Mundoro Capital (MUN) - Generator Royalty After Serbian Copper & Gold

Matthew Gordon,
Ptolemy Capital

5 Months ago

Royalty Generator in Eastern Europe. Mundoro partners with explorers and developers chasing large scale copper and gold. Both very topical at the moment. Dechev explains what investors may be missing about their business model and the descriptor. We talk about dilution control, exploration expansion budgets, downside protection and partners plans. Generator and royalty companies take time to get going, but Mundoro has been at this for a while and the market is perhaps tired of the story. Currently they have Vale and Jogmec as partners and perhaps a third to join them in 2021. If the plans of these partners involving focusing on these Serbian assets and they get lucky and find the next discovery then this is a company maker. So clearly Mundoro is not in control of timing. They do however collect fees and have on average been spending $4M on their own exploration programmes. Drilling: 12,441 m in 2019 drill programs and 15,972 in 2018 drill programs. Partner sole funding: $3.764 mln in 2019 and $3.407 mln in 2018.

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