Mundoro Announces Option Agreement with BHP for Exploration Licences in Central Timok, Serbia
Mundoro (OTCQB:MUNMF) has granted BHP a 10-year option to earn 100% of seven exploration licences in the Central Timok Project, Serbia, by funding up to US$35,000,000 in cumulative exploration expenditures and meeting milestone payments.
Key terms include a 2% NSR royalty retained by Mundoro on exercise, escalating annual option payments starting at US$323,000, milestone payments totaling up to US$10,000,000, and Mundoro operating the project initially with operator fees. The aggregated cost to exercise is ~US$48.54M. The project covers ~418 km2 and includes advanced targets such as Skorusa and Tilva Rosh.
Mundoro (OTCQB:MUNMF) ha concesso a BHP una opzione di 10 anni per guadagnare il 100% di sette licenze di esplorazione nel Progetto Central Timok, Serbia, finanziando fino a US$35,000,000 in spese di esplorazione cumulate e adempiendo ai pagamenti di milestone.
Termini chiave includono una royalty NSR del 2% trattenuta da Mundoro all'esercizio, pagamenti annuali dell'opzione crescenti a partire da US$323,000, pagamenti di milestone fino a US$10,000,000, e Mundoro che opererà inizialmente il progetto come fornitore di servizi operativi. Il costo aggregato per l'esercizio è di ~US$48.54M. Il progetto copre ~418 km2 e comprende obiettivi avanzati quali Skorusa e Tilva Rosh.
Mundoro (OTCQB:MUNMF) ha otorgado a BHP una opción de 10 años para obtener el 100% de siete licencias de exploración en el Central Timok Project, Serbia, mediante la financiación de hasta US$35,000,000 en gastos de exploración acumulados y cumpliendo con los pagos de hitos.
Los términos clave incluyen una royalty NSR del 2% retenida por Mundoro al ejercicio, pagos de opción anuales crecientes que comienzan en US$323,000, pagos de hitos que totalizan hasta US$10,000,000, y Mundoro operando el proyecto inicialmente con tarifas de operador. El costo agregado para el ejercicio es de ~US$48.54M. El proyecto cubre ~418 km2 e incluye objetivos avanzados como Skorusa y Tilva Rosh.
Mundoro (OTCQB:MUNMF)는 세르비아의 Central Timok Project에서 7개의 탐사 면허의 100%를 취득하기 위해 10년 간의 옵션을 BHP에 부여했으며, 누적 탐사비로 최대 US$35,000,000를 조달하고 이정표를 달성함으로써 이를 달성합니다.
주요 조건으로는 2% NSR 로열티가 행사 시 Mundoro에 의해 보유되며, 매년 증가하는 옵션 납부액이 US$323,000에서 시작하고, 이정표 납부액은 합계 US$10,000,000에 달하며, Mundoro가 초기 운영자로 이 프로젝트를 운영합니다. 행사 비용의 총합은 약 US$48.54M입니다. 이 프로젝트는 약 418 km2를 포함하며 Skorusa 및 Tilva Rosh와 같은 진전된 목표를 포함합니다.
Mundoro (OTCQB:MUNMF) a accordé à BHP une option de 10 ans pour détenir 100% de sept licences d'exploration dans le Central Timok Project, en Serbie, en finançant jusqu'à US$35,000,000 en dépenses d'exploration cumulées et en respectant les paiements d'étapes.
Les conditions clés incluent une royalty NSR de 2% retenue par Mundoro lors de l'exercice, des paiements d'options annuels croissants à partir de US$323,000, des paiements d'étapes totalisant jusqu'à US$10,000,000, et Mundoro opérant le projet initialement avec des frais d'exploitation. Le coût total pour l'exercice est d'environ US$48.54M. Le projet couvre environ 418 km2 et comprend des cibles avancées telles que Skorusa et Tilva Rosh.
Mundoro (OTCQB:MUNMF) hat BHP eine 10-Jahres-Option eingeräumt, um 100% von sieben Explorationslizenzen im Central Timok Project, Serbien, zu verdienen, indem bis zu US$35,000,000 an kumulativen Explorationsausgaben finanziert und Meilensteinzahlungen erfüllt werden.
Schlüsselbedingungen umfassen eine 2%-NSR-Lizenzroyalität, die von Mundoro bei Ausübung behalten wird, steigende jährliche Optionszahlungen beginnend bei US$323,000, Meilensteinzahlungen in Höhe von insgesamt bis zu US$10,000,000, und Mundoro, der das Projekt zunächst als Betreiber führt. Die aggregierte Kostenlage für die Ausübung beträgt ca. US$48.54M. Das Projekt umfasst ca. 418 km2 und umfasst fortgeschrittene Ziele wie Skorusa und Tilva Rosh.
Mundoro (OTCQB:MUNMF) منحت BHP خياراً لمدة 10 سنوات لكسب 100% من سبع تراخيص استكشاف في مشروع Central Timok ب Serbia، من خلال تمويل حتى US$35,000,000 من النفقات الاستكشافية التراكمية وتلبية مدفوعات المراحل.
تشمل الشروط الرئيسية احتفاظ Mundoro بــ royalty NSR بنسبة 2% عند التمارين، دفعات خيار سنوية متزايدة تبدأ بـ US$323,000، ومدفوعات المراحل تصل حتى US$10,000,000، وموندورو بتشغيل المشروع في البداية كالمشغل. إجمالي التكلفة لممارسة الخيار حوالي US$48.54M. المشروع يغطي حوالي 418 كم2 ويشمل أهدافاً متقدمة مثل Skorusa وTilva Rosh.
Mundoro (OTCQB:MUNMF) 已授予 BHP 在塞尔维亚 Central Timok 项目中七项勘探许可的 100% 权利，期限为 10 年，通过资助累计勘探支出至多 US$35,000,000 并完成里程碑付款来获得。
关键条款包括在行使时由 Mundoro 持有的 2% NSR 版税、从 US$323,000 开始的年度递增选项付款、总计高达 US$10,000,000 的里程碑付款，以及 Mundoro 初步以运营商费用运营该项目。行使总成本约为 US$48.54M。该项目覆盖约 418 km2，并包括 Skorusa、Tilva Rosh 等先进目标。
- US$35.0M committed to exploration over 10 years
- Mundoro retains a 2% NSR royalty upon exercise
- Project covers 418 km2 in Timok magmatic complex
- Cumulative spend to date on project: C$15.4M
- Total aggregated cost to exercise ~US$48.54M (dilutive timeline risk)
- BHP may replace Mundoro as operator after US$20.0M spend or 40,000m drilling
- Potential royalty buyback could halve Mundoro royalty to 1%
Vancouver, British Columbia--(Newsfile Corp. - October 13, 2025) - Mundoro Capital Inc. (TSXV: MUN) (OTCQB: MUNMF) (www.mundoro.com) ("Mundoro" or the "Company") announces it has entered into a definitive option agreement ("Agreement") with a wholly owned subsidiary of BHP Group Limited ("BHP"), in which Mundoro has granted to BHP an option to earn-in to seven (7) of Mundoro's exploration licenses (the "BHP-Mundoro Central Timok Project" or the "Project") located within the Timok Magmatic Complex ("Timok") in Serbia.
Highlights:
- BHP can earn
100% ownership over 10 years by funding US$ 35,000,000 (C$ 48,877,500 1) in exploration expenditures. - Mundoro retains a
2% NSR royalty upon exercise. - BHP commits to escalating annual option payments, starting at US
$ 323,000 (C$ 451,070 1). - Mundoro will operate the project and earn annual operator fees.
Teo Dechev, CEO of Mundoro commented: "We are pleased to announce the expansion of our strategic partnership with BHP, a world leader in the resources industry. This deepened collaboration focuses on exploring a package of additional exploration licenses in the highly prospective Timok region of eastern Serbia for copper porphyry systems.
"This expanded relationship combines Mundoro's decade of local and operational expertise in the Timok region, with BHP's global geoscience team, and specialization in porphyry exploration. This collaboration leverages the respective strengths of each company to systematically explore this prospective mineral district.
"Working together under a unified exploration methodology, both teams are committed to intensifying exploration efforts. This integrated approach, which draws upon Mundoro's deep understanding of local geological conditions and BHP's cutting-edge global exploration methodologies, is designed to enhance targeting capabilities and significantly increase the likelihood of new discoveries within the Timok region. We believe this expanded partnership will drive value for both companies and has the potential to contribute to the economic development of eastern Serbia."
Agreement Terms
Pursuant to the Agreement, Mundoro has granted to BHP an option to earn, over 10 years (the "Option Period"), a
- Fund cumulative exploration expenditures up to US
$ 35,000,000 (C$ 48,877,500 1) by set milestones:
| Anniversary | Cumulative Exploration Expenditures | ||
| 2nd | US | ||
| 4th | US | ||
| 6th | US | ||
| 8th | US | ||
| 10th | US |
- Make annual option payments starting at US
$ 323,000 (C$ 451,070 1), increasing by2% per year. - Make milestone payments of US
$ 2,000,000 (C$ 2,793,000 1) each when certain resource estimates are declared, up to a total of US$ 10,000,000 (C$ 13,965,000 1), or US$ 10,000,000 (C$ 13,965,000 1) upon exercise of the option if no resource is declared.
Additional Terms:
- Operating Fees: Mundoro is the initial operator, responsible for overall operations related to the Project and will receive operating fees. If BHP has funded at least US
$ 20,000,000 in exploration expenditures, or if at least 40,000 meters of cumulative drilling has been completed, BHP may elect to replace Mundoro as operator. - Advanced Royalty Payments: Upon exercise of the option, BHP will begin making annual advanced royalty payments to Mundoro. The value of these advanced royalty payments will be equal to the dollar amount of the last option payment made under the Agreement prior to the exercise of the option, and such advanced royalty payments will increase by
2% per year. - Royalty: Upon exercise of the option, Mundoro will retain a
2% Net Smelter Return Royalty ("Royalty"). Subject to the terms of the royalty agreement in respect of the Royalty, BHP will have the right to purchase50% of the Royalty before production commencement. The buy-back price will be based on a certain tonnage of copper multiplied by the one year average copper price on the London Metal Exchange.
The aggregated sum of the exploration expenditures, the milestone payments and the option payments, to exercise the option, is approximately US
Property Overview
The BHP-Mundoro Central Timok Project comprises approximately 418 square kilometers (km²) of ground and is located within the Timok Magmatic Complex in Serbia (see Figure 1). Timok is one of the most prolific metallogenic domains in the Tethyan Belt, hosting several significant deposits and major producing mines, including:
- the Cukaru-Peki Deposit
- the Malka Golaja Copper-Gold Deposit
- the Timok Project
- the Čoka Rakita Project
- the Bor copper porphyry underground mine, the Majdanpek copper-gold porphyry open-pit mine and the Veliki Krivelj copper-gold porphyry open-pit mine.
Figure 1: Regional map highlighting Central Timok
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2408/270049_555208efa47c0b78_001full.jpg
A total of C
The Project contains numerous targets, with the most advanced being:
- the Skorusa Porphyry System, a defined 2 km x 3 km copper-gold porphyry system where drilling confirmed mineralization with an intercept of 201.2 meters at
0.11% Cu and 0.11 g/t Au; and - the Tilva Rosh Prospect, which features a large 16 km² lithocap structure with a high-grade epithermal target at Tilva Rosh South where trenching returned 12 meters at 30.39 g/t Au and 171.27 g/t Ag.
Additional prospective targets include Markov Kamen, Orlovo, D-vein, Prekostenski, Zlot 1-3, Bukova, Tilva Mare, Glavica, Bacevica North, Gorunov, Oblez SE and Branik (see Figure 2). The targets exhibit geological features, mineralization styles, and alteration patterns characteristic of porphyry and related high-sulphidation epithermal systems exhibited elsewhere in the region.
Figure 2: Location Map of target areas in the BHP-Mundoro Central Timok Project
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2408/270049_555208efa47c0b78_002full.jpg
Qualified Persons
The scientific and technical information contained in this news release was reviewed and approved by R. Jemielita, PhD, MIMMM, a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and Chief Geologist to the Company.
About Mundoro Capital Inc.
Mundoro is a publicly listed company on the TSX-V in Canada and OTCQB in the USA with a portfolio of mineral properties focused primarily on base and precious metals. To drive value for shareholders, Mundoro's asset portfolio generates near-term cash payments to Mundoro and creates royalties attached to each mineral property optioned to partners. The portfolio of mineral properties is currently focused on predominantly copper in two mineral districts: Western Tethyan Belt in Eastern Europe and the Laramide Belt in the southwest USA.
For more information, please visit www.mundoro.com.
Follow our regular updates on: LinkedIn and X.
For further information about Mundoro, please contact:
Teo Dechev, Chief Executive Officer, President and Director
Christian Elferink, Investor Relations Manager
+1-604-669-8055
info@mundoro.com
Caution Concerning Forward-Looking Statements
This News Release contains forward-looking statements. Forward-looking statements can be identified by the use of forward-looking words such as "will", "expect", "intend", "plan", "estimate", "anticipate", "believe" or "continue" or similar words or the negative thereof, and include the following: the anticipated synergies and benefits of the Agreement, completion of the cumulative exploration expenditures, annual option payments, milestone payments, payment of operating fees and the advanced royalty payments upon exercise of the option by BHP and the exercise of the option by BHP. The material assumptions that were applied in making the forward looking statements in this News Release include expectations as to the mineral potential of the Company's projects, the Company's future strategy and business plan and execution of the Company's existing plans. We caution readers of this News Release not to place undue reliance on forward looking statements contained in this News Release, as there can be no assurance that they will occur and they are subject to a number of uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include risks that the anticipated synergies and benefits of the Agreement will not be realized as anticipated or at all, risks that BHP will not complete the cumulative exploration expenditures, annual option payments, milestone payments, payment of operating fees and the advanced royalty payments upon exercise of the option at contemplated or at all, general economic and market conditions, exploration results, commodity prices, changes in law, regulatory processes, the status of Mundoro's assets and financial condition, actions of competitors and the ability to implement business strategies and pursue business opportunities. The forward-looking statements contained in this News Release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this News Release are made as of the date of this News Release and the Board undertakes no obligation to publicly update such forward-looking statements, except as required by law. Shareholders are cautioned that all forward-looking statements involve risks and uncertainties and for a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to the Company's filings with the Canadian securities regulators available on www.sedarplus.ca.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
1 Based on mid-market exchange rate
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FAQ
What are the key financial terms of the BHP option for MUNMF announced October 13, 2025?
How much royalty will Mundoro keep if BHP exercises the option on MUNMF's Central Timok project?
What is the aggregated cost to BHP to fully earn the Central Timok Project (MUNMF)?
Which advanced targets are included in the BHP-Mundoro Central Timok Project (MUNMF)?
Will Mundoro operate the Central Timok project after the BHP option agreement for MUNMF?
