Mundoro Reports Profitable First Quarter 2023 Results and Progress on Exploration Program
Vancouver, British Columbia–(Newsfile Corp. – June 5, 2023)- Mundoro Capital Inc. (TSXV: MUN) (OTCQB: MUNMF) (www.mundoro.com) (“Mundoro” or “company“) has filed management’s discussion and analysis of its quarterly consolidated financial statements and SEDAR at the following address: www.sedar.com posted on our website. www.mundoro.com.
“Mundoro has built a diversified exploration portfolio with a copper focus, generating payouts to us that exceed corporate expenses, resulting in positive cash flow,” said CEO Theo Dechev. Mundoro expanded its exploration portfolio in the first quarter of 2023 with the addition of the Picacho project.” With 10 active exploration programs in Arizona, a strong balance sheet, positive cash flow and 17,000 meters of planned drilling, Mundoro is well positioned to drive shareholder value through 2023 It is in. ”
First quarter 2023 financial highlights
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Strong cash position: As of March 31, 2023, the Company had total cash and cash equivalents of $7,290,012 (December 31, 2022 – $4,843,844) and no long-term debt.
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Plus Net Income: In the first quarter of 2023, the company posted earnings of $321,748, or $0.00 per share. This compared to a net loss of $430,630, or $0.01 per share, for the quarter ended March 31, 2022, an increase of $752,378.
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Partner-funded exploration and generation spending: Exploration and project evaluation spending, largely funded solely by partners, compared to $948,776 in Q1 2022 due to budget increases in exploration spending across various partner-funded programs $1,686,880 in Q1 2023 increased. Recoveries from option partners in Q1 2023 were $1,549,658 (92% recovery) compared to $774,330 (82% recovery) in Q1 2022, with net exploration costs of 2023 $137,222 in Q1 and $174,446 in Q1 2022. Net Exploration Expenses are attributable to (i) expenses incurred on behalf of partners and reimbursed in the next reporting period upon recovery from partners and (ii) our project generation segment. The Project Generative segment creates long-term royalty opportunities and receives real estate payments, milestone payments and other fees in exchange for mineral projects.
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Corporate expenses: Corporate expenses in Q1 2023 were $341,199, an increase of $154,738 compared to $186,461 in Q1 2022. The increase was driven by higher payroll-related expenses, higher overall professional and services expenses, and higher travel and corporate development-related expenses due to the relaxation of travel restrictions during the reporting period.
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Positive cash flow from operating activities: Operating cash flow was higher at $2,729,681 in Q1 2023 compared to ($569,252) in Q1 2022, resulting in an increase of $3,298,933 from Q1 2022 to Q1 2023. bottom.
Q1 2023 Exploration Portfolio Highlights and Outlook
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Vale Mundoro’s project
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Announcing New Picacho Project with Vale of Pinal County, Arizona: The Pikacho Project is located within the Laramid Porphyry Belt, a region rich in porphyry copper deposits that extends from northern Mexico to the southwestern United States. The Pikacho Project has a work program and budget funded solely by Vale and approved by Mundoro as operator. The project will generate property payments, operator fees, and additional exploration potential for Arizona’s underground copper porphyry system.For more information See press release dated May 23, 2023..
Drilling trials underway at Bobot and Ojay: In Q1 2023, drilling trials at the Tilva Roche North target began, with a total of 113.7 meters of diamond drilling completed out of the planned 3,200 meters. Drilling is expected to be completed in the second quarter of 2023 and analysis of this drilling program is expected to be completed in the third quarter of 2023. Additionally, drilling trials at the Markov-Kamen South target have commenced, completing a total of 867.9 meters of diamond drilling out of the planned 900 meters remaining in the 2022 drilling program. Assay results are expected to be received in Q2 2023.
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Completion of permits at Das Cabezas: Permits with state and federal agencies were completed in the first quarter of 2023 for a Phase 1 training program testing five target areas. Drilling will begin in April 2023 and is expected to be completed in the fourth quarter of 2023.
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Promoting research for future training programs with Vale: In Q1 2023, the company was mobilized for a passive seismic geophysical study on the Blahnik and Padina licenses with geophysical interpretation expected in Q3 2023.
BHP-Mundoro Project
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Drilling in progress at Borsko: Drilling commenced during the first quarter of 2023, with a total of 566.0 meters of diamond drilling completed out of the planned 2,000 meters. Drilling is expected to be completed in the second quarter of 2023 and analysis of this drilling program is expected to be completed in the third quarter of 2023.
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Promoting research for future training programs by BHP: During the first quarter of 2023, the company obtained approval from the State Forestry Department for the planned drilling programs in Trstenik and Vitanovak. State forestry permit approval is expected in his second quarter of 2023.
JOGMEC Mundoro Project
- Promoting exploration for future training programs with JOGMEC: The work program for the first quarter of 2023 consisted of soil sampling, mapping, site visits and preparation for additional geophysics and 2,000m drilling in 2023.
Kinross Mandolo Project
- Proceeding exploration for future training programs with Kinross: During the first quarter of 2023, the company focused on community relations and landlord permitting for a work program planned for 2023.
qualified person
The scientific and technical information contained in this press release has been prepared in accordance with National Instrument 43-101. The scientific and technical information of the Serbian and Bulgarian exploration programs has been reviewed and approved by Dr. R. Jemielita, who is a Qualified Person as defined in NI 43-101 and the Company’s Chief Geologist of MIMMM. I was. Scientific and technical information for the U.S. Exploration Program has been reviewed and approved by T. Dechev, P. Eng (PEO, APEGBC), a Qualified Person as defined in NI 43-101, and our Chief Executive Officer. increase.
About Mundoro
Mundoro is a Canadian TSX-V and US OTCQB listed company with a mineral properties portfolio focused primarily on base and precious metals. To enhance shareholder value, Mundoro’s portfolio of assets generates short-term cash payments from partners to his Mundoro and royalties attached to each mineral property. The mineral property portfolio is now focused primarily on copper from his two mineral districts, the Western Tethian Belt in Eastern Europe and the Laramid Belt in the southwestern United States.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements. Forward-looking statements use forward-looking words such as “intend,” “expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe,” and “continue.” Identifiable by use. The word or negation thereof, including: completion of revenue disbursement, option, completion of final agreement by the parties. Significant assumptions applied in making forward-looking statements in this news release include the mineral potential of our projects, our future strategy and business plans, and our expectations regarding the execution of our existing plans. It is included. Readers of this news release are cautioned not to place undue reliance on the forward-looking statements contained in this news release. Such statements are not guaranteed to occur and are subject to a number of uncertainties and other factors that could cause actual results. They 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 legislation, regulatory processes, Mundoro’s assets and financial condition, the actions of its competitors, and the execution of its business strategy and pursuit of business opportunities. includes abilities. All forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by law, the Board will publicly update such forward-looking statements. assume no obligations. Shareholders acknowledge that all forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Please refer to our filings for details of possible risks and other factors. The Canadian Securities Regulatory Authority is available at: www.sedar.com.
Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this release.
For more information, visit Mundoro’s website. www.mundoro.com.
contact address:
Teo Dechev, Chief Executive Officer, President and Director
+1-604-669-8055
info@mundoro.com
To view the source version of this press release, please visit: https://www.newsfilecorp.com/release/168737
