Condor Energies Inc. announced the Company has entered into a binding sale and purchase agreement with a state-owned entity (the "Seller") to acquire a 95% working interest in a mining license in Kazakhstan (the "Lithium License"). A prior well drilled in the Lithium License for hydrocarbon exploration encountered and tested lithium brine deposits with lithium concentrations of up to 130 milligrams per litre as reported by the Ministry of Geology of the Kazakh Republic. The Company and the Seller have established a partnership company to hold and operate the Lithium License.

As per the terms of the partnership, Condor holds a 95% working interest, will operate and be responsible for funding all activities under the Lithium License while the Seller maintains a 5% carried working interest. The transaction is subject to customary approvals from the Government of Kazakhstan and satisfaction of certain commercial conditions typical for transactions of this nature. The transaction is expected to be completed during the first quarter of 2023.

The Company intends to produce the lithium by utilizing closed-looped Direct Lithium Extraction ("DLE") technologies. With the lithium already in brine solution and with the use of existing DLE production technologies, the Company expects to have a much smaller environmental footprint than existing lithium production operations. Furthermore, the Company is evaluating the construction of a solar power generation project to support the long-term expansion of the project to achieve net-zero emissions.