Dr. Tony Harwood reports

MONTERO ANNOUNCES $2,200,000 NON-BROKERED PRIVATE PLACEMENT

Montero Mining and Exploration Ltd. intends to complete a non-brokered private placement of up to four million units at a price of 55 cents per unit, for gross proceeds of up to $2.2-million.

Each unit will consist of one common share of the company and one-half of one common share purchase warrant. Each warrant will entitle the holder to purchase one common share at a price of 70 cents per warrant share until the date that is 12 months from the date of issuance. The warrants will be subject to an acceleration provision whereby, if the closing price of the common shares on the TSX Venture Exchange closes at a minimum of $1 per common share for a period of 10 consecutive trading days, the company may, at its option, accelerate the expiry date of the warrants to the date that is 30 days following the date upon which notice of the accelerated expiry date is provided by the company to the holders of the warrants.

Montero intends to use the net proceeds from the offering to finance continuing exploration and drilling at the Elvira gold project, to advance its other Chilean mineral projects, and for general working capital and corporate purposes.

Completion of the offering are subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX-V. The offering is expected to close on or around Sept. 4, 2026, and may close in one or more tranches. The securities issued and issuable pursuant to the offering will be subject to a four-month-and-one-day statutory hold period from the closing date of the offering under applicable Canadian securities laws.

Certain insiders (as such term is defined under the policies of the TSX-V) of the company may participate in the offering. The participation of insiders in the offering will be considered to be a related party transaction as defined under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(1)(a) of MI 61-101 on the basis that the participation in the offering by insiders will not exceed 25 per cent of the fair market value of the company's market capitalization.

About Montero Mining and Exploration Ltd.

Montero holds a 100-per-cent interest in the Avispa copper-molybdenum project in the Palaeocene porphyry copper-molybdenum belt of northern Chile and has options to acquire the Elvira and Potrero gold projects in the Maricunga gold belt. The company is currently drilling the Elvira gold project and advancing exploration at its other Chilean projects. Montero is listed on the TSX-V under the symbol MON and has 8,453,833 common shares and 735,383 stock options outstanding.

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