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Mundoro Announces Exploration Portfolio Outlook for 2023 and Financial Highlights from 2022
Vancouver, British Columbia--(Newsfile Corp. - May 9, 2023) - Mundoro Capital Inc. (TSXV: MUN) (...
About this update from Mundoro Capital Inc.
[{"type":"text","content":"Mundoro Announces Exploration Portfolio Outlook for 2023 and Financial Highlights from 2022Vancouver, British Columbia--(Newsfile Corp. - May 9, 2023) - Mundoro Capital Inc. (TSXV: MUN) (OTCQB: MUNMF) (www.mundoro.com) (\"Mundoro\" or the \"Company\") is pleased to announce the filing of its audited Financial Statements (FS), and Management's Discussion and Analysis (MD&A) for 2022 with Canadian securities regulators on SEDAR (www.sedar.com). The Company's audited FS, and MD&A are also available on Mundoro's website at www.mundoro.com under the heading \"Investors\". All amounts are expressed in Canadian dollars unless otherwise indicated.Ms. Teo Dechev, CEO of Mundoro commented, \"The Company is pleased to have entered the 2023 field season with a solid balance sheet, approved work programs and budgets for partner-funded exploration on our exploration portfolio which plans to complete approximately 17,000 meters of drill testing across various porphyry targets in Serbia, Arizona and a copper sediment hosted target in Bulgaria. In 2023, Mundoro is anticipating to be cash flow positive with no need to return to the equity markets for operating capital.\"Follow our weekly updates on: LinkedIn and Twitter.Financial HighlightsStrong Cash Position: As of December 31, 2022, the Company held $4,843,844 in cash and cash equivalents and no long-term debt.Partner-Funded Exploration in 2022: The exploration expenditures, the majority of which are sole-funded by partners, were higher at $5,108,607 in fiscal year 2022 compared to $3,053,322 in fiscal year 2021 due to additional partner funded work program expenditures in Serbia, Bulgaria and the USA. As a result, recoveries from option partners in fiscal year 2022 were higher when compared to 2021 and were $4,275,666 (84%) and $2,082,141 (68%) respectively, resulting in net exploration costs of $832,941 in fiscal 2022 and $971,191 in fiscal 2021. Generating Fees to Cover Corporate Expenses: The Company also received higher fee income (including operator fees, option fees, and miscellaneous income) of an aggregate $936,984 in fiscal year 2022 compared to $211,067 in fiscal year 2021. A total of $102,628 of option fees which were not included in the fee income aggregate for 2022, were instead used to offset against the capitalized value of mineral properties rather than being recognize...