Magnum Mining Explores Domestic Iron Ore Supply in the USA

Magnum Mining and Exploration is reviewing its USA portfolio for domestic supply interest. The company's Buena Vista Magnetite project in Nevada is located near a Union Pacific rail line, providing export options. The project is approximately 160 km east-northeast of Reno and 50 km from the rail line.

Mundoro Capital Inc. (MUN) has provided an update on its exploration activities across its portfolio of projects, including partnerships with BHP Billiton (UK) DDS Limited and Japan Organization for Metals and Energy Security (JOGMEC), and the filing of its condensed interim consolidated Financial Statements and Management's Discussion and Analysis (MD&A) for the three-month and six-month periods ended June 30, 2025, and 2024 [1].

Key Highlights:

1. Borsko Project, Serbia: Drill testing was completed in July at a new target area in the northwest portion of the license. The drill program at the northwest target was completed in July and will be followed by analysis of the results. A priority for H2-2025 is the execution of a drill program at the Trstenik Project, pending final permits.

2. Timok Region, Serbia: The Company entered into a Letter of Intent (LOI) with a third party for an exclusivity period through September 2025 related to seven of the Company's 100%-owned exploration licenses in the Timok region.

3. Copperopolis Project, Arizona: The Company executed a Property Agreement with a third party, establishing participating interests of 73.09% for Mundoro and 26.91% for the partner. Mundoro is the operator and is responsible for seeking a new funding partner.

4. Dos Cabezas Project, Arizona: The Company is actively seeking a partner, with multiple confidentiality agreements executed and a data room open for third-party review. Infill mapping and sampling are planned for H2-2025 at the Elma target area.

5. Picacho Project, Arizona: Age-dating results for key igneous units were received, with one age being consistent with previous work in the district.

Financial Highlights:

- Cash Position: As of June 30, 2025, the Company held $4.1 million in cash and cash equivalents.
- Fees Earned: During the six months ended June 30, 2025, the Company's fee income totaled $860,890 compared to $918,080 for the same period in 2024.
- Exploration Expenditures: The exploration expenditures were lower for the six months ended June 30, 2025 at $3,175,919 compared to $4,343,032 for the same period in 2024.
- Corporate Expenditures: Overall corporate expenses increased to $664,295 for the six months ended June 30, 2025 compared to $579,141 for the same period in 2024.
- Net Loss: The Company recorded a net loss of $539,925 for the six months ended June 30, 2025, compared to a net loss of $286,337 for the same period in 2024.

Future Plans:

- Borsko Project: The drill program at the northwest target was completed in July and will be followed by analysis of the results. The ground AMT geophysical model will be integrated and analyzed in Q3-2025 to refine drill targets.
- Trstenik and Crvena Zemlja Projects: Execution of the drill program in the north-central target area is a key priority for H2-2025, pending the receipt of the final permits.
- Southern Timok Properties: A comprehensive interpretation and modeling of all geophysical surveys for each of the four properties is scheduled for completion in H2-2025 to generate refined exploration targets.
- JOGMEC-Mundoro EE1 Copper Project, Bulgaria: The planned drilling program remains contingent on the final resolution of the permitting process and receipt of all government approvals.

References:

[1] https://www.tradingview.com/news/reuters.com,2025-08-29:newsml_NFC4P4LGb:0-mundoro-provides-q2-2025-update-drilling-at-borsko-project-as-exploration-advances-across-portfolio/