September 11, 2024 6:00 AM EDT | Source: Mundoro Capital Inc.
Vancouver, British Columbia–(Newsfile Corp. – September 11, 2024) – Mundoro Capital Inc. (TSXV: MUN) (OTCQB: MUNMF) (www.mundoro.com) (“Mundoro” or the “Company“) is delighted to announce the findings from its operational activities during the first six months ending June 30, 2024 (“H1-2024”).
Financial Highlights
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Healthy Financial Position: The Company retained $4,372,473 in cash and cash equivalents (“Cash Position”) as of June 30, 2024, with no long-term debt. This financial standing enables the Company to sustain its operations for the upcoming 12 months.
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Earnings from Fees: In H1-2024, the Company recorded $918,080 in Fees and Payments.
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Corporate Expenses: General and administrative expenses of $579,141 were accrued in H1-2024.
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Exploration and project evaluation: During H1-2024, the Company incurred $655,267 in net exploration and generative expenditures.
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Net Loss from Operations: The net loss for H1-2024 amounted to $286,337.
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Cash flow from Operating Activities: Cash flow used in operating activities totaled $316,328 in H1-2024.
For a comprehensive overview of the Company’s financial results, please refer to the condensed interim consolidated financial statements and MD&A for the six-month periods ended June 30, 2024, and 2023. The Company’s filings are accessible on SEDAR at www.sedar.com and on Mundoro’s website at www.mundoro.com (All amounts are expressed in Canadian dollars unless otherwise indicated).
Corporate Update
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Mundoro is Focused on Optioning our Projects in Serbia and Arizona: Mundoro is actively engaged in discussions with mining companies interested in optioning exploration projects for copper porphyry exploration in the Timok region of Serbia and the Laramide belt in Arizona. Confidentiality agreements have been negotiated, and data rooms have been opened for multiple parties this year.
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NCIB Program: Mundoro believes that acquiring its Common Shares at current price levels presents an opportunity to enhance value for shareholders. Through its Normal Course Issuer Bid (“NCIB”) program, the Company purchased a total of 174,000 shares during the six months ended June 30, 2024, with a total cost of $31,122.50 at an average price per share of CAD$0.179.
Exploration Plans for H2-2024
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Serbia: Upcoming Drill Program at Trstenik: In Q4-2024, the company plans to initiate a drill program specifically designed to explore one to two target areas in the license.
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Serbia: Advancing Exploration at South Timok group of licenses (Vitanovac, Ponor, Orlovac, and Lipovica): Exploration plans for H2-2024 include a ground magnetic survey across all licenses in the Project, expected to conclude by the end of 2024. Reconnaissance mapping, rock sampling, and grid-based soil sampling are anticipated to be completed in Q3-2024.
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Bulgaria: Focusing on Environmental Assessment at EE1: In H2-2024, the primary emphasis remains on securing relevant approvals from the government for the proposed drill program, while adhering to best practice environmental guidelines.
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USA: Advancing Exploration at Copperopolis and Dos Cabezas. The company’s current focus is on completing reconnaissance scale mapping and sampling at Copperopolis for the remainder of the year to develop potential targets. At Dos Cabezas, efforts are concentrated on completing vectoring for a phase two drill program to explore a porphyry system responsible for the extensive alteration, veining, and mineralization observed on the surface and in the initial two test drill holes in Mescal Canyon and Mineral Park.
Partner Funded Program Highlights for Q2-2024
BHP-Mundoro Projects
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Advancing Exploration at Trstenik: The ground AMT survey initiated in Q1-2024 was successfully completed in Q2-2024, with AMT data collected covering the entire project area. Processed results from the survey are expected in Q3-2024.
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Advancing Exploration at the South Timok group of licenses: Ground AMT survey work was undertaken and completed at Ponor, Lipovica, and Vitanovac licenses in Q2-2024, with data measurements collected throughout the license area. Processed results from the survey are anticipated in Q3-2024. At Orlovac, grid-based soil sampling commenced in Q2-2024, alongside the initiation of a ground AMT survey, expected to conclude 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 submitted to the Ministry of Environment and Water. A decision is expected in Q3-2024.
Qualified Person
The scientific and technical information provided in this MD&A has been prepared in accordance with National Instrument 43-101. The scientific and technical information for the exploration programs in Serbia, Bulgaria, and the USA was reviewed and approved by R. Jemielita, PhD, MIMMM, a Qualified Person as defined by NI 43-101 and Chief Geologist of the Company.
About Mundoro Capital Inc.
Mundoro is a publicly listed company on the TSX-V in Canada and OTCQB in the USA, boasting a portfolio of mineral properties primarily focused on base and precious metals. The asset portfolio of Mundoro generates near-term cash payments and royalties attached to each mineral property optioned to partners, aiming to create value for shareholders. The mineral properties portfolio is concentrated on copper predominantly in two mineral districts: the Western Tethyan Belt in Eastern Europe and the Laramide Belt in the southwest USA.
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Caution Concerning Forward-Looking Statements
This News Release contains forward-looking statements. These statements are identified by the use of forward-looking words such as “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe”, or “continue” or similar words, and include the completion of earn-in expenditures, options, and finalizing a definitive agreement by the involved parties. The material assumptions applied in making the forward-looking statements in this News Release include expectations regarding the mineral potential of the Company’s projects, the Company’s future strategy and business plan, and execution of the Company’s existing plans. We advise readers of this News Release not to rely excessively on forward-looking statements contained herein, as there is no guarantee that they will materialize and are subject to various uncertainties and factors that could lead to actual results differing from those expressed or implied by such forward-looking statements. These factors include general economic and market conditions, exploration outcomes, commodity prices, regulatory changes, the status of Mundoro’s assets and financial condition, actions of competitors, and the ability to implement business strategies and pursue opportunities. The forward-looking statements in this News Release are expressly qualified by this cautionary statement. They are made as of the date of this News Release, and the Board does not undertake to update such forward-looking statements publicly, except as required by law. Shareholders are advised that all forward-looking statements involve risks and uncertainties. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, please refer to the Company’s filings with the Canadian securities regulators available on www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) assumes responsibility for the adequacy or accuracy of this release.
To view the original version of this press release, please visit https://www.newsfilecorp.com/release/222899
