Business
Mundoro Provides Update on Portfolio Exploration Activities and Corporate Outlook
Vancouver, British Columbia--(Newsfile Corp. - September 11, 2024) - Mundoro Capital Inc. (TSXV:...
About this update from Mundoro Capital Inc.
[{"type":"text","content":"Mundoro Provides Update on Portfolio Exploration Activities and Corporate OutlookVancouver, British Columbia--(Newsfile Corp. - September 11, 2024) - Mundoro Capital Inc. (TSXV: MUN) (OTCQB: MUNMF) (www.mundoro.com) (\"Mundoro\" or the \"Company\") is pleased to report results from its operations in the first six months ending June 30, 2024 (\"H1-2024\"). Financial Highlights Strong Cash Position: As of June 30, 2024, the Company held $4,372,473 in cash and cash equivalents (\"Cash Position\") and no long-term debt. The Company has sufficient working capital to fund its operations for the next 12 months.Fees Earned: In H1-2024, the Company generated $918,080 in Fees and Payments.Corporate Expenses: General and administrative expenses of $579,141 were incurred in the H1-2024.Exploration and project evaluation: In H1-2024, the Company had $655,267 in net exploration and generative expenditures.Net Loss from Operations: Net loss was $286,337 for H1-2024.Cash flow from Operating Activities: Cash flow used in operating activities was $316,328 in H1-2024. For 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, 2024, and 2023. The Company's filings are available on SEDAR at www.sedar.com and on Mundoro's website at www.mundoro.com (All amounts are expressed in Canadian dollars unless otherwise indicated).Corporate UpdateMundoro is Focused on Optioning our Projects in Serbia and Arizona: Mundoro continues discussions with mining companies that are interested in optioning exploration projects for copper porphyry exploration in the Timok region of Serbia and the Laramide belt in Arizona. This year we have negotiated 8 confidentiality agreements and opened data rooms for the various parties. NCIB Program: Mundoro believes purchasing its Common Shares at current price levels represents an opportunity to enhance value for shareholders. Through its Normal Course Issuer Bid (\"NCIB\") program, during the six months ended June 30, 2024, the Company purchased a total of 174,000 shares with a total cost of $31,122.50 at an average price per share of CAD$0.179.Exploration Plans for H2-2024Serbia: Upcoming Drill Program at Trstenik: In Q4-2024, the company anticipates commencing a drill program in the Q4-2024 designed to te...