BULGARIA

Our portfolio in Bulgaria

OVERVIEW

  •   European Union (EU) member since January 2007
  •   Mining Law established 1999; Updated 2011, 2015, 2018
  •   Source of base and precious metals since Roman times
  •   Emerging Precious metals belt
  •   Highly skilled and affordable labour
  •   Corporate tax rate of 10%
  •   2 local smelters
  •   2 local ports

PANAGYURISHTE REGION

Mines & Projects in the District Commodity 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 (tender process ongoing) Closed Mine Historical Mined Production5
6.4Mt @ 1.06% Cu and 3g/t Au

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.

Mines & Projects  Radka Mine1   Red Hill Prospect1
Resource Grade In operation from 1928 to 1997 with total historical production2 of:

  • 6.4 Mt at 1.06% Cu and 3g/t Au

Historical mineral resource of:

  • 2.02 Mt at 0.57% Cu and 0.60 g/t Au (Category 221)
  • 0.27 Mt at 0.53% Cu and 0.60 g/t Au (Category 222)
Historical mineral resource of:

  • 50,000 tones at 1.42% Cu and 0.60 g/t Au (Category 331)
  • 0.6 Mt at 0.76% Cu and 4.5g/t Au (Category 333)

Notes 1. 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.     2. Historical Production mined.

RHODOPES REGION

Project Commodity Company Status Tonnage Resource Grade
  Chala Mine1 Au, Ag, Pb, Zn   Gorubso Kardzhali Operating Underground 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 Construction
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 Au    Velocity Minerals Resource Drilling & PEA Inf: 8.2 Mt 1.68 g/t Au

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.

Target  Highlight
Bryastovo Copper – Gold high sulphidation and Porphyry Target

  • Historical Reserves of 5.4Mt @3.93% Pb, 0.96% Zn, 0.37% Cu
Chuka                             

Copper-Gold Porphyry Target

 

2016 drilling showed pervasive Cu-Au mineralisation over the 383 meter hole length
Drill hole CDD-001:

  • 66.8m @ 0.22g/t Au starting at surface;
  • 146.5m @ 0.40% Cu and 0.12 g/t Au; including 80.5m @ 0.51%Cu and 0.15g/t Au
Sage

(1984–1992 Historical Production from Pb-Zn-Cu Mine)

Ore (kT) Grade Content Metals
Pb (%) Zn (%) Cu (%) Ag (ppm) Cd (ppm) Pb (t) Zn (t) Cu (t) Ag (kg) Cd (kg)
425.5 1.86 1.23 0.24 7.9 71 7,909 5,227 1,017 3,373 30,000