Mundoro Capital Inc. · TSXV:MUN
Mundoro Capital — Investor Presentation (September 2026)
40 slides from Mundoro Capital's investor presentation, September 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 SEPTEMBER 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 BHP-Mundoro Central Timok JV • BHP to sole fund US $35 million in exploration expenditures • Option payments • Operator Fees • Milestone Payments • 2% NSR BHP-Mundoro Borsko-South Timok-Trstenik JV • BHP to sole fund US
Slide 5: Discovery without Dilution
TSX-V | MUN OTCQB | MUNMF 5 FRANKFURT | NGU 01 The Generator Model Discovery without Dilution
Slide 6: Own the Discovery and the Future Cash Flow — not either/or
TSX-V | MUN OTCQB | MUNMF Own the Discovery and the Future Cash Flow — not either/or 6 FRANKFURT | NGU Royalties give you the producing cash flow. Generators give you the discovery. A balanced approach holds both. Explorer GENERATOR ROYALTY Producer high risk · dilution · binary outcome discovery up
Slide 7: A Portfolio Wants Both – Generator + Royalty
TSX-V | MUN A Portfolio Wants Both – Generator + Royalty OTCQB | MUNMF 7 FRANKFURT | NGU A self-funding royalty engine — each partnership pays Mundoro and funds the next discovery, compounding royalties without dilution. HOW ROYALTIES CAPITAL & WHAT THE ARE OBTAINED DILUTION INVESTOR GETS TRADITIONA
Slide 8: Creating Royalties Others Pay to Acquire
TSX-V | MUN Creating Royalties Others Pay to Acquire OTCQB | MUNMF 8 FRANKFURT | NGU Mundoro is a royalty generator built to create value — with less risk and less dilution than a traditional explorer. OPTIONALITY LOWER RISK NEAR-TERM CATALYSTS Regional-scale land packages Lowest G&A among peers Cen
Slide 9: Science-led Exploration, Built to Discover
TSX-V | MUN Science-led Exploration, Built to Discover OTCQB | MUNMF 9 FRANKFURT | NGU Systematic, data-driven exploration — an iterative loop between the field and the office that keeps sharpening the target. FIELD OBSERVATIONS SITE OPERATIONS ANALYSIS EVALUATION DISCOVERY Boots-on-the-ground progr
Slide 10: Case Study: Generator Model Playbook Proven
TSX-V | MUN Case Study: Generator Model Playbook Proven OTCQB | MUNMF 10 FRANKFURT | NGU 2,000 Total Return 1,500 July 2012 1500% May 2016 Market Cap (C$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) 111.4M 53% Institutional 40% 53% 53% 40% Retail Debt $0 Options outstanding 7.6M 7% Insiders 7% Warrants outstanding 0M Shares (f
Slide 12: Generating Consistent Fees from the Portfolio
Generating Consistent Fees from the Portfolio TSX-V | MUN OTCQB | MUNMF 12 FRANKFURT | NGU Peer group Seniors Mid-tiers Mundoro Juniors Revenue (L4Q, C$) $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 The Potential of the Western Tethyan Belt OTCQB | MUNMF 20 Majdanpek FRANKFURT | NGU 6.8 Moz Au, 3.4 Mt Cu Mali Krivelj Serbia 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
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 District Overview Deposit Company Status Tonnage Resource Contained Metal Annual Production Grade (Oz Au or T Cu) Majdanpek1 Zijin Operating Majdanpek (Cu, Au) Copper Open Pit Bor Mali Krivelj 11,141,849 TC
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, Mine1 Open Pit 154 Mt Group 0.17 g/t Au Upper Cretaceous (Cu,Au) Mine 160-180k Bulgari
Slide 25: Partnered projects
TSX-V | MUN OTCQB | MUNMF 25 FRANKFURT | NGU 04 Partnerships Partnered projects
Slide 26: Central Timok JV — BHP sole-funds. Mundoro Operates.
Central Timok JV — BHP sole-funds. Mundoro Operates. TSX-V | MUN OTCQB | MUNMF 26 FRANKFURT | NGU Project Central Timok JV Partner (earning 100%) BHP Size, Location 418 sq km, North Timok, Serbia Commodity Copper and gold Majdanpek Deposit Styles Porphyry, high-sulphidation, CRD Mali Krivelj • Land
Slide 27: 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 27 FRANKFURT | NGU Veliki Krivelj Target Footprint Highlights Tilva Rosh 8 sq km lithocap High-grade epithermal outcrops; trenching returned Mali Krivelj 12 m @ 30.39 g/t Au and 171.27 g/t Ag. Drilling
Slide 28: Extended Timok JV — BHP sole-funds. Mundoro Operates.
Extended Timok JV — BHP sole-funds. Mundoro Operates. TSX-V | MUN OTCQB | MUNMF 28 FRANKFURT | NGU Project Borsko – Trstenik – South Timok JV Partner (earning 100%) BHP Size, location 398 sq km, North Timok, Serbia Commodities Copper and gold Majdanpek Deposit styles Porphyry, high-sulphidation, CRD
Slide 29: Borsko: Exploring the Center of Timok
Borsko: Exploring the Center of Timok TSX-V | MUN OTCQB | MUNMF 29 FRANKFURT | NGU Project Borsko Mali Krivelj Size, Location 40 sq km, Central Timok, Serbia Commodity Copper Model Porphyry and related epithermal Exploration Stage Target Testing Veliki Krivelj Upcoming Exploration Geophysical modell
Slide 30: Trstenik: Exploring the Northern Extension of Timok
Trstenik: Exploring the Northern Extension of Timok TSX-V | MUN OTCQB | MUNMF 30 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 31: South Timok: Exploring the Southern Extension of Timok
South Timok: Exploring the Southern Extension of Timok TSX-V | MUN OTCQB | MUNMF 31 FRANKFURT | NGU Project South Timok Project Size, Location 306 sq km, South Timok, Serbia Commodity Copper, sediment-hosted, porphyry, CRD & skarn Exploration Stage Target generation Upcoming Exploration Drill progra
Slide 32: Iskar JV — JOGMEC Funded. Mundoro Operated.
Iskar JV — JOGMEC Funded. Mundoro Operated. TSX-V | MUN OTCQB | MUNMF 32 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 33: Optioning in the Neighbourhood of Giants
TSX-V | MUN OTCQB | MUNMF 33 FRANKFURT | NGU 05 Available for Option Optioning in the Neighbourhood of Giants
Slide 34: Dos Cabezas: Proven, Untested, Laramide Porphyry For Drilling
Dos Cabezas: Proven, Untested, Laramide Porphyry For Drilling TSX-V | MUN OTCQB | MUNMF 34 FRANKFURT | NGU Project Dos Cabezas, Arizona Available for JV Ownership 100% Mundoro — available for JV Size, Location 61 sq km, Cochise County, Arizona Commodity Copper Exploration Stage Drill-ready target te
Slide 35: Picacho: Copper Under Cover
Picacho: Copper Under Cover TSX-V | MUN OTCQB | MUNMF 35 FRANKFURT | NGU Project Picacho, Arizona Available for JV Ownership 100% Mundoro — available for JV Size, Location 94 sq km, Pinal County, Arizona Northern Diorite Commodity Copper Exploration Stage Target testing Main Southern Trend, Central
Slide 36: Copperopolis: > 8 km of Pervasive Mineralization Untested
Copperopolis: > 8 km of Pervasive Mineralization Untested TSX-V | MUN OTCQB | MUNMF 36 FRANKFURT | NGU Project Copperopolis, Arizona Available for JV Ownership 100% Mundoro — available for JV Size, Location 39 sq km, Yavapai County, Arizona Commodity Copper Exploration Stage Target generation • ~90
Slide 37: Our people, our community
TSX-V | MUN OTCQB | MUNMF 37 FRANKFURT | NGU 06 Team & Community Our people, our community
Slide 38: Our People to Drive Value
TSX-V | MUN OTCQB | MUNMF 38 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 39: Exploration Communities can Trust
TSX-V | MUN Exploration Communities can Trust OTCQB | MUNMF 39 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 40: The Copper Royalty Generator
TSX-V | MUN OTCQB | MUNMF 40 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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