Mundoro Reports Q1-2024 Financial Results and Progress on Exploration Programs
Mundoro Reports Q1-2024 Financial Results
and Progress on Exploration Programs
Vancouver, British Columbia--(Newsfile Corp. - May 30, 2024) -
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
.
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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
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/211049