Mundoro Capital Inc. (TSXV: MUN) (OTCQB: MUNMF) has released its 2026 Timok exploration results, confirming that BHP Group Limited has issued notice of termination on its options over the Central Timok and Borsko programs, returning 100% ownership of eight Serbian licences to Mundoro. BHP's options over the Trstenik and South Timok programs remain active and in good standing, with a Work Program and Budget running through June 2027. The company states it has advanced seven porphyry targets across the portfolio, five of which now have formal drill proposals in place. Investors may be watching for news of new partnership or joint venture arrangements for the Central Timok and Borsko licences.

Key Points

  • Mundoro Capital Inc. (TSXV: MUN) (OTCQB: MUNMF) is a Vancouver-based mineral exploration company focused on the Timok Magmatic Complex in Serbia.
  • BHP has terminated its options on Central Timok and Borsko programs; Mundoro regains 100% of eight licences covering 458.5 km² with five drill-ready porphyry targets.
  • BHP funded approximately CAD $18.9 million across all four Timok programs from January 2023 to September 30, 2026; CAD $8.0 million was directed to Central Timok and Borsko.
  • Mundoro intends to seek new partners for Central Timok and Borsko licences; validation drilling will depend on entering such agreements.

BHP Option Status Across the Four Timok Programs

BHP's options over Trstenik and South Timok remain in good standing, with expenditure requirements met and a Work Program and Budget through June 2027; BHP may now exercise each option independently at any time. On exercise, BHP would acquire 100% of the relevant licences, with Mundoro retaining a 2% net smelter return royalty plus annual advance royalty and development milestone payments. BHP's options over Central Timok and Borsko have been terminated by notice; combined BHP funding across all four programs reached approximately CAD $18.9 million (US$13.4 million) to September 30, 2026, the release states.

Five Drill-Ready Porphyry Targets Now 100% Owned by Mundoro

The 2026 exploration program included 4,438 m of diamond drilling across four targets, an audio-magnetotellurics survey covering approximately 178 km², a 1,131-station ground gravity survey, and re-logging of more than 20,000 m of historical core with hyperspectral scanning of more than 19,000 m. This work identified seven porphyry targets across Central Timok and Borsko: five — Borsko Target 1, Tilva Rosh North, Tilva Rosh South, Skorusa West, and Skorusa East — carry formal drill proposals, while Skorusa North and Borsko South remain in the targeting phase.

Geological Vectors Supporting Follow-Up at Key Central Timok Targets

At Borsko Target 1, re-logging of hole 17-BJ-11 revealed A-type quartz veinlet stockwork and advanced argillic overprinting consistent with a concealed porphyry system interpreted to be open to the southeast; four holes of 1,500 m each are proposed. At Tilva Rosh North, re-logging of nine historical holes mapped peripheral alteration zones pointing toward an untested potassic core, with four holes proposed. At Skorusa East, copper and molybdenum ratios rise with depth in holes 26-SKO-08 and 26-SKO-09, supporting two proposed deeper holes. No 2026 drill intervals met the company's reporting threshold of 0.2% Cu or 0.2 g/t Au over five metres.

Mundoro Seeks New Partners as Exploration Datasets Await Integration

The release states that Mundoro intends to commence discussions with third parties regarding new option or joint venture arrangements for the Central Timok and Borsko licences, and will announce any agreement when concluded. Potential partners would gain access to drill proposals for five targets, standardised re-logged core, hyperspectral scans, a 3D AMT resistivity model, ground magnetics, gravity, and passive seismic data. The immediate share price impact was not clear from available public information.