Toronto, Ontario--(Newsfile Corp. - May 19, 2026) - Montero Mining and Exploration Ltd. (TSXV: MON) (OTC Pink: MXTRF) (FSE: ES0) ("Montero" or the "Company") is pleased to announce commencement of mobilisation and operational preparations for a Phase 1 diamond drill program at the Elvira gold project, located in Chile's Maricunga Gold Belt.

The Company has finalised its drilling services contract and initiated mobilisation activities in preparation for drilling scheduled to commence during the third week of May 2026.

The Phase 1 program is planned to comprise four diamond drill holes totalling between 1,500 and 2,000 metres, with planned hole depths ranging from approximately 350 to 650 metres. Site preparation and operational readiness activities are substantially complete and include:

• Road access upgrades and maintenance to support winter drilling conditions
• Mobilisation of drilling equipment and site infrastructure
• Establishment of drill camp, core handling, and logging facilities
• Mobilisation of geological and field support teams based in Copiapó
• Completion of environmental, safety and operational readiness procedures

The Company has obtained all the necessary authorisations to undertake the planned drilling program.

As the program moves into the winter operating period, road upgrades and maintenance have been completed to support safe and reliable access during drilling operations.

Priority drill targets at Elvira have been identified through integration of geological mapping, geochemistry, geophysics, and historical exploration data.

These targets have subsequently been field validated, with final drill collar locations refined through geological interpretation of all exploration data and three-dimensional modelling supported by AI-assisted data interpretation prior to drilling.

Following completion of the Elvira program, the drilling contractor's equipment is expected to be utilised for the Company's planned Phase 1 drill program at the nearby Potrero project.

The Elvira technical program is being led by Marcial Vergara, Richard Hornsey and Lydia Willems, supported by field assistants and specialist consultants.

Dr. Tony Harwood, President and CEO of Montero commented: "The Company has now moved into the operational phase at Elvira following completion of permitting, mobilisation planning and drill target definition. Significant groundwork has gone into preparing the project for drilling, particularly given the winter conditions and logistical requirements of operating in the Maricunga Belt. We look forward to commencing the Phase 1 drill program."

A regional location map is shown in Figure 1 below.

Figure 1: Regional location map of the Elvira Project, Maricunga Belt, Chile*.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11789/297961_cc23a73f14c60969_001full.jpg

*Adjacent property Mineral Resource and Mineral Reserve estimates shown in Figure 1, including those for Salares Norte, Fenix Gold, La Coipa and Lobo-Marte, are derived from publicly available disclosures prepared by the respective owners in accordance with applicable securities regulations, including: ¹Gold Fields Limited, Salares Norte Technical Report Summary (effective 31 December 2024); ²Rio2 Limited, NI 43-101 Feasibility Study Technical Report for the Fenix Gold Project (effective 16 October 2023); and ³Kinross Gold Corporation, La Coipa and Lobo-Marte Mines Mineral Reserve and Resource Statement as at 31 December 2024, prepared in accordance with CIM Definition Standards. Such information is not necessarily indicative of mineralisation on the Company's Elvira project.

Next Steps

The Company has finalised drill hole locations and will continue refining the three-dimensional geological model through ongoing interpretation and specialist technical input during the drill program. Further updates will be provided as drilling activities progress.

Qualified Person

The scientific and technical information contained in this press release has been reviewed and approved by Mr. Marcial Vergara, B.Sc., and Mr. Mike Evans, M.Sc. Pr.Sci.Nat., each a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, and independent consulting geologists to the Company.

About Montero

Montero Mining and Exploration Ltd. is a Canadian exploration company focused on gold and copper exploration in Chile. Montero holds a 100% interest in the Avispa copper-molybdenum project in the Palaeocene Porphyry Cu-Mo Belt of northern Chile and has an option to acquire the Elvira and Potrero gold projects in the Maricunga Gold Belt. These projects are being advanced through ongoing exploration activities.

Montero is listed on the TSX Venture Exchange under the symbol MON and has 8,453,833 Common Shares and 735,383 stock options outstanding.

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.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking information" within the meaning of applicable Canadian securities laws. Forward-looking information in this press release includes, but is not limited to, statements regarding: the integration and interpretation of geological, geochemical and geophysical data; the application of artificial intelligence and machine learning tools; the identification, evaluation or prioritization of areas for further exploration; the potential for mineralization; and the timing or scope of future exploration activities, including any potential drilling. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "does not anticipate", or "believes", or variations of such words and phrases, or statements that certain actions, events or results "may", "could", "would", "might" or "will" occur or be achieved. Such information is based on information currently available to Montero and on assumptions management believes are reasonable as of the date of this news release. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. These risks and uncertainties include, but are not limited to: risks related to mineral exploration and development activities; uncertainties inherent in the interpretation of geological and geophysical data; the speculative nature of mineral exploration; commodity price fluctuations; changes in general market conditions; regulatory approvals and permitting risks; availability of financing; operational and technical risks; and other risk factors described in the Company's public disclosure documents filed on SEDAR+. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to 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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Source: Montero Mining and Exploration Ltd.