Montero Receives Final Instalment of US$7 million from Tanzania

TORONTO, March 04, 2025 (GLOBE NEWSWIRE) — Montero Mining and Exploration Ltd. (TSX-V: MON) (“Montero” or the “Company”) is pleased to confirm that US$7,000,000 in cash (the “Final Instalment”) have been received by the Company from the United Republic of Tanzania (“Tanzania”). This payment represents the final instalment of the US$27,000,000 settlement between the Company and Tanzania and is expected to put an end to the dispute in connection with Tanzania’s expropriation of Montero’s Wigu Hill rare earth element project before the International Centre for Settlement of Investments Disputes (“ICSID”).

The final net proceeds to be received by the Company is not certain at this time as final legal costs and other expenses Montero incurred in connection with defence and settlement of the Expropriation will now be determined as the Final Instalment has been received. The Company will finalize its analysis with respect to the distribution of funds including any potential distribution to shareholders of the Company. The Company expects to announce an update on its distribution plans during Q2 2025.

Dr Tony Harwood, President and CEO of Montero commented: “I am pleased Montero has timely received the third and final payment of US$7,000,000 from Tanzania.”

ICSID Arbitration
Montero and Tanzania jointly requested the arbitral tribunal to suspend the ICSID arbitration proceedings after receiving the first settlement payment and now on receipt of the Final Instalment the parties will formally request the tribunal to discontinue the ICSID arbitration in its entirety.

Distribution of Funds
Montero is considering all options with respect to the distribution of the settlement proceeds, including but not limited to a return of capital distribution to shareholders. The exact amount of any distribution and the method of such distribution is yet to be determined and will be subject to accounting review and board approval. In addition, Montero will retain funds to cover legal, taxation, and administrative expenses, which will now be the sole responsibility of Montero. Further announcements will be made in due course.

About Montero
Montero has agreed to a US$27,000,000 settlement amount and has now received the final payment to end its dispute with the United Republic of Tanzania for the expropriation of the Wigu Hill rare earth element project. The Company is advancing the Avispa copper-molybdenum project in Chile and is seeking a joint venture partner. Montero’s board of directors and management have a track record of successfully discovering and advancing precious metal and copper projects. Montero trades on the TSX Venture Exchange under the symbol MON and has 50,122,975 shares 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: This news release includes certain “forward-looking information” within the meaning of applicable Canadian securities laws. Forward looking information includes, but is not limited to, statements, projections and estimates with respect to the distribution of the settlement funds, that the Company will finalize its analysis with respect to the distribution of funds including any potential distribution to shareholders of the Company, in the form of a return or capital or otherwise, and the expected announcement of an update to the Company’s funds distribution plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Such information is based on information currently available to Montero and Montero provides no assurance that actual results will meet management’s expectations. Forward-looking information by its very nature involves inherent risks and uncertainties that may cause the actual results, level of activity, performance, or achievements of Montero to be materially different from those expressed or implied by such forward-looking information. Actual results relating to, among other things, satisfactory arrangements for the payment of legal expenses, the ability of the Company to find suitable exploration projects, results of exploration, project development, reclamation and capital costs of Montero’s mineral properties, and financial condition and prospects, all of which could differ materially from those currently anticipated in such statements for many reasons such as: unanticipated expenses associated with the settlement; accounting review and other factors that may not be known to management of the Company at this time suggest an alternative strategy for the use of the settlement proceeds; changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with Montero’s activities; and other matters discussed in this news release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of Montero’s forward-looking statements. These and other factors should be considered carefully and accordingly, readers should not place undue reliance on forward-looking information. Montero does not undertake to update any forward-looking information, except in accordance with applicable securities laws.