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Focused Investment in Gold & Copper
May 2019
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
TSXV:MUN
World Class District
Risk Mitigationwith Earn-ins
CommoditiesFocused on Copper and Gold
Experienced Team
Fiscal Discipline
Strategic Investments
Leveraging Infrastructure
Strategic Projects
3
Partner Model
Copper and GoldFocus
Proven Mineral Belts
TSXV:MUN
Our Milestones for 2019
2018 Q4 2019 Q1 2019 Q2 2019 Q3 2019 Q4
JOGMEC-MUNDORO PROJECT Cu, Au
FREEPORT-MUNDORO PROJECTS
Cu, Au
TIMOK PROJECTS Cu, Au
STRATEGIC ALLIANCE (JOGMEC)
Complete Y3 P1 Program
Discussions for new joint ventures
Completed Initial Program Alteration Mapping + Geophysics Anticipated Drill Testing
Operator for 2 Joint Ventures & 1 Strategic Alliance
4
Geophysics and Drilling
Strategic Alliance Program
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Our Business Model
5
Target Discovery-Stage
• District-Scale Land Packages
• Focused on copper and gold
• Low-cost entry level
• Attractive for partners
• Partners sole-fund exploration through:
• Strategic alliances
• Joint ventures, Earn-ins, Options
• Business transactions
• MUN retains royalties & collects fees
• Provide turn key solution to operate programs with experienced team
• Partners 100% sole fund exploration
• Maintain optionality, including drilling our own projects when beneficial
• Ongoing operator fees
• Advance royalty payments
• NSR royalty
• Carried to commercial production
• Outright sale of assets
PACKAGE
DISCOVER
PARTNER
MONETIZE
TSXV:MUN
Mundoro’s Position in Market vs Peers
6
TSXV:MUN
Market Value of Various Minerals Sector Companies
7Source: TMX on May 13, 2019
Explorers (Pre-resource)
Explorers (Resources or PEA)
Developers(Feasibility & Financing)
Mar
ket
Cap
ital
izat
ion
(C
AD
$M
)
Royalty & StreamingProspect Generators
TSXV:MUN
Comparison of Similar Companies
Market Cap1 8 27 31 26 32 76 131 43 132
LocationSerbia
BulgariaJapan Canada, USA
Sweden,Finland
Chile, Argentina
FinlandJapan,
Tanzania, Malawi
Ecuador Bosnia
Cash2 4.5 6.3 12.4 6.3 25 1.5 6.9 0.8 12.4
Admin Costs as % of Total Expenditures (LTM3) 17% 49% 51% 25% 50% 21% 28% 16% 33%
Drilling Metres in 2018 15,972 0 0 16,660 8,150 6,297 0 1,500 N/A
Exploration Expenses: 5 Years 14.6 3.5 2.4 14.6 24.5 7.5 N/A6 8.5 N/A5
Equity Dilution since 2015 37% 82%4 53% 47% 18% 20% 80%6 29% N/A5
8
Notes: 1. Source TMX on May 13, 2019, CAD$ Millions. 2. Q4-2018, CAD$ Millions. 3. LTM = Last Twelve Months. 4. Japan Gold Corp. changed its name from Sky Ridge Resources Ltd. by acquiring Southern Arc Minerals
Japan KK in 2016. 5. Adriatic Metals ASX IPO in May 2018. 6. Irving Resources first share issue in August 2015. 7. Estimated meters Source: Company reports, Mundoro
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Our Shareholder Base and Share Price HistorySHARE CAPITALBALANCE SHEET (CAD$, by Q1 2019)
3MILLION
0$Cash & CashEquivalents Debt
9
7-YEAR SHARE PRICE (Updated on May 13, 2019)OWNERSHIP
Announced entering into Serbia
Exploration Insights coverage
$
Announced
Announced Announced
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Our Team & Advisors
10
Teo Dechev, MBA, P.Eng, ICD.DChief Executive Officer, Presidentand Director
John HoeyNon-Executive Chairman, Governance and Nominating Committee Chair
Michael CalyniukIndependent DirectorAudit Committee Chair
Graham BrownIndependent DirectorCompensation Committee Chair
Christopher Wong, MBA, CPA, CMAChief Financial Officer
EXPLORATION ADVISORS
Georgi Magaranov, QPSenior Exploration Manager
Yassen KrishchevExploration Manager
Richard Sillitoe, PhDPorphyry Systems
Richard Jemielita, PhDGenerative
Leigh Rankin, PhDStructural
Ivan VeljkovicProjects Manager, Serbia
Damyan HristovData Manager
Richard MooresEconomic Geology
Alan RilesMetallurgy
MANAGEMENT AND BOARD
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11
Understanding the Discovery Potential of the
Western Tethyan Belt
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Why Explore the Tethyan Belt
12Note: Bubble size refer to whether it is a Moderate, Major or Giant deposit. Source: Minex Consulting
Au Cu Ni Zn/Pb U Other Total
# Deposits 154 124 28 44 22 53 425
Contained Metal
440.6 Moz 208.5 Mt 18.5 Mt 130.6 Mt 462 kt
• Tethyan Belt hosts 5.7% of the world’s deposits• 30% of all Tethyan deposits are in Eastern Europe; • 39% of the gold ounces are in Eastern Europe
Gold
Copper
Nickel
Zinc / Lead
Uranium
Other
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Andean Copper Belt through Chile/Peru>1100 Au & Cu projects:
~900–Exploration 100–Development 181–Operating
• Good road network and access • Existing smelting facilities with rail transport• Access to existing power grid
Source: Interria
EasternEurope
• Difficult terrain – jungles, desserts, altitude• Limited smelting facility access with rail• Lack of economically accessible power
OtherDistricts
Source: Interria
Tethyan Belt under explored compared to other well known mineral belts
Tethyan Belt through Serbia/Bulgaria/Turkey~174 Au & Cu projects (16%)
139–Exploration (15%) 18 –Development (18%) 21–Operating (12%) 13
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Mundoro’s Project Portfolio in the Tethyan Belt
14
30 Kilometres
Timok
RhodopesPanagyurishte
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15
Jurisdiction Comparison of
Serbia & Bulgaria
TSXV:MUNComparison of Jurisdictions for Exploration & Mining
SERBIA BULGARIA MEXICO ONTARIO PERU CHILE
Mining History: Dating back to the Middle AgesSource of base and precious metals since Roman times
Mining history that spans almost 500 years
Mining since the 1900’s Mining history dating back 1000 years before the Incas
Dates back to the Incas in 1460. Recognized as the mining capital of
Latin America today
Mining Law: Mining and geological exploration law approved November 2011
Updated Dec 2015
Mining law established 1999Update 2011
1993 Mining Law enabled companies to be established with
100% foreign investment
Established 19th CenturyUpdated in 2009
General Mining Law of Peru (1991); mining friendly jurisdiction
with easy permitting
Mid 14th CenturyContinual Amendments; potential
changes upon election results (2013)
Trade Agreements: 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-Peru since 2012, US-Peru since 2006, Canada-Peru since
2008, EFTA since 2010
FTA’s: EU-Chile since 2002, US-Chile since 2004, Canada-Chile
since 1997
TAX REGIME:
Corporate 15% 10% ~30% ~28% 32% 20%
Royalties 5% on metals produced in country Negotiated royalty with gov’t (~2-3%)
7% of EBITDA0.5% of Sales for PM
No government specified royalty 2004 Mining Royalties Law: 20% to local government, 20% to
provincial gvt.
Specific Mining Tax (SMT) based on production; increased to aid in
earthquake recovery
VAT 20% (refundable) 20% (refundable) 16% (refundable) 5% (GST non-refundable) 18% (refundable) 19% (refundable)
Profits Unrestricted transfer of profits and capital 10% withholding tax on foreigndividends
5% withholding tax on foreign dividends
Based on operating margin No restrictions**
Labour: Highly skilled and affordable labor force Affordable labor force Highly skilled but high cost Affordable labor force;illegal mining issues
Highly skilled and affordable labor force
ECONOMY:
GDP (2017):GDP per Capita:Inflation (CPI):
USD$41 billion USD$2,197 (1995); USD$5,900 (2017)3.1%
USD$56 billion$1,554 (1995); USD$8,032 (2017)2.1%
$1,845 billion $692.4 billion $344 billion $335.4 billion
GDP Growth 1.9% 3.6% 1.2% 1.2% 5.1% 4.4%
Export / Imports $14.6 billion / $20.5 billion $37.69 billion / $36.82 billion $370.9 billion / $370.7 billion $349.2 billion / $350.5 billion $41.5 billion / $42.1 billion $77.9 billion / $75.7 billion
PopulationUnemployment
7.02 million1.9%
7.08 million6.2%
~120 million ~13.5 million ~30.2 million ~17.4 million
Other Foreign MineralCompanies in Country:
~10 foreign companies exploring for mineral resources
~2 foreign companies exploring for mineral resources
>200 companies exploring, developing and mining
>300 companies exploring, developing and mining
>340 companies exploring, developing and mining
>270 companies exploring, developing and mining
161 Source: FT + CIA World Factbook
Projects in Serbia
17
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Timok Regional Overview: District with 100 Years of Mining History
Note 1: Third party resources estimates based on those reported by RTB Bor Group. Resources reported according to Russian classification system.18
Majdanpek1 (Cu, Au)Operating Open Pit Mine620 Mt @ 0.34% Cu, 0.20 g/t Au
Veliki Krivelj Mine1 (Cu, Au)Operating Open Pit Mine137 Mt @ 0.35% Cu, 0.09 g/t Au
Bor Mine1 (Cu, Au)Development Project14 Mt @0.8% Cu, 0.27 g/t Au1,008 Mt @ 0.53% Cu, 0.16 g/t Au
Cukaru Peki (Cu, Au)Development Project42.6 Mt @3.0% Cu, 1.9 g/t Au1,659 Mt @0.86% Cu, 0.18 g/t Au
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September 2018 and Nevsun
announce take-over
December 2018 wins tender for
RTB Bor Group
20182017201620152014201320122011
Consolidation in Timok, Serbia
January 2011
initiates research and staking of land package in Timok
March 2012announces first
set of licenses in Serbia
September 2012
announce Cukaru-Peki discovery drill holes
September 2013announces
Tilva Rosh high-grade Au zone discovery holes
December 2014announces
Zeleznik Cu-Au porphyry discovery
June 2015signs with
November 2015Reservoir and Avala sign with
March 2016 • &
partnership
• Freeport announces sale of portion of Cukaru-Peki
April 2016 Avala
acquired back into
May 2016 acquires Reservoir
2019…
July 2018 and
sign earn-in agreement for exploration of two licenses in Timok, Serbia
19
20
JOGMEC – Mundoro Project
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Borsko: High Sulphidation & Porphyry Targets
21
• In May 2019, Mundoro
announced JOGMEC proceeding
to Phase 2 to sole fund
exploration in 2019.
Freeport-Mundoro Projects
22
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Freeport-Mundoro ProjectsPorphyry and Epithermal Targets over 238 sqkm
23
• Freeport completed
US$1 million
expenditures
between October
2018 to March
2019.
• Remainder of 2019
will focus
completing
geophysics,
alteration mapping,
interpretation and
potentially further
drill testing of
targets in the
second half of 2019.
Savinac
Bacevica
Cukaru PekiDeposit
Bor Mine Complex
Sumrakovac
Osnic
5 Kilometres
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24
Projects for Optioning
24
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25
Timok Projects Available for Optioning
Zeleznik (Cu, Au)
West Zone and East ZonePorphyry & Epithermal Targets
Dubrava & Padina (Cu, Au)
Structural Corridor of Veliki KreviliPorphyry & Epithermal Targets
Sumrakovac (Cu, Au)
Skorusa Porphyry (West and East Zones)
Osnic (Cu, Au)
Tilva Mare Target Porphyry and Epithermal Potential
Majdanpek
Veliki Krivelj MineBor Mine
Cukaru Peki
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26
Mines & Projects in the District
Company Status Tonnage Resource Grade
Elatsite Mine1
(Cu,Au)GeotechminGroup
Operating Open Pit Mine
356 Mt 0.39% Cu, 0.17 g/t Au
ChelopechMine2
(Cu, Au)
DundeePrecious Metals
Operating Underground Mine
M+I: 12.6 MtInf: 1.8 Mt
1.08% Cu, 3.45 g/t Au0.96% 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 MineHistorical Mined Production5
6.4Mt @ 1.06% Cu and 3g/t Au
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
20 Kilometres
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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 2730 Kilometres
Project Company Status Tonnage Resource Grade
Chala Mine1
(Au, Ag, Pb, Zn)
Gorubso Kardzhali
Operating 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 Ag0.66 % Zn, 1.27 % Pb
Kumovgrad Mine3
(Au, Ag)
Dundee Precious Metals
Open PitMine in Construction
M+Ind: 6.9 MtInf: 0.3 Mt
3.85 g/t Au, 2.15 g/t Ag1.31 g/t Au, 1.06 g/t Ag
Rozino Deposit4Velocity Minerals
Resource Drilling & PEA
Inf: 8.2 Mt 1.68 g/t Au
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28
Rhodopes: Exploration Upside through Epithermal & Porphyry Targets
Bryastovo Target:
Copper & Gold
Eplika Target:
Gold
Saje Project:
Pb-Zn-Cu-Ag
Base Metal
Target
AV Target:
Gold
Chuka Target:
Cu-Au Porphyry
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
ppmCd
ppmPb 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
