Appendix 3B New issue announcement Appendix 3B

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

New issue announcement, application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002.

Name of entity

CONDOR METALS LIMITED

ACN

128 512 907

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

1 +Class of +securities issued or to be
issued Ordinary Fully Paid Shares
2 Number of +securities issued or to be issued (if known) or maximum number which may be issued

Ordinary Shares - 2,645,000 fully paid ordinary shares

Completion of compulsory acquisition in relation to the takeover offer by Condor Metals Limited for all the fully paid ordinary shares in Inca Minerals Ltd (the terms of which are set out in Condor Metals Limited's bidder's statement dated 24 January 2012 (Offer)).

3 Principal terms of the +securities (eg, if options, exercise price and expiry date; if partly paid

+securities, the amount outstanding

and due dates for payment; if

+convertible securities, the conversion price and dates for conversion)

Ordinary Fully Paid Shares

+ See chapter 19 for defined terms.

24/2/2004 Appendix 3B Page 1

Appendix 3B New issue announcement

4 Do the +securities rank equally in all respects from the date of allotment with an existing +class of quoted

+securities?

If the additional securities do not rank equally, please state: