- Condor Resources (TSXV:CN) is set to sell its Soledad project in Peru for US$3 million over 36 months.
- The company retains a 1% Net Smelter Returns (NSR) royalty on future production.
- The sale allows focus on core projects, Pucamayo and Huinac Punta.
Condor Resources Inc. (TSXV:CN) has entered a non-binding Letter of Intent (LOI) with a Peruvian company to sell its Soledad project located in Ancash, Peru. The total consideration for the transaction is US$3 million, to be received over the course of 36 months.
The payment structure consists of an initial deposit of US$100,000, US$500,000 upon execution of the definitive agreement, and the remaining US$2.4 million through twelve quarterly payments of US$200,000. The buyer is granted a 75-day exclusivity period for due diligence, with permission to start exploration activities immediately under a Cesión Minera agreement.
Upon completion of the sale, Condor Resources will retain a 1% NSR royalty, aligning with their strategy to mitigate dilution while focusing on key exploration projects such as Pucamayo and Huinac Punta.
Chris Buncic, President and CEO of Condor, expressed satisfaction with the agreement, as it positions Condor to capitalize on its core opportunities. The transaction remains subject to due diligence, regulatory approvals, and final documentation.
