Condor Resources (TSXV:CN) has recently undergone significant strategic and leadership changes. We sat down with the team at Condor to take a look at these developments, understand their new plans for key projects, and get a clearer picture of what lies ahead for the company.

Shifting Focus to High-Quality Gold Projects

Condor Resources has a history of exploration success in Peru, leveraging a strong geological team and excellent community relationships. Recently, the company has shifted its focus to high-quality gold projects. When asked about the strategic rationale behind this shift, Condor explained, “For the past ten years, the company has operated as a project generator predominantly focused on exploration assets in Peru. Over the past several years, Condor has optioned or JV’d three of its major projects to partners who continue to advance them while Condor maintains an economic interest in each.” This strategy shift aligns with the potential seen in projects like Pucamayo and Huinac Punta, offering greater upside in developing these projects internally rather than partnering with others.

Leadership Changes and Their Impact

The company has recently appointed a new CEO and welcomed back Dr. Quinton Hennigh to the board. On the influence of these leadership changes, the company stated, “The board had made the decision to shift direction towards a more traditional exploration and development model based on the perceived potential of these projects. The company continues to be open to partnerships on its other unoptioned properties as well as other corporate opportunities, and views this shift as more of an evolution in its strategy.”

Financial Position and Future Exploration Plans

Condor’s financial position has been bolstered by a payment from Element79 for the Lucero Project. Discussing this transaction, Condor mentioned, “The payment from Element 79 Gold was to get caught up from a prior obligation under their acquisition of the Lucero project. We are expecting further payments this year and in future which will be put towards our exploration activities and corporate costs. Historically, this has been a great method of limiting dilution for the company rather than accessing the equity markets.”

Exploration Highlights: Pucamayo and Other Projects

Pucamayo stands out as Condor’s flagship project in Peru. The company described its geological features and exploration results: “Pucamayo is a high to intermediate sulfidation epithermal target with two hydro-magmatic centres, with mineralization of gold, silver, and associated elevated values for lead, zinc, copper demonstrated in its 2023 drilling activities and through grab samples.” The extensive drilling and geochemical analysis have revealed a significant potential, particularly in the southern part of the project area.

Other notable projects include Huinac Punta and Andrea. Huinac Punta, a high-grade silver CRD-type target, has shown promising results with historical grab samples indicating high silver content. “Condor has done a great job in the past of communicating with our local partner communities and delivering on our commitments, so we continue to have their great support as we move through this process,” the company noted.

Andrea, a high sulfidation epithermal target, also holds promise. Condor highlighted, “It seems now, however, that the local community is interested in restarting discussions with us at the behest of the younger generation which is more open to resource exploration. This gives us again the opportunity to show them how Condor is a great partner and steward for the environments in which we operate.”

Criteria for Evaluating New Opportunities

Condor has a history of identifying and advancing high-quality projects. The company elaborated on their evaluation criteria: “In recent history, the company has been successful at identifying and securing projects that are geologically exciting through a low-cost means of staking directly and are generally unencumbered with respect to royalties or other factors.”

Condor remains optimistic despite market fluctuations. “Condor Resources has a diverse portfolio of projects that give it optionality for a number of different types of market. We have milestone cash payments and stock grants that come in through our prior transactions. All this together, Condor has a lot of flexibility in its decision making as well as many pathways for investment returns from any of its curated list of projects.”

The company has also emphasized their commitment to responsible mining practices: “Condor Resources has always been a leader in the area of ESG and sustainability in the mining exploration industry. These are conversations that are ongoing in nature, dialogues with the communities that continue through our activities and afterwards so that our plans are understood and clear and welcomed.”

Investors have several milestones to watch for in the coming months. Condor Resources mentioned, “Our DIA application at Pucamayo is expected in the coming months as is the completion of the Consulta Previa process at Huinac Punta that would enable us to start our activities. Also, with Teck Resources working through its own DIA at Cobreorco, the completion of that process would enable them to start drilling as well, which would be an excellent event for Condor given our presumed 25% interest in the project.”