Montero enters option deals to buy Chile gold projects

Dr. Tony Harwood reports MONTERO SECURES OPTION TO ACQUIRE HIGHLY PROSPECTIVE GOLD PROJECTS IN CHILE'S MARICUNGA BELT Minera Joy SpA, a wholly owned subsidiary of Montero Mining and Exploration Ltd., has entered into two option agreements to acquire a 100-per-cent interest in each of the Elvira gold project and the Potrero gold project located in Chile's Maricunga belt, a recognized mining district hosting Kinross's La Coipa mine, Gold Fields' Salares Norte mine and Rio2's Fenix gold project. Under the terms of the agreements, Montero has the right to acquire a 100-per-cent interest in each of the Elvira and Potrero projects from compania Minera Atahualpa SpA (the vendor) by making staged payments totalling $7-million (U.S.) per project over six years. The option payment schedule is the same for each project as follows: $40,000 (U.S.) within 10 days following receipt of approval from the TSX Venture Exchange regarding the agreements; $100,000 (U.S.) on or before Sept. 15, 2026; $150,000 (U.S.) on or before Sept. 15, 2027; $260,000 (U.S.) on or before Sept. 15, 2028; $400,000 (U.S.) on or before Sept. 15, 2029; $550,000 (U.S.) on or before Sept. 15, 2030; and $5.5-million (U.S.) on or before Sept. 15, 2031. Montero's ownership in either project will vest on completion of all payments and satisfaction of customary conditions. Montero may terminate the agreements at any time. The vendor will retain a 2-per-cent net smelter return (NSR) royalty per project, of which Montero may repurchase 50 per cent for $5-million within nine years of signing. No additional royalties apply to the projects. Dr. Tony Harwood, president and chief executive officer of Montero, commented: "The acquisition of the Elvira and Potrero gold projects positions Montero at the heart of Chile's Maricunga belt, one of the world's most productive and prospective gold regions. Historical drilling conducted over a decade ago outlined significant gold mineralization potential, where both projects show strong epithermal and porphyry-style signatures. With modest initial staged payments, limited upfront capital, low holding costs and low royalties, Montero has secured a low-cost entry into highly prospective projects at a time of historically robust gold prices. These projects provide the potential for new discoveries that gold majors are actively seeking." Project highlights The Elvira and Potrero projects are located in Chile's Maricunga belt, road accessible and approximately 170 kilometres northeast of Copiapo at elevations of approximately 3,800 to 4,700 metres above sea level. The projects are characterized by Miocene-aged stratovolcano systems with well-preserved high-sulphidation epithermal alteration and gold-bearing breccia systems. Historical exploration has demonstrated significant gold mineralization and potential for underlying porphyry Au-(Cu) (gold-copper) systems. Elvira project Maricunga belt, Chile Access and infrastructure: 1,000-hectare licence area located approximately 170 km northeast of Copiapo at approximately 3,900-metre elevation; good road access and established infrastructure; Geology: high-sulphidation epithermal system hosted in an eroded Miocene stratovolcano, with dacite domes/dikes/breccias possibly acting as feeders or host rock; Alteration and geochemical anomalies: 4.5 km by 3 km alteration zone with pervasive quartz-alunite plus or minus jarosite; rock chip anomaly 1.5 km by 0.75 km (peak 2.33 grams per tonne Au); soil anomaly 3.5 km by 1.2 km; Historical drilling: the project was previously held by Anglo American (from 1987) before being optioned to Buenavista Gold, which reported variable results, including a drill intercept of 39 m at 0.66 g/t Au; Exploration potential: multiple preserved hydrothermal breccia bodies with potential transition to underlying Au-(Cu) porphyry system. Potrero project Maricunga belt, Chile Access and infrastructure: 3,200-hectare licence area located approximately 170 km northeast of Copiapo at approximately 3,800 to 3,900 m elevation; good road access and regional infrastructure; Geology: preserved epithermal system with minimal erosion; alteration zone 5.5 km by 2.5 km and extensive quartz vein system exposed at surface; Alteration and anomalies: rock sampling up to 1.67 g/t Au; soil anomaly measuring four km by 1.5 km; geochemistry indicates gold-bearing diorite intrusions; Historical drilling: RC (reverse circulation) drilling programs were completed by Caracal Gold Chile (2009) and Hochschild (2011). Caracal reported intercepts include 126 m at 0.44 g/t Au, with higher-grade intervals of 18 m at 0.80 g/t Au. These results are referenced by Verde Resources; Exploration potential: largely underexplored, with a preserved mineral system and intact epithermal halo, offering potential for a porphyry system at depth. Exploration plans Montero has approved an initial exploration budget of $140,000 for each project. The programs will commence immediately and will involve confirmatory mapping, sampling and geophysical surveys aimed at defining drill targets as quickly as possible. Qualified person's statement This press release was reviewed and approved by Marcial Vergara, BSc, and Mike Evans, MSc, PrSciNat, both qualified persons for the purpose of National Instrument 43-101 and consulting geologists to Montero. About Montero Mining and Exploration Ltd. Montero Mining and Exploration is a Canadian exploration company with a focus on mineral exploration and discovery of precious and critical mineral projects in Latin America. The company recently concluded a $27-million settlement with the government of Tanzania, bringing closure to the dispute over the expropriated Wigu Hill rare-earth project. The company distributed approximately $15-million of the proceeds to shareholders in July, 2025. Montero holds a 100-per-cent interest in the Avispa copper-molybdenum project in northern Chile and is currently advancing the project through exploration. The company's board and management have a strong record in discovering and developing precious metal and base metal projects with a local team based in Chile. Montero is listed on the TSX Venture Exchange under the symbol MON and has 8,353,833 common shares and 741,667 stock options outstanding. We seek Safe Harbor.