Montero Strengthens Avispa Copper-Molybdenum Project Land Position in Northern Chile

Toronto, Ontario–(Newsfile Corp. – November 3, 2026) – Montero Mining and Exploration Ltd. (TSXV: MON) (OTC Pink: MXTRF) (FSE: ES0) (“Montero” or the “Company“) is pleased to announce an update on the mineral tenure of its 100%-owned Avispa Copper-Molybdenum Project (“Avispa” or the “Project“) in northern Chile, following a programme of concession applications and consolidation during 2026.

The Company’s Avispa Project comprises the Avispa and Abeja concession groups, which together contain 81 mineral concessions and applications, including 50 exploitation and 31 exploration concessions or applications.

During 2026, Montero rationalised its Avispa concession holdings, reducing the area by approximately 1,350 hectares while advancing 33 concessions through the exploitation concession application process and retaining one exploration concession.

At Abeja, the Company increased its concession portfolio from 34 to 47 concessions, expanding the area from approximately 9,600 hectares to 13,090 hectares. The Abeja portfolio now comprises 17 exploitation concessions or applications and 30 exploration concessions or applications. These changes consolidate Montero’s mineral tenure over considered prospective for porphyry copper-molybdenum porphyry mineralisation.

Dr. Tony Harwood, President and CEO of Montero, commented: “We have strengthened our Avispa land position through concession consolidation and expansion of the Abeja holdings. Located in one of Chile’s major copper belts, Avispa offers attractive potential for concealed copper-molybdenum porphyry deposits, supported by encouraging geology, geochemistry and historical exploration.“

Figure 1: Location of the Avispa Copper-Molybdenum Project within the Palaeocene-Eocene copper-molybdenum belt of northern Chile, showing major mines and surrounding exploration properties.

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Figure 2: Current Avispa and Abeja concession holdings (Sernageomin). 

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Exploration Rationale

Avispa is located within Chile’s Palaeocene-Eocene copper-molybdenum porphyry belt, where much of the prospective geology is concealed beneath younger sedimentary cover. Historical exploration, together with Montero’s detailed geological mapping, surface geochemical sampling and reconnaissance sampling of historical drill-chip material, has identified prospective intrusive rocks, alteration, and anomalous copper-molybdenum geochemistry.

These results support Montero’s exploration model for concealed porphyry copper-molybdenum systems. The Company intends to integrate its geological and geochemical results with historical exploration information and geophysical datasets to identify and prioritise targets for future drilling.

Qualified Person

The scientific and technical information contained in this press release has been reviewed and approved by Mr. Marcial Vergara, B.Sc. an independent consulting geologist and Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Vergara is independent of 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 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, the OTC market under the symbol MXTRF and the Frankfurt Stock Exchange under the symbol ES0. 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 completion and advancement of the Company’s new concession applications; the conversion and maintenance of mineral tenure; the Company’s efforts to acquire, review and integrate additional historical exploration data; the exploration potential and advancement of the Avispa Project; future exploration programmes and drilling; 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 assumptions considered reasonable by management at the time such statements are made, including assumptions regarding the granting and maintenance of mineral concessions, the availability and usefulness of historical exploration data, the availability of financing and other resources to advance the Project, 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 associated with the granting, conversion and maintenance of mineral concessions and applications; the availability, completeness and reliability of historical exploration data; 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; and general economic and market conditions. 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.

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