Mundoro Provides Q2-2025 Update: Drilling at Borsko Project as Exploration Advances Across Portfolio
Executive Summary
- Mundoro Capital provided a comprehensive Q2‑2025 update covering partnered exploration programs in Serbia, Bulgaria and the USA, plus a review of its six‑month financial results.
- Cash on hand stood at C$4.1 M; net loss for the six months ended 30 Jun 2025 widened to C$539,925 versus C$286,337 in the prior year.
- The Board approved a grant of 200,000 stock options to an independent director under the Equity Incentive Plan (exercise price C$0.23).
Key Details
- Exploration – Serbia (Borsko, Trstenik, Crvena Zemlja):
- Completed drill‑testing at a new target in Borsko (July 2025); results pending analysis.
- Ground AMT geophysical model received; integration and further modeling scheduled for Q3‑2025.
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Mapping and geophysical data interpretation ongoing at Trstenik and Crvena Zemlja; drilling planned for H2‑2025 pending final permits.
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Timok (Serbia) Portfolio:
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LOI signed granting exclusivity through Sep 2025 on seven 100 % owned licences; due diligence underway toward a definitive agreement.
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USA Portfolio – Arizona:
- Property Agreement executed for Copperopolis Project (73.09 % Mundoro, 26.91 % partner); operator responsibilities retained.
- Completed U‑Pb zircon dating and BLEG geochemical survey; results expected Q3‑2025.
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Dos Cabezas Project: data room open, multiple confidentiality agreements signed; infill mapping & modeling planned for H2‑2025.
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JOGMEC Partnership – Bulgaria (EE1 Copper):
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Court appeal delayed permitting; drilling program on hold until final approvals are obtained.
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Financial Highlights (Six months ended 30 Jun 2025 vs. 2024):
- Cash & cash equivalents: C$4.1 M.
- Fee income: C$860,890 (‑6 % YoY).
- Exploration expenditures: C$3,175,919 (down from C$4,343,032).
- Recoveries from option partners: C$2,629,536 (vs. C$3,687,765 in 2024).
- Net exploration cost after recoveries: C$546,383 (vs. C$655,267).
- Corporate expenses: C$664,295 (+15 % YoY).
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Net loss: C$539,925 ($0.01/share) versus C$286,337 in prior period.
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Equity Incentive Plan Grant:
- 200,000 stock options granted to an independent director; exercise price C$0.23 (closing price on 28 Aug 2025).
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Vesting: one‑third after each of the first three years; exercisable for five years from grant date.
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Qualified Persons:
- R. Jemielita, PhD, MIMMM – Chief Geologist (Serbia, Bulgaria, USA programs).
- T. Dechev, P.Eng, APEGBC – CEO (overall technical review).
Notable Quotes
(No direct quotes were included in the release.)