Dr. Tony Harwood reports

MONTERO ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT

Montero Mining and Exploration Ltd. has closed its non-brokered private placement, as previously announced on Aug. 21, 2026, pursuant to which the company issued 2,727,273 units at a price of 55 cents per unit for gross proceeds of $1,500,000.15.

Each unit consists of one common share of the company and one-half of one common share purchase warrant. Each warrant entitles 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 are 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 in accordance with the terms 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.

The offering remains subject to the final acceptance of the TSX-V. In connection with the offering, the company paid aggregate finders' fees of $13,970. The securities issued and issuable pursuant to the offering are 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 acquired 418,637 units under the offering. The participation of insiders in the offering is considered to be a related party transaction as defined under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company is relying 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 neither the fair market value of the subject matter of nor the fair market value of the consideration for the participation in the offering by insiders exceeds 25 per cent 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.

Montero is listed on the TSX-V under the symbol MON and has 11,181,106 common shares, 1,363,637 warrants and 735,383 stock options outstanding.

We seek Safe Harbor.