Ms. Teo Dechev reports

MUNDORO ANNOUNCES NEW COPPER PROJECT IN ARIZONA WITH VALE

Mundoro Capital Inc. has added a new project area, the Picacho project in Pinal county, Arizona, consisting of a combination of mineral exploration permits from the Arizona State Land Department and claims from the Bureau of Land Management (BLM). The Picacho project has been established as a result of the strategic alliance between Mundoro and Vale Canada Ltd.

Picacho property highlights:

• The Picacho project is situated within the Laramide porphyry belt, a prolific region of porphyry copper deposits extending from northern Mexico through the southwestern United States. The project is surrounded by a cluster of known porphyry copper deposits, including the Resolution deposit, the Miami-Inspiration district, Ray, Silver Bell, Lake Shore, Florence Copper and others.
• Preliminary field reconnaissance by Mundoro conducted in 2022 identified porphyry-style veining, alteration and copper mineralization within Laramide-aged intrusive rocks. Historic drilling in the area indicates the presence of disseminated copper mineralization characteristic of Laramide porphyry copper systems.
• The Picacho project has an approved work program and budget to be sole-financed by Vale with Mundoro as the operator. The project will generate property payments, operator fees and additional exploration potential for undercover copper porphyry systems in Arizona.

Teo Dechev, chief executive officer and president, commented: "With the addition of this new project in Arizona, Mundoro now has 10 active exploration programs in the portfolio. Mundoro's generative business continues to expand by generating properties that can attract partner-funded exploration and royalty creation, with the focus of building long-term value for all of Mundoro's shareholders. The company continues to be focused on porphyry copper systems in both the Tethyan and Laramide belt. The diversified nature of the portfolio gives shareholders multiple opportunities for a discovery in proven mining jurisdictions, while being led by a discovery-driven team."

Historical exploration and exploration targets

The project surrounds the historic North Star mine, where open-pit production of oxide copper occurred from around 1949 to 1970 primarily for smelter flux. Numerous prospect pits and workings are located within the project. Shallow postmineral alluvial cover surrounds the North Star mine and several outcropping vein systems. Cambior, Magma Copper, Cyprus, Cominco, ASARCO, BHP and others undertook exploration of the area from the 1950s to 1990s, available data from which have been compiled by Mundoro into a data set to leverage for targeting. A number of induced polarization and magnetic anomalies have been identified below shallow alluvial cover. Historic drilling intersected disseminated copper mineralization characteristic of Laramide porphyry copper systems, but was focused on just a small portion of prospective ground. The Picacho project contains substantial potential for covered targeting below shallow alluvial cover.

Regional geology and surrounding mines

The Picacho project lies within the Laramide porphyry belt, a prolific region of porphyry copper deposits extending from northern Mexico through the southwestern U.S. The project is surrounded by a cluster of known porphyry deposits, including the Resolution deposit, the Miami-Inspiration district, Ray, Silver Bell, Lake Shore, Florence Copper and others. The project is located along the extensions of historically recognized porphyry trends and lies near the inferred intersection of major northwest-southeast and northeast-southwest alignments of porphyry occurrences across the Laramide porphyry belt.

Project location

The Picacho project is located in south-central Arizona, U.S., approximately 80 kilometres northwest of Tucson and approximately 95 km southeast of Phoenix. The Picacho project area covers approximately 105 square km (10,500 hectares) north of the Picacho Mountains. The project can be accessed through a combination of highways, secondary paved roadways, well-maintained dirt roads and trails.

Mineralization and alteration

Preliminary field reconnaissance was conducted in 2022. This has identified porphyry-style veining, alteration and mineralization within Laramide-aged intrusive rocks. Field reconnaissance along with historic data compilation have identified several prospective areas for covered targeting. Detailed geologic mapping and geochemical sampling are continuing. Geophysical surveys are planned for Q2 to Q4 of 2023 to define drill targets by Q1 2024.

Property geology

The project area consists of Proterozoic granitic and metamorphic rocks intruded by a suite of Laramide-aged monzonitic rocks. A swarm of generally northwest-southeast rhyolite to latite dikes crosscut the area. The outcropping intrusive and metamorphic rocks are surrounded by shallow alluvial cover, deepening to an estimated 500 metres of cover outside the project boundary.

Commercial terms highlights

Vale can acquire 100 per cent of the designated project through: (i) sole-financing exploration expenditures during the option period, being up to $1.5-million (U.S.) over two years or $2.5-million (U.S.) over three years; (ii) make property payments during the option period of up to $500,000 (U.S.) over the three years; (iii) upon completion of the option exercise, make cash milestone payments to Mundoro which combined equate to $9-million (U.S.) over four milestones; and (iv) as part of the option exercise, grant to Mundoro a 2-per-cent net smelter return on the designated project, which includes annual advance royalty payments of $200,000 (U.S.) per year through to commercial production. Mundoro is the initial operator.

Qualified person

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 the U.S. exploration programs has been reviewed and approved by Ms. Dechev, PEng (PEO, APEGBC), a qualified person as defined by NI 43-101, and the company's chief executive officer.

About Mundoro Capital Inc.

Mundoro is a publicly listed company on the TSX Venture Exchange in Canada and the OTCQB in the U.S. 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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