Condor Receives Its First Lithium Brine Mining License in Kazakhstan - Seite 2

The Company’s initial development plan over the next twelve months includes drilling and testing two wells to verify deliverability rates, confirm the lateral extension and concentrations of lithium in the tested and untested intervals, conduct preliminary engineering for the production facilities, and prepare a mineral resources or mineral reserves report compliant with National Instrument 43-101 Standards of Disclosure for Mineral Projects (the “Mineral Report”). Procurement of long-lead equipment and contracting a drilling rig is underway.

The Company is not treating the historical estimate as current mineral resources or mineral reserves as additional drilling and testing is necessary, and a qualified person has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves. It is uncertain if further drilling will result in the area being delineated as a mineral resource or reserve. Readers should similarly not rely on the historical lithium concentration estimate for the Lithium License as indicative of the actual lithium concentration or the likelihood that the Company will be able achieve similar production results.

Readers are invited to review the Company’s latest corporate presentation available on the Condor website at “condorenergies.ca”.

FORWARD-LOOKING STATEMENTS

Certain statements in this news release constitute forward-looking statements under applicable securities legislation. Such statements are generally identifiable by the terminology used, such as “anticipate'', “appear”, “believe'', “intend”, “expect”, “plan”, “estimate”, “budget'', “outlook'', “scheduled”, “may”, “will”, “should”, “could”, “would”, “in the process of” or other similar wording. Forward-looking information in this news release includes, but is not limited to, information concerning: the timing and ability to receive the approval from the Government of Kazakhstan, if at all, and the timing and ability to subsequently complete the Second Lithium License acquisition transaction; the potential for the lithium license areas to contain commercials deposits; the extent to which prior lithium testing results are indicative of future testing results; the ability to identify brine reservoirs from historical wireline log and core data; the timing and ability to access lithium sales markets; the timing and ability to produce lithium by utilizing closed-looped DLE production technologies; the timing and ability to utilize less complex and capital intensive modular DLE technology for lithium separation compared to lithium extraction projects targeting oilfield brines; the timing and ability to have a much smaller environmental footprint than existing lithium production operations which use open-pit mining or brine evaporation ponds; the timing and ability to evaluate the construction of a renewable power generation project to achieve net-zero emissions; the timing and ability to fund, permit and complete the planned activities including drilling and testing two wells to verify deliverability rates, confirm the lateral extension and concentrations of lithium in the tested and untested intervals, conduct preliminary engineering for the production facilities, and prepare the Mineral Report; and the timing and ability to procure long-lead equipment and contract a drilling rig.