Montero Licenses BHP Historical Exploration Data for the Avispa Copper-Molybdenum Project, Chile

Toronto, Ontario--(Newsfile Corp. - November 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 entered into an exploration data license agreement (the "Agreement") dated November 4, 2026, with BHP Chile Inc., a subsidiary of BHP Group Limited ("BHP") relating to the Company's Avispa copper-molybdenum project located in northern Chile, providing Montero with access to BHP's relevant historical drilling database and associated geological information.

The Agreement provides Montero with access to historical exploration data generated during BHP's previous exploration activities over the Avispa project area, expanding the Company's technical database. Under the Agreement, Montero will receive a license to BHP's historical exploration dataset for the Avispa project comprising the collar, survey, geology and assay results of the drillholes, together with their locations. In addition, Montero will receive approximately 50% of the remaining drill chips and pulps (where available) for independent verification and future technical evaluation.

Dr. Tony Harwood, President and CEO of Montero, commented: "This agreement provides Montero with access to BHP's historical exploration dataset and is expected to materially enhance our technical understanding of the Avispa project. Integrating these historical drilling results with our existing geological database will assist in refining exploration models, prioritising future drill targets, and potentially accelerating project advancement."

The licensing of the historical dataset is expected to significantly enhance Montero's geological database for the Avispa project. The Company intends to review the historical drilling information and integrate it with its existing geological, geochemical, and geophysical datasets. The combined information is expected to help to refine Montero's exploration model, identify areas for more focussed exploration and prioritise potential drill targets. It may also support technical studies, including the evaluation of exploration programmes and, at a later stage, potential resource-definition programmes.

In consideration for the rights granted under the Agreement, Montero has agreed to grant BHP a 1% net smelter return royalty ("NSR") over mining concessions held by Montero within the Area of Interest ("AOI") associated with the historical exploration drilling program. The Agreement gives Montero the right to repurchase the NSR for US$5 million, less any royalty payments previously paid to BHP.

The AOI applicable to the NSR is shown in Figure 1 below and is defined in detail in the Agreement. The AOI includes certain existing Montero concessions together with future concessions that may be acquired or applied for by Montero within the defined AOI.

Figure 1: Avispa Project Area of Interest ("AOI") showing the AOI boundary, Montero's current concessions within the AOI, concession areas subject to the NSR, and the locations of BHP's historical drill holes forming part of the licensed dataset.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11789/323182_2b30b96d648b9bc7_001full.jpg

The Company cautions investors that historical exploration results and datasets have not yet been independently verified by Montero. Accordingly, investors should not place undue reliance on such information until Montero has completed appropriate verification and validation work.

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.

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.

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 anticipated benefits of the Agreement with BHP; the timing and successful integration of the historical exploration dataset; the Company's ability to utilise and validate the historical exploration data and physical samples; the advancement, exploration potential and future development of the Avispa project; the potential for future exploration programmes, resource estimation and financing activities; 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 accuracy and completeness of historical exploration data; the ability of the Company to independently validate historical information; 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 relating to the interpretation 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; risks related to title, concession renewals and royalty obligations; the Company's ability to exercise its contractual right to repurchase the NSR;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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