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Toronto, Ontario--(Newsfile Corp. - October 9, 2026) - Montero Mining and Exploration Ltd. (TSXV: MON) (OTC Pink: MXTRF) (FSE: ES0) ("Montero" or the "Company") is pleased to announce that it has closed its non-brokered private placement, as previously announced on August 21, 2026, pursuant to which the Company issued 2,727,273 units (the "Units") at a price of CAD$0.55 per Unit, for gross proceeds of CAD$1,500,000.15 (the "Offering").

Each Unit consists of one common share of the Company ("Common Share") and one half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder to purchase one Common Share (a "Warrant Share") at a price of CAD$0.70 per Warrant Share until the date which is twelve (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 (the "TSXV") closes at a minimum of CAD$1.00 per Common Share for a period of ten (10) consecutive trading days, the Company may, at its option, accelerate the expiry date of the Warrants to the date which is thirty (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 fund ongoing exploration and drilling at the Elvira Gold Project, advance its other Chilean mineral projects and for general working capital and corporate purposes.

The Offering remains subject to the final acceptance of the TSXV. In connection with the Offering, the Company paid aggregate finder 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 TSXV) 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 ("MI 61-101"). 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% of the Company's market capitalization.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the United States Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Montero

Montero holds a 100% interest in the Avispa copper-molybdenum project in the Palaeocene Porphyry Cu-Mo 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 Venture Exchange under the symbol MON and has 11,181,106 Common Shares, 1,363,637 Warrants 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

Certain statements contained in this news release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws (collectively, "forward-looking statements"). Such forward-looking statements include, without limitation, statements relating to: the receipt of final TSXV acceptance of the Offering, the intended use of proceeds of the Offering, the continuation of the 2026 Elvira, Potrero and Avispa exploration and the Company's future plans and objectives. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "plans", "estimates", "potential", "may", "will", "should", "proposed" and similar expressions, or statements that events, conditions or results "could", "would" or "might" occur or be achieved. Forward-looking statements are based on a number of assumptions considered reasonable by management at the time such statements are made, including assumptions regarding: the availability of financing and other resources to advance the Company's mineral exploration projects; that the Company will have sufficient personnel, equipment, and access to continue the drilling programme; and that required permits and regulatory approvals will remain in place and general business, economic, commodity price, market and regulatory conditions. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements. These factors include, among others: risks related to the speculative nature of mineral exploration, risks associated with mineral exploration and development; uncertainty relating to future exploration results; fluctuations in commodity prices; permitting and regulatory risks; political and social risks; operational and technical risks; financing risks; dilution to existing shareholders; the risk that the TSXV may not grant final acceptance of the Offering; risks related to title, concession renewals and royalty obligations, and general economic and market conditions and other risks described in the Company's public disclosure documents filed on SEDAR+. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements contained herein are made as of the date of this news release, and Montero undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/318198

Source: Montero Mining and Exploration Ltd.