Business
Mundoro Announces Q2-2020 Exploration and Corporate Report
Vancouver, British Columbia--(Newsfile Corp. - August 24, 2020) - Mundoro Capital Inc. (TSXV:...
About this update from Mundoro Capital Inc.
[{"type":"text","content":"Mundoro Announces Q2-2020 Exploration and Corporate ReportVancouver, British Columbia--(Newsfile Corp. - August 24, 2020) - Mundoro Capital Inc. (TSXV: MUN) (www.mundoro.com) (\"Mundoro\" or the \"Company\"), is pleased to report its quarterly update for exploration and corporate activity for the three months ending June 30, 2020. The Company has filed its quarterly Consolidated Financial Statements and Management's Discussion and Analysis on SEDAR at www.sedar.com and posted on the Company's website at www.mundoro.com. Highlights for Q2-2020Financial UpdateThe Company ended Q2-2020 with $2,378,168 in cash and cash equivalents. Mundoro has no long-term debt.During the six months ended June 30, 2020 and 2019, the Company received operator fees of $116,302 and $135,940 for its role as the operator on exploration programs for option partners. The Company’s exploration costs were lower for the six months ended June 30, 2020 at $1,742,150 compared to $1,990,496 for the six months ended June 30, 2019. Exploration costs related to the JOGMEC Generative Alliance, JOGMEC-Mundoro JV Project, Vale-Mundoro Projects, and the two licenses, Savinac and Bacevica, previously part of the Freeport earn-in from October 2018 to April 2020, were sole-funded by option partners. Recoveries from partners during the six months ended June 30, 2020 and 2019, amounted to $1,197,817 and $1,337,490, resulting in net exploration costs of $544,333 and $653,006, respectively. During the period, Mundoro recorded lower corporate expenses of C$151k mainly due to decreased expenses for governance, accounting and audit, and corporate communication. All other corporate expenses incurred by the Company remained relatively constant from the prior period. Operational Update and OutlookSince 2016, Mundoro’s business strategy has benefited from partner-sole-funded programs of US$13.6 million and Mundoro has generated operator fees of US$1.3 million (C$1.7 million).Mundoro continues to advance discussions with interested third parties regarding Mundoro's existing copper and gold projects in our portfolio. These discussions are in line with the Company's business model to generate future returns for our shareholders from our mineral properties through royalties, advance royalty payments, milestone payments, operator fees to operate partner programs, an interest...