Condor Resources Inc.
Condor Resources Inc. (TSXV: CN, Vancouver-headquartered, incorporated 2003) is a project-generator exploring for gold, silver, copper and other precious/base metals across Peru, with 12 current targets at various stages of exploration. Its flagship is the Pucamayo project, alongside Chavin, Quriurqu, San Martin, Humaya, Huinac Punta, Andrea, Quilisane, Cobreorco and Cantagallo, among others; some properties are partnered/optioned to third parties.
Notable vs. Peers
- Financials score of 1.3/10 is weaker than the peer average of 5.3/10.
- Jurisdiction risk score of 5/10 is meaningfully riskier than the peer average of 7.8/10.
Lifecycle Milestones
Jurisdiction (40%)5/10
The Pucamayo project is in Peru, an established, mining-dependent jurisdiction with periodic community-access and permitting friction.
Infrastructure (40%)No verified figure
Researched with nothing found: no source we could cite confirms or rules out an existing mill, road access, grid power, or tailings facility at Pucamayo Project, Peru (checked Sep 30, 2026; recheck due Mar 29, 2027). Counts at a neutral 5/10 until one does.
Nearby producing mine (20%)Not yet researched
No project coordinates on file yet, so distance to a producing mine can't be measured.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score: Not yet researched
Distance not yet researched: no project coordinates on file
Distance can't be measured without coordinates, so excluded rather than counted as far.
Weight 22.5% - Lifecycle stageSub-score:1/10
Stage: Grassroots Exploration
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 57% here - JurisdictionSub-score:5/10
Peru: jurisdiction score 5/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 26% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 17% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Condor Resources Inc. generates and stakes exploration projects, then brings in joint-venture partners to fund the drilling in exchange for Condor retaining a carried interest, royalty, or reduced equity stake — spreading exposure across multiple projects while avoiding the shareholder dilution a self-funded drill program requires. The projects below are the company's own designated material/flagship JVs; only figures the company has actually disclosed are shown, nothing here is estimated.
| Project | Commodity | JV Partner | Retained | Partner Earn-In | Committed Spend | Spend Active | Stage |
|---|---|---|---|---|---|---|---|
Cobreorco Peru Teck Peru S.A., a subsidiary of Teck Resources Limited, holds an option and joint-venture agreement (signed Dec 2023) to earn a 55% interest in Condor's Cobreorco copper-gold project (Apurimac, Peru) by incurring US$4M in exploration expenditures and US$500K in cash payments over 3 years from the permit date (US$80,000 paid on signing); a second option allows Teck to increase to 75% via a further US$6M exploration spend plus US$600K cash. | Copper | Teck Peru S.A. (Teck Resources Limited) Major | — | up to 75% | $10MUS$4M expl. + US$500K cash over 3 years from permit date for 55%; a further US$6M expl. + US$600K cash for a further 20% (to 75%). | Active | Grassroots Exploration |
Soledad Peru Condor's Peruvian subsidiary sold 100% of the Soledad project (Ancash, Peru) to Compania Minera Lincuna S.A. (a private Lima-based miner) for total consideration of US$3,000,000 (LOI Jun 26, 2025; sale closed Dec 15, 2025), retaining a 1% NSR royalty. This followed Chakana Copper's Oct 2024 relinquishment of its own earlier, separate option over part of the expanded Soledad claims. | Copper | Compania Minera Lincuna S.A. Private | 1% royalty | — | — | Not yet researched | Grassroots Exploration |
Management Team
President, Chief Executive Officer and Director of Condor Resources Inc. Over 24 years in mining and capital markets; co-founder and former CEO of Alto Verde Copper Inc. and former President/CEO of Ascendant Resources Inc. CFA Charterholder with an MBA from the Schulich School of Business and a B.A.Sc. from the University of Toronto.
Chief Financial Officer of Condor Resources Inc. Principal of Copsewood Capital Corp. since 2020, with over 20 years in accounting and corporate/regulatory operations; has served as both an officer and director of several publicly listed companies on the TSX Venture Exchange and the CSE.
Corporate Secretary and Director of Condor Resources Inc. and Corporate Secretary & Legal Counsel of Canasil Resources Inc. Senior Counsel at Lawson Lundell LLP, practicing corporate, commercial, securities, and mining law. Called to the bar in 1981; recognized as 'consistently recommended' in Mining by LEXPERT.CA.
Non-Executive Co-Chairman of Novo Resources Corp and a director of Condor Resources Inc., Electric Metals (USA) Limited, Silver Bow Mining Corp., Eskay Mining Corp. and Barksdale Resources Corp. Economic geologist with a PhD in Geology/Geochemistry from the Colorado School of Mines, whose early career included exploration roles at Homestake Mining, Newcrest Mining, and Newmont Mining, rising to chief geologist at Newmont by 2004. Moved into the junior mining sector in 2007, including work at Gold Canyon Resources leading exploration of the ~5 million ounce Springpole gold project near Red Lake, Ontario. Helped start Novo Resources in 2010 and built out its Australian exploration portfolio, later serving as President and Co-Chairman.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Crescat Portfolio Management, a well-known and outspoken macro and resources hedge fund led by Kevin Smith and Tavi Costa, holds a real 19.76% stake (29,709,336 shares counting Kevin Smith's family trust and his direct shares, per Condor's own March 2026 information circular). A director, the geologist Quinton Hennigh, bought on the open market repeatedly in January 2026.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
We haven't parsed this company's PEA/PFS/FS recommendations yet — cut-off grade, mine life, DCF/NPV, and the report's own next-steps guidance are a planned research pass, not live data for every company yet.