August 24, 2020 Vancouver, BC – Mundoro Capital Inc. (TSXV: MUN, www.mundoro.com) (“Mundoro” or the “Company“), is pleased to report its quarterly update for exploration and corporate activity for the three months ending June 30, 2020. The Company has filed its quarterly Consolidated Financial Statements and Management’s Discussion and Analysis on SEDAR at www.sedar.com and posted on the Company’s website at www.mundoro.com.

Highlights for Q2-2020

Financial Update
•The Company ended Q2-2020 with $2,378,168 in cash and cash equivalents. Mundoro has no long-term debt.
•During the six months ended June 30, 2020 and 2019, the Company received operator fees of $116,302 and $135,940 for its role as the operator on exploration programs for option partners.
•The Company’s exploration costs were lower for the six months ended June 30, 2020 at $1,742,150 compared to $1,990,496 for the six months ended June 30, 2019. Exploration costs related to the JOGMEC Generative Alliance, JOGMEC-Mundoro JV Project, Vale-Mundoro Projects, and the two licenses, Savinac and Bacevica, previously part of the Freeport earn-in from October 2018 to April 2020, were sole-funded by option partners.
•Recoveries from partners during the six months ended June 30, 2020 and 2019, amounted to $1,197,817 and $1,337,490, resulting in net exploration costs of $544,333 and $653,006, respectively.
•During the period, Mundoro recorded lower corporate expenses of C$151k mainly due to decreased expenses for governance, accounting and audit, and corporate communication. All other corporate expenses incurred by the Company remained relatively constant from the prior period.

Operational Update and Outlook
•Since 2016, Mundoro’s business strategy has benefited from partner-sole-funded programs of US$13.6 million and Mundoro has generated operator fees of US$1.3 million (C$1.7 million).
•Mundoro continues to advance discussions with interested third parties regarding Mundoro’s existing copper and gold projects in our portfolio. These discussions are in line with the Company’s business model to generate future returns for our shareholders from our mineral properties through royalties, advance royalty payments, milestone payments, operator fees to operate partner programs, an interest in commercial production or sale of our interest in a mineral property.
•In eastern Europe, MUN was an early mover in recognizing the opportunities for copper and gold projects in the western portion of the Tethyan belt, and quickly staked and then optioned projects for operator fees, work commitments, and royalty interests.
•Mundoro continues to grow the eastern European exploration portfolio while working on new deals for the existing projects. The Company has new applications for gold and copper projects in Serbia and Bulgaria which can continue to attract mining industry interest.
•A core part of our business is to identify new opportunities in the field, hence to remain in the field we have developed new practices to work within the restrictions observed during the COVID-19 health pandemic in the jurisdictions in which we operate, in order to protect the health and well-being of our staff, consultants and partners, as well as the members of the communities where we operate.

Notes: 1. Third party resources estimates based on those reported by RTB Bor Group. Resources reported according to Russian classification system. 2. Nevsun Resources Inc – NI 43-101 Technical Report on SEDAR. Mineralization hosted on adjacent and or nearby properties is not necessarily indicative of mineralization hosted on the Company’s properties.



Vale-Mundoro Projects
•For the Vale-Mundoro Projects (see Figure 1), compiled data sets are being reviewed for targeting and exploration planning. Data review includes: drill logs, structural interpretation, geophysical surveys of ground magnetics, CSAMT, IP and gravity data, as well as alteration and geochemistry analysis. The parties are awaiting government approvals before exploration activity can commence.



JOGMEC-Mundoro JV Project
•To date, JOGMEC has sole funded a total of US$5.8 million (C$8.2 million) for the JOGMEC-Mundoro JV Project (see Figure 1), and has completed the earn-in for a 51% interest in the project. All work commitments have been met for the JOGMEC-Mundoro JV Project during this term. The joint venture is now at a proportionate funding stage, with Mundoro entitled to exercise an option to acquire a 2% interest in the joint venture from JOGMEC (taking Mundoro to 51%) for nominal consideration and maintain its role as the operator.
•An online data room with a 3D model for the project has been opened for interested third parties which have signed a confidentiality agreement with the Company.
•The Company has received interest from a number of third parties to review the project.



Savinac and Bacevica (Available for Option)
•The two licenses, Savinac and Bacevica (see Figure 1), previously part of the Freeport earn-in from October 2018 to April 2020, have reverted 100% to Mundoro for no consideration. Freeport sole funded a total of US$3.2 million (C$4.5 million) on these two licenses, therefore the current term work commitments for the licenses have been met.
•Mundoro has signed Confidentiality Agreements with a number of third parties to review an online data room with 3D models for the two project areas. These third-party reviews are advancing for the purpose of adding a new partner to the projects. No further exploration expenditures are required to maintain the licenses while Mundoro continues discussions with third parties.



Zeleznik (Available for Option)
•The Zeleznik group of licenses (“Zeleznik”), which are 100% owned by the Company, are available for optioning. An online data room with 3D models for this project has been opened for third parties which have a confidentiality agreement signed with the Company.

Summary of Completed Drill Program in Q2-2020


Zeleznik is located directly north of the Majdanpek copper mine at the north end of the Timok district (Figure 2). Two identified targets: West Zone and East Zone, respectively, have similarities with the Majdenpek deposits in terms of geology, structural settings and type of mineralization – porphyry and skarn/massive sulphides. A 450 meter drill program was completed in Q1-2020 which was designed to test the southern extension of the East Zone by 200 m to the south with two inclined drill holes.
•The East Zone target is a 1000 m by 300 m gold-copper geochemical anomaly with porphyry signature (Figure 3).
•Diorite porphyry and subvolcanic andesite are intruded into a limestone and gneiss to form contact zones of semi-massive sulphide of carbonate-replacement type.
•Copper-gold mineralisation is bounded to sub-vertical faults in diorite-andesite and consists of disseminated to semi-massive sooty pyrite and chalcopyrite. Magnetite skarn occur on the diorite-limestone contacts. Some of the best intercepts from previous drilling program returned: ?Drill hole 17-ZEL-25 – 35 meters of 0.32 g/t gold and 0.29% copper from 46.0 m
?Drill hole 17-ZEL-15 – 20.8 meters of 0.26 g/t gold and 0.20% copper from 33.0 m

•Best results from the current 450 meter drill program were obtained from drill hole 20-CZ-02 that returned: ?42.4 m of 0.14 g/t gold and 0.14% copper (0.24% CuEq), from 41 meters
?Including 6 m of 0.27 g/t gold and 0.38% copper (0.57% CuEq) from 63 meters

•The mineralized system remains open to the east, southeast, and southwest. The IP chargeability anomaly beneath the copper-gold and base metal mineralization identified to date also remains untested at depth.

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