Ms. Teo Dechev reports

MUNDORO ANNOUNCES PROFITABLE H1 2023 RESULTS

Mundoro Capital Inc. has released profitable financial results from its operations in the first six months ending June 30, 2023 (H1 2023).

Teo Dechev, chief executive officer and president, commented: "The company has delivered a profitable first half of 2023 as a result of the generative business strategy, which continues to operate 10 exploration programs, generating new exploration opportunities for partnering, while maintaining low corporate expenses. Cash flow from operations increased by 561 per cent to $1,263,215, which continues to improve the company's balance sheet. For the second half of 2023, Mundoro is on track to reach the forecasted $2-million to $2.5-million in fees earned, with total corporate and generative expenses of $1.6-million. The company is projected to complete 17,000 metres of drilling as a result of the $15-million in partner-funded exploration expenditures in 2023."

Financial highlights and outlook

For complete details of the company's financial results, please refer to the condensed interim consolidated financial statements, and management's discussion and analysis (MD&A) for the six-month periods ended June 30, 2023, and 2022. The company's filings are available on SEDAR and on Mundoro's website:

• Strong cash position: As of June 30, 2023, the company held $8,398,601 in cash and cash equivalents, and no long-term debt.
• Fees earned: In H1 2023, the company generated $1,464,598 in fees and payments, up 298 per cent compared with the same period in 2022.
• Corporate expenses: General and administrative expenses of $625,164 were incurred in H1 2023, up 38 per cent compared with the same period in 2022.
• Net income from operations: Net income was $1,084,863 for H1 2023, compared with a net loss of $481,794 for the same period in 2022.
• Positive cash flow from operating activities: Cash flow of $3,725,504 was generated from operating activities in H1 2023. Cash flow generated from operating activities, excluding changes in non-cash working capital, was $1,263,215, up 561 per cent compared with the same period in 2022.

Portfolio outlook for 2023:

• Generation of fees guidance for 2023: For 2023, the company estimates generating $2-million to $2.5-million in fees from partner programs, while the corporate expenses and generative exploration costs are estimated to be approximately $1.6-million. As a result, the company does not anticipate a need to raise capital in 2023.
• Partner-financed exploration expenditure guidance in 2023: For 2023, the exploration expenditures financed by partners is estimated at approximately $11-million to $15-million. During 2023, Mundoro is the designated operator of six exploration programs in Serbia, one exploration program in Bulgaria and two exploration programs in the United States. Total drilling across all programs is planned to be approximately 17,000 metres, depending on various factors such as permitting.

Project portfolio highlights for Q2 2023

For complete details of the company's summary of operations, please refer to the MD&A for the six-month periods ended June 30, 2023, and 2022. The company's filings are available on SEDAR and on Mundoro's website:

• Announcement of new copper project in Arizona: In Q2 2023, Mundoro announced the staking of the Picacho project in Pinal county, Arizona. The Picacho project is situated within the Laramide porphyry belt, and 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.
• Commencement of drilling with Vale in Arizona: In Q2 2023, Mundoro announced the commencement of a drill program at Mundoro's Vale-optioned project, Dos Cabezas, located in Cochise, Ariz. The drill program is planned for 3,000 metres to test five target areas with five drill holes. These five drill holes represent a rare opportunity in Arizona to test an undrilled porphyry copper system. The first two holes were drilled in Q2 2023, with the next three drill holes to be drilled in Q4 2023.
• Commencement of drilling with BHP in Serbia: In Q2 2023, Mundoro commenced a drill program at Mundoro's BHP option project, Borsko Jezero, which is located in the central portion of the Timok magmatic complex in eastern Serbia. The drill program was completed in Q2 2023, to test one target area with one 2,000-metre drill hole.
• Commencement of drilling with Vale in Timok, Serbia: In Q2 2023, Mundoro announced the commencement of a drill program at Mundoro's Vale-optioned project area located in the southwest portion of the Timok magmatic complex in eastern Serbia. The drill program is planned for 8,000 metres to test five target areas with nine drill holes. The five main target areas for drill testing during the 2023 drill program are: (i) Tilva Rosh; (ii) Markov Kamen; (iii) Bacevica North; (iv) Orlovo; and (v) Prekostenski.
• Advancing exploration for future drill program with JOGMEC: In Q2 2023, Mundoro submitted eight drill hole locations for permitting to the responsible authorities.

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 Serbia and Bulgaria exploration programs were reviewed and approved by Thomas Sant, FGS (EurGeol, CGeol) a qualified person as defined by NI 43-101, and exploration director to the company. 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 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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