Condor

Overview

Condor is located in one of Ecuador's most developed mining regions, 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.

Primary gold
Silver by-product

0.34 Moz Au @ 3.32 g/t Indicated 2025 underground resources

1.38 Moz Au @ 3.55 g/t
Inferred 2025 underground resources

Target Areas

The Condor deposits are hosted in a Cretaceous volcanic complex of diatremes and rhyolite/dacite intrusives, which crosscut the Jurassic-age Zamora batholith granodiorite. The Project consists of the Los Cuyes, Camp, Soledad, Guaya and Enma deposits located in the northern area.

Exploration Tunnels Permitting

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

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

Technical

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.