This is an interview with Mundoro Capital, a prospect generator model built around copper exploration with majors. I talked to CEO Teo Dechev about, among other things, whether Mundoro stays a prospect generator or becomes a hybrid, the copper projects in Serbia (including South Timok and other Timok-area ground), Bulgaria, and Arizona (Dos Cabezas), with the main topics being partner-funded drilling, deal structure with majors (especially BHP), capital allocation, permitting timing, and how investors might hope to actually get paid in this model.

TL;DR

The key takeaway is that they are sticking to a partner-funded copper generator strategy and are not planning to raise money in 2026 for G&A, with Teo saying cash at year-end was about C$4.5 million (part partner funding) and annual spend is targeted around C$2.0-2.25 million. The near-term signals were South Timok drilling now underway with two rigs, a stated 2026 drilling plan of 8,000-12,000 metres across five target areas, and a rough timeline of mid-March 2026 to finish the current two holes and around mid-April 2026 for assays back internally before QA/QC and release.

What have they done for shareholders lately?
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The most concrete recent progress CEO Dechev described was starting drilling at the South Timok project area in Serbia with BHP funding, with Mundoro operating and two rigs currently on site, plus a larger 2026 plan that keeps one rig moving through the year and tests five target areas depending on results. She also said they are actively working Arizona partner discussions (with the goal of getting drills back on site) and continuing generative work in Europe and the U.S. through ground truthing and staking, while sequencing Serbian targets partly around private-land versus forestry permitting lead times.

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How much money do they have and what are they spending it on?
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Teo told me year-end cash was around $4.5 million, with part of that being partner funding and part Mundoro’s own capital, and she framed their spending target as roughly $1 million per year for corporate costs plus about $1 million for the generative side, for total annual expenditures of roughly $2 to 2.5 million. She also said they are not planning to raise money this year for G&A, and if they did raise it would be opportunistic or tied to a deal, while marketing is kept to a conservative share of budget (about 10% of total budget historically).
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Upcoming catalysts
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Technically, completion of the current two South Timok holes (targeted around mid-March 2026), assays back internally roughly three to four weeks later (around mid-April 2026), then interpretation/QAQC and results disclosure. Operationally, continued 2026 drilling across a ranked queue of five Timok-area targets with one rig intended to keep moving through the year, plus permitting progression in Serbia and potentially Bulgaria depending on approvals. Corporately, Teo said the objective is to sign one or more partners for the Arizona assets this year and get drilling restarted there, with no requirement that all Arizona projects go to one partner.
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Risks
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The clearest short-term risks CEO Dechev flagged were execution and timing risk, not just geology. Difficult ground conditions at South Timok, assay/interpretation timing, approval delays during election cycles in Serbia and Bulgaria, and normal contractor cost creep. She also made it clear that partner-funded programs come with partner control over budgets/technical committee decisions when one party is sole funding, and that partners can leave for asset or non-asset reasons, so portfolio depth and replacement opportunities matter if a partner exits.

Mundoro Capital CEO Interview

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