Mundoro Announces Profitable H1-2023 Results
Mundoro Announces Profitable H1-2023 Results
August 31, 2023 Vancouver, BC - Mundoro Capital Inc. (TSXV: MUN | OTCQB: MUNMF |
www.mundoro.com) ("Mundoro" or the " Company") is pleased to report profitable financial
results from its operations in the first six months ending June 30, 2023 (“H1-2023”).
Teo Dechev, CEO and President commented: “The Company has delivered a profitable first half
of 2023 as a result of the generative business strategy which continues to operate 10 exploration
programs, generating new exploration opportunities for partnering while maintaining low
corporate expenses. Cash Flow from Operations increased by 561% to $1,263,215 which
continues to improve the company’s balance sheet. For the second half of 2023, Mundoro is on
track to reach the forecasted $2 million to $2.5 million in fees earned with total corporate and
generative expenses of $1.6 million. The company is projected to complete 17,000 meters of
drilling as a result of the $15 million in partner funded exploration expenditures in 2023.”
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Financial Highlights and Outlook
For complete details of the Company’s financial results, please refer to the condensed interim
consolidated financial statements and MD&A for the six-month periods ended June 30, 2023, and
2022. The Company’s filings are available on SEDAR at www.sedar.com and on Mundoro’s
website at www.mundoro.com.
● Strong Cash Position: As of June 30, 2023, the Company held $8,398,601 in cash and cash
equivalents (“Cash Position”) and no long-term debt.
● Fees Earned: In H1 -2023, the Company generated $1,464,598 in Fees and Payments, up
298% compared to the same period in 2022.
● Corporate Expenses: General and administrative expenses of $625,164 were incurred
in the H1-2023, up 38% compared to the same period in 2022.
● Net Income from Operations: Net income was $1,084,863 for H1-2023, compared to a
net loss of $481,794 for the same period in 2022.
● Positive Cash flow from Operating Activities: Cash flow of $3,725,504 was generated
from operating activities in H1-2023. Cash flow generated from operating activities,
excluding changes in non-cash working capital, was $1,263,215, up 561% compared to
the same period in 2022.
Portfolio Outlook for 2023
● Generation of Fees Guidance for 2023: For 2023, the Company estimates generating $2 –
$2.5 million in fees from partner programs while the Corporate Expenses and Generative
Exploration Costs are estimated to be approximately $1.6 million. As a result, the Company
does not anticipate a need to raise capital in 2023.
● Partner-Funded Exploration Expenditure Guidance in 2023: For 2023, the exploration
expenditures funded by partners estimated at approximately $11 million to $15 million. During
2023, Mundoro is the designated operator of six (6) exploration programs in Serbia, one (1)
exploration program in Bulgaria and two (2) exploration programs in the USA. Total drilling
across all programs is planned to be approximately 17,000 meters depending on various
factors such as permitting.
Project Portfolio Highlights for Q2-2023
For complete details of the Company’s Summary of Operations, please refer to the MD&A for the
six-month periods ended June 30, 2023, and 2022. The Company’s filings are available on
SEDAR at www.sedar.com and on Mundoro’s website at www.mundoro.com.
● Announcement of New Copper Project in Arizona: In Q2 -2023, Mundoro announced the
staking of the Picacho Project in Pinal County, Arizona. The Picacho project is situated within
the Laramide Porphyry Belt, and has an approved work program and budget to be sole-funded
by Vale, with Mundoro as the operator. The project will generate property payments, operator
fees, and additional exploration potential for undercover copper porphyry systems in Arizona.
● Commencement of Drilling with Vale in Arizona: In Q2-2023, Mundoro announced the
commencement of a drill program at Mundoro’s Vale optioned project, Dos Cabezas, located
in Cochise, Arizona. The drill program is planned for 3,000 meters to test five target areas
with 5 drill holes. These five drill holes represent a rare opportunity in Arizona to test an
undrilled porphyry copper system. The first two holes were drilled in Q2 -2023 with the
next three drill holes to be drilled in Q4-2023.
● Commencement of Drilling with BHP in Serbia: In Q2-2023, Mundoro commenced a drill
program at Mundoro’s BHP option project, Borsko Jezero, which is located in the central
portion of the Timok Magmatic Complex in eastern Serbia. The drill program was completed
in Q2-2023 to test one target area with one 2,000 meter drill hole.
● Commencement of Drilling with Vale in Timok, Serbia: In Q2-2023, Mundoro announced
the commencement of a drill program at Mundoro’s Vale optioned project area located in the
southwest portion of the Timok Magmatic Complex in eastern Serbia. The drill program is
planned for 8,000 meters to test five (5) target areas with nine (9) drill holes. The five main
target areas for drill testing during the 2023 drill program are: (i) Tilva Rosh, (ii) Markov Kamen,
(iii) Bacevica North, (iv) Orlovo, and (v) Prekostenski.
● Advancing Exploration for upcoming Drill Program with JOGMEC: In Q2-2023, Mundoro
submitted 8 drill hole locations for permitting to the responsible authorities.
Qualified Person
The scientific and technical information described in this Press Release has been prepared in
accordance with National Instrument 43- 101. The scientific and technical information for Serbia
and Bulgaria exploration programs was reviewed and approved by Thomas Sant, FGS (EurGeol,
CGeol) a Qualified Person as defined by NI 43-101 and Exploration Director to the Company. The
scientific and technical information for the USA exploration programs has been reviewed and
approved by T. Dechev, P.Eng (PEO, APEGBC), a Qualified Person as defined by NI 43- 101,
and the Company’s Chief Executive Officer.
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 paym ents to Mundoro from
partners and creates royalties attached to each mineral property. 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 www.mundoro.com.
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 state ments 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 t o 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
www.sedar.com.
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.