Dr. Tony Harwood reports

MONTERO ANNOUNCES REPRICING OF STOCK OPTIONS

Montero Mining and Exploration Ltd.'s board of directors has approved the repricing of the exercise price of an aggregate of 741,667 outstanding incentive stock options to purchase common shares of the company from between $1.98 and $2.04 per common share to 30 cents per common share. Six hundred seventy-five thousand stock options expire on Sept. 4, 2029, and 66,667 stock options expire on Sept. 5, 2029. The expiry dates of the stock options have not been amended.

Under TSX Venture Exchantge Policy 4.4, Security Based Compensation, the repricing is subject to the approval of the TSX Venture Exchange and requires approval of disinterested shareholders of the company in the event the holder of the stock options is an insider of the company. Accordingly, the company intends to seek disinterested shareholder approval for the repricing of 650,000 stock options held by insiders at its next annual general and special meeting of shareholders, which is expected to be held during Q4 (fourth quarter) 2025.

About Montero Mining and Exploration Ltd.

Montero is a Canadian exploration company with a focus on mineral development in emerging markets. The company recently concluded a $27-million (U.S.) settlement with the government of Tanzania, bringing closure to the dispute over the expropriated Wigu Hill rare earth project.

Montero holds the Avispa copper-molybdenum project in northern Chile and is currently advancing the project through exploration. The company's board and management have a strong record in discovering and developing precious metal and base metal projects.

Montero is listed on the TSX Venture Exchange under the symbol MON, and has 8,353,833 common shares and 741,667 stock options outstanding.

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