Ms. Teo Dechev reports

MUNDORO REPORTS PROFITABLE Q1-2023 FINANCIAL RESULTS AND PROGRESS UPDATE FOR EXPLORATION PROGRAMS

Mundoro Capital Inc. has filed its quarterly consolidated financial statements and management's discussion and analysis on SEDAR and posted the documents on the company's website.

Teo Dechev, chief executive officer, commented: "Mundoro has built a diversified, copper-focused, exploration portfolio, generating payments to the company which exceed the corporate expenses, resulting in positive cash flow. Mundoro grew the exploration portfolio in Q1 2023 with the addition of the Picacho project in Arizona, resulting in 10 active exploration programs. With a strong balance sheet, positive cash flow and 17,000 metres of anticipated drilling, Mundoro is well positioned to increase shareholder value throughout 2023."

Q1 2023 financial highlights:

• Strong cash position: As of March 31, 2023, the company held cash and cash equivalents totalling $7,290,012 (Dec. 31, 2022 -- $4,843,844) and no long-term debt.
• Positive net income: In Q1 2023, the company recorded income of $321,748 (nil per share), compared with a net loss of $430,630 (one cent per share) for the quarter ended March 31, 2022, for an increase of $752,378.
• Partner-financed exploration expenditures and generative expenditures: The exploration and project evaluation expenditures, the majority of which are sole-financed by partners, were higher at $1,686,880 in Q1 2023, compared with $948,776 in Q1 2022, due to higher budgeted exploration expenditures across the various partner-financed programs. Recoveries from option partners in Q1 2023 were $1,549,658 (92-per-cent recovery), compared with $774,330 (82-per-cent recovery) in Q1 2022, resulting in net exploration costs of $137,222 in Q1 2023 and $174,446 in Q1 2022. The net exploration costs are attributable: (i) costs that have been spent on behalf of a partner and will be reimbursed in the next reporting period under recoveries from partners; and (ii) the project generative segment of the company. The project generative segment creates long-term royalty opportunities and receives property payments, milestone payments and other fees in exchange for mineral projects.
• Corporate expenses: Corporate expenses in Q1 2023 were $341,199, compared with $186,461 in Q1 2022, which represented an increase of $154,738 compared with Q1 2022. The increase was driven by an increase in salary-related costs, increased overall professional and services costs, and increased travel- and corporate development-related expenses, resulting from less travel restrictions over the reporting period.
• Positive cash flow from operations: The cash flow from operations is higher at $2,729,681 in Q1 2023, compared with negative $569,252 in Q1 2022, resulting in an increase of $3,298,933 from Q1 2022 to Q1 2023.

Q1 2023 exploration portfolio highlights and outlook

Vale-Mundoro projects:

• Announced new Picacho project with Vale in Pinal county in Arizona: 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 Picacho project has an approved work program and budget to be solely 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. For further information, see the company's news release dated May 23, 2023.
• Continuing drill testing at Bobot and Ojej: In Q1 2023, drill testing at the Tilva Rosh North target commenced, where a total of 113.7 metres of diamond drilling was completed out of the planned 3,200 metres. Drilling is anticipated to be completed in Q2 2023, with assay results from this drill program anticipated in Q3 2023. Additionally, drill testing at the Markov Kamen South target started, where a total of 867.9 metres of diamond drilling was completed out of the planned 900 meters that remained from the 2022 drill program. The assay results are expected to be received in Q2 2023.
• Completion of permitting in Das Cabezas: Permitting with state and federal agencies was completed in Q1 2023 for the phase 1 drill program to test five target areas. Drilling commenced in April, 2023, and is expected to be completed in Q4 2023.
• Advancing exploration for upcoming drill programs with Vale: In Q1 2023, the company mobilized for a passive seismic geophysical survey over the Branik and Padina licences, with the geophysical interpretations anticipated in Q3 2023.

BHP-Mundoro projects:

• Continuing drilling in Borsko: During Q1 2023, drilling commenced, where a total of 566.0 metres of diamond drilling was completed out of the planned 2,000 metres. Drilling is anticipated to be completed in Q2 2023, with assay results from this drill program anticipated in Q3 2023.
• Advancing exploration for upcoming drill program with BHP: During Q1 2023, the company conducted permitting for the upcoming drilling program at Trstenik and Vitanovac with the State Forestry Department. The State Forestry permit approvals are expected in Q2 2023.

JOGMEC-Mundoro project:

• Advancing exploration for upcoming drill program with JOGMEC: In Q1 2023, the work program consisted of soil sampling, mapping, site visits and preparation for additional geophysics and 2,000 metres of drilling in 2023.

Kinross-Mundoro project:

• Advancing exploration for upcoming drill program with Kinross: During Q1 2023, the company focused on community relations and landowner permitting for the planned work program in 2023.

Qualified persons

The scientific and technical information described in this news release has been prepared in accordance with National Instrument 43-101. The scientific and technical information for Serbia and Bulgaria 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. The scientific and technical information for the United States exploration programs has been reviewed and approved by T. 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 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: the Western Tethyan belt in Eastern Europe; and the Laramide belt in the southwest U.S.

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