Ms. Teo Dechev reports

MUNDORO PROVIDES UPDATE ON PORTFOLIO EXPLORATION ACTIVITIES AND CORPORATE OUTLOOK

Mundoro Capital Inc. has released results from its operations in the first six months ended June 30, 2024 (H1 2024).

Financial highlights:

• Strong cash position: As of June 30, 2024, the company held $4,372,473 in cash and cash equivalents and no long-term debt. The company has sufficient working capital to finance its operations for the next 12 months.
• Fees earned: In H1 2024, the company generated $918,080 in fees and payments.
• Corporate expenses: General and administrative expenses of $579,141 were incurred in H1 2024.
• Exploration and project evaluation: In H1 2024, the company had $655,267 in net exploration and generative expenditures.
• Net loss from operations: Net loss was $286,337 for H1 2024.
• Cash flow from operating activities: Cash flow used in operating activities was $316,328 in H1 2024.

For complete details of the company's financial results, please refer to the condensed interim consolidated financial statements and MD&A (management discussion and analysis) for the six-month periods ended June 30, 2024, and 2023. The company's filings are available on SEDAR+ and on Mundoro's website.

Corporate update:

• Mundoro is focused on optioning its projects in Serbia and Arizona: Mundoro continues discussions with mining companies that are interested in optioning exploration projects for copper porphyry exploration in the Timok region of Serbia and the Laramide belt in Arizona. This year, the company has negotiated eight confidentiality agreements and opened data rooms for the various parties.
• NCIB (normal course issuer bid) program: Mundoro believes purchasing its common shares at current price levels represents an opportunity to enhance value for shareholders. Through its NCIB program, during the six months ended June 30, 2024, the company purchased a total of 174,000 shares with a total cost of $31,122.50 at an average price per share of 17.9 cents.

Exploration plans for H2 2024 (second half of 2024):

• Serbia -- coming drill program at Trstenik: In Q4 2024, the company anticipates commencing a drill program in Q4 2024 designed to test one to two target areas in the licence.
• Serbia -- advancing exploration at South Timok group of licences (Vitanovac, Ponor, Orlovac and Lipovica): In H2 2024, exploration plans include a ground magnetic survey over all of the licences in the project, which is anticipated to be completed by the end of 2024. Reconnaissance mapping, rock sampling and grid-based soil sampling are expected to be completed in Q3 2024.
• Bulgaria -- focusing on environmental assessment at EE1: In H2 2024, the focus continues to be on obtaining all relevant approvals from the government for the proposed drill program while following best-practice environmental guidelines.
• United States -- advancing exploration at Copperopolis and Dos Cabezas: The company is focused on completing reconnaissance-scale mapping and sampling at Copperopolis for the remainder of the year in order to develop targets. While at Dos Cabezas, the company is focused on completing vectoring for a phase 2 drill program to test for a porphyry system driving the extensive alteration, veining and mineralization observed on surface and in the initial two test drill holes in Mescal Canyon and Mineral Park.

Partner-financed program highlights for Q2 2024

BHP-Mundoro projects:

• Advancing exploration at Trstenik: In Q1 2024, a ground AMT (audio-frequency magnetotelluric) survey commenced. The survey was completed in Q2 2024, with AMT data collected covering the entire project area. Processed results for the survey are expected in Q3 2024.
• Advancing exploration at the South Timok group of licences: At Ponor, Lipovica and Vitanovac licences, in Q2 2024, a ground AMT survey was started and completed with data measurements collected throughout the licence area. Processed results from the survey are expected in Q3 2024. At Orlovac, in Q2 2024, grid-based soil sampling commenced in the licence. Additionally, a ground AMT survey commenced in Orlovac, which is expected to be completed in Q3 2024.

JOGMEC-Mundoro EE1 project:

• Focused on environmental responsibility: In Q2 2024, as part of the drill permitting process, the company completed an appropriate assessment, which was submitted to the Ministry of Environment and Water. A decision is expected in Q3 2024.

Qualified person

The scientific and technical information described in this MD&A have been prepared in accordance with National Instrument 43-101. The scientific and technical information for the Serbia, Bulgaria and U.S. exploration programs was reviewed and approved by Dr. R. Jemielita, PhD, MIMMM, a qualified person as defined by National Instrument 43-101 and chief geologist to the company.

About Mundoro Capital Inc.

Mundoro is a publicly listed company on the TSX Venture Exchange in Canada and the OTCQB in the United States with a portfolio of mineral properties focused primarily on base metals 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. 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 southwestern United States.

We seek Safe Harbor.