Ms. Teo Dechev reports

MUNDORO COMMENCES DRILL PROGRAM ON VALE BASE METALS OPTIONED DOS CABEZAS PROJECT IN ARIZONA

Mundoro Capital Inc. has begun a drill program at the Dos Cabezas project, Cochise county, Arizona. The Dos Cabezas project is optioned to Vale Base Metals to earn in to the project. The Q4 2023 drill program is planned to test three target areas with three diamond drill holes for a total of 2,200 metres. These drill holes represent a rare opportunity in Arizona of untested porphyry copper systems.

Project location

The Dos Cabezas project is located in southeast Arizona, approximately 150 kilometres (km) east of the city of Tucson, within the highly prospective Laramide magmatic arc portion of the Southwestern United States cordilleran porphyry belt. The Dos Cabezas project is surrounded by known porphyry districts, such as Safford and Morenci to the north and Tyrone to the east.

Summary of the target areas

Exploration to date has identified three target areas with outcropping alteration and mineralization potentially associated with Laramide-age porphyry copper systems: Mescal Canyon, Mineral Park and Casey Copper Canyon targets. These three target areas will be drill tested with one drill hole for each target. A drill rig has been mobilized with drilling anticipated to commence in the second week of October. The drill program is expected to be completed in November with assay results in Q1 2024.

Mescal Canyon -- mapping and sampling in the Mescal Canyon area has outlined a zone of pyritic veining with sericitic halos and sericitic fractures consistent with the distal portions of porphyries which commonly occurs outboard but also potentially above the central porphyry mineralization. One drill hole has been targeted to test the magnetic anomaly directly below the alteration and geochemistry mapped on the surface.

Mineral Park -- detailed mapping of the area has identified high-temperature magnetite skarns and magnetite replacement lenses that were also recognized and modelled in the closely spaced helicopter borne magnetic survey flown in 2022. One drill hole is planned to test the outcropping skarns and intersect the potential monzonite intrusion modelled at depth and potentially driving the system.

Casey Copper Canyon -- The magnetic survey highlighted two large magnetic highs, indicating the skarns mapped at surface are more extensive at depth. A drill hole is oriented perpendicular to the west-northwest structure at a steep angle to crosscut mineralization and to test the magnetic anomaly below the outcropping skarns.

Exploration in the Dos Cabezas project also identified two undercover target areas: northwest pediments target and southeast pediments target, along the apparent west-northwest trend defined by the Apache Pass fault zone which was interpreted to be covered by shallow pediments. In Q2 2023, the company drill tested the northwest pediment and the southeast pediment targets with a total of 800 metres over two drill holes 400 metres each. The southeast pediment target appeared more interesting as it is a discrete magnetic feature at the intersection with the Apache Pass fault system, however, at both pediment locations, the postmineral cover was greater than 400 metres and the drill holes were terminated.

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 T. Dechev, PEng, 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 and creates royalties attached to each mineral property optioned to partners.

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