Mundoro Reports Progress on Exploration Programs and Financial Results
Mundoro Reports Progress on Exploration Programs and Financial Results
VANCOUVER, British Columbia, Aug. 31, 2026 -- Mundoro Capital Inc. (TSXV: MUN | OTCQB: MUNMF |
www.mundoro.com) ("Mundoro" or the " Company") is pleased to announce an update regarding exploration program results
achieved to date, as well as the filing of its Management's Discussion and Analysis (MD&A) and Financial Statements for the
second quarter and six-month period ended June 30, 2026.
"Our financial results for the quarter reflect our strategic commitment to generate new property opportunities, particularly within
Serbia, while simultaneously realizing efficiencies in corporate expenses, which were reduced by 24%, directing our capital
toward the project pipeline. That priority carries into the second half of the year, where our generative focus shifts toward our
Arizona copper assets. On the properties held with BHP, where exploration is partner-funded, the coming quarter includes drill
testing of the Vitanovac target. We also remain focused on advancing the Borsko drill target, navigating the administrative and
permitting process in Bulgaria, and progressing partnership discussions for our copper projects in Arizona," stated Teo
Dechev, CEO of Mundoro.
Exploration Highlights
• Skorusa East drilling completed: Assays received in full for drill holes completed at Skorusa East, 26-SKO-08 (499.8
m) and 26-SKO-09 (788.3 m).
• Tilva Rosh South: Assay results for Hole 26-OBL-05, drilled to a total depth of 1,302.7 m, have been partially received.
• New Hyperspectral core scanning: Approximately 9,725 m of core across 17 holes scanned to date.
• Petrophysical sampling: Programme advanced with selection of core intervals which are to be sent for petrophysical
study in an independent laboratory.
• Target Refinement & Drill Proposals: Established formal drill proposals targeting three prospective areas:
◦ Borsko — Integration of early veinlets stockwork, cross-cutting relationships, and alteration data from relogging
with geochemical and geophysical datasets to refine Target 1 and delineate potential porphyry source to the
southeast.
◦ Skoursa East — Evaluation of alteration and geochemical vectors indicating a concealed porphyry center at
depth to the southeast, beneath established advanced argillic assemblages.
◦ Skorusa West — Establishing a vector to a potential potassic zone to the northwest and at depth, supported by
observed porphyry-style mineralization and geochemical signatures.
"During the second quarter of 2026, the BHP-Mundoro partnership successfully finalized two diamond drill holes at Skorusa
East, alongside one hole at Oblez and a district-wide AMT survey. A comprehensive relogging initiative initiated during the
period has yielded additional geological insights, refining the project and delineating priority drill targets at Skorusa East,
Skorusa West, and Borsko. Furthermore, the Company is advancing upcoming targets at Tilva Rosh North and Tilva Rosh
South for Q3-2026, with additional prospective areas slated for evaluation throughout the remainder of the year."
Q2-2026 Financial Highlights
For complete details of the Company’s financial results, please refer to the condensed interim consolidated financial
statements and MD&A for the three-month and six-month periods ended June 30, 2026 and 2025. The Company’s filings are
available on SEDAR+, and on Mundoro's website at www.mundoro.com under the heading Investors. All amounts are
expressed in Canadian dollars unless otherwise indicated.
• Fees Earned: The Company’s fee income, which includes operator fees, option payments, interest, and miscellaneous
income, totaled $251,009 for the quarter ended June 30, 2026 compared to $120,497 for the quarter ended June 30,
2025, representing an increase of $130,512. The increase was driven by the significant increase in exploration
expenditures compared to the same quarter in the prior year. This resulted in higher operator fee income recognized
during Q2 2026 compared to the same period in 2025.
• Exploration Expenditures: Exploration expenditures, represent both sole funded exploration by partners and
expenditures for generative activities for the company, together those were $2,513,992 in Q2 2026 compared to
$1,416,229 in Q2 2025, representing an increase of $1,097,763. Recoveries from option partners in Q2 2026 were
$2,497,741 compared to $1,177,721 in Q2 2025.
• Generative Activities: Generative operations create long-term royalty opportunities and may generate future property
payments, milestone payments, and other fees through the optioning of mineral projects to third parties. Included in
total exploration expenditures are net exploration costs attributable to the Company’s generative operations in the three
jurisdictions where it is active and which are funded by the Company These expenditures resulted in $16,251 in Q2
2026 compared to $238,508 in Q2 2025.
• Corporate Expenses: Corporate expenses in Q2 2026 were $281,162 compared to $367,563 in Q2 2025, representing
a decrease of $86,401.
• Cash and Working Capital: As of June 30, 2026, the Company had cash and cash equivalents totaling $5,882,386
(December 31, 2025 - $5,217,157) and a working capital (current assets less current liabilities) of $1,232,738
(December 31, 2025 - $1,684,464). The Company has no long term debt.
• Net Income (Loss): For the quarter ended June 30, 2026, the Company recorded a net loss of $325,340 ($0.00 per
share) compared to a net loss of $540,377 ($0.00 per share) for the quarter ended June 30, 2025.
BHP-Mundoro Projects, Serbia
Mundoro has advanced exploration areas primarily in Eastern Serbia, within the prolific Timok Magmatic Complex (TMC),
known for copper-gold deposits including Bor, Veliki Krivelj, Majdanpek, Cukaru Peki, and the newly announced Malka Golaja
Copper-Gold deposit. The area benefits from established infrastructure including well-serviced roads and grid power. The
Company’s licenses in this region are optioned to a wholly owned subsidiary of BHP Group Limited (“BHP”) to earn-in as
announced in prior press releases on January 23, 20231 and October 13, 20252.
2025 BHP Option Agreement - Skorusa & Oblez
Skorusa Drill Results: The drilling campaign at Skorusa East, originally designed to be 1,000 m across two holes, concluded
in May 2026 with a total drilled length of 1,288.1 m with the successful completion of holes 26-SKO-08 (499.8 m) and 26-SKO-
09 (788.3 m). Comprehensive analytical data for these drill holes yielded anomalous geochemical results. Upon completion of
internal QA/QC validation, the Company confirmed that although no economic-grade intervals were identified, the full assay
suite for the Skorusa East campaign provided valuable geological insights (see Table 1). Hole 26-SKO-08 intersected shallow,
polymetallic mineralization within the supergene zone and lithocap, alongside a distinct interval of quartz-pyrite-molybdenite
veining at roughly 360 m. Hole 26-SKO-09 encountered two extensive, low-grade copper zones at depth, characterized by
disseminated chalcopyrite and silica-pyrite-sericite-clay alteration assemblages.
While these intersections do not represent economic mineralization, they serve as important indicators for target refinement.
Specifically, the increasing copper tenor, elevated Cu/Zn ratios at depth, and persistent chalcopyrite below 400 m in 26-SKO-
09 support the Company’s model: that current drilling has tested the lithocap and peripheral alteration zones of a porphyry
system, leaving the potassic core untested. Integrating these findings with historical alteration data from Skorusa East has
successfully established a prospective vector southeast of hole 26-SKO-09.
Within the Skorusa West prospect, systematic relogging of the previously drilled core has delineated a prospective vector
toward a potential porphyry system located northwest of drill hole 21-SKO-04 at depth. This model was established by
integrating observed alteration patterns, specifically intersected potassic zones, with geochemical signatures and porphyry-
style veining documented in earlier drilling campaigns.
Oblez Drill Results: Following the completion of site preparation for one diamond drill hole along the western boundary of the
Oblez license, drilling activities commenced in early June 2026 and was completed in July 2026 along with downhole
geophysics. Hole 26-OBL-05 is targeting the southern extension of the Tilva Rosh system within the Oblez license area.
Geological observations indicate a fresh, brecciated andesite sequence to 250 m, transitioning into fresh volcanic and tuff
breccias of basaltic composition to approximately 805 m. A structurally deformed interval with fault gouge and fine-grained
sooty pyrite was encountered between 858 m and 923 m. From approximately 923 m the hole entered in propylitic alteration,
characterized by disseminated epidote and chlorite increasing in intensity with depth, accompanied by 0.5% to 2%
disseminated pyrite and isolated chalcopyrite grains. Porphyry-style quartz stockwork veining was not observed throughout the
hole.
Partial assay results for Hole 26-OBL-05, to a depth of 643 m, have been received (see Table 1). Interpretation suggests that
elevated copper values in the upper 75 m—including 2.0 m grading 0.25% Cu from 38.0 m—reflect supergene enrichment
within permeable lava flow horizons. Additionally, broad zones of weakly anomalous lead were noted between 148–238 m and
340–450 m, while increased sulphur from 467–515 m correlates with higher pyrite concentrations. A notable decrease in
magnetic susceptibility at depth aligns with the transition into propylitic alteration. Analytical results for the remainder of the
hole are pending and expected during Q3-2026. The core is currently undergoing hyperspectral scanning.
These initial findings indicate that the volcanic sequence at the far eastern edge of Tilva Rosh South remains largely unaltered
to depths exceeding 900 m, establishing an important constraint boundary at the eastern edge in this area and refocusing the
efforts to the northwest for this target.
Summary of Geophysics Surveys over Skorusa & Oblez: Over a 179.5 sq km area spanning Oblez and Skorusa, an Audio
-Magnetotelluric (AMT) survey was conducted using an 800 m × 800 m grid. Launched at the beginning of Q2-2026. The AMT
survey concluded in early Q3. To support target interpretation with supplementary data across the same footprint, a ground
gravity survey on a 400 m × 400 m grid was started in April 2026 and finished in early May 2026. AMT surveying across Oblez
and Skorusa was completed in July 2026.
Exploration Plans for Skorusa & Oblez:
• Field mapping: Conduct follow-up investigations of new surface geochemical anomalies to delineate further
prospective areas and assess their potential.
• Geophysical surveys: Data integration and geological modeling for both datasets (AMT and Gravity) are slated for H2-
2026.
• Petrophysical testing: Core and rock analysis began in Q3 2026 and will provide supporting data for integration with
geophysical data.
• Upgrading geochemical data: To improve drill targeting and refine the exploration model, selected drill hole samples
are being evaluated for advanced assaying techniques.
Table 1 — Selected assay intervals, Skorusa East and Tilva Rosh South
Hole From
(m)
To (m) Length
(m)
Cu (%) Au
(g/t)
Comment
26-SKO-08 22.0 28.0 6.0 0.095 – Supergene enrichment zone; quartz-
sulphide veining
26-SKO-08 46.0 54.1 8.1 – 0.20 Residual quartz with polymetallic veining;
Pb 1,381 ppm, Zn 3,000 ppm
26-SKO-08 358.0 362.0 4.0 – – Quartz-pyrite-molybdenite veins; Mo 235
ppm
26-SKO-09 416.0 480.0 64.0 0.052 – Silica-pyrite-kaolinite and Silica-pyrite-
sericite-clay alterations; quartz-pyrite-
chalcopyrite veins and disseminated
chalcopyrite
Including 416.0 422.0 6.0 0.10 – Silica-pyrite-kaolinite alteration; quartz-
pyrite-chalcopyrite veins and disseminated
chalcopyrite
Including 426.0 432.0 6.0 0.20 – Silica-pyrite-kaolinite alteration; quartz-
pyrite-chalcopyrite veins and disseminated
chalcopyrite
Including 476.5 477.0 1.5 0.35 – Silica-pyrite-sericite-clay alteration;
disseminated chalcopyrite
26-SKO-09 689.7 712.0 22.3 0.12 – Chlorite-epidote alteration; disseminated
chalcopyrite
26-OBL-05 38.0 40.0 2.0 0.25 – Near-surface supergene enrichment
between lava flows
Intervals are downhole lengths; true widths are not known at this time. Grades are length-weighted and uncut. Dashes denote
values below the reporting threshold for that element.
2023 BHP Option Agreement — Borsko, Trstenik & South Timok Corridor
Borsko
Summary: Previous exploration efforts have successfully delineated Target 1, characterized by an extensive alteration
lithocap measuring approximately 1.6 km by 1.5 km, which remains preserved under post-mineral cover. The scale and
integrity of this lithocap indicate a shallow erosional environment, suggesting that the prospective underlying porphyry system
is likely intact and requires further testing. Technical efforts throughout the second quarter focused on the systematic
integration of prior drilling datasets to further refine the project's structural and geological framework.
Exploration Plans: Refine the geological model and establish a formal drill proposal for Target 1 at Borsko. This work involves
the comprehensive re-logging of initial drill holes alongside the synthesis of geochemical and geophysical data, with
completion anticipated early in Q3-2026 following the analysis of five additional drill holes.
Trstenik
Summary: The Trstenik Project area comprises 55 sq km in the northern Timok Magmatic Complex. This area is strategically
situated along the northern strike of the world-class Majdanpek copper-gold porphyry deposit. Investigations to date within the
Southern Target have identified structural frameworks, lithological units, and alteration patterns that are characteristic of
porphyry-style systems and related high-grade skarn or carbonate-replacement (CRD) mineralization.
Q2 Summary: During the period, technical efforts centered on synthesizing drill data from hole 25-ZEL-30 into the Central-
North Target model. Although economic mineralization was not encountered, the hole intersected a fault zone and failed to
test the primary target. To better define the geological timing of the andesitic dykes observed in 25-ZEL-30, two core intervals
were selected for U-Pb geochronology and detailed petrological analysis, with results expected in the third quarter of 2026.
Exploration Plans: Ongoing work is focused on refining targets and developing drill proposals for the Central, Southwest, and
Southeast prospect areas.
South Timok Corridor
Summary: Spanning approximately 306 sq km, the South Timok Corridor Project area integrates four contiguous exploration
licenses—Vitanovac, Ponor, Lipovica, and Orlovac. Situated 40 to 70 km south of the Bor Mine Complex, this district
represents the southern extension of the prolific Timok Magmatic Complex. The geological setting transitions from exposed
Upper Cretaceous magmatic centers in the north to prospective "blind" targets obscured by sedimentary cover in the south
and west. The area is being explored as a unified magmatic-hydrothermal search space, applying systematic deep-sensing
geophysics to vector toward concealed porphyry and epithermal systems.
Q2 Summary: Technical efforts during the period centered on the systematic integration of existing geophysical
interpretations with regional geological observations. Modelling initiatives throughout Q2-2026 focused on discriminating
between barren features and potentially mineralized centers concealed beneath cover to support the upcoming drill test at
Vitanovac. Reconnaissance field investigations were conducted to enhance the technical understanding of the district’s
geological characteristics. Furthermore, regional geological cross-sections were established, synthesizing surface mapping
from outcropping areas with deep-sensing geophysical inversions to refine the cohesive 3D structural model.
Exploration Plans: The upcoming phase of exploration will focus on one additional drill hole at the Vitanovac target, designed
to evaluate the geophysical interpretation and the local stratigraphy. Site mobilization is scheduled to commence in Q3-2026.
Additionally, the Company is evaluating advanced assaying techniques for selected drill hole samples to improve the
geochemical model and further refine drill targeting.
JOGMEC-Mundoro EE1 Copper Project, Bulgaria
Summary: The EE1 Project area, located in northwestern Bulgaria, spans approximately 166.5 sq km and targets a district-
scale, sediment-hosted stratiform copper system. Situated within a prolific metallogenic belt containing approximately 60
known historical copper-lead-zinc occurrences and mines, the project is being advanced through a strategic partnership with
the Japan Organization for Metals and Energy Security (JOGMEC).
Technical efforts have successfully established the geological framework and delineated priority drill targets; however, active
field operations remained paused during the period pending final permit approvals. The JOGMEC-Mundoro partnership has
systematically de-risked the project through the synthesis of comprehensive soil geochemistry, detailed surface mapping, a
41.3 line-km Audio-Magnetotelluric (AMT) survey, and a 160 sq km drone-borne magnetic survey. These geophysical datasets
have been modeled to support the refinement of specific drill targets throughout the project area.
Exploration Plans: Despite receiving a favorable assessment from the Ministry of Environment and Water in 2024, the drill
permitting process continues to experience delays due to an ongoing NGO appeal. Following the conclusion of court
proceedings in Q1-2026, the next hearing is scheduled for the third quarter of 2026. Pending a successful resolution of these
administrative challenges, Mundoro remains focused on site mobilization and the execution of the first modern drill test of the
geological and AMT-delineated stratiform copper targets within the district.
Svoboda Tender, Bulgaria: The Svoboda area, located within the Panagyurishte Mineral Belt approximately 100 km
southeast of Sofia, was awarded to Mundoro's local subsidiary in a competitive tender process in September 2017. The
administrative process to formalize the exploration contract with the Ministry of Energy (MoE) continues to experience
procedural delays. Mundoro maintains ongoing communication with the relevant Ministries and remains committed to
unlocking the value of this historical district once administrative procedures are finalized.
Mundoro Projects, Arizona
The Company’s portfolio in Arizona comprises three district-scale exploration projects—Dos Cabezas, Picacho, and
Copperopolis—strategically located within the prolific Laramide Magmatic Arc. Systematic generative programs have
successfully identified prospective intrusions, providing geological de-risking and advancing all three assets to the option-ready
stage.
Throughout the second quarter of 2026, Mundoro continued to execute additional confidentiality agreements and hosted
technical reviews, including site visits by major mining groups and exploration companies. Management remains actively
engaged in discussions to secure strategic option agreements for these copper projects in the USA.
• Dos Cabezas Project, Arizona: Located south of the Safford mining district, this 100%-owned, 61 sq km project is
situated 150 km east of Tucson. The project holds six targets where the priority target has spotted drill locations to test
the potential mineralized center of a Laramide-aged porphyry copper system.
• Picacho Project, Arizona: Situated within the Globe-Superior-Ray porphyry cluster, this 100%-owned, 105 sq km
project area targets "blind" Laramide-aged porphyry centers concealed beneath shallow alluvial cover.
• Copperopolis Project, Arizona: Located in Yavapai County, east of the Baghdad mining district, this project is held
approximately 73.09% by Mundoro. Q2-2026 assay results from a systematic rock sampling program confirmed
elevated Cu-Au-Mo values proximal to established NW-SE structural corridors. High-grade values are concentrated
along these corridors, while mapping and the pervasive extent of mineralization suggest the potential for an Iron-Oxide-
Copper-Gold (IOCG) system.
Generative Programs
The Company continues to advance the identification and assessment of prospective mineral opportunities:
• Serbia: Advancing generative work within the Timok and Tertiary magmatic corridors, with a technical focus on copper-
gold porphyry systems, skarns, and associated epithermal mineralization.
• USA: Evaluating the Laramide Belt in Arizona for copper-molybdenum potential while investigating secondary
prospective regions across the broader Western US Cordillera.
• Global: Utilizing a systematic district-scale approach to source additional copper assets that align with Mundoro's
established project generator strategy.
Quality Assurance and Quality Control
All sampling and analytical work has been carried out under the supervision of the Qualified Person and in accordance with
industry standard practice. Drill core was cut in half by diamond saw, with one half submitted for analysis and the other
retained on site for reference. Samples were prepared and analysed by ALS-Bor (Serbia), Rosia Montana (Romania), Loughrea
(Ireland), which is independent of the Company and accredited to ISO/IEC 17025.
Multi-element analyses, including copper, were completed by ME-MS61L method after four-acid digestion and achieved via
ICP-MS, and gold by Au-AA24 method by fire assay of 50 g sample and AAS finish, with over-limit results re-assayed by
GRA22 for Au and OG62 method for multi-element analysis. Certified reference materials and blanks were inserted into the
sample stream at a rate of one in every 20 samples alternating, and field duplicates were inserted into the sample stream at a
rate of one in every 25 samples, in addition to the laboratory's internal quality control procedures. All quality control results
were reviewed by the Qualified Person and were found to be within acceptable limits.
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 has been reviewed and approved by Humberto Brockway, EurGeol,
a Qualified Person as defined by NI 43-101 and Director of Exploration 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.
ON BEHALF OF THE BOARD OF DIRECTORS OF MUNDORO,
Teo Dechev,
Chief Executive Officer, President and Director
Follow us on social media:
LinkedIn: https://ca.linkedin.com/company/mundoro-capital-inc
X: https://x.com/MundoroCapital
View the latest Corporate Presentation .
For further information about Mundoro, please visit our website at www.mundoro.com or contact:
Teo Dechev, Chief Executive Officer, President and Director
Micheal Starogiannis, Business Development and Investor Relations,
Company investor line: +1-604-669-8055, [email protected]
References
¹ Mundoro Capital website (Link), January 23, 2023 News release
2 Mundoro Capital website (Link), October 13, 2025 News release
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.sedarplus.ca.
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.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/304ccb91-3eb9-459e-ab44-45b990d61bf8
https://www.globenewswire.com/NewsRoom/AttachmentNg/5b2d3bd9-6b70-4f89-9627-58f097e0ee35