Ms. Teo Dechev reports

MUNDORO ANNOUNCES 2023 PORTFOLIO HIGHLIGHTS AND Q4-2023 UPDATE

Mundoro Capital Inc. has provided an update on the company's activities in the exploration portfolio in Q4 2023 and highlights from the portfolio in 2023.

Two thousand twenty-three portfolio highlights:

• Nine active projects currently under option and one partner-financed generative alliance;
• Expanded the company's group of partners to four major mining companies;
• Partner-financed, Mundoro-operated, nine prospects drill tested, totalling 13,325 metres and an additional two prospects to be tested with 1,000 metres of drilling between January and February, 2024;
• Successfully deployed 11 geophysical surveys in: Serbia -- three gravity surveys, four passive seismic surveys and one ground magnetics survey; Bulgaria -- one magnetotellurics survey; and United States -- one gravity survey and one drone magnetics survey.

Q4 2023 portfolio updates

Vale Base Metals-Mundoro projects, Serbia:

• Completion of phase 2 drill program at Markov Kamen South. In Q4 2023, a phase 2 drill program was completed to follow up on potential extensions to mineralization intersected during previous drilling campaigns. The program drilled 738.4 metres in a single drill hole. Assay results are expected in Q1 2024.
• Completion of phase 2 drill program at Bacevica North. In Q4 2023, a phase 2 drilling program was completed to follow up areas of interest identified with geochemistry and geophysics. The program drilled 1,022.1 metres in a single drill hole. Assay results are expected in Q1 2024.
• Completion of phase 2 drill program at Branik. In Q4 2023, a phase 2 drilling program was completed to follow up on copper mineralization intersected in previous drilling in 2013. The program drilled 753.3 metres in four drill holes. Assay results are expected in Q1 2024.
• Advancing exploration for future drill programs: In Q4 2023, a passive seismic geophysical survey was completed over a target area between two known lithocap areas identified as the Skorusa corridor, with geophysical interpretation expected in Q1 2024. The company completed an extensive target review process for all the Vale base metals (VBM)-Mundoro (MUN) projects at the end of 2023, which identified target areas of focus for the next phase of exploration.

Kinross-Mundoro project:

• Focused on community engagements: In Q4 2023, the work program focused on community engagement and permitting in preparation for future drilling at the Central target and Southern target areas.

BHP-Mundoro projects:

• Completion of scout drilling in Vitanovac: In Q4 2023, a scout drill hole to confirm prospective volcanic units within the Vitanovac licence was completed with 458.2 metres of drilling. A downhole petrophysical survey was also completed for the hole during the quarter. Assay results for core samples and interpretation of the downhole logging data are expected in Q1 2024.
• Advancing exploration for future drill programs: In Q4 2023, a ground gravity survey in the South corridor project was completed with a total of 2,331 gravity station measurements. Results were received for the ground gravity survey as well as results for an additional ground gravity survey completed at the end of Q3 2024 covering the Trstenik project. In Q4 2023, a passive seismic geophysical survey was completed in the Trstenik project with geophysical interpretation expected in Q1 2024. The company is compiling the geophysical interpretations, along with the geological, geochemical and alteration data sets for each project in order to develop additional drill targets for testing.

JOGMEC-Mundoro project:

• Advancing exploration for future drill program: In Q4 2023, the company received the geophysical interpretation for the completed AMT (audiomagnetotellurics) survey, which covered 27 line kilometres. The AMT interpretation was used to fine tune already planned drill hole locations, as well as to generate new drill targets and plan additional drill holes to test these targets. A phase 1 drill program is planned for 1,900 metres after receiving all relevant permissions from local government agencies.

Vale-Mundoro projects, Arizona:

• Drilling at Dos Cabezas in Arizona: The phase 1 drill program recommenced at Dos Cabezas in Q4 2023 over three target areas: Mineral Park, Mescal Canyon and Casey Copper Canyon. The drill hole at Mineral Park was completed to the planned depth of 598 metres, intersecting strong alteration over multiple zones. The drill hole at Mescal Canyon was drilled to 744 metres and the hole will be completed to the planned depth of 900 metres once the drilling contractors return to site in the new year. The phase 1 drill program will also test the Casey Copper Canyon target to a proposed depth of 600 metres. Results will be released once the phase 1 drill program is completed, and all assay results are returned and interpreted.
• Advancing exploration for future drill program in Picacho: In Q4 2023, project-wide drone magnetic and ground gravity surveys were completed and the results returned. Geophysical interpretations are continuing, and planning is under way to integrate these results with mapping and geochemical results to develop drill targets for testing in the next phase of exploration.
• New projects identified in Arizona: The company's generative exploration team identified two new designated projects in 2023, which have been submitted to Vale Base Metals. The company's generative team continues to develop additional areas of interest for further designated projects in underexplored regions of Arizona.

Corporate update

Further to the company's news release on Dec. 14, 2023, announcing its intention to undertake a normal course issuer bid (NCIB), the company clarifies that it may purchase for cancellation up to a maximum of 3,741,502 of its common shares, representing approximately 5 per cent of the 74,830,051 common shares outstanding in its public float. All other aspects of the NCIB as described in the Dec. 14, news release remain unchanged. The actual number of common shares of the company that are purchased for cancellations under the NCIB, if any, and the timing of such purchases, will be determined by management as approved by the board of directors of the company.

Qualified person

The scientific and technical information described in this press release have been prepared in accordance with National Instrument 43-101. The scientific and technical information for Serbia exploration programs were reviewed and approved by Thomas Sant, FGS (EurGeol, CGeol) a qualified person as defined by National Instrument 43-101 and the company's exploration director for Serbia. The scientific and technical information for the Bulgaria and United States exploration programs have 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 in Canada and 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 Southwest U.S.

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