Business
Mundoro Announces Profitable H1-2023 Results
Vancouver, British Columbia--(Newsfile Corp. - August 31, 2023) -  Mundoro Capital Inc. (TS...
About this update from Mundoro Capital Inc.
[{"type":"text","content":"Mundoro Announces Profitable H1-2023 ResultsVancouver, British Columbia--(Newsfile Corp. - August 31, 2023) -  Mundoro Capital Inc. (TSXV: MUN) (OTCQB: MUNMF) (www.mundoro.com) (\"Mundoro\" or the \"Company\") is pleased to report profitable financial results from its operations in the first six months ending June 30, 2023 (\"H1-2023\").Teo Dechev, CEO and President commented: \"The Company has delivered a profitable first half of 2023 as a result of the generative business strategy which continues to operate 10 exploration programs, generating new exploration opportunities for partnering while maintaining low corporate expenses. Cash Flow from Operations increased by 561% to $1,263,215 which continues to improve the company's balance sheet. For the second half of 2023, Mundoro is on track to reach the forecasted $2 million to $2.5 million in fees earned with total corporate and generative expenses of $1.6 million. The company is projected to complete 17,000 meters of drilling as a result of the $15 million in partner funded exploration expenditures in 2023.\"Follow our weekly updates on: LinkedIn and Twitter @MundoroFinancial Highlights and OutlookFor complete details of the Company's financial results, please refer to the condensed interim consolidated financial statements and MD&A for the six-month periods ended June 30, 2023, and 2022. The Company's filings are available on SEDAR at www.sedar.com and on Mundoro's website at www.mundoro.com.● Strong Cash Position: As of June 30, 2023, the Company held $8,398,601 in cash and cash equivalents (\"Cash Position\") and no long-term debt.● Fees Earned: In H1-2023, the Company generated $1,464,598 in Fees and Payments, up 298% compared to the same period in 2022. ● Corporate Expenses: General and administrative expenses of $625,164 were incurred in the H1-2023, up 38% compared to the same period in 2022.● Net Income from Operations: Net income was $1,084,863 for H1-2023, compared to a net loss of $481,794 for the same period in 2022.● Positive Cash flow from Operating Activities: Cash flow of $3,725,504 was generated from operating activities in H1-2023. Cash flow generated from operating activities, excluding changes in non-cash working capital, was $1,263,215, up 561% compared to the same period in 2022.Portfolio Outlook for 2023&#x...