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Mundoro Capital_Corporate_Presentation_April2021

Mundoro Capital Inc. focuses on copper and gold investments, emphasizing the importance of forward-looking statements in assessing their exploration projects, particularly in Serbia and Bulgaria. The company highlights the risks associated with fluctuating metal prices and the challenges of confirming previous mineral resource estimates. Mundoro's strategic approach centers around partnering with senior miners, exploring diverse mineral districts, and generating revenue through royalties and strategic alliances.

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Focused Investment in Copper and Gold TSX-V: MUN | OTCQB: MUNMF | Frankfurt: NGU April 2021 mundoro.com
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
TSXV:MUN Partnering with Senior Miners Generating Revenue from Portfolio for 5 years Right Team for the Right Jurisdictions Pipeline of projects for partnering & exploration 3 Why Mundoro & Why Now Strong Copper & Gold Platform Strategic Land Packages in World Class Districts Growing Opportunity for New Royalty Creation
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
TSXV:MUN 01 02 03 Unique Business Model 5 Target Discovery • 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
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
TSXV:MUN 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 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 m 63% Annual Revenue Generated (3 Years Average ) Annual Meters Drilled (3-years average) Equity Dilution over 10 years G&A expenses as % of Total expenditures (3 years average) 53 % > 4000 m Annual Revenue Generated Meters Drilled Dilution G&A % 15 % 43 % $304k $268k
TSXV:MUN 1 10 100 1000 $1 $10 $100 $1,000 $10,000 $100,000 $1,000,000 $10,000,000 SOURCE: COMPANY FINANCIAL REPORTS, MUNDORO, PRICING INFORMATION APRIL 1ST, 2021 Industry Revenue Ranking EV/R MULTIPLE 3 YEAR AVERAGE REVENUE (C$ THOUSANDS) Investors are giving high EV/R multiple to Juniors with the expectation for higher growth than Mid-Tiers or Seniors 8 Seniors → 15x EV/R Mid-Tier → 33x EV/R Juniors → 132x EV/R MUN:TSXV → 60x EV/R Average MCAP $6.8 Billion $167 Million $ 32 Million $20 Million Avg Annual Revenue (3-Year Avg) $326 Million $3.2 Million $268 K $304K Revenue Growth (3-Year) 13% 358 % 33% 4% Cash Flow (3-Year Avg) >$154 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
TSXV:MUN Shares Outstanding (Basic) Warrants 6 mln Dec-2021 @$0.20 9.6 mln Feb-2023 @$0.30 Our Shareholders SHARE CAPITAL BALANCE SHEET (CAD$, Q1 2021) 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%
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 Retired Banker, US State Department Michael Calyniuk Independent Director Audit Committee Chair Retired PWC Audit Partner Nick Hatch Independent Director Compensation Committee Chair Retired Sell Side Equity Research Analyst Christopher Wong MBA, CPA, CMA Chief Financial Officer EXPLORATION Richard Jemielita, PhD Chief Geologist, QP, MIMMM 40+ years in generative exploration Yassen Krishchev Senior Exploration Manager 25+ years Exploration at majors & juniors Ivan Veljkovic Project Administration Manager, Serbia Damyan Hristov Senior Data Manager 25+ years Data specialist for majors 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
TSXV:MUN Mineral Districts of Focus
TSXV:MUN Emerging Mineral Districts in Western Tethyan Belt TSXV:MUN
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 Formpartnership for exploration in Timok, Serbia NOV 2020 Expand partnership for two additional licenses in Timok, Serbia
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
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
TSXV:MUN 10 km SOURCES: 1 “GOLD AND AURIFEROUS ORE GEORESOURCES AND PROCESSING TECHNOLOGIES IN BULGARIA ”, 2012, PROF. I.BALTOV ET AL. 2 “ORE PRODUCTION IN BULGARIA: 1878 - 1995”, 1996, V. MILEV ET AL. 3 NI43-101 REPORT, DD. 20 NOVEMBER 2020 4 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 Probable Reserves: 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 Mundoro Dundee Precious Metals Velocity Minerals Other licenses Applications in process Bulgaria: Rhodopes Overview – Emerging District
TSXV:MUN Highlights from Property Portfolio
TSXV:MUN Borsko: High Sulphidation & Porphyry Targets 18 Target 1 Location Status Payments to MUN Operator Exploration Royalty Adjacent to the producing Zijin Bor mining complex JV between Mundoro 51%; JOGMEC 49%; Mundoro Operator Fees JOGMEC sole-funded US$5.8 mln 2 % NSR Option to drill test high- sulphidation and porphyry targets 5 km Mundoro- Vale Drill Holes Borsko license Bor mine complex Veliki Krivelj Mine Cukaru Peki Deposit Target 1 Skorusa porphyry Cerovo Mine Next Milestones Potential Copper & Gold
TSXV:MUN Location Status Payments to MUN Operator Exploration Royalty Next Milestones Potential Vale – Mundoro JV Projects 19 Target 1 SW of the main Zijin Bor mining complex Earn-in agreement upto 75% interest for Vale Mundoro Operator Fees & Phase II Annual Payments Vale sole-funds US$45 million In exploration over 8 years 2 % NSR Diamond drilling ongoing at Skorusa copper-gold porphyry system; Geophysics program at Tilva Mare prospect; Branik & Padina Skorusa Oblez Copper & Gold
TSXV:MUN Payments to MUN Exploration Royalty Next Milestones Potential Vale – Mundoro MOU projects 20 Target 1 15 km SW of the Zijin Bor Mine Complex MOU for 100 % interest to Vale Mundoro US$200,000/yr Operator Fees Milestone Payments ARP Vale sole-funds C$2.5 million exploration expenditures the first 2 years 2 % NSR Diamond drilling at Tilva Rosh target, Savinac license; Follow up four identified targets in Bacevica license; Copper & Gold Savinac Bacevica Location Status Operator
TSXV:MUN Zeleznik: New Copper & Gold Mineralization 21 Target 1 Next Milestones North Timok 1.5 km NW of Majdanpek mine Available for Option 100% Mundoro ownership Discovered porphyry related systems (West Zone and East Zone) New copper and gold targets at the north end of the license drill target ready; Option to a partner; 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 Potential Copper & Gold Exploration Location Status Operator
TSXV:MUN GT7: Copper Prospect in Serbia Tertiary Magmatic Belt 22 Target 1 40 km SE of the Rudnik Pb-Zn-Ag mining district Available for Option 100% Mundoro ownership Identified through Mundoro generative program Targets with indications of copper & gold for follow-up; Option to a partner; Copper & Gold GT7 project Other licenses Tertiary volcanics Mine Rudnik GT7 Qtz-Chpy-Mo stockwork Qtz-Chpy-Mo vein Qtz-Chpy- Py - Mo B-type vein Qtz-Chpy-Mo vein Next Milestones Potential Exploration Location Status Operator
TSXV:MUN Portfolio Appendix
TSXV:MUN 24 Vale JV Projects - Skorusa Targets Target A Target B Target C Geophysical target drillholes (completed) Lithological targets drillholes (planned) Skorusa Porphyry System •Southern extension of the magnetic low anomaly Tilva Mare Target Area •Geophysics program lines •Mineralised clasts in upper Cretaceous cover rock
TSXV:MUN 25 Vale JV Projects - Markov Kamen East: Geology and Geochemistry Mo
TSXV:MUN 01 02 03 Investment Rational 26 ▪ 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
TSXV:MUN ESG Practices
TSXV:MUN 28 “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 Our Approach to Responsible Mineral Development
TSXV:MUN 01 02 03 Our Approach to ESG 29 • Adhere to standards to protect wildlife and plant life in the surrounding habitat • Restore landscape post exploration • Work with drilling contractors to minimize emissions • Work with independent certified labs • Increase 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 • Committed to comprehensive disclosure & open communication with our stakeholders • Join local organizations to advocate ESG principles for exploration sector • Board of Directors and all staff follow Corporate Code of Conduct & Ethics which is regularly updated • Committed to Diversity in our Workforce Environmental Governance Social
TSXV:MUN 01 02 03 30 Community & Culture Healthcare Education Our Approach to CSR Partnering with Local Communities to Support Cultural Activities, Education and HealthCare Renovation of a medical center in Mineralni bani, Bulgaria Donation of equipment to the hospital Bor, Serbia Field visits, Technical Faculty Bor, Serbia Donation equipment, Elementary school Sumrakovac, Serbia Students internships, Sofia University & Mining University, Bulgaria Playground donation, Bor, Serbia Donation to folklore festival, Kucevo, Serbia Donation to the Archeological Museum, Alexandrovo, Bulgaria Awards won for Community Contribution, Bulgaria
TSXV:MUN TSXV:MUN Jurisdictional Comparison of Mineral Laws
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 proceedings) Tenure of Permits (Sources: S&P Market Intelligence, Company technical reports) Process First-Come, First-Serve Public Gazette FCFS FCFS + Public Bulletin + Court FCFS + physical staking FCFS 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 $206.5 million Economy (Source: World Bank national accounts data, and OECD National Accounts data files. Last data 2019) GDP (currentUS$) 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 ~7 million ~7 million ~5.5 million ~18 million ~129 million ~5 million Europe Compares Well to North & South America 32
TSXV:MUN 33 Portfolio for Growth TSX-V: MUN | OTCQB: MUNMF | Frankfurt: NGU March 2021 mundoro.com

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Mundoro Capital_Corporate_Presentation_April2021

  • 1.
    Focused Investment inCopper and Gold TSX-V: MUN | OTCQB: MUNMF | Frankfurt: NGU April 2021 mundoro.com
  • 2.
    TSXV:MUN • Certain statementsmade 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 Miners GeneratingRevenue from Portfolio for 5 years Right Team for the Right Jurisdictions Pipeline of projects for partnering & exploration 3 Why Mundoro & Why Now Strong Copper & Gold Platform Strategic Land Packages in World Class Districts Growing Opportunity for New Royalty Creation
  • 4.
    TSXV:MUN Portfolio of Projects MexicoProject 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 01 02 03 UniqueBusiness Model 5 Target Discovery • 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’sapproach 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 50,000 100,000 150,000 200,000 250,000 300,000 350,000 Mundoro Generators MundoroGenerators 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 m 63% Annual Revenue Generated (3 Years Average ) Annual Meters Drilled (3-years average) Equity Dilution over 10 years G&A expenses as % of Total expenditures (3 years average) 53 % > 4000 m Annual Revenue Generated Meters Drilled Dilution G&A % 15 % 43 % $304k $268k
  • 8.
    TSXV:MUN 1 10 100 1000 $1 $10 $100 $1,000 $10,000 $100,000 $1,000,000 $10,000,000 SOURCE: COMPANY FINANCIALREPORTS, MUNDORO, PRICING INFORMATION APRIL 1ST, 2021 Industry Revenue Ranking EV/R MULTIPLE 3 YEAR AVERAGE REVENUE (C$ THOUSANDS) Investors are giving high EV/R multiple to Juniors with the expectation for higher growth than Mid-Tiers or Seniors 8 Seniors → 15x EV/R Mid-Tier → 33x EV/R Juniors → 132x EV/R MUN:TSXV → 60x EV/R Average MCAP $6.8 Billion $167 Million $ 32 Million $20 Million Avg Annual Revenue (3-Year Avg) $326 Million $3.2 Million $268 K $304K Revenue Growth (3-Year) 13% 358 % 33% 4% Cash Flow (3-Year Avg) >$154 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 mlnDec-2021 @$0.20 9.6 mln Feb-2023 @$0.30 Our Shareholders SHARE CAPITAL BALANCE SHEET (CAD$, Q1 2021) 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 Retired Banker, US State Department Michael Calyniuk Independent Director Audit Committee Chair Retired PWC Audit Partner Nick Hatch Independent Director Compensation Committee Chair Retired Sell Side Equity Research Analyst Christopher Wong MBA, CPA, CMA Chief Financial Officer EXPLORATION Richard Jemielita, PhD Chief Geologist, QP, MIMMM 40+ years in generative exploration Yassen Krishchev Senior Exploration Manager 25+ years Exploration at majors & juniors Ivan Veljkovic Project Administration Manager, Serbia Damyan Hristov Senior Data Manager 25+ years Data specialist for majors 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.
  • 12.
    TSXV:MUN Emerging Mineral Districtsin Western Tethyan Belt TSXV:MUN
  • 13.
    TSXV:MUN Timok: International MinersActive 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 Formpartnership for exploration in Timok, Serbia NOV 2020 Expand partnership for two additional licenses in Timok, Serbia
  • 14.
    TSXV:MUN Sources: 1. TheMineral 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 ANDMETALLOGENY 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 10 km SOURCES: 1 “GOLDAND AURIFEROUS ORE GEORESOURCES AND PROCESSING TECHNOLOGIES IN BULGARIA ”, 2012, PROF. I.BALTOV ET AL. 2 “ORE PRODUCTION IN BULGARIA: 1878 - 1995”, 1996, V. MILEV ET AL. 3 NI43-101 REPORT, DD. 20 NOVEMBER 2020 4 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 Probable Reserves: 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 Mundoro Dundee Precious Metals Velocity Minerals Other licenses Applications in process Bulgaria: Rhodopes Overview – Emerging District
  • 17.
  • 18.
    TSXV:MUN Borsko: High Sulphidation& Porphyry Targets 18 Target 1 Location Status Payments to MUN Operator Exploration Royalty Adjacent to the producing Zijin Bor mining complex JV between Mundoro 51%; JOGMEC 49%; Mundoro Operator Fees JOGMEC sole-funded US$5.8 mln 2 % NSR Option to drill test high- sulphidation and porphyry targets 5 km Mundoro- Vale Drill Holes Borsko license Bor mine complex Veliki Krivelj Mine Cukaru Peki Deposit Target 1 Skorusa porphyry Cerovo Mine Next Milestones Potential Copper & Gold
  • 19.
    TSXV:MUN Location Status Payments to MUN Operator ExplorationRoyalty Next Milestones Potential Vale – Mundoro JV Projects 19 Target 1 SW of the main Zijin Bor mining complex Earn-in agreement upto 75% interest for Vale Mundoro Operator Fees & Phase II Annual Payments Vale sole-funds US$45 million In exploration over 8 years 2 % NSR Diamond drilling ongoing at Skorusa copper-gold porphyry system; Geophysics program at Tilva Mare prospect; Branik & Padina Skorusa Oblez Copper & Gold
  • 20.
    TSXV:MUN Payments to MUN Exploration RoyaltyNext Milestones Potential Vale – Mundoro MOU projects 20 Target 1 15 km SW of the Zijin Bor Mine Complex MOU for 100 % interest to Vale Mundoro US$200,000/yr Operator Fees Milestone Payments ARP Vale sole-funds C$2.5 million exploration expenditures the first 2 years 2 % NSR Diamond drilling at Tilva Rosh target, Savinac license; Follow up four identified targets in Bacevica license; Copper & Gold Savinac Bacevica Location Status Operator
  • 21.
    TSXV:MUN Zeleznik: New Copper& Gold Mineralization 21 Target 1 Next Milestones North Timok 1.5 km NW of Majdanpek mine Available for Option 100% Mundoro ownership Discovered porphyry related systems (West Zone and East Zone) New copper and gold targets at the north end of the license drill target ready; Option to a partner; 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 Potential Copper & Gold Exploration Location Status Operator
  • 22.
    TSXV:MUN GT7: Copper Prospectin Serbia Tertiary Magmatic Belt 22 Target 1 40 km SE of the Rudnik Pb-Zn-Ag mining district Available for Option 100% Mundoro ownership Identified through Mundoro generative program Targets with indications of copper & gold for follow-up; Option to a partner; Copper & Gold GT7 project Other licenses Tertiary volcanics Mine Rudnik GT7 Qtz-Chpy-Mo stockwork Qtz-Chpy-Mo vein Qtz-Chpy- Py - Mo B-type vein Qtz-Chpy-Mo vein Next Milestones Potential Exploration Location Status Operator
  • 23.
  • 24.
    TSXV:MUN 24 Vale JV Projects- Skorusa Targets Target A Target B Target C Geophysical target drillholes (completed) Lithological targets drillholes (planned) Skorusa Porphyry System •Southern extension of the magnetic low anomaly Tilva Mare Target Area •Geophysics program lines •Mineralised clasts in upper Cretaceous cover rock
  • 25.
    TSXV:MUN 25 Vale JV Projects- Markov Kamen East: Geology and Geochemistry Mo
  • 26.
    TSXV:MUN 01 02 03 InvestmentRational 26 ▪ 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
  • 27.
  • 28.
    TSXV:MUN 28 “Over last 20years 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 Our Approach to Responsible Mineral Development
  • 29.
    TSXV:MUN 01 02 03 OurApproach to ESG 29 • Adhere to standards to protect wildlife and plant life in the surrounding habitat • Restore landscape post exploration • Work with drilling contractors to minimize emissions • Work with independent certified labs • Increase 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 • Committed to comprehensive disclosure & open communication with our stakeholders • Join local organizations to advocate ESG principles for exploration sector • Board of Directors and all staff follow Corporate Code of Conduct & Ethics which is regularly updated • Committed to Diversity in our Workforce Environmental Governance Social
  • 30.
    TSXV:MUN 01 02 03 30 Community& Culture Healthcare Education Our Approach to CSR Partnering with Local Communities to Support Cultural Activities, Education and HealthCare Renovation of a medical center in Mineralni bani, Bulgaria Donation of equipment to the hospital Bor, Serbia Field visits, Technical Faculty Bor, Serbia Donation equipment, Elementary school Sumrakovac, Serbia Students internships, Sofia University & Mining University, Bulgaria Playground donation, Bor, Serbia Donation to folklore festival, Kucevo, Serbia Donation to the Archeological Museum, Alexandrovo, Bulgaria Awards won for Community Contribution, Bulgaria
  • 31.
  • 32.
    TSXV:MUN Serbia Bulgaria FinlandChile 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 proceedings) Tenure of Permits (Sources: S&P Market Intelligence, Company technical reports) Process First-Come, First-Serve Public Gazette FCFS FCFS + Public Bulletin + Court FCFS + physical staking FCFS 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 $206.5 million Economy (Source: World Bank national accounts data, and OECD National Accounts data files. Last data 2019) GDP (currentUS$) 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 ~7 million ~7 million ~5.5 million ~18 million ~129 million ~5 million Europe Compares Well to North & South America 32
  • 33.
    TSXV:MUN 33 Portfolio for Growth TSX-V:MUN | OTCQB: MUNMF | Frankfurt: NGU March 2021 mundoro.com