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Mundoro Corporate Presentation May 2020

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Mundoro is a Canadian listed (TSX-V: MUN) precious and base metal company focused on building value for its shareholders through directly investing in mineral projects that have the ability to generate future returns for shareholders. Mundoro has generated an attractive pipeline of copper and gold projects in Serbia and Bulgaria, as well as an investment in a producing gold mine in Bulgaria, in order to drive long-term growth and achieve shareholder return. Potential future returns for our shareholders from our mineral projects can be in various forms such as discovery of mineral resources, royalties, advance royalty payments from partners, a direct interest in production, dividend payments or sale of our interest in the mineral property.

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Mundoro Corporate Presentation May 2020

  1. 1. Focused Investment in Gold & Copper May 2020
  2. 2. TSXV:MUN •Caution Concerning Forward-Looking Statements: • 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
  3. 3. TSXV:MUN Proven Partner Model Commodities Focused on Copper and Gold Experienced Team Fiscal Discipline Strategic Investments Strategic Land Package in World Class Districts 3 Portfolioof CopperandGold Projectsto GenerateFuture Value Our Vision and Path
  4. 4. TSXV:MUN Our Business Model 4 Target Discovery Stage • District-Scale Land Packages • Strategic locations • Copper and gold focus • Attractive for partners Partners sole-fund exploration through: • Partners 100% sole fund exploration • Strategic alliances • Joint ventures, Earn-ins, Options • Business transactions • Provide turn key solution to operate programs with experienced team • Maintain optionality, including drilling our own projects when beneficial • Retain NSR royalty • Collect operator fees • Advance royalty payments • Carried to commercial production • Outright sale of assets SOURCE DISCOVER PARTNER MONETIZE
  5. 5. TSXV:MUN Generating Value Through Partner Model 5 UNLIMITED 100+ 10+ 1+ GENERATOR MODEL PARTNER MODEL P R O J E C T S P R O J E C T S P R O J E C T S P R O J E C T S
  6. 6. TSXV:MUN Create and Monetize Value Our Growth Pipeline 6 Ready to Partner Generating PaymentsProject Applications Agreements in Place JOGMEC Generative Sage (Pb, Zn, Ag) 10 Applications Bryastovo (Cu, Au) Chuka (Cu, Au) Svoboda (Cu, Au) Savinac & Bacevica (Cu & Au) JOGMEC Project - Borsko VALE Projects (4) Zeleznik (Cu, Au)
  7. 7. TSXV:MUN Growing Partner Funding and Payments Maintaining Low Dilution 7
  8. 8. TSXV:MUN Mundoro’s Position in Market vs Peers 8
  9. 9. TSXV:MUN Enterprise Values 9 Source: TMX and Bloomberg on April 16th 2020 Explorers (Pre-resource)Royalty & StreamingGenerators EnterpriseValue (CAD$M) 1,000 100 10 1
  10. 10. TSXV:MUN Comparable Company Metrics Location Canada, USA, Germany Canada, Brazil Canada, USA, Mexico Serbia Bulgaria Canada, USA, Australia, Europe USA Brazil, Peru Canada, Australia Market Cap1 16 339 25 11 216 93 20 64 Cash2 4.3 22.1 10.5 2.7 78 2.3 1.3 2.7 Enterprise Value3 12.1 522 15.2 8.9 95.2 37.1 16.5 55.5 Price/Revenue 4 11 14 19 28 30 31 39 Expense Ratio: Corporate : Exploration (3 Year Average) 44% N/A 33% 16% 27% 85% 39% 92% Corporate Expenses: 3 Yr Avg 1.2 7.5 1.9 0.8 3.6 1.8 1.0 3.2 Equity Dilution since 2014 1% -3% 40% 35% 10% 24% 11% 14% 10 Notes: 1. Source TMX and Bloomberg on April 15, 2020, CAD$ Millions. 2. Q4-2019, CAD$ Millions. 3. Enterprise Value = Market Capitalization + Debt – Cash Source: Company reports, Mundoro
  11. 11. TSXV:MUN Our Shareholder Base and Share Price History SHARE CAPITALBALANCE SHEET (CAD$, Q1 2020) 3.1 MILLION 0$ Cash & Cash Equivalents Debt 11 SHARE PRICE (Updated on April 15, 2020)OWNERSHIP $ Shares Outstanding (Basic) 81,400,000 Options 6,792,500 Warrants (exercise price $0.20) 14,639,946 Fully Diluted Shares Outstanding 102,832,446
  12. 12. TSXV:MUN Mundoro’s Commitment to Environmental, Social and Governance 12
  13. 13. 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 13 Our Approach to Responsible Mineral Development
  14. 14. TSXV:MUN Three Pillars of Sustainable Development 14 Our exploration programs consider:  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 Our social programs focus on:  Increasing awareness of safe work practices  Improving healthcare in local regions  Improving education environment for local public schools  Employing from local communities and training for technical skills  Contributing to local community programs and charities focused on health or education  Committed to comprehensive disclosure and open communication with our stakeholders  Board of Directors and all staff follow Corporate Code of Conduct & Ethics which is regularly updated  Work with independent certified labs  Respect Human rights in stakeholder engagement  Join local organizations to promote ESG principles for exploration sector Environmental GovernanceSocial
  15. 15. TSXV:MUN Teo Dechev MBA, P.Eng, ICD.D CEO, President and Director John Hoey Non-Executive Chairman, Governance and Nominating Committee Chair Michael Calyniuk Independent Director Audit Committee Chair Graham Brown Independent Director Compensation Committee Chair Our Team & Advisors 15 Christopher Wong MBA, CPA, CMA CFO Georgi Magaranov, QP Senior Exploration Manager Yassen Krishchev Exploration Manager, Serbia Ivan Veljkovic Project Admin. & Community Relations Manager, Serbia ADVISORS Richard Sillitoe PhD, Porphyry Systems Richard Jemielita PhD, Generative Leigh Rankin PhD, Structural Richard Moores Generative Alan Riles Metallurgy
  16. 16. TSXV:MUN 16 Understanding the Discovery Potential of the Western Tethyan Belt
  17. 17. TSXV:MUN Strategic Importance of the Tethyan Belt 1717 • Tethyan Belt hosts 5.7% of the world’s deposits • 30% of all Tethyan deposits are in Eastern Europe • 39% of gold ounces are in Eastern Europe
  18. 18. TSXV:MUNMundoro’s Project Portfolio in Tethyan Belt 18
  19. 19. TSXV:MUN MAR 2016 • & partnership • announces sale of portion of Cukaru-Peki Timok, Serbia Focus of Acquisitions from International Miners 19 September 2018 and Nevsun announce take-over December 2018 wins tender for RTB Bor Group JAN 2011 initiates research and staking of land package in Timok MAR 2012 announces first set of licenses in Serbia SEP 2013 announces Tilva Rosh high-grade Au zone discovery holes DEC 2014 announces Zeleznik Cu-Au porphyry discovery JUN 2015 signs with NOV 2015 Reservoir and Avala sign with APR 2016 Avala acquired back into MAY 2016 acquires Reservoir July 2018 and sign earn-in agreement for exploration of two licenses in Timok, Serbia SEP 2012 and announce Cukaru-Peki discovery drill holes OCT 2019 & sign earn-in agreement for exploration of 4 licenses in Timok, Serbia
  20. 20. TSXV:MUN Portfolio in Serbia 20
  21. 21. TSXV:MUN Timok Regional Overview: District with 100 Years of Mining History Notes 1. Third party resources estimates based on those reported by RTB Bor Group. Resources reported according to Russian classification system. 2. Nevsun NI 43-101 Technical Report on SEDAR. 21 Majdanpek1 (Cu, Au) Operating Open Pit Mine 620 Mt @ 0.34% Cu, 0.20 g/t Au Veliki Krivelj Mine1 (Cu, Au) Operating Open Pit Mine 137 Mt @ 0.35% Cu, 0.09 g/t Au Bor Mine1 (Cu, Au) Development Project 14 Mt @ 0.8% Cu, 0.27 g/t Au 1,008 Mt @ 0.53% Cu, 0.16 g/t Au Cukaru Peki(Cu, Au) Development Project Upper: M+I 28.7 Mt @3.7% Cu, 2.5 g/t Au2 Lower:Inf1,659 Mt @0.86% Cu, 0.18 g/t Au 10 Kilometres Vale-Mundoro ProjectsJOGMEC-Mundoro Project
  22. 22. TSXV:MUN 22 JOGMEC – Mundoro Project
  23. 23. TSXV:MUN Borsko: High Sulphidation & Porphyry Targets Joint Venture between: JOGMEC – 51% Mundoro – 49% JOGMEC funded to-date US$5.8 mln Next Milestone: Develop drill program to test the deeper potential and establish new funding Veliki Krivelj Cukaru Peki Bor Mine Complex Target 119-BJ-24 19-BJ-22 19-BJ-23 19-BJ-27 19-BJ-26 19-BJ-25 18-BJ-19 TSXV:MUN 23
  24. 24. TSXV:MUN Resistivity-High Geophysical Anomaly Argillic alteration with Pyrite Target 1 Cover volcanic rock Figure 4 – Long Cross Section of Target 1 and Southwest Target Vuggy silica with massive pyrite Semi-massive fine-grained sooty pyrite 31.2m @ 0.77g/t Au, including 8.0m @ 1.8g/t Au and 4.7g/t Ag Enargite-pyrite 18.0m @ 0.17 g/t Au, including 3.4m @ 0.33 g/t Au; 3.3g/t Ag and 0.27% Cu 24
  25. 25. TSXV:MUN 2525 Vale – Mundoro Projects
  26. 26. TSXV:MUN 26  Status: Optioned to Vale  Location: Southwest of the main Zijin Bor mining complex  Exploration: Outlined geochemical, geophysical and structural targets  Next Milestone: Exploration in the 2nd half of 2020 for testing of structural and geophysical features Veliki Krivelj Skorusa Cukaru Peki Tilva Mare Bor Mine Complex Tilva Rosh Markov Kamen Borsko Vale-Mundoro Projects
  27. 27. TSXV:MUN 27 What makes the east flank of Timok interesting exploration package?  Status: Optioned to Vale  Location: Southeast of Krivelj Mine & Directly east of the main Bor Mine  Exploration: has to date been limited  Next Milestone: Testing of structural and geophysical features Miocene sediments Andesitic tuff and agglomerate Timocite Limestone Vale - Mundoro Projects JOGMEC-Mundoro Project Veliki Krivelj Mine Cukaru Peki Deposit Bor Mine 6km
  28. 28. TSXV:MUN 28 Projects For Optioning
  29. 29. TSXV:MUN N Silification Advanced argillic Argillic Phyllic Propylitic IP lines CSAMT lines Current drilling program Previous drilling program 29 Porphyry & Epithermal Targets  Status: Available for Option  Exploration: Freeport sole funded US$3.2 million for these Projects Markov Kamen Drilling - 4114 m IP survey - 32 l/km CSAMT survey - 24 l/km Prekostenski Drilling - 3190 m IP survey - 24 l/km CSAMT survey - 7 l/km D-Vein Drilling - 793 m IP survey - 14 l/km CSAMT survey - 7 l/km Orlovo Drilling - 3162 m IP survey - 14 l/km CSAMT survey - 7 l/km Tilva Rosh Drilling - 6172 m IP survey - 64 l/km CSAMT survey - 35 l/km
  30. 30. TSXV:MUN 30 East Zone Massive Sulphides & porphyry discovery Majdanpek Mine Complex North Pit South Pit Cu-Au porphyry discovery 1.5 km from Majdenpek Mine West Zone Exploration: New copper and gold targets at the north end of the license require drill test. Exploration to date discovered to mineralized systems at the south end of the license Next Milestone: Expansion drilling required to expand known zones  Status: Available for Option  Location: North Timok Serbia: Zeleznik
  31. 31. TSXV:MUN 31 NOTES 1: Combined mined and remaining resources; source: government reports 2: NI43-101 technical report, dd. 28th March 2016 3: Mined out resources; source: government reports 4: Combined mined and remaining resources; source: government reports 5: Historical production mined. Also see Note 1 on next page Bulgaria: Panagyurishte Regional Overview Mines & Projects in the District Company Status Tonnage Resource Grade Elatsite Mine1 (Cu,Au) Geotechmin Group Operating Open Pit Mine 356 Mt 0.39% Cu, 0.17 g/t Au Chelopech Mine2 (Cu, Au) Dundee Precious Metals Operating Underground Mine M+I: 12.6 Mt Inf: 1.8 Mt 1.08% Cu, 3.45 g/t Au 0.96% Cu, 2.44 g/t Au Medet Mine3 (Cu, Au) State Closed Mine 165 Mt 0.32% Cu, 0.20 g/t Au Asarel Mine4 (Cu, Au) Asarel Medet Operating Open Pit Mine 420 Mt 0.37% Cu, 0.07% Au Radka Mine5 (Cu, Au) Mundoro (tender process ongoing) Closed Mine Historical Mined Production5 6.4Mt @ 1.06% Cu and 3g/t Au
  32. 32. TSXV:MUN Panagyurishte: Svoboda High Sulphidation & Porphyry Potential 32 15km of pervasive hydrothermal alteration between known deposits and numerous Cu-Au occurrences Asarel Medet Mine Radka Mine1 In operation from 1928 to 1997 with total production of: • 6.4 Mt at 1.06% Cu and 3g/t Au Historical mineral resource of: • 2.02 Mt at 0.57% Cu and 0.60 g/t Au (Category 221) • 0.27 Mt at 0.53% Cu and 0.60 g/t Au (Category 222) Red Hill Prospect1 Historical mineral resource of: • 50,000 tones at 1.42% Cu and 0.60 g/t Au (Category 331) • 0.6 Mt at 0.76% Cu and 4.5g/t Au (Category 333) Mundoro License Asarel License Propylitic Alteration Phyllic / Argillic Alteration Medet Mine Auribus Smelter Note 1 - 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.
  33. 33. TSXV:MUN Bulgaria: Rhodopes Regional Overview NOTES 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. 21 March 2014 4 Source: NI43-101 report, Mineral resources estimation for the Rozino Gold Deposit, 5 April 2018 33 Project Company Status Tonnage Resource Grade Chala Mine1 (Au, Ag, Pb, Zn) Gorubso Kardzhali Operating Undergrou nd 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 in Constructi on M+Ind: 6.9 Mt Inf: 0.3 Mt 3.85 g/t Au, 2.15 g/t Ag 1.31 g/t Au, 1.06 g/t Ag Rozino Deposit4 Velocity Minerals Resource Drilling & PEA Inf: 8.2 Mt 1.68 g/t Au Chala Madjarovo Kumovgrad Rozino
  34. 34. TSXV:MUN 34 Rhodopes: Exploration Upside through Epithermal & Porphyry Targets Target Highlights Bryastovo Copper – Gold high sulphidation and Porphyry Target • Historical Reserves of 5.4Mt @3.93% Pb, 0.96% Zn, 0.37% Cu Chuka Copper-Gold Porphyry Target 2016 drilling showed pervasive Cu-Au mineralisation over the 383 meter hole length Drill hole CDD-001: • 66.8m @ 0.22g/t Au starting at surface; • 146.5m @ 0.40% Cu and 0.12 g/t Au; including 80.5m @ 0.51%Cu and 0.15g/t Au Sage (1984–1992 Historical Production from Pb-Zn-Cu Mine) Ore (kT) Grade Content Metals Pb % Zn % Cu % Ag ppm Cd ppm Pb t Zn t Cu t Ag kg Cd kg 425.5 1.86 1.23 0.24 7.9 71 7909 5227 1017 3373 30000 AV Target: Gold Base Metal Target Saje Project: Pb-Zn-Cu-Ag Eplika Target: Gold Chuka Target: Cu-Au Porphyry Privately Owned Gold Mine Bryastovo Target: Copper & Gold
  35. 35. TSXV:MUN Appendix of Additional Information 35
  36. 36. TSXV:MUNComparison of Jurisdictions Sweden Serbia Bulgaria Mexico Canada Chile Location Scandinavian Peninsula - Europe Southeastern Europe North America – South of USA North America South America Mining History Sweden has a history dating back 6,000 years Dating back to the Middle Ages. Source of base and precious metals since Roman times Mining-friendly history that spans almost 500 years Mining friendly since the 1900s Dates back to the Incas in 1460. Recognized as the mining capital of Latin America today Mining Law Minerals Act came into force on July 1, 1992; Last amended Mar 8, 2018 Mining and geological exploration law approved December 2015 Mining Law established 1999; Update 2011, 2015, 2018 1993 Mining Law enabled companies to be established with 100 % foreign investment Established 19th century, updated 2009 Mid 14th Century Continual Amendments; Potential changes upon election results 2013 Trade Agreements EU member since 1995 EU candidate since March 2012 EU member since January 2007 North America Free Trade Agreement (NAFTA) in 1994 NAFTA member since 1994 FTA's EU - Chile since 2002, US - Chile since 2004, Canada-Chile since 1997 Tax regime Corporate 22% 15% 10% ~30% ~28% ~20% Royalties No government specified royalty 5 % on metals produced in country Negotiated royalty with government (2 - 3 %) 7% EBITDA 0.5% of sales for PM No government specified royalty 5 % to 14% Specific mining tax (SMT) based on production VAT 25 % (refundable) 20 % (refundable) 20 % (refundable) 16 % (refundable) 5 % (GST non-refundable) 19 % (refundable) Profits No restrictions Unrestricted transfer of profits and capital 10% withholding tax (foreign dividends) 5% withholding tax (foreign dividends) No restrictions Labour Highly skilled but high cost Highly skilled and affordable labour Affordable labour Highly skilled but high cost Highly skilled and high cost Economy (World Bank national accounts data, and OECD National Accounts data files. Last data 2017) GDP (current US $) 535 billion 41.4 billion 58.2 billion 1,150 billion 1,647 billion 277 billion 2017 GDP Growth 2.10% 1.90% 3.80% 2.00% 3.00% 1.50% Export/Imports(US$) 242.9 billion / 223 billion 21.7 billion/ 25.4 billion 39.2 billion / 37 billion 435.8 billion / 456.5 billion 511.4 billion / 550.3 billion 79.5 billion / 74.8 billion Debt (US $ 2018) 193 billion 25 billion 12 billion 644 billion 1,500 billion 70 billion Deficit (% of GDP 2018) 0.8% 0.6% 1.8% 2.2% 0.6% 1.5% Population (2017) ~10 million ~7 million ~7 million ~129 million ~36.7 million ~18 million Foreignownedmines 6 7 2 na na 13 Tenure of Permits ( in years) Exploration 15 years (3+3+4+5) 10 years (3+3+2+2) 8 years (3+2+2+1) Not applicable No term limits Exploration continues in Exploitation Exploitation 35 years (25 years + 10 years) Term based on mine plan Maximum 25 years 100 years (50 years + 50 years) No term limits No term limits Exploration $ (2018) >$50 million $100 million > $10 million $383 million $1,099 million $603 million Source: World Bank national accounts data, OECD National Accounts data, NI43-101 reports, Company reports.
  37. 37. TSXV:MUN 37 Contact us: +1-604-669-8055 info@mundoro.com Social media updates:

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