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Mundoro Reports Profitable Q1-2023 Financial Results and Progress Update for Exploration Programs
Vancouver, British Columbia--(Newsfile Corp. - June 5, 2023) - Mundoro Capital Inc. (TSXV: MUN) ...
About this update from Mundoro Capital Inc.
[{"type":"text","content":"Mundoro Reports Profitable Q1-2023 Financial Results and Progress Update for Exploration ProgramsVancouver, British Columbia--(Newsfile Corp. - June 5, 2023) - Mundoro Capital Inc. (TSXV: MUN) (OTCQB: MUNMF) (www.mundoro.com) (\"Mundoro\" or 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. Teo Dechev, CEO commented: \"Mundoro has built a diversified, copper focused, exploration portfolio generating payments to the Company which exceed the corporate expenses resulting in positive cash flow. Mundoro grew the exploration portfolio in Q1-2023 with the addition of the Picacho Project, in Arizona resulting in 10 active exploration programs. With a strong balance sheet, positive cash flow, and 17,000 meters of anticipated drilling, Mundoro is well positioned to increase shareholder value throughout 2023.\"Q1-2023 Financial HighlightsStrong Cash Position: As of March 31, 2023, the Company held cash and cash equivalents totaling $7,290,012 (December 31, 2022 - $4,843,844) and no long-term debt.Positive Net Income: In Q1-2023, the Company recorded income of $321,748 ($0.00 per share), compared to a net loss of $430,630 ($0.01 per share) for the quarter ended March 31, 2022 for an increase of $752,378. Partner Funded Exploration Expenditures & Generative Expenditures: The exploration and project evaluation expenditures, the majority of which are sole-funded by partners, were higher at $1,686,880 in Q1-2023 compared to $948,776 in Q1-2022 due to higher budgeted exploration expenditures across the various partner funded programs. Recoveries from option partners in Q1-2023 were $1,549,658 (92% recovery) compared to $774,330 (82% recovery) in Q1-2022, resulting in net exploration costs of $137,222 in Q1-2023 and $174,446 in Q1-2022. The net exploration costs are attributable: (i) costs that have been spent on behalf of a partner and will be reimbursed in the next reporting period under recoveries from partners and (ii) to the Project Generative segment of the Company. The Project Generative segment creates long-term royalty opportunities and receives property payments, milestone payments and other fees in exchange for mineral projects. Corporate Expenses: Corporate expenses in Q1-2023 were $34...