Mundoro Announces 2025 Year in Review and 2026 Exploration Outlook

The news release dated January 8, 2026, provides a retrospective of 2025 and an outlook for 2026. Key highlights include the formalization of an option agreement with BHP Group Limited for the Central Timok Project in Serbia, where BHP can earn 100% interest by funding US$35 million in exploration over 10 years. Mundoro also announced the closing of a C$1.517 million non-brokered private placement at C$0.26 per share, with significant insider participation (C$665,000). The release notes that drilling has commenced at the Trstenik JV and advances are being made in the Arizona copper portfolio. Notably, the "drilling results" section of the news contains historical data from 2013 and 2021 rather than fresh 2025 intercepts, serving more as a reminder of project potential than new discovery data.

• Financial Liquidity: The closing of the C$1.5M financing is material as it provides the "hard dollars" necessary for generative exploration and working capital that is not covered by partner-funded programs. The fact that this was done at C$0.26—a premium to the current market price of C$0.24—is a vote of confidence from management and lead investors.
• Strategic Validation: The US$35 million commitment from BHP for the Central Timok licenses is the most significant fundamental driver. It shifts the financial risk of high-cost exploration to a major while Mundoro earns management fees (C$1.1M in fees earned through Q3-2025).
• Operational Headwinds: While the news is framed positively, historical news items reveal a persistent delay in the Bulgarian EE1 project due to court appeals regarding environmental permitting. This remains a drag on the portfolio's progress.
• Resource Potential: The recap of historical high-grade gold (30.39 g/t Au over 12m) and copper porphyry intercepts (201.2m at 0.11% Cu) at Central Timok reminds the market of the scale but confirms that no new major discovery was made in the 2025 calendar year.

Mundoro Capital is a project generator focused on copper and gold in the Tethyan Belt (Serbia/Bulgaria) and the Laramide Belt (Arizona, USA). - Flagship Project: The Central Timok Project (Serbia) and the Borsko Project. These projects are located directly adjacent to world-class deposits like the Bor mine and Cukaru Peki. - Business Model: Mundoro acquires prospective land, performs initial generative work, and then options the projects to majors (BHP, JOGMEC, and formerly Vale and Freeport) to fund expensive drilling while Mundoro retains a 2% NSR and collects management fees.