Ms. Teo Dechev reports

MUNDORO COMMENCES DRILL PROGRAM AT THE BHP OPTIONED BORSKO PROJECT IN SERBIA

Mundoro Capital Inc. has commenced a drill program at the BHP-Mundoro option project, Borsko, which is located in the central portion of the Timok magmatic complex in eastern Serbia. The drill program is part of the 2023 work program and budget, which is solely funded by BHP and for which Mundoro is the operator. The drill program is planned for 2,000 metres to test one target area with one deep drill hole.

Regional setting

The Timok region in eastern Serbia is known as a mining district with more than 100 years of mining comprising approximately four billion tons in porphyry systems over five known mines. The Timok magmatic complex is host to the largest copper-gold porphyry deposits in the western portion of the Tethyan belt, such as: (i) Cukaru-Peki, a high-sulphidation epithermal copper-gold and porphyry copper deposit; (ii) Bor underground mine which is a copper-gold porphyry; (iii and iv) Veliki Krivelj and Majdanpek open-pit mines, which are both copper-gold porphyries; and (v) the recently reopened Cerovo porphyry copper-gold open-pit mine.

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Overview of target 1:

• Target 1 is located in the centre of the Borsko project and represents an undercover preserved advanced argillic alteration lithocap.
• The target covers a strike length approximately 1.6 kilometres striking north-northwest to south-southeast.
• Target 1 remains open in three directions: (i) along strike to the northwest; (ii) down plunge to the northwest; and (iii) to the east-northeast.
• The target 1 system was discovered using a combination of structural features and geophysical anomalies from a magnetotelluric (MT) survey in 2016, and gravity surveys completed by Mundoro between 2018 and 2019.

Discussion of target 1

All of the geochemical results and well-defined hydrothermal alteration are indicative of high-sulphidation epithermal-type mineralization with elevated copper at the bottom of the lithocap, suggesting a porphyry environment at depth below the epithermal zone. The current drill program over target 1 aims to test: (i) the northwest extension of the high-sulphidation epithermal alteration/mineralization intersected in drill hole 17-BJ-11 (15 metres at 1.04 grams per tonne (g/t) gold (Au) and 6.9 g/t silver (Ag)) and in drill hole 19-BJ-20 (88 m at 446 parts per million (ppm) copper (Cu) from 891 m); (ii) potassic alteration extension to the northwest and below the high-sulphidation epithermal zone; and (iii) a geophysical controlled-source audio-frequency MT anomaly.

When compared with the discovered copper-gold deposits in the vicinity of target 1 in the Bor region, there is generally a shallow transition zone from the high-sulphidation mineralization epithermal zone (preserved lithocap) to the porphyry body beneath in that system. At target 1, there are remnants of shreddy biotite at the bottom of holes 17-BJ-07 and 17-BJ-12, with discrete occurrences of quartz-magnetite veins, together with elevated copper results, indicate the likely occurrence of a copper-bearing porphyry system in the vicinity of the preserved lithocap.

Qualified person

The scientific and technical information in this news release was reviewed and approved by R. Jemielita, PhD, MIMMM, a qualified person as defined by National Instrument 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 United States, 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 U.S.

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