Mundoro Reports Progress on Exploration Programs and Financial Results

2026-08-31

TSXV - TSX Venture Exchange · Copper · Gold · Silver · Lead · Zinc · Molybdenum · Canada

VANCOUVER, British Columbia, Aug. 31, 2026 (GLOBE NEWSWIRE) -- Mundoro Capital Inc. (TSXV: MUN | OTCQB: MUNMF| www.mundoro.com) ("Mundoro" or the "Company") is pleased to announce an update regarding exploration program results achieved to date, as well as the filing of its Management's Discussion and Analysis (MD&A) and Financial Statements for the second quarter and six-month period ended June 30, 2026.

_"Our financial results for the quarter reflect our strategic commitment to generate new property opportunities, particularly within Serbia, while simultaneously realizing efficiencies in corporate expenses, which were reduced by 24%, directing our capital toward the project pipeline. That priority carries into the second half of the year, where our generative focus shifts toward our Arizona copper assets. On the properties held with BHP, where exploration is partner-funded, the coming quarter includes drill testing of the Vitanovac target. We also remain focused on advancing the Borsko drill target, navigating the administrative and permitting process in Bulgaria, and progressing partnership discussions for our copper projects in Arizona," _stated Teo Dechev, CEO of Mundoro.

Exploration Highlights

Skorusa East drilling completed: Assays received in full for drill holes completed at Skorusa East, 26-SKO-08 (499.8 m) and 26-SKO-09 (788.3 m). Tilva Rosh South:Assay results for Hole 26-OBL-05, drilled to a total depth of 1,302.7 m, have been partially received. New Hyperspectral core scanning: Approximately 9,725 m of core across 17 holes scanned to date. Petrophysical sampling: Programme advanced with selection of core intervals which are to be sent for petrophysical study in an independent laboratory. Target Refinement & Drill Proposals:Established formal drill proposals targeting three prospective areas: Borsko — Integration of early veinlets stockwork, cross-cutting relationships, and alteration data from relogging with geochemical and geophysical datasets to refine Target 1 and delineate potential porphyry source to the southeast. Skoursa East — Evaluation of alteration and geochemical vectors indicating a concealed porphyry center at depth to the southeast, beneath established advanced argillic assemblages. Skorusa West — Establishing a vector to a potential potassic zone to the northwest and at depth, supported by observed porphyry-style mineralization and geochemical signatures.

"During the second quarter of 2026, the BHP-Mundoro partnership successfully finalized two diamond drill holes at Skorusa East, alongside one hole at Oblez and a district-wide AMT survey. A comprehensive relogging initiative initiated during the period has yielded additional geological insights, refining the project and delineating priority drill targets at Skorusa East, Skorusa West, and Borsko. Furthermore, the Company is advancing upcoming targets at Tilva Rosh North and Tilva Rosh South for Q3-2026, with additional prospective areas slated for evaluation throughout the remainder of the year."

Q2-2026 Financial Highlights

For complete details of the Company’s financial results, please refer to the condensed interim consolidated financial statements and MD&A for the three-month and six-month periods ended June 30, 2026 and 2025. The Company’s filings are available on SEDAR+, and on Mundoro's website at www.mundoro.comunder 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, totaled $251,009 for the quarter ended June 30, 2026 compared to $120,497 for the quarter ended June 30, 2025, representing an increase of $130,512. The increase was driven by the significant increase in exploration expenditures compared to the same quarter in the prior year. This resulted in higher operator fee income recognized during Q2 2026 compared to the same period in 2025. Exploration Expenditures:Exploration expenditures, represent both sole funded exploration by partners and expenditures for generative activities for the company, together those were $2,513,992 in Q2 2026 compared to $1,416,229 in Q2 2025, representing an increase of $1,097,763. Recoveries from option partners in Q2 2026 were $2,497,741 compared to $1,177,721 in Q2 2025. Generative Activities: Generative operations create long-term royalty opportunities and may generate future property payments, milestone payments, and other fees through the optioning of mineral projects to third parties. Included in total exploration expenditures are net exploration costs attributable to the Company’s generative operations in the three jurisdictions where it is active and which are funded by the Company These expenditures resulted in $16,251 in Q2 2026 compared to $238,508 in Q2 2025. Corporate Expenses: Corporate expenses in Q2 2026 were $281,162 compared to $367,563 in Q2 2025, representing a decrease of $86,401. Cash and Working Capital:As of June 30, 2026, the Company had cash and cash equivalents totaling $5,882,386 (December 31, 2025 - $5,217,157) and a working capital (current assets less current liabilities) of $1,232,738 (December 31, 2025 - $1,684,464). The Company has no long term debt. Net Income (Loss): For the quarter ended June 30, 2026, the Company recorded a net loss of $325,340 ($0.00 per share) compared to a net loss of $540,377 ($0.00 per share) for the quarter ended June 30, 2025.

BHP-Mundoro Projects, Serbia

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 licenses in this region are optioned to a wholly owned subsidiary of BHP Group Limited (“BHP”) to earn-in as announced in prior press releases on January 23, 20231and October 13, 20252.

2025 BHP Option Agreement - Skorusa & Oblez

Skorusa Drill Results:The drilling campaign at Skorusa East, originally designed to be 1,000 m across two holes, concluded in May 2026 with a total drilled length of 1,288.1 m with the successful completion of holes 26-SKO-08 (499.8 m) and 26-SKO-09 (788.3 m). Comprehensive analytical data for these drill holes yielded anomalous geochemical results. Upon completion of internal QA/QC validation, the Company confirmed that although no economic-grade intervals were identified, the full assay suite for the Skorusa East campaign provided valuable geological insights (see Table 1). Hole 26-SKO-08 intersected shallow, polymetallic mineralization within the supergene zone and lithocap, alongside a distinct interval of quartz-pyrite-molybdenite veining at roughly 360 m. Hole 26-SKO-09 encountered two extensive, low-grade copper zones at depth, characterized by disseminated chalcopyrite and silica-pyrite-sericite-clay alteration assemblages.

While these intersections do not represent economic mineralization, they serve as important indicators for target refinement. Specifically, the increasing copper tenor, elevated Cu/Zn ratios at depth, and persistent chalcopyrite below 400 m in 26-SKO-09 support the Company’s model: that current drilling has tested the lithocap and peripheral alteration zones of a porphyry system, leaving the potassic core untested. Integrating these findings with historical alteration data from Skorusa East has successfully established a prospective vector southeast of hole 26-SKO-09.

Within the Skorusa West prospect, systematic relogging of the previously drilled core has delineated a prospective vector toward a potential porphyry system located northwest of drill hole 21-SKO-04 at depth. This model was established by integrating observed alteration patterns, specifically intersected potassic zones, with geochemical signatures and porphyry-style veining documented in earlier drilling campaigns.

Oblez Drill Results:Following the completion of site preparation for one diamond drill hole along the western boundary of the Oblez license, drilling activities commenced in early June 2026 and was completed in July 2026 along with downhole geophysics. Hole 26-OBL-05 is targeting the southern extension of the Tilva Rosh system within the Oblez license area.

Geological observations indicate a fresh, brecciated andesite sequence to 250 m, transitioning into fresh volcanic and tuff breccias of basaltic composition to approximately 805 m. A structurally deformed interval with fault gouge and fine-grained sooty pyrite was encountered between 858 m and 923 m. From approximately 923 m the hole entered in propylitic alteration, characterized by disseminated epidote and chlorite increasing in intensity with depth, accompanied by 0.5% to 2% disseminated pyrite and isolated chalcopyrite grains. Porphyry-style quartz stockwork veining was not observed throughout the hole.

Partial assay results for Hole 26-OBL-05, to a depth of 643 m, have been received (see Table 1). Interpretation suggests that elevated copper values in the upper 75 m—including 2.0 m grading 0.25% Cu from 38.0 m—reflect supergene enrichment within permeable lava flow horizons. Additionally, broad zones of weakly anomalous lead were noted between 148–238 m and 340–450 m, while increased sulphur from 467–515 m correlates with higher pyrite concentrations. A notable decrease in magnetic susceptibility at depth aligns with the transition into propylitic alteration. Analytical results for the remainder of the hole are pending and expected during Q3-2026. The core is currently undergoing hyperspectral scanning.

These initial findings indicate that the volcanic sequence at the far eastern edge of Tilva Rosh South remains largely unaltered to depths exceeding 900 m, establishing an important constraint boundary at the eastern edge in this area and refocusing the efforts to the northwest for this target.

Summary of Geophysics Surveys over Skorusa & Oblez: Over a 179.5 sq km area spanning Oblez and Skorusa, an Audio-Magnetotelluric (AMT) survey was conducted using an 800 m × 800 m grid. Launched at the beginning of Q2-2026. The AMT survey concluded in early Q3. To support target interpretation with supplementary data across the same footprint, a ground gravity survey on a 400 m × 400 m grid was started in April 2026 and finished in early May 2026. AMT surveying across Oblez and Skorusa was completed in July 2026.

Exploration Plans for Skorusa & Oblez:

Field mapping: Conduct follow-up investigations of new surface geochemical anomalies to delineate further prospective areas and assess their potential. Geophysical surveys: Data integration and geological modeling for both datasets (AMT and Gravity) are slated for H2-2026. Petrophysical testing: Core and rock analysis began in Q3 2026 and will provide supporting data for integration with geophysical data. Upgrading geochemical data:To improve drill targeting and refine the exploration model, selected drill hole samples are being evaluated for advanced assaying techniques.

Table 1 — Selected assay intervals, Skorusa East and Tilva Rosh South

| Hole | From (m) | To (m) | Length (m) | Cu (%) | Au (g/t) | Comment | | 26-SKO-08 | 22.0 | 28.0 | 6.0 | 0.095 | – | Supergene enrichment zone; quartz-sulphide veining | | 26-SKO-08 | 46.0 | 54.1 | 8.1 | – | 0.20 | Residual quartz with polymetallic veining; Pb 1,381 ppm, Zn 3,000 ppm | | 26-SKO-08 | 358.0 | 362.0 | 4.0 | – | – | Quartz-pyrite-molybdenite veins; Mo 235 ppm | | 26-SKO-09 | 416.0 | 480.0 | 64.0 | 0.052 | – | Silica-pyrite-kaolinite and Silica-pyrite-sericite-clay alterations; quartz-pyrite-chalcopyrite veins and disseminated chalcopyrite | | Including | 416.0 | 422.0 | 6.0 | 0.10 | – | Silica-pyrite-kaolinite alteration; quartz-pyrite-chalcopyrite veins and disseminated chalcopyrite | | Including | 426.0 | 432.0 | 6.0 | 0.20 | – | Silica-pyrite-kaolinite alteration; quartz-pyrite-chalcopyrite veins and disseminated chalcopyrite | | Including | 476.5 | 477.0 | 1.5 | 0.35 | – | Silica-pyrite-sericite-clay alteration; disseminated chalcopyrite | | 26-SKO-09 | 689.7 | 712.0 | 22.3 | 0.12 | – | Chlorite-epidote alteration; disseminated chalcopyrite | | 26-OBL-05 | 38.0 | 40.0 | 2.0 | 0.25 | – | Near-surface supergene enrichment between lava flows |

_ Intervals are downhole lengths; true widths are not known at this time. Grades are length-weighted and uncut. Dashes denote values below the reporting threshold for that element._

2023 BHP Option Agreement — Borsko, Trstenik & South Timok Corridor

Borsko

Summary: Previous exploration efforts have successfully delineated Target 1, characterized by an extensive alteration lithocap measuring approximately 1.6 km by 1.5 km, which remains preserved under post-mineral cover. The scale and integrity of this lithocap indicate a shallow erosional environment, suggesting that the prospective underlying porphyry system is likely intact and requires further testing. Technical efforts throughout the second quarter focused on the systematic integration of prior drilling datasets to further refine the project's structural and geological framework.

Exploration Plans: Refine the geological model and establish a formal drill proposal for Target 1 at Borsko. This work involves the comprehensive re-logging of initial drill holes alongside the synthesis of geochemical and geophysical data, with completion anticipated early in Q3-2026 following the analysis of five additional drill holes.

Trstenik

Summary:The Trstenik Project area comprises 55 sq km in the northern Timok Magmatic Complex. This area is strategically situated along the northern strike of the world-class Majdanpek copper-gold porphyry deposit. Investigations to date within the Southern Target have identified structural frameworks, lithological units, and alteration patterns that are characteristic of porphyry-style systems and related high-grade skarn or carbonate-replacement (CRD) mineralization.

Q2 Summary: During the period, technical efforts centered on synthesizing drill data from hole 25-ZEL-30 into the Central-North Target model. Although economic mineralization was not encountered, the hole intersected a fault zone and failed to test the primary target. To better define the geological timing of the andesitic dykes observed in 25-ZEL-30, two core intervals were selected for U-Pb geochronology and detailed petrological analysis, with results expected in the third quarter of 2026.

Exploration Plans: Ongoing work is focused on refining targets and developing drill proposals for the Central, Southwest, and Southeast prospect areas.

South Timok Corridor

Summary: Spanning approximately 306 sq km, the South Timok Corridor Project area integrates four contiguous exploration licenses—Vitanovac, Ponor, Lipovica, and Orlovac. Situated 40 to 70 km south of the Bor Mine Complex, this district represents the southern extension of the prolific Timok Magmatic Complex. The geological setting transitions from exposed Upper Cretaceous magmatic centers in the north to prospective "blind" targets obscured by sedimentary cover in the south and west. The area is being explored as a unified magmatic-hydrothermal search space, applying systematic deep-sensing geophysics to vector toward concealed porphyry and epithermal systems.

Q2 Summary: Technical efforts during the period centered on the systematic integration of existing geophysical interpretations with regional geological observations. Modelling initiatives throughout Q2-2026 focused on discriminating between barren features and potentially mineralized centers concealed beneath cover to support the upcoming drill test at Vitanovac. Reconnaissance field investigations were conducted to enhance the technical understanding of the district’s geological characteristics. Furthermore, regional geological cross-sections were established, synthesizing surface mapping from outcropping areas with deep-sensing geophysical inversions to refine the cohesive 3D structural model.

Exploration Plans:The upcoming phase of exploration will focus on one additional drill hole at the Vitanovac target, designed to evaluate the geophysical interpretation and the local stratigraphy. Site mobilization is scheduled to commence in Q3-2026. Additionally, the Company is evaluating advanced assaying techniques for selected drill hole samples to improve the geochemical model and further refine drill targeting.

JOGMEC-Mundoro EE1 Copper Project, Bulgaria

Summary: The EE1 Project area, located in northwestern Bulgaria, spans approximately 166.5 sq km and targets a district-scale, sediment-hosted stratiform copper system. Situated within a prolific metallogenic belt containing approximately 60 known historical copper-lead-zinc occurrences and mines, the project is being advanced through a strategic partnership with the Japan Organization for Metals and Energy Security (JOGMEC).

Technical efforts have successfully established the geological framework and delineated priority drill targets; however, active field operations remained paused during the period pending final permit approvals. The JOGMEC-Mundoro partnership has systematically de-risked the project through the synthesis of comprehensive soil geochemistry, detailed surface mapping, a 41.3 line-km Audio-Magnetotelluric (AMT) survey, and a 160 sq km drone-borne magnetic survey. These geophysical datasets have been modeled to support the refinement of specific drill targets throughout the project area.

Exploration Plans: Despite receiving a favorable assessment from the Ministry of Environment and Water in 2024, the drill permitting process continues to experience delays due to an ongoing NGO appeal. Following the conclusion of court proceedings in Q1-2026, the next hearing is scheduled for the third quarter of 2026. Pending a successful resolution of these administrative challenges, Mundoro remains focused on site mobilization and the execution of the first modern drill test of the geological and AMT-delineated stratiform copper targets within the district.

Svoboda Tender, Bulgaria:The Svoboda area, located within the Panagyurishte Mineral Belt approximately 100 km 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 Projects, Arizona

The Company’s portfolio in Arizona comprises three district-scale exploration projects—Dos Cabezas, Picacho, and Copperopolis—strategically located within the prolific Laramide Magmatic Arc. Systematic generative programs have successfully identified prospective intrusions, providing geological de-risking and advancing all three assets to the option-ready stage.

Throughout the second quarter of 2026, Mundoro continued to execute additional confidentiality agreements and hosted technical reviews, including site visits by major mining groups and exploration companies. Management remains actively engaged in discussions to secure strategic option agreements for these copper projects in the USA.

Dos Cabezas Project, Arizona: Located south of the Safford mining district, this 100%-owned, 61 sq km project is situated 150 km east of Tucson. The project holds six targets where the priority target has spotted drill locations to test the potential mineralized center of a Laramide-aged porphyry copper system. Picacho Project, Arizona: Situated within the Globe-Superior-Ray porphyry cluster, this 100%-owned, 105 sq km project area targets "blind" Laramide-aged porphyry centers concealed beneath shallow alluvial cover. Copperopolis Project, Arizona:Located in Yavapai County, east of the Baghdad mining district, this project is held approximately 73.09% by Mundoro. Q2-2026 assay results from a systematic rock sampling program confirmed elevated Cu-Au-Mo values proximal to established NW-SE structural corridors. High-grade values are concentrated along these corridors, while mapping and the pervasive extent of mineralization suggest the potential for an Iron-Oxide-Copper-Gold (IOCG) system.