Mundoro Reports Profitable Q1-2023 Financial Results and Progress Update for Exploration Programs
Mundoro Reports Profitable Q1-2023 Financial
Results and Progress Update for Exploration
Programs
Vancouver, British Columbia--(Newsfile Corp. - June 5, 2023) -
Mundoro Capital Inc. (TSXV: MUN)
(OTCQB: MUNMF) (
www.mundoro.com
)
("
Mundoro
" or the "
Company
") has filed its quarterly
Consolidated Financial Statements and Management's Discussion and Analysis on SEDAR at
www.sedar.com
and posted on the Company's website at
www.mundoro.com
.
Teo Dechev, CEO commented: "Mundoro has built a diversified, copper focused, exploration portfolio
generating payments to the Company which exceed the corporate expenses resulting in positive cash
flow.
Mundoro grew the exploration portfolio in Q1-2023 with the addition of the Picacho Project, in
Arizona resulting in 10 active exploration programs. With a strong balance sheet, positive cash flow, and
17,000 meters of anticipated drilling, Mundoro is well positioned to increase shareholder value
throughout 2023."
Q1-2023 Financial Highlights
Strong Cash Position:
As of March 31, 2023, the Company held cash and cash equivalents
totaling $7,290,012 (December 31, 2022 - $4,843,844) and no long-term debt.
Positive Net Income:
In Q1-2023, the Company recorded income of $321,748 ($0.00 per share),
compared to a net loss of $430,630 ($0.01 per share) for the quarter ended March 31, 2022 for an
increase of $752,378.
Partner Funded Exploration Expenditures & Generative Expenditures:
The exploration and
project evaluation expenditures, the majority of which are sole-funded by partners, were higher at
$1,686,880 in Q1-2023 compared to $948,776 in Q1-2022 due to higher budgeted exploration
expenditures across the various partner funded programs.
Recoveries from option partners in Q1-
2023 were $1,549,658 (92% recovery) compared to $774,330 (82% recovery) in Q1-2022,
resulting in net exploration costs of $137,222 in Q1-2023 and $174,446 in Q1-2022.
The net
exploration costs are attributable: (i) costs that have been spent on behalf of a partner and will be
reimbursed in the next reporting period under recoveries from partners and (ii) to the Project
Generative segment of the Company. The Project Generative segment creates long-term royalty
opportunities and receives property payments, milestone payments and other fees in exchange for
mineral projects.
Corporate Expenses:
Corporate expenses in Q1-2023 were $341,199 compared to $186,461
in Q1-2022 which represented an increase of $154,738 compared to Q1-2022.
The increase was
driven by an increase in salary related costs, increased overall professional and services costs
and increased travel and corporate development related expenses resulting from less travel
restrictions over the reporting period.
Positive Cash Flow from Operations:
The Cash Flow from Operations is higher at $2,729,681
in Q1-2023 compared to $(569,252) in Q1-2022, resulting in an increase of $3,298,933 from Q1-
2022 to Q1-2023.
Q1-2023 Exploration Portfolio Highlights & Outlook
Follow our weekly updates from the field on:
and
Vale-Mundoro Projects
Announced new Picacho Project with Vale in Pinal County, Arizona:
The Picacho Project is
situated within the Laramide Porphyry Belt, a prolific region of porphyry copper deposits extending
from northern Mexico through the southwestern US. The Picacho Project 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. For further information
see our press release dated May 23,
2023
.
Ongoing Drill Testing at Bobot and Ojej:
In Q1-2023, drill testing at the Tilva Rosh North target
commenced where a total of 113.7 meters of diamond drilling was completed out of the planned
3,200 meters. Drilling is anticipated to be completed in Q2-2023 with assay results from this drill
program anticipated in Q3-2023. Additionally, drill testing at the Markov Kamen South target
started, where a total of 867.9 meters of diamond drilling was completed out of the planned 900
meters that remained from the 2022 drill program.
The assay results are expected to be received
in Q2-2023.
Completion of Permitting in Das Cabezas:
Permitting with State and Federal agencies was
completed in Q1-2023 for the Phase 1 Drill Program to test five target areas.
Drilling commenced
in April 2023 and is expected to be completed in Q4-2023.
Advancing Exploration for upcoming Drill Programs with Vale:
In Q1-2023, the Company
mobilized for a Passive Seismic geophysical survey over the Branik and Padina licenses with the
geophysical interpretations anticipated in Q3-2023.
BHP-Mundoro Projects
Ongoing Drilling in Borsko:
During Q1-2023, drilling commenced where a total of 566.0 meters
of diamond drilling was completed out of the planned 2,000 meters. Drilling is anticipated to be
completed in Q2-2023 with assay results from this drill program anticipated in Q3-2023.
Advancing Exploration for upcoming Drill Program with BHP:
During Q1-2023 the Company
conducted permitting for the upcoming drilling program at Trstenik and Vitanovac with the State
Forestry Department. The State Forestry permit approvals are expected in Q2-2023.
JOGMEC-Mundoro Project
Advancing Exploration for upcoming Drill Program with JOGMEC:
In Q1-2023, the work
program consisted of soil sampling, mapping, site visits and preparation for additional geophysics
and 2,000 meters of drilling in 2023.
Kinross-Mundoro Project
Advancing Exploration for upcoming Drill Program with Kinross:
During Q1-2023 the
Company focused on community relations and landowner permitting for the planned work program
in 2023.
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 Serbia and
Bulgaria 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.
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
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 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.
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.
For further information, please visit Mundoro's website,
www.mundoro.com
.
Contact Information:
Teo Dechev, Chief Executive Officer, President and Director
+1-604-669-8055
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/168737