Mundoro Reports Q1-2025 Financial Results and Progress on Exploration Programs
Mundoro Reports Q1-2025 Financial Results
and Progress on Exploration Programs
Vancouver, British Columbia--(Newsfile Corp. - May 30, 2025) -
Mundoro Capital Inc. (TSXV: MUN)
(OTCQB: MUNMF) (
www.mundoro.com
)
("
Mundoro
" or the "
Company
") announces the operating
and financial results for the quarter ended March 31, 2025.
The Financial Statements and Management's
Discussion and Analysis (MD&A) for Q1-2025 are filed on SEDAR+, and are available on
Mundoro's
website
under the heading
Investors
. All amounts are expressed in Canadian dollars unless otherwise
indicated.
Q1-2025 Financial Summary
Cash Position:
As of March 31, 2025, the Company held $5.2 million in cash and cash
equivalents and no long-term debt. The working capital for the company is $1.9 million.
Fees Earned:
The Company's fee income, which includes interest, operator fees, option
payments, and miscellaneous income, decreased to an aggregate of $740,392 in Q1-2025
compared to $790,957 in Q1-2024, primarily due to a reduction in management fees received
resulting from fewer partner-funded programs.
Exploration and Project Evaluation Expenditures:
The exploration expenditures, the majority
of which are sole-funded by partners, were lower at $1,759,690 in Q1-2025 compared to
$2,637,541 in Q1-2024 primarily due to a decrease in the number of partner-funded budgeted
exploration work programs. Recoveries from option partners in Q1-2025 were $1,451,815
compared to $2,584,073 in Q1-2024, resulting in net exploration costs of $307,875 in Q1-2025
and $53,468 in Q1-2024.
Corporate Expenses:
Corporate expenses in Q1-2025 were $296,732 compared to $267,522
in Q1-2024, representing an increase of $29,210 or approximately 9%. The change primarily
reflects timing differences related to the accrual of 2025 audit fees.
Net Income:
For the quarter ended March 31, 2025, the Company recorded a net income of $451
($0.00 per share), compared to a net income of $436,265 ($0.00 per share) for the quarter ended
March 31, 2024.
Q1-2025 Exploration Summary and Exploration Plans
BHP-Mundoro Projects, Serbia
Borsko
Passive Seismic and Ground AMT Survey Completed:
Fieldwork for a passive seismic
survey was completed. The final report and subsequent 3D inversion model were received in Q1-
2025. This geophysical technique provides an additional layer of subsurface data for target
refinement. Additionally, a ground AMT survey was completed. The 3D inversion model from BHP
is expected to be completed in Q2-2025.
Green Rock Analysis:
Fifty samples were selected for Green Rock analysis. This analysis will
provide additional geochemical data for refining targeting. The geochemical results from the study
were received in Q2-2025 with additional targeting in mid 2025.
Optimizing Drill Locations for Porphyry Source Testing:
The exploration team analyzed all
available data to determine optimal drill locations, identifying a new target area in the NW part of
the license.
Exploration Plans: Drill Program Planning
Drill Program Planning:
Exploration plans for Q2-2025 prioritize preparation for
commencing drilling at NW target area, as well as additional targeting and comprehensive
planning for future drilling.
New Targeting:
Additional targeting initiatives are also planned for completion in H2-2025.
Trstenik
Central Target Area Mapping:
Mapping in the central target area was completed, focusing on
new road cuts, intrusive outcrops and delineation by the geophysical models anomalies. This
mapping enhanced geological understanding by documenting exposed alteration and
mineralization, quartz veining systems, and structural controls on potential mineralization at depth,
as well as connecting the geophysical anomalies to geological objects.
Structural Analysis and Data Interpretation:
Structural analysis and comprehensive data
interpretation took place in Q1-2025. This integrated analysis will guide further exploration planning
and target refinement for the remainder of 2025.
Exploration Plans: Drill Program Planning
North-Central Target Area Drill Program:
The delay in receiving forestry permit approval,
for the north-central target area drill program, has delayed the start of the drill program from
Q4-2024 to 2025.
Although the forestry permit approval is understood to be in the final
stages, final timing for approval is unknown.
Upon approval of the required forestry permits
related to drilling, execution of the drill program in the north-central target area is a key
priority for H1-2025, representing a step forward in the project's exploration.
South Timok
During Q1-2025, structural interpretations were completed across the Vitanovac, Ponor, Lipovica,
and Orlovac license areas. This work aimed to integrate geophysical data to define key structural
features potentially linked to mineralization. Concurrently, additional geophysical fieldwork
advanced, with ground Audio-Magnetotelluric (AMT) infill surveys completed at Lipovica and
Orlovac, and a ground gravity survey commenced at Orlovac to help identify potential targets in
covered terrains.
Mundoro Owned Projects, Serbia
Serbia
: Mundoro holds approximately 419 sq km of exploration licenses in Serbia, primarily within the
prolific Timok Magmatic Complex (TMC), known for significant copper-gold deposits like Bor,
Majdanpek, and Cukaru Peki. The area benefits from established infrastructure.
In Q1-2025, the
Company' primary objective was to advance the targeting work to clearly demonstrate the value of these
licenses to third-party mining companies. The Company is progressing discussions with third party
mining companies in order to potentially option this package of licenses.
JOGMEC-Mundoro Project, Bulgaria
The JOGMEC-Mundoro EE1 copper project in Bulgaria is prospective for sediment-hosted stratiform
copper. JOGMEC completed Stage One earn-in (Q3-2022), and exploration work has been conducted.
While drill locations were submitted for permitting and a positive Appropriate Assessment was initially
received, objections filed in court delayed the process. Although the courts terminated the objections in
Q1-2025, an appeal has been filed, further prolonging permitting and delaying the planned 1,800-meter
drill program.
Scheduling and commencement of this program remain dependent on the final resolution
of the permitting process and receipt of all government approvals.
Mundoro Owned Projects, USA
Dos Cabezas Project — Arizona: Advancing Porphyry Copper Targets:
Mundoro's 100%-owned
Dos Cabezas Project, available for joint venture, covers approximately 61 sq km in Southeast Arizona's
Laramide magmatic arc. Situated 150 km east of Tucson, and south of the Safford district, exploration
has defined six targets: four with surface porphyry copper signatures and two representing potential
covered centers in the pediments. Q1-2025 activities included submitting samples for geochronology
(confirming Laramide ages, with further results expected Q3-2025), conducting partner site visits,
performing fieldwork at the Elma target, and refining the Mescal Canyon geological model with 2023 drill
data.
Copperopolis Project — Arizona: Generative Fieldwork and Target Generation:
Located in
Yuvapi County, northwest Arizona, the Copperopolis Property features historic high-grade Au-Cu veins
and is considered prospective for deeper Laramide-age porphyry systems, with a target identified near
the San Juan Mine. Completed work includes historic vein evaluation, detailed mapping at San Juan
(identifying NE-trending dikes, breccias, and weak-to-moderate porphyry-style alteration), and high-
resolution drone imagery. Q1-2025 saw a BLEG geochemical survey (results expected Q2-2025),
detailed mapping confirming a sheeted dike complex, and geochronology (U-Pb results Q2-2025
consistent with nearby operating mines).
Picacho Project — Arizona: Unlocking Covered Porphyry Potential:
The Picacho Project, wholly
owned by Mundoro and available for partnership, encompasses a 105 sq km land package (State
Permits and Federal Claims) in central Arizona. It is strategically located within a cluster of major
porphyry copper deposits. Exploration efforts have identified three covered target areas, either untested
or only partially tested, indicating potential for concealed porphyry systems.
In Q1-2025, geochronology
work was undertaken, with results received in Q2-2025 confirming a Laramide age (68Ma) for a key
igneous unit, consistent with the regional mineralizing events.
Generative Programs:
Mundoro is actively evaluating new opportunities:
Serbia:
Evaluating areas in Cretaceous and Tertiary Belts.
USA:
Targeting copper in Arizona's Laramide Belt and other Western US belts.
Global:
Evaluated three additional geological belts, focusing on copper.
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.
Follow Mundoro's weekly updates from the field on:
and
X @Mundoro
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.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.
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