Condor Resources signs LOI to sell Soledad Project for $3M, retains royalty interest
2Condor Resources CEO Chris Buncic joined Steve Darling from Proactive to announce that the company has signed a non-binding Letter of Intent (LOI) with a Peruvian buyer for the proposed sale of its 100% interest in the Soledad project, located in Ancash, Peru, for a total consideration of $3 million USD.
Under the terms of the LOI, the purchaser will be granted an exclusive 36-month option to acquire all three mineral concessions that comprise the Soledad project. As part of the agreement, Condor will also sign a Cesión Minera, allowing the buyer to begin exploration activities immediately—without waiting for the final transfer of ownership.
If the option is exercised, Condor Peru will retain a 1% Net Smelter Returns (NSR) royalty, ensuring continued exposure to the project’s upside. The purchaser will also take over the existing 1% NSR royalty obligation payable to Chakana Resources S.A.C., effectively consolidating all royalty interests under the new ownership.
Buncic also share with Proactive this deal will allow Condor to realize value from Soledad while avoiding shareholder dilution and refocusing our capital and efforts on its core projects, Pucamayo and Huinac Punta.
The Soledad transaction aligns with Condor’s ongoing efforts to monetize non-core assets and redirect resources toward advancing its priority exploration targets in Peru. The company sees Pucamayo and Huinac Punta as offering superior discovery potential and scalability.
With a strengthened balance sheet and a streamlined portfolio, Condor Resources is positioning itself to deliver meaningful exploration results from its more prospective holdings—while still maintaining future upside through retained royalty interests in Soledad.
#proactiveinvestors #condorresourcesinc #tsxv #cn #MiningUpdate #PucamayoProject #CopperExploration #SoledadProject #HuiñacPunta #Pucamayo #MiningInvesting #JuniorMining #GoldExploration #MiningNews #ResourceSector