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Mundoro Provides Project Portfolio Update and 2023 Corporate Outlook for Growth
Vancouver, British Columbia--(Newsfile Corp. - February 21, 2023) - Mundoro Capital Inc. (TSXV: ...
About this update from Mundoro Capital Inc.
[{"type":"text","content":"Mundoro Provides Project Portfolio Update and 2023 Corporate Outlook for GrowthVancouver, British Columbia--(Newsfile Corp. - February 21, 2023) - Mundoro Capital Inc. (TSXV: MUN) (OTCQB: MUNMF) www.mundoro.com (\"Mundoro\" or the \"Company\") is pleased to provide an update on the Company's corporate activities in Q4-2022 as well as outlook for 2023.Teo Dechev, CEO and President, commented: \"Mundoro grew the number of properties optioned to partners to a record total of nine, with the most recent announcement being with BHP Exploration. This demonstrates (i) the ongoing interest by global mining companies for the Company's generated copper-gold focused exploration properties, and (ii) the value Mundoro provides to partners with its exploration and operational experience in the western Tethyan Belt and now also in the Laramide Belt of the southwest USA. In 2023, Mundoro is in a position to generate cash flow to cover operating expenses and continue growing the Generative Portfolio without the need to raise equity.\"Follow our weekly updates on: LinkedIn and Twitter @Mundoro.2023 Outlook Stable Cash Position: As of December 31, 2022, the Company held C$4.8 million in cash and cash equivalents and no long-term debt.Generating Cash Flow to Cover Operating Expenses and Grow Generative Portfolio: In 2023, the Company estimates receiving Operator Fees and Option Payments of approximately C$2 to C$2.5 million while Corporate Expenses and Portfolio Generative Costs for 2023 are estimated to be approximately C$1.6 million. As a result, the Company does not anticipate a need for capital raising in 2023. Partner Funded Exploration: For 2023, the Company estimates the partner funded exploration expenditures to be approximately C$11 to C$15 million. In 2023, Mundoro is operating six (6) exploration programs in Serbia, one (1) exploration program in Bulgaria and two (2) exploration programs in the USA. Total drilling across all programs is estimated to be approximately 14,000 meters to 17,000 meters of drilling depending on various factors such as permitting.Operational Highlights from Q4-2022Mundoro options to BHP Exploration Properties in Timok, Serbia: In January 2023, the Company entered into a definitive agreement with a wholly owned subsidiary of BHP Group Limited (\"BHP\") such that BHP has the right to earn-in to three (each, an \"Op...