Mundoro Capital Inc. · TSXV:MUN
Mundoro Capital — Investor Presentation (April 2026)
35 slides from Mundoro Capital's investor presentation, April 2026
Slide 1: The Copper Royalty Generator
The Copper Royalty Generator TSX -V: MUN | OTCQB: MUNMF | Frankfurt:NGU April 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation is being provided for the sole purpose of providing the recipients with background information about Mundor o C apital Inc. Mundoro Capital Inc. or the “Company. Mundoro Capital Inc. has made reasonable efforts to ensure that the information contained in
Slide 3: Why Mundoro
Why Mundoro Partner Funded Industry Leading Revenue Generating Exploration Efficiency Portfolio The Model Lean G&A Revenue from option payments, operating Partners cover 100% of JV exploration Low Dilution 2% C$1.3m fees, and milestone payments: costs. The Upside Prospect Generator Ratio (PGR) Mundo
Slide 4: Mundoro’s Exploration Royalty Creation
Mundoro’s Exploration Royalty Creation Low Risk Optionality Value Creation Catalysts ▪ Multiple Exploration ▪ Large, regional -scale ▪ 4 active exploration ▪ Multi Target Drill Programs sole -funded exploration land programs generating program at Central by Partners: packages in Western >$1 million
Slide 5: Mundoro’s Copper Porphyry Portfolio
Mundoro’s Copper Porphyry Portfolio Serbia, Bulgaria, Arizona BHP -Mundoro Central Timok JV • BHP to sole fund US $35 million in exploration expenditures • Option payments • Operator Fees • Milestone Payments • 2% NSR BHP -Mundoro Borsko - South Timok -Trstenik JV • BHP to sole fund US $7 million in
Slide 6: Mundoro’s Team
Mundoro’s Team Teo Dechev , Michael Calyniuk , Siegfried Weidner , Stephen Altmann , Mark Platt , John Hoey, MBA, P.Eng, ICD.D, Independent Director, Independent Independent Independent Director, Strategic Advisor to CEO & President, Director Compensation Director Director, NGC Chair Audit Committee
Slide 7: Teams Focused on Systematic Exploration for Discovery
Teams Focused on Systematic Exploration for Discovery Exploration Programs Operations Integration between exploration and operations is ● Exploration Program Design & Execution critical. We plan and execute our exploration programs ● Data Compilation & Interpretation through: ● Iterative technical r
Slide 8: Value of our Business Model
Value of our Business Model
Slide 9: Why Mundoro: Unique Business Model
Why Mundoro: Unique Business Model Mundoro’s generates cash flow annually while securing meaningful new Royalties (NSR %) Mundoro’s Model Royalty Co’s Model Evaluation, Targeting, Royalty Co • Royalty Co Acquisition, Data NSR % balance sheet Collection & Analysis + Annual Payments leverage through +
Slide 10: Case Study: Generator Model Value Creation
Case Study: Generator Model Value Creation 2,000 Total Return 1,500 July 2012 1500% May 2016 Market Cap (C$M) Reservoir Cukari -Peki Discovery Sep 2018 266m @ 1.23% CuEq C$524 million take -over Offer by C$1.86 billion take - Nevsun over Offer by Zijin 1,000 Return per 2012 Apr 2016 Dec 2013 May 201
Slide 11: Capital Structure
Capital Structure OWNERSHIP AND SIGNIFICANT SHAREHOLDERS BALANCE SHEET AND SHARE CAPITAL (CAD$ Q3 -2025) Retail 40% Institutional 53% Cash $4.2M Debt $0 40% 53% Shares Outstanding (basic) 105M 53% Options Outstanding 9M 7% Warrants Outstanding 0M Insiders 7% Shares Outstanding (fully diluted) 114M S
Slide 12: Generating Consistent Fees from the Portfolio
Generating Consistent Fees from the Portfolio SENIORS MID-TIERS MUNDORO JUNIORS REVENUE ¹ $667 million $8 million $1.9 million $0.3 million ENTERPRISE ² $13,369 million $284 million $50 million $40 million ³ EV/REVENUE REVENUE S OURCE : COMPANY FINANCIAL REPORTS PER LATEST PUBLICLY AVAILABLE , AS OF
Slide 13: Why Mundoro: Best in Class to Leverage Partner Spend
Why Mundoro: Best in Class to Leverage Partner Spend Prospect Generator Ratio (PGR) 6X Mundoro Model: High Partner Spend, Minimal Mundoro Prospect Generators Dilution Dilution ¹ 2% 21% Partner Spend ² $7.9 million $ 2.6 million Exploration For every C$1 Mundoro spends on G&A Spend Our Partners spend
Slide 14: Mundoro – Optimized for Value Creation
Mundoro – Optimized for Value Creation Mundoro achieves below -average G&A Mundoro Prospect Generators expenses and minimal share dilution Dilution (Last 3 years) 2% 21% compared to its peers. Corporate Expenses (Avg over 3 years) $1.3 million $ 1.6 million P EER 18 P EER 7 P EER 17 (3 -YEAR AVERAG,
Slide 15: Mineral Belts of Focus for Copper
Mineral Belts of Focus for Copper
Slide 16: The Potential of the Western Tethyan Belt
Moldova Nova The Potential of the Western Tethyan Belt 2.6 Moz Au, 1.2 Mt Cu Majdanpek 6.8 Moz Au, 3.4 Mt Cu Mali Krivelj 3.5 Mt Cu Mali Krivelj 3.5 Mt Cu BHP -Mundoro Central Timok JV Bor 3.5 Moz Au, 3.6 Mt Cu Romania Čukaru Peki 3.1 Moz Au, 1.7 Mt Cu GT7 Project BHP -Mundoro Borsko -South Timok -T
Slide 17: The Potential of the Laramide Belt, Southwest USA
Mineral Park 1.25 Mt Cu, 307 kt Mo The Potential of the Laramide Belt, Southwest USA Bagdad 6.4 Mt Cu, 160 kt Mo Copperopolis Project Pinto Valley Miami-Inspiration 10 Mt Cu, 159 kt Mo 4.8 Mt Cu, 79 kt Mo Arizona Ray 11 Mt Cu, 16 kt Mo Sacaton Morenci 0.35 Mt Cu, 6.8 Mt Mo Resolution 34 Mt Cu, 614 k
Slide 18: Mineral District of Focus in Europe
Mineral District of Focus in Europe
Slide 19: Serbia: Timok Mining District
Serbia: Timok Mining District > 100 Years of Mining, 3,500 Million Tonnes of Porphyries Discovered, 19.8 Million Tonnes Contained Copper District Overview Deposit Company Status Tonnage Resource Contained Metal Annual Production Grade (Oz Au or T Cu) Majdanpek 1 Zijin Operating Majdanpek (Cu, Au) Co
Slide 20: Bulgaria Panagyurishte Mining District
Bulgaria Panygarista Mining District District Overview Mines & Resource Annual Company Status Tonnage Projects Grade Production Uppe r Cr etac Elatsite Operating eou Mine 1 Geotechmin Open Pit 154 Mt 0.33% Cu, s Group 0.17 g/t Au (Cu,Au) Mine 0.78 % Cu, 160-180k oz Bulgaria M+I: 15.4 Chelopech Dunde
Slide 21: Partnered Projects
Partnered Projects
Slide 22: Central Timok JV
Central Timok Central Timok JV JV Project Overview Option Agreement Area Project Name Central Timok Project Partner (earning 100%) Size, Location 418 sq km, North Timok, Serbia Majdanpek Commodity Copper and Gold Mali Krivelj Deposit Styles Porphyry, High Sulphidation and CRD Veliki Krivelj • Option
Slide 23: Central Timok
Central Timok Project Overview Project Area Project Name Central Timok Veliki Krivelj Mali Krivelj Exploration Stage Target Delineation, Target Testing, Drill Ready Bor Upcoming Exploration Drilling Q2 -Q3 2026 Branik Main Targets Cukaru Peki Tilva Rosh : A 8 sq.km. lithocap featuring high -grade ep
Slide 24: Borsko – Trstenik – South Timok JV
Borsko – Trstenik Central Timok JV –South Timok JV Project Overview Option Agreement Area Project Name Borsko – Trstenik –South Timok JV Partner (earning 100%) Size, Location 398 sq km, North Timok, Serbia Majdanpek • Option to Earn -in 100% by sole funding US $7.5 Option million in exploration expe
Slide 25: Trstenik Project
Trstenik Project Project Overview Project Area Project Name Trstenik Size, Location 52 sq km, North Timok, Serbia North • Option to Earn -in 100% by sole funding $1.5 million by January Option 2026 Payments • Payments include annual option payments, operator fees and Central North NSR milestone paym
Slide 26: Borsko Project
B orsko Project Project Overview Project Area Mali Krivelj Project Name Borsko Size, Location 40 sq km, Central Timok, Serbia • Option to Earn -in 100% by sole funding $3.5 million by January Option 2026 Veliki Krivelj Payments • Payments include annual option payments, operator fees and NSR milesto
Slide 27: South Timok Project
South Timok Project Project Overview Project Overview Project Name South Timok Size, Location 306 sq km, South Timok, Serbia • Option to Earn -in 100% by sole funding $1.5 million Option • Payments include annual option payments, operator fees and Payments milestone payments NSR • 2% NSR for Mundoro
Slide 28: Borsko – Trstenik – South Timok JV
Borsko – Trstenik Central Timok JV –South Timok JV Project Overview Option Agreement Area Project Name Borsko – Trstenik –South Timok JV Partner (earning 100%) Size, Location 398 sq km, North Timok, Serbia Majdanpek • Option to Earn -in 100% by sole funding US $7.5 Option million in exploration expe
Slide 29: Iskar (EE1) JV
Iskar (EE1) JV Project Overview Option Agreement Area Project Name Iskar (EE1) Ownership 51% 49% Mundoro Lakatnik Size, Location 167 sq km, Northwest Bulgaria Venets • JOGMEC can earn in 75% with delivery of FS, Gabrovnitsa Earn -in Joint Venture • JOGMEC can purchase an additional 5% at market • MU
Slide 30: Available for Option
Available for Option
Slide 31: Dos Cabezas, Arizona
Dos Cabezas, Arizona Option Agreement Area Project Dos Cabezas Ownership 100% Mundoro – Available for Joint Venture Size, Location 61 sq km, Cochise County, Arizona Commodity Copper Exploration Stage Drill Ready Target Testing Mescal Canyon Mineral Park Mescal Canyon, Mineral Park, Casey Copper Cany
Slide 32: Picacho, Arizona
Picacho, Arizona Option Agreement Area Project Picacho Ownership 100% Mundoro – Available for Joint Venture Northern Size, Location 94 sq km, Pinal County, Arizona Diorite Commodity Copper Exploration Stage Target Testing North Star The Picacho Project is located in central Arizona approximately 60
Slide 33: Copperopolis, Arizona
Copperopolis, Arizona Project Copperopolis Option Agreement Area Ownership 100% Mundoro – Available for Joint Venture Size, Location 39 sq km, Yuvapi County, Arizona Commodity Copper Exploration Stage Target Generation The Copperopolis Prospect is located ~90km NW of the City of Phoenix. The Project
Slide 34: Our Approach to ESG
Our Approach to ESG Environmental Social Governance The Issue: “Companies should be doing “Expect more from companies “Companies should show more more to advance on governance issues ” progress on social issues ” environmental issues” • Respect human rights in stakeholder • Mundoro’s Solution: Incre
Slide 35: The Copper Royalty Generator
TSX -V: MUN | OTCQB: MUNMF | Frankfurt: NGU The Copper Royalty Generator Contact us at info@mundoro.com