Dr. Antony Harwood, a shareholder, reports

DR. ANTONY HARWOOD FILES EARLY WARNING REPORT IN RESPECT OF MONTERO MINING AND EXPLORATION LTD.

Dr. Antony Harwood has filed an early warning report in respect of his holdings of common shares of Montero Mining and Exploration Ltd.

On Oct. 8, 2026, Montero closed a non-brokered private placement of an aggregate of 2,727,273 units of the company at a price of 55 cents per unit for gross proceeds of $1.5-million. Each unit was composed of one common share of the company and one-half of one share purchase warrant. Each warrant entitles the holder thereof to acquire one share at a price of 70 cents for a period of 12 months from the date of issuance, subject to acceleration of the expiry date in certain circumstances.

Dr. Harwood acquired 363,637 units, consisting of 363,637 shares and 181,819 warrants under the offering for aggregate consideration of $200,000.35.

Immediately prior to the closing of the offering, Dr. Harwood beneficially owned, or controlled or directed, 777,046 shares and 333,333 options to purchase shares, representing approximately 9.19 per cent of the then issued and outstanding shares on a non-diluted basis and approximately 12.64 per cent of the then issued and outstanding shares on a partially diluted basis.

Immediately following the closing of the offering Dr. Harwood beneficially owns, or controls or directs, 1,140,683 shares, 181,819 warrants and 333,333 options, representing approximately 10.20 per cent of the issued and outstanding shares on a non-diluted basis and approximately 14.16 per cent of the issued and outstanding shares on a partially diluted basis.

The securities were acquired for investment purposes. Dr. Harwood may, depending on various factors including, without limitation, market and other conditions, increase or decrease his beneficial ownership of, or control or direction over, shares or other securities of the company.