Mundoro is a Canadian listed exploration company with a portfolio of projects focused on base and precious metals that generate royalties and near-term mineral revenue. To drive value for shareholders, Mundoro has generated a portfolio of mineral projects focused on copper and gold in Serbia and Bulgaria. Value generated from our mineral properties is through near term revenues from various forms of payments from partners and long term through the generated royalties. The Company’s common shares are listed on the TSX Venture Exchange under the symbol MUN and on the OTCQB Venture Market under the symbol MUNMF.

1. Focused Investment in Copper & Gold
March 2021

2. TSXV:MUN
• Certain statements made during this presentation, including, without limitation, those concerning the economic outlook for the resource exploration industry,
expectations regarding metal prices, growth prospects and the outlook of Mundoro’s operations, including the successful definition of mineral resources or reserves on
Mundoro’s Serbian exploration projects, and its ability to raise the capital resources necessary to execute its business plan, constitute ‘forward looking information’
under applicable securities legislation. These types of statements are generally identified by words or expressions such as “may”, “would”, “could”, “should”,
“anticipate'', “believe'', “intend”, “expect”, “plan”, “potential”, “estimate”, “budget'', “outlook'', “target” or other terminology.
• By its very nature, forward-looking information requires Mundoro to make assumptions that may not materialize or that may not be accurate and is subject to a variety
of risks, both known and unknown. Although Mundoro believes that the expectations reflected in the forward-looking information contained in this presentation are
reasonable, no assurance can be given that these expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the
forward-looking information.
• The business of Mundoro is subject to considerable risks related to the fluctuation of metal prices, risks and dangers inherent in mining, competition with other mining
companies, and doing business in Serbia, Bulgaria, Mexico, China.
• The targets expressed throughout this presentation are based on Mundoro’s assessment of the geological data currently available and are conceptual in nature. There
has been insufficient exploration with respect to these targets to define any estimates of quantities. There is no guarantee that reserves under section 2.3 of NI 43-101
will be delineated through additional exploration.
• The forward-looking information contained in this presentation is made as of the date of this presentation and, except as required by applicable law, Mundoro does not
undertake any obligation to update publicly or to revise any of the included forward-looking information to reflect events or circumstances after today’s date or to reflect
the occurrence of unanticipated events.
• The historical mineral resource estimates at Radka and Red Hill are derived from prior data and reports prepared by the National Geological Survey and held in the
Bulgarian National Geological Fund. The company is not currently able to confirm the dates of the estimates or the key assumptions, methods and parameters used to
prepare them. At this time, Mundoro is not able to determine the reliability of the resource estimates with reference to the standards applicable to CIM-compliant
resource estimates, although expects that additional exploration work will be required to enable Mundoro to report some or all of the mineralized material in conformity
with CIM resource estimate categories. A Qualified Person has not done sufficient work to classify the historical estimates as current mineral resources or mineral
reserves and the issuer is not treating the historical estimates as current mineral resources or mineral reserves.
•
National Instrument 43-101 – Technical Disclosure:
• The technical report described herein on the Borsko Jezero Property was prepared by D. Power-Fardy, P.Geol., EurGeol., Senior Geologist, Watts, Griffis and MCOuat
Limited, "Qualified Persons" as defined by NI43-101.
• The information contained in the studies reflects various technical and economic conditions at the time of writing that can change significantly over relatively short
periods of time. There can be no assurance that the potential results contained in the studies will be realized.
• NI43-101 compliant technical reports for Mundoro’s properties have been filed on the SEDAR website at www.sedar.com.
2
Caution Concerning Forward-Looking Statements
Mundoro Capital Inc.
1040 West Georgia Street
Vancouver, B.C., V6E 4H1
Exchange Symbols
TSX-V: MUN
OTCQB: MUNMF
Frankfurt: NGU
Website
www.mundoro.com
Transfer Agent
TMX Equity Transfer Services Inc.
200 University Avenue, Suite 300
Toronto, ON, M5H 4H1
Auditors
PriceWaterhouse Coopers
Chartered Professional Accountants
Vancouver, BC, V7Y 1G6

3. TSXV:MUN
Partnering with Senior
Operators
Generating Revenue
from Portfolio for >4
years
Experienced Team
Pipeline of projects
for partnering &
exploration
3
Why Mundoro & Why Now
Focused on Copper & Gold
Strategic Land Packages
in World Class Districts
Investment
Highlights

4. TSXV:MUN
Portfolio of Projects
Mexico Project
Maoling Gold Project (PFS)
(CNG 75%; LBG 21%; MUN 4%)
Europe Projects
(Serbia &
Bulgaria)
4
Exploration
900
Development
100
Operating
181
Exploration
139
(15%)
Development
18
(18%)
Operating
21
(12%)
Andean Belt - Chile/Peru >1100 Au & Cu projects Tethyan Belt - Serbia/Bulgaria/Turkey ~174 Au & Cu projects (16%)
Andeas
• Terrains: jungles, desserts, altitude
• Limited smelting facilities & access to rail
• Limited economically accessible power
Eastern Europe
• Excellent road network and digital access
• Existing smelting facilities with rail transport to existing Ports
• Access to existing power grid with low rates $0.04/KwHr
Tethyan Belt
Silk Road Economic Belt
Maritime Silk Road Initiative
Pacific Mineral Belts

5. TSXV:MUN
Unique Business Model
5
Target Discovery Stage
• District-Scale Land
Packages
• Strategic locations
• Copper and gold focus
• Attractive for industry
partners
Partners sole-fund
• Exploration programs
• Strategic alliances
Mineral Revenue
• NSR royalty
• Operator fees
• Option Fees
• Advance Royalty
Payments
• Milestone Payments
• Direct Sale of assets
GENERATE PARTNER MONETIZE

6. TSXV:MUN
Unique Business Model
6
Mundoro’s approach to mineral revenue generation is to be the catalyst for new Royalties
• Differentiation
to generate
new royalties
• Lower upfront
capital
required
• Requires low cost
balance sheet
capital
• Highly
competitive to
purchase existing
royalties
Various Mining Partners:
+
PARTNER
NSR %
+ $$
PROJECT
Purchase Royalty
from Mining
Company
NSR%
Royalty
Co
MUNDORO Royalty Co’s

7. TSXV:MUN
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
Mundoro Generators Mundoro Generators Mundoro Generators Mundoro Generators
Mundoro’s Unique Model at Work
7
Mundoro has lowest 10 years dilution, 2x more meters drilled and 3x less G&A expenditures than Generators Peers
> 9000 63%
3
Years
Average
Revenue
per
Optioned
Project
3
Years
Average
Meters
Drilled
10
Years
Equity
Dilution
G&A
expenses
as
part
of
Total
expenditures
3
years
average
$ 72 K 53 %
$ 43 K > 4000
Revenue / Optioned Project Meters Drilled Dilution G&A %
15 % 43 %

8. TSXV:MUN
1
10
100
1000
10000
$1
$10
$100
$1,000
$10,000
$100,000
SOURCE: COMPANY FINANCIAL REPORTS, MUNDORO, PRICING INFORMATION FEBRUARY 17TH , 2020
Industry Revenue Ranking
EV/R
MULTIPLE
3
YEAR
AVERAGE
REVENUE
(C$
THOUSANDS)
3-Year-Average Revenue Track Record
8
Seniors → 16x EV/R Mid-Tier → 39x EV/R Juniors → 123x EV/R MUN:TSXV → 40x EV/R
Average MCAP $6.6 Billion $167 Million $31 Million $14 Million
Avg Annual Revenue
(3-Year Avg)
$326 Million $3.5 Million $385 K $305K
Revenue Growth (3-Year) 20% 309% 0% 7.3%
Cash Flow (3-Year Avg) >$150 million Not generating Positive Cash Flow Not generating Positive Cash Flow
Dividends Regular Dividends Limited Dividends No Dividends
Largemines,expansions,select
developmentforRoyalty
Development, small mines for Royalty Exploration for Royalty

9. TSXV:MUN
Shares
Outstanding (Basic)
Warrants
6 mln Dec-2021 @$0.20
9.6 mln Feb-2023 @$0.30
Our Shareholders
SHARE CAPITAL
BALANCE SHEET (CAD$, Q3 2020)
4.9
MILLION
0
$
Cash & Cash
Equivalents Debt
9
RESEARCH AND ANALYST NOTES
OWNERSHIP AND SIGNIFICANT SHAREHOLDERS
$ 100 Million
Options
6.6 Million 15.6 Million
Fully Diluted
Shares Outstanding
123 Million
May 2018 -Present: Veteran
economic geologists and
equity analysts Joe Mazumdar
and Brent Cook
September 2019: Project
Generator Industry Report
December 2016 to May 2018
Oct 2017: Mundoro Capital:
Tackling the Tethyan
USA Institutional Funds
European Institutional Funds
Canadian Family Office
Company
Retail 43% D&O 4% Institutional 53%
53%
43%
4%
4%
53%

10. TSXV:MUN
Our Team & Advisors
10
Teo Dechev, MBA, P.Eng, ICD.D
Chief Executive Officer, President
and Director
John Hoey
Non-Executive Chairman, Governance
and Nominating Committee Chair
Michael Calyniuk
Independent Director
Audit Committee Chair
Nick Hatch
Independent Director
Compensation Committee Chair
Christopher Wong
MBA, CPA, CMA
Chief Financial Officer
EXPLORATION
Richard Jemielita, PhD
Chief Geologist, QP, MIMMM
Yassen Krishchev
Senior Exploration Manager
Ivan Veljkovic
Project Administration Manager,
Serbia
Damyan Hristov
Senior Data Manager
Violeta Boyanova
Marketing &
Project Administration Manager,
Bulgaria
TECHNICAL ADVISORS CORPORATE
Richard Sillitoe, PhD
Porphyry Systems
Leigh Rankin, PhD
Structural
Richard Moores
Generative
Alan Riles
Metallurgy
PWC – Auditors
Cassels – Corporate Counsel
MANAGEMENT AND BOARD

11. TSXV:MUN
Mineral Districts of Focus

12. TSXV:MUN
Emerging Mineral Districts in Western Tethyan Belt TSXV:MUN

13. TSXV:MUN
Timok: International Miners Active in Serbia M&A
13
MAR 2016
Partnership formed
announces sale of
portion of Cukaru-Peki
September - December 2018
Acquires Nevsun
wins tender for RTB Bor Group
JAN 2011
initiates research and
staking of land package
in Timok
MAR 2012
announces first
licenses in Serbia
SEP 2013
announces Tilva Rosh
high-grade gold zone
JUN 2015
NOV 2015
Starts to
explore in Timok
DEC 2014
announces Zeleznik Cu-
Au porphyry discovery
APR 2016
Avala acquired
by
MAY 2016
acquires
JULY 2018
Form partnership for exploration
in Timok, Serbia
SEP 2012
announce Cukaru-Peki
discovery drill holes
OCT 2019
Form partnership for
exploration in Timok, Serbia
NOV 2020
Expand partnership for two
additional licenses in Timok,
Serbia

14. TSXV:MUN
Sources: 1. The Mineral Resources of the Bor Metallogenic Zone: A Review; Jelenkovic et al; Geologia Croatica, 2016 2. Zijin Mining Annual Report for 2019 3. Technical Report 43 101 Dundee Precious Metals 2018 14
Serbia: Timok Overview - World Class Mining District
Mines &
Projects
Majdanpek1 (Cu, Au) Veliki Krivelj Mine1 (Cu, Au) Bor Mine1 (Cu, Au) Cukaru Peki2 (Cu, Au) Timok Project3 (Au)
Status Operating Open Pit Mine Operating Open Pit Mine Operating Mine Development Project PEA
Tonnage 637 Mt 506 Mt 18.3 Mt 1,008 Mt Upper: M+I 42.67 Mt Lower: Inf 1,663 Mt 46.9 Mt
Resource Grade 0.3% Cu, 0.27 g/t Au 0.37% Cu, 0.07 g/t Au 0.8% Cu, 0.2 g/t Au
0.53% Cu, 0.16 g/t
Au
3% Cu, 1.91 g/t Au 0.86% Cu, 0.18 g/t Au 1.32 g/t Au
Majdanpek Mine
Cukaru Peki Project
BorMine
Veliki Krivelj Mine
Timok Project
Vale-Mundoro Projects
JOGMEC – Mundoro Project
Available for option
Dundee Precious Metals
Zijin Mining
Others
Mine
Deposit
Tethyan Belt outline
> 100 Years of Mining & > 4 Billion tonnes of Porphyries

15. TSXV:MUN
15
SOURCES:
1: GEOLOGY AND METALLOGENY OF THE PANAGYURISHTE ORE REGION, P. Popov et al., 2012
2: NI43-101 technical report, dd. 30th March 2020
3: Historical production mined. Also see Note 1 on next page
Bulgaria: Panagyurishte Overview – Mining District
Mines &
Projects
Company Status Tonnage
Resource
Grade
Elatsite Mine1
(Cu,Au)
Geotechmin
Group
Operating Open
Pit Mine
154 Mt
0.33% Cu,
0.17 g/t Au
Chelopech
Mine2
(Cu, Au)
Dundee
Precious
Metals
Operating
Underground
Mine
M+I: 14.2 Mt
Inf: 1.9 Mt
0.94 % Cu,
2.86 g/t Au
0.84 % Cu,
2.02 g/t Au
Medet Mine1
(Cu, Au)
State Closed Mine 163 Mt
0.23% Cu,
0.10 g/t Au
Asarel Mine1
(Cu, Au)
Asarel
Medet
Operating Open
Pit Mine
254 Mt
0.41% Cu,
0.07% Au
Radka Mine3
(Cu, Au)
Mundoro
(won tender in
Q4-17, currently
in Ministry
process)
Closed Mine
Historical Mined
Production5
6.4Mt @ 1.06% Cu and
3g/t Au
Medet
Chelopech
Assarel
Elatsite
Radka
Aurubis Pirdop Smelter
Mundoro
Dundee Precious Metals
Assarel Medet
Elatsite Med
Applications in process
10 km

16. TSXV:MUN
SOURCES:
1 SOURCE: “GOLD AND AURIFEROUS ORE GEORESOURCES AND PROCESSING TECHNOLOGIES IN BULGARIA ”, 2012, PROF. I.BALTOV ET AL.
2 SOURCE: “GOLD AND AURIFEROUS ORE GEORESOURCES AND PROCESSING TECHNOLOGIES IN BULGARIA ”, 2012, PROF. I.BALTOV ET AL.
SOURCE: “ORE PRODUCTION IN BULGARIA: 1878 - 1995”, 1996, V. MILEV ET AL.
3 SOURCE: NI43-101 REPORT, DD. 20 NOVEMBER 2020
4 SOURCE: NI43-101 REPORT, PRE-FEASIBILITY TECHNICAL REPORT, DD. 14 OCTOBER 2020 16
Project Company Status Tonnage
Resource
Grade
Chala Mine1
(Au, Ag, Pb, Zn)
Gorubso
Kardzhali
Underground
Mine
1.47 Mt
9.80 g/t Au,
3.67 g/t Ag
Madjarovo
Mine2
(Au, Ag, Pb, Zn)
State Closed Mine 8.6 Mt
3.0 g/t Au,
11.58 g/t Ag,
0.66 % Zn,
1.27 % Pb
Kumovgrad
Mine3
(Au, Ag)
Dundee
Precious
Metals
Open Pit
Mine
Provenand
ProbableReserves:
4.26Mt
Inf: 0.32 Mt
4.8 g/t Au,
3.02 g/t Ag
2.09 g/t Au,
1.51 g/t Ag
Rozino Deposit4 Velocity
Minerals
PFS
Probable
Reserves :
11.8 Mt
1.22 g/t Au
Chala
Madjarovo
Kumovgrad
Rozino
Bulgaria: Rhodopes Overview – Emerging District
10 km
Mundoro
Dundee Precious Metals
Velocity Minerals
Other licenses
Applications in process

17. TSXV:MUN
Highlights from Property Portfolio

18. TSXV:MUN
TSXV:MUN
18
18
▪ Status: Joint Venture between: Mundoro – 51%; JOGMEC – 49%
▪ Location: Directly adjacent and to the west of the producing
Zijin Bor mining complex
▪ Exploration: JOGMEC sole-funded US$5.8 mln
▪ Next Milestone: Option to drill test high-sulphidation and
porphyry targets
Borsko:
High Sulphidation
& Porphyry Targets
18
5 km
Mundoro- Vale
Drill Holes
Borsko license
Bor mine complex
Veliki Krivelj Mine
Cukaru Peki Deposit
Target 1
Skorusa porphyry
Cerovo Mine

19. TSXV:MUN
TSXV:MUN
TSXV:MUN
19
TSXV:MUN
19
Vale-Mundoro Projects
19
▪ Status: Optioned to Vale
▪ Location: Southwest of the main Zijin Bor mining complex
▪ Exploration: Porphyry and epithermal target testing
▪ Next Milestone: Drilling to commence around year end.
Target Areas
Skorusa Skorusa South Glavitsa Tilva Mare Markov Kamen
East
Vale-Mundoro Projects
JOGMEC – Mundoro Project
Available for option
Dundee Precious Metals
Zijin Mining
Others
Mine
Deposit
Tethyan Belt outline

20. TSXV:MUN
20
Skorusa Target Areas
SKORUSA
PORPHYRY (WEST
AND EAST ZONES)
Zoned alteration
containing copper-
gold porphyry style
mineralisation,
partially tested
SKORUSA SOUTH
Advanced argillic
alteration
confirmed by
presence of Na-
Alunite
Broad (2.5 km x 5 km ) magnetic-
low anomaly within which exist
magnetic high centers.
GLAVICA
Strong magnetic
anomaly with
significant
component of
remnant
magnetism
TILVA MARE
Mineralised clasts in
upper Cretaceous cover
rock

21. TSXV:MUN
21
Markov Kamen East: Geology and Geochemistry Mo

22. TSXV:MUN
TSXV:MUN
TSXV:MUN
▪ Status: Available for Option
▪ Location: North Timok
▪ Exploration: New copper and gold targets at the north end of the license
drill target ready. Exploration to date discovered mineralized porphyry
related systems at the south end of the license (West Zone and East Zone)
▪ Next Milestone: Option
Zeleznik:
New Copper & Gold
Mineralization
22
Majdanpek
Open-pit
Mine
West Zone Porphyry:
B-veins 0.77% Cu and 0.17g/t Au
East Zone:
Fine-grained sulphides in carbonate
0.35% Cu and 0.63g/t Au
Central Zone and North Zone
New discovered gold
mineralisation
TSXV:MUN

23. TSXV:MUN
01 02 03
Investment Rational
23
▪ Well funded senior
partners
▪ Diversified portfolio of
projects
▪ Lowest G&A structure
among peers
▪ Pipeline of mineral
properties
▪ Exposure to copper
and gold
▪ Potential for new
discoveries
QUALITY UPSIDE OPPORTUNITY
▪ Trading at discount to
Junior Peers
▪ Unique mineral revenue
generator model
▪ Significantly
undervalued with
opportunity for re-rate

24. TSXV:MUN
ESG Practices

25. TSXV:MUN
“Over last 20 years of exploration, Mundoro has
pursued strong governance coupled with
environmental and social standards within all the
jurisdictions in which we operate, building
relationships based on trust and respect, and work
with local communities and partners to create
positive engagement and new opportunities.”
Teo Dechev
President and Chief Executive Officer
25
Our Approach to Responsible Mineral Development

26. TSXV:MUN
Our Approach to Sustainable Resource Management
26
• Recycle, reduce and reuse
• Adhere to standards to protect wildlife
and plant life in the surrounding
habitat
• Restore landscape post exploration
• Work with drilling contractors to
minimize emissions
• Increasing awareness of safe work
practices
• Supporting healthcare in local
regions
• Supporting education in local public
schools
• Employing from local communities
and training for technical skills
• Contributing to local community
programs and charities focused on
health or education
• Respect Human rights in stakeholder
engagement
• Work with independent certified labs
• Committed to comprehensive
disclosure & open communication
with our stakeholders
• Join local organizations to promote
ESG principles for exploration sector
• Board of Directors and all staff follow
Corporate Code of Conduct & Ethics
which is regularly updated
Environmental Governance
Social
01 02 03

27. TSXV:MUN
1 2 3
27
Community & Culture Healthcare
Education
Playground donation, Bor Serbia
Donation to the Elementary School
Sumrakovac, Serbia
Renovation of a medical center in
Mineralni bani, Bulgaria
Site visits by students from the
Technical Highschool in Bor, Serbia
Donation of equipment to the hospital
Bor, Serbia
Our Approach to Responsible Resource Management
Donation to Archeological Museum
Alexandrovo, Bulgaria
Partnering with Local Communities to Support Cultural Activities, Education and HealthCare

28. TSXV:MUN
1 2 3
28
Our Approach to Sustainable Resource Management
Trenching Drilling Recultivation
Environmental Responsibility – Rehabilitation throughout the exploration work programs

29. TSXV:MUN
29
Local Partnerships
Lian
Geoconsult
Local Associations Industry Leadership
1
3
1 2 3
Our Approach to Responsible Resource Management
Governance Responsibility

30. TSXV:MUN
TSXV:MUN
Jurisdictional Comparison of Mineral Laws

31. TSXV:MUN
Serbia Bulgaria Finland Chile Mexico British Columbia,
Canada
Location Southeastern Europe Scandinavian Peninsula - Europe South America North America North America
Mining History Dating back to the Middle Ages. Source of base and
precious metals since Roman times
The mining in Finland dates back
for hundreds of years
Dates back to the Incas in 1460.
Recognized as the mining capital
of Latin America today
Mining-friendly history that spans
almost 500 years
Mining friendly since the
1900s
Tax regime (Source: Source: World Bank national accounts data, OECD National Accounts data, NI43-101 reports, Company reports )
Corporate Tax 15% 10% 20% ~20% ~30% ~28%
Royalties 5 % on metals produced in
country
Negotiated royalty with
government (0.8 – 2.5 %)
Excavation fee per property is
€50 per hectare per year +
variable part of 0.15 per cent of
the calculated value of mining
minerals
5 % to 14% Specific mining tax
(SMT) based on production
7% EBITDA
0.5% of sales for PM
Profit based (12%) or ad
valorem (2% of net
procedings)
Economy (Source: World Bank national accounts data, and OECD National Accounts data files. Last data 2019)
GDP
(currentUS$) 51.5 billion 68.6 billion 269.3 billion 282 billion 1,268 billion 253 billion
2019GDPGrowth 4.2% 3.7% 1.1% 1.1 % -0.1 % 1.9 %
Export/Imports
(US$) 26 billion/ 31 billion 44 billion / 42 billion 108 billion / 107 billion 80 billion / 81 billion 493 billion / 437 billion 31 billion / 41 billion
Debt
(US$2019) 36 billion 41 billion 151 billion 70 billion 470 billion 50 billion
Deficit
(%ofGDP2019) 1.7 % 1.4 % 6.84 % 8.71 % 5.8 % 1.6 %
Population
(2020) ~7 million ~7 million ~5.5 million ~18 million ~129 million ~5 million
Tenure of Permits (Sources: S&P Market Intelligence, Company technical reports)
Exploration 8 years (3+3+2) 7 years (3+2+2) 17 years (2+ 4 + 11) 4 years (2+2) Not applicable No term limits
Exploitation Term based on mine plan Maximum 25 years Term based on mining plan No term limits 100 years (50 years + 50 years) No term limits
Exploration
($,2019) >$10-50 million > $10 million >$50 million $137.6 million $215.2 million $206.5 million
Europe Compares Well to North America

32. TSXV:MUN
32
Teo Dechev, CEO & Director
www.mundoro.com
TSX-V: MUN
OTCQB: MUNMF
Frankfurt: NGU