Ms. Teo Dechev reports

MUNDORO ANNOUNCES NEW TARGETS FOR DRILL TESTING ON BHP-MUNDORO PROJECT IN TIMOK, SERBIA

Mundoro Capital Inc.'s exploration campaign on the Trstenik project, in which BHP Exploration is earning an interest and providing sole financing, has advanced five prospective porphyry exploration targets. Mundoro has submitted permit applications for drill locations across the five target areas, which the company anticipates will be granted in Q4 2024. This will enable the commencement of drill testing thereafter with two drill rigs. The five targets include:

• Southwest zone -- large, well-developed and exposed copper porphyry system less than two kilometres northwest of the Majdanpek porphyry copper deposit, demonstrated through elevated surface geochemistry, a combination of geophysical anomalies and drilling;
• Southeast zone -- well-developed and exposed skarn and copper-gold porphyry system located less than two kilometres directly north of the Majdanpek porphyry copper deposit, demonstrated by elevated geochemistry, a combination of geophysics and drilling;
• North-Central zone -- large, undercover and recently recognized as a porphyry target centred approximately 10 kilometres north of the Majdanpek porphyry copper deposit, was identified from magnetics and AMT (audio-frequency magnetotellurics), elevated copper and molybdenum anomalies from soil and stream sediment geochemical sampling, and from mapped disseminated sulphides and alteration;
• Central zone -- a newly recognized porphyry target centred approximately seven kilometres north of the Majdanpek porphyry copper deposit, identified through magnetics, correlated with elevated geochemistry from soil samples and mapped andesitic dikes bearing sulphide mineralization;
• North zone -- large, exposed target centred at the northern boundary demonstrated by elevated copper and molybdenum from soil sampling and magnetics.

"The targeting analysis at Trstenik highlights five porphyry copper exploration targets, of which three have been recommended for drill testing. This targeting work is a result of the successful collaboration between Mundoro and BHP. Together, we have integrated geophysical and geochemical analysis, along with mapping and field observations to refine these targets, demonstrating the strength of our joint approach. We look forward to commencing the drill program in Q4 2024 to commence with the North-Central target," said chief executive officer and president Teo Dechev.

Discussion

The Trstenik project encompasses a total area of 55 square kilometres and is located within the northern portion of the Timok magmatic complex, directly north of and along regional structural strike from the Majdanpek mine complex. To date, systematic exploration work carried out by Mundoro and most recently with BHP, which is sole financing the exploration programs, has identified five target areas. Two of these targets in the southern portion of the exploration area are similar to the Majdanpek porphyry copper deposit as they share comparable geology, structural settings and mineralization -- specifically porphyry and skarn/massive sulphide replacement types -- and occur along the strike of the main Timok trend.

Southwest zone:

• Located less than two kilometres north of Majdanpek, this area features well-defined porphyry-style mineralization with an exposed veining system, including A-type quartz veinlets, B-type quartz veinlets and pyritic D-type veinlets.
• The host rock consists of biotite/chlorite/magnetite plus or minus epidote-altered gneiss, intersected by a series of thin diorite porphyry dikes assigned to four phases.
• Geophysical anomalies in the central target area include high-magnetic and low-velocity passive seismic signals, indicating an intrusive, magnetite-rich body within non-magnetic gneiss wallrock. This body is surrounded by a doughnut-shaped high IP (induced polarization) chargeability anomaly, likely linked to a pyrite shell, and exhibits a zonation of molybdenum with greater than five parts per million molybdenum in the outer zone and greater than 10 parts per million molybdenum in the inner zone. This molybdenum zonation likely points to a porphyry centre beneath.
• Nine drill hole locations, submitted for permitting, have been designed to test this area.

Southeast zone:

• Located less than two kilometres north of Majdanpek porphyry copper deposit, the area shows potential for skarn mineralization and represents a copper and gold porphyry system similar to the Majdanpek deposit.
• The target area features shallow marbled limestone and gneiss host rock, intruded by steeply dipping andesite and diorite porphyry dikes. These dikes exhibit potassic alteration and are intersected by dark silica-magnetite (A-type) veins.
• Copper and gold soil anomalies align with subvolcanic andesite and diorite porphyry bodies containing pyrite and magnetite-epidote clusters as well as with high IP chargeability and intermediate-velocity anomalies.
• Exploration results indicate that carbonate-replacement bodies near early-stage porphyry dikes are likely better mineralized and larger in size. Additionally, the western, footwall side of the dikes appears more effective in trapping mineral fluids, making it a promising target for further exploration.
• Five drill hole locations, submitted for permitting, have been designed to test this area.

North-Central zone:

• This target features a strong circular magnetic anomaly along a major north-south structural corridor, with additional magnetic anomalies to the north. The high-magnetic anomaly aligns with a steeply dipping intrusive, indicated by a low-resistivity anomaly and surrounded by a low-velocity halo.
• Surface lithology is mainly schist with layers of gneiss. The magnetic anomalies are near the boundary between actinolite schist and biotite gneiss but are mostly limited to the schist.
• Pyrite and chalcopyrite mineralization found in the schist above a high-magnetic anomaly suggests a potential sulphide-bearing porphyry intruding into the schist along a listric fault and the schist/gneiss contact.
• Soil sample assays reveal elevated copper levels above 50 parts per million and molybdenum above three parts per million, coinciding with the high-magnetic anomaly. This suggests a shallow, covered sulphide-bearing intrusive body.
• Four drill hole locations submitted for permitting have been designed to test the magnetic and geochemical anomalies.

Central zone:

• Geological composition: This area features schist and sections of gneiss in the west and northeast, intruded by several thin andesite dikes containing disseminated pyrite and traces of chalcopyrite.
• Magnetic anomalies: A circular magnetic anomaly, ranging from intermediate to high, surrounded by magnetic-low anomalies suggests the occurrence of a mineralized porphyry.
• Soil anomalies: Elevated copper levels adjacent to exposed andesite dikes, along with surrounding molybdenum anomalies, indicate the potential for a copper porphyry system beneath.
• Drill Holes: Three drill hole locations submitted for permitting have been designed to test this magnetic anomaly.

North zone:

• Soil anomalies: Surface geochemical assays of soil samples show elevated molybdenum, tellurium and copper levels that align with an intermediate-to-high-magnetic anomaly surrounded by magnetic-low anomalies.
• Geological insights: Geochemical and geophysical analyses suggest this area may mark the base of a lithocap transitioning to the top of a porphyry system.
• Magnetic anomalies: This is a magnetic-high anomaly, reflecting the magnetite-rich potassic altered core. During the cooler late stage, fluids can overprint the stockwork mineralization and cause the demagnetization of the magnetic high into a doughnut-shaped or bull's-eye anomaly.
• Drill holes: Five drill hole locations submitted for permitting have been designed to test the target.

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 this press release has been 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.

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