Mundoro Capital Inc. generated $251,009 in fee income during the second quarter of 2026, up from $120,497 in the same period of 2025, alongside ongoing partner-funded exploration across its Serbian portfolio.

The increase in fee income—which comprises operator fees, option payments, interest, and miscellaneous revenue—was driven by higher exploration expenditures compared to the prior year. Total exploration spending reached $2,513,992 for the quarter, with $2,497,741 recovered from option partners. Corporate expenses dropped 24% to $281,162, while the company recorded a net loss of $325,340 for the quarter ended June 30, 2026. Mundoro closed the period with $5,882,386 in cash and cash equivalents and no long-term debt.

Exploration across the Serbian portfolio included the completion of the Skorusa East drilling campaign under an option earn-in agreement with a wholly owned subsidiary of BHP Group Limited. The programme finished with a total length of 1,288.1 metres across two holes, 26-SKO-08 and 26-SKO-09, exceeding the initial plan of 1,000 metres. While assays confirmed no economic-grade intervals, hole 26-SKO-09 intersected a 64.0-metre zone averaging 0.052% copper from 416 metres, providing structural vectors toward a concealed porphyry centre.

At the Oblez project, hole 26-OBL-05 was drilled to 1,302.7 metres to test the southern extension of the Tilva Rosh system, returning a supergene enrichment interval of 2.0 metres grading 0.25% copper from 38 metres. Analytical results for the remainder of the hole are pending and expected during the third quarter of 2026. In Bulgaria, active field operations and the initial drill test at the JOGMEC-partnered EE1 copper project remain paused pending a court hearing scheduled for the third quarter regarding an NGO drill-permitting appeal.

“Our financial results for the quarter reflect our strategic commitment to generate new property opportunities, particularly within Serbia, while simultaneously realizing efficiencies in corporate expenses, which were reduced by 24%, directing our capital toward the project pipeline. That priority carries into the second half of the year, where our generative focus shifts toward our Arizona copper assets. On the properties held with BHP, where exploration is partner-funded, the coming quarter includes drill testing of the Vitanovac target. We also remain focused on advancing the Borsko drill target, navigating the administrative and permitting process in Bulgaria, and progressing partnership discussions for our copper projects in Arizona,” stated Teo Dechev, CEO of Mundoro.

Read the full announcement: Mundoro Reports Progress on Exploration Programs and Financial Results