Mundoro is a Canadian listed royalty generator 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 primarily 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.

1. Focused Investment in Gold & Copper
January 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
3
Why Mundoro & Why Now
Focused on Copper
and Gold
Strategic Land Packages
in World Class Districts
Investment
Highlights

4. TSXV:MUNPortfolio 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 include: 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:MUNUnique 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 CASH FLOW

6. TSXV:MUNUnique 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:MUNGrowing Partner Funding and Payments
7
Mundoro’s Operator Fees and Partner Exploration Funding
C$Thousands
Operator Fees General & Admin MUN Exploration Partner Exploration

8. TSXV:MUN
G+A Expenditures Total Exploration G&A (3 Year Average) % of Total Expenditures Revenue Growth (Annual 3-Year Avg)
Mundoro Junior Peers Mundoro Junior Peers
Mundoro’s Unique Model at Work
8
Mundoro has lowest G&A as % of Total Expenditures and 4x higher Revenue growth than Junior Peers
$780K $4.2M 15% 44%
$6000
5000
4000
3000
2000
1000
$0
3YearsAverageExpenditures(C$Thousands)
60%
50
40
30
20
10
0%
G&A%OFTOTALEXPENDITRURES
&
REVENUEGROWTH
10% 56%$780 K $4.2 M 15 % 44 % 56 % 10 %

9. TSXV:MUN
1
10
100
1000
$1
$10
$100
$1,000
$10,000
$100,000
$1,000,000
SOURCE: COMPANY FINANCIAL REPORTS, MUNDORO, PRICING INFORMATION DECEMBER 22ND, 2020
Industry Revenue Ranking
EV/RMULTIPLE
3YEARAVERAGEREVENUE(C$THOUSANDS)
3-Year-Average Revenue Track Record
9
Seniors → 18x EV/R Mid-Tier → 46x EV/R Juniors → 120x EV/R MUN:TSXV → 35x EV/R
Average MCAP $8.1 Billion $162 Million $32 Million $13 Million
Avg Annual Revenue
(3-Year Avg) $360 Million $3.4 Million $360K $305K
Revenue Growth (3-Year) 60% 512% 10% 56%
Cash Flow (3-Year Avg) >$213 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

10. TSXV:MUN
Shares
Outstanding (Basic)
Warrants
(Exercise price $0.20
Expire Dec-2021)
Our Shareholders
SHARE CAPITALBALANCE SHEET (CAD$, Q3 2020)
1.9
MILLION
0$
Cash & Cash
Equivalents Debt
10
RESEARCH AND ANALYST NOTESOWNERSHIP AND SIGNIFICANT SHAREHOLDERS
$ 81 Million
Options
8 Million 6 Million
Fully Diluted
Shares Outstanding
95 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%

11. TSXV:MUNOur Team & Advisors
11
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
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

12. TSXV:MUNOur Approach to Sustainable Resource Management
12
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 awarenessofsafe workpractices
▪ 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 tocomprehensive disclosure&
open communicationwith ourstakeholders
▪ 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 GovernanceSocial
01 02 03

13. TSXV:MUN
Mineral Districts of Focus

14. TSXV:MUNEmerging Mineral Districts in Western Tethyan Belt TSXV:MUN

15. TSXV:MUNTimok: International Miners Active in Serbia M&A
15
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
Formpartnership for exploration
in Timok, Serbia
NOV 2020
Expand partnership for two
additional licenses in Timok,
Serbia

16. 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 16
Serbia: Timok Overview - World Class Mining District
> 100 Years of Mining & > 4 Billion tonnes of Porphyries
Mines & Projects Majdanpek1 (Cu, Au) Veliki Krivelj Mine1 (Cu, Au) Bor Mine1 (Cu, Au) Cukaru Peki2 (Cu, Au)
Status Operating Open Pit Mine Operating Open Pit Mine Operating Mine Development Project
Tonnage 637 Mt 506 Mt 18.3 Mt 1,008 Mt Upper: M+I 42.67 Mt Lower: Inf 1,663 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
Majdanpek
Cukaru PekiBor
Veliki Krivelj

17. TSXV:MUN
17
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

18. 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 18
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
Krumovgrad
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
Krumovgrad
Rozino
Bulgaria: Rhodopes Overview – Emerging District
10 km
Mundoro
Dundee Precious Metals
Velocity Minerals
Other licenses
Applications in process

19. TSXV:MUN
Appendix: Property Portfolio

20. TSXV:MUNTSXV:MUN
20
TSXV:MUN
20
▪ 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
20
5 km
Mundoro- Vale
Drill Holes
Borsko license
Bor mine complex
Veliki Krivelj
Cukaru Peki
Target 1
Skorusa porphyry
Cerovo Mine

21. TSXV:MUNTSXV:MUNTSXV:MUN
21
TSXV:MUN
21
Vale-Mundoro Projects
21
▪ 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

22. TSXV:MUN
22
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

23. TSXV:MUN
23
Markov Kamen East: Geology and Geochemistry Mo

24. TSXV:MUNTSXV:MUNTSXV: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
24
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

25. TSXV:MUN
01 02 03
Investment Rational
25
▪ 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

26. TSXV:MUNTSXV:MUN
Jurisdictional Comparison of Mineral Laws

27. TSXV:MUN
Serbia Bulgaria Finland Chile Mexico Canada
Location Southeastern Europe Scandinavian Peninsula - Europe South America North America – South of USA 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
Mining Law Mining and geological exploration
law approved December 2015
Mining Law established 1999;
Update 2011, 2015, 2018
Mining Act (503/1965) since 1965 Mid 14th Century Continual Amendments;
Potential changes upon election results 2013
1993 Mining Law enabled companies to be
established with 100 % foreign investment
Established 19th century,
updated 2009
Trade Agreements EU candidate since March 2012 EU member since January 2007 EU member since 1995 FTA's EU - Chile since 2002, US - Chile
since 2004, Canada-Chile since 1997
North America Free Trade Agreement
(NAFTA) in 1994
NAFTA member since 1994
Tax regime (Source: Source: World Bank national accounts data, OECD National Accounts data, NI43-101 reports, Company reports )
Corporate 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
No government specified royalty
VAT 20 % (refundable) 20 % (refundable) 24 % (refundable) 19 % (refundable) 16 % (refundable) 5 % (GST non-refundable)
Profits Unrestricted transfer of profits and capital No restrictions No restrictions 10% withholding tax (foreign dividends) 5% withholding tax (foreign dividends)
Labour Highly skilled and affordable labour Highly skilled but high cost Highly skilled and high cost Affordable labour Highly skilled but high cost
Economy (Source: World Bank national accounts data, and OECD National Accounts data files. Last data 2018)
GDP(currentUS$) 50.6 billion 65.1 billion 276 billion 298.2 billion 1,221 billion 1,713 billion
2018GDPGrowth 4.39% 3.80% 1.70% 4 % 2.1 % 1.9 %
Export/Imports(US$) 26.6 billion/ 20.7 billion 34 billion / 38.3 billion 75.2 billion / 78.35 billion 76.7 billion / 71 billion 441 billion / 416 billion 431 billion / 369 billion
Debt(US$2018) 27.54 billion 12.4 billion 151.36 billion 60.9 billion 644.96 billion 1,539 billion
Deficit(%ofGDP2018) 0.81% 2 % -0.9% 2.65 % 2.2% 1.1 %
Population (2019) ~7 million ~7 million ~5.5 million ~18.73 million ~126.2 million ~36.7 million
Foreignownedmines 7 2 6 13 na na
Tenure of Permits ( in years) (Sources: S&P Market Intelligence, Company technical reports)
Exploration 10 years (3+3+2+2) 8 years (3+2+2+1) 15 years (4 + 11) Exploration continues in Exploitation Not applicable No term limits
Exploitation Term based on mine plan Maximum 25 years Term based on mining plan No term limits 100 years (50 years + 50 years) No term limits
Exploration$(2018) >$10-50 million > $10 million >$50 million $603 million $383 million $1,099 million
Europe Compares Well to North America

28. TSXV:MUN
28
Teo Dechev, CEO & Director
www.mundoro.com
TSX-V: MUN
OTCQB: MUNMF
Frankfurt: NGU