Condor Resources Inc. (TSX-V:CN, OTC:CNRIF) announced that it has agreed with Element79 Gold to restructure the December 2024 payment obligation for the Lucero project in Peru.
"Element79 is making good progress at the Lucero project, and we remain supportive of their efforts to restart operations at the project while maintaining strong relationships with the local community and artisanal mining group,” Condor Resources CEO Chris Buncic said in a statement.
“We look forward to their continued success in 2025."
The Peru-focused precious metals explorer said the payment, increased from $1 million to $1.1 million, is now due by the end of June 2025.
As security, Element79 has pledged 1.75 million shares of Sun Silver Limited, an ASX-listed company, with restrictions until May 2025. This pledge supplements but does not solely guarantee the payment.
Condor also announced it will cancel a previously planned private placement, opting to explore alternative financing opportunities in 2025.