A partner-led model in Peru

Condor Resources Inc. (TSXV:CN) is increasingly relying on partners and project sales, rather than its own balance sheet, to advance its Peruvian portfolio. As of 4 November 2026, its flagship copper-gold drilling at Cobreorco is being funded by Teck Perú under an option and joint venture arrangement, and the company has also secured an environmental permit for drilling at Pucamayo. Alongside this, it has restructured payment terms for its Lucero project with Element79 Gold and closed the sale of its Soledad project. The thin cash position shown in its latest reported figures explains why that approach matters.

Condor is a Vancouver-based exploration company, incorporated in 2003, that acquires and explores mineral properties in Peru, mainly for gold, silver and copper. Its shares trade on the TSX Venture Exchange under the symbol CN and over the counter in the United States as CNRIF. It has no Revenue and pays no dividend.

Index status and market profile

The shares were at C$0.14 on 9 October 2026, giving a Market Value of about C$21.3 million on 151.94 million shares. The 52-week range was C$0.115 to C$0.245. The shares were down about 16% for the year to date, with Average Daily Volume of roughly 20,000 shares over 90 days, which suggests thin trading.

Cobreorco: Teck's option and the drill programme

Cobreorco is a copper-gold project of about 5,100 hectares across nine concessions in Apurímac, in the Southern Peru Eocene Belt, roughly 175 kilometres south-west of Cusco. Condor sees potential for copper-gold skarn and porphyry-style mineralisation. On 10 March 2026 the company announced that Peru's Ministry of Energy and Mines had issued the Initiation of Activities permit, which it described as the final permit needed to begin drilling. The environmental impact declaration had been approved in June 2025, and Teck Perú had obtained a water permit.

The March release said Teck Perú was expected to begin a 3,500-metre, six-hole diamond drilling programme in June 2026, targeting anomalies defined by radiometric, soil, gravity and induced polarisation surveys carried out in 2025. On 29 May 2026 Condor announced that drilling would commence. No drill results had yet been reported.

The option terms are significant for Condor's funding. Teck Perú can earn an initial 55% interest by spending US$4 million on exploration and paying US$500,000 in cash over three years from the permit date, and can increase its stake to 75% by spending a further US$6 million and paying an additional US$600,000. In effect, Condor trades majority ownership for funded drilling and cash payments that help cover overheads.

Pucamayo, Huiñac Punta, Lucero and Soledad

Pucamayo, which Condor describes as its flagship, is an 85-square-kilometre high-sulphidation epithermal system. On 31 August 2026 the company reported receiving an environmental permit (DIA) for drilling there from the ministry's environmental affairs directorate. No drilling timetable has been given, and further permits or community agreements may still be needed before work starts.

Huiñac Punta is a 7,200-hectare property in Huánuco that the company considers prospective for a silver-dominant carbonate replacement deposit. At Lucero, Condor and Element79 Gold announced restructured terms on 10 August 2026.

Condor closed the sale of Soledad, held through its Subsidiary Condor Exploration Perú S.A.C., on 15 December 2025. A TSX Venture Exchange bulletin dated 1 April 2026 recorded acceptance of a finder's fee linked to the Soledad transaction, payable as US$3,000 in cash plus 150,000 common shares at C$0.225 per share.

Latest financials and funding

Condor's financial year ends in late February. Reported figures show a net loss of about C$1.47 million for the year ended 28 February 2026, compared with about C$4.74 million a year earlier; the operating loss in that earlier year was only about C$1.56 million, implying sizeable non-operating items. For the twelve months to 31 August 2026, the net loss was about C$0.76 million and the operating loss about C$1.65 million.

The Balance Sheet points to the main pressure. Cash and short-term investments were about C$0.18 million at 28 February 2026 and only about C$0.01 million at 31 August 2026. Total Assets were about C$6.36 million, mostly mineral property interests, against liabilities of about C$0.39 million, and no Debt was reported. Shareholders' Equity was about C$5.97 million.

With so little cash, Condor's ability to meet corporate costs depends on option payments from partners, any receipts from Lucero or Soledad, and potentially new equity.

Industry conditions

Peru is one of the world's largest copper producers, and interest in copper exploration has been supported by expectations of Demand from electrification and grid investment. Majors such as Teck use option deals to gain early access to discoveries. Gold and silver prices also shape sentiment towards Condor's epithermal and carbonate replacement targets. Exploration in Peru can, however, be slowed by permitting, community relations and periodic political uncertainty.

Risks and milestones

The key risks are funding and dilution, given the very low reported cash balance; dependence on Teck's decisions at Cobreorco, since the partner controls the pace of work and could withdraw from the option; exploration risk, as early drilling often fails to find economic mineralisation; uncertainty over the restructured Lucero payments; and thin trading in the shares.

The milestones to watch are assay results from the Cobreorco programme and whether Teck continues to fund the earn-in, the timing of any first drilling at Pucamayo following the August 2026 permit, details of the revised Lucero payment schedule, and any financing.