MINEX Forum

Tag: Mundoro Capital

  • Mundoro Capital Inc. Reports Positive Exploration Results and Financial Update for Q2 2026

    Mundoro Capital Inc. Reports Positive Exploration Results and Financial Update for Q2 2026

    Mundoro Capital Inc., a Vancouver-based mining company, has released an update on its exploration program results and financial performance for the second quarter and six-month period ending June 30, 2026. The company is focusing on generating new property opportunities, particularly in Serbia, while also reducing corporate expenses by 24%. CEO Teo Dechev highlighted the strategic shift towards their Arizona copper assets, with upcoming drill tests planned for the Vitanovac target and advancements in the Borsko drill target in Bulgaria.

    The exploration highlights include the completion of drilling at Skorusa East, with assays received for two significant drill holes, 26-SKO-08 and 26-SKO-09. The company has also initiated new hyperspectral core scanning and petrophysical sampling to enhance their geological understanding. Formal drill proposals have been established for three prospective areas: Borsko, Skoursa East, and Skorusa West, with a focus on refining targets and delineating potential porphyry sources.

    In terms of financial performance, Mundoro reported a fee income of $251,009 for Q2 2026, a significant increase compared to $120,497 in the same quarter of the previous year. Exploration expenditures rose to $2,513,992, reflecting the company’s commitment to advancing its exploration projects. Corporate expenses decreased to $281,162, contributing to a net loss of $325,340 for the quarter, which is an improvement from the previous year’s loss of $540,377.

    Mundoro’s exploration efforts are primarily concentrated in Eastern Serbia, particularly within the Timok Magmatic Complex, known for its copper-gold deposits. The company is also advancing its projects in Arizona, where it has identified several prospective intrusions. The ongoing generative work aims to create long-term royalty opportunities and further property payments through the optioning of mineral projects.

    The company remains focused on refining its geological models and establishing formal drill proposals for its various targets, including the Borsko, Trstenik, and South Timok Corridor projects. Despite facing delays in the permitting process for its EE1 Project in Bulgaria, Mundoro is committed to advancing its exploration initiatives and unlocking the potential of its mineral properties.

  • BHP-Backed Mundoro Advances Copper-Gold Exploration Across Five Targets in Serbia’s Timok Magmatic Complex

    BHP-Backed Mundoro Advances Copper-Gold Exploration Across Five Targets in Serbia’s Timok Magmatic Complex

    Canadian explorer Mundoro Capital and mining giant BHP are intensifying exploration across five targets in eastern Serbia’s Timok Magmatic Complex, one of Europe’s most prospective copper-gold belts, with drilling results from the flagship Skorusa project expected to provide a critical indicator of the programme’s potential by the end of summer.

    According to Mundoro’s first quarter 2026 report, exploration activity has focused on new drilling programmes, geophysical surveys and geological data integration across the Skorusa, Oblez, Borsko, Trstenik and South Timok Corridor projects near Bor. BHP is financing the majority of work under a stake acquisition agreement.

    Skorusa is drawing the most attention. Two exploration holes totalling nearly 1,300 metres were completed during spring, with one intersecting a wider zone of advanced argillic alteration than anticipated — a feature that may indicate a preserved hydrothermal system. Laboratory analysis of drill samples is expected in June and geological interpretation should be complete by end of summer.

    At the Borsko project, work to date has defined a large alteration zone measuring approximately 1.6 by 1.5 kilometres, which Mundoro believes could conceal a previously untested copper-gold porphyry system. Additional targeting and exploration preparation are planned. At the South Timok Corridor’s Lipovica area, two holes totalling approximately 1,278 metres have been completed alongside audio-magnetotelluric, gravimetric and passive seismic surveys across several licences. A new stratigraphic hole near Vitanovac is planned for the third quarter.

    Mundoro is also evaluating new prospect areas across the Timok and other igneous belts in Serbia, targeting copper-gold porphyry systems, skarn mineralisation and epithermal deposits.

  • Mundoro Capital Highlights Copper Generator Model and Exploration Partnerships at PDAC 2026

    Mundoro Capital Highlights Copper Generator Model and Exploration Partnerships at PDAC 2026

    Mundoro Capital Inc. used the PDAC 2026 conference in Toronto to outline its exploration strategy focused on copper projects in Eastern Europe and the United States, emphasising the company’s use of a “generator” model designed to advance exploration while limiting shareholder dilution.

    Speaking during the event, Chief Executive Officer Teo Dechev explained that the generator model allows the company to assemble prospective land packages and develop exploration targets before bringing in larger mining companies to fund drilling and project development. This approach reduces the need for continuous equity financing while enabling exploration to move forward through partnerships.

    Mundoro Capital focuses primarily on copper opportunities in regions with strong geological potential. The company currently concentrates its exploration activities in Serbia and Arizona, where it identifies and secures land positions, compiles geological data and generates exploration targets before partnering with major mining companies.

    According to Dechev, option agreements with industry partners provide funding that can be reinvested into developing additional exploration opportunities. The strategy allows the company to build a pipeline of projects while sharing financial risk with larger operators.

    One of the most significant examples of this approach is Mundoro’s Serbian portfolio in the Timok region, a well-known copper district in eastern Serbia. The company has assembled approximately 940 square kilometres of prospective ground in the area and entered into multiple agreements with global mining company BHP.

    Under the partnership, BHP is expected to carry out systematic drilling campaigns across several exploration targets during the year, a development Dechev described as a major step forward for advancing the district’s copper potential.

  • Mundoro Capital Grants BHP Option to Earn 100% Interest in Serbian Copper-Gold Licences

    Mundoro Capital Grants BHP Option to Earn 100% Interest in Serbian Copper-Gold Licences

    Canadian exploration and development company Mundoro Capital Inc. has granted an earn-in option to a subsidiary of BHP Group for seven copper and gold exploration licences within Serbia’s Timok Magmatic Complex, one of the most prolific mineral belts in the Tethyan region.

    Under the agreement, BHP can earn up to 100% ownership of the licences — which span 418 square kilometres — by funding US$35 million (€30 million) in exploration expenditures over ten years, the company announced on Monday.

    BHP will also make annual option payments beginning at $323,000, increasing by 2% annually, and milestone payments of $2 million each for specific resource declarations, up to a total of $10 million, or a single $10 million payment upon exercising the option if no resource is declared.

    Mundoro will initially operate the project, managing exploration activities and earning operating fees. Once BHP invests at least $20 million or completes 40,000 metres of drilling, it may assume operational control. Upon exercising the option, BHP will also start making annual advance royalty payments to Mundoro.

    To date, Mundoro and its partners have invested C$15.4 million ($11 million) into the project, which hosts multiple exploration targets. The most advanced prospects include:

    Skorusa copper-gold porphyry system, with an intercept of 201.2 metres grading 0.11% Cu and 0.11 g/t Au.

    Tilva Rosh prospect, where trenching returned 12 metres at 30.39 g/t Au and 171.27 g/t Ag.

    Other promising targets include Markov Kamen, Orlovo, D-vein, Prekostenski, Zlot 1–3, Bukova, Tilva Mare, Glavica, Bacevica North, Gorunov, Oblez SE, and Branik.

    The Timok Magmatic Complex is home to several major deposits and producing mines, including Cukaru Peki, Bor, Majdanpek, Veliki Krivelj, and Coka Rakita, positioning this partnership to further strengthen BHP’s exploration footprint in Europe’s key copper-gold corridor.

  • Mundoro Advances Exploration on Trstenik Project with BHP, Targets Five Prospective Sites for Drilling

    Mundoro Advances Exploration on Trstenik Project with BHP, Targets Five Prospective Sites for Drilling

    Mundoro Capital Inc., partnering with BHP Exploration, has made strides in its exploration of the Trstenik project in Serbia’s Timok Magmatic Complex, identifying five potential porphyry copper sites. Each site shows promising geophysical and geochemical indicators for copper, molybdenum, and gold deposits. Drill permits for all targets are anticipated in Q4 2024. Among the key areas are the SouthWest Zone, with significant copper mineralization close to the Majdanpek deposit, and the North-Central Zone, where a magnetic anomaly suggests a potential sulfide-rich porphyry. Mundoro and BHP’s integrated approach emphasizes the potential mineral wealth of the Timok region.

  • Mundoro Announces Profitable H1-2023 Results

    Mundoro Announces Profitable H1-2023 Results

    Mundoro Capital Inc. (TSXV: MUN | OTCQB: MUNMF | www.mundoro.com) (“Mundoro” or the “Company“) is pleased to report profitable financial results from its operations in the first six months ending June 30, 2023 (“H1-2023”).

    Teo Dechev, CEO and President commented: “The Company has delivered a profitable first half of 2023 as a result of the generative business strategy which continues to operate 10 exploration programs, generating new exploration opportunities for partnering while maintaining low corporate expenses. Cash Flow from Operations increased by 561% to $1,263,215 which continues to improve the company’s balance sheet.  For the second half of 2023, Mundoro is on track to reach the forecasted $2 million to $2.5 million in fees earned with total corporate and generative expenses of $1.6 million. The company is projected to complete 17,000 meters of drilling as a result of the $15 million in partner funded exploration expenditures in 2023.”

    Follow our weekly updates on: LinkedIn and Twitter @Mundoro

    Financial Highlights and Outlook
    For complete details 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, 2023, and 2022. The Company’s filings are available on SEDAR at www.sedar.com and on Mundoro’s website at www.mundoro.com.

    • Strong Cash Position: As of June 30, 2023, the Company held $8,398,601 in cash and cash equivalents (“Cash Position”) and no long-term debt.
    • Fees Earned:  In H1-2023, the Company generated $1,464,598 in Fees and Payments, up 298% compared to the same period in 2022.
      Corporate Expenses: General and administrative expenses of $625,164 were incurred in the H1-2023, up 38% compared to the same period in 2022.
      Net Income from Operations: Net income was $1,084,863 for H1-2023, compared to a net loss of $481,794 for the same period in 2022.
      Positive Cash flow from Operating Activities: Cash flow of $3,725,504 was generated from operating activities in H1-2023. Cash flow generated from operating activities, excluding changes in non-cash working capital, was $1,263,215, up 561% compared to the same period in 2022.

    Portfolio Outlook for 2023

    • Generation of Fees Guidance for 2023: For 2023, the Company estimates generating $2 – $2.5 million in fees from partner programs while the Corporate Expenses and Generative Exploration Costs are estimated to be approximately $1.6 million. As a result, the Company does not anticipate a need to raise capital in 2023.
    • Partner-Funded Exploration Expenditure Guidance in 2023: For 2023, the exploration  expenditures funded by partners estimated at approximately $11 million to $15 million. During 2023, Mundoro is the designated operator of six (6) exploration programs in Serbia, one (1) exploration program in Bulgaria and two (2) exploration programs in the USA. Total drilling across all programs is planned to be approximately 17,000 meters depending on various factors such as permitting.

    Project Portfolio Highlights for Q2-2023
    For complete details of the Company’s Summary of Operations, please refer to the MD&A for the six-month periods ended June 30, 2023, and 2022. The Company’s filings are available on SEDAR at www.sedar.com and on Mundoro’s website at www.mundoro.com.

    • Announcement of New Copper Project in Arizona: In Q2-2023, Mundoro announced the staking of the Picacho Project in Pinal County, Arizona. The Picacho project is situated within the Laramide Porphyry Belt, and has an approved work program and budget to be sole-funded by Vale, with Mundoro as the operator. The project will generate property payments, operator fees, and additional exploration potential for undercover copper porphyry systems in Arizona.
    • Commencement of Drilling with Vale in Arizona: In Q2-2023, Mundoro announced the commencement of a drill program at Mundoro’s Vale optioned project, Dos Cabezas, located in Cochise, Arizona. The drill program is planned for 3,000 meters to test five target areas with 5 drill holes.  These five drill holes represent a rare opportunity in Arizona to test an undrilled porphyry copper system.  The first two holes were drilled in Q2-2023 with the next three drill holes to be drilled in Q4-2023.
    • Commencement of Drilling with BHP in Serbia:  In Q2-2023, Mundoro commenced a drill program at Mundoro’s BHP option project, Borsko Jezero, which is located in the central portion of the Timok Magmatic Complex in eastern Serbia. The drill program was completed in Q2-2023 to test one target area with one 2,000 meter drill hole.
    • Commencement of Drilling with Vale in Timok, Serbia:  In Q2-2023, Mundoro announced the commencement of a drill program at Mundoro’s Vale optioned project area located in the southwest portion of the Timok Magmatic Complex in eastern Serbia. The drill program is planned for 8,000 meters to test five (5) target areas with nine (9) drill holes. The five main target areas for drill testing during the 2023 drill program are: (i) Tilva Rosh, (ii) Markov Kamen, (iii) Bacevica North, (iv) Orlovo, and (v) Prekostenski.
    • Advancing Exploration for upcoming Drill Program with JOGMEC: In Q2-2023, Mundoro submitted 8 drill hole locations for permitting to the responsible authorities.

    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 Serbia and Bulgaria exploration programs was reviewed and approved by Thomas Sant, FGS (EurGeol, CGeol) a Qualified Person as defined by NI 43-101 and Exploration Director to the Company. The scientific and technical information for the USA exploration programs has been reviewed and approved by T. Dechev, P.Eng (PEO, APEGBC), a Qualified Person as defined by NI 43-101, and the Company’s Chief Executive Officer.

    About Mundoro Capital Inc.
    Mundoro is a publicly listed company on the TSX-V in Canada and OTCQB in the USA 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 from partners and creates royalties attached to each mineral property.  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 USA.

    For further information about Mundoro, please contact Teo Dechev, Chief Executive Officer, President and Director, +1-604-669-8055, and Shamil Devji, Investor Relations Manager at +1-604-669-8055.  You can also visit Mundoro’s website www.mundoro.com.

    Caution Concerning Forward-Looking Statements
    This News Release contains forward-looking statements. Forward-looking statements can be identified by the use of forward-looking words such as “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe” or “continue” or similar words or the negative thereof, and include the following: completion of earn-in expenditures, options and completion of a definitive agreement by the parties. The material assumptions that were applied in making the forward looking statements in this News Release include expectations as to 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 caution readers of this News Release not to place undue reliance on forward looking statements contained in this News Release, as there can be no assurance that they will occur and they are subject to a number of uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include general economic and market conditions, exploration results, commodity prices, changes in law, regulatory processes, the status of Mundoro’s assets and financial condition, actions of competitors and the ability to implement business strategies and pursue business opportunities. The forward-looking statements contained in this News Release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this News Release are made as of the date of this News Release and the Board undertakes no obligation to publicly update such forward-looking statements, except as required by law. Shareholders are cautioned that all forward-looking statements involve risks and uncertainties and 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, 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 that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.