Dr. Tony Harwood reports

MONTERO PROVIDES UPDATE ON CAD$ 90 MILLION ICSID ARBITRATION CLAIM AGAINST THE GOVERNMENT OF TANZANIA

Montero Mining and Exploration Ltd. has provided an update on Montero's arbitration proceedings against the United Republic of Tanzania over the expropriation of the Wigu Hill rare earth element project before the International Centre for Settlement of Investment Disputes (ICSID).

On Nov. 28, 2023, the arbitral tribunal informed both parties that the hearing scheduled to be held at the ICSID premises in Washington, D.C., United States, from Dec. 4 to Dec. 7, 2023, must be postponed as one of the three arbitrators is unable to travel to the United States at that time. The tribunal prefer to keep the hearing in person in Washington, D.C., rather than apart in hybrid format, and therefore has decided to move the hearing dates to early 2024. The tribunal, in consultation with the parties, will advise of new hearing dates when determined.

Dr. Tony Harwood, president and chief executive officer of Montero, commented: "While it is unfortunate that the arbitration hearing has been delayed, we are happy to report that the preparation work by our legal counsel, expert and fact witnesses has been thoroughly completed. Montero is well prepared to present its case against Tanzania in early 2024 seeking in excess of $90-million for the expropriation of the Wigu Hill rare earth project. We note that Indiana Resources judgement for $113-million (U.S.) and Winshear Gold's settlement of $30-million (U.S.) earlier in the year were both led by Montero's lead attorney, Timothy Foden."

Montero is represented by Mr. Foden of Boies Schiller Flexner (U.K.) LLP and Martin Tavaut of Jeantet AARPI. Mr. Foden is leading the ICSID arbitration for Montero. Montero has retained Dr. Neal Rigby of SRK Consulting (USA) Inc. as quantum expert with full dispute financing secured from Omni Bridgeway, a leading global dispute funder.

Montero is seeking compensation in excess of $90-million for damages and interest for the unlawful expropriation of its Wigu Hill rare earth element project in Tanzania. Montero is also seeking reimbursement of its arbitration costs and fees by Tanzania. The damages claimed are for Tanzania's breaches of the Bilateral Investment Treaty between Canada and Tanzania.

For further information, please see Montero's press releases dated Nov. 14, 2023, Sept. 21, 2023, July 19, 2023, April 25, 2023, July 28, 2022, April 12, 2022, Nov. 29, 2021, and Jan. 8, 2021, and the ICSID website.

The ICSID Convention has been ratified by 158 states, including Tanzania. An award issued by an ICSID tribunal is enforceable in any one of those 158 member states as if it were a judgment of one of their own courts. Partly because of this, states often comply voluntarily with the payment terms of such awards.

Qualified person's statement

This press release was reviewed and approved by Mike Evans, MSc, PrSciNat, a qualified person for the purpose of National Instrument 43-101. It has also been reviewed by Mr. Tavaut, avocat a la cour (Paris, France) and Mr. Foden of Boies Schiller Flexner (U.K.).

Disclaimer

While the facts and the grounds of the Indiana case are similar to those of Montero's, the cases are heard by different tribunals, which does not guarantee the same outcome for Montero's case.

About Montero Mining and Exploration Ltd.

Montero is a junior exploration company focused on finding, exploring and advancing globally significant gold, silver and base metal deposits in Chile. Montero's board of directors and management have an impressive record of successfully discovering and advancing precious metal and copper projects.

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