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

TORONTO, Oct. 02, 2025 (GLOBE NEWSWIRE) -- Montero Mining and Exploration Ltd. (TSX-V: MON) (OTCPK: MXTRF) (“Montero” or the “Company”) is pleased to announce that Minera Joy SpA, a wholly owned subsidiary of Montero, has entered into two option agreements (the “Agreements”) to acquire a 100% interest in each of the Elvira Gold Project (“Elvira”) and the Potrero Gold Project (“Potrero”) (together the “Projects”) located in Chile’s Maricunga Belt, a recognized mining district hosting Kinross’ 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% interest in each of the Elvira and Potrero Projects from Compañía Minera Atahualpa SpA (the “Vendor”) by making staged payments totaling US$7 million per Project over six years. The option payment schedule is the same for each Project as follows: US$40,000 within ten days following receipt of approval from the TSX Venture Exchange (the “TSXV”) regarding the Agreements; US$100,000 on or before September 15, 2026; US$150,000 on or before September 15, 2027; US$260,000 on or before September 15, 2028; US$400,000 on or before September 15, 2029; US$550,000 on or before September 15, 2030; and US$5,500,000 on or before September 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% Net Smelter Return (“NSR”) royalty per Project, of which Montero may repurchase 50% for US$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 km northeast of Copiapó at elevations of ~3,800–4,700 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) systems.

Elvira Project Maricunga Belt, Chile

Access & Infrastructure: 1,000-hectare license area located ~170 km northeast of Copiapó at ~3,900 m elevation; good road access and established infrastructure.
Geology: High-sulphidation epithermal system hosted in an eroded Miocene stratovolcano, with dacite domes/dykes/breccias possibly acting as feeders or host rock.
Alteration & Geochemical Anomalies: 4.5 km × 3 km alteration zone with pervasive quartz-alunite ± jarosite; rock chip anomaly 1.5 km × 0.75 km (peak 2.33 g/t Au); soil anomaly 3.5 km × 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 @ 0.66 g/t Au *.
Exploration Potential: Multiple preserved hydrothermal breccia bodies with potential transition to underlying Au-(Cu) porphyry system.

*Buenavista Gold presentation (March 2016).

Potrero Project Maricunga Belt, Chile

Access & Infrastructure: 3,200-hectare license area located ~170 km northeast of Copiapó at ~3,800–3,900 m elevation; good road access and regional infrastructure.
Geology: Preserved epithermal system with minimal erosion; alteration zone 5.5 km × 2.5 km and extensive quartz vein system exposed at surface.
Alteration & Anomalies: Rock sampling up to 1.67 g/t Au; soil anomaly measuring 4 km × 1.5 km; geochemistry indicates gold-bearing diorite intrusions.
Historical Drilling: RC drilling programs were completed by Caracal Gold Chile (2009) and Hochschild (2011). Caracal reported intercepts include 126 m @ 0.44 g/t Au, with higher-grade intervals of 18 m @ 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.

** Verde Resources Corporate Presentation (April 2011).

Exploration Plans

Montero has approved an initial exploration budget of CAD$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 Mr. Marcial Vergara, B.Sc., and Mr. Mike Evans, M.Sc. Pr.Sci.Nat. both Qualified Persons for the purpose of National Instrument 43-101 and consulting geologists to Montero.

About Montero

Montero Mining and Exploration Ltd. 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 US$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 CAD$15 million of the proceeds to shareholders in July 2025.

Montero holds 100% 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 track 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.

For more information, contact:
Montero Mining and Exploration Ltd.
Dr. Tony Harwood, President, and Chief Executive Officer
E-mail: ir@monteromining.com
Tel: +1 604 428 7050
www.monteromining.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

All figures are in Canadian dollars unless otherwise noted.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking information" within the meaning of applicable Canadian securities laws. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information in this press release includes statements with respect to the Projects, the receipt of TSXV approval, the projects provide the potential for major new discoveries that gold Majors are actively seeking, the exploration potential of the Projects and the exploration plan of the Projects. Such information is based on information currently available to Montero and Montero provides no assurance that actual results will meet management's expectations. Forward-looking information by its very nature involves inherent risks and uncertainties that may cause the actual results, level of activity, performance, or achievements of Montero to be materially different from those expressed or implied by such forward-looking information. Actual results relating to, among other things, the Corporation’s deployment of capital, business prospects, strategies, regulatory developments, future commodity prices, exchange rates, satisfactory arrangements for the payment of legal expenses, the ability of the Company to find suitable exploration projects, results of exploration, project development, reclamation and capital costs of Montero’s mineral properties, and financial condition and prospects, all of which could differ materially from those currently anticipated in such statements for many reasons such as: in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with Montero’s activities; and other matters discussed in this news release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of Montero’s forward-looking statements. These and other factors should be considered carefully and; accordingly, readers should not place undue reliance on forward-looking information. Montero does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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