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Mundoro Provides FY-2023 Financial Results and 2024 Outlook
Vancouver, British Columbia--(Newsfile Corp. - April 30, 2024) - Mundoro Capital Inc. (TSXV: MUN...
About this update from Mundoro Capital Inc.
[{"type":"text","content":"Mundoro Provides FY-2023 Financial Results and 2024 OutlookVancouver, British Columbia--(Newsfile Corp. - April 30, 2024) - Mundoro Capital Inc. (TSXV: MUN) (OTCQB: MUNMF) (www.mundoro.com) (\"Mundoro\" or the \"Company\") announces the operating and financial results for the quarter and year ended December 31, 2023. The audited Financial Statements (FS), and Management's Discussion and Analysis (MD&A) for 2023 are filed on SEDAR+, and are available on Mundoro's website at www.mundoro.com under the heading \"Investors.\"Teo Dechev, CEO and President commented: \"In 2023, the portfolio of partner funded programs had ~13,900 meters of drilling and 11 geophysical surveys completed over 9 projects in Serbia, Bulgaria and Arizona which amounted to $13.3 million in exploration expenditures. The outcomes of the exploration programs demonstrated a new mineralized system in Arizona at Dos Cabezas that merits additional drilling, as well as follow up targets for drill testing in Serbia and new targets in Bulgaria and Arizona. Mundoro completed 2023 with positive cash-flow, which strengthened the cash position and resulted in the Company not needing to raise equity in 2024. As we enter 2024, Mundoro will be reinvesting the cash generated in 2023, to redeploy into generating projects, advancing targets for testing on the 6 existing projects available for new partnerships and actively pursuing new partners for these projects.\"Follow Mundoro's weekly updates from the field on: LinkedIn and X @Mundoro.Financial Highlights and 2024 Outlook(All amounts are expressed in Canadian dollars unless otherwise indicated.)Cash Position: As of December 31, 2023, the Company held $6.5 million in cash and cash equivalents and no long-term debt. As a result, the Company does not anticipate a need for capital raising in 2024.Fees Earned and Net Option Payments Received: During the year-end December 31, 2023, the Company generated $3,015,408 in Fees earned and Net Option Payments, compared to $886,887, which represents a 240% increase, compared to the comparable period in 2022.Corporate Expenses: During the year-end December 31, 2023, the Company incurred Corporate Expenses of $1,364,642, compared to $1,248,273, which represents a 9% increase, compared to the comparable period in 2022. Corporate Expenses include accounting and audit, regulatory and corpor...