Mundoro is a Canadian listed (TSX-V: MUN) precious and base metal company focused on building value for its shareholders through directly investing in mineral projects that have the ability to generate future returns for shareholders. Mundoro has generated an attractive mineral project pipeline in Serbia and Bulgaria, as well as an investment in a producing gold mine in Bulgaria, in order to drive long-term growth and achieve shareholder return. Potential future returns for our shareholders from our mineral properties can be in various forms such as discovery of mineral resources, royalties, advance royalty payments from partners, an interest in production, dividend payments or sale of our interest in the mineral property.

1. Focused Investment in Gold & Copper
September 2020

2. 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

3. TSXV:MUN
Partnering with Senior
Operators
Generating Revenue
from Portfolio for >4
years
Experienced Team
Pipeline of projects
for partnering
3
Why Mundoro & Why Now
Focused on Copper and
Gold
Strategic Land Packages
in World Class Districts
Investment
Highlights

4. TSXV:MUNPortfolio of Projects
Tethyan Belt
Silk Road Economic Belt
Maritime Silk Road Initiative
Pacific Mineral Belts
Mexico Project
Maoling Gold Project (PFS)
(CNG 75%; LBG 21%; MUN 4%)
Andean Belt through Chile/Peru
>1100 Au & Cu projects:
~900–Exploration 100–Development 181–Operating
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
Andeas
• Terrains include: jungles, desserts, altitude
• Limited smelting facilities & access to rail
• Limited economically accessible power
Tethyan Belt through Serbia/Bulgaria/Turkey
~174 Au & Cu projects (16%)
139–Exploration (15%) 18–Development (18%) 21–Operating (12%)
Europe Projects
(Serbia & Bulgaria)
4

5. TSXV:MUNUnique Business Model
5
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

6. TSXV:MUNUnique Business Model
6
Target Discovery Stage
• 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 CASH FLOW

7. TSXV:MUNGrowing Partner Funding and Payments
7
Mundoro’s Operator Fees and Partner Exploration Funding
C$Thousands
Operator Fees General & Admin MUN Exploration Partner Exploration

8. TSXV:MUNMundoro’s Unique Model at Work
8
Mundoro has lowest G&A as % of Total Expenditures and 4x higher Revenue growth than Junior Peers
$733K $4.9M 15% 41%
Mundoro 60% Rev growth
Junior Peers 20% Rev growth
$6000
5000
4000
3000
2000
1000
$0
G+A Expenditures Total Exploration G&A (3 Year Average) % of Total Expenditures Revenue Growth (Annual 3-Year Avg)
3YearsAverageExpenditures(C$Thousands)
60%
50
40
30
20
10
0%
G&A%OFTOTALEXPENDITRURES
&
REVENUEGROWTH

9. TSXV:MUNIndustry Revenue Ranking
PRICE/REVEENUEMULTIPLE
3YEARAVERAGEREVENUE(C$THOUSANDS)
3-Year-Average Revenue Track Record
9
SOURCE: COMPANY FINANCIAL REPORTS, MUNDORO, PRICING INFORMATION SEPTEMBER 11, 2020
Seniors 22x P/R Mid-Tier 42 P/R Juniors 138x P/R MUN:TSXV 37x P/R
Average MCap $6 Billion $136 Million $30 Million $13 Million
Avg Annual Revenue
(3-Year Avg) $247 Million $2.5 Million $301K $341K
Revenue Growth (3-Year) 40% 198% 20% 60%
Cash Flow (3-Year Avg) >$100 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

10. TSXV:MUNOur Shareholders
SHARE CAPITALBALANCE SHEET (CAD$, Q2 2020)
2.4
MILLION
0$
Cash & Cash
Equivalents Debt
10
RESEARCH AND ANALYST NOTESOWNERSHIP AND SIGNIFICANT SHAREHOLDERS
$
Shares
Outstanding (Basic)
81 Million
Options
8 Million
Warrants
(exercise price $0.20)
15 Million
Fully Diluted
Shares Outstanding
104 Million
September 2019: Project
Generator Industry Report
May 2018: Veteran economic
geologists and equity analysts
Joe Mazumdar and Brent Cook
December 2016 to May 2018
Oct 2017: Mundoro Capital:
Tackling the Tethyan

11. TSXV:MUNOur Team & Advisors
11
Teo Dechev, MBA, P.Eng, ICD.D
Chief Executive Officer, President
and Director
John Hoey
Non-Executive Chairman, Governance
and Nominating Committee Chair
Michael Calyniuk
Independent Director
Audit Committee Chair
Nick Hatch
Independent Director
Compensation Committee Chair
Christopher Wong
MBA, CPA, CMA
Chief Financial Officer
EXPLORATION
Richard Jemielita, PhD
Chief Geologist, QP, MIMMM
Yassen Krishchev
Exploration Manager
Ivan Veljkovic
Administration Manager, Serbia
Damyan Hristov
Data Manager
Violeta Boyanova
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

12. TSXV:MUN
Project Portfolio
Čukaru PekiVeliki Krivelj Bor

13. TSXV:MUNEmerging Mineral Districts in Western Tethyan Belt TSXV:MUN

14. TSXV:MUN
Notes 1. Third party resources estimates based on those reported by RTB Bor Group. Resources reported according to Russian classification system. 2. Nevsun NI 43-101 Technical Report on SEDAR.
14
10 Kilometres
Vale-Mundoro ProjectsJOGMEC-Mundoro Project
Serbia: Timok Overview - World Class Mining District
> 100 Years of Mining & > 4 Billion tonnes of Porphyries
Majdanpek
Veliki Krivelj Mine Bor Mine
Cukaru Peki
Mines & Projects Majdanpek1 (Cu, Au) Veliki Krivelj Mine1 (Cu, Au) Bor Mine1 (Cu, Au) Cukaru Peki2 (Cu, Au)
Status Operating Open Pit Mine Operating Open Pit Mine Operating Mine Development Project
Tonnage 620 Mt 137 Mt 14 Mt 1,008 Mt Upper: M+I 28.7 Mt Lower: Inf 1,659 Mt
Resource Grade 0.34% Cu, 0.20 g/t Au 0.35% Cu, 0.09 g/t Au 0.8% Cu, 0.27 g/t Au 0.53% Cu, 0.16 g/t Au 3.7% Cu, 2.5 g/t Au 0.86% Cu, 0.18 g/t Au

15. TSXV:MUN
MAR 2016
• &
partnership
• announces sale of
portion of Cukaru-Peki
15
September 2018
and Nevsun
announce take-over
December 2018
wins tender
for RTB Bor Group
JAN 2011
initiates research and
staking of land
package in Timok
MAR 2012
announces first
set of licenses in
Serbia
SEP 2013
announces Tilva Rosh
high-grade Au zone
discovery holes
DEC 2014
announces Zeleznik
Cu-Au porphyry
discovery
JUN 2015
signs with
NOV 2015
Reservoir and Avala sign with
APR 2016
Avala acquired back into
MAY 2016
acquires
Reservoir
July 2018
and
sign earn-in agreement
for exploration of two
licenses in Timok,
Serbia
SEP 2012
and
announce Cukaru-Peki
discovery drill holes
OCT 2019
&
sign earn-in agreement
for exploration of 4
licenses in Timok,
Serbia
Serbia: Timok Focus of Acquisitions from International Miners

16. TSXV:MUN
16
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 Overview – Mining District
Mines &
Projects
Company Status Tonnage Resource Grade
Elatsite Mine1
(Cu,Au)
Geotechmin
Group
Operating
Open Pit Mine
356 Mt 0.39% Cu, 0.17 g/t Au
Chelopech
Mine2
(Cu, Au)
Dundee
Precious
Metals
Operating
Underground
Mine
M+I: 12.6
Mt
Inf: 1.8 Mt
1.08% Cu, 3.45 g/t Au
0.96% 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
(won tender in
Q4-17, currently
in Ministry
process)
Closed Mine
Historical Mined Production5
6.4Mt @ 1.06% Cu and 3g/t Au
10km

17. TSXV:MUN
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
17
Project Company Status Tonnage Resource Grade
Chala Mine1
(Au, Ag, Pb, Zn)
Gorubso
Kardzhali
Operating
Undergrou
nd 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 in
Constructi
on
M+Ind: 6.9 Mt
Inf: 0.3 Mt
3.85 g/t Au, 2.15 g/t Ag
1.31 g/t Au, 1.06 g/t Ag
Rozino
Deposit4
Velocity
Minerals
Resource
Drilling &
PEA
Inf: 8.2 Mt 1.68 g/t Au
Chala
Madjarovo
Kumovgrad
Rozino
Bulgaria: Rhodopes Overview – Emerging District
20 km

18. TSXV:MUNOur Approach to Sustainable Resource Management
18
Our exploration programs consider:
 Recycle, reduce and reuse
 Adhere to standards to protect
wildlife and plant life in the
surrounding habitat
 Restore landscape post exploration
 Work with drilling contractors to
minimize emissions
Our social programs focus on:
 Increasing awarenessofsafe workpractices
 Improving healthcare in local regions
 Improving education environment for
local public schools
 Employing from local communities and
training for technical skills
 Contributing to local community
programs and charities focused on
health or education
 Committed to comprehensive disclosure &
open communication with our stakeholders
 Board of Directors and all staff follow
Corporate Code of Conduct & Ethics which
is regularly updated
 Work with independent certified labs
 Respect Human rights in stakeholder
engagement
 Join local organizations to promote ESG
principles for exploration sector
Environmental GovernanceSocial

19. TSXV:MUNMineral Revenue Generator Model for Investment
19
• 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

20. TSXV:MUN
Appendix: Property Portfolio

21. TSXV:MUNTSXV:MUNTSXV:MUN
21
TSXV:MUN
21
 Status: Joint Venture between: Mundoro – 51%; JOGMEC – 49%
 Location: Directly adjacent and to the west of the producing Zijin
Bor mining complex
 Exploration: JOGMEC sole-funded US$5.8 mln
 Next Milestone: Option to drill test high-sulphidation and porphyry
targets
Borsko:
High Sulphidation
& Porphyry Targets
21

22. TSXV:MUNTSXV:MUNTSXV:MUN
22
TSXV:MUN
22
Vale-Mundoro Projects
22
 Status: Optioned to Vale
 Location: Southwest of the main Zijin Bor mining complex
 Exploration: Skorusa Porphyry and regional exploration target testing
 Next Milestone: Exploration in H2-2020 to test targets

23. TSXV:MUNTSXV:MUNTSXV:MUN
 Status: Available for Option
 Location: Savinac is 15 km southwest of the producing Zijin Bor mining
complex. Bacevica is directly south of the Savinac license
 Exploration: Freeport sole funded US$3.2 million for these Projects
 Next Milestone: Option to drill test high-sulphidation and porphyry
targets
Savinac and Bacevica:
Porphyry &
Epithermal Targets

24. TSXV:MUNTSXV:MUNTSXV:MUN Status: Available for Option
 Location: North Timok
 Exploration: New copper and gold targets at the north end of the license
require drill test. Exploration to date discovered mineralized porphyry
related systems at the south end of the license
 Next Milestone: Option for expansion drilling to expand mineralized zones
Zeleznik:
New Copper & Gold
Mineralization
24

25. TSXV:MUN
Serbia Bulgaria Finland Chile Mexico Canada
Location Southeastern Europe Scandinavian Peninsula - Europe South America North America – South of USA 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
Mining Law Mining and geological exploration
law approved December 2015
Mining Law established 1999;
Update 2011, 2015, 2018
Mining Act (503/1965) since 1965 Mid 14th Century Continual Amendments;
Potential changes upon election results 2013
1993 Mining Law enabled companies to be
established with 100 % foreign investment
Established 19th century,
updated 2009
Trade Agreements EU candidate since March 2012 EU member since January 2007 EU member since 1995 FTA's EU - Chile since 2002, US - Chile
since 2004, Canada-Chile since 1997
North America Free Trade Agreement
(NAFTA) in 1994
NAFTA member since 1994
Tax regime
Corporate 15% 10% 20% ~20% ~30% ~28%
Royalties 5 % on metals produced in country Negotiated royalty with
government (2 - 3 %)
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
No government specified royalty
VAT 20 % (refundable) 20 % (refundable) 24 % (refundable) 19 % (refundable) 16 % (refundable) 5 % (GST non-refundable)
Profits Unrestricted transfer of profits and capital No restrictions No restrictions 10% withholding tax (foreign dividends) 5% withholding tax (foreign dividends)
Labour Highly skilled and affordable labour Highly skilled but high cost Highly skilled and high cost Affordable labour Highly skilled but high cost
Economy (World Bank national accounts data, and OECD National Accounts data files. Last data 2017)
GDP(currentUS$) 41.4 billion 58.2 billion 252 billion 277 billion 1,150 billion 1,647 billion
2017GDPGrowth 1.90% 3.80% 2.70% 1.50% 2.00% 3.00%
Export/Imports(US$) 21.7 billion/ 25.4 billion 39.2 billion / 37 billion 97 billion / 96.4 billion 79.5 billion / 74.8 billion 435.8 billion / 456.5 billion 511.4 billion / 550.3 billion
Debt(US$2018) 25 billion 12 billion 269.53 billion 70 billion 644 billion 1,500 billion
Deficit(%ofGDP2018) 0.6% 1.8% -0.8% 1.5% 2.2% 0.6%
Population (2017) ~7 million ~7 million ~5.5 million ~18 million ~129 million ~36.7 million
Foreignownedmines 7 2 6 13 na na
Tenure of Permits ( in years)
Exploration 10 years (3+3+2+2) 8 years (3+2+2+1) 15 years (4 + 11) Exploration continues in Exploitation Not applicable No term limits
Exploitation Term based on mine plan Maximum 25 years Term based on mining plan No term limits 100 years (50 years + 50 years) No term limits
Exploration$(2018) $100 million > $10 million >$50 million $603 million $383 million $1,099 million
Source: World Bank national accounts data, OECD National Accounts data, NI43-101 reports, Company reports.
Comparison of Jurisdictions

26. For further information:
Teo Dechev, CEO & Director
mundoro.com I TSX.V: MUN