Ms. Teo Dechev reports

MUNDORO ANNOUNCES OPERATIONAL AND EXPLORATION UPDATE WITH NEW TARGET AREAS IDENTIFIED FOR DRILL TESTING IN SERBIA

Mundoro Capital Inc. has released its quarterly update for exploration and corporate activity. The company's quarterly consolidated financial statements and management's discussion and analysis are filed on SEDAR and posted on the company's website.

Teo Dechev, chief executive officer and president, commented: "Despite an exploration year that has been slowed by the COVID-19 pandemic, Mundoro's exploration activity to drive value for shareholders is moving ahead as demonstrated with the $1.9-million (U.S.) confirmed work program budget for the Vale-Mundoro projects. This work program has already identified new targets and upgraded current targets for drill testing, which is expected to commence around year-end. The improving commodity prices for copper and gold continue to drive interest by third parties in the copper and gold exploration projects Mundoro has generated in the Tethyan belt."

Operational highlights:

• Stable cash position: The company ended Q3 2020 with $2-million in cash and cash equivalents. Mundoro has no long-term debt.
• Generating cash flow: During the nine months ended Sept. 30, 2020, and 2019, the company received operator fees of $140,000 and $205,000 for its role as the operator on exploration programs for option partners. Since 2016, Mundoro's business strategy has benefited from partner-sole-financed programs of $15.5-million ($11.9-million (U.S.)) and Mundoro has generated operator fees of $1.5-million ($1.2-million (U.S.)).
• Partner-financed exploration: The company's exploration costs were lower for the nine months ended Sept. 30, 2020, at $2.2-million compared with $2.9-million for the nine months ended Sept. 30, 2019. Exploration costs related to the JOGMEC Generative Alliance, JOGMEC-Mundoro joint venture project, Vale-Mundoro projects, were sole financed by option partners. Recoveries from partners during the nine months ended Sept. 30, 2020, and 2019, amounted to $1.4-million and $2-million, resulting in net exploration costs of $779,000 and $882,000, respectively.
• Reducing corporate costs: During the period, Mundoro recorded lower corporate expenses of $367,000 versus $437,000 in the prior period resulting from the reduction of costs in accounting and audit, corporate communication, and corporate governance expenditures. COVID-19 restrictions on travel and in person conferences, along with concerted efforts to reduce non-essential expenditures were the primary factors in the overall reduction in corporate expenses compared with the same period in 2019.

Exploration highlights:

• Focused to bring additional partnerships: Mundoro entered into a memorandum of understanding (MOU) with Vale in October, 2020, for two additional exploration areas in Serbia -- see press release dated Oct. 22, 2020. The company continues to methodically grow the eastern European exploration portfolio while working on new partnerships for the existing projects available for optioning and joint venture.
• Compelling new targets identified: The Vale-Mundoro technical committee has approved a $1.9-million (U.S.) exploration program up to Q4 2021. Five target areas were identified from the exploration program to date for further exploration as highlighted herein.

Vale-Mundoro projects

The technical committee has approved a $1.9-million (U.S.) exploration work program up to Q4 2021. The exploration work program has commenced at two of the Vale-Mundoro projects -- Skorusa and Oblez, both located west-southwest of the Cukaru Peki deposit and all within the Timok magmatic complex. The exploration completed to date over the two licence areas includes: grid-based soil sampling, geological mapping and rock sampling as well as a ground magnetic survey. As a result of these exploration programs, the preliminary results have identified five areas prospective for porphyry copper-molybdenum-gold deposits for initial focus.

Skorusa porphyry:

• Broad regional magnetic-low anomaly, with internal magnetic high zones, was identified and encompasses the Skorusa porphyry with a footprint of approximately 2.5 kilometres by five km. The Skorusa gold-copper porphyry system was partially tested in 2015 and 2016 in two separate drill campaigns.
• Exploration in this area identified quartz stockwork-hosted mineralization in potassic altered diorite porphyry, which returned 23 m with 0.94 gram per tonne gold equivalent (0.17 per cent copper and 0.72 g/t gold) from surface rock-chip sampling. Follow-up drilling completed in 2016 proved the stockwork extended to depth and returned: 63.4 m with 0.44 g/t AuEq (0.11 per cent copper and 0.3 g/t gold) in drill hole SUMDD-001; 60 m with 0.48 g/t AuEq (0.14 per cent copper and 0.3 g/t gold) in drill hole SUMDD-002 and 72 m with 0.31 g/t AuEq (0.1 per cent copper and 0.17 g/t gold) in drill hole SUMDD-003.
• A drilling program is planned in late Q4 2020 to test additional target areas identified at the Skorusa porphyry.

Skorusa South:

• With the completion of the recent grid soil sampling and mapping programs, the field team defined a circular feature 450 m in diameter with advanced argillic alteration, 3.5 km southeast of the Skorusa porphyry, which likely represents a porphyry-related lithocap. The advanced argillic alteration was confirmed by the presence of Na-alunite detected by use of a portable spectrometer.
• Detailed sampling and alteration mapping are planned for this target as well as additional reinterpretation from a historical induced polarization survey.

Glavica:

• A new area of interest to the exploration team has been identified in the central western portion of Skorusa licence. A strong ground magnetic anomaly with a footprint of approximately two km by two km and order of magnitude greater than any other anomalies in the area stands out in the recently completed ground magnetic geophysical survey. The cause of the anomaly is unclear and detailed geological mapping and sampling are planned for the 2021 exploration program.

Tilva Mare:

• The prospect area is outlined by copper in the soil geochemistry in the northern portion of the Oblez licence. The upper-Cretaceous cover rock of agglomerates contain a variety of mineralized clasts with malachite, native copper and locally chalcocite. These clasts occur at surface along road cuts and occur to depths of 250 m in drilling.
• Potential exists here for concealed epithermal and porphyry copper and gold mineralization beneath the sediments and agglomerates from the upper-Cretaceous stratigraphy.
• Follow-up geological mapping is continuing. In order to better understand the source of geochemical and mineralized clasts, the exploration efforts will be complemented by an audio-frequency magnetotellurics (AMT survey planned in late Q4 2020).

Markov Kamen East:

• This area is of interest is defined by anomalous molybdenum and gold in the grid soil sampling program over the upper-Cretaceous limestone and siltstone cover rocks in the southwest portion of the Oblez licence. Anomalous geochemistry here is contiguous to the anomalous geochemistry on the Markov Kamen target directly to the west.
• The exploration team was so encouraged by the initial results that follow-up infill soil sampling and detailed geological mapping was undertaken to understand anomalies and better define drill targets. Results from this sampling and mapping are expected in Q4 2020.

Qualified person

The exploration work programs described herein were supervised by Y. Khrischev, the company's exploration manager in Serbia and Bulgaria, who has also prepared the aforementioned technical information in this press release in accordance with Canadian regulatory requirements as set out in National Instrument 43-101. The aforementioned technical disclosure in this press release has been reviewed, verified and approved, by R. Jemielita, PhD, MIMMM, a qualified person as defined by NI 43-101 and consultant to the company.

About Mundoro Capital Inc.

Mundoro is a royalty-generator company with a portfolio of projects focused on base and precious metals that generate royalties and near-term mineral revenue. To drive value for shareholders, Mundoro has generated a portfolio of mineral projects primarily focused on copper and gold in Serbia and Bulgaria. Value generated from the company's mineral properties is through near-term revenues from various forms of payments from partners and long-term through the generated royalties.

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