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Mundoro Capital Inc.

Company Data | Introduction | Projects in Hand | Management
News Update
| Chinese

Address :  15th Floor, 1040 West Georgia Street
Vancouver, B.C.
Canada V6E 4H1
Tel No.: 604-669-8055
Web Site: www.mundoro.com
E-mail: info@mundoro.com
Contact Person: Violeta Boyanova
Position: Communications Assistant


Company Data

Traded Market: TSX-V
Traded Symbol: MUN
Outstanding Shares: 81,400,000
Fully Diluted: 102,832,446
52 Week High: $ 0.20
52 Week Low: $ 0.09
Present Price: Click Here


Introduction

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Mundoro Capital Inc. is a Canadian mineral exploration and development public company focused on building value for its shareholders through directly investing in mineral projects that have the ability to generate future returns for shareholders.

Mundoro holds a diverse portfolio of projects in Serbia and Bulgaria as well as an investment in a producing gold mine in Bulgaria.

There are eight licenses in Serbia, of which one is optioned to JOGMEC, four licenses are optioned to Vale and three licenses, Zeleznik, Savinac and Bacevica are available for third parties to option.

In Bulgaria, Mundoro has formed a Generative Alliance with JOGMEC. Mundoro's common shares trade on the TSX Venture Exchange under the symbol “MUN”.

Corporate Initiatives to Manage Costs

  • As of February 28, 2020, Mundoro have working capital of C$3.1 million with no debt and 80.6 mln shares outstanding. The Company remains in a strong overall financial position as a result of its treasury and reduction in expenditures.
  • Mundoro has reviewed the Company's exploration work commitments for calendar 2020 and 2021 and have budgeted accordingly for the Company's current working capital to cover these work programs as well as general corporate expenditures to the end of Q4-2021.

Mundoro's Catalysts for 2020

The key catalyst for Mundoro in 2020 are:

  • Commence exploration on the Vale-Mundoro JV Projects
  • Sign exploration contract for the Svoboda project with Bulgarian government
  • Sign additional partner in Serbia or Bulgaria
  • Continue exploration on the various partner programs in Serbia and Bulgaria


Projects in Hand

Mundoro's Project Portfolio in Tethyan Belt

Projects in Serbia

Serbia Overview

  • EU candidate since March 2012
  • Mining and geological exploration law approved December 2015
  • Mining history dating back to the Middle Ages
  • Source of base and precious metals since Roman times
  • Transparent and fast process for company registration
  • Highly skilled and affordable labour
  • Corporate tax rate of 15%

Projects Available for Optioning

  • Exploration to date discovered to mineralized systems at the south end of the license
  • Further drilling required to expand discovered copper-gold zones at the south end of the license adjacent to Zijin's Majdanpek Mine

JOGMEC-Mundoro JV Project

Borsko is a 35 sq.km license area sole funded by Japan Oil, Gas and Metals National Corporation (“JOGMEC”) as part of the earn-in agreement entered into in 2016. Borsko is located near the central portion of the Timok Magmatic Complex. Borsko is directly adjacent and to the west of the producing Bor copper porphyry mine which is directly west of the Veliki Krivelj copper-gold porphyry mine.

Porphyry & Epithermal Targets

  • JOGMEC has sole funded a total of US$5.8 million (C$8.3 million) for the JOGMEC-Mundoro JV Projects.

Next Milestone:

  • Reinterpretation of geophysics for next phase drill program

Vale-Mundoro Projects

Multiple Porphyry & Epithermal Targets

  • Southwest of the main Zijin Bor mining complex
  • Exploration has to date outlined geochemical, geophysical and structural targets

Next Milestone:

  • Exploration in the 2nd half of 2020 for testing of structural and geophysical features

On October 7, 2019, Mundoro announced it had entered into an earn-in agreement with Vale Canada Limited in which Mundoro had granted to Vale an option to earn-in to four of Mundoro's exploration licenses: Sumrakovac, Osnic, Dubrava and Padina (the “Vale-Mundoro Projects”) located within the Timok Magmatic Complex in Serbia.

The Technical Committee is reviewing work programs in order to be in a position for exploration in the second half of 2020.

Projects in Bulgaria

Bulgaria Overview

  • EU member since January 2007
  • Mining Law established 1999; Updated 2011, 2015 and 2018
  • Source of base and precious metals since Roman times
  • Emerging Precious metals belt
  • Highly skilled and affordable labour
  • Corporate tax rate of 10%

Generative Program

  • Entered into a Generative Program Agreement (the “Strategic Alliance”) with JOGMEC in March 2019
  • Projects selected for next phase Joint Venture
    Status: The generative program has been completed and JOGMEC has selected designated projects to proceed to the next stage of the agreement

Svoboda

  • Ongoing Tender process
  • High Sulphidation and Porphyry Potential

Byalo and Zvezda Licenses

  • Epithermal gold and silver, sediment hosted gold and porphyry copper-gold deposits

Investment Highlights

Focused on Discovering Copper and Gold Resources in Proven Mineral Belts

  • World Class Districts: District scale land package in Timok Magmatic Complex in Tethyan Belt
  • Strategic Locations: Projects located around existing mines and smelters
  • Proven Partner Model: JOGMEC, FREEPORT-MCMORAN and VALE
  • Commodities: Copper and Gold
  • Fiscal Discipline: History of focused spending – 75% of $1 to exploration. No debt.
  • Experienced Team: Corporate team with experience in capital markets; Exploration team with experience in district
  • Strategic Investments: Operating Gold Mine in Bulgaria
  • Leveraging Infrastructure: Projects located near good infrastructure, local experienced labors, favourable tax regime and updated mineral laws.


Management

Management and Directors

Teo Dechev, President & Chief Executive Officer, Director

John Hoey, Non-Executive Chairman

Michael Calyniuk, Independent Director, Chair of Audit Committee

Nick Hatch, Independent Director, Chair of Compensation Committee

Christopher Wong, Chief Financial Officer

Yassen Khrischev, Exploration Manager

Ivan Veljkovic, Projects Administration Manager, Serbia

Richard Jemielita, Chief Geologist


News Update

On February 11, 2021, Mundoro Capital Inc. has closed an oversubscribed non-brokered private placement financing raising $3,086,000 through the issuance of 19,287,500 units at 16 cents per unit, subject to final Toronto Stock Exchange approval. Each Unit consists of one common share and one-half of one share purchase warrant.

On January 25, 2021, Mundoro Capital Inc. announced that it intends to undertake a private placement to raise gross proceeds of up to $3,000,000 through the issuance of up to 18,750,000 units ("Units") at $0.16 per Unit ("Offering"). Each Unit will be comprised of one common share of the Company and one-half of one share purchase warrant.

On January 5, 2021, Mundoro Capital Inc. announced that it has commenced drill program on Vale Project in Timok, Serbia. Mundoro has mobilized drill rigs for drilling at the Skorusa licence.

Skorusa is one of the licences being solely financed by Vale Canada as part of the earn-in agreement announced October, 2019. Skorusa is located in the southern portion of the Timok magmatic complex directly southwest of the Bor mining camp. Timok is one of the most prolific metallogenic domains in the western portion of the Tethyan belt. Timok hosts the Cukaru-Peki deposit, the Bor copper porphyry underground mine, the Veliki Krivelj and Majdanpek copper-gold porphyry open-pit mines.

On December 7, 2020, Mundoro Capital Inc. has released its quarterly update for exploration and corporate activity. The Company's quarterly consolidated financial statements and management's discussion and analysis are filed on SEDAR and posted on the Company's website.

Operational highlights:

  • Stable cash position: The Company ended Q3 2020 with $2-million in cash and cash equivalents. Mundoro has no long-term debt.
  • Generating cash flow: During the nine months ended Sept. 30, 2020, and 2019, the Company received operator fees of $140,000 and $205,000 for its role as the operator on exploration programs for option partners.
  • Partner-financed exploration: The Company's exploration costs were lower for the nine months ended Sept. 30, 2020, at $2.2-million compared with $2.9-million for the nine months ended Sept. 30, 2019.
  • Reducing corporate costs: During the period, Mundoro recorded lower corporate expenses of $367,000 versus $437,000 in the prior period resulting from the reduction of costs in accounting and audit, corporate communication, and corporate governance expenditures. COVID-19 restrictions on travel and in person conferences, along with concerted efforts to reduce non-essential expenditures were the primary factors in the overall reduction in corporate expenses compared with the same period in 2019.

Exploration highlights:

    Focused to bring additional partnerships: Mundoro entered into a memorandum of understanding (MOU) with Vale in October, 2020, for two additional exploration areas in Serbia – see press release dated Oct. 22, 2020. The Company continues to methodically grow the eastern European exploration portfolio while working on new partnerships for the existing projects available for optioning and joint venture.

    Compelling new targets identified: The Vale-Mundoro technical committee has approved a $1.9-million (U.S.) exploration program up to Q4 2021. Five target areas were identified from the exploration program to date for further exploration.

On November 10, 2020, Mundoro Capital Inc. announced that its common shares have been approved for trading on the OTCQB Venture Market. Mundoro's United States listing will trade under the symbol “MUNMF”.

Mundoro also holds Depository Trust Company eligibility. DTC is a subsidiary of the Depository Trust & Clearing Corp., a U.S. company that manages the electronic clearing and settlement of publicly traded companies.

Investors can find current financial disclosure and real-time quote and market information on the Company on the OTC Markets website: www.otcmarkets.com.

On October 22, 2020, Mundoro Capital Inc. announced that it has entered into a binding memorandum of understanding (MOU) with Vale Canada Ltd. for two additional exploration licenses, the Savinac and Bacevica licenses, in Timok, Serbia.

Mundoro is pleased to expand its relationship with Vale by signing this binding MOU for the option of two of Mundoro's projects, the Savinac and Bacevica projects located in Timok, Serbia.

To exercise the Option, Vale must complete the following exploration expenditures:

  • $2-million (U.S.) over two years, and if Vale extends the Option period for an additional year, $1-million (U.S.) during such extension year.
  • Mundoro will be the operator of the Projects during the Option period and receive an Operator Fee.

On August 24, 2020, Mundoro Capital Inc. has released its quarterly update for exploration and corporate activity for the three months ending June 30, 2020. The Company has filed its quarterly Consolidated Financial Statements and Management's Discussion and Analysis on SEDAR at www.sedar.com and posted on the Company's website at www.mundoro.com.

Highlights for Q2-2020

Financial Update

  • The Company ended Q2-2020 with $2,378,168 in cash and cash equivalents. Mundoro has no long-term debt.
  • During the six months ended June 30, 2020 and 2019, the Company received operator fees of $116,302 and $135,940 for its role as the operator on exploration programs for option partners.
  • The Company's exploration costs were lower for the six months ended June 30, 2020 at $1,742,150 compared to $1,990,496 for the six months ended June 30, 2019.
  • Recoveries from partners during the six months ended June 30, 2020 and 2019, amounted to $1,197,817 and $1,337,490, resulting in net exploration costs of $544,333 and $653,006, respectively.
  • During the period, Mundoro recorded lower corporate expenses of C$151k mainly due to decreased expenses for governance, accounting and audit, and corporate communication. All other corporate expenses incurred by the Company remained relatively constant from the prior period.

Operational Update and Outlook

  • Since 2016, Mundoro's business strategy has benefited from partner-sole-funded programs of US$13.6 million and Mundoro has generated operator fees of US$1.3 million (C$1.7 million).
  • Mundoro continues to advance discussions with interested third parties regarding Mundoro's existing copper and gold projects in our portfolio.
  • In eastern Europe, MUN was an early mover in recognizing the opportunities for copper and gold projects in the western portion of the Tethyan belt, and quickly staked and then optioned projects for operator fees, work commitments, and royalty interests.
  • Mundoro continues to grow the eastern European exploration portfolio while working on new deals for the existing projects. The Company has new applications for gold and copper projects in Serbia and Bulgaria which can continue to attract mining industry interest.
  • A core part of our business is to identify new opportunities in the field, hence to remain in the field we have developed new practices to work within the restrictions observed during the COVID-19 health pandemic in the jurisdictions in which we operate, in order to protect the health and well-being of our staff, consultants and partners, as well as the members of the communities where we operate.

Please access to https://mundoro.com/mundoro-announces-q2-2020-exploration-and-corporate-report/ to get the detail information.

On July 3, 2020, Mundoro Capital Inc. has released the voting results of the annual general meeting held on June 30, 2020. Shareholders voted as follows on the matters before the meeting:

Board Members

Shareholders elected the following 4 board members with shareholders represented at the meeting voting in favour of individual directors as follows:

Director Nominee Percentage of Votes
John Hoey 92.01%
Teo Dechev 92.50%
Michael Calyniuk 92.01%
Nick Hatch 92.50%

Appointment of Auditors

Shareholders approved the re-appointment of PricewaterhouseCoopers LLP as auditors of the Company for the ensuing year at the remuneration to be fixed by the directors.

The Company's shareholders voted in favor of all matters brought before the meeting. The results of voting will be filed at www.sedar.com.

Furthermore, the Company issued 1,545,000 stock options to its employees, consultants, officers and directors on June 30, 2020. The stock options were issued in accordance with Mundoro's Stock Option Plan, are exercisable into common shares of Mundoro at $0.12 (being the closing price on the TSX Venture Exchange on June 29, 2020) over a five-year term.

On May 22, 2020, Mundoro Capital Inc. has released its quarterly update for exploration and corporate activity for the three months ended March 31, 2020. The Company has filed its quarterly Consolidated Financial Statements and Management's Discussion and Analysis on SEDAR at www.sedar.com and posted on the Company's website at www.mundoro.com.

Mundoro's Objectives for 2020

  • Commence exploration on the Vale-Mundoro JV Projects in the second half of 2020.
  • Add partner(s) for Mundoro's projects available for optioning.
  • Enter into exploration contract for the Svoboda project with the local government.

Corporate and Business Development

Mundoro continues to have discussions with interested third parties regarding Mundoro's projects which are available for optioning, confirming the continued interest in exploring in Timok, Serbia as well as Bulgaria.

Please access to https://mundoro.com/news-archive/ to get the detail information

On April 29, 2020

Corporate Initiatives to Manage Costs

  • As of March 30, 2020, Mundoro had working capital of C$3.1 million with no debt and 80.6 mln shares outstanding.
  • Mundoro remains in a strong overall financial position as a result of its treasury and the reduction in expenditures in 2020.
  • Mundoro's cash position exceeds the Company's exploration work commitments for calendar 2020 as well as general corporate expenditures.

Mundoro's Objectives for 2020

  • Commence exploration on the Vale-Mundoro JV Projects in the second half of 2020.
  • Add partner(s) for Mundoro's projects available for optioning.
  • Enter into exploration contract for the Svoboda project with Bulgarian government.

On February 26, 2020, Mundoro reports on Q4-2019 exploration for Serbia and Bulgaria programs.

Mundoro's exploration portfolio of targets, projects and partners is designed such that the success of the company is driven by the proven earn-in funding model.

  • The Company has an ongoing target generation program where we evaluate both existing and new target areas in Serbia and Bulgaria.
  • The Company has applications in Serbia and Bulgaria for further exploration areas. Mundoro continues to have discussions with interested third parties seeking options on our available projects, confirming the growing interest in exploring in Timok, Serbia as well as in Bulgaria.
  • Strong working capital position for new project generation, completing license maintenance exploration work while optioning our projects to third parties, and general administration.

For details, visit Mundoro website at www.mundoro.com.


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