Mundoro Capital Inc. · TSXV:MUN
Mundoro Capital — Investor Presentation (November 2026)
43 slides from Mundoro Capital's investor presentation, November 2026
Slide 1: The Copper Royalty Generator
TSX-V | MUN OTCQB | MUNMF 1 FRANKFURT | NGU The Copper Royalty Generator Discovery upside of a junior — the capital discipline of a royalty business TSX-V: MUN | OTCQB: MUNMF | Frankfurt: NGU NOVEMBER 2026
Slide 2: Before we begin
TSX-V | MUN Before we begin OTCQB | MUNMF 2 FRANKFURT | NGU This presentation is being provided for the sole purpose of providing the recipients with background information about Mundoro Capital Inc. Mundoro Capital Inc. or the “Company. Mundoro Capital Inc. has made reasonable efforts to ensure tha
Slide 3: The Copper Royalty Generator
TSX-V | MUN OTCQB | MUNMF 3 FRANKFURT | NGU THE COPPER ROYALTY GENERATOR Partners fund the exploration. Mundoro keeps the royalties. 1 Generate 2 Partner 3 Retain We acquire and target large-scale copper- porphyry ground across the Western Tethyan and → Tier-one miners — BHP and JOGMEC — sole- fund
Slide 4: Mundoro's Copper Porphyry Portfolio
TSX-V | MUN Mundoro’s Copper Porphyry Portfolio OTCQB | MUNMF 4 FRANKFURT | NGU Central Timok and Borsko – Available for Option • 2026 drilling and core relogging generated 5 drill-ready targets and 2 for follow-up work • Large, modern, data set including extensive geophysics programs • Projects 100
Slide 5: Discovery without Dilution
TSX-V | MUN OTCQB | MUNMF 5 FRANKFURT | NGU 01 The Generator Model Discovery without Dilution
Slide 6: Own the Discovery and the Future Cash Flow
TSX-V | MUN OTCQB | MUNMF Own the Discovery and the Future Cash Flow — not either/or 6 FRANKFURT | NGU Royalties give you the producing cash flow. Generators give you the discovery. A balanced approach holds both. Explorer GENERATOR ROYALTY Producer high risk · dilution · binary outcome discovery up
Slide 7: A Portfolio Wants Both – Generator + Royalty
TSX-V | MUN A Portfolio Wants Both – Generator + Royalty OTCQB | MUNMF 7 FRANKFURT | NGU A self-funding royalty engine — each partnership pays Mundoro and funds the next discovery, compounding royalties without dilution. HOW ROYALTIES CAPITAL & WHAT THE ARE OBTAINED DILUTION INVESTOR GETS TRADITIONA
Slide 8: Creating Royalties Others Pay to Acquire
TSX-V | MUN Creating Royalties Others Pay to Acquire OTCQB | MUNMF 8 FRANKFURT | NGU Mundoro is a royalty generator built to create value — with less risk and less dilution than a traditional explorer. OPTIONALITY LOWER RISK NEAR-TERM CATALYSTS Regional-scale land packages Lowest G&A among peers Cen
Slide 9: Science-led Exploration, Built to Discover
TSX-V | MUN Science-led Exploration, Built to Discover OTCQB | MUNMF 9 FRANKFURT | NGU Systematic, data-driven exploration — an iterative loop between the field and the office that keeps sharpening the target. FIELD OBSERVATIONS SITE OPERATIONS ANALYSIS EVALUATION DISCOVERY Boots-on-the-ground progr
Slide 10: Case Study: Generator Model Playbook Proven
TSX-V | MUN Case Study: Generator Model Playbook Proven OTCQB | MUNMF 10 FRANKFURT | NGU 2,000 Total Return 1,500 July 2012 1500% May 2016 Market Cap (C$M) Reservoir Cukari-Peki Discovery Sep 2018 C$524 million take-over Offer by C$1.86 billion take- 266m @ 1.23% CuEq Nevsun over Offer by Zijin 1,00
Slide 11: Lean and Institutionally Backed
TSX-V | MUN Lean and Institutionally Backed OTCQB | MUNMF 11 FRANKFURT | NGU Ownership Balance sheet & share capital (CAD$, Q2-2026) Cash $5.9M Shares outstanding (basic) 112.5M 53% Institutional 40% 53% 53% 40% Retail Debt $0 Options outstanding 7.8M 7% Insiders 7% Warrants outstanding 0M Shares (f
Slide 12: Generating Consistent Fees from the Portfolio
Generating Consistent Fees from the Portfolio TSX-V | MUN OTCQB | MUNMF 12 FRANKFURT | NGU Peer group Seniors Mid-tiers Mundoro Juniors Revenue (L4Q, C$) $667M $8M $1.9M $0.3M Enterprise value (C$) $13,369M $284M $50M $40M Seniors — revenue $50M+ Mid-tiers — revenue $1M–$50M Juniors — revenue $100K–
Slide 13: Why Mundoro: Best in Class to Leverage Partner Spend
Why Mundoro: Best in Class to Leverage Partner Spend TSX-V | MUN OTCQB | MUNMF 13 FRANKFURT | NGU Mundoro Model: Maximum Partner Spend, Minimal Dilution 6x Exploration For every C$1 Mundoro spends on G&A Our Partners spend C$6 on Exploration Dilution¹ Partner Spend² Mundoro $7.9 million 2% Prospect
Slide 14: Why Mundoro: Best in Class to Leverage Partner Spend
Why Mundoro: Best in Class to Leverage Partner Spend TSX-V | MUN OTCQB | MUNMF 14 FRANKFURT | NGU Mundoro Prospect Generators Mundoro achieves below-average G&A Dilution¹ 2% 21% expenses and minimal share dilution Partner Spend² $7.9 million $ 2.6 million compared to its peers. G&A² $1.3 million $ 1
Slide 15: Why Focus on Copper
TSX-V | MUN OTCQB | MUNMF 15 FRANKFURT | NGU 02 Commodity Why Focus on Copper
Slide 16: You can't Electrify — or power AI — without Copper
TSX-V | MUN You can’t Electrify — or power AI — without Copper OTCQB | MUNMF 16 FRANKFURT | NGU Demand is structural and accelerating — electrification, the grid, and now AI — while supply can’t keep up. 26 → 42 Mt 2.9× Global copper demand Copper in an EV vs. a rises ~50% by 2040 gasoline car 1.1 →
Slide 17: To be in Copper is to be in the Porphyry Business
TSX-V | MUN To be in Copper is to be in the Porphyry Business OTCQB | MUNMF 17 FRANKFURT | NGU ~70% of the world’s copper comes from porphyries — and only ~10 companies can build one at scale. WHAT MAKES AN ASSET “MATERIAL” (TIER-1) > 5 Mt contained copper > 200 kt / yr output · 20+ year mine life $
Slide 18: World-class Copper: Scarce, and Slow to Build
TSX-V | MUN World-class Copper: Scarce, and Slow to Build OTCQB | MUNMF 18 FRANKFURT | NGU Budgets are up, discoveries are down, and first production is ~two decades away. 14 major copper discoveries in the last decade — just 3.5% of all the copper found since 1990 0 major discoveries logged in 2022
Slide 19: Exploring in the World's Great Copper Belts
TSX-V | MUN OTCQB | MUNMF 19 FRANKFURT | NGU 02 Geography Exploring in the World’s Great Copper Belts
Slide 20: The Potential of the Western Tethyan Belt
Moldova Nova 2.6 Moz Au, 1.2 Mt Cu TSX-V | MUN OTCQB | MUNMF The Potential of the Western Tethyan Belt 20 Majdanpek FRANKFURT | NGU 6.8 Moz Au, 3.4 Mt Cu Mali Krivelj 3.5 Mt Cu Mali Krivelj 3.5 Mt Cu Central Timok & Borsko Bor Romania 3.5 Moz Au, 3.6 Mt Cu Mundoro 100% – Available for Option Čukaru
Slide 21: The Potential of the Laramide Belt, Southwest USA
TSX-V | MUN The Potential of the Laramide Belt, Southwest USA OTCQB | MUNMF 21 FRANKFURT | NGU Mineral Park 1.25 Mt Cu, 307 kt Mo 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 0.3
Slide 22: Our European Mineral Districts
TSX-V | MUN OTCQB | MUNMF 22 FRANKFURT | NGU 03 Districts Our European Mineral Districts
Slide 23: Serbia: Timok: Where Giants have been Discovered
TSX-V | MUN Serbia: Timok: Where Giants have been Discovered OTCQB | MUNMF 23 FRANKFURT | NGU Deposit Company Status Tonnage Resource Contained Metal Annual Production Grade (Oz Au or T Cu) Majdanpek1 Zijin Operating (Cu, Au) Copper Open Pit Bor Veliki Zijin 0.45% Cu 11,141,849 TCu ~ 110,000 TCu Kri
Slide 24: Bulgaria: Panygarista: Sleeping Potential for Discovery
TSX-V | MUN Bulgaria: Panygarista: Sleeping Potential for Discovery OTCQB | MUNMF 24 FRANKFURT | NGU Mines & Resource Annual Company Status Tonnage Projects Grade Production Elatsite Operating Geotechmin 0.33% Cu, Upper Cretaceous Mine1 Open Pit 154 Mt Group 0.17 g/t Au (Cu,Au) Mine Bulgaria 160-180
Slide 25: Partnered projects
TSX-V | MUN OTCQB | MUNMF 25 FRANKFURT | NGU 04 Partnerships Partnered projects
Slide 26: Trstenik and South Timok JV - BHP sole-funds. Mundoro Operates.
Trstenik and South Timok JV - BHP sole-funds. Mundoro Operates. TSX-V | MUN OTCQB | MUNMF 26 FRANKFURT | NGU Project Trstenik – South Timok JV Partner (earning 100%) BHP Size, location 398 sq km, North Timok, Serbia Commodities Copper and gold Deposit styles Porphyry, high-sulphidation, CRD Majdanpe
Slide 27: Trstenik: Exploring the Northern Extension of Timok
Trstenik: Exploring the Northern Extension of Timok TSX-V | MUN OTCQB | MUNMF 27 FRANKFURT | NGU Project Trstenik Project Size, Location 52 sq km, North Timok, Serbia Commodity Copper, sediment-hosted & porphyry North Target delineation (West, East); target testing (Central, Central- Exploration Sta
Slide 28: South Timok: Exploring the Southern Extension of Timok
South Timok: Exploring the Southern Extension of Timok TSX-V | MUN OTCQB | MUNMF 28 FRANKFURT | NGU Project Overview Project South Timok Project Size, Location 306 sq km, South Timok, Serbia Commodity Copper, sediment-hosted, porphyry, CRD & skarn Exploration Stage Target generation Upcoming Explora
Slide 29: Iskar JV — JOGMEC Funded. Mundoro Operated.
Iskar JV — JOGMEC Funded. Mundoro Operated. TSX-V | MUN OTCQB | MUNMF 29 FRANKFURT | NGU Project Iskar (EE1) JV Ownership 51% JOGMEC / 49% Mundoro Commodity Copper · sediment-hosted & porphyry Exploration Stage Target definition Lakatnik Upcoming Drill permitting underway — 6 targets, 1,800 m Venets
Slide 30: Optioning in the Neighbourhood of Giants
TSX-V | MUN OTCQB | MUNMF 30 FRANKFURT | NGU 05 Available for Option Optioning in the Neighbourhood of Giants
Slide 31: Central Timok and Borsko – Available for Option
Central Timok and Borsko – Available for Option. TSX-V | MUN OTCQB | MUNMF 31 FRANKFURT | NGU Project Area – Available for Option Projects Central Timok & Borsko Ownership 100% Mundoro - Available for Option Size, Location 458 sq km, North Timok, Serbia Commodity Copper and gold Majdanpek Deposit St
Slide 32: Central Timok JV: a Cluster of Drill-Ready Targets in the Heart of Timok
Central Timok JV: a Cluster of Drill-Ready Targets in the Heart of Timok TSX-V | MUN OTCQB | MUNMF 32 FRANKFURT | NGU Project Area Target Footprint Highlights Veliki Krivelj Tilva Rosh 8 sq km lithocap High-grade epithermal outcrops; trenching returned South Mali Krivelj 12 m @ 30.39 g/t Au and 171.
Slide 33: Skorusa West: Drilling Proposal
Skorusa West: Drilling Proposal TSX-V | MUN OTCQB | MUNMF 33 FRANKFURT | NGU Section N-4875200 looking north 578,800 E 579,000 E 579,200 E 579,400 E License 21-SKO-04 578,400 E 578,600 E 578,800 E 579,000 E 579,200 E STDD007 579,400 E SKW-P02 SKW-P01 AVALA002 Boundary SUMDD002 +K STDD002 <1 <1 +K +
Slide 34: Skorusa East: Alteration Model
Skorusa East: Alteration Model TSX-V | MUN OTCQB | MUNMF 34 FRANKFURT | NGU Lege Section N-4875100, looking north 580,400 E nd Magnetic Magnetic High Late-mineral 26-SKO-09 Low dyke STRC005 ? Chargeability Veining contour: STDD005 High 0 = no veinlets Kaolinite- 400 RL Chargeability Low Py 400 RL Ph
Slide 35: Borsko: Exploring the Center of Timok
Borsko: Exploring the Center of Timok TSX-V | MUN OTCQB | MUNMF 35 FRANKFURT | NGU Project Area Project Borsko Mali Krivelj Ownership 100% Mundoro – Available for Option Size, Location 40 sq km, Central Timok, Serbia Commodity Copper Veliki Krivelj Model Porphyry and related epithermal Exploration S
Slide 36: Borsko Project: Target 1 plan-view
Borsko Project: Target 1 plan-view TSX-V | MUN OTCQB | MUNMF 36 FRANKFURT | NGU Ruzana 23-BJ-28 License 19-BJ-21 (3.5 – 0.06) Propylitic 18-BJ-18 19-BJ-20 0 0<1 18-BJ-13 0 17-BJ-11 17-BJ-12 1 BJ-06 0 BJ-07 <1 Porphyry system open (3.6 – 3.5) in south-east direction 17-BJ-09 alongside epithermal alte
Slide 37: Dos Cabezas: Proven, Untested, Laramide Porphyry For Drilling
Dos Cabezas: Proven, Untested, Laramide Porphyry For Drilling TSX-V | MUN OTCQB | MUNMF 37 FRANKFURT | NGU Project Dos Cabezas, Arizona Available for JV Ownership 100% Mundoro — available for JV Size, Location 61 sq km, Cochise County, Arizona Mineral Canyon Commodity Copper Mineral Park Exploration
Slide 38: Picacho: Copper Under Cover
Picacho: Copper Under Cover TSX-V | MUN OTCQB | MUNMF 38 FRANKFURT | NGU Project Picacho, Arizona Available for JV Ownership 100% Mundoro — available for JV Size, Location 94 sq km, Pinal County, Arizona Commodity Copper North Star Mine Exploration Stage Target testing Main Southern Trend, Central M
Slide 39: Copperopolis: > 8 km of Pervasive Mineralization Untested
Copperopolis: > 8 km of Pervasive Mineralization Untested TSX-V | MUN OTCQB | MUNMF 39 FRANKFURT | NGU Project Copperopolis, Arizona Available for JV Ownership ~73% Mundoro — available for JV Size, Location 39 sq km, Yavapai County, Arizona Commodity Copper Exploration Stage Target generation • ~90
Slide 40: Our people, our community
TSX-V | MUN OTCQB | MUNMF 40 FRANKFURT | NGU 06 Team & Community Our people, our community
Slide 41: Our People to Drive Value
TSX-V | MUN OTCQB | MUNMF 41 FRANKFURT | NGU Our People to Drive Value MANAGEMENT Teo Dechev Humberto Brockway Jim Scott Zack van Coller CEO & President Director of Exploration, QP Chief Financial Officer Director of Operations Strategic direction, partner Turns porphyry targets into Chartered accou
Slide 42: Exploration Communities can Trust
TSX-V | MUN Exploration Communities can Trust OTCQB | MUNMF 42 FRANKFURT | NGU For a project generator, social license is the operating model — we earn community support and act with integrity at every stage of exploration. COMMUNITY COMMUNITY COMMUNITY COMMUNITY Respect human rights in stakeholder
Slide 43: The Copper Royalty Generator
TSX-V | MUN OTCQB | MUNMF 43 FRANKFURT | NGU Let’s Talk Discovery: investors@mundoro.com, 604-669-8055 The Copper Royalty Generator Discovery upside of a junior — the capital discipline of a royalty business TSX-V: MUN | OTCQB: MUNMF | Frankfurt: NGU
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