Mundoro Provides Q3-2024 Financial and Portfolio Update
Mundoro Provides Q3-2024 Financial and
Portfolio Update
Vancouver, British Columbia--(Newsfile Corp. - December 2, 2024) -
Mundoro Capital Inc. (TSXV:
MUN) (OTCQB: MUNMF) (
www.mundoro.com
)
("
Mundoro
" or the "
Company
") is pleased to report
its financial results from its operations in the first nine months ending September 30, 2024 ("Q3-2024").
Financial Highlights and Outlook
For further information on the Company's financial results, please refer to the condensed interim
consolidated financial statements and MD&A for the nine-month periods ended September 30, 2024,
and 2023. The Company's filings are available on SEDAR at
www.sedar.com
and on Mundoro's
website at
www.mundoro.com
.
Financial Highlights
Strong Cash Position:
As of September 30, 2024, the Company had cash and cash equivalents
totaling $4,233,609, with no-long term debt.
Fees Earned:
During the nine months ended September 30, 2024, the Company received fees,
net option payments and interest of $1,042,956.
Corporate Expenses:
During the nine months ended September 30, 2024, the Company
recorded overall corporate expenses of $903,774.
Exploration Expenditures:
The exploration expenditures across the Company's programs, the
majority of which are sole-funded by third parties totalled $5,980,712. Recoveries from optionees
during the nine months ended September 30, 2024 amounted to $5,154,147 resulting in net
exploration costs of $826,565 in 2024 which are attributable to Mundoro's generative programs.
Q3-2024 Exploration Portfolio Highlights
BHP-Mundoro Projects, Serbia
New Geophysical Surveys and Analysis at the Borsko Project
During Q3-2024, the Company conducted pre-checks and mobilized equipment and staffing
for a passive seismic geophysical survey. In the same quarter, Induced Polarization (IP) and
bulk density measurements were completed over the drill holes in Target 1, and a structural
interpretation of Borsko Jezero-focusing on the Target 1 prospect-was advanced to facilitate
targeting. Building on these efforts, the Company plans to complete the passive seismic
survey in Q4-2024, with interpretation models to follow for enhanced targeting. Additionally,
exploration plans for Q4-2024 include a ground Audio-Magnetotelluric (AMT) geophysical
survey, further targeting analysis, and planning around a drill program.
New Drill Program Approved to Commence in Q4-2024 at the Trstenik Project
A drilling proposal was developed and approved for the north-central target area based on
the collected data, for four drill holes totaling 4,700 meters.
Drilling is expected to commence
around year end.
For further information regarding the drill program, please see the
press
release dated October 30, 2024.
Advancing Exploration at the South Timok Project
During Q3-2024, the Company advanced its exploration efforts by completing a rock
sampling program, a grid-based soil sampling program, and a ground Audio-Magnetotelluric
(AMT) survey over portions of the project area. Processed results from both a ground gravity
survey, previously completed in the year, and the ground AMT survey were received,
providing valuable geophysical data. Final assay results for all samples from the grid-based
soil sampling were collected, along with final assay results for a drill hole testing the volcanic
stratigraphy in the western part of the license area. Additionally, reconnaissance mapping
and rock sampling were completed to enhance the geological understanding of the project
area.
Mundoro Projects, Serbia
Advancing Exploration at the Valdor Projects
During Q3-2024, the Company received results from a passive seismic survey conducted
over a portion of the project area. Building on prior data, upcoming exploration plans at the
Skorusa license include further evaluation of the Zlot 1, Zlot 2, Zlot 3, and Glavica targets. At
the Oblez license, the Company plans to further evaluate targets based on the newly received
seismic data. Similarly, exploration at the Branik license will involve further evaluation of
identified targets using the seismic survey results.
Advancing Exploration at the Southwest Minerals Projects
During Q3-2024, the Company received results from a passive seismic survey conducted
over part of the Tilva Rosh area.
As a result,
the company updated the target ranking and
analysis for the Tilva Rosh Valley, Tilva Rosh North, Tilva Rosh South, and Tilva Rosh Bridge
targets as well as the Markov Kamen North and Markov Kamen South targets. Further
evaluations are also planned for the Gorunov and Bacevica North targets and for the Orlovo,
D-vein, Prekostenski, and Bukova targets.
For further information regarding the targeting at
the Tilva Rosh targets, please see the
press release dated October 7, 2024.
Mundoro Projects, USA
Advancing Exploration at the Dos Cabezas Project
During Q3-2024, the Company conducted additional field mapping, and relogging of the drill
holes at the Mineral Park and Mescal Canyon target areas, revealing favorable zones of
porphyry-style alteration in the areas of interest. To advance the partnering of this Project, the
Company is presenting the Dos Cabezas Project to potential partners.
Building upon the
prior results, exploration plans also include ongoing mapping and sample collection at the
Elma/Mascot areas to establish drill targets for a separate, potential porphyry center.
Advancing Exploration at the Copperopolis Project
Planning and preparation for fieldwork to generate new target areas for drill testing are
currently underway as part of reconnaissance exploration. Exploration plans include
conducting airborne magnetic surveys, high-resolution photogrammetry, and soil sampling
over areas of interest to identify potential drill targets. Additionally, the Company plans to
perform age dating on apparent Laramide intrusive units across the project area to better
understand the geological history and potential mineralization sources.
Advancing Exploration at the Picacho Project
The Company intends to advance the identified targets to a drill-ready stage by securing the
necessary permits and presenting to potential partners.
Once a partner is secured for this
project, further exploration plans would include expanding geophysical surveys, conducting
detailed geochemical analyses, and initiating targeted drilling programs to test the identified
porphyry copper prospects.
Mundoro Engages Market Maker
In Q3-2024, Mundoro engaged the services of DS Market Solutions Inc. ("DSMS") to provide market
making services in accordance with TSX Venture Exchange policies. DSMS and the company have an
arm's length relationship. DSMS will provide its own capital for trading purposes, utilizing Canaccord's
platform. DSMS holds no direct or indirect interest in Mundoro and does not possess any rights,
ownership stakes, equity interests, or options to acquire securities of the company, either now or in the
future. The contract with DSMS is for a minimum of three months at two thousand five hundred dollars
per month and will automatically renew for additional one-month terms unless terminated by either party
with thirty days' notice.
Qualified Persons
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 this press
release
has been 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, or 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 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
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/232034