Mundoro Reports Q1-2024 Financial Results and Progress on Exploration Programs

May 30, 2024 6:00 AM EDT | Source: Mundoro Capital Inc.

Vancouver, British Columbia--(Newsfile Corp. - May 30, 2024) - Mundoro Capital Inc. (TSXV: MUN) (OTCQB: MUNMF) ( ("Mundoro" or the "Company") has filed its quarterly Consolidated Financial Statements and Management's Discussion and Analysis on SEDAR at and posted on the Company's website at

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Q1-2024 Financial Highlights

  • Strong Cash Position: As of March 31, 2024, the Company held cash and cash equivalents totaling $3,610,283 (December 31, 2023 - $6,479,508) and no long-term debt.

  • Positive Net Income: In Q1-2024, the Company recorded income of $313,305, compared to a net income of $294,586 for the quarter ended March 31, 2023.

  • Partner Funded Exploration Expenditures & Generative Expenditures: The exploration and project evaluation expenditures, the majority of which are sole-funded by partners, were higher at $2,637,541 in Q1-2024 compared to $1,686,880 in Q1-2023. Recoveries from option partners in Q1-2024 were $2,584,073 compared to $1,549,658 in Q1-2023, resulting in net exploration costs of $53,468 in Q1-2024 and $137,222 in Q1-2023. The net exploration costs are primarily attributable to the Project Generative operations of the company. The Project Generative operations aim to establish project opportunities that can generate property payments, milestone payments, creation of royalties and other fees in exchange for optioning mineral projects to third parties.

  • Corporate Expenses: Corporate expenses in Q1-2024 were $267,522 compared to $341,199 in Q1-2023 which represented a decrease of $73,677 compared to Q1-2023. The year-over-year change in corporate expenses is due to (i) a decrease in corporate communication costs from attending fewer conferences, and (ii) a decrease in corporate governance-related costs from a reduction of staff, which was further supported by efficiencies in general and administrative expenses that decreased by 24%.

  • Positive Cash Flow from Operations: The Cash Flow from Operations is higher at $424,967 in Q1-2024 compared to $357,152 in Q1-2023.

Q1-2024 Corporate Update

  • Third Party Discussions: Mundoro continues discussions with various mining companies for Mundoro's projects in Timok, Serbia and Arizona available for joint venture. The Company has signed Confidentiality Agreements, opened data rooms, and has commenced site visits. Discussions with third parties are ongoing.

  • NCIB Program: Further to the Company's news releases regarding its Normal Course Issuer Bid ("NCIB"), the Company confirms it has purchased during Q1-2024, a total of 44,000 shares, of the maximum of 3,741,502 of Common Shares, at a weighted average price of $0.1757 per share.

Q1-2024 Exploration Portfolio Highlights & Outlook

BHP-Mundoro Projects

  • Advancing Exploration at Trstenik: In Q1-2024 a ground AMT survey commenced that will cover the project area with a planned 375 AMT stations. Fieldwork for the survey is expected to finish in Q2-2024 with processed results expected in Q3-2024. In addition, processed results and interpretation of the passive seismic survey from Q4-2023 were received. Results from the survey have been integrated into the drill targeting process.

  • Advancing Exploration at Lipovica: In Q1-2024, the final samples from grid-based soil sampling started in Q4-2023, were collected; final assay results were received for all samples. The team will be interpreting the results and integrating them into the targeting process for this area. Also during the quarter, a ground gravity survey that was paused for the winter was restarted. The survey is expected to finish coverage of the license area in Q2 2024.

  • Receipt of Assay Results at Vitanovac: In Q1-2024, final assay results were received for the drill hole from the Q4-2023 drill testing for mineralisation in the west portion of the license area.

  • Advancing Exploration at Ponor: In Q1-2024, assay results from grid-based soil samples collected in Q4-2023 were received, with the ongoing continuation of reconnaissance mapping and rock sampling.

JOGMEC-Mundoro Project

  • Ongoing Permitting for upcoming Drill Program with JOGMEC: In Q1-2024 the Company continued the drill permitting process with an environmental evaluation; the permitting process is expected to be completed in Q2-2024. Drilling is planned for 1,800 meters after relevant permissions have been received from the local government agencies.

Mundoro Owned Projects

  • Completion of a 600 meter drill hole in the Padina License: In Q1-2024, one 600 m drill hole was completed to test the Upper Cretaceous volcanic sequence for mineralization. The hole was completed as part of the minimum work commitment and based on limited data. No mineralization was encountered with this test drill hole. The costs for this drill program were funded by Vale as part of the earn-in agreement prior to termination in April 2024.

Qualified Persons

The scientific and technical information described in the press release have been prepared in accordance with National Instrument 43-101. The scientific and technical information for Serbia exploration programs was reviewed and approved by Thomas Sant, FGS (EurGeol, CGeol) a Qualified Person as defined by NI 43-101 and Exploration Director for the Serbia Operations in the Company. The scientific and technical information for the Bulgaria and USA exploration programs was reviewed and approved by, R. Jemielita, PhD, MIMMM, a Qualified Person as defined by NI 43-101 and Chief Geologist to the Company.

About Mundoro Capital Inc.

Mundoro is a publicly listed company on the TSX-V in Canada and OTCQB in the USA with a portfolio of mineral properties focused primarily on base and precious metals. To drive value for shareholders, Mundoro's asset portfolio generates near-term cash payments to Mundoro and creates royalties attached to each mineral property optioned to partners. The portfolio of mineral properties is currently focused on predominantly copper in two mineral districts: Western Tethyan Belt in Eastern Europe and the Laramide Belt in the southwest USA.

For further information about Mundoro, please contact Teo Dechev, Chief Executive Officer, President and Director, +1-604-669-8055, and Shamil Devji, Investor Relations Manager at +1-604-669-8055. You can also visit Mundoro's website

Caution Concerning Forward-Looking Statements

This News Release contains forward-looking statements. Forward-Looking statements can be identified by the use of forward-looking words such as "will", "expect", "intend", "plan", "estimate", "anticipate", "believe" or "continue" or similar words or the negative thereof, and include the following: completion of earn-in expenditures, options and completion of a definitive agreement by the parties. The material assumptions that were applied in making the forward-looking statements in this News Release include expectations as to the mineral potential of the Company's projects, the Company's future strategy and business plan and execution of the Company's existing plans. We caution readers of this News Release not to place undue reliance on forward-looking statements contained in this News Release, as there can be no assurance that they will occur and they are subject to a number of uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include general economic and market conditions, exploration results, commodity prices, changes in law, regulatory processes, the status of Mundoro's assets and financial condition, actions of competitors and the ability to implement business strategies and pursue business opportunities. The forward-looking statements contained in this News Release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this News Release are made as of the date of this News Release and the Board undertakes no obligation to publicly update such forward-looking statements, except as required by law. Shareholders are cautioned that all forward-looking statements involve risks and uncertainties and for a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to the Company's filings with the Canadian securities regulators available on

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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