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Mundoro Provides Q2-2022 Project Portfolio Update and Outlook for H2-2022
Vancouver, British Columbia--(Newsfile Corp. - September 13, 2022) - Mundoro Capital Inc. (TS...
About this update from Mundoro Capital Inc.
[{"type":"text","content":"Mundoro Provides Q2-2022 Project Portfolio Update and Outlook for H2-2022Vancouver, British Columbia--(Newsfile Corp. - September 13, 2022) - Mundoro Capital Inc. (TSXV: MUN) (OTCQB: MUNMF) (www.mundoro.com) (\"Mundoro\" or the \"Company\") is pleased to provide an update on the Company's financials and project portfolio in Q2-2022 along with the outlook for H2-2022.Teo Dechev, CEO and President commented: \"Mundoro will continue to generate value for its shareholders through funded partnerships on the existing project portfolio while generating new project areas for future partnering. The Company has grown the fees and payments it has received during the first half of 2022 and anticipates additional growth in the second half of the year while our exploration team gears up for ~10,000 meters of drilling over three programs sole funded by partners.\"Follow our weekly updates on: LinkedIn and Twitter @MundoroFigure 1: The Western Tethyan BeltTo view an enhanced version of Figure 1, please visit:https://images.newsfilecorp.com/files/2408/136931_42862d7784b27b6f_001full.jpgFinancial Highlights and OutlookStrong Cash Position: As of June 30, 2022, the Company held C$4.1 million in cash and cash equivalents (\"Cash Position\") and no long-term debt.Generating Cash to Cover Expenses: In H1-2022, the Company has generated C$368k in Fees and Payments while Corporate Expenses were C$453k for the same period. For H2-2022 the Company anticipates receiving C$ 0.7 of fees and payments which are expected to exceed 2H 2022 corporate expenses. As a result, the Company does not anticipate a need to raise capital for the next twelve months.Growing Partnerships and Drilling in Q4: From 2016 to 2022, Mundoro's generative and partnership business strategy has successfully negotiated 10 option and earn-in agreements with five different major miners including: JOGMEC, Vale, Kinross, Freeport McMoRan and First Quantum Minerals. In H2-2022, the Company's exploration teams are preparing for ~10,000 meters of drilling over three programs sole funded by partners: ~3,000 meters at GT7 in Central Serbia, ~4,000 meters at Bobot and Odej in South Timok, and ~3,000 meters at Dos Cabezas in Arizona.Project Portfolio and Transaction HighlightsNew Commencement of Drill Program at Zeleznik Project: Drill permitting approvals were received in Q3-2022 and as a result ...