Elvira is characterised by a Miocene-aged stratovolcanic system with well-preserved high-sulphidation epithermal alteration and prospectivity for an underlying porphyry Au–(Cu) system.

The Project was initially prioritised through the integration of historical geological, geochemical, geophysical, and remote sensing datasets analysed using artificial intelligence and machine-learning assisted workflows in conjunction with geological interpretation. These analytical methods supported the identification of exploration targets considered prospective for follow-up work. Such targets are conceptual in nature and have not yet been tested by sufficient exploration to define a mineral resource.

Option Terms

Montero may acquire a 100% interest in the Elvira Project by making staged payments totalling US$7 million over six years according to the following schedule:

US$40,000 paid on receipt of TSX Venture Exchange approval, US$100,000 in 2026, US$150,000 in 2027, US$260,000 in 2028, US$400,000 in 2029, US$550,000 in 2030, and US$5,500,000 in 2031

The vendor retains a 2% Net Smelter Return (NSR) royalty. Montero has the option to repurchase 50% of the NSR for US$5 million within nine years of execution of the agreement.

Historical exploration

Historical drilling has identified reported gold intercepts at Elvira, including:

• 39 m @ 0.66 g/t Au (reported by Buenavista Gold, 2016)

The historical drill results referenced above were reported by previous operators and have not been independently verified by the Company. A Qualified Person has not completed sufficient work to verify these results, and they should not be relied upon as current mineral resources or mineral reserves.

The Company considers these results to be historical in nature and not necessarily indicative of mineralization on the property.

Exploration Plans

An initial exploration budget of approximately CAD$140,000 has been approved. Planned work includes: Geological mapping, Geochemical sampling, and Geophysical surveys. These programs are designed to define and prioritise drill targets.

Exploration data generated will be integrated with historical datasets (where available) and analysed using AI-assisted and machine-learning supported workflows to assist in target refinement. These tools are used as decision-support systems only and do not replace geological interpretation or field validation.

Exploration Strategy

Montero integrates historical drilling data, surface geochemistry, alteration mapping, and structural interpretation using AI-assisted analytical workflows to support target prioritisation.

All interpretations and exploration decisions are geology-led and reviewed by experienced geologists and Qualified Persons in accordance with industry standards.

Summary

The Elvira Project is considered prospective for further exploration of epithermal Au systems and possible underlying porphyry Au–(Cu) mineralization. There has been insufficient exploration to define a mineral resource, and it is uncertain whether further exploration will result in the delineation of a mineral resource.