Mundoro Reports 2026 Timok Exploration Results; BHP Continues Trstenik and South Timok Options; Mundoro Regains 100% of Central Timok and Borsko Properties with Five Drill-Ready Porphyry Targets

Mundoro Capital Inc. (MUN) reported exploration results and technical updates for the first nine months of 2026 across its Timok Magmatic Complex licenses in Serbia. The company confirmed that BHP Group Limited exercised its right to terminate option agreements for the Central Timok and Borsko programs, covering eight licenses totaling approximately 458.5 km². Mundoro now retains 100% ownership of these licenses, free of BHP options. BHP funded approximately CAD $8.0 million of exploration on the terminated programs through September 30, 2026, and Mundoro plans to seek new option or joint venture partners for these specific licenses.

BHP's options for the Trstenik and South Timok programs remain in good standing, with required expenditures met. BHP may exercise these options at any time, granting them a 100% interest in exchange for a 2% NSR royalty retained by Mundoro.

Exploration highlights for the period include 4,438 meters of diamond drilling, a 178 km² AMT geophysical survey, and the re-logging of 20,000+ meters of historical core. These efforts identified seven porphyry targets, five of which are now drill-ready. Specific drill results at Skorusa East (Central Timok) returned low-grade copper and gold intervals, but no economic-grade intersections. Geological vectors toward a potassic core remain untested.

Q2 2026 financial results show a net loss of $325,340 and cash balances of $5.88 million.

Mundoro Capital Inc. (MUN) has terminated BHP’s options on the Central Timok and Borsko projects, a move described as a standard corporate adjustment within the prospect generator model. While the termination removes a major partner, Mundoro retains full ownership of the assets and benefits from $8.0 million of BHP-funded exploration data, which de-risks the ground for future partner discussions.

The company’s recent exploration results are incremental and align with early-stage porphyry testing. The lack of economic-grade intersections is consistent with Mundoro’s stated strategy of vectoring toward potassic cores rather than targeting immediate high-grade zones.

The news does not alter the fundamental cash position or operational trajectory. The company continues to operate debt-free with sufficient liquidity to fund general and administrative expenses and pursue new partnerships. Market expectations for option terminations and routine drill updates were already priced in. The release confirms the continuation of the existing business model without introducing new valuation drivers or immediate catalysts.

Mundoro Capital Inc. (MUN) operates as a copper and gold prospect generator and royalty company, a business model that relies on partners funding exploration while Mundoro retains royalties and full discovery upside. The company’s flagship project is the Timok Magmatic Complex in Serbia, which encompasses the Central Timok, Borsko, Trstenik, and South Timok programs. This region is a prolific copper-gold district hosting major operating mines such as Bor and Cukaru Peki.

Additional projects include the Iskar joint venture in Bulgaria, structured as 51% JOGMEC and 49% Mundoro, as well as 100% owned assets in Arizona, including Dos Cabezas, Picacho, and Copperopolis, all positioned within established mining belts. Management is led by CEO Teo Dechev, with Humberto Brockway serving as Director of Exploration and Jim Scott as CFO.