Overview
The Condor Project is in the Zamora-Chinchipe province, one of Ecuador’s most developed and prolific mining regions, approximately 33 km south of the Fruta del Norte gold mine and 55 km south of the Mirador copper mine.
The project can be accessed via the national road network (5 km away) and daily air service to the City of Loja, a three-hour drive from the property.
Primary gold
Silver-Zinc-Lead by-products
13 YearsUnderground Operation2
620 koz Au @ 1.90 g/t
Indicated resources1
113 kozAnnual Gold Production3
1.97 Moz Au @ 2.03 g/t
Inferred resources 1
US$1,258 Au
LOM AISC4
- Camp & Los Cuyes deposits
- December 2025 Preliminary Economic Assessment
- Year 1-2 payable production
- All-in sustaining cost (AISC) per ounce of gold, net of by-product credits,
includes offsite costs, site operating costs, and sustaining capex costs
DEVELOPMENT PLAN
2025 Preliminary Economic Assessment (Project Scope)
| Item | Unit | Base Case |
|---|---|---|
| Gold Price | $/oz | 2,600 |
| Silver Price | $/oz | 31 |
| Total Mill Feed | Mt | 21.34 |
| Annual Processing Rate | Mtpa | 1.8 |
| Average Gold Grade1 | g/t | 2.15 |
| Average Silver Grade1 | g/t | 14.20 |
| Gold Recovery1 | % | 93.9 |
| Total Payable Gold | koz | 1,375 |
| Total Payable Silver | koz | 5,266 |
| Mine Life2 | Yrs | 13 |
| Average Annual Payable Equiv. Gold Metal over LOM | koz | 114 |
| Net Revenue | $M | 3,623 |
| Net Revenue Contribution from Gold | % | 93.4% |
| All-in Sustaining Costs3 | $/Oz AuEq | 1,359 |
| Initial Capital Costs | $M | 292 |
| Sustaining Capital Costs | $M | 382 |
| Payback Period (after-tax)4 | Yrs | 3 |
| Cumulative Net Cash Flow (after-tax) | $M | 865 |
| After-tax NPV (5%) | $M | 522 |
| After-tax IRR | % | 29 |
| NPV (5%) to Initial Capex Ratio | $:$ | 1.8 |
Notes
- LOM average.
- Excludes 2 years pre-production period.
- Based on World Gold Council June 27,2013 Press Release: “Guidance Note on Non-GAAP Metrics - All-In Sustaining Costs and All-in Costs”. All-In Sustaining Costs include offsite costs, site operating costs, and sustaining capex costs.
- The payback period is measured from the beginning of production after construction is completed.
CONDOR ADVANTAGES
- Mineralization at the same elevation as the development portal, allowing direct access without ramping, reducing ramp length and cost.
- Steeply dipping mineralization with good vertical and horizontal continuity; ~1/3 of ROM above main haulage level enables efficient haulage, ventilation, and services.
- Fair to good rock mass and thin saprolite (2–5 m) support high-production, low-cost longhole open stope mining.
- Mining will be contractor-operated, avoiding the need for company-owned fleet and sustaining capital.
- Test work shows >90% gold recovery via combined gravity, cyanidation, and flotation; rapid leaching and moderate cyanide use.
- Easily accessible, ~5 km from the national road network.
NEXT STEPS
CONDOR ADVANTAGES
- The Company advanced an environmental impact assessment (EIS) in 2025 for a new permit enabling small-scale underground mining.
- The EIS is approved by the Ministry of Environment (MAE), and the Company is conducting the Participation Process of Citizens (PPC) with local communities.
- The PPC is expected to be complete mid 2026, after which the environmental permit for underground development will be issued.
UNDERGROUND DEVELOPMENT
- Once the permit is granted, underground access tunnels will be developed into the Camp and Los Cuyes deposits.
- Tunnels will support drilling to upgrade resources and explore extensions, feeding pre-feasibility and feasibility studies.
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