Montero closes $2,200,000 non-brokered private placement

Toronto, Ontario--(Newsfile Corp. - August 21, 2026) - Montero Mining and Exploration Ltd. (TSXV: MON) (OTC Pink: MXTRF) (FSE: ES0) (" Montero " or the " Company ") is pleased to announce that it intends to complete a non-brokered private placement of up to 4,000,000 units (" Units ") at a price of CAD$0.55 per Unit, for gross proceeds of up to CAD$2,200,000 (the " Offering ").

Each Unit will consist 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 will entitle 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 will be 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.

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.

Completion of the Offering are subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSXV. The Offering is expected to close on or around September 4, 2026, and may close in one or more tranches. The securities issued and issuable pursuant to the Offering will be 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 may participate in the Offering. The participation of Insiders in the Offering will be 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 intends to rely 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 the participation in the Offering by Insiders will not exceed 25% of the fair market value 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.