Mundoro Commences Drilling at High Priority Skorusa East Target

• Date: 2026-04-16
• Event Type: Exploration Update / Drilling Commencement
• Headline: Mundoro Commences Drilling at High Priority Skorusa East Target
• Core Action: Mundoro Capital has started a drilling campaign at the Skorusa East target within the Central Timok project in Serbia.
• Scope: 1,000 meters of drilling across one to two drill holes.
• Funding: Solely funded by BHP Group Ltd. under the existing option earn-in agreement announced in October 2025.
• Target Details: Skorusa East features a 2 x 3 km alteration footprint linked to a copper-gold porphyry system, with historic intercepts of 201.2 meters at 0.11% Cu and 0.11 g/t Au.
• Location: 5 km southwest of the Bor Mine Complex and 4 km west of the Cukaru Peki Mine.
• Future Activity: Upon completion, the rig will relocate to the Tilva Rosh South target.

• Expectation vs. Reality: This news is a direct execution of the plan outlined in the March 2, 2026 update ("Next scheduled drill program: Skorusa East target"). The market was already aware that resources were being reallocated to Central Timok following technical challenges at South Timok.
• Strategic Alignment: Confirms BHP is fulfilling its funding obligations under the October 2025 option agreement ($35M over 10 years). This validates the partnership structure and reduces execution risk regarding partner capital deployment.
• Incremental Value: While positive, drilling commencement without assay results is a standard operational milestone rather than a discovery event. The Skorusa East target has historic data (201m @ 0.11% Cu), making this an extension test rather than a maiden hole on a new anomaly.
• Risk Mitigation: Shifts focus from the technically challenging South Timok project to a more established porphyry system, potentially de-risking the exploration program's timeline.
• Conclusion: The news is positive but priced in by the market following the March 2 announcement and the October 2025 BHP deal. It confirms operational momentum without introducing new fundamental variables.

• Company: Mundoro Capital Inc., focused on exploration in Serbia, Bulgaria, and the Western United States (Arizona).
• Flagship Project: Central Timok Project (Serbia), a 7-license package covering 418 km² within the Timok Magmatic Complex.
• Key Targets: Skorusa East/West (Porphyry Copper-Gold), Tilva Rosh (Gold-Silver Lithocap), Markov Kamen, and Orlovo.
• Development Status: Central Timok is under a definitive option agreement with BHP; South Timok and Bulgaria projects face permitting or technical hurdles.