Mundoro (OTCQB:MUNMF) reported Q3-2025 results and a portfolio update. Key corporate milestones include a definitive option agreement with BHP for seven Central Timok licenses where BHP can earn 100% by funding US$35,000,000 over 10 years while Mundoro retains a 2% NSR.
Operational highlights: diamond drilling at Trstenik reached 441.6 m of a tarobtained 900 m hole with asdeclares expected by finish-2025; passive seismic and geophysics campaigns advanced South Timok; JOGMEC Iskar permitting remains subject to a Q4 court hearing.
Financials: closed a non-brokered private placement on Nov 13, 2025 raising ~C$1,517,500 (5,836,540 shares at C$0.26); cash was $4,241,082 as of Sept 30, 2025; nine-month fee income was $1,107,464; net loss was $952,269.
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Positive
- BHP option funds US$35,000,000 over 10 years
- Raised C$1,517,500 in private placement on Nov 13, 2025
- Cash position of $4,241,082 as of Sept 30, 2025
- Drill hole at Trstenik reached 441.6 m toward 900 m tarobtain
Negative
- Net loss increased to $952,269 for nine months finished Sept 30, 2025
- Corporate expenses rose to $1,034,157 for nine months finished Sept 30, 2025
- Net exploration recoveries fell, yielding net exploration costs of $901,730
Vancouver, British Columbia–(Newsfile Corp. – December 1, 2025) – Mundoro Capital Inc. (TSXV: MUN) (OTCQB: MUNMF) (www.mundoro.com) (“Mundoro” or the “Company“) is pleased to report its financial results from its operations, the filing of the unaudited condensed interim consolidated Financial Statements (FS) and Management’s Discussion and Analysis (MD&A) for the nine-month periods finishing September 30, 2025, and 2024, on SEDAR, and to provide an update on its exploration activities across its portfolio of projects, in partnerships with BHP Billiton (UK) DDS Limited (“BHP”) and Japan Organization for Metals and Energy Security (“JOGMEC”).
Q3-2025 Portfolio Highlights
Subsequent to the nine months finished September 30, 2025, the Company announced that it had entered into a definitive option agreement with a wholly owned subsidiary of BHP Group Limited (“BHP”). See October 13, 2025 news release for additional details.
- New Partnership Secured: Mundoro entered into an option agreement with BHP for seven exploration licenses (“BHP-Mundoro Central Timok Project”) within the Timok Magmatic Complex in Serbia. Under this agreement BHP can earn
100% ownership over 10 years by funding US$ 35,000,000 in exploration expfinishitures. Mundoro retains a2% NSR royalty upon exercise and will earn annual option payments and operating fees. - Drill Tarobtaining Central Timok: Following the signing of the BHP agreement, the Central Timok Project is transitioning into a tarobtaining phase, with Mundoro and BHP establishing a joint technical working group to integrate historical data and rank and prioritize drill tarobtains for a 2026 program.
- Trstenik Drilling: Diamond drilling commenced at Trstenik on the North Central tarobtain. As of the finish of the quarter, the drill hole had progressed to a depth of 441.6 meters of a tarobtained 900 meter drill hole, tarobtaining the depth extension of surface geochemical anomalies. All asdeclares are expected to be received by the finish of 2025.
- Arizona – Advancing Commercialization: The Company actively pursued commercial discussions regarding the optioning of the Dos Cabezos Project. Due diligence was facilitated by opening a data room and hosting site visits for technical teams from major mining groups. Generative Program: The generative team is focutilizing on field evaluations and data compilation on open ground within the productive Laramide belt in Arizona. The program is expanding across the Western USA, evaluating additional prospective metallogenic belts for alteration footprints indicative of porphyry and related systems.
Financial Highlights
Subsequent to the nine months finished September 30, 2025, the Company entered into a non-brokered private placement (the ‘Financing’), which was closed on November 13, 2025. The Company issued a total of 5,836,540 Common Shares at a price of C
For complete details of the Company’s financial results, please refer to the unaudited condensed interim consolidated financial statements and MD&A for the nine months periods finished September 30, 2025, and 2024. The Company’s filings are available on SEDAR+ at www.sedarplus.ca and on Mundoro’s website at www.mundoro.com. All amounts are expressed in Canadian dollars unless otherwise indicated.
- Cash Position: As of September 30, 2025, the Company held
$4,241,082 in cash and cash equivalents. - Fees Earned: During the nine months finished September 30, 2025, the Company’s fee income, which includes operator fees, option payments, interest, and miscellaneous income, totaled
$1,107,464 compared to$1,042,956 for the nine months finished September 30, 2024. The increase of approximately10% was primarily driven by fees earned in Q3 2025 for the rental of passive seismic equipment and by higher option payments received. - Exploration Expfinishitures: The exploration expfinishitures, the majority of which are funded by partners, were lower for the nine months finished September 30, 2025 at
$4,885,987 compared to$5,980,712 for the nine months finished September 30, 2024, due to lower actual expfinishitures. Recoveries from option partners during the nine months finished September 30, 2025 and 2024 amounted to$3,984,257 and$5,154,147 , resulting in net exploration costs of$901,730 in 2025 and$825,565 in 2024. - Generative Expfinishitures: The Company’s net exploration costs mainly relate to Project Generative operations, which involve exploring unpartnered projects and developing new opportunities. These efforts aim to create projects that can generate payments, royalties, and other fees by optioning mineral projects to third parties, while the Company actively seeks partners for its listed Mundoro Projects.
- Corporate Expfinishitures: During the nine months finished September 30, 2025, the Company recorded overall corporate expenses of
$1,034,157 as compared to$903,774 for the nine months finished September 30, 2024.This difference is due primarily to an increase in corporate governance expenses from an ongoing internal company reorganization and higher accounting and audit fees. - Net Loss: For the nine months finished September 30, 2025, the Company recorded a net loss of
$952,269 ($0.00 per share), compared to a net loss of$643,141 1 ($0.00 per share) for the nine months finished September 30, 2024, representing an increased loss of$309,158.
Q3-2025 Portfolio Updates and Outsee
BHP-Mundoro Central Timok JV (Serbia)
During the quarter, the Company’s primary focus was the finalization of the definitive earn-in agreement.
Outsee & Future Plans (Q4-2025 – Q2-2026) Following the signing of the agreement, the project is transitioning into a tarobtaining phase:
- Joint Technical Working Group: Mundoro and BHP have established a joint technical working group to oversee exploration planning.
- Data Integration & Tarobtaining: The primary objective for the upcoming quarters is the systematic review of the historical datasets. The partners will work to integrate the geological models to “rank and prioritize” drill tarobtains across the seven licenses.
- Drill Readiness: Fieldwork will focus on ground-truthing priority anomalies to prepare a drill program proposal for 2026.
BHP-Mundoro Borsko-South Timok-Trstenik JV (Serbia)
Borsko Project
Q3-2025 Exploration Highlights: Activities in Q3 focutilized on testing new geophysical data and rigorously standardizing geochemical data to facilitate vectoring:
- Northwest Tarobtain Drill Testing: Following the June 24, 2025 announcement, the Company commenced and completed a maiden drill test of a new tarobtain area in the northwest portion of the license. One diamond drill hole was completed to a depth of 1,000 meters. The drill hole provided utilizeful stratigraphic information with no significant mineralization.
- Systematic Geochemical Consolidation: To enhance vectoring capabilities, the Company initiated an extensive re-asdeclare program of historical drill pulps. Approximately
63% of the existing sample library has now been re-asdeclareed utilizing modern, multi-element suites. This initiative will harmonize the geochemical database, allowing for the calculation of key pathfinder element ratios essential for navigating the hydrothermal system.
Outsee & Future Plans (Q4-2025 – Q2-2026) The strategy for the upcoming quarters is to integrate the drill results with new higher-resolution geophysics to refine the drill tarobtains at Tarobtain 1:
- Ground Magnetic Survey: A Ground Magnetic survey commenced and concluded in October. This survey is utilizeful for identifying the demagnetized zones (associated with the phyllic alteration) versus the magnetic highs (potential altered potassic porphyry cores) beneath the cover.
- Drill Program Analysis & Age Dating: A specific molybdenite sample from previous drill campaigns will undergo Re-Os (Rhenium-Osmium) dating. This will provide the precise age of the mineralization event, determining if it links to the main pulse of mineralization to adjacent systems.
- Tarobtain 1 Drill Design: By integrating the new magnetic model with the consolidated geochemical vectors, the Company will prepare a detailed proposal for diamond drilling at Tarobtain 1. This program will be designed to test the roots of the preserved lithocap for the interpreted mineralized porphyry source.
Trstenik Project
Q3-2025 Exploration Highlights: Active Drilling & Tarobtain Refinement During the quarter, the Company successfully transitioned from permitting to active drill testing, while simultaneously advancing the geological model for the southern tarobtains:
- Commencement of Drilling (North-Central Tarobtain): Diamond drilling commenced on September 14, 2025. As of the finish of the quarter, the first drill hole had progressed to a depth of 441.6 meters of a tarobtained 900 meter drill hole, tarobtaining the depth extension of surface geochemical anomalies.
- Southern Tarobtain Integration: The technical team completed a comprehensive data review for the Southern Tarobtain area (adjacent to Majdanpek). This study integrated historical geophysics, surface geochemisattempt, and spectral (SWIR) data from previous drilling. The analysis has strengthened the vectoring model, highlighting specific zones where skarn mineralization may transition into the porphyry core at the southeast tarobtain.
Outsee & Future Plans (Q4-2025 – Q2-2026) The Company completed the current drill hole and will finalize a 3D model for the high-priority Southern Tarobtains:
- North-Central Tarobtain Area Drill Program: The completion of the current drilling program, including downhole geophysics, is expected during Q4-2025, with full asdeclares to be received by the finish of 2025.
- Southern Tarobtains 3D Modelling: 3D modelling of the southern tarobtains is planned for Q4-2025 to Q2-2026. This advanced modelling will enhance the visualization and understanding of the mineralized system. Data analysis from the southern tarobtain area and refinement of the drilling proposal are planned for Q4-2025 to Q2-2026.
South Timok Project
Q3-2025 Exploration Highlights: District-Scale Data Acquisition Exploration activities during the quarter focutilized on the systematic acquisition and integration of geophysical and structural data across the project area:
- Project-Wide Passive Seismic Deployment: To accurately map the basement architecture and cover thickness across the district, the Company initiated a large-scale passive seismic survey around the finish of August. By quarter finish, the field team had successfully deployed a significant portion of the planned nodal array. This survey is designed to define the “basement topography”, for tarobtaining concealed intrusions in the Lipovica and Orlovac prospects.
- Geophysical Inversion (AMT & Gravity): Interpretation and inversion of Audio-Magnetonotifyuric (AMT) and Gravity datasets were completed for all four licenses. These surveys have identified multiple coincident anomalies characterized by resistivity lows (potential hydrothermal alteration) and density contrasts (potential intrusive stocks), which are now being correlated across the project area.
- Structural & Geological Modelling: The technical team advanced the construction of regional geological cross-sections. This work integrates surface mapping from exposed outcrops with the geophysical inversions to build a continuous 3D structural framework for the entire project area.
Outsee & Future Plans (Q4-2025): Integrated Tarobtaining & Drill Definition The primary objective for Q4 is to integrate the newly acquired datasets into a unified 3D exploration model to define high-confidence drill tarobtains:
- Seismic Processing & Basement Mapping: Retrieval of the passive seismic array was completed in mid-October. Data processing commenced, generating a project-wide depth-to-basement model that will allow the team to refine tarobtains for depth.
- Integrated 3D Modelling: The Company will complete a comprehensive 3D integration of the Seismic (structure/depth), Gravity (intrusive bulk), and AMT (alteration) datasets.
- Drill Program Proposal: Based on the results of the integrated modelling, the Company will finalize a drilling proposal for the South Timok Project Area in Q4. This proposal will detail collar locations, tarobtain sequencing, and total meterage for a campaign designed to test the highest-priority geophysical and geochemical anomalies across the contiguous project area. Once tarobtain areas are identified the company will commence permitting.
JOGMEC-Mundoro Iskar (EE1) JV (Bulgaria)
Project Update (Q3-2025)
The Company previously received a positive “Appropriate Assessment” decision from the Minisattempt of Environment and Water (MoEW). However, this decision was subject to a third-party NGO appeal. Following a decision by the higher court in Q2 to remand the case for further review, the lower court resumed proceedings in Q3. A court hearing is currently scheduled for Q4-2025.
Outsee & Future Plans (Q4-2025 – Q2-2026)
- Legal Resolution: The timeline for the resumption of fieldwork is depfinishent on the conclusion of the court hearing and the finalization of the administrative permitting process.
- Drill Program Execution: Upon favorable resolution of the court hearing, the Company is prepared to promptly shift to the drill testing phase. The proposed program is designed to test the conductive horizons identified by the AMT survey for stratiform copper mineralization. This drill program represents the first modern test of a stratiform copper tarobtain in this specific district.
Mundoro Projects – Available for Joint Venture
Dos Cabezas Project (Arizona)
- Exploration Activities (Q3-2025)
The Company completed age dating confirming the magmatic-hydrothermal system is of Laramide age and actively pursued commercial discussions, opened a data room for due diligence, and hosted site visits for technical teams from major mining groups. - Outsee & Future Plans (Q4-2025)
The exploration team is finalizing a review at the Mescal-Mineral Park tarobtain, analyzing alteration intensity and vein density from Phase 1 drilling. Concurrently, detailed geological mapping is planned for the southern extension of the Elma-Mascot corridor to link surface anomalies with the structural setting of historical mining in the area. The Company continues to manage a data room and facilitate discussions with interested parties, with the specific goal of securing a partner.
Picacho Project (Arizona)
- Exploration Activities (Q3-2025)
The Company completed the integration of geophysical and geological datasets to construct a robust drill-tarobtaining model. Partnership discussions continued, a data room was opened, and a site visit was completed in August 2025. - Outsee & Future Plans (Q4-2025)
With the Picacho Project considered drill-ready, the Company is prioritizing the execution of an earn-in agreement to fund maiden shallow drilling of the covered tarobtains. To broaden the search for partners, management has finalized a technical presentation highlighting these defined tarobtains. The project is prepared for rapid permitting upon securing a partner.
Copperopolis Project (Arizona)
- Exploration Activities (Q3-2025)
Integration of the stream sediment geochemisattempt results with the existing mapping allowed the Company to refine the exploration model, specifically for under-cover porphyry and associated systems. Geochronology returned ages consistent with the Laramide magmatic event, confirming the system is temporally analogous to the region’s porphyry systems. - Outsee & Future Plans (Q4-2025 – Q1-2026)
Exploration through Q1-2026 focutilizes on defining drill tarobtains by conducting infill sampling in Q4 to tighten geochemical resolution and delineate anomalous Au-Cu zones. Concurrent fieldwork will map prospective Northwest-trfinishing anomalies, and the NE dike swarms. The team has also finalized two new geological cross-sections incorporating sheeted dike orientations and geochemical vectors, forming the basis of a new technical presentation to market the project to potential partners.
Mundoro Generative Program
The generative team is focutilized on field evaluations and data compilation in Arizona, specifically tarobtaining under-cover porphyry copper-gold systems within the productive Laramide belt, similar to the company’s Dos Cabezas and Picacho projects. Beyond Arizona, the company is executing a Western US Expansion by evaluating additional prospective metallogenic belts.
Qualified Persons
The scientific and technical information described in this press release has been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). The scientific and technical information for the Arizona, Serbia and Bulgaria exploration programs was reviewed and approved by R. Jemielita, PhD, MIMMM, a Qualified Person as defined by NI 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 USA with a portfolio of mineral properties focutilized 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 focutilized on predominantly copper in two mineral districts: Western Tethyan Belt in Eastern Europe and the Laramide Belt in the southwest USA.
For more information, please visit www.mundoro.com.
Follow our ongoing updates via: LinkedIn and X.
Caution Concerning Forward-Looking Statements
This News Release contains forward-seeing statements. Forward-seeing statements can be identified by the utilize of forward-seeing words such as “will”, “expect”, “intfinish”, “plan”, “estimate”, “anticipate”, “believe” or “continue” or similar words or the negative thereof, and include the following: completion of earn-in expfinishitures, options and completion of a definitive agreement by the parties. The material assumptions that were applied in building the forward seeing 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 seeing 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 cautilize actual results to differ materially from those expressed or implied by such forward-seeing statements. These factors include general economic and market conditions, exploration results, commodity prices, alters 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-seeing statements contained in this News Release are expressly qualified in their entirety by this cautionary statement. The forward-seeing statements included in this News Release are created as of the date of this News Release and the Board undertakes no obligation to publicly update such forward-seeing statements, except as required by law. Shareholders are cautioned that all forward-seeing statements involve risks and uncertainties and for a more detailed discussion of such risks and other factors that could cautilize actual results to differ materially from those expressed or implied by such forward-seeing statements, refer to the Company’s filings with the Canadian securities regulators available on SEDAR+ at www.sedarplus.ca.
Neither TSX Venture Exalter nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exalter) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276378
FAQ
What does the BHP option agreement mean for Mundoro (MUNMF) shareholders?
BHP can earn 100% of seven Central Timok licenses by funding US$35,000,000 over 10 years; Mundoro keeps a 2% NSR and will receive option payments and fees.
How much cash did Mundoro (MUNMF) report at Sept 30, 2025 and how was recent financing structured?
Cash was $4,241,082 at Sept 30, 2025; Mundoro closed a non-brokered private placement on Nov 13, 2025 raising ~C$1,517,500 (5,836,540 shares at C$0.26).
What is the status and timeline for drilling at the Trstenik project (MUNMF)?
Diamond drilling launched Sept 14, 2025; the first hole reached 441.6 m of a 900 m tarobtain and asdeclares are expected by the finish of 2025.
What exploration work is Mundoro (MUNMF) conducting at South Timok and when will tarobtains be defined?
Mundoro completed passive seismic, AMT and gravity surveys and plans integrated 3D modelling and a drill proposal in Q4-2025 to define high-confidence tarobtains.
How did Mundoro (MUNMF) perform financially for the nine months finished Sept 30, 2025?
Fee income was $1,107,464, exploration expfinishitures were $4,885,987, and net loss was $952,269 for the period.
What permits or legal steps affect the JOGMEC-Mundoro Iskar (MUNMF) drill plans?
An Appropriate Assessment was appealed; a lower-court hearing is scheduled in Q4-2025; drill testing depfinishs on the legal resolution and permitting.
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