Montero Secures Option to Acquire Highly Prospective Gold Projects in Chile's Maricunga Belt

Executive Summary

• Montero Mining’s subsidiary Minera Joy entered into two option agreements to acquire 100% of the Elvira and Potrero gold projects in Chile’s Maricunga Belt.
• Total consideration is US$7 million per project, payable in staged amounts over six years, with an initial US$40,000 payment due upon TSX‑V approval.
• The vendor retains a 2% NSR royalty on each project; Montero may repurchase half of the royalty for US$5 M within nine years.

Key Details

• Option Agreements: One for Elvira Gold Project and one for Potrero Gold Project, both 100% acquisition rights from Compañía Minera Atahualpa SpA.
• Payment Schedule (per project):
• US$40,000 – within 10 days of TSX‑V approval.
• US$100,000 – by Sept 15 2026.
• US$150,000 – by Sept 15 2027.
• US$260,000 – by Sept 15 2028.
• US$400,000 – by Sept 15 2029.
• US$550,000 – by Sept 15 2030.
• US$5,500,000 – by Sept 15 2031.
• Royalty Terms: Vendor retains a 2% Net Smelter Return (NSR) royalty on each project; Montero may repurchase 50% of this royalty for US$5 M within nine years of signing.
• Project Locations & Geology: Both projects lie in Chile’s Maricunga Belt (~170 km NE of Copiapó, elevations 3,800–4,700 m). They feature high‑sulphidation epithermal alteration and potential underlying porphyry Au‑(Cu) systems.
• Historical Drilling Highlights:
• Elvira – 39 m @ 0.66 g/t Au (Buenavista Gold).
• Potrero – 126 m @ 0.44 g/t Au; 18 m @ 0.80 g/t Au (Caracal Gold Chile).
• Exploration Budget: CAD$140,000 allocated for each project to commence immediate mapping, sampling, and geophysical surveys.
• Management Quote: “The acquisition… positions Montero at the heart of Chile’s Maricunga Belt… low‑cost entry into highly prospective projects at a time of historically robust gold prices.” – Dr. Tony Harwood, President & CEO.

Notable Quotes

“These projects provide the potential for new discoveries that gold Majors are actively seeking.” – Dr. Tony Harwood, President and Chief Executive Officer.