Mr. Teo Dechev reports

MUNDORO REPORTS Q1 2026 FINANCIAL RESULTS AND PROGRESS ON EXPLORATION PROGRAMS

Mundoro Capital Inc. has released the operating and financial results for the quarter ended March 31, 2026, along with portfolio highlights.

"During the first quarter of 2026, Mundoro prioritized preparations for the upcoming field season, focusing on data integration and comprehensive geological modelling to support follow-up mapping, two distinct geophysical surveys, and a series of drilling programs across the BHP-Mundoro projects," stated Teo Dechev, chief executive officer of Mundoro. "Our financial performance reflects the initiation of drilling in Q1, with the drilling programs continuing throughout the year across four primary areas, bringing the total to five targets expected to be tested this year. We expect to receive assay results from Skorusa in June, with subsequent geological interpretation anticipated in July."

Q1 2026 financial summary

The financial statements and management's discussion and analysis (MD&A) for Q1 2026 are filed on SEDAR+, and are available on Mundoro's website under the heading investors. All amounts are expressed in Canadian dollars unless otherwise indicated.

• Fees earned: The company's fee income, which includes operator fees, option payments, interest and miscellaneous income, totalled $695,087 for the quarter ended March 31, 2026, compared with $740,392 for the quarter ended March 31, 2025, representing a decrease of $45,305. The decrease was driven by lower option fee and operator fee income recognized during Q1 2026 compared with the same period in 2025. The decrease in option fee income was mainly attributable to a lower average United States-dollar to Canadian-dollar exchange rate in Q1 2026 compared with Q1 2025, as the underlying option payments were denominated in U.S. dollars. Operator fee income was also lower because drilling began in Q2 2026 rather than Q1, so the related fees will be recognized in Q2 2026.
• Exploration expenditures: Exploration expenditures, the majority of which are funded by partners, were $1,742,275 in Q1 2026 compared with $1,759,690 in Q1 2025, representing a decrease of $17,415. Recoveries from option partners in Q1 2026 were $1,257,683 compared with $1,451,815 in Q1 2025, resulting in net exploration costs of $484,592 in Q1 2026 compared with $307,875 in Q1 2025. The increase in net exploration expenditures is partially attributable to an advance contractor payment resulting in lower exploration expenditures recovered in Q1 and recoverable in Q2 2026. Net exploration expenditures are also attributable to the company's Project Generative operations in the U.S. which are funded by the company and totalled $205,054 during the period ending March 31, 2026.
• Corporate expenses: Corporate expenses in Q1 2026 were $341,931 compared with $296,732 in Q1 2025, representing an increase of $45,199. The increase was primarily driven by higher corporate communication costs, which rose to $94,752 from $79,268, due to an increased conference season and road shows, and G&A (general and administrative) costs which increased to $60,547 from $43,052, reflecting costs associated with recruitment of new personnel.

Q1 2026 exploration summary and plans

Mundoro has advanced exploration areas primarily in Eastern Serbia, within the prolific Timok magmatic complex (TMC), known for copper-gold deposits including Bor, Veliki Krivelj, Majdanpek, Cukaru Peki and the newly announced Malka Golaja copper-gold deposit. The area benefits from established infrastructure including well-serviced roads and grid power. The company's licences in this region are optioned to a wholly owned subsidiary of BHP Group Ltd. to earn-in as announced in prior press releases on Jan. 23, 2023, and Oct. 13, 2025.

BHP-Mundoro projects, Serbia

2025 BHP option agreement -- Skorusa & Oblez summary: Drill locations at Skorusa East were selected for a two-hole, 1,000-metre drill program to test the extent of previously drill-intersected potassic mineralization. A drill was mobilized in April and two holes were completed in May. Hole 26-SKO-08 reached a final depth of 499.8 m and hole 26-SKO-09 reached a final depth of 788.3 m. Hole 26-SKO-09 intersected wider than expected advanced argillic alteration suggesting an intact system. In addition an 800 m by 800 m grid audio-magnetotelluric (AMT) survey across Oblez and Skorusa was mobilized; 65 per cent of Oblez stations were completed by quarter-end with the remainder to be completed by the end of Q2 2026. The Skorusa area data was consolidated, creating an integrated model encompassing previous drilling programs, new mapping activities, geochemical and geophysical surveys. The goal has been to refine the model and more precisely define drilling targets. A ground gravity survey, with a 400 m by 400 m grid spacing, was also initiated in April, 2026, and completed in early May, 2026. This covered the same area as the AMT survey to provide supporting data for targeting.

Plans: Assays results are expected for the two Skurusa drill holes in the month of June with resulting geological interpretation by the end of August. Follow-up investigations of surface geochemical anomalies are planned to delineate further prospective areas and assess their potential.

2023 BHP option agreement -- Borsko, Trstenik and South Timok corridor

Borsko summary: Exploration to date has successfully defined Target 1, a significant alteration lithocap extending over 1.6 km by 1.5 km, preserved beneath postmineral cover. The presence of this large, preserved lithocap suggests a shallow erosional level, leaving the potential underlying porphyry system intact and untested. Exploration activities during the first quarter were focused on integrating newly obtained data from the completed drill testing in 2025.

Plans: The new magnetic model (completed in 2025), along with new geochemical vectors and drill hole geological observations, will be used to develop targeting at Target 1; a program designed to test for interpreted Cu-Au (copper-gold) high-sulphidation (HS) epithermal and porphyry mineralization.

Trstenik summary: Integration of data from the Central North target 2025 drilling program was the main focus during Q1 2026. Final assay results were received and integrated into the 3-D model. No significant mineralization was observed in the completed hole which was unable to reach the target. Only one of four planned drill locations was completed on the Central North target in 2025 before a licence extension was required.

Plans: The target area is being further evaluated. Upon confirmation of the licence extension from the Ministry of Mining and Energy (MoME), the company will reinitiate permitting for the remaining drill locations. Additional targets (Central, Southwest, Southeast) in the project area are also being evaluated for future drill testing.

South Timok corridor summary: Drilling at Lipovica was completed during Q1 2026, with 1,277.5 metres drilled across two holes. Hole 26-LIP-01 reached a final depth of 595.3 m while hole 26-LIP-02/02A/03/03A reached a final depth of 682.2 m. Interpretation and inversion of audio-magnetotelluric (AMT) and gravity data sets were completed for four licences. The surveys identified multiple coincident anomalies indicative of hydrothermal alteration and potential intrusive stocks. A district-wide passive seismic survey was conducted to map basement architecture and cover thickness. A comprehensive 3-D integration of magnetics, gravity, AMT and passive seismic data sets was advanced. This unified model is intended to discriminate between barren features and prospective mineralized centres, particularly in areas under sedimentary cover.

Plans: A stratigraphic drill hole is planned on Vitanovac for a total of 750 metres, with commencement targeted for Q3 2026.

JOGMEC-Mundoro EE1 copper project, Bulgaria

Summary: The 166.5-square-kilometre JOGMEC-Mundoro EE1 project in northwest Bulgaria targets Kupferschiefer-style stratiform copper. Following JOGMEC's Q3 2022 stage 1 earn-in, the project was derisked via geochemistry, mapping, AMT and drone magnetic surveys to set drill targets. While the MoEW issued a positive assessment in 2024, an NGO (non-government organization) appeal has delayed drill permitting. Q1 2026 court hearings are complete, with the next scheduled for Q3 2026.

Plans: Two thousand twenty-six focus remains on resolving legal proceedings. Following a favourable outcome, the company will advance permitting and mobilization to conduct the district's first modern test of AMT-identified stratiform copper targets.

Svoboda tender, Bulgaria: The Svoboda area, located within the Panagyurishte mineral belt approximately 100 kilometres southeast of Sofia, was awarded to Mundoro's local subsidiary in a competitive tender process in September, 2017. The administrative process to formalize the exploration contract with the Ministry of Energy (MoE) continues to experience procedural delays. Mundoro maintains ongoing communication with the relevant ministries and remains committed to unlocking the value of this historical district once administrative procedures are finalized.

Mundoro owned projects, U.S.

Mundoro's U.S. portfolio comprises three district-scale exploration projects-Dos Cabezas, Picacho and Copperopolis -- strategically located within the prolific Laramide Magmatic Arc of Arizona. Systematic exploration has confirmed Laramide-age intrusions across the portfolio, effectively derisking the geological model. Currently, all three projects are at the option-ready stage; in Q1 2026, multiple confidentiality agreements were executed, a data room was opened for third party technical review and site visits with third parties, including majors, were completed. The company remains focused on securing option partners for the Arizona projects.

Dos Cabezas project -- Arizona: ready for partnership

Mundoro's 100-per-cent-owned Dos Cabezas project (61 square km) is located in southeast Arizona, approximately 150 kilometres east of Tucson, targeting a Laramide-aged porphyry copper system with six target areas identified to date.

Picacho project -- Arizona: unlocking covered porphyry potential

The 100-per-cent-owned Picacho project (105 square km) is strategically situated within the Globe-Superior-Ray porphyry copper cluster in central Arizona, targeting blind Laramide-aged porphyry centres concealed beneath shallow alluvial cover.

Copperopolis project -- Arizona: Vectoring from high-grade veins to porphyry centres

Located in Yavapai county, northwest Arizona, the Copperopolis property (Mundoro: approximately 73.09 per cent/private partner: approximately 26.91 per cent) targets a concealed Laramide-age porphyry system interpreted as the source of historic high-grade Au-Cu vein systems.

Generative programs

Mundoro continues to actively evaluate new opportunities:

• Serbia: evaluating areas in the Upper Cretaceous (Timok) and Tertiary magmatic belts, targeting copper-gold porphyry, skarn/CRD and epithermal systems;
• U.S.: targeting porphyry copper-molybdenum systems within Arizona's Laramide belt and evaluating additional prospective metallogenic belts across the Western U.S. Cordillera;
• Global: maintaining a global "watch tower" approach to identify new district-scale copper opportunities aligned with the company's project generator model.

Management change

Mundoro also reports a transition in its management team, with Mireia Cervera Medina stepping down as chief financial officer effective July 6, 2026. Succeeding her is Jim Scott, a chartered professional accountant, who will resume the role of chief financial officer on the same date. Mr. Scott previously served as the company's chief financial officer from June, 2022, to January, 2025, and has continued to support Mundoro as a consultant. The company expresses its appreciation to Ms. Cervera Medina for her dedicated service and wishes her well in her future pursuits.

Qualified persons

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 has been reviewed and approved by Humberto Brockway, EurGeol, 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 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. 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 the southwest United States.

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