Mr. Teo Dechev reports

MUNDORO PROVIDES Q3-2024 FINANCIAL AND PORTFOLIO UPDATE

Mundoro Capital Inc. has released its financial results from its operations in the first nine months ending Sept. 30, 2024.

Financial highlights and outlook

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

Financial highlights:

• Strong cash position: As of Sept. 30, 2024, the company had cash and cash equivalents totalling $4,233,609, with no long-term debt.
• Fees earned: During the nine months ended Sept. 30, 2024, the company received fees, net option payments and interest of $1,042,956.
• Corporate expenses: During the nine months ended Sept. 30, 2024, the company recorded overall corporate expenses of $903,774.
• Exploration expenditures: The exploration expenditures across the company's programs, the majority of which are sole-financed by third parties, totalled $5,980,712. Recoveries from optionees during the nine months ended Sept. 30, 2024, amounted to $5,154,147, resulting in net exploration costs of $826,565 in 2024, which are attributable to Mundoro's generative programs.

Q3 (third quarter) 2024 exploration portfolio highlights

BHP-Mundoro projects, Serbia:

• New geophysical surveys and analysis at the Borsko project: During Q3 2024, the company conducted prechecks and mobilized equipment and staffing for a passive seismic geophysical survey. In the same quarter, induced polarization (IP) and bulk density measurements were completed over the drill holes in target 1, and a structural interpretation of Borsko Jezero-focusing on the target 1 prospect was advanced to facilitate targeting. Building on these efforts, the company plans to complete the passive seismic survey in Q4 (fourth quarter) 2024, with interpretation models to follow for enhanced targeting. Additionally, exploration plans for Q4 2024 include a ground audio-magnetotelluric (AMT) geophysical survey, further targeting analysis and planning around a drill program.
• New drill program approved to commence in Q4 2024 at the Trstenik project: A drilling proposal was developed and approved for the north-central target area based on the collected data, for four drill holes totalling 4,700 metres. Drilling is expected to commence around year-end. For further information regarding the drill program, please see the news release dated Oct. 30, 2024.
• Advancing exploration at the South Timok project: During Q3 2024, the company advanced its exploration efforts by completing a rock sampling program, a grid-based soil sampling program and a ground audio-magnetotelluric (AMT) survey over portions of the project area. Processed results from both a ground gravity survey, previously completed in the year, and the ground AMT survey were received, providing valuable geophysical data. Final assay results for all samples from the grid-based soil sampling were collected, along with final assay results for a drill hole testing the volcanic stratigraphy in the western part of the licence area. Additionally, reconnaissance mapping and rock sampling were completed to enhance the geological understanding of the project area.

Mundoro projects, Serbia:

• Advancing exploration at the Valdor projects: During Q3 2024, the company received results from a passive seismic survey conducted over a portion of the project area. Building on prior data, upcoming exploration plans at the Skorusa licence include further evaluation of the Zlot 1, Zlot 2, Zlot 3 and Glavica targets. At the Oblez licence, the company plans to further evaluate targets based on the newly received seismic data. Similarly, exploration at the Branik licence will involve further evaluation of identified targets using the seismic survey results.
• Advancing exploration at the Southwest Minerals projects: During Q3 2024, the company received results from a passive seismic survey conducted over part of the Tilva Rosh area. As a result, the company updated the target ranking and analysis for the Tilva Rosh Valley, Tilva Rosh North, Tilva Rosh South and Tilva Rosh Bridge targets, as well as the Markov Kamen North and Markov Kamen South targets. Further evaluations are also planned for the Gorunov and Bacevica North targets, and for the Orlovo, D-vein, Prekostenski and Bukova targets. For further information regarding the targeting at the Tilva Rosh targets, please see the news release dated Oct. 7, 2024.

Mundoro projects, United States:

• Advancing exploration at the Dos Cabezas project: During Q3 2024, the company conducted additional field mapping and relogging of the drill holes at the Mineral Park and Mescal Canyon target areas, revealing favourable zones of porphyry-style alteration in the areas of interest. To advance the partnering of this project, the company is presenting the Dos Cabezas project to potential partners. Building upon the prior results, exploration plans also include continuing mapping and sample collection at the Elma/Mascot areas to establish drill targets for a separate, potential porphyry centre.
• Advancing exploration at the Copperopolis project: Planning and preparation for fieldwork to generate new target areas for drill testing are currently under way as part of reconnaissance exploration. Exploration plans include conducting airborne magnetic surveys, high-resolution photogrammetry and soil sampling over areas of interest to identify potential drill targets. Additionally, the company plans to perform age dating on apparent Laramide intrusive units across the project area to better understand the geological history and potential mineralization sources.
• Advancing exploration at the Picacho project: The company intends to advance the identified targets to a drill-ready stage by securing the necessary permits and presenting to potential partners. Once a partner is secured for this project, further exploration plans would include expanding geophysical surveys, conducting detailed geochemical analyses and initiating targeted drilling programs to test the identified porphyry copper prospects.

Mundoro engages market-maker

In Q3 2024, Mundoro engaged the services of DS Market Solutions Inc. to provide market-making services in accordance with TSX Venture Exchange policies. DSMS and the company have an arm's-length relationship. DSMS will provide its own capital for trading purposes, utilizing Canaccord's platform. DSMS holds no direct or indirect interest in Mundoro, and does not possess any rights, ownership stakes, equity interests or options to acquire securities of the company, either now or in the future. The contract with DSMS is for a minimum of three months at $2,500 per month and will automatically renew for additional one-month terms unless terminated by either party with 30 days of notice.

Qualified persons

The scientific and technical information described in this news release has been prepared in accordance with National Instrument 43-101. The scientific and technical information for this news release has been reviewed and approved by 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-V in Canada and OTCQB in 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 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 U.S.

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