condor Open Pit Mineral Resource as at February 28, 2025

Source:  Condor News Release dated May 12, 2025.

Notes:

• Mineral resources are reported in relation to a conceptual pit shell for Soledad and Enma, and above an underground extraction economic cut off value for Camp and Los Cuyes. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate.
• AuEq equivalent formulas by deposits using a gold price of US$2,200/oz, silver price of US$27/oz, zinc price of US$2,650/t and lead price of US$1,950/t.

- Camp = Au g/t + Ag g/t * 0.0076 + Zn %* 0.1643 + Pb% * 0.0976.

- Los Cuyes = Au g/t + Ag g/t * 0.0092 + Pb% * 0.1515.

- Soledad = Au g/t + Ag g/t * 0.0109.

- Enma = Au g/t + Ag g/t * 0.0111.

• Numbers may not compute exactly due to rounding.

Qualified Person

The MRE and data verification were completed by SRK. Mr. Mark Wanless, Pr.Sci.Nat, Principal Geologist with SRK, is the qualified person (as defined in NI 43-101) for the purposes of the MRE. The scientific and technical information contained in this news release has been reviewed and approved by the qualified person. The qualified person has verified the information disclosed herein using standard verification processes, including the sampling, preparation, security and analytical procedures underlying such information, and is not aware of any significant risks and uncertainties or any limitations on the verification process that could be expected to affect reliability or confidence in the information discussed herein.